Kenedix Retail REIT Corporation

Securities Code:3453

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To Our Unitholders

Akihiro Asano, Executive DirectorThanks to your support, Kenedix Retail REIT Corporation was listed on the Tokyo Stock Exchange on Feburuary 10, 2015, as a real estate investment trust (REIT).
We seek to build a portfolio of primarily neighborhood, community and other shopping centers that cater to the day-to-day needs of local area customers.
Japanese consumers tend to shop frequently, often daily, for day-to-day necessities, and purchase smaller amounts on each trip. This reflects longstanding consumer tastes in Japan for eating fresh or convenience foods prepared daily and storing less at home. Moreover, Japan is undergoing unprecedented demographic changes that, we believe, are influencing the nature of local retail markets. In particular, the aging of the Japanese population and the increased concentration of populations in urban areas has resulted in shrinkage of retail trade areas for shopping centers. We have also observed an increase in market share of specialty stores as consumer tastes change. Accordingly, we believe that our selective investments in local shopping centers for daily needs with specialty stores or supermarkets as their main tenants give us the ability to enliven local communities and to enhance social infrastructure by becoming essential parts of the daily lifestyle of local area customers, driving high-frequency traffic from concentrations of residents in the local retail trade area.
With strong support from our Sponsor, Kenedix, Inc. and our Alliance Companies, we dedicate ourselves to the growth of our portfolio and the maximization of unitholder value.
We respectfully look forward to your continued support.

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