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Kenedix Residential completes merger with Japan Senior Living, changes name

Kenedix Residential Investment Corp. completed its merger with Japan Senior Living Investment Corp., a healthcare real estate investment trust.

Kenedix Residential Investment, the surviving entity after the merger, also changed its name to Kenedix Residential Next Investment Corp., effective March 1.

The absorption-type merger agreement was signed in November 2017.

The residential-focused REIT's asset base will extend to healthcare with the acquisition.

Kenedix Residential Next has calculated negative goodwill totaling roughly ¥2.41 billion from the merger, although the company noted that the amount may change. Negative goodwill is noted on a buyer's financial statements when it pays a lower price than the fair value of the net tangible assets of the acquired company.

Kenedix Residential Next expects to disclose the anticipated impact of the acquisition on its future management performance in the results of its 12th fiscal period, scheduled to be announced March 14.

As of March 1, US$1 was equivalent to ¥106.93.