ケネディクス（4321）
Contents
1. REIT2. 2013 7 4 022 183 241 12 943 5 540 2 335 183 99 09 s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 7 18 2013 10 16 2013 12
3. 1 8801 1 8802
4. SR SR Research Report 2014 7 18 09 12 10 12 11 12 12 12 13 12 77 831 43 4 64 316 13 514 39 7 17 4 5 080 6 5 8 433 48 2 10 8 312 8 521 4 233 225 95 8 0 3 249 17 046 412 1 041 12 827 1 453 281 126 51 247 1 089 6 6 18 438 69 9 23 7 38 589 50 496 27 177 11 411 15 6 29 6 4 080 10 6 7 331 13 1 19 0 692 5 821 4 543 2 202 878 7 5 7 75 2 667 15 1 508 435 85 554 1 662 426 2 2 542 86 2 6 6 19 486 49 5 8 876 10 609 7 0 54 49 3 678 18 9 6 931 5 5 35 6 711 5 177 3 929 2 464 11 9 12 6 537 707 113 191 83 277 494 21 5 1 313 151 7 6 7 20 957 7 5 11 556 9 401
5. 2008 2009 12 88 002 2010 12 5 4 475 2011 12 25 700 SPC 409 SPC SPC
6. AUM 2 1 1 609 2013 12 431 936 55 7 8 089 18 2 3 356 8 2 2 633 57 6 2 093 1 161
7. 50 Share Wesearch 4321 SR Research Report 2014 7 18 09 12 10 12 11 12 12 12 08 12 0 PlcD 132 013 68 141 26 219 6 775 5 682 9 393 21 023 9 144 5 601 3 888 899 971 109 163 55 659 19 787 2 086 4 220 7 193 255 487 501 270 103 153 2 082 2 851 330 531 460 1 076 17 799 7 586 3 060 1 895 608
8. 2011 4 gt Shared csearch http Wwww sharedresearchjp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 7 18 Q1 2013 Q1 2014 Nexico City 1 Washington DC Toronto Me Hong Kong msterdam Washington DC New York Chicago Sao Paulo Boston Los Angeles Stockholn Beriin San Francisco Sao Paulo Houston IMexico City Sydney Capital Value growth slowind Capital Value qrowth acceleratind Capital Value qrowth accelerating SR
9. SR Weaknesses III
10. SR Tnc SR tnc http www sharedresearch jDp Email info sharedresearch jp 3 31 12 03 5834 8787 Shared G8Yesearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
11. J REIT BTS REIT M amp A REIT SR s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reser
12. 3 5 885 SPC 265 18 7 150 10 6 1 000 70 7 PC 2014 7 9 PC 2014 7 10 2014 6 19 19
13. 3_ Shared1 esearch 4321 Pub
14. 2013 8 53 3496 4321 SR Research Report 2014 7 18
15. 2014 12 300 2014 12 1 400 s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 7 18 2013 12 2014 12 2 500 2013 12 178 300 200 220 AUM 309 LTV70 200
16. 649 68 99 400 60 1 CMBS s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 7 18 2013 12 14 950 9 129 24 079 2 250 18 115 11 181 2013 12 11 889 6 681 18 570 REIT
17. 4 08 12 09 12 10 12 11 12 12 12 13 12 pjgl 5 418 4 574 5 145 4 869 6 394 6 586 1 059 91 619 410 1 671 1 662 469 644 252 383 650 38 31 5 28 376 202 3 053 3 524 3 755 3 328 3 347 3 636 291 104 303 153 389 67 259 51 76 213 132 239 257 155 70 3 979 4 613 4 138 4 807 4 568 5 653 5 708 801 91 619 405 1 471 1 638 468 643 245 291 342
18. AUM 2013 2 3 5
19. 2 957 30 9 AUM 2 611 17 5 345 83 29 47 3 16 267 2 523 79 6 5 316 118 10 850 14 662 2009 12 77 831 43 4 13 515 39 79
20. 2003 2005 2012 RETT 2013 2 3 8 1 4 1995 4 2000 2 2001 7 2002 2 2002 8 2003 8 2003 12 2004 12 2005 5 2005 5 2005 7 2010 7 2012 4 2013 10 s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w
21. SR 1 e gt Shared csearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Res
22. A Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 7 18
23. 109 4321 SR Research Report 2014 7 18 2014 12 400 REIT 2014 12 2013 12
24. 3 4321 SR Research Report 2014 7 18 amp 2014 3 2014 3 27 1 148 SPC KKF43 2014 3 27 KDO 1 107 KDO 55
25. 2007 12 2014 12 e Shared csearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SF_ 4321 SR Research Report 2014 7 18 7 REIT UF 1992 20 1985 1985 1992 1998 2004 2005 2012 2013 Shared 6Qesearch
26. 2007 12 e gt Shared csearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved e gt Shared csearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 7 18 AUM AUM REIT 2013 12 41 19 REIT 50 8 AUM 08 12 09 12 10 12 11 12 12 12 13 12 349 800 432 800 548 460 531 908 542 645 496 339 41 496 46 0 50 0 47 9 48 5 41 1 172 000 162 329 161 811 152 152 92 694 96 975 20 49 17 39 14 7 13 7 8 3 8 0 J REIT
27. SR Inc SR Tnc Shared Research SR Inc SR Inc SR Inc SR Inc
28. REIT REIT SPC Special Purpose Company SPC GK TK a T FF sShared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved amp 4321 SR Research Report 2014 7 18
29. REIT s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w IRR NOI Net Operating Income NOI Net Operating Income NOI NO1
30. UFJ LIXIL 6 REIT REIT REIT 2014 4 18 6 4 60 20 UFJ LTXIL 4 596
31. 89 334 175 2014 3 KDO 2007 4 2008 4 2009 4 2010 4 2011 4 2012 4 2013 4 2014 4 pJ 175 090 212 848 218 999 235 769 246 456 286 866 292 553 336 163 72 68 67 70 71 83 83 89 188 400 230 520 238 745 251 566 261 928 303 284 308 172 355 167 88 729 124 973 124 973 133 129 133 129 147 153 147 153 166 262 LF 2005 2 REIT 38 198 962 2014 3 JLF 2007 1 2008 1 2009 1 2010 1 2011 1 2012 1 2013 1 2014 1 70026 94 248 100 215 1
32. SR 2011 12 AUM REIT AUM AUM 21 3 506 AUM 5 6 840 2011 12
33. 2 035 42 5 320 33 0 2013 12 2013 12 81 114 45 258 126 372 2013 7 88 TKS 120 72 159 35 950 25 042 18 480 12 765 11 932
34. 2 3 NO1 4321 SR Research Report 2014 7 18 N01 NOI s Shar ed esear ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved e 4321 SR Research Report 2014 7 18 1995 4
35. 24 8 5 200 15 99 4 100 250 2 800 3 000 51 1 3 000 2014 12 109 2014 12 1 3 2013 2 14 2013 12 2015 12 2013 8 2013 11
36. 1 200 3 13 000 15 000 3 50 000 sShared 6Qesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved amp s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 7 18 2015 12
37. AUM AUM AUM 2014 12 AUM 1 4 000 2013 12 1 2 063 REIT
38. 9 962 42 79 6 450 45 59 7 382 40 19 3 870 3 144 6 3 3 078 17 9 sShared 6Qesearch http Wwww sharedresearchjp Copyright C Shared Research Inc All Rights Reserved amp w 4321 SR Research Report 2014 7 18 48 29 8 433 8 209 95 8 225
39. SPC GK TK TMK Tokutei Mokuteki Kaisya
40. 2012 12 7 764 4 756 3 008 109 5 4 878 1 985 10 128 2013 12 66 024 2012 12 2 404 3 200 800 6 707 28 347 4 304 37 678
41. 9 886 1 7 3 656 3 7 1 671 4 9 1 161 sShared 6Qesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 7 18 662 2012 12 1 2012 5 10 2012 12 1 4 719 5 2 1 411 9 1 589 8 0 607 105 s Shared 6Qesearch la http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w Shared jesearch 4321
42. REIT 2014 REIT 1 000 Shared 6Qesearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 1 000 5 M amp A 3
43. SR 2006 12 AUM 29 1
44. http www sharedresearch jp SR Research Report 13 12 25 795 1 103 14 950 14 950 9 018 49 763 31 089 2 680 49 941 309 74 78 586 11 889 461 548 4 210 16 710 412 63 3 338 98 635 148 398 594 10 771 1 888 13 253 55 253 5 550 60 803 66 024 74 056 40 237 40 496 9 605 3 028 74 341 14 356 66 024 40 229 Copyright C Shared Research Inc All Rights Reserved 2014 7 18 4321 SR Research Report 2014 7 18 2008 6 433 886 312 610 RETT
45. 2013 12 21 89 SPC
46. 2014 12 5 109 Shared Gewearch http Wwww sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 7 18 08 12 09 12 10 12 11 12 12 12 jc 137 432 77 831 38 589 19 486 20 957 22 456 5 418 4 574 5 145 4 869 6 394 6 586 3 9 5 9 13 3 25 0 30 5 29 3 132 013 68 141 26 219 6 775 5 682 9 393 96 1 87 5 67 9 34 8 27 1 41 8 5 116 7 224 7 841 8 880 6 476 0 0 6 6 18 7 40 2 42 4 28 8 22 413 13 514 11 411 10 609 9 401 1
47. KPI REIT AUM J REIT AUM 2014 12 200 lt 220 10 2014 12 50 70 REIT 5 2014 12 30 50
48. 12 000 8 822 3 126 2014 3 20 4 2014 12 27 T Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 7 18 2014 3 18 2 700 2 937 330
49. AM 2012 12 2013 12 s Shared 6Qesearch la http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 7 18 REIT
50. 31 276 SR 2013 12 2008 12 2009 12
51. SPC SPC SPC sShared esearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 7 18 09 12 10 12 11 12 12 12 13 12 1 54 553 23 737 6 181 10 545 2 787 2 10 980 15 333 5 674 31 276 8 947 FCF 1 2 43 573 8 404 11 855 41 821 6 160 37 809
52. J REIT AUM AUM 465 AUM 372 1 1 1 270 2012 12 0 8 513 57 19 4 645
53. SR 09 12 18 291 4 916 66 370 63 909 2 461 8 959 98 536 45 131 877 53 461 530 101 98 143 19 047 300 869 160 1 571 21 647 236 38 275 120 066 218 603 436 83 954 7 098 91 488 69 082 3 506 72 588 153 036 164 077 23 787 24 046 5 7 784 54 525 65 934 153 036 134 745 10 12 10 913 3 327 43 006 43 006 8 793 62 712 48 716 1 828 71 511 534 103 118 830 19 442 429 672 343 4 169 24 626 59 59 143 515 206 228 348 30 543 5 617 36 508 93 081 5 490 98 571 123 624 135 080 31 322 31 581 2 594 11 080 71 147 42 658 123 624 112 711 11 12 7 706 2 375 15 306 15 306 7 149 30 161 57 245 2 587 82 927 241 120 137 707 16 524 422 548 472 4 847 22 391 117 48 165 160 264 190 426 492 38 910 2 263 41 665 70 856 6 468 77 324 109 766 118 990 31 322 31 581 1 289 10 518 71 435 14 814 109 766 102 060 12 12 13 813 827 9 953 9 953 4 770 28 536 29 842 2 686 53 721 157 98 80 937 12 316 360 548 256 3 505 16 625 105 65 170 97 733 126 270 134 18 763 1 958 20 855 44 857 4 486 49 343 63 620 70 199 31 322 31 581 11 593 5 247 56 071 9 819 63 620 49 807
54. AUM 0 50 REIT 2013 12 50 89 41 19 REIT 4 2014 12 1 4 REIT REIT 2014 7 REIT
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 3 900
56. 1 989 42 2 TKS 2 755 3 310 188 3 2013 12 43 902 109 928 41 560 69 907 2 343 40 021 54 19 2012 7 2014 3 266
57. 563 975 595 763 755 343 760 226 814 904 912 305 66 8 63 4 68 8 68 4 72 9 75 6 116 187 153 427 156 151 149 478 129 034 122 649 13 8 16 3 14 2 13 4 11 5 10 2 43 812 49 108 48 351 62 326 58 523 54 384 5 2 5 2 4 4 5 6 5 2 4 5 36 364 34 729 28 413 24 289 19 745 20 656 4 3 3 7 2 6 2 2 1 8 1 7 84 000 106 876 109 703 115 078 95 580 96 348 9 9 11 496 10 0 10 4 8 6 8 0 SR A Shar ed esear ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 7 18 2014 7 1009
58. 2013 10 REIT KFM KFM KFM
59. 2 000 2014 12 1 3 s Shared 6Qesearch la http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w T Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 7 18 AUM Assets Under Management 1 2 2013 12 2013 12 51 59 48 5 REIT
60. REIT http Wwww sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 2013 12 26 69 SR Research Report 2014 7 18 50 2013 12 3 008
61. 609 14 13 11 2 s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 7 18 559 229 189 CMBS 596 1 129 1 2 22 2 3 389 4 28 3 15 1 95 2014 12 13 12 14 12 PlcD 8 089 14 367 22 456 21 000 18 2 29 8 7 2 6 5 2 962 8 416 11 378 5 126 5 951 11 077 4 4 47 4 17 8 63 4 41 4 49 3 1 770 2 392 4 162 21 9 16 6 18 596 3 356 3 558 6 914 5 200 8 2 63 1 18 5 24 8 41 5 24 8 30 8 24 8
62. 2007 2009 2007 2008 10 REIT 2008 10 2009 163 600 2010 2009 REIT 2010 REIT 2011
63. 6 2014 2 28 2014 2 4 2013 12 2013 11 18 DNI 22 400 25 400 6 900 7 000 4 870 4 900 1 980 1 500 2013 10 2013 10 24 2013 12 Shared 6Qesearch http Wwww sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w s Shared esearch http www sharedres
64. 10 0 x0 500 x10 09 50 SR 2014 12 5 10 0 50 0 50 AUM 2014 12 1 4 70
65. 3 223 2 634 12 386 2011 12 64 155 126 270 2011 12 46 144 63 623 2011 12 38 804 21 640 40 2 2011 12 32 09 2012 12 3 2012 11 8 2012 12 3 13 631 7 8 5 219 7 8 2 177 5 2 6 639
66. 2014 12 6 625 1009 KDX s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 7 18 22 490 2014 3 14 2014 3 28 2014 2 2014 2 14 KPM PM BM
67. 3 5 10 20 IRR 50 70 REIT J REIT
68. 3 077 5 3 1 550 17 29 2 440 33 69 1 199 215 0 CMBS 2 861 45 09 978 43 296 2012 12 sShared 6Qesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved amp 4321 SR Research Report 2014 7 18 2013 12 1 2012 5 10 2013 12 1 1
69. 08 12 09 12 10 12 11 12 12 12 13 12 pjp 97 991 118 706 137 530 80 760 81 114 36 818 54 280 58 524 37 132 35 950 28 292 36 516 34 739 10 605 5 002 5 602 18 712 19 308 18 480 11 677 6 914 4 739 3 827 1 945 15 602 20 994 20 813 9 886 19 734 5 116 7 224 7 841 8 878 6 476 5 116 7 223 7 840 8 878 5 753 1 1 2 723 1 789 3 543 4 145 4 356 2 949 1 789 3 564 4 174 4 551 2 841 21 28 195 108 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 7 18 08 12 09 12 10 12 11 12 12 12 13 12 137 431 77 831 38 589 19 486 20 957 22 456 22 413 13 514 11 411 10 609 9 401 11 077 16 267 8 433 7 331 6 931 5 837 6 914 5 316 225
70. 2014 5 2014 4 2013 2016 2017 5 2013 2014 1 A 6 19 29 482 2013 2 3 3 2014 1 16 177 2013 1 16 000
71. KFM KENEDIX KENEDIX REIT Japan Loglstics Fund Inc 5 426 669 280 3 341 1 003 1 989 AUM 2014 3 SR 99 100 esearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Researc
72. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 7 18 2014 1 2013 12 REIT 27 3 J REIT 2011 2012 2013 2012
73. UFJ IH IH HH http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 7 18 103 0026 6 5 KDX 03 5623 8400 1 1995 4 17 2002 2 19 HP http www kenedix com 12 TIR IR http www kenedix com cms ir_top html IR TR e 1 Shared 8 esearch la http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
74. 2014 12 1009 2007 12 199 2013 12 519
75. 4 568 5 0 AUM 405 34 69 3 130 9 09 153 47 6 5 596 6 931 11 9 2 464 2 667
76. SPC SPC 2014 12 2 2014 12 2014 3 18 REIT KPI 2014 3 28 KPI 55 35 2014 12 2 KRF41 TKS
77. oe 26 DD 32 SW Strengths Weaknesses 33 ee 34 GR 38 eo 40 yl NN 49 54 iti 58 Lk 60 60 63 amp RR RA sii 64 0 Oi 71 71 ESECRGEESIE28G2 71 73 a T sShared esearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w Shared 4321 09 12 10 12 11 12 12 12 13 12 14 12 77 831 38 589 19 486 20 957 22 456 21 000 43 496 50 49 49 5 7 5 7 2 6 5 13 514 11 411 10 609 9 401 11 077 10 200 39 7 15 6 7 0 11 4 17 8 7 9 17 4 29 6 54 4 44 9 49 3 48 6 8 433 7 331 6 931 5 837 6 914 5 200 48 2 13 1 5 5 15 8 18 5 24 8 10 8 19 0 35 6 27 9 30 8 24 8 225 2 202 2 464 2 328 4 878 4 100 95 8 878 7 11 9 5 5 109 5 15 9
78. 0 509 4 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 7 18 0 50 1 0 0 20 0 309 REIT 0 459 0 50
79. 23 2012 3 2012 2013 4 2013 3 0 12 2 219 3 899 REIT 2013 2 2014 1 12 1399 2014 1 2 79 Global Market Perspective2014 Q1
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86. 40 SPC SPC 409 SPC SPC SPC SPC SPC SPC SPC 4096 lt ER
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88. 2013 12 1 2014 12 AUM 1 4 000 2013 12 2 000 2014 12 300 400 2014 12 1 3 2009 12 2012 12 1 AUM 2 3 3 2013 12 4321 SR Research Report 2014 7 18 AUM
89. AUM 1 084 2012 12 158 5 185 241 REIT 5 803 979 J RETIT AUM KDR 1 160 50 29 2013 9 73 195 2012 12 9 572 2012 12 15 862 37 502 6 290 35 692 2013 9 17 830 77 702 2012 12 s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 7 18 56 071 45 29 40 2 DE 1 03
90. REIT REIT 60 2096 UFJ LIXIL 59 REIT 2014 REIT 1 000 REIT 2014 3 AUM 1 752 2015 12 1 REIT REIT
91. 1 052 REIT AUM 2012 9 1 1 038 2011 12 75 0 7 3 826 2 003 1 475 8 553 2012 12 2 2012 8 9 2012 12 2
92. 2009 2013 12 66 025 2008 12 4 47 0 93 2013 12 14 950 81 114 11 889 5 714 sShared 6Qesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved amp Shared 4321 SR Research Report 20
93. SPC 3 SPC 350 3 KDX REIT 1 AUM AUM KDX REIT KDX
94. SR 30 000 SR 2013 12 2015 12 2009 12 2010 12 2011 12 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 7 18 2012 12 38 870
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97. 2014 3 28 2014 12 3 SPC 2014 12 4 2014 3 12 KRF50 KRF50 KDX 659 35 2014 12 2
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123. REIT KDX REIT 2 KDX REIT T Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 7 18 3
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