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Kenedix Residential offers revised forecast

Japan's Kenedix Residential Next Investment Corp. revised its forecast for the fiscal period ending July 31.

The multifamily-focused real estate investment trust expects its net income, operating income and operating revenues to be about ¥5.48 billion, ¥3.45 billion and ¥7.10 billion, respectively, from previously expected ranges of ¥4.80 billion, ¥2.94 billion, and ¥6.59 billion, respectively.

The company also revised its expected distribution for the period to ¥4,026 per unit from ¥3,570 per unit.

Kenedix attributed the forecast revision to a ¥435 million gain from the recent sale of KDX Shimmachi Residence, of which it will direct ¥300 million to unit holders as distribution for the fiscal period ending July 31.

As of June 13, US$1 was equivalent to ¥110.40.