1. real estate

July 2, 2013
Translation of Japanese Original
To All Concerned Parties
REIT Issuer:
2-2-9, Shimbashi, Minato-ku, Tokyo
Kenedix Residential Investment Corporation
Representative: Akira Tanaka, Executive Director
(Securities Code Number: 3278)
Asset Management Company:
Kenedix Residential Partners, Inc.
Representative: Akira Tanaka, President
Contact: Akihiro Nakao, Director, CFO
TEL. +81-3-3519-2623
Notice Concerning Acquisition of Asset (Silent Partnership Equity Interest)
Kenedix Residential Investment Corporation (the “Investment Corporation”) announced today the decision to acquire the
following asset consisting of a silent partnership equity interest. Details are as follows.
1. Overview of the Acquisition
(1) Type of Acquisition
(2) Asset Name
(3) Real Estate in Trust
(4) Investment Amount
Equity interest in silent partnership investing in real estate in trust
beneficiary interest (the “Beneficiary Interest”)
G.K. Creek Investment
Belle Face Togoshi
Belle Face Shinagawa Seaside
Belle Face Oshima
Lions Forsia Oyama
¥400,000 thousand (approx. 26.2% of total net assets including silent
partnership equity interest)
(5) Scheduled Date of Conclusion
July 3, 2013
of Sales Contract
(6) Scheduled Date of Acquisition July 5, 2013
(7) Funds for Acquisition
Cash on hand
The above acquisition shall hereinafter be referred to as the “Silent Partnership Equity Interest.”
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 for the acquisition of the real estate in trust or its trust beneficiary interest (together to be referred to as the “Real
1
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
Residential Partners, 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
Belle Face Togoshi
Belle Face Shinagawa Seaside
Belle Face Oshima
Lions Forsia Oyama
Characteristics of the Property
This property is in an excellent living environment as it is within walking distance from
Togoshi Ginza shopping street that supports daily living. It has excellent access to three
train stations on three routes, namely Togoshi Station on the Toei Subway Asakusa
Line, Ebara-Nakanobu Station on the Tokyu Ikegami Line and Togoshi-koen Station
on the Tokyu Oimachi Line. In addition, with excellent transit to the office districts of
central Tokyo toward Shinbashi and Nihonbashi, the area is highly convenient. This is
a property centering on small family residential units and rental demand can be
expected from tenants seeking convenience of both living and transportation.
This property is located in an area adjacent to Shinagawa Station where the feel of
Shinagawa-juku from the Edo period still remains. It has excellent access to three
stations on three routes, namely Shinbanba Station on the Keikyu Main Line, Tennozu
Isle Station on the Tokyo Monorail Haneda Airport Line and Shinagawa Seaside
Station on the Rinkai Line. Access to central areas of Tokyo such as Shinbashi,
Shibuya and Shinjuku is excellent and transportation to Haneda Station is also
convenient. The property is also superior in terms of its living environment as there are
facilities for convenience of living such as a large-scale shopping center nearby. Rental
Demand can be expected from single persons that work in central Tokyo that seek to
live close to their workplaces.
This property is located a four-minute walk from Oshima Station, an express station on
the Toei Subway Shinjuku Line, in a convenient area that while in central Tokyo
provides a living environment with a downtown feel. Rental demand can be expected
from single persons that seek convenience of living and transportation.
As Shimo-Itabashi Station on the Tobu Tojo Line is only three minutes or two stations
away from Ikebukuro and there is also convenient access to Itabashi-kuyakushomae
Station on the Toei Subway Mita Line, the area offers excellent transportation to
central Tokyo and is convenient for living with the station-front shopping street that
supports daily living in the area with a downtown feel. Rental demand can be expected
from single persons with workplaces in central Tokyo that seek both a residential
environment and transportation convenience.
3. Outline of the Silent Partnership
Name of Operator
G. K. Creek Investment
Silent Partnership Agreement Valid July 4, 2018
Until
Total Amount of Net Assets
¥1,525 million
Including Silent Partnership Equity
Interest
2
Overview of the Silent Partnership The overview of the silent partnership in which the Investment Corporation will
Agreement
invest is as follows:
G.K. Creek Investment
(Assets)
(Liabilities)
Trust beneficiary interest in
Limited recourse loan:
real estate, etc. (Note 1):
¥11,425 million Bonds:
¥8,900 million
¥1,000 million
(Equity)
Net assets including silent partnership
equity interest (Notes 2 and 3):
¥1,525 million
(Note 1) Trust beneficiary interest in real estate, etc. includes formulation costs, reserve money, etc.
The total appraisal value of the underlining real estate as of June 1, 2013 is ¥11,530
million yen
(Note 2) The Investment Corporation is scheduled to invest ¥4,000 million (approx. 26.2%) 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 1,125 million yen silent partnership equity interest investment (approx. 73.8%)
in G.K. Creek Investment. 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 the Asset Management
Company.
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 July 5, 2013
through August 31, 2013 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.
Kenedix Advisors, Inc. (“KDA”) will be entrusted with the asset management of
G.K. Creek Investment on the same date as the Investment Corporation’s
acquisition of the Silent Partnership Equity Interest. KDA is a consolidated
subsidiary of KDX, the parent company of the Asset Management Company, and
is an interested person, etc. as defined under the Act on Investment Trusts and
Investment Corporations and falls under a related party as defined in the
Related-party Transaction Rules of the Asset Management Company.
Overview of Preferential
Negotiation Rights
Period:
Breakdown:
From July 5, 2013 to March 4, 2015
Minimum acquisition price:
¥11,189,200 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.
Belle Face Togoshi:
¥3,837,800 thousand
(including consumption tax)
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Belle Face Shinagawa Seaside: ¥2,663,800 thousand
(including consumption tax)
Belle Face Oshima:
¥1,917,800 thousand
(including consumption tax)
Lions Forsia Oyama:
¥2,769,800 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 July 5, 2013 and
March 4, 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 March 5, 2015 and July 4, 2016.
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) Belle Face Togoshi
Property Name
Type of Asset
Trustee
Trust Term
Location (Address) (Note 1)
Type of Ownership
Site Area
Land
Use Districts
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
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
Belle Face Togoshi
Trust beneficiary interest in real estate
Mitsubishi UFJ Trust and Banking Corporation
October 14, 2011 to October 14, 2021
5-1-1 Togoshi, Shinagawa-ku, Tokyo
Proprietary ownership
956.91m2
Commercial districts, Neighborhood commercial districts and Category 1
residential districts
80% / 80% / 60%
400%・500％ / 400% / 200%
Proprietary ownership
6,179.09m2
November 2006
Apartment building
Small family
Steel-reinforced concrete structure with flat-topped roof / 14-story building
with a one-floor basement
144 units
K.K. ASAHI KASEI ARCHITECTS First-class Architect Office
Kitano Construction Corporation Tokyo branch
Shinagawa Ward, Tokyo
12.76%
¥3,990,000 thousand
Japan Real Estate Institute
(As of April 30, 2013)
1
¥18,338 thousand
¥34,960 thousand
4
Deposit (Note 7)
Total Leasable Units (Note 8)
Total Leased Area (Note 9)
Total Leasable Area (Note 10)
Occupancy Ratio (Note 11)
138 units
4,390.53m2
4,591.76m2
95.6%
(Note 1) “Location” is the indication of the residential address of the building. The same shall apply hereafter.
(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 June 2013. The same shall apply hereafter.
(Note 5) The appraisal date is June 1, 2013. The same shall apply hereafter.
(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). Furthermore, the figures are rounded down to the nearest thousand yen. 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 Leasable Units” is the number of units leasable 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.
(2) Belle Face Shinagawa Seaside
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
Belle Face Shinagawa Seaside
Trust beneficiary interest in real estate
Mitsubishi UFJ Trust and Banking Corporation
October 14, 2011 to October 14, 2021
3-6-7 Higashi-Shinagawa, Shinagawa-ku, Tokyo
Proprietary ownership
1,177.02m2
Quasi-industrial districts
60%
300%
Proprietary ownership
4,918.91m2
August 2006
Apartment building
Single
Steel-reinforced concrete structure with flat-topped roof / Nine-story
building with a one-floor basement
127 units
Architect
K.K. MAC Architect Office
Contractor
Building Permit Agency
TADA CORPORATION
E-house Building Center Co., Ltd.
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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 Leasable Units (Note 8)
Total Leased Area (Note 9)
Total Leasable Area (Note 10)
Occupancy Ratio (Note 11)
8.82%
¥2,810,000 thousand
Japan Real Estate Institute
(As of April 30, 2013)
1
¥13,149 thousand
¥22,808 thousand
118 units
3,072.98m2
3,314.75m2
92.7%
(3) Belle Face Oshima
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
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 Leasable Units (Note 8)
Total Leased Area (Note 9)
Total Leasable Area (Note 10)
Occupancy Ratio (Note 11)
Belle Face Oshima
Trust beneficiary interest in real estate
Mitsubishi UFJ Trust and Banking Corporation
February 27, 2009 to October 14, 2021
4-8-4 Oshima, Koto-ku, Tokyo
Proprietary ownership
501.51m2
Commercial districts
80%
500%
Proprietary ownership
2,720.77m2
July 2008
Apartment building
Single
Steel-reinforced concrete structure with flat-topped roof / ten-story
building
117 units
Chimera Ltd. first-class architect office
TADA CORPORATION
Koto-ku, Tokyo
3.77%
¥1,940,000 thousand
Japan Real Estate Institute
(As of April 30, 2013)
1
¥9,338 thousand
¥14,955 thousand
108 units
2,189.76m2
2,372.67m2
92.3%
(4) Lions Forsia Oyama
Property Name
Type of Asset
Trustee
Trust Term
Location (Note 1)
Land
Type of Ownership
Lions Forsia Oyama
Trust beneficiary interest in real estate
Mitsubishi UFJ Trust and Banking Corporation
October 14, 2011 to October 14, 2021
8-8 Oyama-Kanai-cho, Itabashi-ku, Tokyo
Proprietary ownership
6
Site Area
Use Districts
Building Coverage Ratio
(Note 2)
Floor Area Ratio (Note 2)
Type of Ownership
Total Floor Area
Building
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 Leasable Units (Note 8)
Total Leased Area (Note 9)
Total Leasable Area (Note 10)
Occupancy Ratio (Note 11)
872.53m2
Commercial districts
80%
500%
Proprietary ownership
5,438.90m2
(Note) The property has the following annex building, but it is not
included in the total floor area.
Category: Parking lot, Structure: Steel frame structure with galvanized
steel sheet roofing, single-story building on stilts, Size: 50.97m2
February 2008
Apartment building
Small family
Steel-reinforced concrete structure with flat-topped roof / 14-story
building
145 units
FIO Associates Co., Ltd.
Nankai Tatsumura Construction Co., Ltd.
Urban Housing Evaluation Center
4.76%
¥2,790,000 thousand
Japan Real Estate Institute
(As of April 30, 2013)
1
¥14,166 thousand
¥18,948 thousand
141 units
3,873.10m2
4,009.07m2
96.6%
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
2-2-9 Shinbashi, Minato-ku, Tokyo
Representative: Ippan Shadan Hojin Creek Investment
Office administrator: Takanori Mishina
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
September 18, 2012
(7) Relationship with the Investment Corporation and the Operator / The Asset Management Company and the
Operator
There is no special capital relationship between the Investment Corporation
and the operator or the Asset Management Company and the operator. KDX,
the parent company of the Asset Management Company, is scheduled to
Capital Relationship
conduct silent partnership equity interest investment in more than half of
G.K. Creek Investment on the same day as the Investment Corporation’s
silent partnership equity interest investment.
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
Personnel Relationship
related parties or associated companies of the Investment Corporation or the
Asset Management Company and related parties or associated companies of
the operator.
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Business Relationship
Applicability as a Related
Party
There is no special business relationship between the Investment Corporation
and the operator or the Asset Management Company and the operator.
Furthermore, there is no business 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.
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 is scheduled to conduct silent partnership
equity interest investment in more than half of G.K. Creek Investment and
also because asset management is scheduled to be entrusted to KDA, 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 is an interested person, etc. as defined under the Act on Investment Trusts and Investment
Corporations. Furthermore, G.K. Creek Investment is a related party as set forth in the Related-party Transaction Rules of
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, is scheduled to
conduct silent partnership equity interest investment in more than half of G.K. Creek Investment, and since G.K. Creek
Investment is scheduled to entrust the advisory business concerning asset management to KDA, 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 conclusion of silent
partnership agreement
Scheduled date of silent partnership equity
interest investment
Delivery of trust beneficiary interest in real
estate to operator of silent partnership
July 2, 2013
July 3, 2013
July 4, 2013
July 5, 2013
9. Forecast
The impact of the acquisition of the Silent Partnership Equity Interest on the period ending July 2013 (February 1, 2013 to
July 31, 2013) is minimal. Therefore, the forecast of financial results for the period remains unchanged.
Attached Materials
Reference Material (1) Outline of Real Estate in Trust Appraisals
Reference Material (2) Exterior and Map of Real Estate in Trust
Reference Material (3) List of Property Portfolio after the Acquisition of the Silent Partnership Equity Interest
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* 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.
9
Reference Material (1) Outline of Real Estate in Trust Appraisals
Unit: Thousands of yen
Real estate in trust
Appraiser
Belle Face Togoshi
Belle Face Shinagawa Seaside
Japan Real Estate Institute
Appraisal value
Appraisal date
Japan Real Estate Institute
3,990,000
2,810,000
June 1, 2013
June 1, 2013
238,538
174,369
247,912
183,151
Direct capitalization method
(1) Gross operating revenue
Maximum gross operating revenue
Shortfall attributed to vacancies
9,374
8,782
37,957
30,231
Administrative and maintenance expense
22,619
17,512
Taxes and dues
11,157
9,195
Other expenses
4,181
3,524
200,581
144,138
3,527
2,611
(2) Operating 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)
713
496
197,767
142,023
(7) Overall capitalization rate (NCF)
4.9%
5.0%
4,040,000
2,840,000
3,940,000
2,770,000
Discount rate
4.7%
4.8%
Terminal capitalization rate
5.1%
5.2%
3,040,000
2,170,000
Land
67.8%
62.9%
Building
32.2%
37.1%
(8) Value calculated using the direct capitalization method
Value calculated using the discounted cash flow method
Value calculated using the cost method
Real estate in trust
Appraiser
Belle Face Oshima
Lions Forsia Oyama
Japan Real Estate Institute
Japan Real Estate Institute
Appraisal value
Appraisal date
1,940,000
2,790,000
June 1, 2013
June 1, 2013
124,172
181,184
129,583
189,178
Direct capitalization method
(1) Gross operating revenue
Maximum gross operating revenue
Shortfall attributed to vacancies
(2) Operating expenses
Administrative and maintenance expense
5,411
7,994
23,019
29,372
15,384
18,526
Taxes and dues
5,642
9,646
Other expenses
1,993
1,200
101,153
151,812
1,751
3,078
358
295
99,760
149,029
(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
5.1%
5.3%
1,960,000
2,810,000
1,910,000
2,760,000
Discount rate
4.9%
5.1%
Terminal capitalization rate
5.3%
5.5%
Value calculated using the cost method
1,420,000
2,120,000
Land
58.0%
56.2%
Building
42.0%
43.8%
10
Reference Material (2) Exterior and Map of Real Estate in Trust
(1) Belle Face Togoshi
11
(2) Belle Face Shinagawa Seaside
12
(3) Belle Face Oshima
13
(4) Lions Forsia Oyama
14
Reference Material (3) List of Property Portfolio (Including the Silent Partnership Equity Interest)
Area
Property Name
Acquisition Price (Note)
(Thousands of yen)
15.4 May 1, 2012
KDX Yoyogi Residence
1,320,000
4.3 May 1, 2012
KDX Odemma Residence
1,775,000
5.8 May 1, 2012
822,000
2.7 May 1, 2012
1,488,000
4.9 May 1, 2012
650,000
2.1 May 1, 2012
2,830,000
9.3 May 1, 2012
KDX Azumabashi Residence
Tokyo
KDX Shimura Sakaue Residence
Metropolitan
Nichii Home Tama Plaza (Land
with leasehold interest)
Cosmo Heim Motosumiyoshi (Land
with leasehold interest)
KDX Musashi Nakahara Residence
KDX Chiba Chuo Residence
KDX Kawaguchi Saiwai-cho
Residence
12 properties subtotal
Area
Investment
securities
960,000
3.2 April 26, 2012
1,750,000
5.7 April 26, 2012
637,000
2.1 May 1, 2012
1,480,000
4.9 May 1, 2012
1,150,000
3.8 May 1, 2012
19,562,000
KDX Toyohira Sanjo Residence
Regional
(Scheduled)
4,700,000
KDX Bunkyo Sengoku Residence
Other
Acquisition Date
KDX Daikanyama Residence
KDX Iwamoto-cho Residence
Area
Ratio (Note)
64.2
582,500
1.9 May 1, 2012
KDX Jozenji Dori Residence
1,015,000
3.3 May 1, 2012
KDX Izumi Residence
1,120,000
3.7 May 1, 2012
KDX Chihaya Residence
1,080,000
3.5 May 1, 2012
2,910,000
9.5 May 1, 2012
KDX Shimmachi Residence
1,015,000
3.3 May 1, 2012
KDX Takarazuka Residence
1,510,000
5.0 May 1, 2012
KDX Shimizu Residence
1,680,000
5.5 May 1, 2012
KDX Sakaisuji Hommachi
Residence
8 properties subtotal
10,912,500
35.8
20 properties total
30,474,500
100.0
Silent partnership equity interest in
G.K. Creek Investment
1 property subtotal
400,000
- July 5, 2013
400,000
-
(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