Kenedix Residential Next Investment : 【KDR】FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED JANUARY 31, 2021(REIT)

March 15, 2021 at 02:33 am EDT

Translation of Japanese Original

FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED JANUARY 31, 2021(REIT) ( August 1, 2020 to January 31, 2021)

March 15, 2021

Kenedix Residential Next Investment Corporation is listed on the Tokyo Stock Exchange with the securities code number 3278.

(URLhttps://www.kdr-reit.com/en/)

Representative: Keisuke Sato, Executive Director

Asset Management Company:Kenedix Real Estate Fund Management, Inc.

Representative: Inquiries:Masahiko Tajima, CEO and President

Shin Yamamoto, Head of Planning Division, Residential REIT Department TEL+81-3-5157-6011

Planned submission of semiannual securities report: April 28, 2021

Planned start of distribution payments:	April 12, 2021
Preparing presentation material:	Yes
Hold a financial brief meeting:	No (Cancelled due to preventing the spread of coronavirus infection.
Scheduled financial results presentation webcast (Japanese
version) . )

(Amounts are rounded down to the nearest ¥million)

1. PERFORMANCE FOR THE FISCAL PERIOD ENDED JANUARY 31, 2021 (18TH FISCAL PERIOD)

(1) Business Results

(Percentages show period-on-period changes)

Operating Revenues (Millions of Yen)	Operating Income (Millions of Yen)	Ordinary Income (Millions of Yen)	Net Income (Millions of Yen)
The 18th fiscal period ended January 31, 2021	8,382	(0.1%)	4,344	（-2.8%)	3,632	(-4.6%)	3,631	(-4.6%)
The 17th fiscal period ended July 31, 2020	8,374	(3.8%)	4,469	（4.9%)	3,808	(5.4%)	3,808	(5.4%)

Net Income per Unit

(Yen)

Return on Unitholders' Equity

Ordinary Income to Total Assets

Ordinary Income to Operating Revenues

The 18th fiscal period ended January 31, 2021

3,817

2.9%

1.3%

43.3%

The 17th fiscal period ended July 31, 2020

4,028

3.1%

1.4%

45.5%

(2) Distribution

Distribution per Unit (Excluding

Excess of Earnings )

(Yen)

Total Distributions (Excluding Excess of Earnings) (Millions of Yen)

Distribution in Excess of Earnings per Unit (Yen)

Total Distributions in Excess of

Earnings (Millions of Yen)

Payout Ratio

Distribution Ratio to Unitholders'

Equity

The 18th fiscal period ended January 31, 2021

4,066

3,867

106.5%

3.0%

The 17th fiscal period ended July 31, 2020

4,065

3,866

101.5%

3.1%

(Note 1)

Total Distributions for the 17th and 18th fiscal periods is not the same amount as Net Income because of adding reversal of reserve for temporary difference adjustments and a part of Retained earnings brought forward.

(Note 2)

Due to issuance of new investment units in the 17th period, Payout Ratio for each fiscal period is calculated as follows. Payout Ratio = Total Distributions (Excluding Excess of Earnings) /Net income × 100

This is an English-language translation of the key financials in the original Japanese announcement on our Web site released on March 15, 2021. However, no assurance or warranties are given with respect to the accuracy or completeness of this English-language translation. The Japanese original shall prevail in the case of discrepancies between this translation and the Japanese original.

15th16thJanuary 31, 2020February 1, 2019August 1, 2019July 31, 2019February 1, 2019August 1, 2019February 1, 2019- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 - - 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -- 1 -᠌ ᫰

(3) Financial Position

Total Assets (Millions of Yen)

Unitholders' Equity (Millions of Yen)

Unitholders' Equity to Total

Assets

Unitholders' Equity per Share of Common Stock (Yen)

As of January 31, 2021

283,172

127,132

44.9%

133,646

As of July 31, 2020

272,960

127,457

46.7%

133,988

(4) Cash Flow Position

Cash Flow from Operating

Activities (Millions of Yen)

Cash Flow from Investing

Activities (Millions of Yen)

Cash Flow from Financing

Activities (Millions of Yen)

Cash and Cash Equivalents at the End of the Period

(Millions of Yen)

The 18th fiscal period ended January 31, 2021

5,336

-11,605

6,302

23,417

The 17th fiscal period ended July 31, 2020

5,565

-15,828

12,481

23,384

2. FORECAST OF RESULTS FOR THE FISCAL PERIOD ENDING JULY 31,2021 (February 1, 2021 to July 31, 2021)

AND JANUARY 31, 2022 (August 1, 2021 to January 31, 2022)

(Percentages show period-on-period changes)

Operating Revenues (Millions of Yen)	Operating Income (Millions of Yen))	Ordinary Income (Millions of Yen)	Net Income (Millions of Yen)	Distribution per Unit Excluding Excess of Earning	Distribution in Excess of Earnings per Unit
The 19th fiscal period ending July 31, 2021	9,129 (8.9%)	4,846 (11.6%)	4,128 (13.7%)	4,128 (13.7%)	4,100	-
The 20th fiscal period ending January 31, 2022	8,966 (-1.8%)	4,734 (-2.3%)	4,023 (-2.6%)	4,022 (-2.6%)	4,101	-

(Reference) Estimated net income per unit (Estimated Net Income / Estimated weighted average number of units)

The 19th fiscal period ending July 31, 2021 ¥4,170 The 20th fiscal period ending January 31, 2022

¥4,039

Distributions per Unit Excluding Excess of Earning are not the same amount as estimated net income per unit for the 19th and 20th fiscal periods. Total distributions for the 19th fiscal period are calculated with the assumption adding reversal of reserve for temporary difference adjustments and deducting gain on sale of real estate properties from the net income. Total distributions for the 20th fiscal period are calculated with the assumption adding reversal of reserve for temporary difference adjustments and amount including a part of retained earnings brought forward that were internally reserved through the previous fiscal period to the net income.

(Note) Distribution per unit is calculated based on the number of investment units issued and outstanding totaled 995,883 as of today.

3. OTHER

(1) Changes in Accounting Policies/Changes in Accounting Estimate/Retrospective Restatement
- (a) Changes concerning accounting policy accompanying amendments to accounting standards: No
- (b) Changes other than (a): No
- (c) Changes in accounting estimate: No
- (d) Retrospective restatement: No
(2) Number of Investment Unit Issued and Outstanding (including treasury units)
- (a) Number of investment units issued and outstanding at the end of the period (including treasury units) As of July 31, 2020: 951,258 units As of January 31, 2021: 951,258 units
- (b) Number of treasury units at the end of the period
  As of July 31, 2020: 0 units As of January 31, 2021: 0 units

[Provisional Translation Only]

English translation of the original Japanese document is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

15th16thJanuary 31, 2020February 1, 2019August 1, 2019July 31, 2019February 1, 2019August 1, 2019February 1, 2019- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 - - 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -- 2 -

1. Financial Statements

(1) Balance Sheets

(in thousands of yen)

17th Fiscal Period	18th Fiscal Period
(As of July 31, 2020)	(As of January 31, 2021)
Assets
Current assets
Cash and deposits	13,212,337	12,947,764
Cash and deposits in trust	10,171,729	10,469,429
Operating accounts receivable	31,793	90,961
Prepaid expenses	14,671	9,576
Consumption taxes receivable	35,339	-
Other	9,032	7,224
Total current assets	23,474,905	23,524,958
Noncurrent assets
Property, plant and equipment
Land	1,798,041	172,666
Buildings in trust	104,694,136	108,177,749
Accumulated depreciation	-13,024,172	-14,437,598
Buildings in trust, net	91,669,964	93,740,151
Structures in trust	1,127,421	1,175,676
Accumulated depreciation	-252,221	-285,575
Structures in trust, net	875,199	890,101
Machinery and equipment in trust	1,468,718	1,493,742
Accumulated depreciation	-386,760	-420,189
Machinery and equipment in trust, net	1,081,958	1,073,553
Tools, furniture and fixtures in trust	693,103	798,111
Accumulated depreciation	-99,834	-121,898
Tools, furniture and fixtures in trust, net	593,268	676,213
Land in trust	150,985,849	160,714,888
Total property, plant and equipment, net	247,004,281	257,267,575
Intangible assets
Leasehold right in trust	1,225,462	1,116,755
Other	4,010	3,234
Total intangible assets	1,229,473	1,119,989
Investments and other assets
Lease and guarantee deposits	89,210	89,381
Long-term prepaid expenses	1,014,382	1,056,412
Other	19,719	14,478
Total investments and other assets	1,123,311	1,160,272
Total noncurrent assets	249,357,066	259,547,837
Deferred assets
Investment corporation bond issuance costs	45,185	41,066
Investment unit issuance costs	83,246	58,549
Total deferred assets	128,431	99,616
Total assets	272,960,403	283,172,411

(in thousands of yen)Liabilities

Current liabilities

Operating accounts payable Short-term loans payable

Current portion of investment corporation bonds

Current portion of long-term loans payable Accounts payable-other

Accrued expenses

Income taxes payable Accrued consumption taxes

Advances received

Deposits received Other

Total current liabilities

Noncurrent liabilities

Investment corporation bonds Long-term loans payable

Tenant leasehold and security deposits in trust

Tenant lump sum deposits in trust

Asset retirement obligations

Other

Total noncurrent liabilities

Total liabilities

Net assets

Unitholders' equity

Unitholders' capital Surplus

Capital surplus

Voluntary retained earnings

Reserve for temporary difference adjustments

Total voluntary retained earnings

Unappropriated retained earnings (undisposed loss)

Total surplus

Total unitholders' equity

Valuation and translation adjustments

Deferred gains or losses on hedges

Total valuation and translation adjustments

Total net assets

Total liabilities and net assets

17th Fiscal Period (As of July 31, 2020)

626,063

2,800,000 2,000,000

- 1,000,000

10,850,000 15,200,000

353,107 364,045

38,676 49,658

605 605

10,812 35,929

1,179,888 82,406 1,704 15,943,264

18th Fiscal Period (As of January 31, 2021)

603,335

1,147,437 90,588 111,402 20,603,002

7,000,000 6,000,000

114,400,000 121,020,000

3,132,139 3,176,031

4,485,740 4,618,929

67,707 67,892

473,947 554,484

129,559,535 145,502,799

135,437,338 156,040,341

108,550,294 108,550,294

13,187,100 13,187,100

1,940,000

4,212,398

19,339,498

127,889,792

-432,188 -432,188

127,457,603 272,960,403

*2 1,920,000

1,920,000

3,997,276

19,104,376

127,654,670

-522,600 -522,600

127,132,070 283,172,411

(2) Statements of Income and Retained Earnings

Operating revenues

Rent revenue-real estate


17th Fiscal Period	18th Fiscal Period
February 1, 2020 to	August 1, 2020 to
July 31, 2020	January 31, 2021

(in thousands of yen）

*1 7,704,582
Other lease business revenue *1 585,197
Gain on sale of real estate property *2 84,437

Total operating revenues

Operating expenses

Expenses related to rent business

Asset management fees

Asset custody fees

Administrative service fees

Directors' compensation Other operating expenses

Total operating expenses

Operating income

Non-operating income

Interest income

Gain on forfeiture of unclaimed dividends

Interest on refund

Total non-operating income

Non-operating expenses

Interest expenses

Interest expenses on investment corporation bonds Borrowing expenses

Amortization of investment corporation bond issuance costs

Amortization of investment unit issuance costs

Total non-operating expenses

Ordinary income

Income before income taxes

Income taxes

Current

Total income taxes

Net income

Retained earnings brought forward

Unappropriated retained earnings (undisposed loss)

8,374,217

*1 7,834,662
*1 548,002 -

8,382,664

3,005,600

604,986 645,144

13,908 14,600

46,472 48,792

8,100 8,100

225,746 260,792

3,904,813 4,469,404

3,060,925

4,038,356 4,344,308

41 41

1,240 323

- 114

1,282

479

498,083 531,956

21,322 21,702

115,280 129,966

4,118 4,118

23,245 24,697

662,051 3,808,635 3,808,635

605

3,808,030

404,367

4,212,398

712,440 3,632,346 3,632,346

605

3,631,741

365,534

3,997,276

(3) Statements of Changes in Net Assets

17th Fiscal Period February 1, 2020 to July 31, 2020

（in thousands of yen）

Unitholders' equity
Unitholders' capital	Surplus	Total unitholders' equity
Capital surplus	Voluntary reserve	Unappropriated retained earnings (undisposed loss)	Total surplus
Reserve for temporary difference adjustments	Total voluntary reserve
Balance at the beginning of current period	99,731,514	13,187,100	1,960,000	1,960,000	4,072,277	19,219,377	118,950,891
Changes of items during the period
Issuance of new investment units	8,818,779	8,818,779
Reversal of reserve for temporary difference adjustments	-20,000	-20,000	20,000	-	-
Dividends from surplus	-3,687,909	-3,687,909	-3,687,909
Net income	3,808,030	3,808,030	3,808,030
Net changes of items other than unitholders' equity
Total changes of items during the period	8,818,779	-	-20,000	-20,000	140,121	120,121	8,938,900
Balance at the end of current period	*1 108,550,294	13,187,100	1,940,000	1,940,000	4,212,398	19,339,498	127,889,792

Valuation and translation adjustments	Total net assets
Deferred gains and losses on hedges	Total valuation and translation adjustments
Balance at the beginning of current period	-450,527	-450,527	118,500,363
Changes of items during the period
Issuance of new investment units	8,818,779
Reversal of reserve for temporary difference adjustments	-
Dividends from surplus	-3,687,909
Net income	3,808,030
Net changes of items other than unitholders' equity	18,339	18,339	18,339
Total changes of items during the period	18,339	18,339	8,957,239
Balance at the end of current period	-432,188	-432,188	127,457,603

18th Fiscal PeriodAugust 1, 2020 to January 31, 2021

（in thousands of yen）

Unitholders' equity
Unitholders' capital	Surplus	Total unitholders' equity
Capital surplus	Voluntary reserve	Unappropriated retained earnings (undisposed loss)	Total surplus
Reserve for temporary difference adjustments	Total voluntary reserve
Balance at the beginning of current period	108,550,294	13,187,100	1,940,000	1,940,000	4,212,398	19,339,498	127,889,792
Changes of items during the period
Reversal of reserve for temporary difference adjustments	-20,000	-20,000	20,000	-	-
Dividends from surplus	-3,866,863	-3,866,863	-3,866,863
Net income	3,631,741	3,631,741	3,631,741
Net changes of items other than unitholders' equity
Total changes of items during the period	-	-	-20,000	-20,000	-215,121	-235,121	-235,121
Balance at the end of current period	*1 108,550,294	13,187,100	1,920,000	1,920,000	3,997,276	19,104,376	127,654,670

Valuation and translation adjustments	Total net assets
Deferred gains and losses on hedges	Total valuation and translation adjustments
Balance at the beginning of current period	-432,188	-432,188	127,457,603
Changes of items during the period
Reversal of reserve for temporary difference adjustments	-
Dividends from surplus	-3,866,863
Net income	3,631,741
Net changes of items other than unitholders' equity	-90,411	-90,411	-90,411
Total changes of items during the period	-90,411	-90,411	-325,533
Balance at the end of current period	-522,600	-522,600	127,132,070

(4) Distributions

17th Fiscal Period (From February 1, 2020 to July 31, 2020)	18th Fiscal Period (From August 1, 2020 to January 31, 2021)
I. Retained earnings at the end of period II. Reversal of voluntary retained earnings Reversal of reserve for temporary difference adjustments *1 III. Total distributions Distributions per unit Ⅳ. Retained earnings brought forward to the next period	¥4,212,398,326 ¥20,000,000 ¥3,866,863,770 ¥4,065	¥3,997,276,406 ¥20,000,000 ¥3,867,815,028 ¥4,066
¥365,534,556	¥149,461,378
Method of calculating distribution amount	In accordance with the policy described in Article 38-1 of its Articles of Incorporation, the Investment Corporation determines that the amount of distribution shall exceed the amount equivalent to 90% of its distributable profit as stipulated in Article 67-15 of the Special Taxation Measures Law, and shall not exceed its accounting profits as the maximum amount. Following this policy, the Investment Corporation has decided that it shall distribute ¥3,866,863,770, which is the amount of ¥3,808,030,471 in net income and ¥38,833,299 from retained earnings brought forward and reversal of reserve for temporary difference adjustments, as the distribution of earnings. Procedures for the distribution of amounts exceeding distributable income are outlined in Article 38-2 of the Investment Corporation's Articles of Incorporation. In the 17th fiscal period, the Investment Corporation has decided not to distribute cash in excess of distributable profit.	In accordance with the policy described in Article 38-1 of its Articles of Incorporation, the Investment Corporation determines that the amount of distribution shall exceed the amount equivalent to 90% of its distributable profit as stipulated in Article 67-15 of the Special Taxation Measures Law, and shall not exceed its accounting profits as the maximum amount. Following this policy, the Investment Corporation has decided that it shall distribute ¥3,867,815,028, which is the amount of ¥3,631,741,850 in net income and ¥216,073,178 from retained earnings brought forward and reversal of reserve for temporary difference adjustments, as the distribution of earnings. Procedures for the distribution of amounts exceeding distributable income are outlined in Article 38-2 of the Investment Corporation's Articles of Incorporation. In the 18th fiscal period, the Investment Corporation has decided not to distribute cash in excess of distributable profit.

(5) Statements of Cash Flows

(in thousands of yen)

17th Fiscal Period	18th Fiscal Period
February 1, 2020 to	August 1, 2020 to
July 31, 2020	January 31, 2021
Net cash provided by (used in) operating activities
Income before income taxes	3,808,635	3,632,346
Depreciation and amortization	1,467,881	1,504,959
Amortization of investment corporation bond issuance expenses	4,118	4,118
Amortization of investment unit issuance costs	23,245	24,697
Interest income	-41	-41
Interest expenses	519,406	553,658
Decrease (increase) in operating accounts receivable	5,580	-59,168
Decrease (increase) in consumption taxes refund receivable	-35,339	35,339
Decrease (increase) in prepaid expenses	-6,031	5,095
Increase (decrease) in operating accounts payable	-112,093	127,276
Increase (decrease) in accounts payable-other	58,913	-14,235
Increase (decrease) in accrued consumption taxes	-43,015	25,117
Increase (decrease) in advances received	6,075	-32,451
Decrease (increase) in long-term prepaid expenses	-69,007	-42,030
Decrease in net property, plant and equipment held in trust due to sale	451,169	-
Other, net	12,738	120,676
Subtotal	6,092,236	5,885,358
Interest income received	41	41
Interest expenses paid	-526,470	-548,623
Income taxes (paid) refund	-604	-605
Net cash provided by (used in) operating activities	5,565,201	5,336,171
Net cash provided by (used in) investing activities
Purchase of property, plant and equipment	-	-65,684
Purchase of property, plant and equipment in trust	-15,697,335	-11,717,031
Payments of lease and guarantee deposits	-112	-171
Repayments of tenant leasehold and security deposits in trust	-134,722	-130,915
Proceeds from tenant leasehold and security deposits in trust	207,190	174,807
Repayments of tenant lump sum deposits in trust	-364,510	-235,705
Proceeds from tenant lump sum deposits in trust	160,709	368,895
Net cash provided by (used in) investing activities	-15,828,780	-11,605,805
Net cash provided by (used in) financing activities
Proceeds from short-term loans payable	2,000,000	-
Repayments of short-term loans payable	-2,500,000	-800,000
Proceeds from long-term loans payable	13,900,000	15,070,000
Repayments of long-term loans payable	-6,000,000	-4,100,000
Proceeds from issuance of investment units	8,768,907	-
Dividends paid	-3,687,172	-3,867,238
Net cash provided by (used in) financing activities	12,481,735	6,302,761
Net increase (decrease) in cash and cash equivalents	2,218,156	33,127
Cash and cash equivalents at the beginning of period	21,165,911	23,384,067
Cash and cash equivalents at the end of period

23,384,067

23,417,194

(6) Notes to the Going Concern
Not applicable
(7) Important Accounting Standards

1. Depreciation of fixed assets	(1) Property, plant and equipment (includes trust assets) The straight-line method is applied. Useful lives of the assets ranging are as follows: Buildings: 2 to 69 years Structures: 3 to 65 years Machinery and equipment: 3 to 40 years Tools, furniture and fixtures: 2 to 30 years (2) Intangible assets(includes trust assets) The straight-line method is applied. Land leasehold: Fixed term land leaseholds is amortized over a contractual period under the straight-line method. (3) Long-term prepaid expenses The straight-line method is applied.
2. Accounting policies for deferred assets	(1) Unit issuance costs Unit issuance costs are amortized over a period of 3 years under the straight-line method. (2) Investment corporation bond issuance costs Bond issuance costs are amortized by applying the straight-line method for the entire redemption period.
3. Accounting standards for revenues and expenses	Property-related taxes including property taxes, city planning taxes and depreciable property taxes are imposed on properties on a calendar year basis. These taxes are generally charged to operating expenses for the period, for the portion of such taxes corresponding to said period. Under Japanese tax regulations, the seller of the property is liable for these taxes on the property from the date of disposal to the end of the calendar year in which the property is disposed. The seller, however, is reimbursed by the purchaser for these accrued property-related tax liabilities. When the Investment Corporation purchases properties, it typically allocates the portion of the property-related taxes related to the period following the purchase date of each property through the end of the calendar year. The amounts of those allocated portions of the property-related taxes are capitalized as part of the acquisition costs of the related properties. Capitalized property-related taxes amounted to ¥4,538 thousand and ¥31,734 thousand as of January 31, 2021 and July 31, 2020, respectively.
4. Accounting for hedges	(1) Hedge accounting method The deferred hedge method is applied. However, the special treatment is applied for the interest-rateswap agreements that meet the criteria. (2) Hedging instruments and risks hedged Hedge instruments The Investment Corporation enters into interest-rate swap transactions. Risks hedged Interest rates on debt. (3) Hedging policy The Investment Corporation enters into derivative transactions based on its risk management policies with the objective of hedging risks in accordance with its Articles of Incorporation. (4) Method of evaluating the effectiveness of hedging As for the method of assessment of the effectiveness of the hedge in the period from the inception of the hedge to the time of judgment of its effectiveness, the cumulative changes in cash flow of the hedged items and hedging instruments are compared and a judgment is made based on changed amount, etc. However, an assessment of the effectiveness of hedging activities is omitted in the case of interest rate swaps that meet the requirements for special treatment.
5. The scope of cash and cash equivalents on statements of cash flows	Cash and cash equivalents consist of cash on hand, deposits placed with banks and short-term investments which are highly liquid, readily convertible to cash and with insignificant risk of market value fluctuation, with maturities of three months or less from the date of purchase.
6. Other significant accounting policies utilized in the preparation of financial statements	(1) Accounting method for trust beneficiary interests in real estate and other assets The assets and liabilities as well as revenues and expenses of financial assets held in the form of trust beneficiary interests in real estate and other assets are recorded in full in the Investment Corporation's balance sheets and statements of income. Important line items included in accounting for financial assets and liabilities in the Investment Corporation's balance sheet are as follows: 1. Cash and deposits in trust 2. Buildings in trust, structures in trust, machinery and equipment in trust, tools, furniture and fixtures in trust, land in trust, leasehold right in trust 3. Tenant leasehold and security deposits in trust, tenant lump sum deposits in trust (2) Accounting method for consumption tax Consumption taxes are separately recorded. Non-deductible consumption taxes applicable to the acquisition of assets are included in the cost of acquisition for each asset.

(Accounting standards issued but not yet effective)

・ "Accounting Standard for Revenue Recognition" (Accounting Standards Board of Japan (ASBJ) Statement No. 29 issued on March 31, 2020)

・ "Implementation Guidance on Accounting Standard for Revenue Recognition" (ASBJ Guidance No. 30 issued on March 31, 2020)

(1) Overview

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in the United States have jointly developed comprehensive accounting standards for revenue recognition and issued "Revenue from Contracts with Customers" (IFRS 15 (IASB) and Topic 606 (FASB)) in May 2014. Given the situation where IFRS 15 will be applied from fiscal years beginning on or after January 1, 2018 and that Topic 606 will be applied from fiscal years beginning after December 15, 2017, the ASBJ has developed comprehensive accounting standards for revenue recognition and issued them together with the implementation guidance.

The basic policy of the ASBJ when it developed the accounting standards for revenue recognition was to specify the accounting standards, incorporating the basic principles of IFRS 15 as a starting point, from the perspective of comparability between financial statements, which is one of the benefits of maintaining compatibility with

IFRS 15. The basic policy also stipulates that if there is an item to which consideration should be given, such as practices that have been conducted thus far in Japan, alternative treatments will be added to the extent to which comparability is not impaired.

(2) Scheduled date of application
The accounting standards will be applied from the beginning of the fiscal period ending January 31, 2022.
(3) Impact of applying the accounting standards
The impact of applying "Accounting Standard for Revenue Recognition" and its guidance on The financial statements is currently under evaluation.

・ "Accounting Standard for Fair Value Measurement" (ASBJ Statement No. 30 issued on July 4, 2019)
・ "Implementation Guidance on Accounting Standard for Fair Value Measurement" (ASBJ Guidance No. 31 issued on July 4, 2019)
・ "Implementation Guidance on Disclosures about Fair Value of Financial Instruments" (ASBJ Guidance No. 19 issued on March 31, 2020)

(1) Overview

The IASB and the FASB have established detailed guidance regarding fair value measurement (IFRS 13 "Fair Value Measurement" (IASB) and Topic 820 "Fair Value

Measurement" (FASB)). The ASBJ repeatedly considered the guidance regarding fair value of financial instruments and disclosure in order to improve the comparability with such international accounting standards, and issued "Accounting Standard for Fair Value Measurement" and "Implementation Guidance on Accounting Standard for

Fair Value Measurement."

(2) Scheduled date of application
The accounting standards will be applied from the beginning of the fiscal period ending January 31, 2022.
(3) Impact of applying the accounting standards
The impact of applying the "Accounting Standard for Fair Value Measurement" and its guidance on The financial statements is currently under evaluation.

・"Accounting Standard for Disclosure of Accounting Estimates" (ASBJ Statement No. 31 issued on March 31, 2020)

(1) Overview

Paragraph 125 of International Accounting Standard 1 (IAS 1), "Presentation of Financial Statements," (issued by the IASB in 2003) requires disclosure of information about the "assumptions the entity makes about the future, and other major sources of estimation uncertainty." In this regard, there has been a request that the major sources of estimation uncertainty should be disclosed in the notes to financial statements under Japanese GAAP to provide useful information to users of financial statements. In response to this request, the ASBJ developed and issued "Accounting Standard for Disclosure of Accounting Estimates."

(2) Scheduled date of application

The accounting standard will be applied from the end of the fiscal period ending July 31, 2021.

・"Accounting Standard for Accounting Policy Disclosures, Accounting Changes and Error Corrections" (ASBJ Statement No. 24 issued on March 31, 2020)

(1) Overview

The ASBJ's Standards Advisory Council recommended that the ASBJ consider enhancing disclosures for notes relating to "accounting policies and methods adopted in the cases where the relevant accounting standards were not clear." In response to such recommendations, the ASBJ issued the revised "Accounting Standard for Accounting

Policy Disclosures, Accounting Changes and Error Corrections."

(2) Scheduled date of application

The accounting standard will be applied from the end of the fiscal period ending July 31, 2021.

(8) Notes to the Financial Statements

(Notes to the Balance Sheets)

* 1. Minimum unitholders' equity pursuant to Article 67-4 of the Law Concerning Investment Trusts and Investment Corporations Law

(in thousands of yen)

As of July 31, 2020

As of January 31, 2021

50,000

*2. Reserve for temporary difference adjustments

17th Fiscal Period (As of July 31, 2020)

The following summarizes reserve for temporary difference adjustments.

(in thousands of yen)Initial amountBalance at the beginning of the periodReserve during the periodReversal during the periodBalance at the end of the periodReason for reserve and reversal

Gain on negative good will*

2,000,000

1,960,000

20,000

1,940,000

Appropriate for distribution

* The Investment Corporation has reserved a part of gain on negative goodwill in the 13th fiscal period as reserve for temporary difference adjustments. At least 1% of

the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period starting from the next fiscal period after the period, in which the initial amount was reserved.

18th Fiscal Period (As of January 31, 2021)

The following summarizes reserve for temporary difference adjustments.

(in thousands of yen)Initial amountBalance at the beginning of the periodReserve during the periodReversal during the periodBalance at the end of the periodReason for reserve and reversal

Gain on negative good will*

2,000,000

1,940,000

20,000

1,920,000

Appropriate for distribution

* The Investment Corporation has reserved a part of gain on negative goodwill in the 13th fiscal period as reserve for temporary difference adjustments. At least 1% of

3. Commitment line contracts

KDR has commitment line contracts with the banks with which it does business.

As of July 31, 2020

As of January 31, 2021

Total amount of commitment line contracts	4,500,000	4,500,000
Balance of loans payable outstanding	-	-
Remaining amount	4,500,000	4,500,000
(Notes to the Statements of Income and Retained Earnings)

* 1. Breakdown of real estate rental business profit and loss
A. Rental and other operating revenues:
Rental revenues	7,315,802	7,464,641
Rental revenues from limited proprietary rights of land	43,750	22,118
Common area charges	345,030	347,902
Subtotal	7,704,582	7,834,662
Others:
Parking space rental revenues	205,439	206,193
Miscellaneous	379,757	341,808
Subtotal	585,197	548,002
Total rental and other operating revenues	8,289,780	8,382,664
B. Property-related expenses:
Property management fees and facility management fees	433,235	436,795
Utilities	89,588	92,202
Taxes	498,996	497,116
Repairs and maintenance	288,648	275,759
Insurance	12,101	15,119
Trust fees	55,499	57,030
Depreciation	1,467,105	1,504,182
Others	160,424	182,718
Total property-related expenses	3,005,600	3,060,925
C. Net operating income (A-B)	5,284,179	5,321,738
*2. Gain and Loss on sale of real estate property
17th Fiscal Period (February 1, 2020 to July 31, 2020)
(in thousands of yen)
KDX Residence Izumi Chuo
Revenue from sale of the investment property	540,000
Costs of the investment property	451,169
Other sales expenses	4,392
Gain on sale of real estate property	84,437
18th Fiscal Period (August 1, 2020 to January 31, 2021): Not applicable

(in thousands of yen)

From February 1, 2020 to July 31, 2020

From August 1, 2020 to January 31, 2021

(Notes to the Statements of Changes in Net Assets)

* 1. Total number of authorized investment units and total number of investment units issued and outstanding are as follows:

From February 1, 2020 to July 31, 2020	From August 1, 2020 to January 31, 2021
Total number of authorized investment units	10,000,000 units	10,000,000 units
Total number of investment units issued and outstanding	951,258 units	951,258 units

(Notes to Distributions)

17th Fiscal Period (February 1, 2020 to July 31, 2020)
*1. Reserve for temporary difference adjustments
The Investment Corporation has reserved ¥2,000,000,000 as reserve for temporary difference adjustments from gain on negative goodwill in the 13th fiscal period.
At least 1% of the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period applied to distribution starting from the 14th fiscal period distribution. It has been decided that ¥20,000,000 shall be reversed and applied to distribution in the 17th fiscal period distribution.
18th Fiscal Period (August 1, 2020 to January 31, 2021)

*1. Reserve for temporary difference adjustments

The Investment Corporation has reserved ¥2,000,000,000 as reserve for temporary difference adjustments from gain on negative goodwill in the 13th fiscal period.

At least 1% of the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period applied to distribution starting from the 14th fiscal period distribution. It has been decided that ¥20,000,000 shall be reversed and applied to distribution in the 18th fiscal period distribution.

(Notes to the Statements of Cash Flow)

* 1. Reconciliation of balance sheet items to cash and cash equivalents at end of period in the cash flows statements

(in thousands of yen)

As of July 31, 2020	As of January 31, 2021
Cash and deposits	13,212,337	12,947,764
Cash and deposits in trust	10,171,729	10,469,429
Cash and cash equivalents	23,384,067	23,417,194
(Notes to the Lease Transactions)
Operating lease transactions (Lessee)
Unearned lease payments
(in thousands of yen)
As of July 31, 2020	As of January 31, 2021
Due in 1 year	12,000	12,000
Due after 1 year	539,000	533,000
Total	551,000	545,000
Operating lease transactions (Lessor)
Unearned lease payments
(in thousands of yen)
As of July 31, 2020	As of January 31, 2021
Due in 1 year	3,639,213	3,475,193
Due after 1 year	20,383,265	15,461,675
Total	24,022,478	18,936,868

(Notes to the Financial Instruments)

(A). Overview

(1) Policy for financial instruments

The Investment Corporation procures funds for asset acquisitions, repairs, payment of distributions, repayment of loans, etc. through loans from financial institutions, issuance of investment corporation bonds, issuance of investment units and other means. With regard to the procurement of interest-bearing debts, the Investment

Corporation ensures that it can effectively combine stable long-term funds with flexible short-term funds. Management of surplus funds is undertaken through various bank deposits focusing on safety, liquidity and effectiveness. The Investment Corporation uses derivatives for the purpose of hedging its exposure to changes in interest rates and other risks and does not enter into derivative transactions for speculative or trading purposes.

(2) Types of financial instruments and related risk

Bank deposits are for managing the Investment Corporation's surplus funds and are exposed to credit risk such as the bankruptcy of financial institutions at which funds are deposited. Borrowings and investment corporation bonds are made primarily for the purpose of procuring funds for the acquisition of real estate and trust beneficiary interests in real estate and have a repayment date of a maximum of 8 years and 11 months as of January 31, 2021, the end of the 18th fiscal period, are exposed to liquidity risk where alternative funds may not be procured by the repayment date. Also, borrowings with floating interest rates are exposed to interest rate fluctuation risk.

Derivatives are used for the purpose of hedging interest rate fluctuation risk for a certain portion of the borrowings.

(3) Risk management for financial instruments a. Credit risk

While bank deposits are exposed to credit risk such as the bankruptcy of financial institutions at which funds are deposited, such risk is monitored by deposits in non-interest bearing ordinary savings accounts or with financial institutions with credit ratings above a certain level. To manage this credit risk, the Investment Corporation regularly evaluates the results of operations and the financial condition of the issuer, etc. In utilizing derivatives, the Investment Corporation aims to mitigate counterparty risk such as by transacting with financial institutions with favorable ratings.

b. Market risk

While borrowings with floating rates are exposed to interest rate volatility risk, such risk is monitored by adjusting the rate of the balance of borrowings with floating rates against the total borrowings according to the financial environment, interest rate forecasts by continuous monitoring, etc. and by using derivatives, etc. A risk management policy is established with regard to the execution and management of derivatives and such transactions are conducted based on this policy.

c. Liquidity risk

Though borrowings are subject to liquidity risk, the Investment Corporation reduces such risk by spreading out payment due dates and by diversifying financial institutions.

Liquidity risk is also managed by such means as regularly checking the balance of cash reserves.

(4) Supplementary explanation of the estimated fair value of financial instruments

The fair value of financial instruments is based on their quoted market price, if available. When there is no quoted market price available, fair value is reasonably estimated.

Since various assumptions and factors are reflected in estimating the fair value, different assumptions and factors could result in a different fair value.

(B). Estimated Fair Value of Financial Instruments

The carrying value of financial instruments on the balance sheet and estimated fair value are shown in the following table.

As of July 31, 2020

(in thousands of yen)

Carrying amount	Estimated fair value	Difference
(1) Cash and deposits	13,212,337	13,212,337	-
(2) Cash and deposits in trust	10,171,729	10,171,729	-
Total	23,384,067	23,384,067	-
(1) Short-term loans payable	2,800,000	2,800,000	-
(2) Current portion of investment corporation bonds	-	-	-
(3) Current portion of long-term loans payable	10,850,000	10,863,234	13,234
(4) Investment corporation bonds	7,000,000	6,963,600	-36,400
(5) Long-term loans payable	114,400,000	114,986,963	586,963
Total	135,050,000	135,613,797	563,797
Derivative transactions	-432,188	-432,188	-

* Figures indicate net amount of derivative assets/liabilities derived from derivative transactions, with minus representing net liabilities.

As of January 31, 2021

(in thousands of yen)

Carrying amount	Estimated fair value	Difference
(1) Cash and deposits	12,947,764	12,947,764	-
(2) Cash and deposits in trust	10,469,429	10,469,429	-
Total	23,417,194	23,417,194	-
(1) Short-term loans payable	2,000,000	2,000,000	-
(2) Current portion of investment corporation bonds	1,000,000	998,900	-1,100
(3) Current portion of long-term loans payable	15,200,000	15,215,486	15,486
(4) Investment corporation bonds	6,000,000	5,958,400	-41,600
(5) Long-term loans payable	121,020,000	121,463,368	443,368
Total	145,220,000	145,636,154	416,154
Derivative transactions	-522,600	-522,600	-

* Figures indicate net amount of derivative assets/liabilities derived from derivative transactions, with minus representing net liabilities.

Note 1: Methods to determine the estimated fair value of financial instruments and matters related to derivative transactions

Assets

(1) Cash and deposits and (2) Cash and deposits in trust

Since these items are settled in a short period of time, their carrying amount approximates fair value.

Liabilities

(1) Short-term loans payable

Since these items are settled in a short period of time with floating interest rates, their carrying amount approximates fair value.

(2) Current portion of investment corporation bonds and (4) Investment corporation bonds

The fair value of investment corporation bonds is based on market prices.

(3) Current portion of long-term loans payable and (5) Long-term loans payable

Among these items, the fair value of loans payable with fixed interest rates is calculated based on the present value, which is the total amount of principal and interest discounted by the estimated interest rate to be applied in the event that the Investment Corporation conducts new borrowings of the same type. As for the fair value of loans payable with floating interest rates, it is based on the carrying amount since market interest rates are reflected in the short term and the fair value is believed to approximate the carrying amount as the credit standing of the Investment Corporation has not changed significantly since the loans were made. (However, the fair value of long-term loans payable subject to the special treatment for interest-rate swaps is based on the present value of the total of principal and interest, accounted for together with the applicable interest-rate swaps, discounted by the estimated interest rate to be applied in the event that the Investment Corporation conducts new borrowings of the same type.)

Derivative transactions

Please refer to "Notes to the Derivative Transactions".

Note 2: Redemption schedule for financial assets with maturities

As of July 31, 2020

(in thousands of yen)

Due in 1 year or less	Due after 1 year through 2 years	Due after 2 years through 3 years	Due after 3 years through 4 years	Due after 4 years through 5 years	Due after 5 years
Cash and deposits	13,212,337	-	-	-	-	-
Cash and deposits in trust	10,171,729	-	-	-	-	-
Total	23,384,067	-	-	-	-	-

As of January 31, 2021

(in thousands of yen)

Due in 1 year or less	Due after 1 year through 2 years	Due after 2 years through 3 years	Due after 3 years through 4 years	Due after 4 years through 5 years	Due after 5 years
Cash and deposits	12,947,764	-	-	-	-	-
Cash and deposits in trust	10,469,429	-	-	-	-	-
Total	23,417,194	-	-	-	-	-

Note 3: Redemption schedule for loans payable and investment corporation bonds

As of July 31, 2020

(in thousands of yen)

Due in 1 year or less	Due after 1 year through 2 years	Due after 2 years through 3 years	Due after 3 years through 4 years	Due after 4 years through 5 years	Due after 5 years
Short-term loans payable	2,800,000	-	-	-	-	-
Investment corporation bonds	-	1,000,000	-	1,000,000	-	5,000,000
Long-term loans payable	10,850,000	19,650,000	13,350,000	14,850,000	13,550,000	53,000,000
Total	13,650,000	20,650,000	13,350,000	15,850,000	13,550,000	58,000,000

As of January 31, 2021

(in thousands of yen)

Due in 1 year or less	Due after 1 year through 2 years	Due after 2 years through 3 years	Due after 3 years through 4 years	Due after 4 years through 5 years	Due after 5 years
Short-term loans payable	2,000,000	-	-	-	-	-
Investment corporation bonds	1,000,000	-	1,000,000	-	-	5,000,000
Long-term loans payable	15,200,000	18,250,000	14,400,000	15,900,000	15,500,000	56,970,000
Total	18,200,000	18,250,000	15,400,000	15,900,000	15,500,000	61,970,000

(Notes to the Derivative Transactions)

(1) Transactions not subject to hedge accounting

As of July 31, 2020 and as of January 31, 2021: Not applicable

(2) Transactions subject to hedge accounting

As of July 31, 2020

Contract amount

Hedge accounting method

Type of derivative transactionsHedged itemsAccounting method, in principle

Interest rate swap transaction: Receive/floating and pay/fixedLong-term loans payable

(in thousands of yen)	Fair value	Calculation method
Maturing	(in thousands of yen)	for applicable fair value
after 1 year
Based on the amount

66,650,000

63,650,000

-432,188 provided by counterparty financial institutionsSpecial treatment of interest-rate swapsInterest rate swap transaction: Receive/floating and pay/fixedLong-term loans payable

36,800,000

30,850,000

-Total

103,450,000

94,500,000

-432,188

*Interest rate swaps for which the special treatment is applied are accounted for together with the underlying hedged item. As a result, their fair value is included in the fair value of the hedged long-term loans payable.

As of January 31, 2021

Hedge accounting method

Contract amount (in thousands of yen)Type of derivative transactionsHedged items

Maturing after 1 yearFair value (in thousands of yen)Calculation method for applicable fair valueAccounting method, in principle

Interest rate swap transaction: Receive/floating and pay/fixedLong-term loans payable

79,320,000

76,320,000

Based on the amount -522,600 provided by counterparty financial institutions

Special treatment of interest-rate swaps

Interest rate swap transaction: Receive/floating and pay/fixed

Long-term loans payable

Total

112,520,000

-100,520,000

-522,600

(Notes to the Related-Party Transactions)

1．Parent Company, major corporate unitholders and other

17th Fiscal Period (February 1, 2020 to July 31, 2020) and 18th Fiscal Period (August 1, 2020 to January 31, 2021): Not applicable

2．Affiliated companies and other

17th Fiscal Period (February 1, 2020 to July 31, 2020) and 18th Fiscal Period (August 1, 2020 to January 31, 2021): Not applicable

3．Fellow subsidiary companies and other

17th Fiscal Period (February 1, 2020 to July 31, 2020) and 18th Fiscal Period (August 1, 2020 to January 31, 2021): Not applicable

4．Directors, major individual unitholders and other

17th Fiscal Period (February 1, 2020 to July 31, 2020) and 18th Fiscal Period (August 1, 2020 to January 31, 2021): Not applicable

(Notes to the Tax-Effect Accounting)

The significant components of deferred tax assets and liabilities:

(in thousands of yen)As of July 31, 2020

As of January 31, 2021

Deferred tax assets:

Valuation difference on other assets acquired by merger Deferred gains or losses on hedges

Asset retirement obligations Amortization of leasehold right in trust Other

678,375 661,652

142,170 168,964

21,300 21,359

1,266 1,808

Subtotal deferred tax assets Valuation allowance

Total deferred tax assets Net deferred tax assets

- 843,112 -843,112 - -

The significant differences between the statutory tax rate and the effective tax rate:Statutory tax rate

Deductible cash distributions Others

Effective tax rate

From February 1, 2020	From August 1, 2020
to July 31, 2020	to January 31, 2021
31.46%	31.46%
-30.98%	-31.04%
-0.46%	-0.40%
0.02%	0.02%

(Notes to Asset Retirement Obligations)

Asset retirement obligations reported on balance sheets

1. Summary of the asset retirement obligations

20 853,806 -853,806 - -

KDR has recognized the original state restoration obligations assumed under the general fixed-term land leasehold agreement as the asset retirement obligations in connection with Arute Ishiyagawa on June 3, 2019.

2. Method of calculating asset retirement obligations

Asset retirement obligations are calculated based on a discount rate of 0.54711% after the useful life has been estimated to be 47 years and one month based on the time period from the date of acquisition to the expiration of the agreement.

3. Changes in the amount of applicable asset retirement obligations consisted of the following

Balance at the beginning of period Accretion adjustment

Balance at the end of periodFrom February 1, 2020 to July 31, 2020

67,522 184 67,707

(in thousands of yen)

From August 1, 2020 to January 31, 2021

67,707 185 67,892

(Notes to the Investment and Rental Properties)

The Investment Corporation owns real estate for rental purposes in the Tokyo Metropolitan Area and other regional areas for the purpose of generating rental revenues.

The book value and fair value concerning the above real estate for rental purposes are as follows.

(in thousands of yen)

From February 1, 2020 to July 31, 2020	From August 1, 2020 to January 31, 2021
Book value Balance at the beginning of period Changes during the period Balance at the end of period
234,307,773	248,229,744
13,921,970	10,154,586
248,229,744	258,384,330
Fair value at the end of period	295,688,000	312,166,000

Note 1: Book value excludes accumulated depreciation from acquisition costs.

Note 2: Among changes in the amount of real estate for rental purposes that occurred during the 17th fiscal period, the principal increase was the acquisition of real estate

trust beneficiary interests in 8 properties totaling ¥15,324,167 thousand, and the principal decrease was the sales of real estate trust beneficiary interests in 1 property totaling ¥451,169 thousand and depreciation of ¥1,466,920 thousand and during the 18th fiscal period, the principal increase was the acquisition of real estate trust beneficiary interests in 6 properties totaling ¥10,750,264 thousand and additional acquisition of real estate and real estate trust beneficiary interest in 2 properties amounting to ¥430,265 thousand, and the principal decrease was depreciation of ¥1,503,997 thousand.

Note 3: The fair value at the end of the period is the appraisal value determined by outside appraisers. In addition, the fair value at the end of 18th fiscal period of KDX

Residence Sendagaya, which was sold on February 5, 2021, is based on the sales price (¥1,110,000 thousand) under the trust beneficiary interest sales contracts entered on January 26, 2021.

Income and loss for real estate rental business in the fiscal periods ended July 31, 2020 and January 31, 2021 for real estate for rental purposes is listed in "Notes to the

Statements of Income and Retained Earnings".

(Notes to the Segment Information)

Segment information for the periods from February 1, 2020 to July 31, 2020 and from August 1, 2020 to January 31, 2021 is as follows:

(A) Segment information

Disclosure is omitted because the real estate leasing business is the Investment Corporation's sole business and it has no reportable segment subject to disclosure.

(B) Related information

(1) Information about each product and service

Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of the operating revenue on the statement of income and retained earnings.

(2) Information about each geographic area

(a) Net sales

Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenue on the statement of income and retained earnings.

(b) Property, plant and equipment

Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of the amount of property, plant and equipment on the balance sheet.

(3) Information about each major customer

Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating revenue on the statement of income and retained earnings.

(Notes to Per Unit Information)

From February 1, 2020 to July 31, 2020	From August 1, 2020 to January 31, 2021
Net asset value per unit	¥133,988	¥133,646
Net income per unit	¥4,028	¥3,817

Note 1: Net income per unit is calculated by dividing net income by the day-weighted average number of investment units outstanding during the period. Net income per unit after adjusting for residual units is not included because there were no residual investment units.

Note 2: The basis for calculating net income per unit is as follows:

From February 1, 2020 to July 31, 2020	From August 1, 2020 to January 31, 2021
Net income (in thousands of yen)	3,808,030	3,631,741
Net income not available to ordinary unitholders (in thousands of yen)	-	-
Net income available to ordinary unitholders (in thousands of yen)	3,808,030	3,631,741
Weighted average number of units during the period (units)	945,242	951,258

(Notes to Important Subsequent Events)

17th Fiscal Period (February 1, 2020 to July 31, 2020)

Not applicable

18th Fiscal Period (August 1, 2020 to January 31, 2021)

Issuance of New Investment Units

On February 15, 2021 and February 18, 2021, the Board of Directors of the Investment Corporation resolved to issue new investment units as the funds for acquiring specified assets and other use. Payments for the issuance of new investment units through public offering and third-party allotment have been completed on February 25, 2021 and March 9, 2021, respectively.

As a result of the issuance of new investment units, the Investment Corporation had total unitholders' capital of ¥116,322,630,253 with 995,883 investment units outstanding as of March 9, 2021

(Issuance of New Investment Units through Public Offering) Issuance of new investment units : 42,500 units

Issue price (Offer price) : ¥179,985 per unit

Aggregate issue price (Total offer price) : ¥7,649,362,500 Issue amount (Paid-in value) : ¥174,170 per unit

Total issue amount (Aggregate paid-in value) : ¥7,402,225,000

Payment date : February 25, 2021

(Issuance of New Investment Units through Third-Party Allotment)

Issuance of new investment units : 2,125 units

Issue amount (Paid-in value) : ¥174,170 per unit

Total issue amount (Aggregate paid-in value) : ¥370,111,250

Payment date : March 9, 2021

Allottee : SMBC Nikko Securities Inc.

t0001

※As of January 31, 2021

Property No.	T-1	T-3	T-4	T-5	T-6	T-7	T-9	T-10	T-11	T-12	T-13	T-15	T-16
Property Name	KDX Daikanyama Residence	KDX Odemma Residence	KDX Iwamoto-cho Residence	KDX Bunkyo Sengoku Residence	KDX Azumabashi Residence	KDX Shimura Sakaue Residence	Cosmo Heim Motosumiyoshi	KDX Musashi Nakahara Residence	KDX Chiba Chuo Residence	KDX Kawaguchi Saiwai-cho Residence	KDX Residence ShirokaneⅠ	KDX Residence Shirokane II	KDX Residence Minami-aoyama
Acquisition Date	May 1, 2012	May 1, 2012	May 1, 2012	May 1, 2012	May 1, 2012	May 1, 2012	April 26, 2012	May 1, 2012	May 1, 2012	May 1, 2012	August 7, 2013	August 7, 2013	August 7, 2013
Acquisition price ( In millions of yen ) Percentage of total portfolio	4,700 1.8%	1,775 0.7%	822 0.3%	1,488 0.6%	650 0.3%	2,830 1.1%	2,087 0.8%	637 0.2%	1,480 0.6%	1,150 0.4%	3,000 1.2%	2,800 1.1%	2,230 0.9%
Net book value ( In millions of yen )	4,744	1,681	772	1,443	601	2,605	2,161	634	1,274	1,173	3,068	2,846	2,262
Appraisal value at the end of period ( In millions of yen ) Percentage of total appraisal value	6,800 2.2%	2,410 0.8%	1,090 0.3%	1,950 0.6%	973 0.3%	3,690 1.2%	2,390 0.8%	778 0.2%	1,830 0.6%	1,530 0.5%	3,810 1.2%	3,790 1.2%	2,580 0.8%
Number of leasable residential units	86	54	36	77	41	85	180	35	106	61	50	85	20
Leasable floor area (㎡)	5,338.99	2,353.23	1,131.24	2,054.10	1,054.83	6,117.48	4,538.04	2,123.46	3,546.91	2,491.66	3,617.32	2,889.66	1,680.79
Leased floor area (㎡)	4,782.41	2,225.59	1,077.40	1,930.95	1,007.35	6,052.85	4,390.37	2,123.46	3,379.31	2,406.67	3,483.35	2,835.76	1,571.60
Occupancy ratio (Note1) As of January 31, 2021 As of July 31, 2020 As of January 31, 2020 As of July 31, 2019 As of January 31, 2019 As of July 31, 2018 As of January 31, 2018 As of July 31, 2017 As of January 31, 2017 As of July 31, 2016	89.6% 99.0% 97.0% 98.7% 100.0% 100.0% 98.2%	94.6% 98.2% 98.2% 96.4% 100.0% 96.1% 100.0%	95.2% 98.0% 100.0% 98.0% 100.0% 100.0% 98.0%	94.0% 97.8% 97.5% 100.0% 100.0% 97.6% 100.0%	95.5% 100.0% 97.7% 95.5% 95.5% 90.7% 100.0%	98.9% 98.9% 97.8% 98.6% 98.8% 95.1% 100.0%	96.7% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%	100.0% 100.0% 97.2% 94.3% 100.0% 94.3% 94.3%	95.3% 99.3% 96.9% 98.1% 97.7% 93.4% 95.5%	96.6% 96.5% 98.3% 96.6% 95.3% 96.6% 98.3%	96.3% 98.6% 100.0% 98.7% 96.6% 97.6% 98.8%	98.1% 97.8% 97.0% 95.4% 100.0% 98.9% 98.8%	93.5% 93.5% 89.1% 100.0% 100.0% 95.8% 70.8%
98.9% 100.0% 96.5%	96.2% 96.2% 94.5%	90.9% 100.0% 96.4%	100.0% 100.0% 93.4%	95.4% 97.7% 97.7%	96.6% 92.9% 97.5%	97.2% 97.2% 94.3%	95.1% 87.9% 97.2%	95.9% 95.2% 97.1%	97.2% 100.0% 97.5%	95.8% 97.8% 97.8%	95.8% 100.0% 97.7%
Operating periods	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days
① Rental and other operating revenues ( In thousands of yen ) Rental revenues Other operating revenues	156,113 142,553 13,559	57,015 53,799 3,215	26,327 24,947 1,380	52,228 47,419 4,808	25,796 24,512 1,284	106,535 96,184 10,350	58,114 54,883 3,231	27,638 24,416 3,221	62,646 58,541 4,105	49,436 45,908 3,528	109,486 92,494 16,991	93,656 86,520 7,135	61,653 60,505 1,147
②Property-related expenses ( In thousands of yen ) Property management fees Taxes Utilities Repairs and maintenance Insurance Trust fees and other expenses	28,304 9,503 9,171 3,367 4,146 172 1,944	11,339 4,447 2,898 463 1,930 90 1,508	6,326 2,298 1,254 287 1,409 40 1,036	9,007 3,407 2,518 604 1,252 75 1,149	5,237 2,171 1,227 223 905 31 678	17,366 6,687 5,523 1,350 2,260 209 1,334	8,377 2,344 1,356 3,078 1,313 63 221	6,061 2,344 1,613 382 1,143 67 509	12,618 3,734 3,737 706 2,483 107 1,847	10,106 2,988 2,761 640 2,239 90 1,386	32,316 7,569 8,460 11,927 2,054 127 2,176	15,669 6,033 4,894 1,382 1,385 93 1,880	10,886 3,734 3,728 1,548 1,072 62 739
③NOI（＝① -②） ( In thousands of yen )	127,808	45,675	20,000	43,220	20,559	89,169	49,737	21,577	50,028	39,330	77,169	77,986	50,766
④Depreciation ( In thousands of yen )	17,603	11,017	5,287	6,600	5,024	21,838	2,911	2,826	17,499	8,160	9,038	7,445	3,701
⑤Rental operating income （＝③-④）( In thousands of yen )	110,205	34,658	14,713	36,619	15,535	67,330	46,826	18,751	32,529	31,170	68,131	70,540	47,064
⑥Capital expenditures ( In thousands of yen )	3,160	2,261	141	11,871	319	959	1,957	2,891	1,836	2,870	4,439	11,116	122
⑦NCF （＝③-⑥） ( In thousands of yen )	124,648	43,414	19,859	31,348	20,240	88,209	47,779	18,686	48,192	36,459	72,730	66,870	50,644
Expense ratio （＝②／①）	18.1%	19.9%	24.0%	17.2%	20.3%	16.3%	14.4%	21.9%	20.1%	20.4%	29.5%	16.7%	17.7%
Property tax for the year 2020 ( In thousands of yen )	18,342	5,796	2,509	5,036	2,454	11,046	8,984	3,226	7,476	5,526	16,921	9,788	7,457
Assets pledged as collateral	-	-	-	-	-	-	-	-	-	-	-	-	-

T-9 Additional Acquisition of building with leasehold interest of 337 million yen on November 2, 2020

t0017

Property No.	T-17	T-18	T-19	T-20	T-21	T-22	T-23	T-24	T-25	T-26	T-27	T-28	T-29
Property Name	KDX Residence Minami-azabu	KDX Residence Shiba Koen	KDX Residence Azabu East	KDX Residence Takanawa	KDX Residence Nishihara	KDX Residence Daikanyama II	KDX Residence Sendagaya	KDX Residence Nihombashi Suitengu	KDX Residence Nihombashi Hakozaki	KDX Residence Higashi-shinjuku	KDX Residence Yotsuya	KDX Residence Nishi-shinjuku	KDX Residence Kagurazaka
Acquisition Date	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013
Acquisition price ( In millions of yen ) Percentage of total portfolio	2,080 0.8%	1,781 0.7%	1,560 0.6%	770 0.3%	1,450 0.6%	730 0.3%	650 0.3%	3,240 1.2%	1,147 0.4%	3,270 1.3%	2,260 0.9%	1,000 0.4%	720 0.3%
Net book value ( In millions of yen )	2,127	1,794	1,575	789	1,489	771	632	3,174	1,144	3,213	2,297	1,020	704
Appraisal value at the end of period ( In millions of yen ) Percentage of total appraisal value	2,860 0.9%	2,510 0.8%	2,150 0.7%	1,110 0.4%	1,990 0.6%	1,040 0.3%	870 0.3%	4,210 1.3%	1,470 0.5%	4,350 1.4%	3,080 1.0%	1,470 0.5%	1,010 0.3%
Number of leasable residential units	62	64	76	27	39	17	16	79	60	179	42	54	34
Leasable floor area (㎡)	2,785.42	2,507.52	1,849.00	1,034.27	2,310.08	985.10	748.96	5,534.86	1,537.38	4,358.43	3,101.16	1,345.92	890.93
Leased floor area (㎡)	2,740.81	2,219.11	1,743.94	1,034.27	2,176.38	940.30	748.96	5,534.86	1,380.22	4,227.54	2,915.72	1,296.46	839.39
Occupancy ratio (Note1) As of January 31, 2021 As of July 31, 2020 As of January 31, 2020 As of July 31, 2019 As of January 31, 2019 As of July 31, 2018 As of January 31, 2018 As of July 31, 2017 As of January 31, 2017 As of July 31, 2016	98.4% 98.5% 95.1% 95.9% 97.4% 96.7% 98.0%	88.5% 90.3% 97.4% 95.9% 96.6% 98.3% 97.5%	94.3% 92.0% 100.0% 97.7% 100.0% 97.7% 98.9%	100.0% 87.4% 100.0% 100.0% 100.0% 95.6% 97.4%	94.2% 97.9% 100.0% 100.0% 100.0% 97.6% 100.0%	95.5% 100.0% 93.6% 100.0% 100.0% 100.0% 100.0%	100.0% 100.0% 100.0% 93.8% 100.0% 100.0% 100.0%	100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%	89.8% 95.2% 98.7% 97.3% 100.0% 100.0% 98.7%	97.0% 97.5% 100.0% 98.4% 97.9% 95.0% 96.8%	94.0% 97.8% 97.8% 98.1% 96.9% 100.0% 100.0%	96.3% 96.3% 100.0% 96.2% 95.1% 91.5% 98.0%	94.2% 100.0% 100.0% 94.4% 100.0% 100.0% 97.2%
92.7% 100.0% 98.6%	98.4% 98.4% 93.4%	100.0% 97.7% 98.9%	100.0% 100.0% 92.5%	91.3% 100.0% 95.9%	100.0% 100.0% 100.0%	100.0% 100.0% 100.0%	100.0% 100.0% 100.0%	98.7% 95.5% 97.3%	100.0% 100.0% 97.5%	98.1% 100.0% 95.9%	96.6% 96.4% 100.0%	97.2% 97.2% 100.0%
Operating periods	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days
① Rental and other operating revenues ( In thousands of yen ) Rental revenues Other operating revenues	74,029 69,911 4,117	64,553 59,915 4,638	54,232 50,388 3,843	26,520 23,338 3,182	51,401 46,894 4,507	25,319 19,831 5,487	24,115 19,889 4,225	104,461 100,097 4,363	39,050 35,989 3,061	110,805 102,526 8,279	78,822 72,094 6,727	35,602 32,545 3,056	24,780 23,134 1,645
②Property-related expenses ( In thousands of yen ) Property management fees Taxes Utilities Repairs and maintenance Insurance Trust fees and other expenses	13,157 5,614 3,946 454 1,686 114 1,340	11,951 4,815 3,037 490 2,198 108 1,301	13,183 4,320 2,639 532 2,640 59 2,991	7,464 3,027 1,495 288 944 27 1,681	10,369 3,874 3,130 666 2,060 111 525	8,668 2,256 1,975 187 3,060 42 1,146	5,689 2,439 1,158 293 977 16 804	12,873 1,465 5,062 913 4,257 182 991	8,190 3,116 1,750 474 1,607 59 1,182	21,568 6,949 5,552 1,419 4,593 206 2,846	15,290 6,571 5,010 861 1,711 137 996	9,033 3,319 1,780 287 2,718 73 853	4,363 1,721 1,027 173 837 48 554
③NOI（＝① -②） ( In thousands of yen )	60,871	52,601	41,048	19,055	41,032	16,650	18,425	91,588	30,860	89,237	63,531	26,569	20,417
④Depreciation ( In thousands of yen )	7,843	6,301	4,286	3,161	6,763	1,420	2,868	18,543	7,083	11,901	7,690	4,182	3,399
⑤Rental operating income （＝③-④）( In thousands of yen )	53,028	46,300	36,761	15,893	34,269	15,230	15,557	73,044	23,776	77,336	55,841	22,386	17,017
⑥Capital expenditures ( In thousands of yen )	8,716	1,953	347	1,399	3,088	12,940	1,813	6,262	922	6,812	15,794	30,315	2,607
⑦NCF （＝③-⑥） ( In thousands of yen )	52,155	50,648	40,701	17,656	37,943	3,709	16,612	85,325	29,937	82,424	47,737	△3,745	17,809
Expense ratio （＝②／①）	17.8%	18.5%	24.3%	28.1%	20.2%	34.2%	23.6%	12.3%	21.0%	19.5%	19.4%	25.4%	17.6%
Property tax for the year 2020 ( In thousands of yen )	7,893	6,073	5,278	2,990	6,260	3,950	2,317	10,124	3,500	11,104	10,021	3,560	2,054
Assets pledged as collateral	-	-	-	-	-	-	-	-	-	-	-	-	-

t0030

Property No.	T-30	T-31	T-32	T-33	T-34	T-35	T-36	T-37	T-38	T-39	T-40	T-41	T-42
Property Name	KDX Residence Futako Tamagawa	KDX Residence Komazawa Koen	KDX Residence Mishuku	KDX Residence Yoga	KDX Residence Shimouma	Raffine Minami-magome	KDX Residence Yukigaya Otsuka	KDX Residence Denen Chofu	KDX Residence Tamagawa	KDX Residence Monzennakacho	KDX Residence Okachimachi	KDX Residence Moto-asakusa	KDX Residence Itabashi Honcho
Acquisition Date	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013
Acquisition price ( In millions of yen ) Percentage of total portfolio	1,250 0.5%	920 0.4%	760 0.3%	700 0.3%	600 0.2%	1,250 0.5%	1,050 0.4%	1,000 0.4%	776 0.3%	773 0.3%	850 0.3%	800 0.3%	620 0.2%
Net book value ( In millions of yen )	1,272	896	747	688	593	1,238	1,054	1,062	723	785	861	808	587
Appraisal value at the end of period ( In millions of yen ) Percentage of total appraisal value	1,560 0.5%	1,200 0.4%	1,020 0.3%	947 0.3%	814 0.3%	1,480 0.5%	1,400 0.4%	1,300 0.4%	996 0.3%	1,050 0.3%	1,130 0.4%	1,060 0.3%	818 0.3%
Number of leasable residential units	38	32	39	38	29	56	72	36	52	49	51	44	46
Leasable floor area (㎡)	2,339.62	1,020.18	1,103.82	1,012.80	829.05	2,408.56	1,526.98	2,359.44	1,170.40	1,171.41	1,329.79	1,314.91	1,127.58
Leased floor area (㎡)	2,339.62	997.81	1,052.49	987.48	829.05	2,408.56	1,444.30	2,293.90	1,129.20	1,053.95	1,329.79	1,248.69	1,127.58
Occupancy ratio (Note1) As of January 31, 2021 As of July 31, 2020 As of January 31, 2020 As of July 31, 2019 As of January 31, 2019 As of July 31, 2018 As of January 31, 2018 As of July 31, 2017 As of January 31, 2017 As of July 31, 2016	100.0% 97.3% 97.0% 100.0% 94.7% 100.0% 100.0%	97.8% 95.6% 97.8% 96.8% 100.0% 97.8% 95.5%	95.3% 100.0% 97.7% 100.0% 90.5% 100.0% 97.7%	97.5% 100.0% 97.5% 100.0% 97.5% 100.0% 90.0%	100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%	100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%	94.6% 98.7% 97.3% 95.9% 98.7% 97.3% 98.7%	97.2% 100.0% 97.2% 100.0% 97.2% 91.7% 100.0%	96.5% 96.5% 100.0% 98.3% 98.2% 94.5% 98.1%	90.0% 98.1% 98.1% 100.0% 100.0% 97.5% 95.9%	100.0% 98.2% 96.4% 100.0% 98.1% 100.0% 100.0%	95.0% 94.9% 97.4% 100.0% 95.9% 98.4% 95.9%	100.0% 96.1% 100.0% 100.0% 100.0% 100.0% 96.1%
97.6% 94.7% 97.1%	100.0% 100.0% 100.0%	100.0% 94.1% 96.0%	100.0% 100.0% 100.0%	96.8% 93.7% 100.0%	100.0% 100.0% 100.0%	100.0% 98.7% 95.7%	100.0% 94.4% 91.7%	98.1% 98.3% 96.5%	100.0% 100.0% 93.7%	100.0% 98.0% 98.2%	98.5% 92.4% 97.4%	98.1% 96.1% 94.0%
Operating periods	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days
① Rental and other operating revenues ( In thousands of yen ) Rental revenues Other operating revenues	43,134 38,876 4,258	28,531 26,309 2,222	26,025 24,563 1,462	24,520 21,856 2,664	21,282 20,264 1,018	41,292 41,292 -	39,250 37,524 1,726	38,293 36,491 1,801	28,153 26,615 1,538	27,800 26,185 1,614	30,315 29,900 415	30,015 28,382 1,632	23,687 22,826 860
②Property-related expenses ( In thousands of yen ) Property management fees Taxes Utilities Repairs and maintenance Insurance Trust fees and other expenses	9,006 3,447 2,148 354 2,499 62 493	5,536 2,225 1,252 317 939 51 750	7,468 2,346 1,433 203 2,301 31 1,151	3,710 1,334 1,300 437 127 46 463	5,501 2,003 799 205 1,402 20 1,070	3,799 526 2,113 - 614 85 460	8,446 2,818 1,935 234 1,823 80 1,554	6,734 2,642 1,938 439 1,228 71 414	6,136 2,318 1,501 342 999 30 943	5,758 2,205 1,291 289 1,303 45 622	4,680 1,996 1,704 268 198 51 461	5,555 2,545 1,525 296 675 59 454	5,665 1,946 1,233 297 1,342 51 792
③NOI（＝① -②） ( In thousands of yen )	34,128	22,995	18,557	20,810	15,781	37,492	30,804	31,559	22,017	22,041	25,634	24,459	18,021
④Depreciation ( In thousands of yen )	4,969	4,805	3,198	2,672	2,308	3,527	5,919	4,653	5,959	4,401	4,163	4,836	4,246
⑤Rental operating income （＝③-④）( In thousands of yen )	29,158	18,190	15,358	18,138	13,472	33,965	24,885	26,906	16,058	17,640	21,471	19,622	13,774
⑥Capital expenditures ( In thousands of yen )	4,300	459	1,993	219	496	5,659	-	2,331	135	3,969	319	6,140	119
⑦NCF （＝③-⑥） ( In thousands of yen )	29,827	22,535	16,563	20,591	15,284	31,833	30,804	29,228	21,881	18,071	25,315	18,319	17,902
Expense ratio （＝②／①）	20.9%	19.4%	28.7%	15.1%	25.9%	9.2%	21.5%	17.6%	21.8%	20.7%	15.4%	18.5%	23.9%
Property tax for the year 2020 ( In thousands of yen )	4,297	2,505	2,866	2,601	1,599	4,226	3,871	3,876	3,003	2,524	3,408	3,050	2,467
Assets pledged as collateral	-	-	-	-	-	-	-	-	-	-	-	-	-

t0043

Property No.	T-43	T-44	T-45	T-46	T-47	T-48	T-49	T-50	T-51	T-52	T-53	T-54	T-55
Property Name	KDX Residence Azusawa	KDX Residence Tobu Nerima	KDX Residence Yokohama Kannai	KDX Residence Miyamaedaira	KDX Residence Machida	KDX Residence Kinshicho	KDX Residence Nihombashi Hamacho	KDX Residence Nihombashi Ningyocho	KDX Residence Jiyugaoka	KDX Residence Togoshi	KDX Residence Shinagawa Seaside	KDX Residence Ojima	KDX Residence Oyama
Acquisition Date	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	March 28, 2014	August 7, 2014	August 7, 2014	August 7, 2014	August 7, 2014	August 7, 2014	August 7, 2014	August 7, 2014
Acquisition price ( In millions of yen ) Percentage of total portfolio	550 0.2%	420 0.2%	800 0.3%	999 0.4%	1,800 0.7%	1,350 0.5%	996 0.4%	530 0.2%	1,268 0.5%	3,745 1.4%	2,593 1.0%	1,857 0.7%	2,679 1.0%
Net book value ( In millions of yen )	543	385	760	999	1,671	1,323	1,037	554	1,320	3,706	2,545	1,802	2,592
Appraisal value at the end of period ( In millions of yen ) Percentage of total appraisal value	681 0.2%	552 0.2%	1,030 0.3%	1,180 0.4%	2,210 0.7%	1,770 0.6%	1,390 0.4%	710 0.2%	1,650 0.5%	4,980 1.6%	3,370 1.1%	2,580 0.8%	3,430 1.1%
Number of leasable residential units	39	37	72	40	52	33	28	27	48	144	127	117	145
Leasable floor area (㎡)	989.82	931.82	1,602.16	2,448.27	3,832.53	2,024.81	1,756.27	877.14	1,637.00	4,591.76	3,314.75	2,372.67	4,009.07
Leased floor area (㎡)	968.70	908.49	1,470.00	2,336.70	3,757.36	1,970.95	1,756.27	837.09	1,579.23	4,359.70	2,964.82	2,109.24	3,877.64
Occupancy ratio (Note1) As of January 31, 2021 As of July 31, 2020 As of January 31, 2020 As of July 31, 2019 As of January 31, 2019 As of July 31, 2018 As of January 31, 2018 As of July 31, 2017 As of January 31, 2017 As of July 31, 2016	97.9% 100.0% 100.0% 96.8% 100.0% 96.8% 100.0%	97.5% 97.8% 93.9% 100.0% 100.0% 100.0% 100.0%	91.8% 92.5% 98.6% 97.5% 98.8% 94.2% 97.0%	95.4% 100.0% 97.8% 95.5% 100.0% 94.7% 97.5%	98.0% 86.8% 100.0% 100.0% 100.0% 100.0% 100.0%	97.3% 100.0% 96.8% 93.7% 100.0% 96.9% 100.0%	100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%	95.4% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%	96.5% 96.3% 93.4% 100.0% 93.6% 92.8% 97.7%	94.9% 96.3% 100.0% 98.0% 99.3% 100.0% 96.7%	89.4% 93.3% 99.1% 98.3% 97.1% 99.1% 97.1%	88.9% 93.2% 99.1% 97.4% 95.7% 95.7% 100.0%	96.7% 97.9% 97.6% 97.0% 92.0% 98.1% 95.3%
100.0% 97.9% 90.2%	96.6% 94.4% 94.9%	93.1% 88.0% 90.8%	100.0% 89.8% 95.1%	95.8% 100.0% 87.0%	100.0% 96.9% 100.0%	100.0% 100.0% 100.0%	96.8% 96.8% 95.4%	97.9% 98.6% 95.1%	98.9% 95.5% 95.9%	98.6% 100.0% 97.5%	96.6% 97.4% 99.1%	94.4% 93.2% 95.3%
Operating periods	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days
① Rental and other operating revenues ( In thousands of yen ) Rental revenues Other operating revenues	20,093 18,962 1,131	17,524 16,848 675	32,966 29,979 2,986	37,487 34,447 3,039	63,508 55,418 8,090	45,708 38,475 7,233	35,780 33,919 1,861	19,968 19,025 942	39,534 36,598 2,936	122,355 113,918 8,436	79,828 75,826 4,002	64,818 59,998 4,819	92,205 84,443 7,762
②Property-related expenses ( In thousands of yen ) Property management fees Taxes Utilities Repairs and maintenance Insurance Trust fees and other expenses	5,460 2,268 1,208 167 1,240 51 524	5,146 1,917 1,093 184 821 26 1,102	12,166 3,797 1,660 625 4,492 74 1,516	6,919 2,820 2,083 376 1,164 71 404	14,719 5,627 3,539 636 2,574 69 2,271	8,631 2,721 2,277 427 2,115 87 1,002	6,070 2,096 1,597 256 1,116 44 958	4,416 1,695 1,008 249 836 35 590	10,108 2,856 1,944 331 3,292 64 1,618	21,405 6,808 5,601 737 4,096 149 4,010	19,630 5,095 4,725 822 4,558 114 4,313	13,851 4,422 2,708 535 4,501 116 1,567	17,088 4,668 4,789 686 4,314 197 2,431
③NOI（＝① -②） ( In thousands of yen )	14,633	12,377	20,799	30,567	48,789	37,076	29,709	15,551	29,426	100,950	60,198	50,966	75,117
④Depreciation ( In thousands of yen )	3,424	3,799	6,104	5,231	15,197	7,107	4,719	2,251	4,416	17,742	12,986	11,183	16,721
⑤Rental operating income （＝③-④）( In thousands of yen )	11,208	8,578	14,695	25,335	33,592	29,968	24,989	13,299	25,010	83,207	47,211	39,783	58,395
⑥Capital expenditures ( In thousands of yen )	589	465	908	1,090	2,314	2,137	4,831	124	9,345	3,922	3,604	407	324
⑦NCF （＝③-⑥） ( In thousands of yen )	14,043	11,912	19,891	29,476	46,475	34,938	24,877	15,426	20,081	97,027	56,594	50,559	74,792
Expense ratio （＝②／①）	27.2%	29.4%	36.9%	18.5%	23.2%	18.9%	17.0%	22.1%	25.6%	17.5%	24.6%	21.4%	18.5%
Property tax for the year 2020 ( In thousands of yen )	2,417	2,186	3,320	4,166	7,080	4,555	3,195	2,017	3,888	11,203	9,450	5,416	9,580
Assets pledged as collateral	-	-	-	-	-	-	-	-	-	-	-	-	-

t0056

Property No.	T-56	T-57	T-58	T-59	T-60	T-61	T-62	T-63	T-64	T-65	T-66	T-67	T-68
Property Name	KDX Residence Hanzomon	B-Site Akihabara	KDX Residence Kagurazaka Dori	KDX Residence Sendagi	KDX Residence Seijo	KDX Residence Akihabara	KDX Residence Iriya	KDX Residence Tachikawa	KDX Residence Tsurumi	KDX Residence Morishita Chitose	KDX Residence Akasaka	KDX Residence Kanda	KDX Residence Ebisu
Acquisition Date	February 5, 2015	February 5, 2015	February 5, 2015	February 5, 2015	February 5, 2015	February 5, 2015	February 5, 2015	February 5, 2015	February 5, 2015	June 1, 2015	September 30, 2015	September 30, 2015	October 30, 2015
Acquisition price ( In millions of yen ) Percentage of total portfolio	4,832 1.9%	850 0.3%	1,360 0.5%	2,200 0.8%	1,400 0.5%	1,250 0.5%	1,062 0.4%	3,026 1.2%	1,050 0.4%	1,100 0.4%	1,150 0.4%	700 0.3%	2,845 1.1%
Net book value ( In millions of yen )	4,930	859	1,369	2,333	1,411	1,233	1,047	2,935	1,154	1,091	1,179	711	2,906
Appraisal value at the end of period ( In millions of yen ) Percentage of total appraisal value	6,010 1.9%	1,070 0.3%	2,150 0.7%	2,530 0.8%	1,640 0.5%	1,640 0.5%	1,450 0.5%	3,750 1.2%	1,540 0.5%	1,390 0.4%	1,940 0.6%	1,200 0.4%	4,630 1.5%
Number of leasable residential units	85	52	70	40	38	32	57	174	59	65	28	30	65
Leasable floor area (㎡)	4,854.23	1,254.50	1,809.84	3,159.89	2,198.56	1,929.61	1,899.29	4,314.87	3,499.84	1,614.28	1,180.71	1,031.09	2,659.66
Leased floor area (㎡)	4,746.87	1,254.50	1,673.41	3,159.89	2,079.44	1,754.30	1,795.06	3,943.12	3,499.84	1,593.17	1,180.71	979.37	2,403.87
Occupancy ratio (Note1) As of January 31, 2021 As of July 31, 2020 As of January 31, 2020 As of July 31, 2019 As of January 31, 2019 As of July 31, 2018 As of January 31, 2018 As of July 31, 2017 As of January 31, 2017 As of July 31, 2016	97.8% 98.6% 98.4% 98.3% 98.8% 97.3% 100.0%	100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%	92.5% 93.7% 98.6% 98.6% 100.0% 95.8% 100.0%	100.0% 98.2% 96.1% 95.1% 97.8% 100.0% 100.0%	94.6% 96.8% 100.0% 95.5% 100.0% 93.2% 97.5%	90.9% 96.9% 100.0% 91.0% 95.2% 90.9% 97.0%	94.5% 95.9% 100.0% 100.0% 100.0% 100.0% 98.6%	91.4% 93.0% 92.5% 99.4% 94.3% 95.4% 92.6%	100.0% 100.0% 100.0% 98.4% 98.4% 98.4% 100.0%	98.7% 100.0% 96.8% 98.1% 96.2% 98.7% 97.4%	100.0% 85.9% 100.0% 100.0% 96.4% 100.0% 96.6%	95.0% 100.0% 94.9% 100.0% 96.9% 100.0% 100.0%	90.4% 91.4% 95.7% 97.3% 99.0% 100.0% 100.0%
97.2% 97.0% 97.7%	100.0% 100.0% 100.0%	100.0% 100.0% 100.0%	100.0% 95.0% 99.0%	97.5% 93.8% 100.0%	100.0% 100.0% 85.8%	100.0% 95.7% 97.1%	98.8% 94.9% 92.1%	100.0% 98.5% 96.8%	96.8% 98.7% 98.7%	96.4% 100.0% 93.1%	100.0% 100.0% 100.0%	92.1% 97.1% 97.3%
Operating periods	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days
① Rental and other operating revenues ( In thousands of yen ) Rental revenues Other operating revenues	135,728 123,293 12,435	26,640 26,640 -	50,279 48,505 1,773	66,279 61,420 4,858	42,233 37,445 4,788	43,065 38,911 4,154	39,442 36,894 2,547	96,172 86,665 9,506	55,265 48,591 6,673	39,192 37,460 1,731	34,655 32,684 1,970	29,738 27,954 1,783	88,232 83,759 4,473
②Property-related expenses ( In thousands of yen ) Property management fees Taxes Utilities Repairs and maintenance Insurance Trust fees and other expenses	19,208 6,525 7,122 1,035 1,988 147 2,388	2,991 - 1,676 - 915 39 360	9,640 2,559 2,424 479 2,056 59 2,061	10,569 3,372 3,055 2,396 723 98 922	8,691 2,645 2,835 395 1,745 62 1,007	7,644 2,788 2,110 345 1,201 53 1,145	8,622 2,993 1,960 351 2,040 53 1,221	17,105 6,460 4,091 679 3,463 136 2,274	9,627 3,386 2,542 579 2,017 88 1,012	6,707 2,280 1,935 313 817 45 1,315	9,900 2,879 2,038 257 1,712 39 2,971	5,227 1,990 1,583 375 393 34 849	15,671 4,390 3,167 821 2,971 89 4,232
③NOI（＝① -②） ( In thousands of yen )	116,520	23,648	40,638	55,709	33,541	35,421	30,819	79,066	45,637	32,485	24,755	24,510	72,560
④Depreciation ( In thousands of yen )	15,187	2,673	3,721	8,920	4,729	6,667	6,243	21,354	6,494	5,756	4,203	3,686	11,275
⑤Rental operating income （＝③-④）( In thousands of yen )	101,332	20,975	36,917	46,789	28,812	28,754	24,576	57,712	39,143	26,728	20,551	20,824	61,285
⑥Capital expenditures ( In thousands of yen )	5,569	722	370	-	1,955	2,452	2,092	257	8,737	-	397	222	1,058
⑦NCF （＝③-⑥） ( In thousands of yen )	110,951	22,926	40,268	55,709	31,586	32,969	28,727	78,809	36,899	32,485	24,357	24,287	71,502
Expense ratio （＝②／①）	14.2%	11.2%	19.2%	15.9%	20.6%	17.7%	21.9%	17.8%	17.4%	17.1%	28.6%	17.6%	17.8%
Property tax for the year 2020 ( In thousands of yen )	14,245	3,352	4,849	6,111	5,671	4,221	3,921	8,123	5,085	3,870	4,077	3,166	6,334
Assets pledged as collateral	-	-	-	-	-	-	-	-	-	-	-	-	-

t0069

Property No.	T-69	T-70	T-71	T-72	T-73	T-74	T-75	T-76	T-77	T-78	T-79	T-80	T-81
Property Name	KDX Residence Nishi-magome	KDX Residence Nishi-azabu	KDX Residence Azabu Sendaizaka	KDX Residence Waseda Tsurumaki	KDX Residence Bunkyo Yushima	KDX Residence Kamishakujii	KDX Residence Shin-otsuka	KDX Residence Sakurajosui	KDX Residence Ryogoku	KDX Residence Toyosu	KDX Residence Asagaya	KDX Residence Hiyoshi	KDX Residence Kamikitazawa
Acquisition Date	August 30, 2016	August 1, 2016	August 1, 2016	August 1, 2016	August 1, 2016	August 1, 2016	November 1, 2016	November 1, 2016	November 1, 2016	August 22, 2017	August 2, 2018	August 2, 2018	February 1, 2019
Acquisition price ( In millions of yen ) Percentage of total portfolio	1,130 0.4%	1,224 0.5%	792 0.3%	561 0.2%	695 0.3%	648 0.2%	764 0.3%	894 0.3%	842 0.3%	7,500 2.9%	1,930 0.7%	2,635 1.0%	1,360 0.5%
Net book value ( In millions of yen )	1,155	1,234	799	557	693	649	765	894	841	7,650	1,961	2,685	1,397
Appraisal value at the end of period ( In millions of yen ) Percentage of total appraisal value	1,340 0.4%	1,820 0.6%	1,190 0.4%	897 0.3%	1,000 0.3%	859 0.3%	1,120 0.4%	1,230 0.4%	1,260 0.4%	7,820 2.5%	2,280 0.7%	2,750 0.9%	1,450 0.5%
Number of leasable residential units	47	33	30	39	38	47	40	43	36	242	44	92	39
Leasable floor area (㎡)	1,297.27	1,357.88	878.50	808.54	939.89	1,032.18	872.00	1,227.16	1,190.53	6,811.38	1,996.08	6,131.93	1,971.07
Leased floor area (㎡)	1,206.24	1,168.28	766.72	808.54	939.89	965.47	872.00	1,083.71	1,088.37	6,811.38	1,996.08	6,072.83	1,920.34
Occupancy ratio (Note1) As of January 31, 2021 As of July 31, 2020 As of January 31, 2020 As of July 31, 2019 As of January 31, 2019 As of July 31, 2018 As of January 31, 2018 As of July 31, 2017 As of January 31, 2017 As of July 31, 2016	93.0% 96.9% 96.1% 98.1%	86.0% 91.7% 96.9% 94.3% 100.0% 96.9%	87.3% 100.0% 100.0% 100.0% 100.0% 96.2%	100.0% 95.2% 100.0% 97.6% 100.0% 97.6%	100.0% 100.0% 100.0% 100.0% 100.0% 97.8%	93.5% 100.0% 100.0% 97.7% 97.8% 97.9%	100.0% 100.0% 100.0% 100.0% 100.0% 100.0%	88.3% 93.8% 100.0% 95.9% 93.0% 100.0%	91.4% 93.6% 100.0% 100.0% 100.0% 100.0%	100.0% 100.0% 100.0% 100.0% 100.0%	100.0% 98.2% 97.7%	99.0% 97.9% 96.6%	97.4% 92.3% 97.4%
97.8%	97.2%	92.3%
89.1%	100.0%	93.6%	-
100.0%	100.0%	-	-	-
96.1% 91.1% 36.2% -	97.3% 96.9% 100.0% -	100.0% 94.0% 100.0% -	100.0% 92.4% 100.0% -	100.0% 97.8% 100.0% -	93.8% 95.7% 97.8% -	100.0% 100.0% 100.0% -	85.5% 100.0% 100.0% -	93.4% 97.9% 87.2% -	100.0% - - -	- - - -	- - - -	- - - -
Operating periods	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days
① Rental and other operating revenues ( In thousands of yen ) Rental revenues Other operating revenues	31,716 30,571 1,144	39,028 34,892 4,135	26,586 25,107 1,479	22,275 21,188 1,087	24,741 23,962 778	23,789 21,781 2,007	22,608 22,248 360	27,298 26,155 1,142	29,498 27,471 2,026	180,967 177,418 3,548	50,927 47,623 3,304	80,037 73,759 6,278	37,485 34,022 3,462
②Property-related expenses ( In thousands of yen ) Property management fees Taxes Utilities Repairs and maintenance Insurance Trust fees and other expenses	5,019 2,300 1,629 150 272 37 629	10,084 2,705 2,595 527 1,647 44 2,563	6,658 2,609 1,654 329 960 28 1,075	5,659 2,198 999 223 1,150 26 1,062	4,570 1,468 1,202 337 595 29 937	6,064 2,026 1,640 330 1,207 31 827	1,779 240 1,237 - 15 25 260	7,208 2,784 1,477 290 1,647 37 970	5,626 2,616 1,229 299 607 35 838	15,999 3,365 10,038 1,177 169 225 1,023	8,720 3,017 1,989 401 1,985 55 1,272	11,995 3,885 4,540 787 1,777 154 850	7,360 2,679 1,946 356 1,054 52 1,272
③NOI（＝① -②） ( In thousands of yen )	26,696	28,943	19,927	16,616	20,170	17,725	20,828	20,089	23,871	164,967	42,206	68,041	30,125
④Depreciation ( In thousands of yen )	4,885	4,411	2,929	2,981	3,172	4,070	3,433	4,116	4,392	28,302	4,334	10,590	2,806
⑤Rental operating income （＝③-④）( In thousands of yen )	21,810	24,532	16,998	13,634	16,997	13,654	17,395	15,973	19,479	136,664	37,872	57,451	27,318
⑥Capital expenditures ( In thousands of yen )	-	2,575	801	-	120	1,592	-	-	-	-	2,389	4,814	479
⑦NCF （＝③-⑥） ( In thousands of yen )	26,696	26,368	19,125	16,616	20,050	16,132	20,828	20,089	23,871	164,967	39,817	63,226	29,645
Expense ratio （＝②／①）	15.8%	25.8%	25.0%	25.4%	18.5%	25.5%	7.9%	26.4%	19.1%	8.8%	17.1%	15.0%	19.6%
Property tax for the year 2020 ( In thousands of yen )	3,258	5,191	3,309	1,998	2,404	3,282	2,474	2,955	2,458	18,751	3,978	9,081	3,892
Assets pledged as collateral	-	-	-	-	-	-	-	-	-	-	-	-	-

Property No.

T-82

T-83

T-84

T-85

T-86

T-87

T-88

T-89

T-90

T-91

T-92

T-93

T-94

Property Name

KDX Residence

Kaminoge

KDX Residence Higashi-Asakusa

KDX Residence Nishi-Funabashi

KDX Residence

Hatagaya

KDX Residence

Asagaya Ⅱ

KDX Residence Gakugeidaigaku

KDX Residence Kamata-minami

KDX Residence

Kichijoji

KDX Residence

Mitaka

KDX Residence

Nakanobu

KDX Residence

Ichikawa

KDX Residence

Hatchobori

KDX Residence

Nakaitabashi

Acquisition Date

February 1, 2019

February 21, 2019

September 17, 2019

February 27, 2020

October 29, 2019

February 27, 2020

March 2, 2020

March 13, 2020

June 30, 2020

August 3, 2020

September 24, 2020

September 30, 2020

Acquisition price

( In millions of yen )

Percentage of total portfolio

1,111 0.4%

687 0.3%

975 0.4%

2,500 1.0%

939 0.4%

750 0.3%

1,918 0.7%

621 0.2%

2,530 1.0%

830 0.3%

840 0.3%

3,000 1.2%

1,736 0.7%

Net book value

( In millions of yen )

1,133

703

1,015

2,635

974

769

1,975

657

2,696

850

882

3,231

1,856

Appraisal value at the end of period

( In millions of yen )

Percentage of total appraisal value

1,290 0.4%

767 0.2%

1,050 0.3%

2,730 0.9%

1,000 0.3%

828 0.3%

2,150 0.7%

650 0.2%

2,870 0.9%

901 0.3%

908 0.3%

3,530 1.1%

1,850 0.6%

Number of leasable residential units

Leasable floor area

(㎡)

1,224.87

1,013.40

1,277.78

2,659.50

957.67

820.01

2,203.87

665.39

2,631.45

845.78

1,015.39

2,821.15

1,972.49

Leased floor area

(㎡)

1,224.87

1,013.40

1,277.78

2,544.75

867.85

646.04

2,203.87

581.55

1,936.51

804.95

972.45

1,106.39

127.42

Occupancy ratio (Note1)

As of January 31, 2021

As of July 31, 2020

As of January 31, 2020

As of July 31, 2019

As of January 31, 2019

As of July 31, 2018

As of January 31, 2018

As of July 31, 2017

As of January 31, 2017

As of July 31, 2016

100.0% 100.0% 100.0%

100.0% 100.0% 97.5%

100.0% 100.0%

95.7% 98.3%

90.6% 97.0%

78.8% 91.4%

100.0% 98.2%

87.4% 50.6%

73.6% 23.8%

95.2% -

95.8% -

39.2% -

6.5% -

100.0%

90.5%

100.0% - - - - - -

96.2% - - - - - -

- - - - - - -

Operating periods

184days

182days

130days

124days

① Rental and other operating revenues ( In thousands of yen )

Rental revenues

Other operating revenues

26,224 26,130 94

20,343 19,526 816

28,169 27,666 502

61,657 58,111 3,545

22,719 21,472 1,247

15,699 14,906 793

50,422 49,834 587

12,075 11,567 508

42,101 36,768 5,333

19,782 18,382 1,399

15,623 14,571 1,051

8,582 5,280 3,301

1,185 731 453

②Property-related expenses

( In thousands of yen )

Property management fees

Taxes

Utilities

Repairs and maintenance

Insurance

Trust fees and other expenses

3,822

1,459

1,556

150

229

392

4,186

2,011

1,183

335

210

416

5,011

1,672

1,639

241

644

779

7,104

3,218 -

862

1,876

1,067

3,183

1,125

1,004

499

454

2,895

1,100 -

169

1,276

327

4,144

3,143 -

204

687

2,893

1,451 -

131 -

1,291

10,193

4,434 -

635

5,016

5,077

1,902

194

1,485

1,459

3,397

1,343

151

1,084

791

8,282

2,794

491 -

4,922

3,954

1,613

303

1,901

③NOI（＝① -②）

( In thousands of yen )

22,401

16,157

23,157

54,552

19,535

12,803

46,277

9,181

31,908

14,704

12,226

299

△2,769

④Depreciation

( In thousands of yen )

2,721

2,454

4,715

6,456

2,353

1,908

6,509

2,211

8,434

2,136

2,218

8,185

5,121

⑤Rental operating income （＝③-④）( In thousands of yen )

19,680

13,702

18,441

48,096

17,182

10,895

39,768

6,970

23,473

12,568

10,007

△7,885

△7,890

⑥Capital expenditures

( In thousands of yen )

414

547

289

206

325

292

5,376

412

⑦NCF （＝③-⑥）

( In thousands of yen )

22,401

15,742

23,157

54,005

19,246

12,514

46,277

9,181

31,701

14,378

11,933

△5,076

△3,181

Expense ratio （＝②／①）

14.6%

20.6%

17.8%

11.5%

14.0%

18.4%

8.2%

24.0%

24.2%

25.7%

21.7%

96.5%

333.6%

Property tax for the year 2020

( In thousands of yen )

3,113

2,367

3,279

6,023

2,008

1,906

3,907

874

2,653

2,156

2,246

3,231

1,430

Assets pledged as collateral

Property No.

T-95

T-96

R-2

R-3

R-4

R-5

R-7

R-8

R-9

R-10

R-11

R-13

R-16

Property Name

KDX Residence

Shonandai

KDX Residence Ikebukuro West

KDX Jozenji Dori

Residence

KDX Izumi Residence

KDX Chihaya

Residence

KDX Sakaisuji

Hommachi Residence

KDX Takarazuka

Residence

KDX Shimizu

Residence

KDX Residence

Odori Koen

KDX Residence Kikusui Yojo

KDX Residence Toyohira Koen

KDX Residence

Ichiban-cho

KDX Residence Higashi-sakura I

Acquisition Date

November 2, 2020

January 29, 2021

May 1, 2012

August 7, 2013

Acquisition price

( In millions of yen )

Percentage of total portfolio

1,500 0.6%

2,237 0.9%

1,015 0.4%

1,120 0.4%

1,080 0.4%

2,910 1.1%

1,510 0.6%

1,680 0.6%

765 0.3%

830 0.3%

445 0.2%

530 0.2%

2,350 0.9%

Net book value

( In millions of yen )

1,572

2,340

906

1,026

970

2,657

1,309

1,518

758

844

452

488

2,205

Appraisal value at the end of period

( In millions of yen )

Percentage of total appraisal value

1,610 0.5%

2,450 0.8%

1,340 0.4%

1,460 0.5%

3,600 1.2%

2,000 0.6%

2,100 0.7%

1,020 0.3%

1,060 0.3%

595 0.2%

722 0.2%

2,610 0.8%

Number of leasable residential units

104

160

148

187

Leasable floor area

(㎡)

2,723.20

2,274.70

3,330.15

2,798.20

2,936.40

6,385.70

4,631.16

6,255.16

2,762.76

3,413.06

2,253.81

1,818.09

6,221.83

Leased floor area

(㎡)

2,563.12

2,274.70

3,194.79

2,658.29

2,789.72

5,830.68

4,631.16

5,996.74

2,549.10

3,342.76

2,114.69

1,703.41

5,689.11

Occupancy ratio (Note1)

As of January 31, 2021

As of July 31, 2020

As of January 31, 2020

As of July 31, 2019

As of January 31, 2019

As of July 31, 2018

As of January 31, 2018

As of July 31, 2017

As of January 31, 2017

As of July 31, 2016

94.1% -

100.0% -

95.9%

94.9%

98.2%

87.2%

97.0%

93.0%

95.0%

95.2%

100.0%

90.0%

92.1%

94.8%

95.0%

94.5%

92.9%

93.7%

96.2%

95.1%

96.2%

91.3%

98.0%

97.4%

96.0%

94.4%

98.5%

97.0%

100.0%

98.6%

94.3%

100.0%

96.4%

100.0%

95.9%

97.6%

98.7%

93.4%

96.2%

96.7%

95.9%

92.3%

97.4%

93.6%

93.5%

89.7%

100.0%

97.4%

97.9%

80.7%

96.0%

97.9%

89.8%

90.3%

94.4%

93.8%

90.7%

93.8%

94.0%

95.2%

89.1%

93.7%

98.0%

88.1%

85.2%

92.4%

97.3%

91.4%

89.3%

96.3%

87.7%

90.4%

93.0%

- - - - -

- - -

95.0% 93.4% 95.7%

97.4% 97.6% 97.4%

91.8% 99.2% 94.8%

95.0% 94.4% 88.6%

99.3% 97.1% 91.4%

91.5% 96.6% 97.6%

96.1% 98.7% 96.1%

92.8% 100.0% 100.0%

95.4% 96.9% 98.4%

95.4% 91.6% 97.3%

94.6% 90.4% 93.1%

Operating periods

91days

3days

184days

① Rental and other operating revenues ( In thousands of yen )

Rental revenues

Other operating revenues

22,120 20,721 1,398

- - -

50,030 45,695 4,335

42,456 35,997 6,459

46,465 41,901 4,564

106,217 96,980 9,236

60,408 55,012 5,395

74,403 66,567 7,835

33,649 30,876 2,772

34,143 30,299 3,844

22,948 20,524 2,424

26,620 24,341 2,279

87,853 80,413 7,439

②Property-related expenses

( In thousands of yen )

Property management fees

Taxes

Utilities

Repairs and maintenance

Insurance

Trust fees and other expenses

3,456

2,234

367

400

409

8 - -

10,752

2,649

3,248

594

1,848

111

2,298

8,039

2,971

2,398

244

1,478

851

11,180

3,518

2,996

625

2,072

108

1,857

25,911

5,727

7,782

1,388

5,120

257

5,634

11,546

2,732

3,848

620

2,454

106

1,785

17,444

3,702

5,407

664

6,273

211

1,185

8,083

2,326

2,686

440

697

1,834

18,388

3,787

3,287

780

6,185

188

4,158

6,821

1,904

2,167

574

447

1,652

7,222

1,585

1,857

315

1,478

1,911

31,792

8,326

5,986

877

7,137

436

9,027

③NOI（＝① -②）

( In thousands of yen )

18,663

△76

39,278

34,416

35,285

80,306

48,861

56,958

25,565

15,755

16,126

19,398

56,061

④Depreciation

( In thousands of yen )

3,685

1,312

10,452

9,293

10,119

24,256

16,666

14,274

8,579

8,326

4,865

5,107

18,053

⑤Rental operating income （＝③-④）( In thousands of yen )

14,978

△1,389

28,825

25,123

25,165

56,049

32,195

42,684

16,986

7,428

11,261

14,291

38,008

⑥Capital expenditures

( In thousands of yen )

359

132

391

3,141

5,292

2,132

434

281

78,638

4,455

⑦NCF （＝③-⑥）

( In thousands of yen )

18,303

△76

39,145

34,025

32,144

75,013

46,729

56,524

25,283

△62,883

16,126

19,398

51,605

Expense ratio （＝②／①）

15.6%

21.5%

18.9%

24.1%

24.4%

19.1%

23.4%

24.0%

53.9%

29.7%

27.1%

36.2%

Property tax for the year 2020

( In thousands of yen )

4,839

1,923

6,497

4,796

5,993

15,567

7,700

10,819

5,373

6,575

4,335

3,715

11,974

Assets pledged as collateral

r0017

Property No.	R-17	R-18	R-19	R-20	R-21	R-22	R-24	R-25	R-26	R-27	R-28	R-29	R-30
Property Name	KDX Residence Higashi-sakura II	KDX Residence Jingumae	KDX Residence Nishi-oji	KDX Residence Saiin	KDX Residence Namba	KDX Residence Namba-minami	KDX Residence Ibaraki I･II	KDX Residence Toyonaka-minami	KDX Residence Moriguchi	KDX Residence Sannomiya	Ashiya Royal Homes	KDX Residence Funairi Saiwai-cho	KDX Residence Tenjin-higashi II
Acquisition Date	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013	August 7, 2013
Acquisition price ( In millions of yen ) Percentage of total portfolio	900 0.3%	840 0.3%	813 0.3%	440 0.2%	1,410 0.5%	1,350 0.5%	1,275 0.5%	740 0.3%	551 0.2%	1,080 0.4%	1,360 0.5%	588 0.2%	680 0.3%
Net book value ( In millions of yen )	845	781	762	408	1,337	1,252	1,274	661	501	1,055	1,472	538	632
Appraisal value at the end of period ( In millions of yen ) Percentage of total appraisal value	1,070 0.3%	1,040 0.3%	940 0.3%	513 0.2%	1,710 0.5%	1,630 0.5%	1,439 0.5%	902 0.3%	689 0.2%	1,240 0.4%	1,980 0.6%	729 0.2%	921 0.3%
Number of leasable residential units	66	95	76	49	118	131	61	70	28	86	21	64	63
Leasable floor area (㎡)	2,655.31	2,724.19	2,353.55	1,094.81	3,387.30	3,813.31	4,701.87	2,024.50	1,942.78	2,292.72	3,999.01	1,889.53	2,602.53
Leased floor area (㎡)	2,655.31	2,577.49	2,280.69	1,071.52	3,284.83	3,534.09	4,625.13	1,991.82	1,875.45	2,179.03	3,323.68	1,830.25	2,519.91
Occupancy ratio (Note1) As of January 31, 2021 As of July 31, 2020 As of January 31, 2020 As of July 31, 2019 As of January 31, 2019 As of July 31, 2018 As of January 31, 2018 As of July 31, 2017 As of January 31, 2017 As of July 31, 2016	100.0% 92.5% 97.0% 94.0% 92.5% 89.5% 95.5%	94.6% 96.7% 94.0% 96.0% 92.3% 96.9% 91.4%	96.9% 98.0% 100.0% 97.8% 99.1% 100.0% 97.0%	97.9% 94.2% 100.0% 95.7% 96.0% 96.1% 98.0%	97.0% 95.5% 98.5% 97.7% 96.2% 95.5% 97.0%	92.7% 97.8% 96.6% 97.3% 97.4% 97.3% 96.9%	98.4% 100.0% 98.4% 98.4% 98.4% 100.0% 96.7%	98.4% 95.5% 97.0% 95.6% 100.0% 95.8% 95.6%	96.5% 100.0% 100.0% 96.9% 100.0% 96.5% 100.0%	95.0% 96.1% 98.9% 97.8% 98.9% 98.3% 100.0%	83.1% 85.9% 91.9% 87.6% 86.9% 100.0% 100.0%	96.9% 98.5% 93.7% 90.6% 100.0% 98.4% 98.4%	96.8% 90.5% 95.2% 98.4% 100.0% 95.2% 95.2%
95.5% 95.5% 91.0%	96.0% 92.0% 97.8%	95.9% 96.8% 97.8%	100.0% 94.1% 96.2%	100.0% 97.7% 96.2%	97.4% 95.6% 95.7%	100.0% 93.5% 95.1%	95.7% 95.8% 98.7%	96.1% 96.1% 96.2%	96.7% 96.7% 92.2%	95.0% 100.0% 95.7%	100.0% 100.0% 100.0%	98.4% 100.0% 93.7%
Operating periods	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days
① Rental and other operating revenues ( In thousands of yen ) Rental revenues Other operating revenues	37,925 35,476 2,448	39,834 36,915 2,919	33,677 31,887 1,790	18,466 16,665 1,801	56,239 52,654 3,585	55,765 54,138 1,627	54,238 49,617 4,621	29,971 28,447 1,523	24,540 21,369 3,171	38,463 35,993 2,470	62,300 53,110 9,190	28,163 24,804 3,358	32,239 28,022 4,216
②Property-related expenses ( In thousands of yen ) Property management fees Taxes Utilities Repairs and maintenance Insurance Trust fees and other expenses	10,796 3,589 2,648 362 1,394 103 2,698	10,587 3,011 2,556 364 3,724 96 834	6,184 1,736 2,176 1,016 592 92 570	5,003 1,236 970 733 979 49 1,034	10,523 2,644 3,192 1,087 1,678 80 1,840	10,523 2,764 3,214 565 2,402 92 1,483	10,784 2,284 4,606 1,130 2,060 126 576	6,320 1,605 1,781 376 903 85 1,567	6,454 1,544 1,630 1,004 1,233 61 978	11,080 2,463 2,562 417 2,886 118 2,632	17,612 6,145 4,802 1,137 4,675 118 731	6,372 1,643 1,787 412 1,773 67 688	9,551 2,160 1,938 441 3,315 80 1,614
③NOI（＝① -②） ( In thousands of yen )	27,128	29,246	27,493	13,463	45,715	45,241	43,454	23,650	18,086	27,382	44,688	21,791	22,688
④Depreciation ( In thousands of yen )	7,093	7,482	6,386	3,861	10,145	11,911	6,280	8,318	5,476	8,164	4,784	5,392	6,319
⑤Rental operating income （＝③-④）( In thousands of yen )	20,034	21,764	21,107	9,601	35,569	33,329	37,174	15,332	12,609	19,217	39,903	16,398	16,368
⑥Capital expenditures ( In thousands of yen )	717	1,200	604	-	2,233	4,435	2,256	1,163	-	117	12,963	108	1,639
⑦NCF （＝③-⑥） ( In thousands of yen )	26,411	28,046	26,889	13,463	43,481	40,806	41,197	22,487	18,086	27,265	31,724	21,682	21,048
Expense ratio （＝②／①）	28.5%	26.6%	18.4%	27.1%	18.7%	18.9%	19.9%	21.1%	26.3%	28.8%	28.3%	22.6%	29.6%
Property tax for the year 2020 ( In thousands of yen )	5,296	5,114	4,353	1,940	6,385	6,429	9,215	3,563	3,263	5,125	9,606	3,574	3,876
Assets pledged as collateral	-	-	-	-	-	-	-	-	-	-	-	-	-

r0032

Property No.	R-32	R-33	R-35	R-36	R-37	R-38	R-39	R-40	R-41	R-42	R-43	R-44	R-45
Property Name	KDX Residence Nishi Koen	KDX Residence Hirao Josui-machi	Leopalace Flat Shin-sakae	KDX Residence Konan Yamate	KDX Residence Hommachibashi	KDX Residence Minami-kusatsu	KDX Residence Ohori Harbor View Tower	KDX Residence Minami-sanjo	Serenite Kita-kyuhoji	Serenite Nishinomiya Hommachi	KDX Residence Nishijin	Serenite Kobe Motomachi	KDX Residence Shukugawa Hills
Acquisition Date	August 7, 2013	August 7, 2013	November 28, 2014	November 14, 2014	December 18, 2014	February 5, 2015	February 5, 2015	September 30, 2015	October 27, 2015	December 1, 2016	August 1, 2017	August 2, 2018	August 2, 2018
Acquisition price ( In millions of yen ) Percentage of total portfolio	763 0.3%	760 0.3%	3,500 1.3%	973 0.4%	3,201 1.2%	1,974 0.8%	4,606 1.8%	915 0.4%	1,290 0.5%	617 0.2%	1,600 0.6%	2,390 0.9%	6,884 2.7%
Net book value ( In millions of yen )	713	728	3,399	956	3,106	1,943	4,430	888	1,247	628	1,733	2,448	7,265
Appraisal value at the end of period ( In millions of yen ) Percentage of total appraisal value	907 0.3%	951 0.3%	4,580 1.5%	1,140 0.4%	3,680 1.2%	2,450 0.8%	5,170 1.7%	1,770 0.6%	1,710 0.5%	754 0.2%	1,750 0.6%	2,620 0.8%	7,330 2.3%
Number of leasable residential units	36	24	274	55	134	170	212	114	85	51	128	138	239
Leasable floor area (㎡)	2,522.16	2,098.68	11,589.95	1,923.22	6,511.88	5,735.96	11,855.63	5,269.39	2,277.14	1,351.68	4,472.72	3,787.85	17,575.39
Leased floor area (㎡)	2,381.10	2,000.67	11,589.95	1,893.35	6,240.51	5,477.24	10,201.72	4,999.71	2,159.61	1,326.37	4,254.44	3,752.40	17,217.34
Occupancy ratio (Note1) As of January 31, 2021 As of July 31, 2020 As of January 31, 2020 As of July 31, 2019 As of January 31, 2019 As of July 31, 2018 As of January 31, 2018 As of July 31, 2017 As of January 31, 2017 As of July 31, 2016	94.4% 91.8% 86.8% 91.3% 94.9% 94.9% 91.2%	95.3% 91.3% 91.7% 92.4% 96.2% 100.0% 95.7%	100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%	98.4% 100.0% 100.0% 100.0% 98.4% 97.4% 95.9%	95.8% 97.6% 97.0% 96.5% 96.4% 98.9% 97.7%	95.5% 96.0% 100.0% 100.0% 99.0% 100.0% 95.1%	86.0% 83.8% 78.7% 76.8% 91.6% 90.5% 91.6%	94.9% 95.0% 96.2% 100.0% 95.2% 92.3% 95.4%	94.8% 99.0% 100.0% 100.0% 94.2% 98.7% 96.4%	98.1% 98.1% 100.0% 100.0% 98.1% 88.7%	95.1% 94.1% 90.5% 96.8%	99.1% 94.9% 95.1%	98.0% 94.6% 92.5%
97.2%	93.9%
96.6% 89.5%	98.6% -	93.3% -
98.1%	88.6%	-	-
91.1% 82.3% 94.5%	91.6% 87.7% 92.4%	100.0% 100.0% 100.0%	95.2% 92.2% 98.4%	97.7% 96.3% 94.4%	95.0% 98.4% 94.7%	93.0% 90.9% 93.5%	98.4% 98.3% 95.3%	97.5% 97.4% 96.9%	98.1% 100.0% -	- - -	- - -	- - -
Operating periods	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days
① Rental and other operating revenues ( In thousands of yen ) Rental revenues Other operating revenues	31,283 27,090 4,193	28,556 25,317 3,239	121,557 119,525 2,031	33,103 32,629 474	105,348 97,772 7,575	100,480 85,148 15,332	174,407 138,964 35,442	53,809 47,923 5,886	41,928 39,746 2,182	23,625 21,404 2,221	58,646 48,249 10,396	75,376 69,483 5,893	213,987 182,129 31,858
②Property-related expenses ( In thousands of yen ) Property management fees Taxes Utilities Repairs and maintenance Insurance Trust fees and other expenses	9,098 2,058 2,275 552 2,813 71 1,327	6,780 1,960 2,085 431 746 77 1,478	13,828 3,646 9,279 - 65 293 543	5,932 1,641 2,003 215 845 53 1,172	29,510 4,166 8,415 1,543 10,306 205 4,873	27,449 5,429 5,701 3,374 7,560 172 5,210	42,581 11,293 13,385 1,830 9,979 357 5,734	14,397 3,864 5,220 573 1,834 154 2,749	9,947 2,564 2,873 451 1,581 62 2,414	5,692 1,420 1,662 350 760 42 1,456	15,405 2,569 3,659 2,513 4,066 113 2,483	15,346 3,131 5,592 278 1,679 111 4,554	47,331 12,577 17,627 1,849 8,542 551 6,182
③NOI（＝① -②） ( In thousands of yen )	22,185	21,776	107,728	27,171	75,837	73,031	131,826	39,412	31,981	17,933	43,240	60,029	166,656
④Depreciation ( In thousands of yen )	6,449	4,858	33,336	4,967	22,242	18,620	42,751	11,284	10,156	4,758	7,823	14,601	32,208
⑤Rental operating income （＝③-④）( In thousands of yen )	15,735	16,918	74,392	22,204	53,594	54,410	89,075	28,128	21,824	13,175	35,417	45,428	134,447
⑥Capital expenditures ( In thousands of yen )	1,521	2,138	1,825	542	8,641	-	2,553	1,768	-	-	1,616	-	10,354
⑦NCF （＝③-⑥） ( In thousands of yen )	20,663	19,638	105,903	26,629	67,195	73,031	129,272	37,644	31,981	17,933	41,624	60,029	156,301
Expense ratio （＝②／①）	29.1%	23.7%	11.4%	17.9%	28.0%	27.3%	24.4%	26.8%	23.7%	24.1%	26.3%	20.4%	22.1%
Property tax for the year 2020 ( In thousands of yen )	4,550	4,171	18,558	4,007	16,831	11,403	26,771	10,440	5,746	3,325	7,321	11,184	35,256
Assets pledged as collateral	-	-	-	-	-	-	-	-	-	-	-	-	-

Property No.

R-46

H-1

H-2

H-3

H-4

H-5

H-6

H-7

H-8

H-9

H-10

H-11

H-12

Property Name

KDX Residence Sendai Station

East

Irise Kamata

/Yuseien

Nichii Home

Nakano Minamidai

Joy Stage Hachioji

Yuimaru Hijirigaoka

Nichii Home Tama Plaza

Ten

Irise Nishioka

Izarie Eniwa

Building

Sawayaka Sakura

Nibankan

Activa Biwa

Sompo Care LAVIERE Kobe

Tarumi

Rehabili-home Granda Mondo

Yakujin

Acquisition Date

February 27, 2020

March 1, 2018

Acquisition price

( In millions of yen )

Percentage of total portfolio

1,340 0.5%

1,120 0.4%

1,780 0.7%

3,690 1.4%

1,120 0.4%

2,940 1.1%

2,630 1.0%

858 0.3%

1,660 0.6%

989 0.4%

6,560 2.5%

2,110 0.8%

1,253 0.5%

Net book value

( In millions of yen )

1,410

1,060

1,761

3,749

1,068

2,809

2,576

807

1,553

922

6,283

2,049

1,198

Appraisal value at the end of period

( In millions of yen )

Percentage of total appraisal value

1,420 0.5%

1,120 0.4%

1,770 0.6%

3,760 1.2%

1,120 0.4%

2,980 1.0%

2,660 0.9%

858 0.3%

1,740 0.6%

992 0.3%

6,570 2.1%

2,110 0.7%

1,260 0.4%

Number of leasable residential units

Leasable floor area

(㎡)

2,254.34

2,086.40

3,339.00

13,812.27

4,385.53

8,208.65

6,473.60

3,140.27

5,343.33

3,628.51

39,649.84

4,493.35

3,287.80

Leased floor area

(㎡)

2,023.85

2,086.40

3,339.00

13,812.27

4,385.53

8,208.65

6,473.60

3,140.27

5,343.33

3,628.51

39,649.84

4,493.35

3,162.93

Occupancy ratio (Note1)

As of January 31, 2021

As of July 31, 2020

As of January 31, 2020

As of July 31, 2019

As of January 31, 2019

As of July 31, 2018

As of January 31, 2018

As of July 31, 2017

As of January 31, 2017

As of July 31, 2016

89.8% 98.9% -

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% - - - -

96.2% 100.0% 100.0% 100.0% 100.0% 100.0% - - - -

- - - - - - -

Operating periods

184days

① Rental and other operating revenues ( In thousands of yen )

Rental revenues

Other operating revenues

39,915 37,334 2,581

（Note）

②Property-related expenses

( In thousands of yen )

Property management fees

Taxes

Utilities

Repairs and maintenance

Insurance

Trust fees and other expenses

5,092

1,752 -

437

1,401

1,445

5,354

360

1,590 -

3,320

4,358

480

3,348 - -

460

9,926

600

8,336 -

250

279

461

4,793

384

3,786 -

459

9,861

600

5,690 -

2,925

186

459

8,403

840

6,142 -

800

160

461

4,645

420

2,658 -

1,040

460

12,817

3,585

4,004

1,331

3,211

221

464

3,419

510

2,386 - -

459

34,776

3,167

26,422 -

4,049

677

460

4,895

840

3,252 -

256

459

10,705

360

2,265 -

531

7,480

③NOI（＝① -②）

( In thousands of yen )

34,823

27,945

44,841

109,490

30,259

79,109

83,833

22,354

52,116

29,376

221,963

52,854

32,101

④Depreciation

( In thousands of yen )

7,839

11,760

4,421

30,878

9,078

31,285

29,109

9,189

18,263

12,364

62,379

11,888

9,993

⑤Rental operating income （＝③-④）( In thousands of yen )

26,983

16,185

40,419

78,612

21,180

47,823

54,723

13,165

33,853

17,012

159,583

40,965

22,107

⑥Capital expenditures

( In thousands of yen )

1,185

415

15,533

271

39,234

1,240

1,031

13,180

6,650

177

⑦NCF （＝③-⑥）

( In thousands of yen )

34,823

26,760

44,425

93,957

29,987

39,874

82,593

22,354

52,116

28,345

208,782

46,203

31,923

Expense ratio （＝②／①）

12.8%

16.1%

8.9%

8.3%

13.7%

11.1%

9.1%

17.2%

19.7%

10.4%

13.5%

8.5%

25.0%

Property tax for the year 2020

( In thousands of yen )

6,249

3,180

6,696

16,674

7,572

11,381

12,289

5,319

8,011

4,776

52,847

6,508

4,530

Assets pledged as collateral

Note: We have not obtained consent from the tenant(s) to release this information.

H-12 Additional Acquisition of a part of land with leasehold interest of 63 million yen on November 2, 2020

h0013

Property No.	H-13	H-14	H-15	H-16	H-17	H-18	H-19	H-20	H-21	H-22	H-23	H-24	A-1
Property Name	Excellent Nishinomiya	Gran Hills Ogawarako	Excellent Kitano	Anesis Teradacho	Rococo-riha	Orage Suma	Canadian Hill	Anesis Hyogo	Plaisant Grand Ota tamagawa	Tsukui Sun-shine Machida	Serabi Ebisu	Arute Ishiyagawa	HOTEL LiVEMAX Tokyo-Otsuka- Ekimae
Acquisition Date	March 1, 2018	March 1, 2018	July 6, 2018	August 2, 2018	August 2, 2018	August 2, 2018	August 2, 2018	August 2, 2018	September 28, 2018	March 1, 2019	June 3, 2019	June 3, 2019	March 2, 2020
Acquisition price ( In millions of yen ) Percentage of total portfolio	971 0.4%	1,380 0.5%	737 0.3%	3,490 1.3%	2,100 0.8%	2,810 1.1%	1,830 0.7%	1,420 0.5%	3,057 1.2%	6,934 2.7%	1,690 0.7%	1,061 0.4%	2,390 0.9%
Net book value ( In millions of yen )	918	1,277	751	3,465	2,046	2,758	1,822	1,391	3,211	7,073	1,713	1,141	2,454
Appraisal value at the end of period ( In millions of yen ) Percentage of total appraisal value	975 0.3%	1,380 0.4%	780 0.3%	3,630 1.2%	2,170 0.7%	2,810 0.9%	1,860 0.6%	1,440 0.5%	3,190 1.0%	7,090 2.3%	1,700 0.5%	1,380 0.4%	2,380 0.8%
Number of leasable residential units	-	-	-	-	-	-	-	-	-	-	-	-	-
Leasable floor area (㎡)	2,685.48	4,180.28	1,339.58	7,856.64	3,860.29	5,995.74	3,731.26	4,415.16	3,175.15	15,553.33	1,557.73	3,444.81	1,660.21
Leased floor area (㎡)	2,685.48	4,180.28	1,339.58	7,856.64	3,860.29	5,995.74	3,731.26	4,415.16	3,175.15	15,553.33	1,557.73	3,444.81	1,660.21
Occupancy ratio (Note1) As of January 31, 2021 As of July 31, 2020 As of January 31, 2020 As of July 31, 2019 As of January 31, 2019 As of July 31, 2018 As of January 31, 2018 As of July 31, 2017 As of January 31, 2017 As of July 31, 2016	100.0% 100.0% 100.0% 100.0% 100.0% 100.0% - - - -	100.0% 100.0% 100.0% 100.0% 100.0% 100.0% - - - -	100.0% 100.0% 100.0% 100.0% 100.0% 100.0% - - - -	100.0% 100.0% 100.0% 100.0% 100.0% - - - - -	100.0% 100.0% 100.0% 100.0% 100.0% - - - - -	100.0% 100.0% 100.0% 100.0% 100.0% - - - - -	100.0% 100.0% 100.0% 100.0% 100.0% - - - - -	100.0% 100.0% 100.0% 100.0% 100.0% - - - - -	100.0% 100.0% 100.0% 100.0% 100.0% - - - - -	100.0% 100.0% 100.0% 100.0% - - - - - -	100.0% 100.0% 100.0% 100.0% - - - - - -	100.0% 100.0% 100.0% 100.0% - - - - - -	100.0% 100.0% - - - - - - - -
Operating periods	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days	184days
① Rental and other operating revenues ( In thousands of yen ) Rental revenues Other operating revenues	（Note）	（Note）	（Note）	（Note）	（Note）	（Note）	（Note）	（Note）	（Note）	（Note）	（Note）	（Note）	（Note）
②Property-related expenses ( In thousands of yen ) Property management fees Taxes Utilities Repairs and maintenance Insurance Trust fees and other expenses	3,193 360 1,871 - 446 56 459	4,397 930 2,272 - 655 80 460	2,233 360 1,384 - - 29 459	9,124 637 7,871 - - 157 459	6,132 510 5,081 - - 80 460	7,700 519 6,595 - - 126 459	6,520 512 5,465 - - 83 459	6,637 516 5,569 - - 93 459	5,302 600 4,171 - - 71 460	13,452 900 11,754 - - 338 460	3,111 600 2,012 - - 38 460	9,802 692 2,576 - - 72 6,461	1,194 887 - - - 47 259
③NOI（＝① -②） ( In thousands of yen )	24,766	52,705	18,416	96,723	57,293	79,030	48,572	39,195	65,737	159,265	35,814	41,197	56,181
④Depreciation ( In thousands of yen )	9,586	18,097	4,209	31,985	16,598	23,868	7,921	10,478	9,932	38,260	2,919	20,014	6,020
⑤Rental operating income （＝③-④）( In thousands of yen )	15,179	34,608	14,207	64,737	40,695	55,161	40,650	28,717	55,805	121,004	32,894	21,183	50,161
⑥Capital expenditures ( In thousands of yen )	482	2,022	-	790	-	1,476	-	2,483	-	-	321	-	-
⑦NCF （＝③-⑥） ( In thousands of yen )	24,283	50,683	18,416	95,933	57,293	77,553	48,572	36,711	65,737	159,265	35,493	41,197	56,181
Expense ratio （＝②／①）	11.4%	7.7%	10.8%	8.6%	9.7%	8.9%	11.8%	14.5%	7.5%	7.8%	8.0%	19.2%	2.1%
Property tax for the year 2020 ( In thousands of yen )	3,743	4,547	2,772	15,744	10,163	13,194	10,932	11,138	8,342	23,508	4,025	5,152	8,260
Assets pledged as collateral	-	-	-	-	-	-	-	-	-	-	-	-	-

Property No.	A-2	Total of 157 Properties
Property Name	HOTEL LiVEMAX Yokohamaeki- Nishiguchi
Acquisition Date	March 2, 2020
Acquisition price ( In millions of yen ) Percentage of total portfolio	2,570 1.0%	259,449 100.0%
Net book value ( In millions of yen )	2,643	258,384
Appraisal value at the end of period ( In millions of yen ) Percentage of total appraisal value	2,610 0.8%	311,926 100.0%
Number of leasable residential units	-	9,285
Leasable floor area (㎡)	1,997.18	516,871.89
Leased floor area (㎡)	1,997.18	497,057.12
Occupancy ratio (Note1) As of January 31, 2021 As of July 31, 2020 As of January 31, 2020 As of July 31, 2019 As of January 31, 2019 As of July 31, 2018 As of January 31, 2018 As of July 31, 2017 As of January 31, 2017 As of July 31, 2016	100.0% 100.0% - - - - - - - -	96.2% 96.8% 97.6% 97.5% 97.7% 97.6% 97.0% 96.9% 96.2% 95.9%
Operating periods	184days	181days
① Rental and other operating revenues ( In thousands of yen ) Rental revenues Other operating revenues	（Note）	8,382,664 7,834,662 548,002
②Property-related expenses ( In thousands of yen ) Property management fees Taxes Utilities Repairs and maintenance Insurance Trust fees and other expenses	1,532 856 - - - 57 619	1,556,743 436,795 497,116 92,202 275,759 15,119 239,748
③NOI（＝① -②） ( In thousands of yen )	63,149	6,825,921
④Depreciation ( In thousands of yen )	7,447	1,504,182
⑤Rental operating income （＝③-④）( In thousands of yen )	55,701	5,321,738
⑥Capital expenditures ( In thousands of yen )	-	478,053
⑦NCF （＝③-⑥） ( In thousands of yen )	63,149	6,347,867
Expense ratio （＝②／①）	2.4%	18.6%
Property tax for the year 2020 ( In thousands of yen )	9,897	1,054,634
Assets pledged as collateral	-	-

* Total：Cost-weighted average operating period

(Reference) Borrowings

Borrowings as of January 31, 2021 are as follows:

(in thousands of yen)

Lender	Balance at the beginning of period	Increase during the period	Decrease during the period	Balance at the end of period	Average interest rate (Note 1) (Note 2)	Payment due date (Note 3)	Use	Remarks
Sumitomo Mitsui Banking Corporation	800,000	-	800,000	-	0.414%	January 31, 2021	(Note 4)	Unsecured/ Unguaranteed
Sumitomo Mitsui Banking Corporation	1,000,000	-	-	1,000,000	0.414%	February 28, 2021
Sumitomo Mitsui Banking Corporation	500,000	-	-	500,000	0.414%	February 28, 2021
Sumitomo Mitsui Banking Corporation	500,000	-	-	500,000	0.364%	July 31, 2021
Sub Total	2,800,000	-	800,000	2,000,000
MUFG Bank, Ltd	1,000,000	-	1,000,000	-	1.109%	January 31, 2021	(Note 4)	Unsecured/ Unguaranteed
Sumitomo Mitsui Banking Corporation	2,000,000	-	2,000,000	-	0.804%	November 30, 2020
Aozora Bank, Ltd.	300,000	-	300,000	-	0.678%	August 31, 2020
MUFG Bank, Ltd	300,000	-	300,000	-	0.624%	October 27, 2020
MUFG Bank, Ltd	500,000	-	500,000	-	0.422%	August 31, 2020
Sumitomo Mitsui Banking Corporation	1,000,000	-	-	1,000,000	1.221%	July 31, 2021
Aozora Bank, Ltd.	1,350,000	-	-	1,350,000	1.183%	March 31, 2021
Sumitomo Mitsui Banking Corporation	1,000,000	-	-	1,000,000	0.409%	July 31, 2021
Shinsei Bank, Limited	1,000,000	-	-	1,000,000	0.409%	July 31, 2021
MUFG Bank, Ltd	500,000	-	-	500,000	0.409%	July 31, 2021
Mizuho Bank, Ltd.	500,000	-	-	500,000	0.409%	July 31, 2021
MUFG Bank, Ltd	900,000	-	-	900,000	0.439%	July 31, 2021
Mizuho Bank, Ltd.	500,000	-	-	500,000	0.439%	July 31, 2021
Sumitomo Mitsui Banking Corporation (Note 6)	1,100,000	-	-	1,100,000	0.916%	August 7, 2021
MUFG Bank, Ltd (Note 6)	1,100,000	-	-	1,100,000
Mizuho Bank, Ltd. (Note 6)	600,000	-	-	600,000
Aozora Bank, Ltd. (Note 6)	350,000	-	-	350,000
Resona Bank, Limited (Note 6)	300,000	-	-	300,000
Mizuho Trust & Banking Co., Ltd. (Note 6)	300,000	-	-	300,000
Development Bank of Japan Inc. (Note 5) (Note 6)	1,000,000	-	-	1,000,000	0.996%	August 7, 2021
Sumitomo Mitsui Banking Corporation (Note 6)	600,000	-	-	600,000	0.945%	August 31, 2021
MUFG Bank, Ltd (Note 6)	600,000	-	-	600,000	0.945%	August 31, 2021
Aozora Bank, Ltd. (Note 6)	500,000	-	-	500,000	0.945%	August 31, 2021
Sumitomo Mitsui Banking Corporation (Note 6)	1,200,000	-	-	1,200,000	0.875%	January 31, 2022
Sumitomo Mitsui Banking Corporation	-	800,000	-	800,000	0.428%	January 31, 2022
Sub Total	18,500,000	800,000	4,100,000	15,200,000
Sumitomo Mitsui Banking Corporation	2,000,000	-	-	2,000,000	1.267%	April 30, 2022	(Note 4)	Unsecured/ Unguaranteed
Aozora Bank, Ltd.	1,500,000	-	-	1,500,000	1.267%	April 30, 2022
MUFG Bank, Ltd	1,000,000	-	-	1,000,000	1.267%	April 30, 2022
Resona Bank, Limited	1,000,000	-	-	1,000,000	1.267%	April 30, 2022
Sumitomo Mitsui Banking Corporation	400,000	-	-	400,000	1.254%	August 7, 2023
MUFG Bank, Ltd	400,000	-	-	400,000
Mizuho Bank, Ltd.	300,000	-	-	300,000
Resona Bank, Limited	200,000	-	-	200,000
Mizuho Trust & Banking Co., Ltd.	200,000	-	-	200,000
Aozora Bank, Ltd.	150,000	-	-	150,000
Development Bank of Japan Inc. (Note 5)	500,000	-	-	500,000	1.320%	August 7, 2023
Mizuho Bank, Ltd.	950,000	-	-	950,000	1.083%	November 30, 2022
MUFG Bank, Ltd	1,200,000	-	-	1,200,000	1.105%	January 31, 2024
Aozora Bank, Ltd.	2,000,000	-	-	2,000,000	0.875%	April 30, 2022
Resona Bank, Limited	1,500,000	-	-	1,500,000	0.987%	April 30, 2023
MUFG Bank, Ltd	2,000,000	-	-	2,000,000	1.100%	April 30, 2024
Sumitomo Mitsui Banking Corporation	1,000,000	-	-	1,000,000	1.265%	April 30, 2025
Shinsei Bank, Limited	1,100,000	-	-	1,100,000	1.115%	July 29, 2022
Sumitomo Mitsui Banking Corporation	1,100,000	-	-	1,100,000
MUFG Bank, Ltd	1,000,000	-	-	1,000,000
Mizuho Bank, Ltd.	300,000	-	-	300,000
Sompo Japan Insurance Inc.	1,000,000	-	-	1,000,000
Resona Bank, Limited	1,100,000	-	-	1,100,000	0.923%	August 31, 2022
Mizuho Trust & Banking Co., Ltd.	700,000	-	-	700,000	0.923%	August 31, 2022
Sumitomo Mitsui Trust Bank, Limited	950,000	-	-	950,000	1.047%	August 31, 2023

Short-Term Loan payable

ClassificationCurrent Portion of Long-Term Loans PayableLong-Term Loans Payable

Lender	Balance at the beginning of period	Increase during the period	Decrease during the period	Balance at the end of period	Average interest rate (Note 1) (Note 2)	Payment due date (Note 3)	Use	Remarks
MUFG Bank, Ltd	1,700,000	-	-	1,700,000	1.169%	August 31, 2024	(Note 4)	Unsecured/ Unguaranteed
Mizuho Bank, Ltd.	950,000	-	-	950,000	1.169%	August 31, 2024
Sumitomo Mitsui Banking Corporation	2,000,000	-	-	2,000,000	1.345%	August 31, 2025
Development Bank of Japan Inc. (Note 5)	1,000,000	-	-	1,000,000	1.193%	August 31, 2024
MUFG Bank, Ltd	1,000,000	-	-	1,000,000	1.156%	April 27, 2025
MUFG Bank, Ltd	1,000,000	-	-	1,000,000	0.819%	April 28, 2025
Sumitomo Mitsui Banking Corporation	2,500,000	-	-	2,500,000	0.903%	April 30, 2026
MUFG Bank, Ltd (Note 5)	1,000,000	-	-	1,000,000	0.660%	July 31, 2025
Mizuho Bank, Ltd. (Note 5)	1,500,000	-	-	1,500,000	0.816%	August 31, 2026
Aozora Bank, Ltd.	1,000,000	-	-	1,000,000	0.713%	August 31, 2024
Sumitomo Mitsui Trust Bank, Limited	1,000,000	-	-	1,000,000	0.797%	August 31, 2025
Resona Bank, Limited	500,000	-	-	500,000	0.797%	August 31, 2025
MUFG Bank, Ltd (Note 5)	2,000,000	-	-	2,000,000	0.670%	August 31, 2025
Mizuho Trust & Banking Co., Ltd. (Note 5)	500,000	-	-	500,000	0.751%	August 31, 2025
Sumitomo Mitsui Banking Corporation	3,000,000	-	-	3,000,000	0.906%	August 31, 2026
Development Bank of Japan Inc. (Note 5)	1,000,000	-	-	1,000,000	0.773%	October 31, 2025
Resona Bank, Limited	1,000,000	-	-	1,000,000	0.900%	August 22, 2027
Sumitomo Mitsui Trust Bank, Limited	1,000,000	-	-	1,000,000	0.900%	August 22, 2027
Shinsei Bank, Limited	1,000,000	-	-	1,000,000	0.900%	August 22, 2027
Mizuho Trust & Banking Co., Ltd. (Note 5)	1,200,000	-	-	1,200,000	0.928%	August 22, 2027
Development Bank of Japan Inc. (Note 5)	1,000,000	-	-	1,000,000	0.928%	August 22, 2027
Mizuho Bank, Ltd. (Note 5)	500,000	-	-	500,000	0.928%	August 22, 2027
The Bank of Fukuoka, Ltd. (Note 5)	500,000	-	-	500,000	0.928%	August 22, 2027
Sumitomo Mitsui Banking Corporation	1,500,000	-	-	1,500,000	0.501%	February 28, 2023
MUFG Bank, Ltd	1,500,000	-	-	1,500,000	0.501%	February 28, 2023
Aozora Bank, Ltd.	1,500,000	-	-	1,500,000	0.582%	February 29, 2024
Sumitomo Mitsui Banking Corporation	1,000,000	-	-	1,000,000	0.582%	February 29, 2024
MUFG Bank, Ltd	1,000,000	-	-	1,000,000	0.582%	February 29, 2024
Mizuho Bank, Ltd.	500,000	-	-	500,000	0.624%	August 31, 2024
Mizuho Trust & Banking Co., Ltd. (Note 5)	500,000	-	-	500,000	0.661%	August 31, 2024
Sumitomo Mitsui Banking Corporation	1,500,000	-	-	1,500,000	0.665%	February 28, 2025
Resona Bank, Limited	1,000,000	-	-	1,000,000	0.749%	February 28, 2026
Sumitomo Mitsui Trust Bank, Limited	1,000,000	-	-	1,000,000	0.749%	February 28, 2026
Nippon Life Insurance Company (Note 5)	500,000	-	-	500,000	0.900%	January 30, 2027
Sumitomo Mitsui Banking Corporation	1,500,000	-	-	1,500,000	0.799%	February 2, 2026
MUFG Bank, Ltd	1,400,000	-	-	1,400,000
Mizuho Bank, Ltd.	900,000	-	-	900,000
Development Bank of Japan Inc.	500,000	-	-	500,000
Nippon Life Insurance Company	500,000	-	-	500,000
Resona Bank, Limited	400,000	-	-	400,000
Shinsei Bank, Limited	400,000	-	-	400,000
Sumitomo Mitsui Trust Bank, Limited	400,000	-	-	400,000
Mizuho Trust & Banking Co., Ltd.	400,000	-	-	400,000
Aozora Bank, Ltd.	300,000	-	-	300,000
The Bank of Fukuoka, Ltd.	300,000	-	-	300,000
Sumitomo Mitsui Banking Corporation	1,000,000	-	-	1,000,000	0.509%	August 31, 2022
MUFG Bank, Ltd	400,000	-	-	400,000	0.509%	August 31, 2022
Development Bank of Japan Inc. (Note 5)	1,600,000	-	-	1,600,000	0.498%	August 31, 2022
Sumitomo Mitsui Banking Corporation	1,200,000	-	-	1,200,000	0.592%	August 31, 2023
Aozora Bank, Ltd.	1,000,000	-	-	1,000,000	0.592%	August 31, 2023
MUFG Bank, Ltd	800,000	-	-	800,000	0.592%	August 31, 2023
Sumitomo Mitsui Banking Corporation	1,050,000	-	-	1,050,000	0.914%	February 28, 2027
Resona Bank, Limited	500,000	-	-	500,000	0.914%	February 28, 2027
Sumitomo Mitsui Trust Bank, Limited	500,000	-	-	500,000	0.914%	February 28, 2027
Mizuho Trust & Banking Co., Ltd.	500,000	-	-	500,000	0.914%	February 28, 2027
Mizuho Bank, Ltd.	250,000	-	-	250,000	0.914%	February 28, 2027
Development Bank of Japan Inc. (Note 5)	1,400,000	-	-	1,400,000	0.884%	February 28, 2027
MUFG Bank, Ltd (Note 5)	800,000	-	-	800,000	0.825%	February 28, 2027
Nippon Life Insurance Company (Note 5)	700,000	-	-	700,000	0.920%	September 30, 2026
Shinsei Bank, Limited	1,000,000	-	-	1,000,000	1.031%	September 30, 2028
Sumitomo Mitsui Trust Bank, Limited	800,000	-	-	800,000	1.031%	September 30, 2028

Long-Term Loans Payable

Classification

Lender	Balance at the beginning of period	Increase during the period	Decrease during the period	Balance at the end of period	Average interest rate (Note 1) (Note 2)	Payment due date (Note 3)	Use	Remarks
Mizuho Trust & Banking Co., Ltd.	500,000	-	-	500,000	1.031%	September 30, 2028	(Note 4)	Unsecured/ Unguaranteed
Mizuho Trust & Banking Co., Ltd.	400,000	-	-	400,000	0.363%	November 30, 2024
Mizuho Bank, Ltd. (Note 5)	2,000,000	-	-	2,000,000	0.330%	May 31, 2025
Shinsei Bank, Limited	500,000	-	-	500,000	0.484%	November 30, 2025
Shinsei Bank, Limited	500,000	-	-	500,000	0.272%	January 31, 2023
Mizuho Bank, Ltd.	800,000	-	-	800,000	0.299%	July 31, 2023
Sumitomo Mitsui Banking Corporation	1,000,000	-	-	1,000,000	0.572%	August 31, 2026
MUFG Bank, Ltd	500,000	-	-	500,000	0.325%	April 30, 2023
Resona Bank, Limited	450,000	-	-	450,000	0.336%	April 30, 2024
MUFG Bank, Ltd	1,500,000	-	-	1,500,000	0.600%	November 30, 2026
Shinsei Bank, Limited	500,000	-	-	500,000	0.329%	July 31, 2023
Mizuho Trust & Banking Co., Ltd.	300,000	-	-	300,000	0.329%	July 31, 2023
Sumitomo Mitsui Trust Bank, Limited	300,000	-	-	300,000	0.329%	July 31, 2023
The Bank of Fukuoka, Ltd.	200,000	-	-	200,000	0.329%	July 31, 2023
Mizuho Bank, Ltd.	500,000	-	-	500,000	0.259%	February 29, 2024
Sumitomo Mitsui Trust Bank, Limited	500,000	-	-	500,000	0.259%	February 29, 2024
Sumitomo Mitsui Banking Corporation	500,000	-	-	500,000	0.464%	February 28, 2027
Mizuho Bank, Ltd.	500,000	-	-	500,000	0.414%	February 28, 2027
Resona Bank, Limited	500,000	-	-	500,000	0.414%	February 28, 2027
Mizuho Trust & Banking Co., Ltd.	500,000	-	-	500,000	0.414%	February 28, 2027
The Bank of Fukuoka, Ltd.	400,000	-	-	400,000	0.414%	February 28, 2027
MUFG Bank, Ltd (Note 5)	400,000	-	-	400,000	0.450%	February 28, 2027
Aozora Bank, Ltd.	200,000	-	-	200,000	0.531%	February 29, 2028
MUFG Bank, Ltd (Note 5)	600,000	-	-	600,000	0.300%	February 29, 2024
Sumitomo Mitsui Trust Bank, Limited	1,000,000	-	-	1,000,000	0.646%	June 30, 2028
Shinsei Bank, Limited	800,000	-	-	800,000	0.646%	June 30, 2028
Development Bank of Japan Inc. (Note 5)	500,000	-	-	500,000	0.616%	June 30, 2028
Sumitomo Mitsui Banking Corporation	1,750,000	-	-	1,750,000	0.691%	July 31, 2028
Shinsei Bank, Limited	1,750,000	-	-	1,750,000	0.641%	July 31, 2028
MUFG Bank, Ltd	1,000,000	-	-	1,000,000	0.641%	July 31, 2028
Mizuho Bank, Ltd.	500,000	-	-	500,000	0.641%	July 31, 2028
Resona Bank, Limited	500,000	-	-	500,000	0.641%	July 31, 2028
Mizuho Trust & Banking Co., Ltd.	500,000	-	-	500,000	0.641%	July 31, 2028
Sumitomo Mitsui Banking Corporation	1,000,000	-	-	1,000,000	0.686%	July 31, 2028
Mizuho Trust & Banking Co., Ltd.	-	800,000	-	800,000	0.637%	July 31, 2028
MUFG Bank, Ltd	-	500,000	-	500,000	0.640%	August 31, 2028
Aozora Bank, Ltd.	-	300,000	-	300,000	0.690%	August 31, 2028
Sumitomo Mitsui Banking Corporation	-	840,000	-	840,000	0.648%	September 30, 2028
Sumitomo Mitsui Banking Corporation	-	900,000	-	900,000	0.658%	September 30, 2028
Mizuho Bank, Ltd.	-	800,000	-	800,000	0.658%	September 30, 2028
Mizuho Bank, Ltd.	-	1,330,000	-	1,330,000	0.658%	September 30, 2028
Resona Bank, Limited	-	500,000	-	500,000	0.558%	September 30, 2028
Mizuho Trust & Banking Co., Ltd.	-	400,000	-	400,000	0.608%	September 30, 2028
MUFG Bank, Ltd (Note 5)	-	800,000	-	800,000	0.550%	September 30, 2028
MUFG Bank, Ltd	-	300,000	-	300,000	0.637%	October 31, 2027
Mizuho Bank, Ltd.	-	500,000	-	500,000	0.478%	April 30, 2025
Mizuho Trust & Banking Co., Ltd.	-	1,000,000	-	1,000,000	0.585%	October 31, 2027
Sumitomo Mitsui Banking Corporation	-	2,000,000	-	2,000,000	0.617%	November 30, 2027
MUFG Bank, Ltd	-	1,000,000	-	1,000,000	0.599%	January 31, 2028
Mizuho Bank, Ltd.	-	1,200,000	-	1,200,000	0.409%	January 31, 2025
Mizuho Trust & Banking Co., Ltd.	-	1,100,000	-	1,100,000	0.359%	January 31, 2025
Sub Total	106,750,000	14,270,000	-	121,020,000
Total	128,050,000	15,070,000	4,900,000	138,220,000

Long-Term Loans Payable

Classification

Note 1:	All debts except for the following Note 5 are borrowing at a floating rate.
Note 2:	Average interest rates are the weighted average during the period and figures are rounded to the nearest third decimal place. Also, with regard to borrowings for which interest rate swap
transactions were implemented in order to hedge the interest rate volatility risk, the weighted average interest rates taking into consideration the effects of the interest rate swaps are indicated.
Note 3:	All the repayment methods of debt financing are lump-sum repayments on the due date.
Note 4:	All debts were used as the funds for acquiring real estate properties or trust beneficiary interest in real estate (additional expenses are included) and repayment of debts.
Note 5:	Borrowings at a fixed rate.
Note 6:	Borrowings listed in the current portion of long-term payable were listed in long-term payable in the previous fiscal period.

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Kenedix Residential Next Investment Corporation published this content on 15 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2021 06:32:01 UTC.

Kenedix Residential Next Investment Corporation(TSE:3278) dropped from S&P Global BMI Index	23-10-30	CI
Kenedix Residential Secures 1 Billion Yen Debt Financing	23-10-24	MT
Kenedix Residential Next Investment Corporation Announces Decision to Undertake Debt Financing of JPY 1,000 Million	23-10-23	CI
Kenedix Residential Next Investment Secures CASBEE Certification for Three Properties	23-10-11	MT
Kenedix Residential Next Investment Corporation Reports Earnings Results for the Half Year Ended July 31, 2023	23-09-13	CI
Kenedix Residential Next Investment Corporation Elects Michiru Nagamata as Alternate Executive Director as of November 1, 2023	23-08-21	CI
Kenedix Residential Next Investment Corporation Announces Notice Concerning Debt Financing	23-07-27	CI
Prospects of Ease in US Monetary Tightening Drives Japan Shares; 3 Listed Kenedix Real Estate Investment Trusts to Merge	23-06-14	MT
Three Listed Kenedix Real Estate Investment Trusts to Merge in November	23-06-14	MT
Kenedix Residential Next Investment Corporation Provides Earnings Guidance for the Fiscal Period from August 1, 2023 to January 31, 2024	23-06-13	CI
Kenedix Residential Next Investment Corporation Provides Earnings Forecasts for Operating Results for the Fiscal Period from August 1, 2023 to October 31, 2023	23-06-13	CI
Kenedix Residential Next Investment Corporation Provides Earnings Guidance for the Fiscal Period Ending April 30, 2024	23-06-13	CI
Kenedix Residential Next Investment Corporation Announces Debt Financing	23-03-27	CI
Kenedix Residential to Buy Tokyo Senior Home for 1.5 Billion Yen	23-03-16	MT
Kenedix Residential Next Investment Corporation Reports Earnings Results for the Full Year Ended January 31, 2023	23-03-15	CI
Kenedix Residential Next Investment Corporation Reports Earnings Results for the Full Year Ended January 31, 2023	23-03-15	CI
Kenedix Residential Next to Secure Loans Worth 10.5 Billion Yen	23-02-22	MT
Kenedix Residential Next Investment Corporation acquired Trust Beneficiary Interest in Excellent Takarazuka Garden Hills.	23-01-30	CI
Kenedix Residential to Borrow 500 Million Yen	23-01-25	MT
Kenedix Residential Next Investment Corporation Announces Notice Concerning Debt Financing	23-01-24	CI
Kenedix Residential Next's Property to Be Rebranded	23-01-18	MT
Kenedix Residential Next Investment Corporation completed the acquisition of Two Residential facilities and Five Healthcare facilities.	23-01-12	CI
Kenedix Residential Determines Interest Rate on Planned 1.3 Billion Yen Loans	23-01-11	MT
Kenedix Residential Next Investment Corporation Announces its Decision to Undertake Debt Financing	23-01-10	CI
Kenedix Residential Next Investment Secures CASBEE Certification for Two Properties	22-12-27	MT

	1st Jan change	Capi.
AVALONBAY COMMUNITIES, INC.	-2.78%	25.85B
EQUITY RESIDENTIAL	-0.28%	23.11B
INVITATION HOMES INC.	-2.08%	20.46B
ESSEX PROPERTY TRUST, INC.	-5.63%	15.02B
SUN COMMUNITIES, INC.	-11.74%	14.7B
MID-AMERICA APARTMENT COMMUNITY, INC.	-7.32%	14.55B
AMERICAN HOMES 4 RENT	-2.59%	12.83B
UDR INC.	-6.56%	11.78B
EQUITY LIFESTYLE PROPERTIES, INC.	-11.64%	11.62B

Kenedix Residential Next Investment Corporation

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3278

JP3047480003

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Kenedix Residential Next Investment : 【KDR】FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED JANUARY 31, 2021(REIT)

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