Kenedix Retail REIT Corporation

Securities Code:3453

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Financial Strategy

Financial Strategy

We seek to adopt a flexible financing strategy to achieve stable medium- to long-term cash flow streams and solid growth of assets under management, and to ensure stable operations.
Equity finance We intend to strategically use equity finance from time to time by issuing new units to raise equity while giving consideration to factors such as our LTV ratio (Note), the timing for additional asset acquisitions and potential dilution to existing unitholders
Debt finance We seek to build strong relationships with major domestic banks, and intend to secure stable and efficient borrowings, taking into careful consideration our balance of short-term and long-term, fixed and floating rate borrowings, as well as the diversification of maturities
LTV ratio We have set an upper limit of 60% as a general rule for the LTV ratio in order to operate with a stable financial condition
(Note) LTV ratio = (Loans payable + Investment corporation bonds) / Total assets

■Tenant leasehold and security deposits

We seek to effectively utilize tenant deposits as a source of financing.

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