ケネディクス（4321）
Contents
1. 502. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 AUM Assets Under Management 1 5 2015 6
3. 2015 12 REIT REIT
4. SR
5. 3 5 885 SPC 265 18 7 150 10 69 1 000 70 7 PC 2014 7 9 PC 2014 7 10 2014 6 2014 6 19
6. AUM1 325 2014 12 AUM REIT REIT REIT REIT 2014 12 27 79 REIT 63 3 REIT 35 79 REIT 27 6 AUM
7. 1 000 5 M amp A 2014 3 2014 3 18 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 REITT KPI 2014 3 28
8. SR Inc SR Inc 3 31 12 03 5834 8787 Email info sharedresearch jp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
9. VOYAGE GROUP HD
10. 0 50 1 0 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 0 20 lt 0 309 REIT 0 45 0 50
11. 2008 10 REIT 2008 10 2009 163 600 2010 2009 REIT 2010 REIT 2011 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24
12. 100 08 6 12 12 14 12 26 700 13 813 28 546 59 900 21 600 41 100 347 200 90 800 133 600 134 900 21 640 82 800
13. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved shared a SR 4321 08 12 337 404 40 0 176 180 20 9 143 135 17 0 100 438 11 9 87 179 10 3 09 12 375 070 39 9 180 767 19 2 182 728 19 4 116 642 12 4 84 696 9 0 10 12 11 12 426 620 495 943 38 996 44 6 225 021 205 691 20 596 18 5 199 604 185 605 18 2 16 7 145 159 144 225 13 2 13 0 101 557 79 932 9 2 7 2 12 12 553 820 49 5 161 038
14. 2013 7 4 022 183 241 12 943 5 540 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 2 335 183 99 0 2013 10 16 2013 12 10 2013 12 10 4 39
15. 2009 12 2012 12 2013 12 2014 11 4 844 EF 07 12 08 12 09 12 10 12 11 12 12 12 13 12 14 12
16. SR Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved shared esearch lt 4321 SR Research Report 2015 9 24 J REIT 04 12 05 6 05 12 06 6 06 12 07 6 07 12 08 6 4 3 5 9 7 8 10 0 11 5 16 3 21 1 24 5 J REIT 2 2 6 3 4 4 5 5 4 6 1 6 8 7 4 10 2 14 3 17 1 2 2 3 3 4 4 5 5 6 1 6 7 10 0 13 7 3 5 4 3 3 4 08 12 09 6 09 12 10 6 10 12 11 6 11 12 12 6 25 0 25 3 24 6 24 7 25 5 25 4 26 1 27 0 J REIT 7 4 7 5 7 6 7 8 7 8 8 0 8 3 8 7 17 6 17 8 17 0 16 9 17 7 17 4 17 8 18 3 13 6 14 0 13 8 14 9 14 7 14 8 14 9 15 9
17. 2 200 64 1 2015 12 10 SR 2015 12 2015 12
18. Re Seed Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 Re Seed
19. 73 600 61 000 REIT 12 600 7 000 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 45 000 39 000 70 600 53 000 REIT 17 600 10 000 45 000
20. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 mBFIC a Asia Pacific Him E EE Frankiur Berlin Johimrweebarg Claflam San Frmmclwcp Rental Grnwth Rental Values Spckholm alIOWIT Falling ceo Rental Graowth Rental Values cc Accelerating Bottoming Dut mr td gm War rd meg GE OF eC tng haa i i Fm Dubal Seol Prim fga ani PUm unmEmi nom FE Prime Offices Rental Clock SR
21. 1096 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 2014 12 2013 12 2014 12
22. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 2 2013 12 REIT REIT 2 REIT CMBS 290 LTV loan to value 72 496 2 290
23. amp 4 REIT 2014 8 2014 8 7 2014 12 2014 12 25 000 21 000 7 400 5 200 5 500 4 100 4 000 3 000
24. SR Co Investment
25. 2015 12 7 S SRC 21 1 2015 8 2017 3 2015 8 7 2015 12 2 2015 12 2 2015 12 23 100 21 600 8 500 7 500 7 500 6 700 8 000 6 000 35 52
26. 1 2009
27. 10 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 30 40 28 46 2014 7 2014 7 8 REIT able Fund REIT REIT able Fund
28. 4 J GCA DIC TOKAI
29. 2010 12 2011 12 2010 2011 AM AM 2012 12 2013 12 pp v _ REIT REIT
30. Kenedix Field a REIT Field rt http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24
31. SPC 3 SPC 350 3 KDX REIT 1 AUM AUM
32. 1 2014 12 17 2014 12 700 20114 12 2014 11 2014 11 6 ASEAN SD ASEAN ASEAN SD 3 Aisa Hotel amp Residence Pte Ltd Aisa Hotel amp Residence
33. 4 08 12 09 12 10 12 11 12 12 12 13 12 14 12 5 418 4 574 5 145 4 869 6 394 6 586 7 646 4 613 4 138 4 807 4 568 5 653 5 708 6 365 801 91 619 405 1 471 1 638 1 118 2 659 3 118 3 438 3 130 3 146 2 952 3 369 196 104 292 153 358 61 686 248 37 76 211 132 223 648 709 788 382 669 546 832 542 SR
34. SR Inc SR Inc Shared Researcn SR Inc SR Inc SR Inc SR Inc
35. MG Aiming SBS KLab
36. 2009 12 88 002 2010 12 5 4 475 2011 12 25 700 SPC 409 SPC SPC SPC SPC SPC
37. 2017 12 40 3 ROE 8 0 3 ROE ROE 2015 1 2015 1 5 ASEAN 2014 12 2015 12 Kenedix Inc Singapore Representative Office 34 Floor 77 Robinson Ro
38. 45 000 39 000 REIT 10 09 2
39. Kenedix Asia Pte Ltd 2 10096 2015 5 25 2015 5 12 REIT 60 2015 2 2015 2 27 5 500 18000 5 109 11 2015 3 7 2 000
40. REIT 2015 5 7 14 1 m 11 59 25 6 13 6 2015 7 2 3 Global Market Perspective2015 03
41. 2015 12 H 08 12 09 12 10 12 11 12 12 12 13 12 14 12 137 432 77 831 38 589 19 486 20 957 22 456 26 212 5 418 4 574 5 145 4 869 6 394 6 586 7 646 3 9 5 9 13 3 25 0 30 5 29 3 29 2 132 013 68 141 26 219 6 775 5 682 9 393 7 712 96 1 87 5 67 9 34 8 27 1 41 8 29 4 5 116 7 224 7 841 8 880 6 476 10 852 0 0 6 696 18 7 40 2 42 4 28 8 41 4 22 413 13 514 11 411 10 609 9 401 11 077 13 519 4 613 4 138 4 807 4 568 5 653 5 708 6 365 20 6 30 69 42 19 43 1 60 19 51 596 47 1 17 799 7 58
42. 3 500 5 200 15 200 12 49 2015 12 8 500 45 9 AUM 2017 12 2 0 2014 12 14 806 REIT 1 0 1 1 5 289
43. 8 307 61 6 4 219 88 3 3 643 38 8 2 911 45 0 330 73 1 44 35 8 839 17 6 90 90
44. 19 3 587 3 386 4 060 672 2014 6 25 2014 12 6 2014 12 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 i 2014 4 2014 4 28 REIT REIT UF LIXIL
45. 2012 12 7 764 4 756 3 008 109 5 4 878 1 985 10 128 2013 12 66 024 2012 12 2 404 3 200 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 800 6 707 2
46. Shared lesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved Shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 07 12 08 12 09 12 10 12 11 12 12 12 13 12 14 12 a 1 48 778 56 864 54 553 23 737 6 181 10 545 2 78 9 379 2 35 962 9 438 10 980 15 333 5 674 31 276 8 947 50 797 FCF 1 2 84 740 66 302 43 573 8 404 11 855 41 821 6 160 41 418 91 886 44 094 37 809 17 481 14 461 37 108 9 036 44 320 A 1 411 2 263 1 447 1 350 1 392 960 1 320 B 116 30 19 473 1 641 1 113 565 2 672 94 279 C 156 932 34 717 142 767 23 276 27 844 4 995 4 537 2 867 FCF NI A B C 142 386 25 248 107 119 20 540 29 394 4 306 4 264 85 248 SR
47. 10 20 IRR 50 70 J REIT J REIT REIT
48. Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 3 850 95 4 1 799 146 5 3 824 92 3 3 748 7 595 99 7 6 304 90 4 1 70 800 57 600 1 2014 12 12 114
49. AUM 0 60 AUM 08 12 09 12 10 12 11 12 12 12 13 12 14 12 844 940 1 098 1 111 1 118 1 206 1 481 AUM 572 676 820 816 882 951 939 REIT 222 243 272 284 339 454 529 350 433 548 532 543 496 410 4 61 4 14 4 81 4 57 5 65 5 71 6 97 0 55 0 44 0 44 0 41 0 51 0 47 0 43 AUM 0 81 0 61 0 59 0 56 0 64 0 60 0 68 SR 10 2014
50. SR WeaknesseS III SR
51. 2015 1 2015 6 REIT 28 6 4 4 15 1 2 6 REIT 13 5 13 4 2011 2012 2013 2012 2015 5 2015
52. 2015 3 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 08 12 09 12 10 12 11 12 12 12 13 12 209 255 66 370 43 006 15 306 9 953 14 950 12 114 73 395 15 887 7 126 5 174 42 373 5 095 11 181 6 939 14 305 19 256 18 621 79 183 26 133 17 257 15 306 9 953 3 769 23 646 19 047 19 442 16 524 12 316 11 889 22 387 132 013 68 141 26 219 6 775 5 682 9 393 7 712 17 799 7 586 3 060 1 895 608 2 418
53. TMK Tokutei Mokuteki Kaisya REIT TIRR NOI Net Operating Income NOI Net Op
54. 48 778 56 864 54 553 23 737 6 181 10 545 2 787 9 379 63 679 48 973 54 759 18 188 1 984 5 353 10 691 5 085 SR 2009 12 2010 12 2011 12 2013 12 2012 12 38 870 31 276 2014 12
55. A 2013 12 AUM 1 2 2012 12 1 1 4 963 463 REIT 6 130 1 306 969 43 22 456 7 2 6 914 18 5 7 233 0 2
56. SPC SPC 40 D gt SPC 40 SPC 40 SPC REIT 40 http www sharedresearch jp Copyright C Shared
57. 2014 12 21 157 52 5 46 69 6 731 30 458 27 889 54 999 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 1 10 900 12 3 7 4 5 20 000 30 000 http www sharedresearch jp Copyright C Share
58. 36 1 37 41 1 43 11 52 NE 56 2 1 60 SF 62 Eee 62 0 64 RNN A i NS 65 EE 5 2 75 2 Rt 75 BBB 77 Sh ared CCT ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared 4321 SR Research Report 2015 9 24 07 12 08 12 09 12 10 12 11 12 12 12 13 12 14 12 15 12 138 025 137 431 77 831 38 589 19 486 20 957 22 456 26 212 23 100 410 4 0 4 43 49 50 49 49 59 7 5 7 2 16 796 11 996 36 549 22 413 13 514 11 411 10 609 9 401 11 077 13 519 15 200 63 3 38 796 39 796 15 696 7 0 11 4 17 8 22 0 12 4 26 5 16 3 17 4 29 6 54 4 44 996 49 39 51 696 65 8 30 863 16 267 8 433 7 331 6 931 5 837 6 914 8 147 8 500 65 6 47 396 48 296 13 196 5 59 15 8 18 5 17 896 4 396 22 496 11 8 10 8 19 0 35 6 27 9 30 8 31 19 36 896 26 120 5 316 225 2 202 2 464 2 328 4 878 6 406 7 500 58 7 79 6 95 896 878 796 11 996 5 59
59. REIT AUM http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 2014 12 22 796 I REIT 1 SPC
60. 4 REIT 2015 7 2 AUM REIT 0 60 2015 12
61. 50 2014 12 61 28 32 12 12 13 12 81 114 14 12 121 585 10 12 118 706 11 12 137 530 08 12 09 12 97 991 36 818 54 280 58 524 37 132 35 950 41 147 28 292 36 516 34 739 10 605 5 002 8 610 5 602 18 712 19 308 18 480 32 098 11 677 6 914 4 739 3 827 1 945 4 833 15 602 20 994 20 813 9 886 19 734 19 734 5 116 7 224 7 841 8 878 6 476 10 852 1 789 3 543 4 145 4 356 2 949 4 084 1 789 3 564 4 174 4 551 2 841 3 771 21 28 195 108 312 SR
62. 2007 12 2008 12 2009 12 2010 12 AUM 2007 12 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 AUM AUM 2014 12 27 79 REIT 63 3 REIT
63. 2013 12 2014 12 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 07 12 08 12 09 12 10 12 11 12 12 12 13 12 14 12 39 369 11 872 18 291 10 913 7 706 13 813 25 795 28 546 6 966 8 958 4 916 3 327 2 375 827 1 103 3 290 243 895 209 2
64. 2008 12 312 610 2013 12 66 025 4 89 0 93 2014 12 2013 12 40 589 106 615 1 38 2018 12 177 651 2014 12 23 727 2014 12 12 114 121 565
65. KENEDIX KENEDIX KENEDIX KENEDIX CT A A TIN 7 REIT 8972 3278 3453 3460 8967 8956 od SF i ao ea Se 2 279 Gk 4 435 659 3 850 1 458 918 2015 7 2 038 2 332 1 Go1se 1 251 390 gt 2 485 1 265 757 a 2 043 1 775 1 lead Rn on 2 x 6 303
66. NO1 NO NOI Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 1995 4 2003 2005 2012 REIT 2013 2 3 8
67. Sh aredd Mesearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 13 1 7 331 5 129 2 202 877 2 17 046 2 667 2 542 18 438 2011 12 19 486 49 5 10 609 7 0 1 895 38 1 1 608 30 6 378 80 3
68. 4 103 860 REIT 9 377 3 247 1 325 355 REIT 2014 10 30 30 2015 1 2 358 2014 12 REIT 329 REIT 107 2014 12 295 52 2196
69. 2 667 707 1 313 2 542 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 09 12 10 12 11 12 12 12 13 12 14 12 PjlcD 108 400 44 900 21 900 17 300 16 800 21 000 77 831 38 589 19 486 20 957 22 456 26 212 28 296 14 196 11 096 21 196 33 796 24 896 18 000 8 600 7 600 6 700 4 550 5 200 8 433 7 331 6 931 5 837 6 914 8 147 53 2 14 8 8 8 12 9 52 0 56 7 13 200 3 300 3 700 3 400 2 900 4 100 225 2 202 2 464 2 328 4 878 6 406 98 3 33 3 33 4 31 5 68 2 56 2 200 400 2 000 1 700 1 000 3 000 18 438 2 542 1
70. 7 REIT http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 UF 1992 20 1985 1985 1992 1998 2004 2005 2012 2013 9 Shared wesearch UFJ H I h
71. 2013 12 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 REIT REIT 2014 3 REIT REIT 2014 12 1 4 806 2 743 6 254 3 511
72. 2012 12 5 200 2 800 15 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 3 300 152 5 2015 12 1 4 0 sSh ared 1 ch http www sharedre
73. shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 08 12 09 12 10 12 11 12 12 12 13 12 14 12 137 431 77 831 38 589 19 486 20 957 22 456 26 212 22 413 13 514 11 411 10 609 9 401 11 07 13 519 16 267 8 433 7 331 6 931 5 837 6 914 8 147 5 316 225 2 202 2 464 2 328 4 878 6 406 10 850 18 438 2 542 1 313 10 128 1 985 4 844 8 4 613 4 138 4 807 4 568 5 653 5 708 6 365 20 6 30 69 42 1 43 1 60 1 51 596 47 1 b 6 145 5 080 4 080 3 678 3 563 4 162 5 371 a b 1 532 942 727 890 2 090 1 546 994 a D 0 75 0 81 1 18 1 24 1 59 1 37 1 19 SR 2008 12 2010 12 3
74. 2012 12 2012 12 77 21 99 2014 12 2014 12 32 61 28
75. 2015 6 918 18 2015 5 2015 7 60 20 UF LIXIL 5 2015 7 279 14 REIT JLF 2005 2 REIT 20 2015 6 2 038 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
76. 10 850 14 662 2009 12 77 831 43 4 13 515 39 7 9 962 42 7 6 450 45 5 7 382 40 1 3 870 3 144 6 3 3 078 17 9 48 2 8 433 8
77. 3 82 2 81 2 77 SBI 2 74 UFJ 1 95 1 82 1 63 2 1 24 SR 2014 12 2007 12 2013 12 2014 12 7 2015 12 4 0
78. 2014 12 47 196 52 99 REIT AUM AUM REIT 2015 6 71 7 22 3 REIT REIT 43 9 REIT 27 8 3
79. 38 DNI 261 2013 12 5 800 700 DNI 3 100 261 1 400 25 400 18 200 7 000 5 800 4 900 3 700 1 500 1 500 2013 10 15
80. 1 340 120 245 2014 12 1 362 52 5 51 19 7 559 31 286 8 922 73 966 1 10 900 12 3 7 20 000 30 000 2014 12 2014 12
81. 4321 SR Research Report 2015 9 24 94 149 49 779 50 797 2008 12 2009 12 2012 12 2014 12 44 320 http www sharedresearch jp Copyright C Shared Research Inc All Rights R
82. REIT REIT sSh ared 1 ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 2015 12 1 2014 12 7
83. REIT 2013 10 REIT KFM KFM KFM KENEDIX KFM a
84. 2015 7 22 KDE 100 KPM PM KPM KDE Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 2015 12 2015 2 10 2015 12 50 KPM1009 2015 8 2015 7 14
85. 6 026 34 5 2 674 5 2 4 504 5 274 36 2 4 282 9 579 66 7 7 934 61 8 2 94 800 59 200 2 2014 12 10 985 1 129 25 108 96 477
86. 2013 2016 2017 2015 2 2015 4 6 A 17 296 31 166 B 13 8 18 129 A 10 000 300 15 B 200 A A 13 3 13 6 13 9 13 12 14 3 14 6 14 9 14 12 A 27 760 26 6
87. KPI 55 35 2014 12 2 2014 2 2014 2 14 KPM PM BM 6 2014 2 28 2014 2 4 2013 12
88. AUM REIT 0 60 10 0 AUMx0 6096 70 x10 09 2015 12 15 20
89. 2005 5 REIT 2005 7 2010 7 2012 4 2013 10 3 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 2013
90. 1 4 1995 4 2000 2 2001 7 2002 2 2002 8 2003 8 2003 12 2004 12 2005 5
91. 4 900 2012 12 12 316 427 11 889 2011 6 476 27 19 1 829 42 09 4 TKS 8 831 7 802 2012 12 80 760 354 81 114
92. ED DC DO ee 1 IS OG NG TD FO 6 ON 2014 10
93. ASEAN 5 2014 11 6 sSh ared lesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 2014 12 2 120 700 2015 12 688 2014 10 2014 10 3 REIT REIT 100 2014 10 3 150
94. 4 145 17 0 4 568 5 0 AUM 405 34 6 3 130 9 09 153 47 6 5 5 6 931 11 9 2 464
95. ROE8 096 8 3 ROE ROE AUM 2 0 REIT 1 0 1 1
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97. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 2014 7 419 319
98. 6 REIT REIT REIT 2014 4 18 6 4 60 209 UFJ LIXIL 4 5 REIT 2014 REIT 1 000
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100. 22 29 26 212 16 7 13 519 22 0 8 147 17 8 8 654 19 6 6 365 11 5 4 347 11 59 7 712 17 9 3 069 26 9 2 680 28 5 10 852 67 6 4 084 38 5
101. 610 109 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 60 2014 12 2014 12 5 20 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24
102. REIT 198 9 198 9 402 7 408 8 438 8 437 0 198 9 198 9 186 4 194 9 203 0 203 8 216 3 235 8 235 8 233 2 150 9 133 2 153 0 132 5 116 0 93 9 SR shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 2015 12 2 2014 12 7 2015 2 REIT REIT
103. 30 000 12 30 2016 12 6 000 REIT 8 500 4 3 7 500 17 1 8 000 65 2
104. AUM REIT REIT 2014 2015 2015 2 REIT 808 AUM AUM 2012 12 2 REIT 2014 12 2014 REIT able Fund REIT
105. EE 1 8801 1 8802 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
106. 1 1 177 2011 12 63 0 6 3 827 3 223 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 2 634 12 386 2011 12 64 155 126 270 2011 12 46 144 63 623 2011 12 38 804 21 640
107. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 3 600 25 7 1 000 45 8 1 000 13 6 800 48 4 5 700 16 3 2 200 49 3
108. 2015 2 REIT REIT 4 REIT REIT REIT 1 AUM 1 5 664 857 3 481 622 REIT 6 633 1 344 AUM 1 115 722 REIT 2014
109. 432 1 SR Research Report 2015 9 24
110. REIT 35 79 REIT 27 6 AUM 08 12 09 12 10 12 11 12 12 12 13 12 14 12 349 8 432 8 548 5 531 9 542 6 496 3 410 3 41 4 46 0 50 0 47 9 48 6 41 1 27 7 172 0 162 3 161 8 152 2 92 7 97 0 132 5 20 4 17 3 14 7 13 7 8 3 8 0 8 9 REIT 322 4 344 8 387 7 427 3 482 4 613 0 937 7 38 2 36 7 35 3 38 5 43 2 50 8 63 3 REIT 222 0 243 3 271 8 284 1 339 2 454 4 528 9 26 3 25 9 24 8 25 6 30 3 37 7 35 7 REIT 100 4 101 4 115 8 143 2 143 2 158 6 408 8 11 9 10 8 10 5 12 9 12 8 13 1 27 6 844 3 939 9 1 097 9 1 111 3 1 117 7 1 206 3 1 480 6 SR SR REIT
111. 4 REIT REIT 609 REIT 7 29 2 AUM 1 5 693 886 6 09 3 496 607 14 89 REIT 6 887 1 598 30 2 AUM 1 383 991 10 6 1 2
112. KSS 2015 9 24 KSS 1 030 2 514 2015 9 30 1 700 200 2015 12 2 800 2015 12 2015 9 9 2015 8 28 Re Seed
113. 177 600 41 982 23 700 26 100 6 500 11 200 95 100 56 000 865 300 SR 2007 12 19 49 2014 12 47 10 2008 12 2 1 776 2014 12 237 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24
114. 14 12 15 12 6 Pc5 Q2 Q2 7 043 13 519 8 505 15 200 3 096 5 825 4 513 8 500 493 1 927 2 700 1 392 1 681 3 600 686 321 1 000 383 511 900 141 70 300 565 1 000 403 800 161 200 3 426 5 700 1 302 2 200 912 900 994 2 000 216 600 SR AUM AUM 14 12 15 12 10 P76 cte ple cte 1 271 0 1 252 7 1 477 3 1 480 6 1 566 4 1 569 3 AUM 920 9 920 4 921 4 939 2 1 011 4 1 038 3 458 5 440 4 409 1 410 3 348 1 349 6 REIT 462 4 480 0 512 3 528 9 663 3 688 7 28 0 28 0 28 0 28 0 48 9 65 9 334 1 351 7 369 9 378 8 387 8 385 0 100 3 100 3 114 4 122 1 145 7 145 8 80 8 91 8
115. 22 3 5 257 31 3 3 913 37 5 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 785 38 9 166 62 3 1 830 9 4 108 200
116. 350 2015 5 336 2015 12 350 450 REIT SR 2015 5 25 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 2015 1
117. 2015 6 AUM 2015 12 2 2015 6 AUM 886 1 5 693 AUM 990 1 383 AUM gt 15 000 12 000 9 000 AUM 990 6 000 REIT 3 000 REIT 0 2014 12 2015 6 3 amp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 432 1 SR Research Report 2015 9 24 a 14 12 15 12 15 12 1 20 1 30 1 20 1 3Q9 1 40 5141 14 488 19 741 26 212 8 307 13 279 57 5 23 100 10 7 79 1 63 4 16 7 el 6 8 3 11 996 3 315 7 044 9739 13 519 5565 8 505 56 0 15 200 21 3 374 26 4 22 0 67 9 20 79 12 4
118. J REIT SPC Special Purpose Company SPC GK TK Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 SPC GK TK
119. REIT 1 99 100 ae 60 2014 4 REIT http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 SW Strengths Weaknesses Strengths
120. 64 5 48 6 493 51 6 67 0 64 0 65 8 OZ5 2278 3457 5321 345 2675 39 9 6700 20 9 28 7 6 26 6 29 0 25 1 17 49 6 24 796 20 9 15 79 6 17 5 20 5 16 2 20 1 29 0 2240 4 765 6 281 8 147 4 219 5829 68 6 8 500 21 59 42 0 26 3 17 8 88 3 22 396 4 3 43 6 32 9 31 8 31 1 50 8 43 9 36 8 1989 3871 5262 6 406 3 824 5 274 70 3 7 500 42 399 470 53 6 31 3 92 3 36 2 17 196 38 7 26 7 26 7 244 46 0 39 7 32 596 3 310 4 904 5945 4844 6 304 7 934 99 2 8 000 188 3 134 3 161 5 144 0 90 5 et1 8 65 2 644 33 8 30 1 18 5 75 9 59 7 34 6 14 12 15 12 46 16 46 16 5 141 9347 5253 6471 8307 4 972 10 7 171 4 31 6 37 6 61 6 46 8 3 315 3 729 2 695 3780 5 565 2 940 213 55 8 45 12 1 67 9 21 296 64 5 39 9 51 3 58 4 67 0 59 1 1075 1203 Ti Ld 1345 1330 20 9 36 5 22 7 33 8 25 19 10 69 20 9 12 99 224 29 6 16 2 26 7 2240 2525 1516 8e6 4219 1610 21 5 66 9 6 4 3 8 88 3 36 2 43 69 270 28 9 28 8 50 8 32 4 1989 1882 1391 1144 3 824 1450
121. 40 2 2011 12 32 09 sSh ared 1 ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved sSh ared 432 1 SR Research Report 2015 9 24 07 12 08 12 09 12 10 12 11 12 12 12 13 12 14 12 15 12 138 025 137 431 77 831 38 589 19 486 20 957 22 456 26 212 21 600 410 496 0 4 43 4 50 49 49 59 7 5 7 2 16 7 17 6 101 476 115 018 64 316 27 177 8 876 11 556 11 378 12 693 8 100 36 549 22 413 13 514 11 411 10 609 9 401 11 077 13 519 13 500 63 3 38 7 39 796 15 6 7 0 11 4 17 8 22 0 0 1 26 5 16 3 17 4 29 6 54 4 44 9 49 3 51 6 62 5 5 686 6 145 5 080 4 080 3 678 3 563 4 162 5 371 6 000 4 1 4 5 6 5 10 6 18 9 17 0 18 5 20 5 27 8 30 863 16 267 8 433 7 331 6 931 5 837 6 914 8 147 7 500 65 6 47 3 48 2 13 1 5 5 15 8 18 5 17 8 7 9 22 496 11 89 10 8 19 0 35 6 27 9 30 8 31 1 34 7 1519 446 312 692 711 259 275 697
122. 1 46 39 1 2 10 9 2 3 10 09 3 32 9 1 64 2012 12 2012 12 20 957 7 5 5 837 15 8 2 328 5 5 10 128 2011 12 1 313 J REIT 4 1 3278 I AUM 2012 12
123. 12 8 49 7696 209 CMBS 49 1 7 N 1 2014 12 263 2014 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 12 188 109 12
124. 2 556 39 8 6 406 31 3 3 375 3 866 2 206 3 930 43 7 4 844 144 09 FE 2013 12 40 589 106 615 13 951 23 727 54 541 82 888 52 5 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research
125. 340 200 6 812 5 700 4 335 2 200 1 232 900 1 219 2 000 25 600 SR 2015 12 23 100 11 9 15 200 12 4 8 500 4 3 7 500 17 1 8 000 65 2 2015 8 7 2 Shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 1 500 1700 1000 800 2 000
126. 1 306 2015 12 3 2015 2 10 2015 12 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 2015 2 10 10 Kenedix Vision 2025 2015 2017 Partners in Growth 2017 Kenedix Vision 2025 10 AUM 4 2 REIT ROE159 Partners in Growth 2017
127. 2014 12 5 289 23 7 27 6 AUM REIT 1 5 2014 12 9 392 16 99 REIT REIT REIT AUM Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 9 24 REIT AUM 2007 12 2014 12 15 19 2007 12 2011 12 9 69 2012 12 2014 12 24 69
128. 2015 2015 2 REIT 808 1 REIT CMBS 221 LTV loan to value 77 39 6 2015 12 350 320 2015 5 336 2015 5 450 390 Sh aredd Mesearch http www sharedresearch jp
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