As of January 20, 2022

Daiwa Office Investment Corporation
Earnings Announcement for the 32nd Fiscal Period(Fiscal Period Ended November 2021)

Securities Code: 8976

MEMOThis document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

1

Contents

Section 3External Growth
Topics of the Fiscal Period Ended November 2021 (32nd FP)

4

Section 1
Fiscal Period Ended November 2021 (32nd Fiscal
Period) Performance Highlights and Forecasts

Newly Acquired Properties in the Fiscal Period
Ended November 2021

22

Property Replacement in the Fiscal Period ending May 2022

23

Development Project Efforts and Progress

24

Efforts to Improve Portfolio Quality

25

Acquisition/Sale Policy and Status of Deliberation
for Property Acquisitions

26
27

Highlights of the Fiscal Period Ended November 2021 (32nd FP)

7

Change in Asset Size and Acquisition Performance

Highlights of Forecasts for the Fiscal Periods Ending May 2022
and November 2022 (33rd and 34th FP)

8

Section 4

Change in Dividends per Unit and Policy for utilizing Internal
Reserves

9

Change in Dividends over the past 10 years

10

Section 2

Financial Strategy
Status of Interest-Bearing Liabilities

29

Unitholders as of the End of November 2021

32

Section 5

Internal Growth
Leasing Market of Tokyo Office Buildings

12

Analysis of Leasing Business

13

Portfolio Map: Increase and Decrease in Unit Contract Rent
Compared with Previous Fiscal Period

17Internal Growth Strategies

18

Occupancy Status of Properties Subject to Leasing Improvementin the Fiscal Period Ended November 2021 (32nd FP)
19
Properties Subject to Leasing Improvement in the Fiscal PeriodEnding May 2022 (33rd FP)

20

Efforts on ESG
Environment

35

Social36

Governance

37

Daiwa Securities Group’s Efforts to Achieve SDGs

38

Appendix

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

2Disclaimer

This material is solely for the purpose of providing information and is not intended to offer or solicit investment nor
function as a recommendation to purchase or sell any specific product. Please refer any inquiries on potential
purchases of the investment units of Daiwa Office Investment Corporation to a securities dealer.
This document is not intended to provide information to meet the requirements of Japan’s Financial Instruments
and Exchange Act or Act on Investment Trusts and Investment Corporations, or any associated cabinet orders,cabinet office ordinances, rules, or any rules governing companies listed on the Tokyo Stock Exchange, or any
other applicable rules, nor is it a disclosure document or statement of financial performance prepared inaccordance with the provisions of any of the foregoing.
This document contains forward-looking statements. However, these forward-looking statements are based on
certain assumptions and judgments made using currently available information, and there are a number of
unknown risks and uncertainties. These forward-looking statements are not a guarantee of future performance ormanagement results of Daiwa Office Investment Corporation, and actual results may materially differ from any
explicit or implicit forecasts contained herein.
Although the information contained in this document is the best available at the time of publication, no assurances
can be given regarding the accuracy and certainty of this information. The content of this document may be
modified or withdrawn without prior notice.
Reproduction or use of the contents included in this document without
prior approval is prohibited.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

3

Topics of the Fiscal Period Ended November 2021 (32nd FP)
Matters relating to internal growth
Occupancy rate as of the end of the 32nd FP was 97.8% (End of the 31st FP: 97.5%)
 Monthly rent increase/decrease rate due to contract renewal was +7.1%
 Monthly rent increase/decrease rate due to tenant replacement was +2.4%.
 Actual dividends for the 32nd FP was 14,000 yen (Unchanged from previous period).
Percentage of rent increase
upon contract renewal

6.5%

Rent increase/decrease rate
upon contract renewal+7.1 %For details,
please refer to page 15

Rent increase/decrease rate
upon tenant replacement+2.4%

For details,
please refer to page 16

Growth rate of dividend
resource (annualized)

0.6%

For details,
please refer to page 14

Matters relating to external growth
Acquired Kandabashi PR-EX (acquisition price: 1,970 million yen, acquisition date: September 29, 2021)
 Acquired Kandasudacho 2-Chome Development Site (land) (acquisition price: 10,600 million yen) of thedevelopment project, transferred Daiwa Minami-Aoyama (transfer price: 4,990 million yen) and Daiwa Kojimachi
4-chome (transfer price: 3,200 million yen) for replacement of properties (delivery date :December 16, 2021).


For details,
please refer to page 22

For details, please referto page 23 and 24

Financial information, matters relating to ESG
LTV: 41.9% (end of the 32nd FP)
 Established committed line of credit for a revolving credit limit of 3 billion yen with Daiwa Next Bank, Ltd. on January 31, 2022
 ESG: Earned 4 Stars in GRESB 2021; Expressed support for the TCFD recommendations and joined the TCFD Consortium
Issued Sustainability Report and renewed the website (revamped the ESG page)This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

4

MEMO

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

5Section 1
Fiscal Period Ended November 2021 (32nd Fiscal Period)
Performance Highlights and Forecasts

Highlights of the Fiscal Period Ended November 2021 (32nd FP)
Results of the 32nd Fiscal Period
31st Fiscal Period(ended May 2021)

32nd Fiscal Period(ended Nov. 2021)

FactorDifference

Increase

Operating Revenue

15,054 million yen

13,882 million yen-1,172 million yen

Operating Expenses

6,917 million yen

6,531 million yen-385 million yen

Operation Income

8,137 million yen

7,351 million yen-786 million yen

592 million yen

567 million yen-24 million yen-750 million yen

Non-Operating Expense

7,549 million yen

6,799 million yen(Note 1)

14,000 yen

14,000 yen- yen(Reversal of reserve) (Note 1)( - y en)(102 y en)(+102 y en)

752,347 yen

761,953 yen+9,606 yen

Period End Occupancy Rate

97.5%

97.8%

+0.3%

Period Average Occupancy Rate

97.7%

97.0%

-0.7%

4.7%

4.7%

-

Net Income
Dividend per Unit

NAV per Unit (Note 1)(Note 2)NOI Yield (annualized)(Note 3)(Note 1) Dividends per unit for the 31st FP is calculated by dividing the amount obtained by subtracting provision for reserve
for reduction entry (716 million yen) from unappropriated retained earnings by the total number of investment units
issued and outstanding. Dividends per unit for the 32nd FP includes the amount obtained by dividing part (reserve
for reduction entry of 33 million yen and corresponding deferred tax liabilities of 15 million yen amounting to a totalof 49 million yen) of the amount retained as internal reserves by the total number of investment units issued andoutstanding. Dividends per unit before the reversal is 13,898 yen. The same applies in the table below.

(Reference) Comparison of Forecasts with Results of 32nd Fiscal Period
32nd Fiscal Period
Forecast(announced Jul. 2021)

32nd Fiscal Period(ended Nov. 2021)

Difference

13,851 million yen

13,882 million yen+ 30 million yen

Operating Expense

6,543 million yen

6,531 million yen- 12 million yen

Net Incom e

6,735 million yen

6,799 million yen+ 63 million yen

14,000 yen

14,000 yen- yen(Reversal of reserve) (Note 6)(200 y en)(102 y en)(- 98 y en)

Occupancy Rate

96.8%

97.8%

+1.0%

Dividend per Unit

(Note 6)(Note 6) Dividends per unit (forcast) for the 32nd FP announced on July 2021 is calculated by dividing the amountobtained by adding reversal of reserve for reduction entry (97 million yen) to unappropriated retained
earnings by the total number of investment units issued and outstanding. Dividends per unit before thereversal is 13,800 yen.

 Utilities revenue

 Revenue (rents and common area fees) from property acquired during FP(1 property)

 Gain on sale of property sold in the previous FP (1 property)

Decrease Revenue (rents and common area fees) from 59 existing properties (Note 5) Other Operating Revenue

 Revenue (rents and common area fees) from property sold in the previous FP(1 property)

Increase
Decrease+84 million yen+12 million yen-1,026 million yen-121 million yen-104 million yen-10 million yen Utilities charges+95 million yen Repair cost-417 million yen-35 million yen

 Asset management fee(Note 2) NAV per unit = (Unitholders’ capital +Total appraisal value at the end of fiscal period − Total property book value at theend of fiscal period) / Number of investment units issued and outstanding.*(Note 3) Period average occupancy rate is calculated based on end-of-month occupancy during each fiscal period.
(Note 4) NOI Yield (annualized) is calculated based on book value. NOI is annualized based on properties owned at the end of
the fiscal period (Excluding Development sites).
(Note 5) 59 existing properties are the 60 properties as of the end of the 32nd FP less 1 property acquired in the 32nd FP

FactorIncrease

Operating Revenue

Item

Item
 Revenue (rents and common area fees) from 59 existing properties (Note 7)

 Revenue (rents and common area fees) from property acquired during FP(1 property)

Decrease

Increase
Decrease Utilities revenue

 Outsourcing expenses+21 million yen+12 million yen-7 million yen Other commission paid

 Asset Management fees

+11 million yen+4 million yen+4 million yen Utilities charges-31 million yen(Note 7) 59 existing properties are the 60 properties as of the end of the 32nd FP less 1 property acquired in the 32nd FP .

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

7

Highlights of Forecasts for the Fiscal Periods Ending May 2022 andNovember 2022 (33rd and 34th FP)
33rd Fiscal Period (Forecast)
33rd FP Forecast
Ending May 2022

Difference from32nd FP

14,440 million yen

Operating Revenue

FactorIncrease+558 million yen

6,463 million yen-68 million yen

Operation Income

7,977 million yen+626 million yen

566 million yen-1 million yen

7,410 million yen+611 million yen

Dividend per Unit (Note 1)

14,000 yen- yen(Note 1)( - y en)(-102 y en)

97.7%

-0.1%

97.7%

+0.7%

4.7%

-

Net Income(Reversal of reserve)

Period End Occupancy Rate
Period Average Occupancy Rate

(Note 2)NOI Yield (annualized) (Note 3)

Difference from33rd FP

Operating Revenue

13,818 million yen-622 million yen

Operating Expense

6,607 million yen+144 million yen

Operation Income

7,210 million yen-767 million yen

570 million yen+4 million yen

6,638 million yen-772 million yen

Dividend per Unit (Note 1)

14,000 yen- yen(Reversal of reserve) (Note 1)(400 y en )(+400 y en)

Period End Occupancy Rate (Note 2)

97.1%

-0.6%

Period Average Occupancy Rate (Note 2,3)

97.3%

-0.4%

NOI Yield (annualized) (Note 4)

4.6%

-0.1%

Non-Operating Expense
Net Income

Decrease+19 million yen

 Revenue (rents and common area fees) from property sold during FP (2 properties)-185 million yen Utilities revenue

 Revenue (rents and common area fees) from 57 existing properties (Note 4)
 Other Operating Revenue

Increase Repair cost

 Tax and public due (general and administrative expenses)
 Utilities charges

Decrease+906 million yen Full contribution of revenue (rents and common area fees) from 2 properties Outsourcing expenses-86 million yen-53 million yen-30 million yen+26 million yen+23 million yen+15 million yen-99 million yen-23 million yen Depreciation(Note 1) Dividends per unit for the 33rd FP is calculated by dividing the amount obtained by subtracting provision for reserve for
reduction entry (577 million yen) from unappropriated retained earnings by the total number of investment units issued
and outstanding. Moreover, provision for reserve for reduction entry may change depending on the operational status.
(Note 2) Expected period average occupancy rate is calculated based on end-of-month occupancy during each fiscal period.
(Note 3) Expected NOI Yield (annualized) is calculated by taking into account the properties based on the book value for the
32nd FP. Excluding 2 properties sold in 32nd FP and development sites.
(Note 4) 57 existing properties are the 60 properties as of the end of the 32nd FP less 1 property acquired in the 32nd FP and 2
properties sold in the 33rd FP.

34th Fiscal Period (Forecast)
34th FP Forecast
Ending Nov 2022

 Gain on sale of property sold during FP (2 properties)

acquired in the previous FP

Operating Expense

Non-Operating Expense

Item(Note 1) Dividends per unit for the 32nd FP is calculated by dividing the amount obtained by adding reversal of reserve
for reduction entry (195 million yen) to unappropriated retained earnings by the total number of investment
units issued and outstanding. Dividends per unit before the reversal is 13,600 yen. Moreover, reversal ofreserve for reduction entry may change depending on the operational status.

FactorIncrease
Decrease

Item
 Revenue (rents and common area fees) from 58 existing properties (Note 5)+167 million yen+130 million yen

 Gain on sale of property sold in the previous FP (2 properties)-906 million yen-16 million yen Utilities revenue

 Revenue (rents and common area fees) from property sold in the previous FP(2 properties)

Increase Utilities charges

 Tax and public due (rent-business related expenses)
 Outsourcing expenses

Decrease Repair cost

 Tax and public due (general and administrative expenses)+150 million yen+28 million yen+15 million yen-29 million yen-20 million yen(Note 2) Period End Occupancy Rate excluding the impact of Nihonbashi Bakurocho 1-Chome Development Project (Name ofproperty: Daiwa Nihonbashi Bakurocho) is 98.1%, Period Average Occupancy Rate is 97.5%.
(Note 3) Expected period average occupancy rate is calculated based on end-of-month occupancy during each fiscal period.
(Note 4) Expected NOI Yield (annualized) is calculated by taking into account the properties based on the book value for the
32nd FP. Excluding 2 properties sold in 33rd FP and adding construction costs for development projects.
(Note 5) 58 existing properties are the 60 properties as of the end of the 32nd FP less 2 properties sold in the 33rd FP.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

8

Change in Dividends per Unit and Policy for utilizing Internal Reserves
Change in Dividends per unit（yen

Reversal per unit
Deferred tax liabilities per unit
Subtracting provision for reserve for reduction entry per unit
Dividend from gain on sale of property

16,00015,000Gain on sale683

14,000667

Gain on sale
1,856

Gain on sale
1,468
2,104

Reversal
102

32

635

16
13,000

Forecast

Actual dividends
13,595

Actual dividends
13,817

Actual dividends
14,00070
Actual dividends
14,00029th FP

30th FP

31st FP

32nd FP

12,000

Dividends
14,000Reversal

1,182

400

674

Forecast dividends Forecast dividends
14,00014,00033rd FP

34th FP

Change in Internal Reserves（million yen）
3,000
Subtracting provision for reserve for reduction entry
2,000
1,000
0
（Reference）
Internal Reserves
per unit

Reserve from gain on saleof Daiwa Kyobashi
1,830
Reserve from gain on saleof Daiwa Shimbashi 510

Reserve from gain on saleof Daiwa Minami-Aoyama andDaiwa Kojimachi 4-chome

Reversal▲49

Expected
2,358

1,781

577

Reversal
▲195

2,163

785

1,114
328

716

29th FP

30th FP

31st FP

32nd FP

33rd FP

34th FP

1,597yen

2,265yen

3,751yen

3,649yen

4,832yen

4,432yen<Policy for utilizing internal reserves>The amount of internal reserves at the end of the 34th FP (expected) is approximately 2.1 billion yen (dividends per unit: 4,432 yen)
The policy is to strategically reverse internal reserves to cover the temporary revenue decrease, etc. (those that are expected toThis document
is not material disclosed
recover in the near future) due to property
replacements,
etc. in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

9Change in Dividends over the Past Decade
Change in Dividends per Unit (forecast/actual)

Maintaining stable dividends after dividends increase for the 21st consecutive year

(yen)

(yen)

5,500

6,250

7,200

7,540

7,820

8,700

9,350

9,850

10,55010,70010,77011,00011,85012,30013,00013,40013,70013,90014,00014,000

5,350

5,500

6,550

7,300

7,570

8,328

9,000

9,750

9,900

10,56010,71010,80011,40012,00012,40013,20013,70013,70013,90014,000 14,000

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

10Section 2
Internal Growth

Leasing Market of Tokyo Office Buildings
Leasing Market of Tokyo Office Buildings

Trend of Office Rent and Vacancy Rate of
5 Central Wards of Tokyo(Yen/Tsubo)

Rent and Vacancy Rate of Large-Scale Office Buildings (Note 1)of 5 Central Wards of Tokyo

Rent(Yen/Tsubo)
35,000Feb. 2008(Rent)

20,514 yen
33,000Jun. 2020

6.25%(Vacancy rate)

Dec. 2020

31,000Jun. 2019
Rental Market Clock(conceptual chart)

29,000Jun. 2018
Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan.
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Dec. 2017

27,000Jun. 2017 Dec. 2021
Jun. 2010

Data: Miki Shoji

Office Building Market Medium-Term Forecast

Jan. 2004

25,000Predicted figures(Tsubo)(Note 1)

23,0000%

Rent(Yen/Tsubo)

1%

Jun. 2018
New supply (Grade A, etc.)

New supply (Other)
Vacancy rate

2%

3%

4%

5%

6%

7%

8%

Average Rent and Vacancy Rate of Entire Office Buildings (Note 2)of 5 Central Wards of Tokyo
Jun. 2020

Floor area of new demands

Jul. 2012

Dec. 2011

Dec. 2020 Jun. 2021

Dec 2021

Sep. 2008
Sep. 2007
Dec. 2017

Jun. 2016

2002
2004
2006
2008
2010
2012
2014
2016
2000
2022
2024
2018
2020
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023 2025

Jan. 2004

Jul. 2012
Vacancy rate

Data: Sanko Estate, compiled by Daiwa Real Estate Asset Management

Data: CBRE “Office market medium term forecast 2021-2025(Note 1) Large-scale office buildings: A floor area of 200 tsubos or more.

(Note 1) Predicted figures as of June 2021
(Note 2) No information on the breakdown of new supply is available in or before 2004 (only the total amount is available).

(Note 2) Entire office buildings: Ranging from large-scale buildings to small-scale buildings (less than 20 tsubos).

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

12Analysis of Leasing Business (1)― Change in Occupancy Rate and Ratio of Area Attributable to New Leases/Cancellations as a
Percentage of Total Leasable Area ―Change in New Leases and Cancellations and Their Reasons (Note)

Occupancy Rate as of the End of Each Period
(%)
100.0
97.2
95.0

90.0

95.0

96.3 96.4

98.3
97.3

97.7

98.7

97.7

98.2

(Cases)99.5

99.0 98.9

99.1 98.9
97.1

97.5 97.8 97.7 (Note)
97.1
96.8 97.1

Occupancy Rate (Actual)
Expected Occupancy Rate
Expected Occupancy Rate (as of disclosure in Jul. 2021)

85.0
15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP(Note) Period End Occupancy Rate excluding the impact of Nihonbashi Bakurocho 1-Chome Development
Project (Name of property: Daiwa Nihonbashi Bakurocho) is 98.1%.

Ratio of Area Attributable to New Leases/Cancellations
as a Percentage of Total Leasable Area (Note)

15th
FP

15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP(Note) Change in ratio of area attributable new leases/cancellations as a percentage of total leasable area.

16th
FP

17th
FP

18th
FP

19th
FP

20th
FP

21st
FP

22nd
FP

23rd
FP

Space
Consolidation
Space
Expansion

24th
FP

25th
FP

27th
FP

29th
FP

30th
FP

31st
FP

32nd
FP

Cost
Reduction

New Leases

0

22

0

2

2

5

31

Cancellations

4

2

6

14

1

4

31

Previous numberof leases

11

22

Previous numberof leases

BetterLocation

28th
FP

32nd Period

Previous numberof leases

Space
Reduction

26th
FP

Other

Total

15

(Note) Excluding new leases and cancellations by residence and warehouse tenants.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

13

Analysis of Leasing Business (2)― Improvement in Basic Strength ―For the 32nd FP, the amount of change in monthly rent turned to increase due to tenant replacement, but still at low
levels even when combined with the increase in monthly rent due to contract renewal
 Increase in rent revenue due to improved basic strength leads almost directly to an increase in dividend resourceMonthly Rent Increase Due to Contract Renewal/Tenant Replacement(Thousand Yen/Month)
40,00035,000Contract Renewal

30,000Tenant Replacement
6,680 21,804 21,309

20,00014,376 14,246

15,0005,000
0(5,000)28,22525,52825,00010,00037,565

9,020
3,157

6,438

5,862

7,938

19th FP

20th FP766

13,47921st FP

7,432

12,747
3,988

18,8478,759
22nd FP

23rd FP

14,371
24th FP32,29518,441

27,0209,137

11,134

14,686

19,123

8,787
25th FP

19,498

6,663

12,521
19,087

21,84921,161
12,334

15,185

7,292

3,381 3,613
4,369
(988)

2,046
1,566

26th FP

27th FP

28th FP

29th FP

30th FP

31st FP

32nd FP

Increase Rate of Dividend Resource Due to Improved Basic Strength

12,204
Simpleaverage forthe 19th
FP onward

19th FP

20th FP

21st FP

22nd FP

23rd FP

24th FP

25th FP

26th FP

27th FP

28th FP

29th FP

30th FP

31st FP

32nd FP

Simpleaverage forthe 19th FP
onwardGrowth rate of revenue 6 m onths(rents and common
area fees)
Annualized(Note 1)

0.7%

1.0%

0.8%

0.7%

1.4%

1.2%

1.2%

1.5%

1.9%

1.3%

1.6%

1.0%

0.2%

0.2%

1.1%

1.3%

2.0%

1.7%

1.5%

2.8%

2.4%

2.3%

3.0%

3.9%

2.6%

3.1%

2.0%

0.3%

0.3%

2.2%

6 m onths

1.5%

2.1%

1.8%

1.5%

2.9%

2.4%

2.3%

2.9%

3.8%

2.6%

3.0%

2.0%

0.3%

0.3%

2.2%

Annualized

3.0%

4.3%

3.6%

2.9%

5.8%

4.9%

4.7%

5.8%

7.6%

5.1%

6.0%

3.9%

0.6%

0.6%

4.5%

Growth rate ofdividend resource(Note 2)

(Note 1) Obtained by dividing the amount of rent increase (increased amount of monthly rent x 6 months) due to the improved basic strength in each fiscal period by rent revenue (rents and common area fees) in the previous fiscal period.
(Note 2) Obtained by dividing the amount of rent increase (increased amount of monthly rent x 6 months) due to the improved basic strength in each fiscal period by net income in the previous fiscal period.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

14Analysis of Leasing Business (3)― Changes in Rent Increase/Decrease Rate of Contract Renewal Tenants ―32nd Fiscal Period Contract Renewal Tenants*Ratio of area for which contracts were renewed in the 32nd FP (through November 2021) to the total leased
area (351,500.46 m²) as of end of May 2021.
Cancellation from Non Contract Renewal Area,
2.2%
Contract Renewal
Area, 17.1%

Change in Rent Increase/Decrease Rate of Contract Renewal Tenants(sections)
(%)
20.0

Non Contract Renewal Area (Excluding cancellation),
80.7%

10.0
32nd FP 6.5
31th FP
14.8
30th FP
32.7
29th FP
53.5
28th FP
53.4*2
27th FP 0.7
57.4
26th FP*1
45.8
3.2
25th FP
43.8
24th FP
51.7
23rd FP
48.8
22nd FP
42.6
21st FP 0.2
49.0
20th FP
37.5
0%

20%

Decrease

86.5

83.5

6.8
1.5
3.3
2.3
8.1
7.7
4.2
2.9
7.8
6.6
3.9
0.7
1.4

63.9

44.1
38.4
34.0
49.9
49.9
40.4
44.4
53.4
50.1
61.1

40%

Increase

Realized upward rent revisions for
16 consecutive periods

60%

80%

Unchanged

0.0
-10.0

9.0

9.0
0.0

7.3

6.1

8.1

7.2

6.1

8.1

7.8

0.0

0.0

-5.1

9.9
0.0

-21.2

7.0
-12.3

20.0

17.1

23.3

21.1
15.4

34th FP

0.0

7.1

6.1

7.1

0.0

0.0

Properties with rent increase

10% or more but
less than 15%

Increase rateof monthly rent

19.1

39%

 LAQUAS Higashi Shinjuku
 CONCURRED Yokohama Nihonbashi Central Square

7.1 %(Previous FP: 6.1%)

61%

33rd FP

0.0

0.0

6.1

 Daiwa Shibadaimon

2% or more but
less than 5%

32nd FP

10.6

 Daiwa Sasazuka Tower

10.0
0.0

7.3

9.6

(Breakdown of upward revision magnitude for monthly rents in the 32nd FP) (Note)

Forecasts

30.0

9.6

Rent Increase Rate Upon Contract Renewal

Ratio of Contract Renewal Areas (based on leased area)
(%)

10.6

7.3

20th FP 21st FP 22nd FP 23rd FP 24th FP 25th FP 26th FP 27th FP 28th FP 29th FP 30th FP 31st FP 32nd FP

100%*2 The decrease in the 27th FP was due to an agreement on decrease reached by the previous owner.

4.2

7.2

(Note) The above indicates rent increase/decrease rate to pre-renewal rents for lease contracts which reached renewed
agreements during each FP.
Rent increase/decrease rate is calculated based on net amount for increased/decreased rents.

Cancellation*1 The decrease in the 25th FP was due to some tenants’ switching from sublease to master lease agreements.

9.9

6.6

Increase rate
Decrease rate
Rent increase/decrease rate

-20.0
-30.0

0.0

7.8

35th FP

36th FP(Note) Ratio of area scheduled for contract renewal in each period to the total leased area (353,924.79 m2)
as of end of November 2021.

Increased amount of monthly rent
1,566 thousand yen/month(Note) Percentage figures are based on total monthly rent.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

15

Analysis of Leasing Business (4)― Status of Contract Rent ―Total Monthly Rent and Increase/Decrease
Rate Due to Tenant Replacement

Average Monthly Contract Rent and Unit Rent Index(Yen/Tsubo)

30,00027,00024,000

91.09
91.09

20,47020,47018,000▲1.3 %

31st FP

29th FP

28th FP

27th FP

26th FP

25th FP

24th FP

23rd FP

21st FP

22nd FP

20th FP

19th FP

18th FP

17th FP

16th FP

15th FP

14th FP

80.00
70.00
60.00

40.00

(Note 2) Unit rent index is the earning rates of unit rent of individual properties indexed with the figure at the end of the 7th FP as 100.

Increase/Decrease in Monthly Contract Rent (Note)
Compared with the End of the Previous Fiscal Period(Million Yen)

Increase by
New Leases
Increase byRent Revisions

Monthly rent increase / decrease rate
for office sections alone was ＋0.5％
retail tenant section was -22.8%)

Properties with Rent Increase

90.00(Note 1) Average contract rent is the average of monthly contract rent from tenants at the end of each fiscal period.

2.4%(Note) Comparison of monthly rent due totenant replacement for the sameleasing area.
Ratio is based on total monthly rent.

13th FP

46,55739,89312th FP

51,02739,89311th FP

12,00016.7%

100.0050.00

Unit rent index (period-on-period comparison, right axis) (Note 2)

9th FP

75,251
76,23910th FP

78,60963,923

Average Contract Rent (Note 1)

15,0008th FP

98,24679,80489,08487,037

20,473
20,473

20,30721,00023.0%

30th FP

27.9%
23.1%

91.26
91.26

90.90
90.90

32nd FP(Total Monthly Rent,
Thousand Yen)

110.00Decrease by
Tenants’ Cancellations

Properties with Rent Decrease Shinjuku Maynds Tower

 E SPACE TOWER

 Daiwa Akasaka Daiwa Shibuya Square Daiwa River Gate, etc.

 CONCURRED Yokohama, etc.

Decreased amount of monthly rent
2,046 thousand yen/month

End of 31st FP
Monthly Contract Rent

Increase by
Property Acquisition

Decrease by
Property Sale

End of 32nd FP
Monthly Contract Rent

(Note) Monthly Contact Rent is a total of final rent from contracting tenants at the end of the fiscal period.
Monthly contract rent for Shinjuku Maynds Tower has been adjusted to 3/7 and monthly contract rent for CONCURRED
Yokohama has been adjusted to 75/100.
Monthly contract rent for Nihonbashi Central Square has been adjusted to 60.99% based on agreements, etc. among
the compartmentalized owners.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

16

Portfolio Map: Increase and Decrease in Unit Contract Rent Compared With
Previous Fiscal Period
Greater Tokyo

Five Central Wards of Tokyo
Comparison with Previous Fiscal Period
Increase and Decrease of Unit Contract Rent (Note 1)
Unit rent increase: 14 contracts

ToshimaWard

The number in ● indicates increase for the consecutive period
2 indicates increase for the second consecutive periods)(Ex: ●

Daiwa Ogikubo Tower 2
Daiwa Ogikubo 8

Daiwa Meguro Square

Unit rent maintained: 39 contracts
Kandasudacho 1-Chome
Daiwa Sarugakucho Development Site
Daiwa Kandasudacho
Daiwa Misakicho
Daiwa Kanda East
Daiwa Jinbocho 3-chome
Daiwa Nishi-Shinjuku
Nihonbashi Bakurocho
ChiyodaWard
Daiwa Kanda
Mikurachoshinyon curumu
1-Chome Development Site
Shinjuku Maynds Tower 12
Daiwa Nihonbashi Hongokucho
Daiwa Kodenmacho Daiwa Higashi-Nihonbashi
Daiwa Kojimachi
Kandabashi PR-RX
Daiwa Nihonbashi Horidomecho
4-chome3 Nihonbashi Central Square
Shibuya Ward
Chuo WardKirin Nihonbashi Building Koto Ward
Daiwa Kayabacho Building
5 Daiwa River Gate
Daiwa Jingumae Daiwa Akasaka
Daiwa Sasazuka Tower
Daiwa Hatchobori ekimae
Daiwa Sasazuka
Daiwa Hatchobori ekimae West
Daiwa Ginza Annex
Daiwa Aoyama
Daiwa Ginza
Daiwa Tsukijiekimae
Daiwa Minami Aoyama
Daiwa Tsukiji
Daiwa
Shibuya Miyamasuzaka
Daiwa SHIBUYA EDGE
Daiwa Nishi-Shimbashi
Daiwa Tsukishima
E SPACE TOWER
Daiwa Harumi
Shinsen Place
Daiwa A Hamamatsucho
Daiwa Shibuya Square
2 Daiwa Azabudai
2 Daiwa Shibadaimon
Daiwa Daikanyama

Shinjuku Ward

Daiwa Shinjuku West

Daiwa Ebisu 4-chome

Tokyo

Minato Ward

Daiwa Mita 2-Chome
Daiwa Azabu Terrace

Daiwa
Shinagawa North
Daiwa
Shinagawa Gotenyama

Unit rent decrease: 5 contracts

LAQUAS
Higashi Shinjuku

Daiwa Higashi-Ikebukuro
Daiwa Nakano-Sakaue

CONCURRED Yokohama 7

Daiwa Kamiooka

Daiwa Shibaura

Daiwa Kitahama

Major Regional Cities

Shinagawa
Ward(Note 1) Unit contract rent of each property is the average unit rent of the entire office section of its standard floor (2F or above) (includes sections other thanthose targeted for replacement and renewal).

As of November 30, 2021

(Note 2) Development sites and properties acquired in the 32nd FP are plotted with ●.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

17Internal Growth Strategy
Continuous Internal Growth and Maximization of Asset Value
Through “Bonji-Tettei”

DOI Investment Management Department
DOI Management Team (9 members)
Aims at maximizing asset value by means of specialist groups headed by personnel assigned to each property
in the Investment Corporation’s portfolio.

(15 years, 6 months)(19 years, 9 months)(7 years, 11 months)(15 years, 9 months)(15 years, 7 months)

 Accurate understanding of the leasing market

Grasp ofpresent
situation

 Grasping of needs and trends of occupying

tenants through regular visits In-depth understanding of property features(7 years, 9 months)

 Information gathering from brokers

Activities forinternal growth Implementing tenant satisfaction surveys

and proposing improvement measures Periodical property examination(15 years, 11 months)(3 years, 2 months)(5 years, 3 months)

Construction Management Team (9 members)
Engineering: Formulation and implementation of construction planning for assets.

 Maintenance of a stable occupancy rate bypromptly filling vacancies

Realization ofinternal growth Realization of stable management throughsolid relationship with tenants
 Securement of revenue based on wellplanned medium- to long-term management(15 years, 6 months)(20 years, 10 months)(15 years, 10 months)

Aims to maximize asset value(15 years, 2 months)(6 years, 8 months)(6 years, 7 months)(8 years, 8 months)(6 years, 4 months)(1 year, 2 months)(Note) The number of years stated in the parenthesis is the number of years engaged in the relevant work (as of January 20, 2022)
and does not indicate the number of years employed at the asset management company.

Investment Planning Team (6 members)
Middle office work: Budget and performance management for the portfolio

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

18

Occupancy Status of Properties Subject to Leasing Improvement in
the Fiscal Period ended November 2021 (32nd FP)
Daiwa River Gate

Shinjuku Maynds Tower(Acquisition Price: 28,000 million yen)
Location
Number of
FloorsConstruction
Date
Occupancy
Rate

（％）

90.0
80.0
70.0
60.0
50.0

Nihonbashi Hakozakicho,
Chuo-ku, Tokyo

98.6

81.2

70.0
60.0

Expected occupancy rate as of July 2021

'21/5

（％）

'21/8 '21/11 '22/2'22/5

Yoyogi, Shibuya-ku,
Tokyo

Location
Number of
FloorsConstructionDate

B3/34F
September 1995

98.2

100.0
80.0

Expected occupancy rate

(Acquisition Price: 9,200 million yen)

99.6% (as of the end ofMay, 2021)
Occupancy ⇒ 98.0% (as of the endof Nov. 2021)
Rate⇒ 93.4% (expected asof the end of May 2022)

83.4% (as of the end ofMay, 2021)⇒ 92.6% (as of the endof Nov. 2021)⇒ 98.7% (expected asof the end of May 2022)

90.0

Occupancy rate

'20/11 '21/2

Number of
FloorsConstruction
Date

February 1994

83.4

96.4

Location

B2/20F

92.6

100.0

Daiwa Akasaka(Acquisition Price: 66,900 million yen)

50.0

99.6

100.0

98.0

Occupancy rate
Expected occupancy rate
Expected occupancy rate as of July 2021

'20/11 '21/2'21/5'21/8 '21/11 '22/2

93.4
87.4

Occupancy
Rate

B2/7F
September 1990
96.7% (as of the end ofMay, 2021)⇒ 82.0% (as of the endof Nov. 2021)⇒ 76.1% (expected asof the end of May 2022)

（％）

100.0
90.0
80.0
70.0
60.0

'22/5

Akasaka,Minato-ku,
Tokyo

50.0

96.7

100.0

82.0

76.1

Occupancy rate
Expected occupancy rate 70.9
Expected occupancy rate as of July 2021

'20/11 '21/2'21/5'21/8 '21/11 '22/2

'22/5



Appealed to the market that it is relatively low priced in comparison withbuildings in central areas despite access to central Tokyo being excellent
and it being a large building with a comprehensively high standard offacilities, successfully leading to refilling approximately 2,000 tsubos inapproximately 6 months.

Promoted that it is able to work with various floor space needs such as
consolidation, expansion and reduction as the advertised space is ofmultiple floors, including connected floors, and also appealed to themarket anew its scarcity being a large building directly connected to
Shinjuku Station, successfully leading to refilling several floors.

Promoted that it is a property able to work with various floor space needs
such as consolidation, expansion and reduction as the advertised space isof various sections and sizes.
Expecting relocation needs from appealing to the market the convenienceof access being accessible from 3 stations serving 4 lines.



Beautified common areas such as elevator halls and wet areas toenhance its competitiveness to surrounding properties.







The occupancy rate at the end of November 2021 expected as of July
2021 was 81.2%. In contrast, the occupancy rate at the end of November
2021 was actually 92.6%. With progress in refilling vacancies continuing
thereafter, the occupancy rate at the end of May 2022 is expected to be
98.6%.

The occupancy rate at the end of May 2022 expected as of July 2021 was
87.4%. In contrast, made progress with the occupancy rate at the end of
May 2022 expected as of January 2022 at 92.8%. Of the advertised spaceof approximately 2,050 tsubos, successfully secured leasing for
approximately 1,000 tsubos.



Aiming for full occupancy by the end of November 2022 by keeping up
detailed communication with brokers, striving to grasp market conditions
in a timely manner, and setting unit rent and rent-free periods according to
the conditions at the time. It continues to be a property subject to leasing
improvement in the 33rd FP.

The occupancy rate at the end of November 2021 expected as of July
2021 was 70.9%. In contrast, the occupancy rate at the end of November
2021 was actually 82.0% as a result of successfully securing leasing as
furnished office space and other factors. It continues to be a property
subject to leasing improvement in the 33rd FP given that the occupancy
rate is expected to decrease again later due to the coming cancellation ofother sections (approximately 160 tsubos).

＜After＞＜Before＞【Renovated Elevator hall】＜1F Set-up Office＞【Entrance】【Meeting room】

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

19

Properties Subject to Leasing Improvementin the Fiscal Period Ending May 2022 (33rd FP)
Kandabashi PR-EX

Daiwa SHIBUYA EDGE

(Acquisition Price: 1,970 million yen)(Acquisition Price: 5,900 million yen)
 The property is located at 8-minutes

 The

Property is a 5-minute walk from
Otemachi Station on the Tokyo Metro
Marunouchi Line, Tozai Line, Chiyoda Line,
Hanzomon Line and the Toei Subway Mita
Line, a 6-minute walk from Ogawamachi
Station on the Toei Subway Shinjuku Line.

on foot from one of the largest
terminals within Tokyo, JR Shibuya
Station.
 Although the property is located in thearea where buildings for various
purposes such as large commercial
facilities are crowded, there are many
offices of broadcasting/ IT/gamerelated companies because major
broadcasters and IT companies are
nearby.

 The Property is located to the north of the

Otemachi area which offers excellent accessto various areas in central Tokyo as it is inclose proximity to central business districts.
For such a favorable location, the rent levelhas been maintained at a relatively
reasonable level, and thus demand from alltypes of tenants is anticipated.

Location

Udagawacho, Shibuya-ku, Tokyo

Location

Kanda Nishikicho, Chiyoda-ku, Tokyo

Land Area

527.65 m²

Land Area

190.17m²

Structure

RC

Structure

S

Number of
Floors

B1/9F

Number of
FloorsB1/10F

Use

Office, Shop, Parking

Use

Office, Apartment, Shop

Total Floor
Area

3,022.33 m²

Total Floor
Area

1,341.05m²

Occupancy
Rate

73.9% (as of the end of Nov. 2021)

Occupancy
Rate

100% (at acquisition as of Sep. 2021)⇒ 79.2% (as of the end of Nov. 2021)

Construction
Date

August 2006

Construction
Date

August 2009This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

20Section 3External Growth

Newly Acquired Properties in the Fiscal Period Ended November 2021
Kandabashi PR-EX Acquisition Price：1,970 million yen

Acquisition Date：September 29, 2021
Location• The Property is a 5-minute walk from Otemachi Station on the Tokyo Metro Marunouchi Line, Tozai
Line,Chiyoda Line, Hanzomon Line and the Toei Subway Mita Line, a 6-minute walk from Ogawamachi
Station on the Toei Subway Shinjuku Line, a 6-minute walk from Takebashi Station on the Tokyo Metro
Tozai Line and a 9-minute walk from Kanda Station on the JR Yamanote Line and Tokyo Metro Ginza
Line, making for excellent• The Kanda-Jimbocho/Kanda-Ogawamachi area where the Property stands is located to the north of the
Otemachi area where the headquarters of many leading firms, financial institutions and such are based
and offers excellent access to various areas in central Tokyo as it is in close proximity to central business
districts.For such a favorable location, the rent level has been maintained at a relatively reasonable level,
and thus demand from all types of tenants is anticipated.
Building Facilities• The Property has 10 floors above ground and 1 floor below with a gross floor area of 1,341.05 m2, and aleasable area of approximately 38 tsubos (≒125.62 m2) per floor is secured. The Property is equipped with
2,700 mm of typical floor ceiling height, OA floor, individual air-conditioning systems, etc. These are facility
standards comparable to recently constructed buildings. Furthermore, because the pillars are located on theperimeters of rental spaces, a flexible and efficient layout is possible and office needs from a variety ofbusiness types can be satisfied.
• Given the functionality and favorable location of the Property, it should perform competitively and contribute
regularly to the profitability of the Investment Corporation’s portfolio.

Location /Distance from
StationKanda Nishikicho, Chiyodaku, Tokyo /6-minute walk from
Otemachi Station

Appraisal Value(Note 1)

Construction
Date/Building
Age

August 2009 / 12.4 years*

Land Area

190.17㎡

Structure/Floor

S/B1/10F

Building Area

1,341.05㎡

Occupancy Rate

100.0％（upon acquisition）

Upon
Acquisition(Note 2)

Appraisal

NOI Yield

Occupancy
Rate

3.5％

100.0％NOI Yield

Occupancy
Rate

3.7％

96.0％

Number of
Tenants
Mid-term(Note 3)

Depreciation(Note 4)2,050 million yen

11（upon acquisition）
NOI Yield

Occupancy
Rate

3.9％

96.0％

0.6％

(Note 1) As of August 31,2021(Note 2) NOI yield at acquisition is calculated based on the leasing agreement for theproperty on the acquisition date by dividing the annual income with the assumption of
the occupancy rate being 100% by acquisition price in consideration of the taxes andother costs that may be incurred. The figures are rounded to the first decimal place.
The figure is not the forecast for the current fiscal period or the next fiscal period onward.
(Note 3) Midterm NOI yield is calculated based on the assumption that after the property
acquisition, the Investment Corporation will receive rent on an ongoing basis for the
medium term (with the assumption of the occupancy rate being 96.0%).
The estimated figures where the rental business expenses are deducted from the rental
revenue are divided by the acquisition price. The figures are rounded to the first decimal
place. The figure is not the forecast for the current fiscal period or the next fiscal period
onward.
(Note 4) The figure for depreciation is the total amount of the six-month depreciation conversion
price expected to accrue in the financial period of acquisition and the appropriate
expected depreciation charge for the next financial period (six-month period), which are
divided by the acquisition price. The figure is rounded to the first decimal place and is
not a forecast for the current fiscal period or the next fiscal period onward.
(*)
As of January 20,2022

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

22

Asset Replacement in the Fiscal Period Ending May 2022 (33rd FP)
Rejuvenate the age of the portfolio and seize opportunities to acquire new properties in good locations through mutual sales【Transfer】 Daiwa Minami-Aoyama【Transfer】 Daiwa Kojimachi 4-chome

Date of Transfer

December 16, 2021

Date of Transfer

December 16, 2021

Location/Distance from Station

Minami Aoyama, Minato-ku, Tokyo /5-minute walk from Gaienmae Station on Tokyo Metro Ginza
Line

Location/Distance from Station

Kojimachi, Chiyoda-ku, Tokyo /2-minute walk from Kojimachi Station on Tokyo Metro
Yurakucho Line

Transfer Price/Book Value

4,990 million yen /4,376 million yen (end of the fiscal period ended Nov. 2021）

Transfer Price/Book Value

3,200 million yen /2,808 million yen (end of the fiscal period ended Nov. 2021)

Appraisal Value

4,740million yen (end of the fiscal period ended Nov. 2021）

Appraisal Value

2,920 million yen (end of the fiscal period ended Nov. 2021）

Gain on Sale

Approx. 542 million yen (expected）（Note 1）

Gain on Sale

Approx.363million yen（expected）（Note1）

Land Area/Total Floor Area

963.12㎡ / 4,379.34㎡

Land Area/Total Floor Area

608.42㎡ / 3,942.61㎡

Structure/Floor

Steel-framed and steel-framed reinforced concrete structure,
5-story building with 2 basement floors

Structure/Floor

Steel-framed reinforced concrete structure 9-story building
with 2 basement floors

Construction Date

September 1990 (31-year old)

Construction Date

October 1987 (34-year old)

NOI Yield Based on Transfer Price

4.3%（Note 2）

NOI Yield Based on Transfer Price

3.9％（Note 2）

Replacement
Purpose and Results of Replacement[Acquisition] Kandasudacho 2-Chome Development Project
Acquisition Date of Land

December 16, 2021

Location/Distance from Station

Kanda Suda-cho, Chiyoda-ku, Tokyo /4-minute walk from Kanda Station on the JR
Yamanote Line and Tokyo Metro Ginza
Line,5-minute walk from Akihabara Station on
the JR Yamanote Line and Tokyo Metro
Hibiya Line

Expected Acquisition Price after Building Completion

15,286 million yen (scheduled)

Price of Land

10,600 million yen

Main Fees Related to Construction

4,686 million yen (scheduled)Land Area/Gross Floor Area after Building Completion

1,346.71㎡ / 11,423.00㎡

Structure after Building Completion

Steel framed structure flat roof, 12 stories
above ground (scheduled)Completion Date

March 2024 (scheduled)NOI Yield Assumed for Normal Operation Period after
Completion

4.0％

 Acquisition of the land near the station:
Acquisition of the rare location, a 5minute walk from Akihabara
Station, one of the major terminal stations in Tokyo.
 Rejuvenation of building age:
Elimination of the risks of declining competitiveness in leasing,etc., incurring medium- to long-term repair and renewal costs,
and rebuilding in the future by rejuvenating building age ofproperties over 30 years old
 Transferred properties at 1.07 times the appraisal value:
Allocate approximately 300 million yen out of approximately 900
million yen of gain on sale of a property to dividends for the 33rd
fiscal period, and internally reserve approximately 600 million yen
Total internal reserves expanded to approx. 2.3 billion yen(forecast at the end of the 33rd fiscal period)(Note1) The gain on sale is an estimated amount as of January 20, 2022, taking into account various costs associated with the sale, and may differ from the actual figure.
(Note2)This figure is calculated by dividing the annualized NOI for the fiscal period ended Nov. 2021 (32nd fiscal period) by the transfer price. The figure has been rounded to the first decimal place.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

23

Development Project Efforts and Progress
Kandasudacho 2-Chome Development Project: Key Points of Development Efforts
 This is the second development project of the Investment Corporation: In a context where competition in the real estate transaction market remains

fierce, the project will develop a new office property upon acquiring a development site in central Tokyo
The Asset Manager has created an in-house real estate development team with expertise Outsource project management to THE SANKEI BUILDING CO., LTD.:

Reduce risks concerning development (excessive development costs, schedule delays, the quality of the property developed, etc.)
 Concluded a design supervision contract and a construction contract with Taisei Corporation: Reduce completion risks
 Aim to lease up the building as soon as possible after construction is completed by leveraging the past leasing experience and tenant networks of

the Asset Manager
 July 2022 (fiscal period ending November 2022 (34th FP)): Construction start of the new building;March 2024 (fiscal period ending May 2024 (37th FP)): Completion of the new buildingAssume NOI yield of 4.0% in normal operation period after completion

Nihonbashi Bakurocho 1-Chome Development Project: Development Progress

30th FP

Ended Nov. 2020
Oct. 2020: Contract
Nov. 2020: Payment
Conclusion ofsale and purchaseagreement, and payment
Conclusion ofproject management anddesign/construction
contract

32nd FP

Ended Nov. 2021

33rd FPEnding May 2022

34th FPEnding Nov. 2022

June 2021

Dec. 2021

Nov. 2022 (scheduled)

Construction start of
the new building

Conclusion ofproperty management
contract
Completion ofproperty pamphlet andproperty website

Completion of
the new building(Note)

Daiwa Nihonbashi Bakurocho
Completion of Property Pamphlet and Property Website
Property
websitelink
Property
pamphletRendering◆ Dec. 2021: Start of leasing activities

https://daiwa-nb.jp/(Japanese Only)(Note) Nihonbashi Bakurocho 1-Chome Development Project has been officially named Daiwa Nihonbashi Bakurocho.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

24Efforts to Improve Portfolio Quality
Efforts to Improve Portfolio Quality
25th FP

Acquisition

CONCURRED
Yokohama

Daiwa
Kanda East

27th FP

26th FP

Fiscal period ended May 2018

Fiscal period ended May 2019

Fiscal period ended Nov. 2018

Daiwa
Kandasudacho

Daiwa

Shinagawa Gotenyama

Daiwa
Sasazuka Tower

CorporateactionTransfer

Replacement

Shinjuku
Maynds Tower* Sale of a
portion ofco-ownershipinterest

Daiwa
MeiekiUse of gainon saleBuy-back of
own investment units
Repayment of borrowings

30th FP

Fiscal period ended Nov. 2020

Nihonbashi
Bakurocho
1-ChomeDevelopment
Site

31st FP

Fiscal period ending May 2021

Daiwa
Sasazuka

29th FP

Fiscal period ended May 2020

Daiwa
Nakano-Sakaue

Nihonbashi
Central Square

Daiwa
Harumi

Daiwa
Mita 2-Chome

Replacement

Exchangetransaction

Replacement

Daiwa
Onarimon

Daiwa
Osaki 3-Chome

Daiwa
Jinbocho

32nd FP

Fiscal period ending Nov 2021

Sold an oldproperty

33rd FP
Fiscal period ending May 2022

Kandasudacho
2-ChomeDevelopment Site
(land)
Kandabashi
PR-EX

Replacement

28th FP

Fiscal period ended Nov. 2019

25th ～ 33rd FP Total
Total acquisition price13 properties
102,047 million yen

Replacement

Total transfer price９ properties
106,105 million yen

Daiwa
KyobashiDaiwa Shimbashi 510
Use of gainon saleBuy-back of
own investment units
Repayment ofborrowings

Daiwa
Minami-Aoyama

Daiwa
Kojimachi 4-chome

Share buy-backs

twice
6,458 million yen

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

25

Acquisition/Sale Policy and Status of Deliberation for Property Acquisitions
Acquisition / Sale Policy

Distribution Chart of Portfolio PropertiesPlaces priority in the five central wards of Tokyo and equivalent area.



Thoroughly select properties in view of actual demand toward location(distance to station, station power, crowd attraction, surrounding environment),
building specs, etc.

Acquire properties that improve growth potential and profitability of existing
portfolio.



Invest in buildings with a building age of less than 25 years.

Consider replacement when necessary incompetitiveness, profitability, etc. of properties.





55

consideration

of

45
40

Secure a sourcing route across a wide range by capitalizing on status as anindependent REIT and establishing strong relations with business companies,
financial institutions, real estate brokers, etc.

35

Target optimum expansion of portfolio based on in-depth data analysis upon
careful selection from among the wide-ranging information on properties thatcomes from diverse sources.

30

288

320

329

360

326

276

Daiwa Kojimachi 4-chome
Daiwa Minami-Aoyama

25
100

Number of properties reviewed (Note) (left axis)
Number of properties reviewed in detail (right axis)

400* The distance from station is the distance from thenearest station

futureSourcing Strategy Capitalizing on Status as Non-Real
Estate Sponsored REIT

500

●Assets sold in 32nd and 33rd FPs●Assets sold in 32nd FPs●Properties acquired after the sponsor change●Properties acquired before the sponsor change

50

Number of Properties Reviewed for Acquisition

300

60

Building Age (Year)

348

20
334

339

281

80
15
60
Kandabashi PR-EX

10
200

100

0

29
19

20

Average building age

23.6 years

40

14

9

13

17
6

8

11

23rd FP 24th FP 25th FP 26th FP 27th FP 28th FP 29th FP 30th FP 31st FP 32nd FP(Note) Number of gross proposals.

1-Chome Development

2000（Note2）

Nihonbashi Bakurocho

5

Site (land) (Note 1）

0.0

1.0

2.0

3.0

Kandasudacho 2-Chome
Development Site (land) (Note 1）

4.0

5.0

6.0

(Note1) Building Age of Development Site is indicated as 0 year.

7.0

Average station distance

3.6 minutes

8.0
9.0
10.0 11.0
Distance from station (minutes)(Note2) Average building age is as of the end of November 2021.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

26

Change in Asset Size and Acquisition Performance
Aim to Achieve Medium-Term Goal Asset Size of 500 Billion Yen(billion yen)
550

80%

Total Acquisition Price

LTV (Based on Total Asset)

500.0

500

445.7

450

467.7

458.3

469.3

469.3

459.7

460.0

461.0

463.1

464.8

461.4

463.3

70%

466.5

439.4

413.2
400

60%

387.5
352.7

350

332.0
311.3

313.2

364.0
44.3

43.0

314.9
40.6

300

50%

43.3

42.3

41.7

40.2

42.2

42.3
40.5

42.1

42.0

42.0

41.8

34.4

250

41.9

Acquisition Property

Acquisition Property• E SPACE TOWER

100

Acquisition Property

Acquisition Property

Acquisition Property• Daiwa Shibuya Dogenzaka• Daiwa Akasaka• Daiwa Shibuya Miyamasuzaka• Daiwa Ebisu 4-chome• LAQUAS Higashi Shinjuku• Daiwa Aoyama• Shinsen Place• Daiwa Shibuya Square• Daiwa Meguro Square• Daiwa Kanda Mikuracho

Acquisition Property

50

Acquisition Property

Acquisition Property• Daiwa Azabu Terrace• Daiwa Kitahama• Daiwa Osaki 3-chome

12th
FP

13th
FP

14th
FP

15th
FP

16th
FP

17th
FP

30%

Acquisition Property• CONCURRED Yokohama• Daiwa Kanda East

• Daiwa Ogikubo Tower• shinyon curumu• Daiwa Meieki• Daiwa Kamiooka

Acquisition Property• Kandabashi PR-EX

Acquisition Property• Daiwa Nihonbashi Hongokucho

40%

Acquisition Property• Kandasudacho 2-Chome
Development Site

Acquisition Property• Daiwa Kandasudacho• Daiwa Shinagawa Gotenyama• Daiwa Sasazuka Tower

Acquisition Property• Daiwa River Gate
• Daiwa Hatchobori ekimae• Daiwa Hatchobori ekimae West

200

0

42.1

37.5
34.2

34.0

150

41.5

18th
FP

19th
FP

• Daiwa Nakano-Sakaue• Nihombashi Central Square

Acquisition Property• Daiwa Higashi-Nihonbashi• Daiwa Daikanyama• Daiwa Shinjuku West
• Daiwa Ogikubo

Acquisition Property

22nd
FP

10%

• Daiwa Mita 2-Chome
Acquisition Property

Acquisition Property

21st
FP

20%

Acquisition Property• Daiwa Sasazuka• Daiwa Harumi• Daiwa Nishi-Shinjuku• Kirin Nihonbashi Building

20th
FP

Acquisition Property• Nihonbashi Bakurocho
1-Chome Development Site

23rd
FP

24th
FP

25th
FP

26th
FP

27th
FP

28th
FP

29th
FP

30th
FP

31st
FP

32nd as of Jan.
FP 20, 2022

0%Medium-Term
Goal

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

27Section 4
Financial Strategy

Status of Interest-Bearing Liabilities (1)Loan to Value Trend

Status of Interest-Bearing Liabilities(End of 32nd Fiscal Period)(Billion Yen)

240

60.0%

Interest-bearing liabilities (left axis)

Ratio of Fixed-Interest and FloatingInterest Borrowings

Ratio ofLong and Short-Term Borrowings

LTV (based on total assets (Note) ) (right axis)
16.3%
200

16.8%

50.0%
Medium- to long-term,
upper-limit target LTV range

41.9%
160

40.0%

120

30.0%

83.7%

83.2%

Fixed-interest borrowings

Long-term loans payable, etc.

Floating-interest borrowings

Short-term loans payable andcurrent portion of long-termloans payable

Status of Rating
80

20.0%

Japan Credit Rating Agency, Ltd. (JCR)

Long-term issuer rating
Rating outlook: Stable

40

10.0%

(Assigned on February 22, 2021)

Rating and Investment Information, Inc. (R&I)
0

16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP(Note) LTV (based on total assets) = Total interest-bearing liabilities / Total assets

0.0%

Issuer rating

Rating outlook: Stable(Assigned on September 17, 2021)

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

29

Status of Interest-Bearing Liabilities (2)Repayment Schedule

Change in Procured Years of Interest-Bearing Liabilities
End of period maturity (left axis)(Million Yen)

(Year)

20,0005.5
 Investment Corporation Bond

(Year)

Average PROC years (right axis)

11.0

Average PROC years(excluding short-term loans payable) (right axis)

10.0

5.0

18,0004.5

16,0004.0

14,000

8.4
8.4
3.9

9.0

8.0

3.5

7.0

3.0

6.0

2.5

5.0

2.0

4.0

1.5

3.0

1.0

2.0

2,000

0.5

1.0

0

0.0

12,00010,000

8,000

6,000

52nd FP

51st FP

50th FP

49th FP

48th FP

47th FP

46th FP

45th FP

44th FP

43rd FP

42nd FP

41st FP

40th FP

39th FP

38th FP

37th FP

36th FP

35th FP

34th FP

33rd FP

4,000

19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd
FP FP FP FP FP FP FP FP FP FP FP FP FP FP

0.0

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

30

Status of Interest-Bearing Liabilities (3)As of End of the 32nd Fiscal Period
Name of Financial Institutions

Comparison with
Previous Period

Balance

Balance Ratio

Name of Financial Institutions

Comparison with
Previous Period

Balance

Balance Ratio

Sumitomo Mitsui Banking Corporation

39,400-

20.4%

The Yamaguchi Bank, Ltd.

2,000

-

1.0%

Sumitomo Mitsui Trust Bank, Limited

23,500-

12.2%

Nippon Life Insurance Company

1,300

-

0.7%

Development Bank of Japan Inc.

21,750-

11.2%

The Hyakugo Bank, Ltd.

1,000

-

0.5%

MUFG Bank, Ltd.

19,500-1,000

10.1%

The Yamanashi Chuo Bank, Ltd.

1,000

-

0.5%

Mizuho Corporate Bank, Ltd.

19,400-

10.0%

Momiji Bank, Ltd.

1,000

-

0.5%

Shinsei Bank, Limited

14,000-

7.2%

Taiyo Life Insurance Company

300

-

0.2%

Resona Bank, Limited.

12,500-

6.5%

Fukoku Mutual Life Insurance Company

200

-

0.1%

Mizuho Trust and Banking Co., Ltd.

9,500

-

4.9%

193,350-1,000100.0%The Bank of Fukuoka, Ltd.

6,500

-

3.4%

Kansai Mirai Bank, Limited

5,000

-

2.6%

Nishi-Nippon City Bank, Ltd.

3,000

-

1.6%

No. 4 Unsecured Investment Corporation
Bond

2,100

-

10 years

The 77 Bank, Ltd.

3,000

-

1.6%

No. 5 Unsecured Investment Corporation
Bond

1,700

-

5 years

The Norinchukin Bank

3,000

-

1.6%

No. 6 Unsecured Investment Corporation
Bond

1,300

-

12 years

The Gunma Bank, Ltd.

2,500

-

1.3%

No. 7 Unsecured Investment Corporation
Bond(DOI ESG Series Bond I)

1,500

-

5 years

The Musashino Bank, Ltd.

2,000

-

1.0%

No. 8 Unsecured Investment Corporation
Bond(DOI ESG Series Bond II)

2,400

-

10 years

Tokio Marine & Nichido Fire Insurance Co.,
Ltd.

2,000

-

1.0%

Total Investment Corporation Bonds

9,000

-

-

Total

Issuance

Comparison with
Previous Period

Balance

Duration of Liabilities

Green Bond
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

31

Unitholders as of the End of November 2021
Unitholders’ Share by Investor Type

List of Top 10 Investors

Number of
Units
End of 31st
Fiscal Period

Number of
Units
End of 32nd
Fiscal Period

Individual

13,61812,994

-624

2.66%

Financial
Institution

148,266

151,031+2,76530.94%----

Regional Bank

14,086

14,784

+698

3.03%

Trust Bank

120,260

122,445+2,18525.09%

Investor Type

Commercial
BankLife Insurance

306

Non-life
Insurance

Rate (Note)
End of 32nd
Fiscal Period

Change in
Units

995

+689

No.

0.20%

50

50

0

0.01%

13,564

12,757

-807

2.61%

Other Domestic
Corporation

200,346

200,285-6141.03%

Foreigner

110,543

104,466-6,07721.40%

Securities

15,315

19,312+3,9973.96%

488,088

488,088-

100.00%

Other Financial
Institution

Total(Note) Rounded to the second decimal place

Investor Name

Number of
Number of
Units
Units
End of 31st
End of 32nd
Fiscal Period Fiscal Period

Rate (Note)
End of 32nd
Fiscal Period

Change inUnits

1 Daiwa Investment Management Inc.

128,905

128,905-

26.41%

2 Daiwa Securities Group Inc.

67,321

67,321-13.79%The Master Trust Bank of Japan,
3 Ltd.
(Trust Account)

53,50352,610-893

10.78%

4

Custody Bank of Japan, Ltd.
(Trust Account)

39,011

39,905

+894

8.18%

5

STICHTING PENSIOEN FONDSZORG EN WELZIJN

017,859+17,859

3.66%

The Nomura Trust and Banking Co.,
6 Ltd.
(Investment Trust Account)

13,391

14,279

+888

2.93%

Custody Bank of Japan, Ltd.
7 (Securities Investment Trust
Account)

10,385

10,735

+350

2.20%

8 SMBC Nikko Securities Inc.

4,017

7,373

+3,3561.51%

9 BNYM AS AGT/CLTS 10 PERCENT

6,914

6,496

-418

1.33%

STATE STREET BANK WEST
CLIENT-TREATY 505234

4,523

4,705

+182

0.96%

327,970

350,188+22,21871.75%

10

Total(Note) Rounded to the second decimal place

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

32

MEMO

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

33Section 5
Efforts on ESG

Efforts on ESG | Environment
Acquisition of Environmental Certification

Environmental Performance Targets / Results

As of the end of December 31 2021, the total number of properties that have acquired
environmental certification is 31.
The acquisition ratio (based on the total floor area of owned properties) is 61.3%<Acquired Environmental Certifications>
CASBEE Certification: 29 DBJ Green Building Certification: 2

BELS Evaluation: 2

Rank S: 3★

★★★★: 1★★: 1

Rank A: 22★

★★★: 1★: 1

The reduction targets and actual results of energy consumption, CO2 emission and water
consumption for the entire portfolio are as follows.
<Reduction Targets and Actual Results for Each Item>
Item

Reduction target(Mid- to long-term target)

EnergyReduction of 5% on an intensity
basis compared to base year

CO2

Reduction of 5% on an intensity
basis compared to base year

Water

Maintain the current level

LEED Certification: 1
GOLD: 1

Rank B+: 4<GRESB Real Estate Assessment 2021> <Support for TCFD Recommendations>
・Recognizing the importance of disclosing climate
・Green Star for ten consecutive years,
related information, the Asset Manager announced
rating of “4 Star”(last year “2Star”)
its support for the TCFD recommendations
・the top rating of “A” in Public Disclosurein Dec. 2022 and joined the TCFD consortium,a group of domestic companies that support TCFD
recommendations.
・Discussions on addressing business risks andopportunities caused by climate change has been
begun. Qualitative analysis is scheduled to bedisclosed at the time of the next earnings
announcement.

Waste

–

Actual reduction
Unit

FY2019[base year]

FY2020Rate ofchangeConsumption (MWh)114,466

107,902-5.73%

Consumption intensity (MWh/m²)

0.196

0.181

-7.65%

Emission (t-CO2)

50,04044,675-10.72%Emission intensity (t-CO2/m²)

0.085

0.075

-11.77%

Consumption (m³)

431,914313,046-27.52%

Consumption intensity (m³/m²)

0.739

0.525

-28.96%

Consumption (t)

4,878

3,991

–

Amount of recycled waste (t)

2,868

2,401

–

Recycling rate (%)

58.80

60.16

–

*1 Reduction target (Mid- to long-term target) : The following targets are established for all properties[Energy and CO2] 5% reduction compared to base year over 5 years (from FY2019 (base year) to FY2024) on an intensity basis[Water]
Maintain current level over 5 years (from FY2019 (base year) to FY2024)*2 Aggregation method: Intensity is calculated by dividing each consumption/emission for each fiscal year by intensity denominator(sum of the total floor areas (m²) in accordance with the period of ownership of each building).
The recycling rate is calculated by dividing consumption for each fiscal year by the amount of recycled waste.
*3 CO2 emissions from Scope 1 (city gas) and Scope 2 (indirect emissions from the use of electricity, heat and steam provided byother companies). The figure includes CO2 emissions derived from energy consumption by tenant activities for the tenant space.

Examples of Initiatives<Introduction and Upgrading of LED Lighting, Etc.>
We have introduced LED lighting, etc. sequentially in exclusive areas, common areas, etc. in
the properties we own, and aim to achieve a 100% LED lighting installation rate by the end of
the 41st FP. (Estimated reduction effect for 31st FP to 41st FP: electricity reduction of approx.
11%, CO2 reduction equivalent to 5,000 t)
100% 99%
100%

100%
100%

95%

Upon the renewal of heat source equipment, air-conditioning
equipment, etc., we introduced high-efficiency heat source
equipment with higher energy efficiency and upgraded airconditioning equipment to one with higher energy-saving
performance.

<Introduction of Water-Saving Equipment <Issuance of Green Bonds>
and Upgrading of Facilities>
We issued our first green bonds (3.9
We upgraded sanitary equipment to one withhigherwater-saving
performanceandimplemented renovation to enable use of
rainwater and greywater for non-potable use in
the buildings, etc.

billion yen) in September 2020, believingthat providing investment opportunities toinvestors who are active in ESG
investment is of a social significance.

Renewal of bathroom vanities, etc.
(Daiwa Tsukishima)

Use of the proceeds to repay the loans
taken out to acquire a property(Daiwa Harumi)

75%
89%

90%

41stFP

40thFP

39thFP

38thFP

37thFP

Actual Value

36thFP

35thFP

34thFP

33rdFP

31stFP

35%
27%
32ndFP

85%<Introduction of High-Efficiency Heat Source Equipment
and Upgrading of Air-Conditioning Equipment>

50%
25%

Planned Value

Introduction of LED in line with renovationof common areas on each floor(Daiwa Sasazuka Tower)

Renewal of air-conditioning equipment(Daiwa Ginza)

Electricity reduction: 9%(Note)

Water reduction: 36%(Note)(Note) Estimated annual reduction due to equipment replacement

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

35

Efforts on ESG | Social
Efforts for Enhancing Tenant Satisfaction and Engaging with Local Communities＜Countermeasures Against COVID-19＞【Providing a vaccination site for tenants】
To contribute to increasing COVID-19 vaccine and as support for
tenant companies, part of the exclusive areas of Daiwa River
Gate and space at Daiwa Ginza Annex were provided as
COVID-19 vaccination site.

<Installation Cycle Sharing/ Car Sharing>
Installed cycle port for cycle sharing and car sharing
in the building’s site, contributing to convenience fortenant employees, local residents and others.

【Countermeasures Against COVID-19】
・Installing disinfectants, air cleaners, etc. Making sure that
employees of building management and building cleaning
companies thoroughly follow hygienic measures.
・Introducing VR previews of properties
・Dispatch information through online IR seminars
・ Introducing Whiz, a disinfection and cleaning robot using AI technology

Provision of COVID-19 Introduction of VR
Dispatch of
vaccination site
(You can view Daiwa information throughfor tenants
Ginza Building from online IR seminars(Daiwa River Gate)
the QR code above)

Installation ofcleaning robot“Whiz”<Installation of Digital Signage>
Installed digital signage in elevator halls and othercommon areas of portfolio properties to display
energy consumption and promote energy reduction.

Installation ofcar sharing port
(E SPACE TOWER)<Implement Tenant Satisfaction Surveys>
Implemented questionnaire surveys for office and shop tenants andshare the results with property management companies for application
to operational improvement in an effort to improve tenant satisfaction
as of October 2021.
<Contribution to Local Events and Regional Revitalization>
Contributing to greater convenience for tenant employees
and local residents and regional revitalization by
participating in various urban development councils,
contributing to local events, making use of open space at
portfolio buildings, attracting kitchen cars, etc.

Installation ofdigital signage(Daiwa Ginza)

Efforts for EmployeesAward for traffic safety, etc.
(Shinjuku Maynds Tower)

Attracted kitchen cars
(Daiwa Nakano-Sakaue)

Efforts for Disaster Prevention<Implement Employee Satisfaction Surveys><Ratio of Women at the Asset Management<Improving Various Programs>
Company> *As of March 2021
[Child care-related]
In October 2021, had a third party implement
Ratio of women among all employees: 30.7%• Child care leave
a questionnaire survey of employees
regarding the work environment. The results• Child care support leave (acquisition rate: 100%)
Ratio of women in managerial positions
19.8% will be applied to future operations in an effort• Short working hours system/Day care subsidy system (assistant manager or higher):to improve employee satisfaction.
[Nursing care-related]<Formulation of General Employer Action Plan><Implement
Jeans Day>
• Nursing care leave
In October 2021, formulated a general
Holding “Jeans Day,” an initiative of theemployer action plan for the purpose of[Other]sponsor Daiwa Securities Group Inc.,
establishing a comfortable employment• Introduced flex time (from May 2021)
employees can come to office in casual wear
environment pursuant to the Act on• Introduced teleworking
such as polo shirts and jeans, and a charity
Advancement of Measures to Support
drive is held to aid those impacted by
Raising Next-Generation Children.
<Development of Office Environment>
COVID-19 (on third Fridays).
Encouraging efforts to create forums forDeveloped the office environment such as
dialogue such as on childrearing households
balancing childrearing and work.
establishing a cafeteria space where employees<Formulation of BCP Plan>
Formulated BCP measures in order to secure safety of
employees, tenants and facility users as well as continue
with important business operations in times of emergency
such as disasters.
Periodically hold emergency drills in collaboration with PM
and BM and promote disaster prevention measures with
AEDs, elevator emergency goods boxes, emergency
stockpile, etc. at portfolio properties where these can beinstalled.

can work comfortably, installing free vending
machines, developing the communication
environment including Wi-Fi.

childcare worker follow up lunch

Implement Jeans Day

Install emergency stockpile

Elevator emergency goods box(Daiwa Azabu Terrace)

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

36

Efforts on ESG | Governance
Establishment of Sustainability Promotion OfficeSustainability Report / REIT Web Site

In order to further enhance sustainability efforts, the Sustainability Promotion Office was established in the Asset Management
Company on June 1, 2021. In this department, planning, drafting and implementation of ESG and SDGs of the AssetManagement Company and all investment corporations it operates are systematically promoted.
<Main Activities>
・First disclosure of environmental performance data (energy, CO2, water, waste)・Expanded the information on the Sustainability Initiatives page in accordance with the complete renewal of the DOI website
・Newly published Sustainability Report
・Support for the TCFD recommendations and join the TCFD consortium

In December 2021, the Investment Corporation's website was completely
redesigned, and ESG information was expanded on the Sustainability
Initiatives page. In addition, as the first attempt, the Investment
Corporation published a new Sustainability Report in order for theInvestment Corporation and the Asset Management Company toproactively disclose information on their approach and efforts towardsustainability to their stakeholders(Please check the Sustainability Report 2021 from the QR code on the right.)

Review of Management Fee System
Changed to an asset management fee system focusing on management results and enhancing the incentive to increase the distributable amount regarding Management Fee I and III (since the
FP ended November 2018)
Management Fee I(based on assets under management)
Basis of the calculation

Total appraisal value of assets under management(based on market value)

Fee rate
0.05%

Management Fee II(rent revenue standard)
Basis of the calculation
Rent revenue

Management Fee III(based on distributable amount)
Basis of the calculation

Fee rate
3.5%

Distributable amountManagement Fee V(asset sale standard)
Basis of the calculation

Fee rate

Transfer price of target real estate

0.5%

Management Fee IV(asset acquisition standard)
Fee rate
5.5%

Basis of the calculation

Fee rate

Acquisition price of target real estate

0.75%

Lower the ratio linked to the amountof assets under management
Enhanced incentive to increase
distributable amountManagement fee rate for the 32nd FP(Note): 0.50%(Note) Annual rate, based on acquisition priceInvestment Decision-making System

Same-Boat Investment by the Sponsor GroupAs an asset management company under the Act on Investment Trusts and Investment Corporations
that is entrusted with asset management by the Investment Corporation, the Asset Manager prepares,in line with the Articles of Incorporation, asset management guidelines to stipulate basic approaches toinvestment management, such as the investment policy, rules on transactions with interested parties
regarding acquisition and sale of assets, etc. and the disclosure policy. The decision-making process is
as follows.

Aim to increase unitholder value by matching unitholder interest with the sponsor’s interest
Sponsor group

Number of units

Daiwa Investment
Management Inc.

Holding ratio

128,905 units

26.41%

Daiwa Securities
Group Inc.

67,321 unis13.79%

Holding ratio of Daiwa
Securities Group:
40.2%

Prevention of Conflicts of Interest among Funds

When transacting (acquiring or transferring real estate or securities, or leasing) with interested persons
under the Act on Investment Trusts and Investment Corporations, approval by the Boardof Directors of the Investment Corporation is required except for certain cases.

In case of competition over a property acquisition opportunity among the Investment
Corporation and other funds, etc. managed by the Asset Manager, conflicts of interest among
the Investment Corporations and other funds, etc. shall be prevented by first granting theInvestment Corporation the preferential right to consider the acquisition. The acquisition
opportunity will be available to the other funds, etc. only when the Investment Corporation
decides not to exercise the concerned preferential right.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

37

Daiwa Securities Group’s Efforts to Achieve SDGs
ManagementVision “2030 Vision”

Daiwa Securities Group has formulated the management vision “2030 Vision” and set the priority areas toward”From savings to SDGs-Realize the SDGs by creating a sustainable capital cycle-”.
The three-year strategy aiming to achieve that vision is Medium-term Management Plan “Passion for the Best” 2023.

<2030Vision>
Efforts of Group Company ①

Arranged Climate Resilience Bond issued by European
Bank for Reconstruction and Development (Daiwa
Securities Capital Markets Europe Limited)
Arranged the first climate resilience bond (bond) for Japaneseinstitutional investors of the European Reconstruction andDevelopment Bank as the lead managing underwriter. The
funds raised through the bond will be used for public andprivate projects to build resilience from the effects of climatechange, such as climate change-resistant infrastructuredevelopment, projects, agricultural development and ecosystemconservation projects.

Efforts of Group Company ⓶Providing investment opportunities that contribute to therealization of a carbon-free society (Daiwa AssetManagement Co. Ltd.)In July 2021, the “De-carbonization Technology Equity Fund”
was established to carefully select and invest in solution
companies that contribute to the realization of a carbon-freesociety. Aiming for zero carbon as a fund, calculation of CO2
emissions of individual companies and donation to tree planting
project by the “NPO Environmental Relations Institute” every
year are conducted.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

38

MEMO

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

39

Appendix

Three Characteristics of the Investment Corporation(As of January 20, 2022)

OfficeBuilding

Office Specialized REIT

100％

Greater Tokyo

REIT focused on
the Five Central Wards ofTokyo

Regional Major Cities

17.3％

2.0％

Five Central Wards of Tokyo

80.7％(Note) Based on acquisition price.

Steady Growth in Distribution

Dividend
per Unit

Fiscal period ended
May 2021(31st FP)
ActualFiscal period ended
Nov. 2021(32nd FP)
ActualFiscal period ending
May 2022(33rd FP)
Forecast

Fiscal period ending
Nov. 2022(34th FP)
Forecast

14,000 yen

14,000 yen

14,000 yen

14,000 yen

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

41

Portfolio Breakdown by Region and Status in Shinjuku and Shibuya Areas
Shinjuku Maynds Tower

Portfolio Breakdown by Region (%)
Osaka City
2.0％

Yokohama City
8.6％
Other 18 Wardsof Tokyo
8.7％
Chiyoda Ward
6.4％

Shinjuku Maynds Tower Occupancy Rate（％）

Regional Cities
2.0％
Greater Tokyo
17.3％

Shibuya Ward
34.7％

Shibuya Ward/
Shinjuku Ward
41.8％

Minato Ward
9.9%

Five Central Wardsof Tokyo
80.7％

Chuo Ward
22.6%

Shinjuku Ward
7.0％

Location

2-chome, Yoyogi,
Shibuya-ku

Acquisition
price66,900 million yen

14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP
End
End(Note 1) Based on acquisition price(Note 2) Percentage is rounded to the first decimal place(As of January 20, 2022)

E SPACE TOWER

Large-Scale Office Building Supply inthe 23 Wards of Tokyo

E SPACE TOWER Occupancy Rate

2021―2025（％）

Total from 2021 to 2025

4,680,000 m²

Other
1,150,000 m²
Shibuya Area
230,000 m²
Marunouchi andOtemachi Area
240,000 m²
Akasaka andRoppongi Area
330,000 m²

Toranomon Area
890,000 m²

Nihombashi,Yaesu
and Kyobashi Area
820,000 m²

Shinagawa Area
360,000 m²

Source: Mori Building
Large-scale properties: Offices with total floor areas of 10,000 m² or more

Tamachi and
Hamamatsucho Area
660,000 m²

Location

3 Maruyama-cho,Shibuya-ku

Acquisition
price

24,000 million yen

14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP
End
End(Note) Rent revenue is indexed as the end of the 14th FP = 100.
Ownership interest of Shinjuku Maynds Tower is adjusted from the 25th FP.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

42

Summary of Results for the Fiscal Period Ended November 2021 (32nd FP) (1)― Balance Sheet ―Comparison with Results of the 31st Fiscal Period

Cash and Deposits in Trust
Other Current Assets
Fixed Assets
Tangible Fixed Assets

AssetsBuilding and Others(including Trust Property )Land and Others(including Trust Property )Other Tangible Fixed Assets
Intangible Fixed Assets
Leasehold Rights and Leasehold Rights
in Trust
Other Intangible Fixed Assets
Inv estments and Other Assets
Leasehold and Security Deposits Paid in
TrustLong-term Prepaid Expenses
Other Inv estments and Other Assets

31st Fiscal Period

32nd Fiscal Period

Million Yen(%)

Million Yen(%)

Million Yen(%)

Million Yen(%)

32,847

6.8

30,915

6.4

28,735

5.9

38,7148.0

28,51526,650

3,696

3,640

636

624

Inv estment Corporation Bond Issuance
Costs
Total Assets

Operating Accounts Pay ables
Short-term loans pay able
Current Portion of Long-term Loans Pay able

924

813

2,400

2,400

21,50031,600451,408

93.2

452,314

93.6

Accounts Pay ables-Other

634

619

447,39092.4

448,31292.8

Adv ances Receiv ed

2,366

2,351

Other Current Liabilities

910

929

81,59980,563

365,736

367,514

53

234

2,711

0.6

2,705
1,306

2,708

0.6

1,294

0.3

20,272

20,388

1,942

1,930

387

259

Other Fixed Liabilities

1,098

1,066

Unitholders’ equity (net amount)

94

113

54
484,31049
100.0

483,279

100.0

9,000

Tenant Leasehold and Security Deposits in
Trust

113

0.0

9,000

159,350113

49

190,928

170,450

Total Liabilities

0.0

41.7

Tenant Leasehold and Security Deposits

Long-term Loans Pay able

2
0.3

202,052

Fixed Liabilities
Inv estment Corporation Bonds

2,705

6

54

Def erred Assets

Current Liabilities

Liabilities

Cash and Deposits

32nd Fiscal Period

Net Assets

Current Assets

31st Fiscal Period

Unitholders' capital

230,78747.7

229,642

245,093

245,093

251,551

251,551-6,458-6,458Unappropriated Retained Earnings

8,588

8,554

Valuation, Translation Adjustments and Others

-159

-10

Deduction f rom unitholders’ capital

Total Net Assets
Total Liabilities and Net Assets

39.5

47.5

253,52252.3

253,63752.5

484,310100.0

483,279100.0This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

43

Summary of Results for the Fiscal Period Ended November 2021 (32nd FP) (2)― Income Statement ―Comparison with the 32nd Fiscal Period Forecasts

Comparison with Results of the 31st Fiscal Period(Million Yen)

Effective Num ber of Days of Investm ent

31st
Fiscal Period

32nd
Fiscal Period

182 days

183 days

ChangeEffective Number of Days of Investment

15,054

13,882-1,172

1,026--1,026

6,917

6,531

-385

Expenses related to Rental Business(excluding depreciation)

3,638

3,337

-300

Depreciation

1,816

1,808

-8

Operating Revenues (A)Gain on sales of real estate properties
Operating Expenses (B)

32nd
Fiscal Period

183 days

183 days

Change13,851

13,882

+30

-

-

+0

6,543

6,531

-12

Expenses related to Rental Business(excluding depreciation)

3,357

3,337

-19

Depreciation

Operating Revenues (A)Gain on sales of real estate properties
Operating Expenses (B)

1,806

1,808

+2

+162

Gain and Loss from Rental Operations(excluding gain on sales of real estate

8,688

8,736

+47

7,351

-786

Operating Income (A-B)

7,308

7,351

+42

567

-24

Non-operating Expenses

570

567

-2

435

432

-2

6,737

6,784

+46

Gain and Loss from Rental Operations(excluding gain on sales of real estate

8,573

8,736

Operating Income (A-B)

8,137

Non-operating Expenses

592

Interest Expense(including cap amortization)(Million Yen)
32nd Fiscal
Period Forecast(Announced
July 2021)

Interest Expense(including cap amortization)

445

432

-12

7,550

6,784

-766

Extraordinary Income

-

-

-

Extraordinary Income

-

-

-

Extraordinary Expenses

-

-

-

Extraordinary Expenses

-

-

-

Total Income Taxes(Includes income taxes deferred)

0

-14

-15

Total Income Taxes(Includes income taxes deferred)

2

-14

-16

7,549

6,799

-750

Net Income

6,735

6,799

+63

488,088 units

488,088 units+0

488,088 units

488,088 units+0

14,000 yen

14,000 yen-

14,000 yen

14,000 yen-(-)(102 yen)(+102 yen)(200 yen)(102 yen)(-98 yen)

Ordinary Income

Net Income
Investment Units Issued and Outstanding
Dividend per Unit (Note 1)(Reversal of reserve) (Note 1)

Ordinary Income

Investment Units Issued and Outstanding
Dividend per Unit (Note 2)
Dividend per Unit (Note 2)(Note1) Dividends per unit for the 31st FP is calculated by dividing the amount obtained by subtracting provision for reserve for reduction entry (716 million yen) from unappropriated retained earnings by the total number of investment units issued andoutstanding. Dividends per unit for the 32nd FP includes the amount obtained by dividing part (reserve for reduction entry of 33 million yen and corresponding deferred tax liabilities of 15 million yen amounting to a total of 49 million yen) of the amountretained as internal reserves by the total number of investment units issued and outstanding. Dividends per unit before the reversal is 13,898 yen.
(Note2) Dividends per unit for the 32nd FP announced on July 2021 is calculated by dividing the amount obtained by adding reversal of reserve for reduction entry (97 million yen) to unappropriated retained earnings by the total number of investment units
issued and outstanding. Dividends per unit before the reversal is 13,800 yen.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

44Forecasts for the Fiscal Periods Ending May 2022 and November 2022
(33rd and 34th FP)
Forecasts for the 33rd and 34th Fiscal Periods

Effective Number of Days of Investment
Operating Rev enues (A)Gain on sales of real estate properties(Million Yen)

32nd Period(Nov 30, 2021)

33rd Period
Forecast(May 31, 2022)

34th Period
Forecast(Nov. 30, 2022)

183 days

182 days

183 days

13,882

14,44013,818

-

906

-

6,531

6,463

6,607

Expenses related to Rental Business(excluding depreciation)

3,337

3,267

3,432

Depreciation

Operating Expenses (B)

1,808

1,785

1,791

Gain and Loss f rom Rental Operations(excluding gain on sales of real estate properties)

8,736

8,481

8,594

Operating Income (A-B)

7,351

7,977

7,210

Non-operating Expenses

567

566

570

432

427

425

6,784

7,411

6,639

Extraordinary Income

-

-

-

Extraordinary Expenses

-

-

-

-14

1

1

6,799

7,410

6,638

488,088 units

488,088 units

488,088 units

14,000 yen

14,000 yen

14,000 yen(102 yen)(-)(400 yen)Interest Expense(including cap amortization)
Ordinary Income

Total Income Taxes(Includes income taxes def erred)
Net Income
Inv estment Units Issued and Outstanding
Div idend per Unit

(Note)(Reversal of reserve) (Note)(Note) Dividends per unit for the 32nd FP includes the amount obtained by dividing part (reserve for reduction entry of 33 million yen and corresponding deferred tax liabilities of 15 million yen amounting to a
total of 49 million yen) of the amount retained as internal reserves by the total number of investment units issued and outstanding.
Dividends per unit for the 33rd FP is calculated by dividing the amount obtained by subtracting provision for reserve for reduction entry (577 million yen) from unappropriated retained earnings by the
total number of investment units issued and outstanding. Moreover, provision for reserve for reduction entry may change depending on the operational status.
Dividends per unit for the 32nd FP is calculated by dividing the amount obtained by adding reversal of reserve for reduction entry (97 million yen) to unappropriated retained earnings by the total numberof investment units issued and outstanding. Dividends per unit before the reversal is 13,600 yen. Moreover, reversal of reserve for reduction entry may change depending on the operational status.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

45

Status of Interest-Bearing Liabilities (1) (as of November 30, 2021)
Borrowings
LenderShort-term Sumitomo Mitsui Banking Corporation
borrowing Shinsei Bank, Limited
Total short-term borrowings
Sumitomo Mitsui Banking Corporation (*)

Mizuho Bank, Ltd. (*)
MUFG Bank, Ltd. (*)
Sumitomo Mitsui Banking Corporation (*)

MUFG Bank, Ltd. (*)
Sumitomo Mitsui Banking Corporation (*)

Current maturities oflong-term borrowings

Shinsei Bank, Limited
Sumitomo Mitsui Banking Corporation (*)

MUFG Bank, Ltd. (*)
Mizuho Bank, Ltd. (*)
MUFG Bank, Ltd. (*)
Mizuho Bank, Ltd. (*)
Resona Bank, Limited (*)
Sumitomo Mitsui Trust Bank, Limited (*)

Development Bank of Japan Inc.
Development Bank of Japan Inc.
Nishi-Nippon City Bank, Ltd.
The 77 Bank, Ltd. (*)
Nippon Life Insurance Company (*)
The Gunma Bank, Ltd. (*)
Nippon Life Insurance Company (*)
Taiyo Life Insurance Company
Tokio Marine & Nichido Fire Insurance Co., Ltd.

Total current maturities of long-term borrowings
Sumitomo Mitsui Banking Corporation (*)

Shinsei Bank, Limited
Sumitomo Mitsui Banking Corporation (*)

Long-term borrowings

Resona Bank, Limited (*)
Shinsei Bank, Limited
The Bank of Fukuoka, Ltd. (*)
Sumitomo Mitsui Trust Bank, Limited (*)

Mizuho Bank, Ltd. (*)
Shinsei Bank, Limited
Resona Bank, Limited (*)
Sumitomo Mitsui Banking Corporation (*)

Mizuho Bank, Ltd. (*)
MUFG Bank, Ltd. (*)
Sumitomo Mitsui Banking Corporation (*)
Sumitomo Mitsui Trust Bank, Limited (*)

MUFG Bank, Ltd. (*)
Sumitomo Mitsui Banking Corporation (*)
Sumitomo Mitsui Banking Corporation (*)

Balance(million yen)

1,400
1,000
2,400
1,000
1,500
1,000
3,000
1,000
4,000
1,000
2,000
1,000
1,000
1,000
1,500
1,500
1,000
2,000
1,500
2,000
1,000
1,000
1,000
300
300
1,000
31,600
1,000
1,000
1,500
2,500
1,500
1,500
1,500
1,500
1,500
1,500
3,000
2,000
500
500
1,000
1,000
1,000
1,500

Interest
Type

Float
Float

Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Float
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Float
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Float
Fixed
Fixed
Float
Fixed
Fixed
Fixed
Float
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed

Interest Rate(%)

Date of AdvanceDue date

T+0.250%
T+0.250%

21/5/31
21/5/31

22/5/31
22/5/31Development Bank of Japan Inc.

0.593%
0.585%
0.585%
0.378%
0.378%
0.585%
L+0.325%
0.378%
0.560%
0.353%
0.560%
0.353%
0.353%
0.353%
0.710%
0.634%
L+0.250%
0.281%
0.281%
0.443%
0.281%
0.541%
0.303%

14/3/25
14/5/29
14/5/29
14/5/29
14/5/29
14/7/8
14/7/8
14/7/8
14/12/1
14/12/1
14/12/3
14/12/3
14/12/3
14/12/3
15/3/31
15/5/1
15/8/31
15/8/31
15/9/11
15/11/30
15/11/30
15/11/30
17/11/30

22/2/28
22/5/31
22/5/31
22/11/30
22/11/30
22/5/31
22/8/31
22/11/30
22/5/31
22/11/30
22/5/31
22/11/30
22/11/30
22/11/30
22/3/31
22/5/31
22/8/31
22/8/31
22/8/31
22/2/28
22/8/31
22/11/30
22/11/30

Mizuho Trust and Banking Co., Ltd. (*)

0.458%
L+0.350%
0.458%
0.365%
L+0.325%
0.408%
0.450%
0.450%
L+0.325%0.450%
0.441%
0.450%
0.450%
0.440%
0.403%
0.403%
0.440%
0.290%

14/12/1
14/12/1
14/12/3
15/2/27
15/3/31
15/5/1
15/5/1
15/5/1
15/5/1
15/5/1
15/5/1
15/5/29
15/5/29
15/8/31
15/9/1115/9/1115/9/11
16/3/29

23/5/31
23/5/31
23/5/31
23/2/28
23/5/31
23/5/31
23/11/30
23/11/30
23/11/30
23/11/30
24/5/31
23/11/30
23/11/30
24/8/30
24/2/29
24/2/29
24/8/30
23/2/28

Term

LenderMizuho Bank, Ltd. (*)
Resona Bank, Limited (*)
Shinsei Bank, Limited (*)
Nishi-Nippon City Bank, Ltd. (*)
MUFG Bank, Ltd. (*)
MUFG Bank, Ltd. (*)
Sumitomo Mitsui Trust Bank, Limited (*)
Sumitomo Mitsui Banking Corporation (*)

Mizuho Bank, Ltd. (*)
Shinsei Bank, Limited (*)
Fukoku Mutual Life Insurance Company

The Yamaguchi Bank, Ltd.
Development Bank of Japan Inc.
Development Bank of Japan Inc.
Development Bank of Japan Inc.

Long-term borrowings

Term

Sumitomo Mitsui Banking Corporation (*)
Mizuho Trust and Banking Co., Ltd. (*)
Sumitomo Mitsui Trust Bank, Limited (*)
Sumitomo Mitsui Banking Corporation (*)

Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation (*)

Mizuho Bank, Ltd. (*)
Development Bank of Japan Inc.
The Yamaguchi Bank, Ltd.
Shinsei Bank, Limited (*)
Sumitomo Mitsui Trust Bank, Limited (*)

The Gunma Bank, Ltd. (*)
The Musashino Bank, Ltd. (*)
Tokio Marine & Nichido Fire Insurance Co., Ltd.

Kansai Mirai Bank, Limited (*)
The Bank of Fukuoka, Ltd.
Development Bank of Japan Inc.
Sumitomo Mitsui Trust Bank, Limited (*)

Mizuho Trust and Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation

MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Gunma Bank, Ltd.
The Bank of Fukuoka, Ltd.
MUFG Bank, Ltd.
The Norinchukin Bank
The Hyakugo Bank, Ltd.
The Musashino Bank, Ltd.

Balance(million yen)

1,500
1,000
1,000
1,000
1,000
1,000
2,500
1,500
2,000
1,500
1,000
2,000
200
1,500
1,700
3,500
3,000
2,000
1,500
3,000
2,000
2,550
1,500
1,000
2,000
500
2,000
5,000
500
500
1,000
1,500
2,000
1,000
1,000
4,000
3,000
1,000
1,000
1,000
3,000
2,000
2,000
1,000
500

Interest
Type

Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Float
Fixed
Fixed
Float
Float
Float
Float
Float
Float
Float
Fixed
Fixed
Float

Interest Rate(%)

0.303%
0.290%
0.391%
0.391%
0.378%
0.378%
0.415%
0.415%
0.421%
0.460%
0.460%
0.421%
0.579%
0.450%
0.387%
0.437%
0.477%
0.410%
0.410%
0.452%
0.452%
0.457%
0.513%
0.513%
0.498%
0.489%
0.482%
0.436%
0.335%
0.457%
0.313%
0.376%
T+0.350%
0.679%
0.472%
T+0.350%
T+0.350%
T+0.350%
T+0.350%
T+0.225%
T+0.350%
T+0.350%0.304%
0.304%
T+0.300%

Date of
Advance

16/3/29
16/3/29
16/3/29
16/3/29
16/3/29
16/3/29
16/3/29
16/3/29
16/5/26
16/5/26
16/5/26
16/5/31
16/5/31
16/8/31
17/5/10
17/5/22
17/5/22
17/5/31
17/5/31
17/5/31
17/5/31
17/8/31
17/8/31
17/8/31
17/11/30
17/11/30
17/11/30
18/2/28
18/5/31
18/5/31
18/7/31
18/8/31
18/8/31
18/8/31
18/10/30
18/10/30
18/10/30
18/10/30
18/10/30
19/3/29
19/3/29
19/3/29
19/5/31
19/5/31
19/5/31

Due date

23/2/28
23/2/28
23/8/31
23/8/31
24/2/29
24/2/29
24/8/30
24/8/30
24/11/29
25/5/30
25/5/30
24/11/29
26/5/29
26/8/31
23/11/30
24/5/31
24/11/29
25/5/30
25/5/30
25/11/28
25/11/28
25/5/30
26/8/31
26/8/31
25/5/30
25/11/28
26/5/29
26/2/27
25/5/30
26/5/29
23/7/31
25/8/31
27/8/31
27/8/31
26/10/30
27/10/29
27/10/29
27/10/29
27/10/29
26/3/31
28/3/31
28/3/31
26/5/29
26/5/29
27/5/31(Note) Fixed Interest Rate and Floating Interest Rate are rounded to the third decimal place.
** Interest rates that were changed from a floating rate to a fixed rate by concluding the swap agreement are described as fixed interest rates.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

46

Status of Interest-Bearing Liabilities (2) (as of November 30, 2021)
Borrowings
Term

LenderTotal long-term borrowings

1,000
1,500
1,000
2,000
1,300
1,200
1,000
1,500
1,000
1,000
2,000
1,000
3,000
2,000
1,600
1,500
2,000
1,000
3,000
2,000
2,000
1,000
1,000
1,000
1,900
2,000
2,000
2,000
1,500
2,400
2,000
1,000
1,000
1,500
1,000
2,000
1,000
159,350

Total borrowings

193,350

The Yamanashi Chuo Bank, Ltd.
Kansai Mirai Bank, Limited
MUFG Bank, Ltd. (*)
Resona Bank, Limited (*)
Sumitomo Mitsui Trust Bank, Limited (*)
Sumitomo Mitsui Trust Bank, Limited (*)

Development Bank of Japan Inc.
Sumitomo Mitsui Trust Bank, Limited (*)

The 77 Bank, Ltd. (*)
The Norinchukin Bank
Resona Bank, Limited (*)
Sumitomo Mitsui Trust Bank, Limited (*)
Sumitomo Mitsui Trust Bank, Limited (*)

Long-term borrowings

Balance(million yen)

MUFG Bank, Ltd. (*)
Sumitomo Mitsui Banking Corporation (*)

MUFG Bank, Ltd. (*)
Kansai Mirai Bank, Limited (*)
The Musashino Bank, Ltd. (*)
Mizuho Trust and Banking Co., Ltd. (*)
Sumitomo Mitsui Banking Corporation (*)

Shinsei Bank, Limited (*)
Development Bank of Japan Inc.
Sumitomo Mitsui Trust Bank, Limited (*)

Momiji Bank,Ltd. (*)
Mizuho Bank, Ltd. (*)
Mizuho Bank, Ltd. (*)
Mizuho Bank, Ltd. (*)
Mizuho Bank, Ltd. (*)
MUFG Bank, Ltd. (*)
Sumitomo Mitsui Banking Corporation (*)

Resona Bank, Limited (*)
The 77 Bank, Ltd. (*)
Shinsei Bank, Limited (*)
Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.

Interest
Type

Fixed
Float
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Float
Fixed
Float
Float

Investment Corporation Bonds
Interest Rate(%)

0.540%
T+0.250%0.320%
0.472%
0.208%
0.322%
0.450%
0.209%
0.319%
0.350%
0.416%
0.211%
0.322%
0.322%
0.326%
0.326%
0.487%
0.487%
0.297%
0.400%
0.400%
0.350%
0.416%
0.546%
0.146%
0.279%
0.356%
0.436%
0.436%
0.481%
0.481%
0.552%
0.483%
T+0.350%0.470%
T+0.375%
T+0.375%

Date of AdvanceDue date

19/5/31
19/8/30
19/8/30
19/9/30
19/11/29
19/11/29
19/11/29
20/2/28
20/2/28
20/2/28
20/2/28
20/5/29
20/5/29
20/5/29
20/8/31
20/8/31
20/8/31
20/8/31
20/11/30
20/11/30
20/11/30
20/11/30
21/2/26
21/2/26
21/3/31
21/3/31
21/3/31
21/3/31
21/3/31
21/3/31
21/3/31
21/5/31
21/8/31
21/11/30
21/11/30
21/11/30
21/11/30

29/5/31
26/8/31
26/8/31
29/9/28
24/11/29
26/11/30
28/11/30
25/2/28
27/2/26
28/2/29
29/2/28
25/5/30
27/5/31
27/5/31
27/8/31
27/8/31
30/8/30
30/8/30
27/5/31
28/11/30
28/11/30
28/11/30
29/2/28
31/2/28
24/3/29
26/3/31
27/3/31
28/3/31
28/3/3130/3/29
30/3/29
31/5/30
30/8/30
29/11/30
29/11/30
30/5/31
30/5/31

Issuance
No. 4 Unsecured Investment Corporation Bond
No. 5 Unsecured Investment Corporation BondNo. 6 Unsecured Investment Corporation BondNo. 7 Unsecured Investment Corporation BondNo. 8 Unsecured Investment Corporation Bond

Total inv estment corporation bonds

Balance(million yen)

2,100
1,700
1,300
1,500
2,400
9,000

Interest
Type

Fixed
Fixed
Fixed
Fixed
Fixed

Interest Rate(%)

1.000%
0.220%
0.660%
0.310%
0.600%

Date of
Advance

14/9/12
19/9/12
19/9/12
20/9/11
20/9/11Due date

24/9/12
24/9/1231/9/1225/9/1130/9/11(Note) Fixed Interest Rate and Floating Interest Rate are rounded to the third decimal place.
** Interest rates that were changed from a floating rate to a fixed rate by concluding the swap agreement are described as fixed interest rates.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

47

Analysis of Tenants
Major Tenants (Top 10)
Tenant Name

Property

Breakdown of Industries (Note 1) of Tenants (Note 2) (%)
Leased Area(m 2)

% of Total
Leased Area

Services
23.9%

Other
15.4%

(Note 2)Not disclosed (Note 1)

Daiwa Sasazuka Tower

7,135.30

2.0%

Other Finance
3.0%

Not disclosed (Note 1)

Daiwa Kitahama

6,189.96

1.7%

Insurance
3.0%
Foods
3.8%

Tokio Marine & Nichido Anshin
Consulting Co., Ltd.

Daiwa Ogikubo Tower

6,058.41

1.7%

Palsystem Consumers'
Co-operative UnionLAQUAS Higashi Shinjuku

5,985.08

1.6%

Not disclosed (Note 1)

Daiwa Kayabacho Building

5,899.11

1.6%

Wholesale
4.8%
Electric Device
5.1%

Kirin Brewery Company, Ltd.

Kirin Nihonbashi Building

5,630.17

1.5%

Construction
5.2%

INES Corporation

Daiwa Harumi

4,770.20

1.3%

Mitsubishi UFJ NICOS Co., Ltd.

Daiwa Kitahama

4,515.35

1.2%

Real Estate
6.8%

Information &Communication
21.5%
Information
Services

12.5%

Visual/Voice
Information Production

3.9%

Internet-related
Services

2.6%

Communications
Broadcast

Retail Trade
7.5%

2.3%

0.3%

(As of November 30, 2021)(Note 1) Industries are categorized and prepared by the Investment Corporation according to TSE’s 33 industry groups.

Not disclosed (Note 1)

Daiwa Sasazuka Tower

4,226.34

1.1%

WeWork Japan G.K.

Daiwa Harumi

3,845.14

1.0%

54,255.06

15.3%

Total

(Note 2) The categories in the Information & Communication industry are created/prepared by the Investment.
Corporation in accordance with the Japan Standard Industry Classification of the Ministry of Internal Affairs andCommunications.
(Note 3) The ratio is rounded to the first decimal place.

(Note 1) Not disclosed due to tenant's request.
(Note 2) Rounded down to the first decimal place.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

48

Appraisal Value Compared With the Previous Fiscal Period (1)(Unit: Million Yen)
Property Name

Appraisal Value

Compared to End of 31st Period
DifferenceBook Value

ChangeEnd of 32nd Period

Compared to Book Value at End of 32nd
PeriodEnd of 31st Period

End of 32nd Period

Difference

Daiwa Ginza

17,90017,900--12,629+5,270Daiwa Ginza Annex

3,960

3,970

+10

+0.3%

2,722

+1,247

41.7%
45.8%

Daiwa Shibaura

8,430
4,740

8,430

8,005

+424

Daiwa Sarugakucho

4,260

4,740
4,260

-

-

Daiwa Minami Aoyama

-

4,376
3,083

+363
+1,176

Daiwa A Hamamatsucho

3,970

3,970

-

-

2,689

+1,280Daiwa Jingumae

3,130

3,130
4,060

-

2,654

+475

Daiwa Shibadaimon

4,060

-

Daiwa Misakicho

3,120

3,120

-

-

2,335
2,096

+1,724+1,023

Daiwa Tsukijiekimae

2,310

2,310

-

-

1,231

Daiwa Tsukiji

1,750

1,750

-

-

1,098

Daiwa Tsukishima

10,80010,800

-

-

6,563

Daiwa Nihonbashi Horidomecho

3,030

3,030

-

-

Daiwa Azabudai

1,950

1,950

Daiwa Kojimachi 4-chome

2,920

2,920

-

Shinjuku Maynds Tower

64,30064,300Daiwa SHIBUYA EDGE
Daiwa Kodemmacho

5,450
2,330

5,450
2,330

Daiwa Nishishimbashi

7,370

7,370

Daiwa Kayabacho Building

8,230

8,280

Daiwa Jinbocho 3-chome

5,270

5,270

E SPACE TOWER

36,600Daiwa Nihonbashi Hongokucho

Acquisition Price

ChangeCap Rate
End of 31st Period

End of 32nd Period

14,100
3,050

3.3%
3.3%

3.3%
3.3%

5.3%

8,265

3.9%

3.9%

8.3%
38.1%
47.6%

4,550
3,190
2,865

3.7%
4.2%
3.6%

3.7%
4.2%
3.6%

17.9%

2,800

3.6%

3.6%

73.8%
48.8%

2,578
2,346

3.5%
3.8%

3.5%
3.8%

+1,078

87.6%

1,560

4.1%

4.1%

+651

59.3%

1,240

3.9%

3.9%

2,365

+4,236
+664

64.5%
28.1%

7,840
2,520

4.0%
3.8%

4.0%
3.8%

-

1,466
2,808

+483
+111

33.0%
4.0%

1,600
2,910

3.8%
3.5%

3.8%
3.5%

-

-

63,307+992

1.6%

66,900

3.1%

3.1%

-

-

5,555
2,315

-105
+14

-1.9%
0.6%

5,900
2,460

3.5%
4.0%

3.5%
4.0%

-

-

4,573

+2,796

61.2%

5,000

3.4%

3.4%

+50

+0.6%

5,114

+3,165

61.9%

5,600

3.3%

3.3%

-

-

3,235

+2,034

62.9%

3,550

3.3%

3.3%

37,800+1,200

+3.3%

2,690

2,720

+30

+1.1%

23,382
1,502+14,417+1,217

61.7%
81.0%

24,0003.0%

2.9%

16,500

-

3.9%

3.9%

shinyon curumu

16,500

1,721

Daiwa Akasaka

15,50015,500--9,474
10,055+7,025+5,444

74.2%
54.1%

9,650
9,200

3.1%
3.2%

3.2%
3.2%

Daiwa Shibuya Miyamasuzaka

13,10013,300+200

18,30018,800

+500

+1.5%
+2.7%

7,248
13,779+6,051

83.5%

7,000

3.3%

3.2%

Daiwa Azabu Terrace+5,02036.4%

14,000

3.5%

3.4%

Daiwa Ebisu 4-chome

6,440

6,440

-

-

4,151

+2,288

55.1%

4,135

3.6%

3.6%

LAQUAS Higashi Shinjuku

11,30011,300

-

-

8,286

+3,013

36.4%

8,450

Daiwa Aoyama

12,20012,300

+100

+0.8%

9,965

+2,334

23.4%

9,800

3.3%
3.2%

3.3%
3.2%

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

49

Appraisal Value Compared With the Previous Fiscal Period (2)(Unit: Million Yen)
Property Name

Appraisal Value

Compared to End of 31st Period
ChangeEnd of 32nd Period

Compared to Book Value at End of 32nd
PeriodDifference

Acquisition Price

ChangeCap Rate

End of 31st Period

End of 32nd Period

End of 31st Period

End of 32nd Period

Shinsen Place

6,800

6,800

-

-

4,883

+1,916

39.2%

4,800

3.3%

3.3%

Daiwa Shibuya Square

22,20022,700

+500

+2.3%

15,774+6,92543.9%

16,000

3.3%

3.2%

Daiwa River Gate

34,30034,700

+400

+1.2%

27,367+7,33226.8%

28,000

3.7%

3.6%

Daiwa Hatchobori ekimae

3,290

3,300

+10

+0.3%

2,884

+415

14.4%

2,871

3.4%

3.4%

Daiwa Hatchobori ekimae West

1,970

1,970

-

-

1,702

+267

15.7%

1,647

3.5%

3.5%

Daiwa Nishi-Shinjuku
Kirin Nihonbashi Building

17,4008,360

17,500
8,420

+100
+60

+0.6%
+0.7%

13,9258,290+3,574
+129

25.7%
1.6%

13,710
8,180

3.3%
3.8%

3.3%
3.7%

Daiwa Higashi-Nihonbashi

7,150

7,150

-

-

6,240

+909

14.6%

6,370

3.8%

3.8%

Daiwa Daikanyama

3,620

3,590

-30

-0.8%

2,355

+1,234

52.4%

2,280

3.2%

3.2%

Daiwa Shinjuku West

1,250

1,280

+30

+2.4%

989

+290

29.4%

942

3.8%

3.8%

Daiwa Kanda Mikuracho

1,850
5,770

1,850
5,810

+40

+0.7%

1,612
4,202

+237
+1,607

14.7%
38.3%

1,592
4,200

3.8%
3.4%

3.8%
3.3%
3.6%

Daiwa Kanda East

DifferenceBook Value

Daiwa Kandasudacho

2,820

2,820

-

-

2,381

+438

18.4%

2,295

3.6%

Daiwa Sasazuka Tower

16,000

16,100

+100

+0.6%

15,908+191

1.2%

15,5003.8%

3.8%

Daiwa Sasazuka

3,570

3,570

-

-

3,169

+400

12.6%

3,000

3.9%

4.0%

Daiwa Harumi

12,7004,020

12,700
4,150

+130

+3.2%

11,175
1,577+1,524+2,57213.6%
163.0%

11,200
2,635

3.6%
3.7%

3.6%
3.6%

Nihonbashi Central Square

3,820

3,820

-

-

3,605

+214

5.9%

3,521

3.4%

3.4%

Nihonbashi Bakurocho 1-Chome Development Site

4,250

4,500

+250

+5.9%

3,803

+696

18.3%

3,775

-

-

-

2,050

-

-

2,049

+0

0.0%

1,970

-

3.4%

4,370
6,300

4,370
6,180

-120

-1.9%

2,535
6,954

+1,834-774

72.4%-11.1%

2,958
7,710

4.0%
4.0%

4.0%
4.1%

Daiwa Mita 2-Chome

Kandabashi PR-EX
Daiwa Higashi-Ikebukuro
Daiwa Shinagawa North
Daiwa Kamiooka

2,900

2,900

-

-

1,788

+1,111

62.2%

2,000

4.5%

4.5%

Daiwa Ogikubo Tower

23,20023,200--16,098+7,10144.1%

15,220

3.6%

3.6%

Daiwa Meguro Square

7,280

7,290

+10

+0.1%

5,386

+1,903

35.3%

5,600

3.5%

3.5%

Daiwa Ogikubo

4,820

4,830

+10

+0.2%

3,975

+854

21.5%

3,800

3.9%

3.9%

CONCURRED Yokohama

41,2002,880

41,2002,880--

37,666
2,586+3,533
+293

9.4%
11.3%

38,100
2,500

4.2%
3.9%

4.2%
3.9%

Daiwa Shinagawa Gotenyama

Daiwa Nakano-Sakaue

2,860

2,660

-200

-7.0%

2,838

-178

-6.3%

2,750

4.0%

4.0%

Daiwa Kitahama

13,30013,300

-

-

8,978

+4,321

48.1%

9,481

3.7%

3.7%

Total

572,160

577,590+3,3800.6%

450,782+126,807

28.1%

463,388--(Note) Difference and change in “Compared to End of 31st Period” do not include the impact of the properties acquired or sold in the 32nd Period.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

50

Appraisal Value at End of Fiscal Period (1)(Unit: Million Yen)

Property Name

Appraisal Value at
End of 32nd Period

Summary of Appraisal Report (End of 32nd Period)
Direct Capitalization Method
Value

DCF Method

Cap Rate

Value

Discount Rate

Terminal Cap Rate

Integrated Value

Daiw a Ginza

17,90018,1003.3%

17,600

3.1%

3.5%

16,000Daiw a Ginza Annex

3,970

4,050

Daiw a Shibaura

8,430
4,740

8,370

3.3%
3.9%

3,880
8,450

3.1%
3.7%

3.5%
4.1%

4,180
7,370

4,800

3.7%

4,680

3.5%

3.9%

4,490

4,320
4,070

4.2%

Daiw a A Ham am atsucho

4,260
3,970

3.6%

4,190
3,930

4.0%
3.4%

4.4%
3.8%

1,960
2,430

Daiw a Jingum ae

3,130

3,200

3.6%

3,060

3.4%

3.8%

2,960

Daiw a Shibadaim on

4,060
3,120

4,120
3,170

3.5%
3.8%

4,040
3,100

3.3%
3.6%

3.7%
4.0%

2,290
1,890

2,310
1,750

2,320

4.1%

2,300

Daiw a Tsukiji

1,750
10,700

4.3%
4.1%

2,180
1,670

10,800

3.9%
4.0%

4.1%
3.9%

Daiw a Tsukishim a

1,750
10,900

3.7%

4.2%

5,580

Daiw a Nihonbashi Horidom echo

3,030

3,050

3.8%

3,010

3.6%

4.0%

1,730

Daiw a Azabudai

1,950

1,980

3.8%

1,920

3.6%

4.0%

1,380

Daiw a Kojim achi 4-chom e

2,920

3.3%

3.7%

4,750

Daiw a SHIBUYA EDGE

64,300
5,450

3.5%
3.1%

2,870

Shinjuku Maynds Tow er (Note)

2,960
152,000
5,580

3.5%

147,000
5,310

2.9%
3.3%

3.3%
3.7%

52,3004,010

Daiw a Kodem m acho

2,330

Daiw a Nishishim bashi

4.0%
3.4%

2,290
7,300

3.8%
3.2%

4.2%
3.6%

1,310
5,180

Daiw a Kayabacho Building

7,370
8,280

2,370
7,520
8,420

3.3%

8,220

3.1%

3.5%

6,660

Daiw a Jinbocho 3-chom e

5,270

5,380

3.3%

5,220

3.1%

3.5%

4,210

E SPACE TOWER

37,80038,7002.9%

36,9002.7%

3.1%

34,500Daiw a Nihonbashi Hongokucho
shinyon curum u

2,720
16,5002,740
16,800

3.9%
3.2%

2,710
16,400

3.7%
3.0%

4.1%
3.4%

1,670
16,200Daiw a Akasaka

15,50015,9003.2%

15,3003.0%

3.4%

14,600Daiw a Shibuya Miyam asuzaka

13,30018,80013,60019,200

3.2%
3.4%

13,00018,400

3.0%
3.2%

3.4%
3.6%

12,30017,000Daiw a Minam i Aoyam a
Daiw a Sarugakucho

Daiw a Misakicho
Daiw a Tsukijiekim ae

Daiw a Azabu Terrace
Daiw a Ebisu 4-chom e

6,440

6,450

3.6%

6,440

3.7%

3.8%

5,010

LAQUAS Higashi Shinjuku

11,30011,7003.3%

11,100

3.1%

3.5%

10,900Daiw a Aoyam a

12,30012,6003.2%

12,2003.0%

3.4%

12,100(Note) For Shinjuku Maynds Tower, the appraisal value and integrated value are the values pertaining to the Investment Corporation’s ownership interest, and the value indicated by the direct capitalization method and value
indicated by the DCF method are the values pertaining to the entire property.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

51

Appraisal Value at End of Fiscal Period (2)(Unit: Million Yen)
Appraisal Value at
End of 32nd Period

Property Name
Shinsen Place
Daiw a Shibuya Square
Daiw a River Gate
Daiw a Hatchobori ekim ae
Daiw a Hatchobori ekim ae West
Daiw a Nishi-Shinjuku
Kirin Nihonbashi Building
Daiw a Higashi-Nihonbashi
Daiw a Daikanyam a
Daiw a Shinjuku West
Daiw a Kanda Mikuracho
Daiw a Kanda East
Daiw a Kandasudacho
Daiw a Sasazuka Tow er
Daiw a Sasazuka
Daiw a Harum i
Daiw a Mita 2-Chom e
Nihonbashi Central Square(Note)

Nihonbashi Bakurocho 1-Chome Development Site（ Land)

Kandabashi PR-EX
Daiw a Higashi-Ikebukuro
Daiw a Shinagaw a North
Daiw a Kam iooka
Daiw a Ogikubo Tow er
Daiw a Meguro Square
Daiw a Ogikubo
CONCURRED Yokoham aDaiw a Shinagaw a Gotenyama

Daiw a Nakano-Sakaue
Daiw a Kitaham a
Total

Summary of Appraisal Report (End of 32nd Period)
Direct Capitalization Method
Value

DCF Method

Cap Rate

Value

Discount Rate

Terminal Cap Rate

Integrated Value

6,800
22,70034,7006,970
23,00034,900

3.3%
3.2%
3.6%

6,730
22,40034,400

3.2%
3.0%
3.3%

3.5%
3.4%
3.7%

4,730
19,70033,3003,300
1,970
17,500
8,420
7,150
3,590
1,280
1,850
5,810
2,820
16,100
3,570

3,390
2,030
17,800
8,480
7,300
3,630
1,290
1,840
5,930
2,880
16,500
3,680

3.4%
3.5%
3.3%
3.7%
3.8%
3.2%
3.8%
3.8%
3.3%
3.6%
3.8%
4.0%

3,260
1,950
17,300
8,350
7,090
3,570
1,270
1,850
5,690
2,790
15,900
3,520

3.2%
3.3%
3.1%
3.4%
3.6%
3.2%
3.6%
3.8%
3.1%
3.6%
3.6%
3.8%

3.6%
3.7%
3.5%
3.8%
4.0%
3.4%
4.0%
4.0%
3.5%
3.8%
4.0%
4.2%

3,770
1,900
16,600
7,540
5,670
3,350
968
2,070
5,450
2,510
15,0002,730

12,7004,150
3,820

12,800
4,220
3,900

3.6%
3.6%
3.4%

12,600
4,070
3,730

3.6%
3.4%
3.2%

3.8%
3.8%
3.6%

9,420
3,320
1,890

4,500
2,050
4,370
6,180
2,900
23,2007,290
4,830
41,2002,880
2,660
13,300

2,130
4,430
6,290
2,930
23,5007,460
4,910
42,3002,930
2,760
13,500

3.4%
4.0%
4.1%
4.5%
3.6%
3.5%
3.9%
4.2%
3.9%
4.0%
3.7%

2,010
4,340
6,060
2,890
23,1007,210
4,790
40,7002,860
2,610
13,200

3.2%
3.8%
3.9%
4.3%
3.4%
3.3%
3.7%
4.0%
3.7%
3.7%
3.5%

3.6%
4.2%
4.3%
4.7%
3.8%
3.7%
4.1%
4.4%
4.1%
4.2%
3.9%

1,730
2,410
4,830
2,210
14,4006,850
3,490
32,0002,630
2,500
14,500577,590669,800-

649,510--486,278(Note) Appraisal value of Nihonbashi Bakurocho 1-Chome Development Site is the income approach value (development leasing-type.)This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

52

Change in Unrealized Gain/Loss of Portfolio(Billion Yen)(%)

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

53

Portfolio Performance Summary (1)Fiscal Period Ended November 2021 (32nd FP Results by Property)
Daiwa Ginza

Daiwa Ginza Annex

Daiwa Minami Aoyama(Note6)

Daiwa Shibaura

Daiwa Sarugakucho

Daiwa A
Hamamatsucho

Daiwa Jingumae

Property Name

Acquisition Price (million yen)

14,100

3,050

8,265

4,550

3,190

2,865

2,800

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FPBook Value (million yen)

12,672

12,629

2,729

2,722

8,038

8,005

4,390

4,376

3,099

3,083

2,700

2,689

2,661

2,654

Appraisal Value (million yen)

17,90017,900

3,960

3,970

8,430

8,430

4,740

4,740

4,260

4,260

3,970

3,970

3,130

3,130

Occupancy Rate (%)

99.7

99.8

100.0

100.0

98.7

99.5

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

PML (%) (Note1)

4.53

4.53

3.97

3.97

3.82

3.82

9.19

9.19

7.14

7.14

3.79

3.79

13.33

13.33

Property Management Company

Best Property

Profits from property-related activities(Note 2)

Number of operating days

Best Property

XYMAXBest Property

Property Partners

Best Property

32nd FPBest Property

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

435,354449,452

99,29080,964

252,072

269,392

131,412132,067- (Note5)- (Note5)

135,197

137,378

59,621

72,023

Rent (incl. common service fees)

435,354449,452

82,99080,964

249,525

267,971

131,412132,067- (Note5)- (Note5)

135,197

137,378

59,621

72,0230016,300

0

2,547

1,421

0

0

- (Note5)- (Note5)

0

0

0

0

94,42790,65349,54328,51867,16462,977

24,87625,245- (Note5)- (Note5)

55,66759,23935,594

14,176

Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

Administrative Expenses

16,58012,989

9,428

10,354

17,744

15,204

3,853

3,868

- (Note5)- (Note5)

8,211

8,240

12,997

2,849

Utility Charges

16,437

18,881

4,077

4,472

11,042

12,852

4,389

5,314

- (Note5)- (Note5)

5,853

6,518

2,285

2,803

6,921

6,648

1,273

1,231

3,820

4,029

2,120

1,833

- (Note5)- (Note5)

2,071

2,012

1,200

1,256

33,94633,896

11,268

11,23120,803

20,77812,938

12,951- (Note5)- (Note5)

9,050

9,072

6,905

6,896

528

538

123

125

474

484

182

186

- (Note5)- (Note5)

226

230

99

102

3,522

1,209

22,437792

13,258

9,629

1,391

1,093

- (Note5)- (Note5)

852

3,765

12,099261

Property Management Fee
Tax and Public Due
Non-life Insurance Costs
Repair Expenses

16,48916,489

934

310

20

0

0

0

- (Note5)- (Note5)

29,40029,40077(3) NOI (=(1)-(2)) (thousand yen)

340,927

358,799

49,74652,446

184,908

206,414106,535

106,82198,95899,04479,53078,13824,026

57,847

Annualized NOI (thousand yen)683,727

715,638

99,767

104,607

370,833

411,701

213,656

213,059

198,460

197,546

159,498

155,849

48,185

115,379

5.4%

5.7%

3.7%

3.8%

4.6%

5.1%

4.9%

4.9%

6.4%

6.4%

5.9%

5.8%

1.8%

4.3%

65,27865,552

8,818

8,853

37,29237,50014,917

14,631- (Note5)- (Note5)

14,736

14,762

9,093

9,063

0

0

16,300

0

182

259

0

0

- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

0

0

0

- (Note5)- (Note5)

0

0

0

0

Other Expenses(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 32nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2021).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.
(Note 6) Property sold in 33rd FP

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

54

Portfolio Performance Summary (2)Fiscal Period Ended November 2021 (32nd FP Results by Property)
Daiwa Shibadaimon

Daiwa Misakicho

Daiwa Shimbashi 510(Note6)

Daiwa Tsukijiekimae

Daiwa Tsukiji

Daiwa Nihonbashi
Horidomecho

Daiwa Tsukishima

Property Name

Acquisition Price (million yen)

2,578

2,346

2,080

31st FP

32nd FP

31st FP

32nd FPBook Value (million yen)

2,341

2,335

2,108

2,096

Appraisal Value (million yen)

4,060

4,060

3,120

Occupancy Rate (%)

31st FP

1,560

1,240

7,840

2,520

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

-

-

1,244

1,231

1,103

1,098

6,610

6,563

2,380

32nd FP
2,365

3,120

-

-

2,310

2,310

1,750

1,750

10,80010,800

3,030

3,030

100.0

100.0

100.0

100.0

-

-

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

PML (%) (Note1)

3.72

3.72

4.24

4.24

-

-

4.23

4.23

4.98

4.98

4.87

4.87

4.68

4.68

Property Management Company

Best Property

Profits from property-related activities(Note 2)

Number of operating days

Best Property

Property Partners

MS Building Support

XYMAX

Property Partners

Best Property

182

183

182

183

-

-

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

100,989

102,313- (Note5)- (Note5)

14-

71,10970,91549,211

52,162

269,249

282,380

87,64091,330Rent (incl. common service fees)

100,989

102,313- (Note5)- (Note5)

14-

71,10970,91549,21150,018269,249

282,380

87,64091,33000- (Note5)- (Note5)

0

-

0

0

0

2,143

0

0

0

0

38,34718,369- (Note5)- (Note5)

14-

14,09912,90916,185

10,45860,82039,976

19,596

19,528Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

Administrative Expenses

6,336

5,157

- (Note5)- (Note5)

0

-

2,735

2,641

4,827

2,320

9,213

8,318

3,598

3,514

Utility Charges

3,826

4,675

- (Note5)- (Note5)

0

-

3,262

3,528

1,790

1,982

8,035

9,336

3,719

3,845

Property Management Fee

1,504

1,548

- (Note5)- (Note5)

0

-

1,200

1,200

1,230

1,200

4,040

4,232

1,303

1,405

Tax and Public Due

6,639

6,628

- (Note5)- (Note5)

14

-

5,268

5,265

4,098

4,096

15,096

14,929

6,995

7,012

Non-life Insurance Costs
Repair Expenses

146

149

- (Note5)- (Note5)

0

-

118

121

75

76

347

357

157

160

19,894209- (Note5)- (Note5)

0

-

1,496

134

4,164

783

24,086

2,800

3,822

3,590

0

0

- (Note5)- (Note5)

0

-

18

18

0

0

0

0

0

0

(3) NOI (=(1)-(2)) (thousand yen)

62,642

83,943

40,11066,3980-57,01058,00633,02541,703

208,429

242,404

68,04471,801

Annualized NOI (thousand yen)

125,628

167,428

80,441

132,434--

114,334

115,695

66,233

83,179418,003

483,484

136,463

143,209

5.4%

7.2%

3.8%

6.3%

-

-

9.2%

9.4%

6.0%

7.6%

6.3%

7.4%

5.7%

6.1%

10,567

10,476- (Note5)- (Note5)0-

14,13814,138

8,031

8,044

56,19357,62015,505

15,56700- (Note5)- (Note5)

0

-

0

0

0

0

0

0

0

0

0

0

- (Note5)- (Note5)

0

-

0

0

0

0

0

0

0

0

Other Expenses(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 32nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2021).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.
(Note 6) Property sold in 30th FP

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

55

Portfolio Performance Summary (3)Fiscal Period Ended November 2021 (32nd FP Results by Property)
Daiwa Kyobashi(Note5)

Daiwa Azabudai

Daiwa Kojimachi
4-chome (Note6)

Shinjuku Maynds Tower

Daiwa SHIBUYA EDGE

Daiwa Kodemmacho

Daiwa Nishishimbashi

Property Name

Acquisition Price (million yen)

1,600

3,460

31st FP

32nd FPBook Value (million yen)

1,473

1,466

Appraisal Value (million yen)

1,950

Occupancy Rate (%)

2,910

66,900

5,900

2,460

5,000

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

-

-

2,822

2,808

63,461

63,307

5,563

5,555

2,322

2,315

4,608

4,573

1,950

-

-

2,920

2,920

64,30064,300

5,450

5,450

2,330

2,330

7,370

7,370

100.0

100.0

-

-

100.0

100.0

99.6

98.0

100.0

73.9

100.0

100.0

100.0

100.0

PML (%) (Note1)

6.64

6.64

-

-

6.19

6.19

2.03

2.03

1.56

1.56

4.19

4.19

3.76

3.76

Property Management Company

Best Property

Profits from property-related activities(Note 2)

Number of operating days

31st FPBest Property

Best Property

XYMAX

XYMAX

Property Partners

XYMAX

182

183

22

-

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

53,99149,264

13,932-

90,614

91,185

1,388,580

1,363,175

130,455

119,201

67,221

67,951

186,232

182,760

Rent (incl. common service fees)

53,16349,264

13,932-

90,614

91,185

1,388,580

1,363,175

130,455

119,201

67,221

67,951

186,232

182,760

828

0

0

-

0

0

0

0

0

0

0

0

0

0

14,968

12,6979,880-

29,852

28,056335,242363,982

21,516

21,711

26,46815,332

43,70843,819Administrative Expenses

5,819

3,961

519

-

3,976

3,955

75,05384,012

3,996

5,100

4,017

4,050

12,622

14,462

Utility Charges

2,029

2,142

1,680

-

4,671

5,230

113,598

121,643

5,432

4,990

3,754

4,350

7,295

8,587

Property Management Fee

1,200

1,200

180

-

1,372

1,385

9,864

9,404

1,976

1,733

1,210

1,223

2,481

2,417

Tax and Public Due

5,064

5,060

7,138

-

16,402

16,386

126,493

134,680

8,131

8,118

3,834

3,829

16,223

16,241Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

Non-life Insurance Costs
Repair Expenses

88

90

19

-

171

174

2,295

2,329

128

130

114

116

290

297

766

243

343

-

3,257

923

7,009

10,956

1,851

1,637

12,715

939

4,795

1,805

0

0

0

-

0

0

928

955

0

0

822

822

0

6

(3) NOI (=(1)-(2)) (thousand yen)

39,02336,566

4,052-

60,761

63,1281,053,338

999,193108,938

97,48940,752

52,619142,524

138,941

Annualized NOI (thousand yen)

78,26072,933--

121,856

125,9122,112,464

1,992,926

218,476

194,446

81,728104,952

285,831

277,123

5.3%

5.0%

-

-

4.3%

4.5%

3.3%

3.1%

3.9%

3.5%

3.5%

4.5%

6.2%

6.1%

7,643

7,636

2,944

-

15,296

15,213

199,848

199,993

16,574

9,867

8,242

8,120

37,76637,317

0

0

0

-

0

0

0

0

0

0

0

0

0

0

0

0

0

-

0

0

0

0

0

0

0

0

0

0

Other Expenses(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 32nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2021).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Property sold in 31st FP(Note 6) Property sold in 33rd FP

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

56

Portfolio Performance Summary (4)Fiscal Period Ended November 2021 (32nd FP Results by Property)
Daiwa Kayabacho
Building

Daiwa
Jinbocho 3-chome

Daiwa Nihonbashi
Hongokucho

E SPACE TOWER

shinyon curumu

Daiwa Shibuya
Miyamasuzaka

Daiwa Akasaka

Property Name

Acquisition Price (million yen)

5,600

3,550

24,000

1,721

9,650

9,200

7,000

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FPBook Value (million yen)

5,097

5,114

3,255

3,235

23,421

23,382

1,515

1,502

9,509

9,474

10,08010,055

7,271

7,248

Appraisal Value (million yen)

8,230

8,280

5,270

5,270

36,60037,800

2,690

2,720

16,50016,50015,50015,50013,10013,300Occupancy Rate (%)

100.0

100.0

88.1

100.0

100.0

100.0

100.0

100.0

93.3

100.0

96.7

82.0

88.1

99.2

4.50

4.50

5.33

5.33

3.11

3.11

3.80

3.80

4.44

4.44

7.14

7.14

5.64

5.64

PML (%) (Note1)
Property Management Company
Profits from property-related activities(Note 2)

Number of operating days

Property Partners

Tokyo Capital Management

XYMAX

MS Building Support

MS Building Support

XYMAX

32nd FPTokyo Capital Management

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

- (Note5)- (Note5)

110,740

114,585

795,067

767,20375,41975,678355,783

377,301

378,112301,012

323,070

265,104

Rent (incl. common service fees)- (Note5)- (Note5)

110,740

114,585

786,067

767,20375,41975,678355,783

377,301

360,826

301,012

323,070

265,104

Other Revenues (Note 3)- (Note5)- (Note5)

0

0

9,000

0

0

0

0

0

17,286000- (Note5)- (Note5)

22,492

28,111

172,649

171,220

10,413

11,54586,62585,081

101,540

93,33753,20256,491

Administrative Expenses- (Note5)- (Note5)

5,427

8,780

63,97053,388

2,257

2,290

23,86023,88722,991

29,694

12,784

16,900Utility Charges- (Note5)- (Note5)

4,723

6,475

30,124

41,618

2,252

2,540

14,374

17,124

14,34815,907

9,074

9,932

Property Management Fee- (Note5)- (Note5)

1,626

1,753

7,924

7,811

1,200

1,200

3,807

3,803

4,143

3,152

3,795

3,299

Tax and Public Due- (Note5)- (Note5)

9,930

9,921

62,312

62,049

4,554

4,549

37,98437,89835,53035,35323,707

23,377

Non-life Insurance Costs- (Note5)- (Note5)

150

154

777

798

93

94

401

408

517

525

378

383

Repair Expenses- (Note5)- (Note5)

634

1,026

7,423

5,482

56

870

6,197

1,958

18,961

8,704

3,426

2,433

Other Expenses(2) Property-related Expenses (thousand yen)

- (Note5)- (Note5)

0

0

116

72

0

0

0

0

5,047

0

36

165

(3) NOI (=(1)-(2)) (thousand yen)

152,670

147,698

88,24786,474622,417595,983

65,006

64,132

269,158

292,220

276,571

207,675

269,867

208,612Annualized NOI (thousand yen)

306,179

294,590

176,980

172,475

1,248,254

1,188,709

130,369

127,915539,796

582,844554,662

414,215541,218

416,084

6.0%

5.8%

5.4%

5.3%

5.3%

5.1%

8.6%

8.5%

5.7%

6.2%

5.5%

4.1%

7.4%

5.7%

- (Note5)- (Note5)

19,87919,88372,164

73,117

13,41813,426

37,79038,16558,78260,402

27,51927,425- (Note5)- (Note5)

0

0

9,000

0

0

0

0

0

7,500

0

0

0

- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

0

0

0

(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 32nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2021).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

57

Portfolio Performance Summary (5)Fiscal Period Ended November 2021 (32nd FP Results by Property)
Daiwa Azabu Terrace

Daiwa Ebisu 4-chome

LAQUAS Higashi
Shinjuku

Daiwa Aoyama

Shinsen Place

Daiwa Shibuya Square

Daiwa River Gate

Property Name

Acquisition Price (million yen)

14,000

4,135

8,450

9,800

4,800

16,00028,00031st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FPBook Value (million yen)

13,833

13,779

4,167

4,151

8,316

8,286

9,984

9,965

4,897

4,883

15,79815,77427,48727,367

Appraisal Value (million yen)

18,30018,800

6,440

6,440

11,30011,30012,20012,300

6,800

6,800

22,20022,70034,30034,700Occupancy Rate (%)

32nd FP

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

96.8

83.4

92.6

PML (%) (Note1)

2.67

2.67

2.44

2.44

4.46

4.46

4.42

4.42

6.21

6.21

1.61

1.61

1.76

1.76

Property Management Company

Best Property

Profits from property-related activities(Note 2)

Number of operating days

MS Building Support

ITOCHU Urban Community

MS Building Support

MS Building Support

XYMAX

Best Property

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

469,657

487,450- (Note5)- (Note5)

232,075

233,767

236,779

254,569- (Note5)- (Note5)

481,432

478,581

963,067

886,598

Rent (incl. common service fees)

469,337

487,450- (Note5)- (Note5)

232,075

233,767

236,779

254,569- (Note5)- (Note5)

481,432

478,581

958,808

881,896320

0- (Note5)- (Note5)

0

0

0

0

- (Note5)- (Note5)

0

0

4,259

4,701

100,111

103,493- (Note5)- (Note5)

46,042

48,971

41,961

34,097- (Note5)- (Note5)

62,51173,360442,115354,313Administrative Expenses

27,55425,632- (Note5)- (Note5)

9,347

10,143

17,6139,607- (Note5)- (Note5)

10,814

17,51572,719130,938

Utility Charges

30,88336,304- (Note5)- (Note5)

10,474

13,544

4,554

5,470

- (Note5)- (Note5)

16,10520,44998,159100,915

4,275

4,409

- (Note5)- (Note5)

1,200

1,200

2,847

3,057

- (Note5)- (Note5)

5,114

5,371

9,436

8,776

33,74033,702- (Note5)- (Note5)

21,157

21,115

15,295

15,234- (Note5)- (Note5)

26,93028,731

104,485

102,325

729

742- (Note5)- (Note5)

367

375

188

192

- (Note5)- (Note5)

458

467

2,056

2,112

2,928

2,700

- (Note5)- (Note5)

3,336

2,434

1,462

535

- (Note5)- (Note5)

3,088

824

155,137

9,244

Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

Property Management Fee
Tax and Public Due
Non-life Insurance Costs
Repair Expenses

00- (Note5)- (Note5)

158

158

0

0

- (Note5)- (Note5)

0

0

120

0

(3) NOI (=(1)-(2)) (thousand yen)

369,545

383,956

100,993

140,681

186,033

184,795

194,818

220,471

125,393

124,759

418,920405,220

520,951532,285

Annualized NOI (thousand yen)

741,121765,815

202,542

280,594

373,089

368,582

390,707439,738

251,475

248,836

840,142808,227

1,044,765

1,061,661

5.4%

5.6%

4.9%

6.8%

4.5%

4.4%

3.9%

4.4%

5.1%

5.1%

5.3%

5.1%

3.8%

3.9%

54,02354,029- (Note5)- (Note5)

33,73933,94919,44919,194- (Note5)- (Note5)

31,65326,350136,873

138,61400- (Note5)- (Note5)

0

0

0

0

- (Note5)- (Note5)

0

0

458

577

0

0

- (Note5)- (Note5)

0

0

0

0

- (Note5)- (Note5)

0

0

0

240

Other Expenses(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 32nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2021).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

58

Portfolio Performance Summary (6)Fiscal Period Ended November 2021 (32nd FP Results by Property)
Daiwa Hatchobori
ekimaeDaiwa Hatchobori
ekimae West

Kirin Nihonbashi
Building

Daiwa Nishi-Shinjuku

Daiwa HigashiNihonbashi

Daiwa Daikanyama

Daiwa Shinjuku West

Property Name

Acquisition Price (million yen)

2,871

1,647

13,710

8,180

6,370

2,280

942

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FPBook Value (million yen)

2,884

2,884

1,702

1,702

13,91913,925

8,312

8,290

6,261

6,240

2,360

2,355

985

989

Appraisal Value (million yen)

3,290

3,300

1,970

1,970

17,40017,500

8,360

8,420

7,150

7,150

3,620

3,590

1,250

1,280

Occupancy Rate (%)

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

5.89

5.89

7.03

7.03

4.32

4.32

5.76

5.76

4.37

4.37

6.21

6.21

8.28

8.28

PML (%) (Note1)
Property Management Company
Profits from property-related activities(Note 2)

Number of operating days

ITOCHU Urban Community

ITOCHU Urban Community

MS Building Support

Tokyo Capital Management

ITOCHU Urban Community

XYMAX

32nd FP

ITOCHU Urban Community

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

85,387

83,17448,92350,501

407,699

398,118- (Note5)- (Note5)

177,395

180,820- (Note5)- (Note5)

38,59638,235

Rent (incl. common service fees)

85,387

83,17448,92350,501

407,699

398,118- (Note5)- (Note5)

177,395

180,820- (Note5)- (Note5)

38,594

38,235

0

0

0

0

0

0

- (Note5)- (Note5)00- (Note5)- (Note5)2

025,902

25,846

17,745

11,75470,702

71,213- (Note5)- (Note5)

32,24829,341- (Note5)- (Note5)

10,726

11,537Administrative Expenses

7,745

7,769

4,217

3,203

13,71912,448- (Note5)- (Note5)

8,610

5,438

- (Note5)- (Note5)

2,929

2,105

Utility Charges

4,645

5,705

2,263

2,283

12,66815,246- (Note5)- (Note5)

7,751

9,017

- (Note5)- (Note5)

2,055

2,369

Property Management Fee

1,200

1,200

1,200

1,200

3,245

2,762

- (Note5)- (Note5)

1,784

1,808

- (Note5)- (Note5)

1,200

1,200

Tax and Public Due

9,300

9,270

4,265

4,260

39,29438,904- (Note5)- (Note5)

11,696

11,672- (Note5)- (Note5)

3,114

3,128

156

159

81

82

372

383

- (Note5)- (Note5)

242

249

- (Note5)- (Note5)

49

50

2,854

1,741

5,718

724

1,398

1,467

- (Note5)- (Note5)

2,162

1,124

- (Note5)- (Note5)

1,377

2,682

Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

Non-life Insurance Costs
Repair Expenses

0

0

0

0

3

0

- (Note5)- (Note5)030- (Note5)- (Note5)00(3) NOI (=(1)-(2)) (thousand yen)

59,48557,327

31,17838,746

336,997

326,904

161,495

161,295

145,146

151,479

56,221

66,702

27,86926,698Annualized NOI (thousand yen)

119,297

114,341

62,52877,282

675,846

652,022

323,877

321,709

291,090

302,131

112,751

133,039

55,89253,250

4.1%

4.0%

3.7%

4.5%

4.9%

4.7%

3.9%

3.9%

4.6%

4.8%

4.8%

5.6%

5.7%

5.4%

10,43010,967

4,851

5,004

20,587

20,634- (Note5)- (Note5)

27,93728,001- (Note5)- (Note5)

2,228

2,259

0

0

0

0

0

0

- (Note5)- (Note5)00- (Note5)- (Note5)

0

0

0

0

0

0

0

0

- (Note5)- (Note5)00- (Note5)- (Note5)20

Other Expenses(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 32nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2021).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

59

Portfolio Performance Summary (7)Fiscal Period Ended November 2021 (32nd FP Results by Property)
Daiwa Kanda Mikuracho

Daiwa Kanda East

Daiwa Kandasudacho

Daiwa Sasazuka Tower

Daiwa Sasazuka

Daiwa Harumi

Daiwa Mita 2-Chome

Property Name

Acquisition Price (million yen)

1,592

4,200

2,295

15,5003,000

11,2002,635

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FPBook Value (million yen)

1,612

1,612

4,217

4,202

2,370

2,381

15,922

15,908

3,170

3,169

11,208

11,175

1,583

1,577

Appraisal Value (million yen)

1,850

1,850

5,770

5,810

2,820

2,820

16,000

16,100

3,570

3,570

12,70012,700

4,020

4,150

Occupancy Rate (%)

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

PML (%) (Note1)

6.01

6.01

3.86

3.86

5.12

5.12

1.52

1.52

5.90

5.90

4.30

4.30

3.21

3.21

Property Management Company

Best Property

Profits from property-related activities(Note 2)

Number of operating days

ITOCHU Urban Community

MS Building Support

Jones Lang LaSalleBest Property

Best Property

Best Property

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

51,18453,894

144,126

132,073

67,561

68,534

389,554455,098

91,69391,751

344,561

344,542- (Note5)- (Note5)

Rent (incl. common service fees)

51,18453,894

144,126

132,073

67,561

68,534

389,554455,098

88,50491,751

344,561

344,542- (Note5)- (Note5)

0

0

0

0

0

0

0

0

3,189

0

0

0

- (Note5)- (Note5)

11,104

10,06930,31536,40014,897

21,326

279,562

167,715

30,72029,785

115,291

101,308- (Note5)- (Note5)

Administrative Expenses

4,004

2,914

9,679

15,622

4,803

8,967

60,73347,057

10,202

6,409

38,323

27,888- (Note5)- (Note5)

Utility Charges

1,943

2,227

7,154

7,452

2,719

3,467

45,61650,496

8,004

8,901

17,83321,063- (Note5)- (Note5)

Property Management Fee

1,200

1,200

1,441

1,300

1,200

1,200

3,491

4,098

1,317

1,398

3,417

3,438

- (Note5)- (Note5)

Tax and Public Due

3,543

3,492

10,437

10,389

4,610

4,525

55,53854,699

9,283

8,975

27,34927,292- (Note5)- (Note5)

Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

Non-life Insurance Costs
Repair Expenses

66

68

179

182

84

86

935

955

171

175

532

543

- (Note5)- (Note5)

346

167

1,423

1,452

1,478

3,068

113,247

10,407

1,741

3,924

7,407

543

- (Note5)- (Note5)- (Note5)

0

0

0

0

0

11

0

0

0

0

20,426

20,538- (Note5)(3) NOI (=(1)-(2)) (thousand yen)

40,07943,824

113,810

95,67352,66447,208109,992

287,383

60,973

61,965229,269

243,233

67,06579,969Annualized NOI (thousand yen)

80,38087,410228,247

190,823

105,617

94,158220,588573,196

122,281

123,593459,798

485,137

134,499

159,501

5.0%

5.4%

5.4%

4.5%

4.5%

4.0%

1.4%

3.6%

3.9%

3.9%

4.1%

4.3%

8.5%

10.1%

5,276

5,350

18,525

18,676

6,945

5,982

60,10656,542

12,556

12,89935,78235,891- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

0

0

0

- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

0

0

0

- (Note5)- (Note5)

Other Expenses(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 32nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2021).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

60

Portfolio Performance Summary (8)Fiscal Period Ended November 2021 (32nd FP Results by Property)
Nihonbashi Central
Square (Note 5)

Nihonbashi Bakurocho 1-Chome

Daiwa HigashiIkebukuro

Kandabashi PR-EX

Development Site (land)(Note6)

Daiwa Shinagawa North

Daiwa Kamiooka

Daiwa Ogikubo Tower

Property Name

Acquisition Price (million yen)

3,521

3,775

1,970

31st FP

32nd FP

31st FP

32nd FPBook Value (million yen)

3,614

3,605

3,803

3,803

Appraisal Value (million yen)

3,820

3,820

4,250

Occupancy Rate (%)

100.0

100.0

5.21

5.21

PML (%) (Note1)
Property Management Company
Profits from property-related activities(Note 2)

Number of operating days

2,958

7,710

2,000

15,22032nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

-

2,049

2,551

2,535

6,989

6,954

1,805

1,788

16,21316,098

4,500

-

2,050

4,370

4,370

6,300

6,180

2,900

2,900

23,20023,200

-

-

-

79.2

100.0

100.0

95.2

95.2

100.0

100.0

94.2

94.2

-

-

-

6.83

3.55

3.55

7.19

7.19

6.29

6.29

1.18

1.18

XYMAX

-

31st FP

ITOCHU Urban Community

Best Property

Best Property

XYMAX

XYMAX

182

183

182

183

-

63

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

90,361

91,67900-17,208142,583

140,560

173,059

172,104

92,673

93,200682,124

616,652

Rent (incl. common service fees)

90,361

91,67900-12,818142,583

140,560

172,109172,104

92,673

93,200601,358

616,652

0

0

0

0

-

4,389

0

0

950

0

0

0

80,7660

11,080

16,244

0

0

-

5,708

30,83831,64260,64651,052

19,09420,023

161,637

153,816

Administrative Expenses

4,807

4,542

0

0

-

1,000

8,995

8,944

24,87916,824

4,282

4,329

51,93947,122

Utility Charges

3,850

3,857

0

0

-

320

9,426

9,354

8,741

10,684

5,736

6,690

47,29553,614

Property Management Fee

1,222

1,217

0

0

-

413

2,147

2,101

2,574

2,632

1,205

1,299

7,342

6,904

11

5,743

0

0

-

11

8,535

8,328

18,82818,815

6,361

6,338

44,97643,725

Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)Tax and Public Due

91

93

0

0

-

17

274

279

406

413

142

145

1,038

1,056

Repair Expenses

1,096

771

0

0

-

3,910

1,459

2,633

5,215

1,671

1,365

1,220

8,924

1,273

Other Expenses

0

18

0

0

-

36

0

0

0

9

0

0

120

120

(3) NOI (=(1)-(2)) (thousand yen)

79,28075,4340

0-

11,499111,744108,918

112,413

121,052

73,57873,176

520,487

462,835

Annualized NOI (thousand yen)

158,997

150,457

00-66,625

224,103217,241

225,443

241,443

147,561

145,953

1,043,834

923,141

4.4%

4.2%

0.0%

0.0%

-

3.3%

8.8%

8.6%

3.2%

3.5%

8.2%

8.2%

6.4%

5.7%

8,416

8,425

0

0

-

1,967

25,03325,20536,792

36,762

18,144

18,178131,344

131,370

0

0

0

0

-

4,389

0

0

0

0

0

0

0

0

0

0

0

0

-

0

0

0

0

0

0

0

0

0

Non-life Insurance Costs(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 32nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2021).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Of the rent revenue, the ratio of the Investment Corporation’s ownership interest for revenues (rent, etc.) pertaining to the master lease business is 60.99% based on the agreement, etc. among the compartmentalized co-owners.
The occupancy rate indicates the figure for the area subject to the master lease business.
(Note 6) We are planning the development of office buildings on the property. The external view is an architectural rendering prepared based on the expected building after development and may differ from the actual building.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

61

Portfolio Performance Summary (9)Fiscal Period Ended November 2021 (32nd FP Results by Property)
Daiwa Meguro Square

CONCURRED
Yokohama

Daiwa Ogikubo

Daiwa Shinagawa
Gotenyama

Daiwa Nakano-Sakaue

Daiwa Kitahama

Total

Property Name

461,418

463,388

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FP

31st FP

32nd FPBook Value (million yen)

5,409

5,386

3,965

3,975

37,762

37,666

2,569

2,586

2,845

2,838

9,028

8,978

450,041

450,782

Appraisal Value (million yen)

7,280

7,290

4,820

4,830

41,20041,200

2,880

2,880

2,860

2,660

13,30013,300572,160

577,590

Occupancy Rate (%)

100.0

94.1

100.0

100.0

99.0

98.4

100.0

100.0

100.0

100.0

100.0

100.0

97.5

97.8

1.68

1.68

6.41

6.41

0.92

0.92

7.07

7.07

5.93

5.93

3.48

3.48

1.93

1.94

182

183

Acquisition Price (million yen)

PML (%) (Note1)
Property Management Company

Profits from property-related activities(Note 2)

Number of operating days

5,600

3,800

XYMAX

38,100ITOCHU Urban Community

2,500

Jones Lang LaSalle

2,750

Best Property

9,481Tokyo Capital Management

Tokyo Capital Management

182

183

182

183

182

183

182

183

182

183

182

(1) Property-related Revenues (thousand yen)

171,425

168,815

128,395

125,091

1,070,469

1,054,418

82,422

79,89673,052

102,487

401,299406,787 14,027,847 13,882,364

Rent (incl. common service fees)

171,425

168,815

128,395

125,091

1,067,619

1,054,418

80,026

79,89673,052

79,199401,299406,787 13,887,151 13,846,420

0

0

0

0

2,850

0

2,395

0

0

23,28800140,695

35,94432,99035,62024,732

31,972

195,858

223,930

14,604

15,68622,036

21,30898,023

98,5103,635,387

3,323,888

Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

183

Administrative Expenses

7,227

10,311

8,088

13,07850,34250,202

3,626

3,599

7,590

5,597

21,17820,877880,206

895,690

Utility Charges

6,884

7,696

4,555

4,961

65,69375,760

3,068

3,430

4,818

5,830

30,39934,657774,452

870,406

Property Management Fee

2,237

2,149

1,404

1,376

6,525

6,303

1,263

1,246

1,201

1,544

6,020

6,100

156,247

153,953

13,777

13,780

8,203

8,204

57,85557,798

5,501

5,528

7,072

7,072

34,52334,4591,145,554

1,147,461

Tax and Public Due
Non-life Insurance Costs
Repair Expenses

205

209

171

174

784

788

107

109

144

148

717

730

19,94020,338

2,657

1,472

2,308

4,176

14,65733,077

1,036

1,771

1,199

1,099

5,087

1,589

583,977

166,75696

75,006

69,280

0

0

0

0

0

0

0

0

8

16

96

(3) NOI (=(1)-(2)) (thousand yen)

138,435

133,194

103,663

93,118874,611

830,488

67,81864,21051,016

81,178303,276

308,276 10,392,459 10,558,476

Annualized NOI (thousand yen)

277,630

265,662

207,895

185,727

1,754,028

1,656,438

136,010

128,069

102,313

161,913608,219614,868 20,833,894 21,102,945

5.1%

4.9%

5.2%

4.7%

4.6%

4.4%

5.3%

5.0%

3.6%

5.7%

6.7%

6.8%

4.7%

4.7%

23,64423,657

11,156

11,507

115,923

116,794

5,751

5,083

8,632

8,738

56,97057,245

1,816,503

1,808,363

0

0

0

0

0

0

0

0

0

0

0

0

33,440

5,226

0

0

0

0

0

0

0

0

0

0

0

0

2

240

Other Expenses(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 32nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2021).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Acquisition price, annualized NOI and NOI yield for the 31st FP and the 32nd FP do not include Daiwa Shimbashi 510 which was sold in the 30th FP and Daiwa Kyobashi which was sold in the 31st FP. Annualized NOI and NOI yield for the 31st FP
and the 32nd FP do not include Nihonbashi Bakurocho 1-Chome Development Site (land). The portfolio total of (2) Property-related Expenses in the table does not include expenses related to an investment corporation.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

62

Overview of Asset Management Company (1)Company Overview

Directors(As of January 1, 2022)

Company Name

Daiwa Real Estate Asset Management Co., Ltd.

Address

6-2-1 Ginza, Chuo-ku, Tokyo

Established

October 21, 2004

Paid-in Capital

200 million yen

Representative Director

Toshio Fukushima
Executive directors: 5
Executive auditors: 1
Non-executive directors: 1
Non-executive auditors: 2

Board of Directors

9No. of Employees

128 (excluding dispatched employees)

Registered Financial
Instruments Firm

Registration No. 355 (Financial Instruments),
Director-General, Kanto Local Finance Bureau(Kinsho)

Building Lots and Buildings
Transaction Business License

License No. (4)-83920, Governor of Tokyo

Discretionary Agent for Real
Estate Transaction Approval

License No. 34, Minister of Land, Infrastructure,
Transport and Tourism

Association Membership

Member of The Investment Trusts Association,
Japan
Member of Japan Investment Advisers
Association
Member of Type II Financial Instruments Firms
Association(As of January 1, 2022)
President and Representative Director

Toshio Fukushima

Vice President and Representative Director

Yuji Shinotsuka

Vice President and Representative Director

Yoshiki Nishigaki

Director

Hajime Imbe

Director

Tatsui Yanagisawa

Director (non-executive)

Satoru Shibasaki

AuditorYutaka Nishio

Auditor (non-executive)

Hiromasa Kawashima

Auditor (non-executive)

Toshiyuki Kato

REITs That Entrust Asset Management
to the Asset Management Company(As of January 1, 2022)
Daiwa Office
Investment Corporation

Listed REIT focusing on office buildings
Asset size: approximately 466.5 billion yen (59 properties)

Daiwa Securities Living
Investment Corporation

Listed residential REIT
Asset size: approximately 343.0 billion yen (238 properties)

Daiwa Residential Private
Investment Corporation

Private REIT focusing on residential properties
Asset size: approximately 146.3 billion yen (89 properties)

Daiwa Hotel Private
Investment Corporation

Private REIT focusing on hotels
Asset size: approximately 54.2 billion yen (13 properties)

Daiwa Securities Logistics
Private Investment
Corporation

Private REIT focusing on logistics facilities
Asset size: approximately 35.0 billion yen (7 properties)

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

63

Overview of Asset Management Company (2)Organization Chart
Shareholders’ Meeting
Corporate Auditors
Board of Directors
Compliance Committee

Investment Committee *Sustainability Promotion
Committee

President andRepresentative Director* Set up separately for each investment corporation

Sustainability Promotion OfficeInternal Control OfficeAcquisition and AssetManagement Division
DOI Investment
Management
Department

Origination
Department

Private REIT
Investment
Management
Department

DLI Investment
Management
Department

Compliance Officer

Private Fund Division

Investment Planning
Department

Construction
Management
Department

Private FundManagement
Department

Corporate Division

REIT Planning
Department

Finance
Department

Administration
Department

Sourcing Team

DOI
Investment TeamDLI
Investment TeamDRP
Investment Team

Infrastructure
Team

Finance Team

Development TeamDOIManagement TeamDLIManagement TeamDHP
Investment TeamManagement Team

Accounting TeamDLI
Portfolio System
Team

DLP
Investment Team

Overseas BusinessPreparation TeamManagement Team

Corporate Planning
Department

Compliance & Risk
Management
Department

DRP
Management TeamDHP
Management TeamDLPManagement Team（As of January 1, 2022）
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

64

Website Information
DOI Website TOP
Available for various
information on theInvestment Corporation

The Website has been renewed.
Sustainability Initiatives pagehas been revamped

URL
https://www.daiwa-office.co.jp/en/index.html

under the TOP

Sustainability Initiatives

Current News and Press
Releases Information.

the middle section
Registration form IR
Mail News Service

the lower section
Properties andDistributions
information.

Disclosure materials oflatest financial results.

Available for VR
previews of properties.

URL
https://www.daiwaoffice.co.jp/en/esg/index.html

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

65

MEMO

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

66