1. real estate

July 8, 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 Acquisition of Asset (Silent Partnership Equity Interest)
Kenedix Residential Investment Corporation (the “Investment Corporation”) announced today that Kenedix Real Estate
Fund Management, Inc. (the “Asset Management Company”), the asset management company for the Investment
Corporation, has decided 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(Note 1)
(4) Investment Amount
Equity interest in silent partnership investing in real estate in trust beneficiary
interest (the “Beneficiary Interest”)
G.K. Creek Investment III
KDX Residence Tachikawa
KDX Residence Seijo
KDX Residence Akihabara
¥150,000 thousand
(approx. 10.6% of total net assets including silent partnership equity interest)
(5) Scheduled Date of Conclusion
July 8, 2014
of Sales Contract
(6) Scheduled Date of Acquisition July 10, 2014
(7) Funds for Acquisition
Cash on hand
(Note 1)
The Investment Corporation has decided to change the names of the to-be acquired assets in conjunction with the
acquisition of the to-be acquired assets, and the names of the to-be acquired assets are after changes have been made.
The same shall apply here after.
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
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 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
KDX Residence Tachikawa
KDX Residence Seijo
KDX Residence Akihabara
Characteristics of the Property
This property has excellent access to two stations on four routes, and is only
six-minute walk from Tachikawa Station which provides connections to several Tokyo
terminals (particularly in the West Tokyo area) on the JR Chuo Line, the JR Nanbu
Line and the JR Oume Line; and Tachikawa Kita Station on the Tama Intercity
Monorail Line. In addition, the location is highly convenient as it offers favorable
access from the nearest station, approximately 30 minutes by the Commuter Special
Rapid train to Shinjuku Station, and about 45 minutes to Tokyo Station. This property
also offers excellent residential environment as it is a ten-minute walk from the Showa
Kinen Park (one of only 17 publicly-managed parks in Japan). In addition, there are
amenities such as a large-scale shopping center nearby that support a truly convenient
lifestyle. Therefore, a wide range of rental demand can be expected from persons
employed around the nearest station as well as singles working in central Tokyo.
The name of the site derives from the Seijo Gakuen, which was established separately
from what was originally known as the Haramachi Seijo School (now the Seijo Junior
and Senior High School), in 1925 in Ushigome-ku, Tokyo City (now Shinjuku-ku,
Tokyo). This property is located in a quiet and exclusive residential area and is situated
in one of the most distinguished land in Tokyo. It is a 13-minute walk from the Seijo
Gakuen-mae Station on the Odakyu Odawara Line and offers favorable access with
approximately 15 minutes by express train to Shinjuku Station, and about 30 minutes to
Otemachi Station.
The residential environment is very pleasant and leafy and the property is situated on
the banks of the Nogawa River (a class A river, i.e. one of the specified waterways of
special importance protected by the government) in Setagaya-ku with several attractive
walks in the green belt that includes the Nogawa Green Route and the Kitami Fureai
Place. In addition, this property is located in convenient residential environment as it is
walking distance from supermarkets and other amenities nearby station. Therefore, a
wide range of rental demand can be expected from couples and families.
This property is just a six-minute walk from Naka-okachimachi Station on the Tokyo
Metro Hibiya Line and an 11-minute walk from Akihabara Station, world famous as a
globally significant center for electrical and high-tech goods retailing and also as a
hotbed of subcultures. Since the property is located in the center of Tokyo it offers
extremely convenient access to the main business and commercial areas with five
routes (the JR Sobu Line, the JR Yamanote Line, the JR Keihin Tohoku Line, the
Hibiya Line and the Tsukuba Express Line). In addition, the property is located in a
favorable residential environment with Ueno Park in walking distance, and the area
offers a lifestyle environment that is full of downtown excitement and spirit. Therefore,
a wide range of rental demand can be expected from couples and families.
2
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 III
The End of July, 2017
¥1,415 million
The overview of the silent partnership in which the Investment Corporation will
invest is as follows:
G.K. Creek Investment III
(Assets)
(Liabilities)
Trust beneficiary interest in
Limited recourse loan (Series A):
real estate, etc. (Note 1):
¥4,000 million
¥5,885 million Limited recourse loan (Series B):
¥470 million
(Equity)
Net assets including silent partnership
equity interest (Notes 2 and 3):
¥1,415 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 is ¥5,900 million yen
(Note 2) The Investment Corporation is scheduled to invest ¥150 million (approx. 10.6%) 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 265 million yen silent partnership equity interest investment (approx. 18.7%) in
G.K. Creek Investment III. 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.
Calculation period:
For every 12 months, the three months commencing March
1 through the End of May, June 1 through the End of
August, September 1 through the End of November and
December 1 through the end of February of the following
year. However, the first calculation period shall commence
from July 10, 2014 through the End of November, 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 will be entrusted with the asset management of G.K. Creek Investment III on
the same date as the Investment Corporation’s acquisition of the Silent Partnership
Equity Interest. KDX 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 Residential REIT Division, the
Asset Management Company.
3
Overview of Preferential
Negotiation Rights
Period:
From July 10, 2014 to January 9, 2017
Outline of
Rights:
The Investment Corporation may preferentially negotiate with
the operator with regard to the acquisition of the Real Estate in
Trust, etc. by notifying the operator that it wishes to acquire the
Real Estate in Trust, etc. through stating in writing the desired
schedule date and price of acquisition.
Between July 10, 2014, and January 9, 2016, the operator, in
principle, will not disclose the information of the Real Estate in
Trust for sales to parties other than the Investment Corporation
or the Asset Management Company without prior written
consent. However, if it is shown with reasonable grounds that
the Investment Corporation could purchase the Real Estate in
Trust in the three months after January 10, 2016, the preferential
negotiation period could be extended for three months.
Furthermore, between January 10, 2016, and January 9, 2017,
the operator, is obliged to notify the Investment Corporation and
the Asset Management Company of conditions including the
sales price of the Real Estate in Trust to third parties, etc. and to
sell the Real Estate in Trust to the Investment Corporation if
said Corporation submit the acquisition request notification of
purchase under condition that the operator determine reasonably
if the conditions are equal or superior to those for the sales price
of the Real Estate in Trust to third parties, etc.
It is necessary to satisfy both of the following conditions:
1. The schedule date of acquisition is within the period of the
last day of the preferential negotiation period. (However, in
the case that the period is extended for three months based
on the above, the extended period may apply).
2. The asking price for acquisition is reasonably anticipated to
be the price which achieves the target internal rate of return
(IRR) of the operator.
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.
Conditions for
the Purchase
Other:
4. Details of the Real Estate in Trust
(1) KDX Residence Tachikawa
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)
Floor Area Ratio (Note 2)
Type of Ownership
KDX Residence Tachikawa
Trust beneficiary interest in real estate
The Norinchukin Trust and Banking Co., Ltd.
March 27, 2008 to July 10, 2024
2-28-9 Akebono-cho, Tachikawa -shi, Tokyo
Proprietary ownership
1,134.31 m2
Commercial districts
80%
400%
Proprietary ownership
4,835.58 m2
※The Property has a following annex building but it is not included the total floor area.
Building
Total Floor Area
Usage: Car parking lot
Structure: Steel structure with alloy steel plating roof / one-story building
Total floor area: 45.24 m2
Construction Completion
March 2008
4
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
Existence of Secured Interests after
Acquisition
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)
Apartment building and Car parking lot
Single
Steel-reinforced concrete structure with flat-topped roof / 14-story building
with a one-floor basement
174 units
Miraiz Construction Architect Office
Miraiz Construction Co., Ltd.
Urban Habitation Evaluation Center Corporation
2.56%
¥3,160,000 thousand
Japan Real Estate Institute
None
(As of April 30, 2014)
1
¥13,384 thousand
¥17,401 thousand
151 units
3,748.40 m2
4,314.87 m2
86.9 %
(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 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.
(2) KDX Residence Seijo
Property Name
Type of Asset
Trustee
Trust Term
Location (Address) (Note 1)
Type of Ownership
Land
Site Area
KDX Residence Seijo
Trust beneficiary interest in real estate
The Norinchukin Trust and Banking Co., Ltd.
August 22, 2008 to July 10, 2024
4-16-25 Seijo, Setagaya-ku, Tokyo
Proprietary ownership
2,229.32 m2
5
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
Category 1 low-rise exclusive residential districts
40%
80%
Proprietary ownership
2,283.81 m2
April 2007
Apartment building
Small Family
Reinforced concrete structure with flat-topped roof / 3 story building
with a one-floor basement
38 units
Architect
Life Court Co., Ltd.
Contractor
Building Permit Agency
Probable Maximum Loss (Note 4)
Appraisal Value (Note 5)
Appraiser
Existence of Secured Interests after
Acquisition
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)
MABUCHI CONSTRUCTION Co LTD.
General Association Japan Evaluation Structure
13.70%
¥1,430,000 thousand
Japan Real Estate Institute
None
(As of April 30, 2014)
1
¥6,101 thousand
¥9,698 thousand
35 units
2,035.59 m2
2,198.56 m2
92.6 %
(3) KDX Residence Akihabara
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
KDX Residence Akihabara
Trust beneficiary interest in real estate
The Norinchukin Trust and Banking Co., Ltd.
April 30, 2008 to July 10, 2024
2-13-7 Taito, Taito-ku, Tokyo
Proprietary ownership
473.62 m2
Commercial districts
80%
500%
Proprietary ownership
2,174.81 m2
January 2008
Apartment building
Small Family
Steel-reinforced concrete and Reinforced concrete structure with
flat-topped roof / 9 story building
32 units
Architect
Pros G Architect Office
Contractor
Building Permit Agency
Probable Maximum Loss (Note 4)
Tokyo Branch, INOUE KOGYO CO., LTD.
JAPAN ERI CO., LTD.
8.39%
6
Appraisal Value (Note 5)
Appraiser
Existence of Secured Interests after
Acquisition
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)
¥1,310,000 thousand
Japan Real Estate Institute
None
(As of April 30, 2014)
1
¥5,948 thousand
¥10,475 thousand
30 units
1,813.79 m2
1,929.61 m2
94.0 %
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 III
6-5 Nihombashi Kabuto-cho, Chuo-ku, Tokyo
Representative: Ippan Shadan Hojin Creek Investment III
Office administrator: Kazumasa Iizuka
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
June 3, 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 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 approximately 18.7%
of G.K. Creek Investment III 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.
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
Business Relationship
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
Applicability as a Related
Investment Corporations, and is scheduled to conduct silent partnership
Party
equity interest investment in approximately 18.7% of G.K. Creek Investment
III and also because asset management is scheduled to be 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 III is an interested person, etc. as defined under the Act on Investment Trusts and Investment
Corporations. Furthermore, G.K. Creek Investment III is a related party as set forth in the Related-party Transaction
7
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, is scheduled to conduct silent partnership equity interest investment in approximately 18.7%
of G.K. Creek Investment III, and since G.K. Creek Investment II is scheduled to entrust 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 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 8, 2014
July 8, 2014
July 9, 2014
July 10, 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.
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
* 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
KDX Residence
Tachikawa
Japan Real Estate
Institute
3,160,000
May 31, 2014
KDX Residence
Seijo
Japan Real Estate
Institute
1,430,000
May 31, 2014
KDX Residence
Akihabara
Japan Real Estate
Institute
1,310,000
May 31, 2014
198,163
206,283
8,120
34,528
23,534
10,494
500
86,078
89,886
3,808
15,169
9,057
5,524
588
77,653
81,126
3,473
12,604
8,284
4,205
115
163,635
4,160
378
70,909
1,963
200
65,049
1,603
232
159,853
69,146
63,678
5.0%
3,200,000
3,120,000
4.8%
5.2%
2,240,000
54.1%
45.9%
4.8%
1,440,000
1,410,000
4.6%
5.0%
1,500,000
76.5%
23.5%
4.8%
1,330,000
1,290,000
4.6%
5.0%
916,000
64.0%
36.0%
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
Reference Material (2) Exterior and Map of Real Estate in Trust
(1) KDX Residence Tachikawa
10
(2) KDX Residence Seijo
11
(3)KDX Residence Akihabara
12
Reference Material (3) 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
0.6 May 1, 2012
2,830,000
2.8 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
1.7 April 26, 2012
637,000
0.6 May 1, 2012
1,480,000
1.5 May 1, 2012
1,150,000
1.1 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
2.2 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
1.4 August 7, 2013
KDX Residence Daikanyama II
730,000
0.7 August 7, 2013
KDX Residence Sendagaya
650,000
0.6 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
3.2
Hakozaki
1,147,000
1.1
KDX Residence Higashishinjuku
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
1.2 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
Tokyo
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
1.2 August 7, 2013
KDX Residence Yukigaya Otsuka
1,050,000
1.0 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
KDX Residence Okachimachi
850,000
0.8 August 7, 2013
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
0.5 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
KDX Residence Machida
1,800,000
1.8 August 7, 2013
KDX Residence Kinshicho
1,350,000
1.3 March 28, 2014
Metropolitan
Area
48 properties subtotal
68,418,000
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
68.2
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
2.3 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
KDX Residence Higashi-sakura I
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KDX Residence Namba
1,410,000
1.4 August 7, 2013
KDX Residence Namba-minami
1,350,000
1.3 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
0.5 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
31.8
81 properties total
100,380,500
100.0
Silent partnership equity interest in
400,000
G.K. Creek Investment
Investment
securities
- July 5, 2013
I: 400,000
Silent partnership equity interest in
II: 165,000
G.K. Creek Investment II
-
Total: 565,000
Silent partnership equity interest in
150,000
G.K. Creek Investment III
3 properties subtotal
1,115,000
I: February 20, 2014
II: March 7, 2014
July 10, 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.
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