Document 6437381

March 4, 2014
Translation of Japanese Original
To All Concerned Parties
REIT Issuer:
Kenedix Residential Investment Corporation
Representative:
Akira Tanaka, Executive Director
(Securities Code Number: 3278)
Asset Management Comp any:
Kenedix Real Estate Fund Management, Inc.
Representative:
Ryosuke Homma, President and
Representative Director
Contact:
Akihiro Nakao, General Manager
of Planning Department,
Residential REIT Division
TEL. +81-3-5623-8682
Notice Concerning Additional Acquisition of Asset (Silent Partnership Equity Interest)
Kenedix Residential Investment Corporation (the “Investment Corporation”) announced today the decision to acquire
additionally the following asset consisting of a silent partnership equity interest, which is relevant to G.K. Creek Investment
II described in the press release “Notice Concerning Acquisition of Asset (Silent Partnership Equity Interest)” announced on
February 18, 2014. Details are as follows.
1. Overview of the Acquisition
(1) Type of Additional Acquisition Equity interest in silent partnership investing in real estate in trust
beneficiary interest (the “Beneficiary Interest”)
(2) Asset Name
G.K. Creek Investment II
(1)
(3) Real Estate in Trust
Regalo Minami-kusatsu
Crane Mansion Tsurumi
(4) Additional Investment
¥165,000 thousand (approx. 28.1% of total net assets including additional
Amount(2)
silent partnership equity interest)
(5) Scheduled Date of Conclusion
March 4, 2014
of Sales Contract
(6) Scheduled Date of Acquisition March 7, 2014
(7) Funds for Acquisition
Cash on hand
The above acquisition shall hereinafter be referred to as the “Silent Partnership Equity Interest.”
(Note 1) In addition to the above (3) Real Estate in Trust, G.K. Creek Investment II has already owned the real estate in trust of 2 properties. For
more information about existing real estate in trust, please refer to the press release “Notice Concerning Acquisition of Asset (Silent
Partnership Equity Interest)” announced on February 18, 2014.
(Note 2) In addition to this acquisition, the Investment Corporation has invested a 400,000 thousand yen silent partnership equity interest as of
February 19, 2014. For more information about existing investment amount, please refer to the press release “Notice Concerning
Acquisition of Asset (Silent Partnership Equity Interest)” announced on February 18, 2014.
2. Reason for Acquisition
The Silent Partnership Equity Interest is being acquired to secure opportunities for the flexible growth of the asset size in the
future as well as opportunities for additional revenues, in accordance with the Investment Corporation’s fundamental
investment policies and approach to investing, as set forth in its Articles of Incorporation.
With the acquisition of the Silent Partnership Equity Interest, the Investment Corporation will obtain preferential negotiation
rights(1) for the acquisition of the real estate in trust or its trust beneficiary interest (together to be referred to as the “Real
Estate in Trust, etc.”). While the Investment Corporation is not obliged to acquire the Real Estate in Trust, etc. by obtaining
these preferential negotiation rights, it believes that these will contribute to an expansion of its asset size and an increase in
profitability from a mid- to long-term perspective as the execution of the preferential negotiation rights will secure
opportunities for flexible acquisitions of excellent rental residences.
The acquisition of the Silent Partnership Equity Interest is an investment opportunity discovered by the independent
gathering of information in the real estate investment market by the Investment Corporation’s asset manager Kenedix Real
Estate Fund Management, Inc. (the “Asset Management Company”). By obtaining investment opportunities from
non-sponsors such as by utilizing the independent network of the Asset Management Company as well as from the sponsors’
property pipelines, the Investment Corporation will continue to steadily implement initiatives to expand the asset size and
increase profitability in the future. Additionally, the Investment Corporation will receive profits in the form of dividends,
backed by lease rents and other income from the real estate in trust and therefore additional investment revenues are
expected.
In the decision to acquire the Silent Partnership Equity Interest, the following points of the real estate in trust were
evaluated.
Property Name
Characteristics of the Property
The property is on the plaza in front of Minami-Kusatsu Station on the JR Tokaido
Line. The Biwako-Kusatsu Campus of Ritsumeikan University is nearby and there are
several factories and research centers of large companies in the area. As a result, this is
a distinctive real estate market in which the nearby university and corporate facilities
Regalo Minami-kusatsu
are expected to generate steady rental demand. This property is only about 17 minutes
to Kyoto Station on an express train from Minami-Kusatsu Station, adding to the
convenience of this location. Furthermore, the area around the station is an excellent
residential environment with many stores and a park. These characteristics point to
substantial rental demand for people who work in Kyoto, too.
The property gives residents access to two railway lines. Keikyu Tsurumi Station on the
Keikyu Line is about an 11-minute walk away and walking distance to Tsurumi Station
on the JR Keihin-Tohoku Line is about 13 minutes. From either train station, it is about
10 minutes to Yokohama Station, 19 minutes to Shinagawa Station and 29 minutes to
Crane Mansion Tsurumi
Tokyo Station. This allows residents to reach a number of major urban centers with
ease. In addition, the property is in a highly desirable residential area that borders the
Tsurumi River. The area has parks, stores and other amenities for daily activities.
Steady demand for the rental units from families and smaller households is expected.
2
(Note1) The Investment Corporation already holds preferential negotiation rights for the acquisition of real estate beneficiary rights that are suitable
for existing trusts.
3. Outline of the Silent Partnership
Name of Operator
Silent Partnership Agreement Valid
Until
Total Amount of Net Assets
Including Silent Partnership Equity
Interest
Overview of the Silent Partnership
Agreement
G. K. Creek Investment II
February 18, 2019
¥588 million
The overview of the silent partnership in which the Investment Corporation will
invest is as follows:
(Silent Partnership Equity Interest)
G.K. Creek Investment II
(Assets)
(Liabilities)
Trust beneficiary interest in real
Limited recourse loan:
estate, etc. (Note 1):
¥2,582 million
¥3,170 million
(Equity)
Net assets including silent partnership
equity interest (Notes 2 and 3):
¥588 million
(Note 1) Trust beneficiary interest in real estate, etc. includes formulation costs, reserve money, etc.
The total appraisal value of the real estate (2 properties) is ¥3,340 million yen
(Note 2) The Investment Corporation is scheduled to invest ¥165 million (approx. 28.1%) of the total
amount of net assets, etc. of G.K. Creek Investment.
(Note 3) Kenedix, Inc. (“KDX”), the shareholder of the Asset Management Company, is scheduled to
conduct a 423 million yen silent partnership equity interest investment (approx. 71.9%) in
G.K. Creek Investment II. KDX is an interested person, etc. as defined under the Act on
Investment Trusts and Investment Corporations (the “Investment Trust Act”) and a related
party as set forth in the Related-party Transaction Rules of Residential REIT Division, the
Asset Management Company.
(After Acquisition of Silent Partnership Equity Interest)
G.K. Creek Investment II
(Assets)
(Liabilities)
Trust beneficiary interest in real
Limited recourse loan:
estate, etc. (Note 4):
¥7,100million
¥9,165 million
(Equity)
Net assets including silent partnership
equity interest (Notes 5 and 6):
¥2,065million
(Note 4) Trust beneficiary interest in real estate, etc. includes formulation costs, reserve money, etc.
The total appraisal value of the real estate (4 properties) is ¥9,210 million yen
(Note 5) The total amount of silent partnership including existing of the Investment Corporation
would be ¥565 million yen (approx. 27.4%).
(Note 6) KDX has already invested a 1,077 million yen silent partnership equity interest in G.K.
Creek Investment II, and the total amount of silent partnership including existing of KDX
would be ¥1,500 million yen (approx. 72.6%).
3
Calculation period:
For every 12 months, the three months commencing March
1 through May 31, June 1 through August 31, September 1
through November 30 and December 1 through the end of
February of the following year. However, the first
calculation period shall commence from February 20, 2014
through May 31, 2014 and the last date of the final
calculation period shall be the termination date of the silent
partnership agreement.
Distribution of profit The operator will distribute profits and losses that arise
and loss:
from the silent partnership operation to the silent partners
in each calculation period according to the division ratios
of profit and loss. Furthermore, the limit of loss to be borne
by the operator shall be the amount of investment of the
silent partners. However, if profit has arisen from the silent
partnership operation and if there is untreated cumulative
loss borne by silent partners, the profits shall firstly be
allotted to the cumulative loss.
KDX started performing asset management services for G.K. Creek Investment II
on February 18, 2014 and, even after making additional purchases, plans to
continue providing asset management services for G.K. Creek Investment II.
Overview of Preferential
Negotiation Rights
Period:
From March 7, 2014 to February 28, 2017
Minimum acquisition price:
¥3,150,400 thousand
(including consumption tax)
The minimum acquisition price including consumption tax will
remain the same even if the consumption tax rate changes in the
future.
Breakdown:
Regalo Minami-kusatsu:
¥2,079,200 thousand
(including consumption tax)
Crane Mansion Tsurumi:
¥1,071,200 thousand
(including consumption tax)
Outline of rights: The Investment Corporation may preferentially negotiate with
the operator with regard to the acquisition of the Real Estate in
Trust, etc. for the price of at least the minimum acquisition price
above by notifying the operator in writing that it wishes to
acquire the Real Estate in Trust, etc. Between March 7, 2014
and September 30, 2015, the operator, in principle, does not
conduct sales, etc. of the Real Estate in Trust to parties other
than the Investment Corporation or the Asset Management
Company without prior written consent. Furthermore, the
operator, in principle, is obliged to notify the Investment
Corporation and the Asset Management Company when it is to
begin preparation of sales activities, etc. between October 1,
2015 and February 28, 2017.
Other:
The preferential negotiation right is held by the Investment
Corporation as a right and does not bear any obligation to
acquire the Real Estate in Trust in the future. Furthermore,
consent of the operator will be the condition for the acquisition
of the Real Estate in Trust based on the preferential negotiation
right.
4. Details of the Real Estate in Trust
(1) Regalo Minami-kusatsu
Property Name
Type of Asset
Trustee
Trust Term
Location (Address) (Note 1)
Land
Type of Ownership
Regalo Minami-kusatsu
Trust beneficiary interest in real estate
Sumitomo Mitsui Trust Bank, Limited.
September 12, 2008 to the end of February 2024
1-1-8 Minami-kusatsu,Kusatsu-shi, Siga
Proprietary ownership
4
Site Area
Use Districts
Building Coverage Ratio
(Note 2)
Building
Floor Area Ratio (Note 2)
Type of Ownership
Total Floor Area
Construction Completion
Date
Usage
Type (Note 3)
Structure / Number of
Stories
Leasable Number of Units
Architect
Contractor
Building Permit Agency
Probable Maximum Loss (Note 4)
Appraisal Value (Note 5)
Appraiser
Details of the Tenants
Total Number of Tenants
Monthly Rent (Note 6)
Security and Guarantee
Deposit (Note 7)
Total Leased Units (Note 8)
Total Leased Area (Note 9)
Total Leasable Area (Note 10)
Occupancy Ratio (Note 11)
1,286.29 m2
Commercial districts
80%
500%
Proprietary ownership
6,956.20m2
March 2008
Apartment building and Retail facilities
Single
Steel-reinforced concrete structure with flat-topped roof / 14-story building
170 units
Archinet-Kyoto First-Class Registered Architects
Matsui Kensetsu K.K.
I-PEC Corporation
8.84%
¥2,120,000 thousand
DAIWA REAL ESTATE APPRAISAL CO., LTD.
(As of December 31, 2013)
1
¥13,968 thousand
¥36,001 thousand
168 units
5,628.17 m2
5,735.97 m2
98.1 %
(Note 1) “Location” is the indication of the residential address of the building. The same shall apply hereafter. For properties with no residential
address, a building address using block numbers or a building location using information in the registration certificate (block numbers if
there is more than one) are shown.
(Note 2) “Building Coverage Ratio” and “Floor Area Ratio” are the maximum building-to-land ratio provided in the city plan or the maximum floor
area ratio provided in the city plan. The same shall apply hereafter.
(Note 3) “Type” is the classification of the principal residential units of the Real Estate in Trust, the single type, the small family type or the family
type as described below (provided, however, in case the principal residential units fall under more than one type, the type to which the
largest principal units based on the exclusively-owned area belong is described). The same shall apply hereafter.
Family type
Single type
Small family type
(housing mainly for single households)
(housing mainly for married-couple households (housing mainly for family households of 3
persons or more)
and family households with an infant)
The exclusively-owned area per residential unit The exclusively owned area per residential unit The exclusively-owned area per residential unit
contains at least 18m2 but less than 30m2.
contains at least 30m2 but less than 60m2.
contains at least 60m2.
(Note 4) “Probable Maximum Loss” (PML) is the figure described in the earthquake PML valuation report prepared by Sompo Japan Nipponkoa
Risk Management Inc. in January 2014. The same shall apply hereafter.
(Note 5) Please refer to the reference material (1) about the appraisal date.
(Note 6) “Monthly Rent” is based on the figures and information received from the current beneficiary of the Beneficiary Interest and is the sum of
monthly rents based on the lease agreements with the end tenants (the sum of rent and common area maintenance charges of the residents
etc., provided, however, that in case the adjunct facilities fee such as car parking space usage fees are included in the lease agreements, it
includes such fees). The same shall apply hereafter.
(Note 7) “Security and Guarantee Deposit” is based on the figures and information received from the current beneficiary of the Beneficiary Interest
and is the sum of the security and guarantee deposit, etc. which is obliged to repay to the end tenants based on lease agreements which
were actually executed with the end tenants. Furthermore, the figures are rounded down to the nearest thousand yen. The same shall apply
hereafter.
(Note 8) “Total Leased Units” is the number of units leased to end tenants based on the figures and information received from the current
beneficiary of the Beneficiary Interest. The same shall apply hereafter.
(Note 9) “Total Leased Area” is the area for which lease agreements are concluded and executed with end tenants based on the figures and
information received from the current beneficiary of the Beneficiary Interest. The same shall apply hereafter.
(Note 10) “Total Leasable Area” is the floor area that is leasable at the respective Real Estate in Trust (in case the respective real estate in trust
contains more than one building, the sum of the leasable floor area of such buildings) and is based on the figures and information received
from the current beneficiary of the Beneficiary Interest or on calculations using completion drawings of the building. The same shall apply
hereafter.
(Note 11) “Occupancy Ratio” is the ratio of the “Total Leased Areas” (based on the lease agreements) to the “Total Leasable Area” of the respective
real estate in trust rounded to the first decimal place. The same shall apply hereafter.
5
(2) Crane Mansion Tsurumi
Property Name
Type of Asset
Trustee
Trust Term
Location (Address) (Note 1)
Type of Ownership
Site Area
Use Districts
Land
Building Coverage Ratio
(Note 2)
(Note 2)
Building
Floor Area Ratio
Type of Ownership
Total Floor Area
Construction Completion
Date
Usage
Type (Note 3)
Structure / Number of
Stories
Leasable Number of Units
Crane Mansion Tsurumi
Trust beneficiary interest in real estate
Sumitomo Mitsui Trust Bank, Limited.
October 30, 2003to the end of February 2024
1-10 Mukai-cho, Tsurumi-ku, Yokohama-shi, Kanagawa
Proprietary ownership
2,003.62 m2
Quasi-industrial districts
60%
200%
Proprietary ownership
3,573.86 m2
July 1990
Retail facilities and Apartment building
Small Family
Steel-reinforced concrete structure with flat-topped roof / 7 story
building
59 units
Architect
Institute of New Architecture
Contractor
Building Permit Agency
Probable Maximum Loss (Note 4)
Appraisal Value (Note 5)
Appraiser
Details of the Tenants
Total Number of Tenants
Monthly Rent (Note 6)
Security and Guarantee
Deposit (Note 7)
Total Leased Units (Note 8)
Total Leased Area (Note 9)
Total Leasable Area (Note 10)
Occupancy Ratio (Note 11)
Siraishi Kensetsu Co., Ltd.
Yokohama-shi, Kanagawa
11.05%
¥1,220,000 thousand
Japan Real Estate Institute
(As of December 31, 2013)
1
¥7,284 thousand
¥14,861 thousand
54 units
3,209.76 m2
3,499.84 m2
91.7 %
5. Profile of Operator of Silent Partnership
(1) Company Name
(2) Location
(3) Title and Name of
Representative
(4)
Description of Business
G.K. Creek Investment II
6-5 Nihombashi Kabuto-cho, Chuo-ku, Tokyo
Representative: Ippan Shadan Hojin Silver Wave
Office administrator: Kazumasa Izuka
1. Acquisition, holding, disposal and leasing of real estate
2. Acquisition, holding and disposal of trust beneficiary interest in real estate
3. All business incidental to the above
(5) Capital
¥1 million
(6) Date of Incorporation
January 15, 2014
(7) Relationship with the Investment Corporation and the Operator / The Asset Management Company and the
Operator
There is no special capital relationship between the Asset Management
Company and the operator. The Investment Corporation has invested a
400,000 million yen silent partnership equity interest in operator on February
20, 2014. KDX, the parent company of the Asset Management Company, has
Capital Relationship
invested a 1,077 million yen silent partnership equity interest on February
20, 2014 and is scheduled to invest additional 423 million yen silent
partnership equity interest on the same day as the Investment Corporation’s
silent partnership equity interest investment. After this investment, the total
6
Personnel Relationship
Business Relationship
Applicability as a Related
Party
amount of silent partnership including existing of KDX would be more than
half of silent partnership equity interest.
There is no special personnel relationship between the Investment
Corporation and the operator or the Asset Management Company and the
operator. Furthermore, there is no personnel relationship to report between
related parties or associated companies of the Investment Corporation or the
Asset Management Company and related parties or associated companies of
the operator.
There is no special business relationship between the Asset Management
Company and the operator, but the Investment Corporation has invested a
400,000 thousand yen silent partnership equity interest in operator on
February 20,2014. Furthermore, there is no business relationship to report
between related parties or associated companies of the Investment
Corporation Company and related parties or associated companies of the
operator, but KDX, the shareholder of the Asset Management Company,
has invested a 1,077 million yen silent partnership equity interest in operator
on February 20, 2014 .
The operator is not a related party of the Investment Corporation but is a
related party of the Asset Management Company. This is because KDX,
which is the shareholder (100%) of the Asset Management Company is an
interested person, etc. as defined under the Act on Investment Trusts and
Investment Corporations, and has invested silent partnership equity interest
in more than half of the operator and also because asset management has
been entrusted to KDX, which is an interested person, etc. as defined under
the Act on Investment Trusts and Investment Corporations.
6. Related-party Transactions
G.K. Creek Investment II is an interested person, etc. as defined under the Act on Investment Trusts and Investment
Corporations. Furthermore, G.K. Creek Investment II is a related party as set forth in the Related-party Transaction
Rules of Residential REIT Division, the Asset Management Company, since KDX, which is the shareholder (100%) of
the Asset Management Company and is an interested person, etc. as defined under the Act on Investment Trusts and
Investment Corporations, has conducted silent partnership equity interest investment in more than half of G.K. Creek
Investment II, and since G.K. Creek Investment II has entrusted the advisory business concerning asset management to
KDX, which is an interested person, etc. as defined under the Act on Investment Trusts and Investment Corporations.
7. Settlement Method, etc.
As stated in “8. Date of Acquisition” below.
8. Date of Acquisition
Date of decision of acquisition
Scheduled date of silent partnership equity
interest investment
Delivery of trust beneficiary interest in real
estate to operator of silent partnership
March 4, 2014
March 6, 2014
March 7, 2014
9. Forecast
The impact of the acquisition of the Silent Partnership Equity Interest on the period ending July 2014 (February 1, 2014 to
July 31, 2014) is minimal. Therefore, the forecast of financial results for the period remains unchanged.
7
Attached Materials
Reference Material (1) Outline of Real Estate in Trust Appraisals
Reference Material (2) List of Minimum Acquisition Price
Reference Material (3) Exterior and Map of Real Estate in Trust
Reference Material (4) List of Property Portfolio after the Acquisition of the Silent Partnership Equity Interest
* The original Japanese version of this material is distributed today to the Kabuto Club (press club of the Tokyo Stock
Exchange), the Ministry of Land, Infrastructure, Transport and Tourism Press Club and the Ministry of Land,
Infrastructure, Transport and Tourism Press Club for Papers in the Construction Industry.
* Website URL of the Investment Corporation: http://www.kdr-reit.com/english/
[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.
8
Reference Material (1) Outline of Real Estate in Trust Appraisals
Unit: Thousands of yen
Real estate in trust
Appraiser
Appraisal value
Appraisal date
Direct capitalization method
(1) Gross operating revenue
Regalo Minami-kusatsu
DAIWA REAL ESTATE
APPRAISAL CO., LTD.
2,120,000
February 1, 2014
Maximum gross operating revenue
Shortfall attributed to vacancies
(2) Operating expenses
Administrative and maintenance expense
Taxes and dues
Other expenses
(3) Net operating income (NOI) (1) – (2)
(4) Capital expenditure
(5) Gain on guarantee deposit investment
(6) Net cash flow (NCF) (3) + (5) – (4)
(7) Overall capitalization rate (NCF)
(8) Value calculated using the direct capitalization method
Value calculated using the discounted cash flow method
Discount rate
Terminal capitalization rate
Value calculated using the cost method
Land
Building
9
Crane Mansion Tsurumi
Japan Real Estate Institute
1,220,000
January 1, 2014
184,597
198,228
13,631
46,415
29,606
10,664
6,145
93,196
103,022
9,826
19,927
14,959
4,936
32
138,182
8,687
444
73,269
3,640
319
129,939
69,948
6.1%
2,130,000
2,120,000
5.9%
6.3%
1,850,000
30.7%
69.3%
5.7%
1,230,000
1,210,000
5.5%
5.9%
1,170,000
74.7%
25.3%
Reference Material (2) List of Minimum Acquisition Price
Minimum acquisition price of real estate in trust (2 properties) are as follows:
Property Name
Minimum
Acquisition Price
including Tax
(thousand yen)
Assumption of
consumption tax rate 8%
Minimum
Acquisition Price
before Tax
(thousand yen)
Appraisal NOI
Cap Rate
Assumption of
consumption tax rate 10%
Minimum
Acquisition Price
before Tax
(thousand yen)
Appraisal NOI
Cap Rate
Regalo Minami-kusatsu
2,079,200
1,970,000
7.0%
1,945,000
7.1%
Crane Mansion Tsurumi
1,071,200
1,050,000
7.0%
1,045,000
7.0%
(Note 1)
The divisions between prices of the land and building in the minimum acquisition price (before tax) is based on the land and building prices
using the values determined by the cost method as listed in the most recent property appraisal. (Less than one million yen are rounded off)
(Note 2)
Calculations assume that the consumption tax rate and regional consumption tax rate will be raised in steps as stipulated in the amended
Consumption Tax Act.
(Note 3)
Appraisal NOI Cap Rate are calculated by dividing yearly NOI described in the most recent property appraisals by Minimum Acquisition
Price before tax.
10
Reference Material (3) Exterior and Map of Real Estate in Trust
(1) Regalo Minami-kusatsu
11
(2) Crane Mansion Tsurumi
12
Reference Material (4) List of Property Portfolio (Including the Silent Partnership Equity Interest)
Area
Property Name
Acquisition Price (Note)
(Thousands of yen)
4.7 May 1, 2012
KDX Yoyogi Residence
1,320,000
1.3 May 1, 2012
KDX Odemma Residence
1,775,000
1.8 May 1, 2012
822,000
0.8 May 1, 2012
1,488,000
1.5 May 1, 2012
650,000
0.7 May 1, 2012
2,830,000
2.9 May 1, 2012
KDX Azumabashi Residence
KDX Shimura Sakaue Residence
Nichii Home Tama Plaza (Land
with leasehold interest)
Cosmo Heim Motosumiyoshi (Land
with leasehold interest)
KDX Musashi Nakahara Residence
960,000
1.0 April 26, 2012
1,750,000
1.8 April 26, 2012
637,000
0.6 May 1, 2012
1,480,000
1.5 May 1, 2012
1,150,000
1.2 May 1, 2012
KDX Residence Shirokane I
3,000,000
3.0 August 7, 2013
KDX Residence Shirokane III
2,900,000
2.9 August 7, 2013
KDX Residence Shirokane II
2,800,000
2.8 August 7, 2013
KDX Residence Minami-aoyama
2,230,000
2.3 August 7, 2013
KDX Residence Minami-azabu
2,080,000
2.1 August 7, 2013
KDX Residence Shiba Koen
1,781,000
1.8 August 7, 2013
KDX Residence Azabu East
1,560,000
1.6 August 7, 2013
KDX Residence Takanawa
770,000
0.8 August 7, 2013
KDX Residence Nishihara
1,450,000
1.5 August 7, 2013
KDX Residence Daikanyama II
730,000
0.7 August 7, 2013
KDX Residence Sendagaya
650,000
0.7 August 7, 2013
KDX Chiba Chuo Residence
KDX Kawaguchi Saiwai-cho
Residence
Area
(Scheduled)
4,700,000
KDX Bunkyo Sengoku Residence
Metropolitan
Acquisition Date
KDX Daikanyama Residence
KDX Iwamoto-cho Residence
Tokyo
Ratio (Note)
KDX Residence Nihombashi
Suitengu
August 7, 2013
3,240,000
3.3
Hakozaki
1,147,000
1.2
KDX Residence Higashi-shinjuku
3,270,000
3.3 August 7, 2013
KDX Residence Yotsuya
2,260,000
2.3 August 7, 2013
KDX Residence Nishi-shinjuku
1,000,000
1.0 August 7, 2013
720,000
0.7 August 7, 2013
1,250,000
1.3 August 7, 2013
920,000
0.9 August 7, 2013
KDX Residence Nihombashi
August 7, 2013
KDX Residence Kagurazaka
KDX Residence Futako Tamagawa
KDX Residence Komazawa Koen
13
KDX Residence Mishuku
760,000
0.8 August 7, 2013
KDX Residence Yoga
700,000
0.7 August 7, 2013
KDX Residence Shimouma
600,000
0.6 August 7, 2013
Raffine Minami-magome
1,250,000
1.3 August 7, 2013
KDX Residence Yukigaya Otsuka
1,050,000
1.1 August 7, 2013
KDX Residence Denen Chofu
1,000,000
1.0 August 7, 2013
KDX Residence Tamagawa
776,000
0.8 August 7, 2013
KDX Residence Monzennakacho
773,000
0.8 August 7, 2013
Metropolitan
KDX Residence Okachimachi
850,000
0.9 August 7, 2013
Area
KDX Residence Moto-asakusa
800,000
0.8 August 7, 2013
KDX Residence Itabashi Honcho
620,000
0.6 August 7, 2013
KDX Residence Azusawa
550,000
0.6 August 7, 2013
KDX Residence Tobu Nerima
420,000
0.4 August 7, 2013
KDX Residence Yokohama Kannai
800,000
0.8 August 7, 2013
KDX Residence Miyamaedaira
999,000
1.0 August 7, 2013
1,800,000
1.8 August 7, 2013
Tokyo
KDX Residence Machida
47 properties subtotal
67,068,000
KDX Toyohira Sanjo Residence
582,500
0.6 May 1, 2012
KDX Jozenji Dori Residence
1,015,000
1.0 May 1, 2012
KDX Izumi Residence
1,120,000
1.1 May 1, 2012
KDX Chihaya Residence
1,080,000
1.1 May 1, 2012
2,910,000
2.9 May 1, 2012
KDX Shimmachi Residence
1,015,000
1.0 May 1, 2012
KDX Takarazuka Residence
1,510,000
1.5 May 1, 2012
KDX Shimizu Residence
1,680,000
1.7 May 1, 2012
KDX Sakaisuji Hommachi
Residence
Other
Regional
Area
67.7
KDX Residence Odori Koen
765,000
0.8 August 7, 2013
KDX Residence Kikusui Yojo
830,000
0.8 August 7, 2013
KDX Residence Toyohira Koen
445,000
0.4 August 7, 2013
KDX Residence Kamisugi
700,000
0.7 August 7, 2013
KDX Residence Ichiban-cho
530,000
0.5 August 7, 2013
KDX Residence Kotodai
520,000
0.5 August 7, 2013
KDX Residence Izumi Chuo
480,000
0.5 August 7, 2013
2,350,000
2.4 August 7, 2013
KDX Residence Higashi-sakura II
900,000
0.9 August 7, 2013
KDX Residence Atsuta Jingu
840,000
0.8 August 7, 2013
KDX Residence Nishi-oji
813,000
0.8 August 7, 2013
KDX Residence Saiin
440,000
0.4 August 7, 2013
1,410,000
1.4 August 7, 2013
KDX Residence Higashi-sakura I
KDX Residence Namba
14
KDX Residence Namba-minami
1,350,000
1.4 August 7, 2013
510,000
0.5 August 7, 2013
1,275,000
1.3 August 7, 2013
KDX Residence Toyonaka-minami
740,000
0.7 August 7, 2013
KDX Residence Moriguchi
551,000
0.6 August 7, 2013
KDX Residence Sannomiya
1,080,000
1.1 August 7, 2013
Ashiya Royal Homes
1,360,000
1.4 August 7, 2013
KDX Residence Funairi Saiwai-cho
588,000
0.6 August 7, 2013
KDX Residence Tenjin-higashi II
680,000
0.7 August 7, 2013
KDX Residence Tenjin-higashi I
370,000
0.4 August 7, 2013
KDX Residence Nishi Koen
763,000
0.8 August 7, 2013
KDX Residence Hirao Josui-machi
760,000
0.8 August 7, 2013
KDX Residence Shin-osaka
KDX Residence Ibaraki I ・II
Other
Regional
Area
33 properties subtotal
31,962,500
32.3
80 properties total
99,030,500
100.0
Silent partnership equity interest in
400,000
G.K. Creek Investment
- July 5, 2013
Investment
securities
I: 400,000
Silent partnership equity interest in
II: 165,000
G.K. Creek Investment II
-
Total: 565,000
2 properties subtotal
965,000
I: February 20, 2014
II: March 7, 2014
-
(Note) Any fraction of the acquisition price less than one thousand yen is rounded down, and the ratios are rounded off to the first decimal place.
15