This translation of the original Japanese financial report (kessan tanshin) is provided solely for information purposes.
Should there be any discrepancy between this translation and the Japanese original, the latter shall prevail.

REIT Financial Report for the 34th Fiscal Period
Name of REIT Issuer:
Stock Code No.:
Representative:
Name of Asset Manager:
Representative:
Inquiries to:

January 20, 2023
Stock Exchange Listing: TSE
URL: https://www.daiwa-office.co.jp/en

Daiwa Office Investment Corporation
8976
Keiichi Sakai, Executive Director
Daiwa Real Estate Asset Management Co., Ltd.
Yoshiki Nishigaki, President and Representative Director
Kentaro Azumi, Manager of Corporate Division
TEL: +81-3-6215-9649

Scheduled date of submission of periodic securities report (yuka shoken hokokusho):Scheduled date of start of distribution payments:
Preparing presentation material:
Holding financial brief meeting:February 17, 2023
February 14, 2023

Yes
Yes (for institutional investors and analysts)[Amounts are rounded down to the nearest million yen, except for per unit figures]

1. Status of Management and Assets for the 34th Fiscal Period
34th Fiscal Period: Fiscal period ended November 2022 (from June 1, 2022 to November 30, 2022)(1) Management Status[% figures show the period-over-period increase (decrease)]

Operating revenue
34th
Period33rd
PeriodOperating income¥13,891 million(4.0%)¥7,062 million¥14,474 million

4.3%¥7,923 million

Net income
per unit

Ordinary income(10.9%) ¥6,494 million
7.8%(13.3%) ¥6,512 million(13.1%)¥7,493 million

10.2%¥7,493 million

Net income tounitholders’ equity

Net income

10.5%

Ordinary income tototal assets

Ordinary income tooperating revenue

34th¥13,561
2.6%
1.3%
46.8%
Period33rd¥15,443
3.0%
1.6%
51.8%
Period(Note) Net income per unit is calculated using the following average number of investment units during the period.
34th Fiscal Period: 480,206 units; 33rd Fiscal Period: 485,190 units(2) Distributions
Distribution amount
per unit(excluding
distribution amountin excess of earnings)

Total
distribution amount(excluding
distribution amountin excess of earnings)

Distribution
amountin excess ofearnings
per unit

Total
distribution
amountin excess ofearnings

Dividend
payoutDistribution
amount to
net assets

34th¥13,700¥6,552 million¥–¥– million
100.6%
2.6%
Period33rd¥14,000¥6,755 million¥–¥– million
90.2%
2.7%
Period(Note) Distribution amount per unit for the 34th Fiscal Period is calculated by dividing ¥6,552 million, the total distribution
amount considering the reversal of part of internal reserves of ¥58 million (the sum total of ¥40 million of reserve for
reduction entry and ¥18 million of deferred tax liabilities), by the total number of investment units issued and outstanding.
The main difference between distribution amount per unit and net income per unit is due to the reversal of reserve for
reduction entry. As acquisition and cancellation of own investment units were carried out during the period, dividend
payout for the 34th Fiscal Period is obtained by using the following calculation formula, rounded to one decimal place.
Dividend payout = Total distribution amount (excluding distribution amount in excess of earnings) / Net income × 100
Distribution amount per unit for the 33rd Fiscal Period is calculated by dividing the entire amount remaining after
deducting provision of reserve for reduction entry (¥737 million) from unappropriated retained earnings by the total
number of investment units issued and outstanding. The main difference between distribution amount per unit and net
income per unit is due to the calculation. As acquisition and cancellation of own investment units were carried out
during the period, dividend payout for the 33rd Fiscal Period is obtained by using the following calculation formula,rounded to one decimal place.
Dividend payout = Total distribution amount (excluding distribution amount in excess of earnings) / Net income × 100

(3)Financial Position¥481,049 million¥247,491 million

51.4%¥517,484¥483,461 million¥250,538 million

51.8%¥519,220

Net cashprovided by (used in)operating activities

Net cashprovided by (used in)investing activities

Net cashprovided by (used in)financing activities¥8,343 million(¥2,551 million)(¥9,755 million)¥22,808 million¥16,214 million(¥12,350 million)(¥7,382 million)¥26,773 million

Cash Flows

34th
Period33rd
PeriodNet assets
per unit

Net assets

34th
Period33rd
Period(4)

Unitholders’ equity tototal assets

Total assets

Cash andcash equivalents
at end of period

2. Management Status Forecasts for the 35th Fiscal Period and Management Status for the 36th Fiscal
Period35th Fiscal Period: Fiscal period ending May 2023 (from December 1, 2022 to May 31, 2023)
36th Fiscal Period: Fiscal period ending November 2023 (from June 1, 2023 to November 30, 2023)[% figures show the period-over-period increase (decrease)]

35th
Period36th
PeriodOperating revenue

Operating income

Ordinary income

Net income¥15,138 million

9.0%¥7,656 million

8.4% ¥7,066 million

8.8% ¥7,065 million

8.5%¥13,831 million(8.6%)¥6,598 million(13.8%) ¥5,984 million(15.3%) ¥5,983 million(15.3%)

Distribution amount per unit

(excluding distribution amount in excess of earnings)

Distribution amount in excess of earnings per unit

35th
¥13,700¥–
Period36th¥13,700¥–
Period(Reference) Estimated net income per unit for the 35th Fiscal Period: ¥14,772; 36th Fiscal Period: ¥12,510(Note) Distribution amount per unit for the 35th Fiscal Period is calculated based on the assumption that the amount remaining
after deducting the provision of reserve for reduction entry (¥513 million) from unappropriated retained earnings will
be distributed. Reversal of reserve for reduction entry may change depending on the management status.
Distribution amount per unit for the 36th Fiscal Period is calculated based on the assumption that the amount after
adding reversal of reserve for reduction entry (¥568 million) to unappropriated retained earnings will be distributed.
Reversal of reserve for reduction entry may change depending on the management status.

3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(i) Changes in accounting policies due to amended accounting standards, etc.:
None(ii) Changes in accounting policies other than (i):None(iii) Changes in accounting estimates:None(iv) Retrospective restatement:
None(2) Total number of investment units issued and outstanding(i) Total number of investment units issued and outstanding at end of period (including treasury units):
34th Fiscal Period:
478,258 units
33rd Fiscal Period:(ii) Total number of treasury units at end of period:
34th Fiscal Period:－ units
33rd Fiscal Period:

482,529 units－ units(Note) Please refer to “Notes to Per Unit Information” on page 27 for the number of investment units used as the basis forcalculating the net income per unit.
* This financial report (kessan tanshin) is exempt from the audit by a certified public accountant or an auditing company.

* Special note
The forecast figures are forward-looking statements based on information currently available to Daiwa Office Investment
Corporation and involve uncertainties. Accordingly, the actual operating revenue, operating income, ordinary income, net
income, distribution amount per unit and distribution amount in excess of earnings per unit may vary due to changes in thestatus. Moreover, the forecasts set forth herein should not be construed as a guarantee of distribution amounts. For details on
the assumptions underlying the forecast figures above, please refer to “Assumptions for the Management Status Forecasts forthe 35th Fiscal Period and 36th Fiscal Period” on page 9.

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period○Table of Contents
1. Management Status .............................................................................................................................................. 2
1.1. Management Status........................................................................................................................................ 2
1.1.1. Overview of the Fiscal Period Under Review ........................................................................................ 2
1.1.2. Outlook for the Next Fiscal Period ......................................................................................................... 6
1.2. Investment Risks.......................................................................................................................................... 10
2. Financial Statements .......................................................................................................................................... 11
2.1. Balance Sheets ............................................................................................................................................. 112.2. Statements of Income .................................................................................................................................. 13
2.3. Statements of Unitholders’ Equity............................................................................................................... 14
2.4. Statements of Cash Distributions................................................................................................................. 16
2.5. Statements of Cash Flows ............................................................................................................................ 17
2.6. Notes to the Going Concern ........................................................................................................................ 18
2.7. Notes to Significant Accounting Policies .................................................................................................... 18
2.8. Notes to Financial Statements...................................................................................................................... 20
2.9. Increase (Decrease) in Total Number of Investment Units Issued and Outstanding ................................... 28
3. Reference Information........................................................................................................................................ 30
3.1. Investment Status ......................................................................................................................................... 30
3.2. Investment Real Estate Properties (As of November 30, 2022) .................................................................. 31
3.2.1. Price and Investment Ratio of Investment Real Estate Properties ........................................................ 31
3.2.2. Summary of Building and Leasing of Investment Real Estate ............................................................. 33
3.2.3. Capital Expenditures for Assets Under Management ........................................................................... 36
3.2.4. Summary of Estimated Price at End of Period (As of November 30, 2022) ........................................ 37
3.2.5. Status of Income (Loss), Etc. of Individual Properties ......................................................................... 39-1-

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period

1. Management Status
1.1. Management Status
1.1.1. Overview of the Fiscal Period Under Review
A. Brief History of the Investment Corporation
The Investment Corporation was established on July 11, 2005, in accordance with the Act on Investment Trusts andInvestment Corporations (Act No. 198 of 1951; including amendments thereto) with Daiwa Real Estate AssetManagement Co., Ltd. (former name K.K. daVinci Select) (the “Asset Manager”) as the organizer. After its establishment,
the Investment Corporation implemented an additional issuance of investment units through a public offering (99,600
units) on October 18, 2005 and then listed on the Tokyo Stock Exchange, Inc. (TSE) Real Estate Investment Trust Section(stock code: 8976) on the following day.
Though initial assets under management were 79,573 million yen (sum total of acquisition price), subsequent activities,
such as additional acquisition of properties and replacement of portfolio properties, resulted in the assets undermanagement amounting to 468,486 million yen as of the last day of November 2022.
The Investment Corporation strives to secure stable revenue and sustained growth of the investment assets based on aclear portfolio development policy of specializing in investment in office buildings, with a particular focus on investment
in a total floor area of more than about 2,000 m2 situated in downtown Tokyo, as well as through dedicated efforts toheighten tenant satisfaction levels.
B. Investment Environment and Management Performancea. Investment Environment
The Japanese economy during the fiscal period under review saw a lifting of behavioral restrictions related to COVID19 and expectations for movement toward the normalization of economic and social activities. Despite this, the real
GDP growth rate (Second Preliminary Estimates) for July to September 2022 sat at an annual rate of -0.8%, registering
negative growth. In addition, prices are rising due to a combination of factors including high resource prices, stagnant
logistics, and the weak yen. The underlying tone in the November 2022 Consumer Confidence Survey was revised
downward to “weakening” from the previous month’s “signs of weakness.” As such, consumer sentiment has failed toachieve a sustained recovery due to stagnation.
In the office building leasing market in central Tokyo, the vacancy rate had continued to be on an improving trend
since June 2013, but has rose to 6.38% as of the end of November 2022 (Miki Shoji’s average vacancy rate for the five
central wards of Tokyo). Although there is a partial return and expansion trend for offices, the situation remains
unpredictable, with average office rents in central Tokyo declining for 28 consecutive months from August 2020 toNovember 2022 caused by weak business performance and cancellations due to office consolidation and relocation
amid work style reviews triggered by the COVID-19 pandemic.
However, for the office building transaction market, the appetite for property acquisitions remained strong among
real estate companies, funds (including J-REITs) and overseas investors with no material change made to the proactive
lending attitude by financial institutions. Nevertheless, future developments warrant close monitoring.
b. Management Performance
In view of increasing the ordinary EPS (EPS (net income per unit) after deducting gain on sale from properties) overthe medium to long term, the Investment Corporation continued to work on “external growth,” which aims to boost
revenue through acquisition of properties, and “internal growth,” which aims to maximize income generating from
owned properties.
Concerning external growth, the development project in Nihonbashi-Bakurocho 1-Chome Development Project wascompleted. This was the Investment Corporation’s first development project, for which the development site was
acquired in November 2020. The Investment Corporation acquired Daiwa Nihonbashi Bakurocho, constructed in thedevelopment project. As a result, the Investment Corporation’s assets under management as of the end of the 34th Fiscal
Period (November 30, 2022) totaled 59 properties, the sum total of acquisition prices of which amounted to 468,486
million yen.
Concerning internal growth, the Investment Corporation conducted proactive leasing, such as capturing needs forfloor expansion within the same property through strengthening relationships with existing tenants and reinforcing
collaboration with leasing brokers and property managers. Consequently, the occupancy rate as of the end of the 34th
Fiscal Period (November 30, 2022) was 97.4%.
C. Overview of Capital Procurementa. Procurement of Capital for Repayment of Borrowings
In the 34th Fiscal Period, the Investment Corporation made the following borrowings to fund the repayment ofborrowings.
(i) The Investment Corporation took out loans totaling 5,300 million yen from Shinsei Bank, Ltd. (Note), The NishiNippon City Bank Ltd., The 77 Bank, Ltd., and Nippon Life Insurance Company on August 31, 2022, to fund therepayment of the same amount borrowed from the same banks and company due for repayment on the same day.

-2-

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period(ii) The Investment Corporation took out loans totaling 12,300 million yen from Sumitomo Mitsui Banking
Corporation, Sumitomo Mitsui Trust Bank, Ltd., MUFG Bank, Ltd., Mizuho Bank, Ltd., Resona Bank, Limited,
Tokio Marine & Nichido Fire Insurance Co., Ltd. and Taiyo Life Insurance Company on November 30, 2022 tofund the repayment of the same amount borrowed from the same banks and companies due for repayment on thesame day.
(Note) Shinsei Bank, Ltd. changed its name to SBI Shinsei Bank, Ltd. as of January 4, 2023. The same shallapply hereafter.
b. Status of Interest-Bearing Liabilities at End of the Fiscal Period under Review
As a result of the above, the balance of interest-bearing liabilities outstanding as of the end of the 34th Fiscal Period(November 30, 2022) stood at 205,800 million yen in total (long-term loans payable: 196,800 million yen; investment
corporation bonds: 9,000 million yen). The balance of the current portion of long-term loans payable stood at 26,200
million yen.
The average remaining period of interest-bearing liabilities as of the end of the 34th Fiscal Period stands at 4.1 years.
List of Borrowings in the 34th Fiscal Period
Loan amount(Millions of yen)

Drawdown date

Repayment date

Loan period(Years)The Nishi-Nippon City Bank Ltd.

2,000

August 31, 2022

August 31, 2029

7.0

Nippon Life Insurance Company

1,300

August 31, 2022

August 31, 2029

7.0

Shinsei Bank, Ltd.

1,000

August 31, 2022

August 31, 2029

7.0

The 77 Bank, Ltd.

1,000

August 31, 2022

August 31, 2029

7.0

Sumitomo Mitsui Banking Corporation

4,000 November 30, 2022

May 30, 2031

8.5

MUFG Bank, Ltd.

1,000 November 30, 2022

May 30, 2031

8.5Mizuho Bank, Ltd.

1,500 November 30, 2022 November 29, 2030

Lender8.0

Mizuho Bank, Ltd.

1,000 November 30, 2022 February 28, 2030

7.3

Resona Bank, Limited

1,500 November 30, 2022 November 30, 2029

7.0

Sumitomo Mitsui Banking Corporation

1,000 November 30, 2022 November 30, 2029

7.0

300 November 30, 2022 November 30, 2029

7.0

1,000 November 30, 2022 November 30, 2028

6.0

1,000 November 30, 2022 November 30, 2027

5.0

Taiyo Life Insurance Company
Sumitomo Mitsui Trust Bank, Ltd.
Tokio Marine & Nichido Fire InsuranceCo., Ltd.

-3-

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
Balance of Borrowings from Each Financial Institution (As of November 30, 2022)
End of the 34th Fiscal Period
Lender(Millions of yen)
Sumitomo Mitsui Banking Corporation
40,400Share (%) (Note)
20.53

Sumitomo Mitsui Trust Bank, Ltd.

24,50012.45

Development Bank of Japan Inc.

21,75011.05

MUFG Bank, Ltd.

20,45010.39

Mizuho Bank, Ltd.

19,4009.86

Shinsei Bank, Ltd.

14,500

7.37

Resona Bank, Limited

12,5006.35

Mizuho Trust and Banking Co., Ltd.

9,500

4.83

The Bank of Fukuoka, Ltd.

6,500

3.30

Kansai Mirai Bank, Ltd.

5,000

2.54

The Nishi-Nippon City Bank Ltd.

3,000

1.52

The 77 Bank, Ltd.

3,000

1.52

The Norinchukin Bank

3,000

1.52

The Gunma Bank, Ltd.

2,500

1.27

The Musashino Bank, Ltd.

2,000

1.02

Tokio Marine & Nichido Fire Insurance Co., Ltd.

2,000

1.02

The Yamaguchi Bank, Ltd.

2,000

1.02

Nippon Life Insurance Company

1,300

0.66

The Hyakugo Bank, Ltd.

1,000

0.51

The Yamanashi Chuo Bank, Ltd.

1,000

0.51

Momiji Bank, Ltd.

1,000

0.51

Taiyo Life Insurance Company

300

0.15

Fukoku Mutual Life Insurance Company

200

0.10

196,800

100.00Total(Note) Share is rounded to two decimal places.
c. Rating Information(As of November 30, 2022)
Credit rating agency
Rating and Investment Information, Inc. (R&I)

RatingAA-

Outlook
StableJapan Credit Rating Agency, Ltd. (JCR)

AA

Stabled. Shelf Registration

The Investment Corporation filed a shelf registration statement pertaining to investment corporation bonds on October 1, 2021,
as below. The total issuable amount as of the date of this document is 100.0 billion yen.

Investment corporation bonds (excluding short-term investment corporation bonds)
Planned issue amount

100,000 million yen

Planned issue period

From October 9, 2021 to October 8, 2023
Funds for acquisition of specified assets, repayment of borrowings, redemption of
investment corporation bonds (including short-term investment corporation bonds), refundof leasehold and security deposits, payment of repairs, and funds for working capital, etc.

Use of funds-4-Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
D. Sustainability Initiatives
The Sustainability Promotion Committee was set up at the Asset Manager in 2014 and the Policy Regarding ESG wasestablished in March 2019 at the Investment Corporation and Asset Manager based on the Investment Corporation’srecognition that emphasizing ESG in asset management would contribute to the enhancement of corporate value overthe medium to long term. The Sustainability Promotion Office was also set up at the Asset Manager in June 2021 in orderto further strengthen sustainability initiatives. In these and other ways, sustainability initiatives are underway in an
organized manner.
As initiatives for the environment, efforts are being made to reduce the environmental load of the portfolio throughenergy saving and reduction of greenhouse gas emissions by installing/adopting highly energy-efficient LED lighting
and other measures for reducing environmental load, and through water saving and other effective utilization of limited
resources. In addition, as of the date of submission of this document, the total number of properties owned by theInvestment Corporation that have obtained environmental certification (Note 1) is 32 properties in accordance with the
new acquisition of BELS certification for Daiwa Nihonbashi Bakurocho. The ratio of such properties to the entire
portfolio (based on total floor area of the portfolio properties) is 61.9%.
As initiatives for society, efforts are being made to heighten tenant satisfaction levels and contribute to the sustained
development of local communities by coordinating and working together with the outside parties involved in the portfolio
properties by forming favorable relationships with them. In the 34th Fiscal Period, initiatives were taken to support
pediatric medical care through the installation of donation vending machines at portfolio properties, to make donations
to NPOs and other organizations engaged in child abuse prevention activities, and to support people with disabilities
through art displayed at the management companies.
As initiatives for corporate governance, the Asset Manager ensures thorough prevention of conflicts of interest, risk
management and legal compliance, and adopts an asset management fee system that focuses on linking with unitholderinterests and is linked to management results.
The Investment Corporation has continued to participate in GRESB Real Estate Assessment since 2011, earning therating of Green Star, which is awarded to participants excelling in both the “Management Component” (assessment of
which includes the ESG promotion policy and organizational structure) and the “Performance Component” (assessmentof which includes the portfolio properties’ environmental performance and initiatives with tenants), for 11 consecutive
years in 2022. Furthermore, in the GRESB Rating, which assigns a rating out of five stars based on where the participant’s
overall score ranks globally, the Investment Corporation earned the highest rating of “5 Star.” Also, in the 2022 GRESB
Public Disclosure assessment, which measures the comprehensiveness of ESG information disclosure, the Investment
Corporation was assessed as providing outstanding information disclosure relating to environmental and sustainability
initiatives, receiving the highest rating of “A” on the five-tiered evaluation scale for two consecutive years.
The Asset Manager established the “Climate Change and Resilience Policy” in December 2021 to promote theclarification of its policy and system on the initiatives for climate-related issues and the expansion of disclosure of thedetails of initiatives, and expressed its support for the Task Force on Climate-related Financial Disclosures (TCFD)
recommendations (Note 2). In addition, it joined the TCFD Consortium, a group of domestic companies that support
TCFD recommendations, in January 2022. Based on the four items whose information disclosure is recommended in the
TCFD recommendations (governance, strategy, risk management, and indicators and targets), a qualitative scenario
analysis of business risks and opportunities caused by the response to climate change has been conducted and disclosed
on the Investment Corporation’s website from July 2022.
(Note 1) The environmental certifications which the properties owned by the Investment Corporation have acquired
include CASBEE for Real Estate Certification, DBJ Green Building Certification and BELS Certification.
(Note 2) The Task Force on Climate-related Financial Disclosure (TCFD) is an international initiative established by
the Financial Stability Board (“FSB”) at the request of the G20 for the purpose of discussing the disclosuresof climate-related financial information and the responses by financial institutions.
E. Overview of Financial Performance and Distributions
As a result of the management described above, the Investment Corporation posted financial performance for the 34th
Fiscal Period of 13,891 million yen in operating revenue, 7,062 million yen in operating income, 6,494 million yen in
ordinary income and 6,512 million yen in net income.
Concerning distributions, it is planned that the amount equivalent to distributions from earnings would be included in
the amount of tax-deductible expenses based on application of special provisions for taxation of corporation tax (Article
67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957; including amendments thereto) (the“Special Taxation Measures Act”)). Accordingly, the Investment Corporation decided to distribute the entire amountafter adding reversal of internally reserved reserve for reduction entry (¥40,039,351) to unappropriated retained earnings,
and declared a distribution amount per unit of 13,700 yen.

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Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
1.1.2. Outlook for the Next Fiscal Period
A. Investment Environment
The Japanese economy going forward is expected to see a recovery in individual spending due to the expansion of theacceptance of inbound tourists from overseas resulting from the slowdown of the spread of COVID-19 infection.
However, as issues such as the situation in Ukraine, rise in resource prices and disruption of supply chain in the
manufacturing industry centering on the automobile industry may take time to normalize, the outlook for the Japanese
economy remains unpredictable.
In the central Tokyo office building leasing market, although recovery is expected with normalization of economic
activities going forward, rising vacancy rate due to office consolidations and relocations triggered by COVID-19,
moderate rent drop, and the impact of supply of multiple large-scale office buildings expected in 2023 continue to warrant
close monitoring. In addition, rising electricity charges associated with rising resource prices s and the impact onborrowing rates associated with interest rate hike warrant caution. Volatility in long-term interest rates has increased as
the BOJ’s Monetary Policy Meeting on December 20, 2022 expanded the range of fluctuation in long-term interest rates
to “about ±0.50%,” with interest rate trends warranting particularly close monitoring.
In the office building transaction market, backed by the favorable financing environment, among other factors, theproperty acquisition appetite among overseas investors, real estate companies and funds (including J-REITs) is expected
to remain strong. However, the re-spread of the COVID-19 pandemic, interest rate trends and other factors may impact
future developments in the transaction market.
B. Future Management Policy and Tasks
a. Strategy for Managing Existing Properties
As to macro trends for the office market, the vacancy rate in the overall market has still not made a turnaround, as many
companies are adopting a hybrid work style of in-office and telecommuting, and it is expected that movement due tovarious needs such as downsizing, consolidation, expansion, and location improvement will continue. Although theInvestment Corporation has been steadily acquiring solid new demand mainly from small and medium-sized companies,
for the time being, it is striving to maintain occupancy rates by flexibly pursuing leasing within the current market scope,without adhering to the conventional strategy of targeting top rents. Therefore, the Investment Corporation considers
that maintaining/improving competitiveness of buildings to qualify as prime offices that can increase the productivityof employees and accommodate needs of the times and environment will be the future issue, and is determined tocontinue carrying out operational management under the following policy.
(i) Maintain and raise occupancy rates
Concerning existing tenants, strive to reduce cancellation risks by improving the quality of buildings, equipment
and management system. In addition, concerning new tenants, strive to maintain and raise occupancy rates throughthe provision of highly satisfactory services from gaining deeper understanding of tenant needs through proactive
involvement in the market.
(ii) Maintain and raise profitability
Aim to secure stable revenue over the medium to long term through further strengthening good relationships withexisting tenants, as well as proactively tapping the needs of new tenants by discerning the market environment.
(iii) Control operational management costs
Strive to control operational management costs based on maintaining office environments with high tenantsatisfaction levels by implementing efficient operational management and reviewing systematic construction workthrough optimal leveraging of economies of scale achieved from proactively realizing external growth.
b. Strategy for New Property Investments
The Investment Corporation will invest in office buildings that have a total floor area of about 2,000 m2 or more basedon various external growth strategies, while maintaining a balance with the asset acquisition environment and financing
situation. In principle, considerations will focus on Tokyo as the investment target area, but the Investment Corporation
will also consider investing in competitive properties in cities other than Tokyo from a viewpoint of territoriallydistributed investments.
As pipeline support, in addition to expanding its own information-sourcing channels, the Investment Corporation
will continue to search for properties that meet its investment criteria by proactively gathering real estate transaction
market information through greater collaboration with the Asset Manager and Sponsor Group and utilizing the Group’s
extensive network of clients, partners, etc.
During the 34th Fiscal Period, the development project in Nihonbashi-Bakurocho 1-Chome Development Project
was completed. This was the Investment Corporation’s first development project, for which the development site was
acquired in November 2020. The Investment Corporation acquired Daiwa Nihonbashi Bakurocho, constructed in thedevelopment project. The Investment Corporation will strive to acquire properties in accordance with the investment
strategy described above, while continuing to carefully assess such development projects.

-6-Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Periodc. Financial Strategy
The Investment Corporation will conduct disciplined financial management of the following basic content.
(i) Control leverage by keeping the ratio of interest-bearing liabilities to total assets (LTV) within the range of 40%
to 50% at maximum, taking into consideration also the LTV, etc. based on appraisal value, as a principle.
(ii) Diversify repayment deadlines, targeting 30.0 billion yen as the maximum amount of interest-bearing liabilities
that shall become due during any single fiscal period as a principle.
(iii) Aim to have long-term loans payable account for at least 70% of balance of loans as a principle.
(iv) Achieve diversification of lenders, which shall mainly be Japanese financial institutions.
(v) Pursuant to its fund management rules, maintain stability in its financial standing by managing necessary funds,
such as the amount equivalent to distributions paid, separately from working capital.
C. Significant Subsequent Eventsa. Transfer of Assets
The Investment Corporation conducted the following transfer of trust beneficiary interest in real estate on November
21, 2022.
Overview of the Transferred Asset
Asset nameDaiwa SHIBUYA EDGE
Type of asset
Sale priceDate of conclusion oftransfer agreement
Transfer date
Purchaser

Trust beneficiary interest in domestic real estate
7,313 million yen(excluding settlement amounts of fixed asset tax and city planning tax, consumption
tax, etc.)
November 21, 2022
November 21, 2022
Not disclosed (Note)(Note) The purchaser is a domestic corporation, but the name of the purchaser has not been disclosed as consent was
not obtained from the purchaser to disclose the name.
b. Borrowing of Funds
The Investment Corporation conducted the following borrowing of funds on November 30, 2022. The funds wereallocated to part of the funds for the acquisition of the asset acquired on November 30, 2022 (Daiwa Nihonbashi
Bakurocho).
Details of Borrowing
LenderLoan amountInterest rate

Drawdown
date

Repayment
methodMaturity

1-monthJapanese yen
December 30, Bullet payment
December 29,¥2,000 million
TIBOR+0.250%
2022/ Unsecured
2023(Note)(Note) Interest payment date shall be the final day of each month and the maturity date. (If any such date is not abusiness day, it will be the following business day. If such date falls within the next month, the precedingbusiness day of the month will be the payment day.) Interest rate is calculated based on the 1-month Japanese
yen TIBOR which the Japanese Bankers Association announces two business days prior to the first day of theapplicable period.
Sumitomo Mitsui
Banking Corporation-7-

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
D. Outlook for Management Status
The Investment Corporation forecasts the following management status for the 35th Fiscal Period (fiscal period ending
May 2023 (from December 1, 2022 to May 31, 2023)). For the assumptions underlying the management status forecasts,
please refer to the “Assumptions for the Management Status Forecasts for the 35th Fiscal Period and 36th Fiscal Period”
on page 9.
35th Fiscal Period (fiscal period ending May 2023 (from December 1, 2022 to May 31, 2023))
Operating revenue
15,138 million yen
Operating income
7,656 million yen
Ordinary income
7,066 million yen
Net income
7,065 million yen
Distribution amount per unit
13,700 yen
Distribution amount in excess of earnings per unit
－ yen
In addition, on the basis that the “Assumptions for the Management Status Forecasts for the 35th Fiscal Period and 36th
Fiscal Period” will remain unchanged, the Investment Corporation forecasts the following management status for the36th Fiscal Period (fiscal period ending November 30, 2023 (from June 1, 2023 to November 30, 2023)).
36th Fiscal Period (fiscal period ending November 2023 (from June 1, 2022 to November 30, 2023))
Operating revenue
13,831 million yen
Operating income
6,598 million yen
Ordinary income
5,984 million yen
Net income
5,983 million yen
Distribution amount per unit
13,700 yen
Distribution amount in excess of earnings per unit
－ yen
(Note) The forecast figures above are the current forecasts calculated based on certain assumptions. Accordingly, theactual operating revenue, operating income, ordinary income, net income, distribution amount per unit anddistribution amount in excess of earnings per unit may vary due to changes in the status. Moreover, the forecasts
set forth herein should not be construed as a guarantee of distribution amounts.

-8-

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
Assumptions for the Management Status Forecasts for the 35th Fiscal Period and 36th Fiscal Period
Item

Assets undermanagement

Operatingrevenue

OperatingexpensesNon-operating
expenses

Interest-bearing
liabilities

Total number ofinvestment units
issued andoutstanding

Assumptions• 35th Fiscal Period: Assets under management are assumed to be the 59 properties owned as ofNovember 30, 2022, minus “Daiwa SHIBUYA EDGE” divested in December 2022 to total 58
properties.
• 36th Fiscal Period: Assets under management are assumed to be the properties mentioned above.
• The actual number of properties may vary due to changes in the assets under management otherthan above.
• Rent revenue from existing properties is calculated based on historical data and taking into accountvariable factors.
• 1,518 million yen in gain on sale of real estate from the divestment of “Daiwa SHIBUYA EDGE”
is expected in the 35th Fiscal Period• Expenses related to rent business, which constitute a major component of operating expenses, arecalculated based on historical data and taking into account variable factors.
• Repair expenses for buildings are recorded as expenses in the amount expected to be necessary in
the respective fiscal period based on the medium- to long-term repair plan established by the AssetManager.
• Operating income from property leasing (excluding gain on sale from real estate properties) after
deducting expenses related to rent business (including depreciation) is expected to be 7,538 million
yen in the 35th Fiscal Period and 7,946 million yen in the 36th Fiscal Period.
• Consignment expenses are expected to be 1,063 million yen in the 35th Fiscal Period and 998
million yen in the 36th Fiscal Period.
• Taxes and dues (fixed property tax, city planning tax, etc.) are expected to be 1,150 million yen in
the 35th Fiscal Period and 1,204 million yen in the 36th Fiscal Period.
• While, in general, fixed property tax, city planning tax, etc. in the transaction of real estate, etc. are
calculated on a pro rata basis and reimbursed at the time of acquisition with the current owner, but
for the Investment Corporation, the amount equivalent to the reimbursement is included in the costof acquisition and thus it is not recognized as expenses in the period of acquisition of properties.
As such, fixed property tax, city planning tax, etc. for properties acquired will be recorded as
expenses starting from the fiscal year following the acquisition year.
• Depreciation is expected to be 1,790 million yen in the 35th Fiscal Period and 1,797 million yen
in the 36th Fiscal Period.
• Non-operating expenses in the 35th Fiscal Period are expected to be 590 million yen, of which theinterest expenses, interest expenses on investment corporation bonds, and borrowing related
expenses are expected to be 578 million yen.
• Non-operating expenses in the 36th Fiscal Period are expected to be 613 million yen, of which theinterest expenses, interest expenses on investment corporation bonds, and borrowing related
expenses are expected to be 601 million yen.
• The total amount of interest-bearing liabilities is assumed to be 207,800 million yen at the end of
the 35th Fiscal Period and 207,800 million yen at the end of the 36th Fiscal Period.
• In the 35th Fiscal Period, it is assumed that new borrowings of 2,000 million yen will be borrowed
to be allocated to funds used for the construction of “Daiwa Nihonbashi Bakurocho” acquired on
January 30, 2022, and the entire amount of borrowings due for repayment on February 28, 2023
(6,500 million yen) and May 31, 2023 (6,500 million yen) is refinanced.
• In the 36th Fiscal Period, it is assumed that the entire amount of borrowings due for repayment on
July 31, 2023 (1,000 million yen), August 31, 2023 (2,000 million yen) and November 30, 2023
(10,200 million yen) is refinanced.
• The total number of investment units issued and outstanding is assumed to be the 478,258 units asof November 30, 2022.
• It is assumed that there are no changes to the number of investment units other than stated above
until the end of the 36th Fiscal Period through the issuance of new investment units, etc.

-9-Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
Item

Assumptions

Distribution amount
per unit• The distribution amount per unit is calculated based on the cash distribution policy as set out in thearticles of incorporation of the Investment Corporation.
• Part of the gain on sale from the divestment of “Daiwa SHIBUYA EDGE” that is expected to arisein the 35th Fiscal Period is assumed to be retained as internal reserves with the application of thesystem of “Special Provisions for Taxation in Cases of Repurchase of Specified Assets.” As such,the assumption is that the amount remaining after deducting provision of reserve for reduction
entry (513 million yen) from unappropriated retained earnings will be distributed. Provision ofreserve for reduction entry may change depending on the management status.
• The distribution amount per unit for the 36th Fiscal Period is based on the assumption that part(568 million yen) of the reserve for reduction entry retained as internal reserves will be reversedand distributed. Reversal of reserve for reduction entry may change depending on the management
status.
• The distribution amount per unit may vary depending on a variety of factors, such as changes in
the assets under management, changes in the rent revenue due to tenant changes and other causes,
and incurrence of unforeseen repairs.

Distribution amountin excess of earnings
per unit
Other• At present, there is no plan to make any distribution in excess of earnings (distribution amount inexcess of earnings per unit).
• It is assumed that there are no changes to laws and ordinances, the tax system, accounting
standards, listing regulations, the rules of Tokyo Stock Exchange, Inc. and The Investment Trusts
Association, Japan, etc. that will affect the abovementioned forecast figures.
• It is assumed that there will be no major unforeseen changes in general economic trends, real estatemarket conditions, etc.

1.2. Investment Risks
Disclosure is omitted because there are no significant changes from the “Part I: Fund Information; Section 1: Fund Status;
3. Investment Risks” set out in the most recent periodic securities report (yuka shoken hokokusho) (submitted on August22, 2022).

- 10 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period

2. Financial Statements
2.1. Balance Sheets(Unit: Thousands of yen)

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Consumption taxes receivable
Prepaid expenses
Other
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold rights
Leasehold rights in trust
Other
Total intangible assets

33rd Fiscal Period[As of May 31, 2022]

34th Fiscal Period[As of November 30, 2022]

23,095,517
3,677,490
86,072－355,818
34,13627,249,034

19,084,282
3,724,400
100,636
82,420371,486
43,891
23,407,118

3,581,479(2,756,196)
825,282
14,344(9,238)5,106
21,085(17,016)
4,069
12,302,226
4,006
108,011,572(31,243,029)
76,768,543
766,806(239,123)
527,682
870,980(520,910)
350,069
366,416(227,197)
139,218
359,932,790
846,159
451,705,157

3,601,054(2,827,955)
773,098
14,344(9,672)
4,671
21,875(18,040)
3,834
12,302,226
3,491
110,553,987(32,895,437)
77,658,549
782,699(250,100)
532,598
950,322(554,056)
396,265
420,289(246,104)
174,184
360,010,799
903,381452,763,103*1, *2*2*22,398,275
306,884
11,3412,716,501- 11 -*1, *2*2*22,398,275
306,884
9,891
2,715,051

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period(Unit: Thousands of yen)
33rd Fiscal Period[As of May 31, 2022]
Investments and other assets
Leasehold and guarantee deposits in trust
Long-term prepaid expenses
Derivatives
Other
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment corporation bonds issuance costs
Total deferred assets
Total assets
Liabilities
Current liabilities
Operating accounts payable
Current portion of long-term loans payable
Accounts payable – other
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Deferred tax liabilities
Total noncurrent liabilities
Total liabilities
Net Assets
Unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital
Unitholders’ capital, net
Surplus
Voluntary retained earnings
Reserve for reduction entry
Total voluntary retained earnings
Unappropriated retained earnings (undisposed loss)
Total surplus
Total unitholders’ equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets- 12 -*4*5

34th Fiscal Period[As of November 30, 2022]

113,684
1,203,731
329,840
98,795
1,746,051
456,167,710

113,684
1,293,339
614,733
102,821
2,124,579
457,602,734

44,35744,357483,461,103

39,32639,326
481,049,178

1,067,842
30,600,000
600,232880
294,268
2,326,716
501,287
35,391,228

1,514,187
26,200,000
607,519880
149,957
2,660,384
513,476
31,646,405

9,000,000
166,200,000
20,192,922
1,972,139
165,917
197,530,979
232,922,207

9,000,000
170,600,000
20,090,144
1,984,197
237,123
201,911,465
233,557,871

251,551,759(10,458,319)
241,093,440*4

251,551,759(13,457,770)
238,093,989

1,721,383
1,721,383
7,493,070
9,214,454
250,307,894

2,459,048
2,459,048
6,512,095
8,971,143
247,065,132

231,001
231,001
250,538,895
483,461,103

426,174
426,174
247,491,307
481,049,178*5Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
2.2. Statements of Income(Unit: Thousands of yen)
33rd Fiscal Period[From: Dec. 1, 2021
To: May 31, 2022]

Operating revenue
Rent revenue – real estate
Other lease business revenue
Gain on sales of real estate properties
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fees
Asset custody fees
Administrative service fees
Trust fees
Directors’ compensation
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Reversal of distribution payable
Insurance income
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds
Borrowing expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)- 13 -

34th Fiscal Period[From: June. 1, 2022
To: Nov. 30, 2022]

*1
*1
*2

13,560,238
13,769900,931
14,474,939*1*1

13,836,714
54,553－
13,891,267*1

5,143,017
1,163,658
24,19072,641
18,8797,200
122,114
6,551,700
7,923,238*1

5,453,596
1,147,433
24,06478,232
18,036
7,200
99,757
6,828,320
7,062,947

14
646
138,785285
139,731

15
705
7,290
33
8,044

398,294
26,328130,398
13,997569,018
7,493,952
7,493,952
881－
881
7,493,070－
7,493,070

395,458
26,041
137,796
17,096576,3936,494,598
6,494,598
881(18,378)(17,496)
6,512,095－
6,512,095

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period

2.3. Statements of Unitholders’ Equity
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022](Unit: Thousands of yen)
Unitholders’ equity

Unitholders’ capital

SurplusReserve for
reduction entry

Total voluntary
retainedearnings

Unappropriatedretainedearnings(undisposed
loss)

1,755,357

1,755,357

6,799,258

8,554,615(33,973)(33,973)

33,973－

Dividends from surplus(6,833,232)(6,833,232)

Net income

7,493,070

7,493,070

Balance at beginning ofcurrent fiscal period

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

251,551,759(6,458,395)

245,093,364

Voluntary retained earnings

Total surplus

Changes of items during theperiodReversal of reserve for
reduction entry

Acquisition of own
investment units
Cancellation of own
investment units(3,999,924)(3,999,924)－(3,999,924)(3,999,924)(33,973)(33,973)

693,812659,838

251,551,759(10,458,319)

241,093,440

1,721,383

1,721,383

7,493,070

9,214,454

Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
Balance at end of current
fiscal period

Valuation and translation
adjustments

Unitholders’ equity

Balance at beginning ofcurrent fiscal period

Own investment Total unitholders’ Deferred gains orunits
equitylosses on hedges

Total valuationand translation
adjustments

Total net assets(10,319)(10,319)

253,637,659－

253,647,979

Changes of items during theperiodReversal of reserve for
reduction entry－－

Dividends from surplus(6,833,232)(6,833,232)

Net income

7,493,070

7,493,070

Acquisition of own
investment units(3,999,924)(3,999,924)(3,999,924)

Cancellation of own
investment units

3,999,924－－

Net changes of items otherthan shareholders’ equity

241,321

241,321

241,321

Total changes of items during
the period－(3,340,085)

241,321

241,321(3,098,764)

Balance at end of current
fiscal period－

250,307,894

231,001

231,001

250,538,895- 14 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
34th Fiscal Period [From: June 1, 2022 To: November 30, 2022](Unit: Thousands of yen)
Unitholders’ equity

Unitholders’ capital

SurplusReserve for
reduction entry

Total voluntary
retainedearnings

Unappropriatedretainedearnings(undisposed
loss)

1,721,383

1,721,383

7,493,070

9,214,454

737,664

737,664(737,664)－

Dividends from surplus(6,755,406)(6,755,406)

Net income

6,512,095

6,512,095

Balance at beginning ofcurrent fiscal period

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

251,551,759(10,458,319)

241,093,440

Voluntary retained earnings

Total surplus

Changes of items during theperiodProvision of reserve for
reduction entry

Acquisition of own
investment units
Cancellation of own
investment units(2,999,451)(2,999,451)－(2,999,451)(2,999,451)

737,664

737,664(980,975)(243,310)

251,551,759(13,457,770)

238,093,989

2,459,048

2,459,048

6,512,095

8,971,143

Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
Balance at end of current
fiscal period

Valuation and translation
adjustments

Unitholders’ equity

Own investment Total unitholders’ Deferred gains orunits
equitylosses on hedges
Balance at beginning ofcurrent fiscal period－

250,307,894

231,001

Total valuationand translation
adjustments

Total net assets

231,001

250,538,895

Changes of items during theperiodProvision of reserve for
reduction entry－－

Dividends from surplus(6,755,406)(6,755,406)

Net income

6,512,095

6,512,095

Acquisition of own
investment units(2,999,451)(2,999,451)(2,999,451)

Cancellation of own
investment units

2,999,451－－

Net changes of items otherthan shareholders’ equity

195,173

195,173

195,173

Total changes of items during
the period－(3,242,761)

195,173

195,173(3,047,588)

Balance at end of current
fiscal period－

247,065,132

426,174

426,174

247,491,307- 15 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
2.4. Statements of Cash Distributions

Item

I.

Unappropriated retained earnings

II.

Reversal of voluntary retained earnings

33rd Fiscal Period[From: Dec. 1, 2021
To: May 31, 2022]

34th Fiscal Period[From: June 1, 2022
To: Nov. 30, 2022]

Amount (Yen)Amount (Yen)

Reversal of reserve for reduction entry
III. Distribution amount[Distribution amount per unit]
IV. Voluntary retained earnings
Provision of reserve for reduction entry
V.

Retained earnings carried forward

Method for calculating distribution amount

7,493,070,628

6,512,095,249－

40,039,351

6,755,406,000

6,552,134,600(14,000)(13,700)

737,664,628

－

－

－

Pursuant to the policy that “theInvestment Corporation shall distributean amount in excess of the amountequivalent to 90% of its distributableearnings as defined in Article 67-15 of
the Act on Special Measures
Concerning Taxation” but no more than
the amount of earnings as specified in
Article 32, Item 1 of the Investment
Corporation’s articles of incorporation,
the Investment Corporation decided the
distributions from earnings that it shall
pay out shall be the amount remaining
after deducting provision of reserve for
reduction entry defined in Article 65-7of the Act on Special Measures
Concerning
Taxationfromunappropriated retained earnings.
Accordingly,
theInvestment
Corporation declared a distribution
amount of 6,755,406,000 yen.
Furthermore,theInvestment
Corporation shall not distribute cash inexcess of earnings as stipulated in
Article 32, Item 2 of its articles ofincorporation.

- 16 -

Pursuant to the policy that “theInvestment Corporation shall distributean amount in excess of the amountequivalent to 90% of its distributableearnings as defined in Article 67-15 of
the Act on Special Measures
Concerning Taxation” but no more than
the amount of earnings as specified in
Article 32, Item 1 of the Investment
Corporation’s articles of incorporation,
the Investment Corporation decided the
distributions from earnings that it shall
pay out shall be the amount that is thesum of the reversal of reserve for
reduction entry and unappropriatedretained earnings. Accordingly, theInvestment Corporation declared a
distribution amount of 6,552,134,600
yen. Furthermore, the Investment
Corporation shall not distribute cash inexcess of earnings as stipulated in
Article 32, Item 2 of its articles ofincorporation.

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
2.5. Statements of Cash Flows(Unit: Thousands of yen)

Net cash provided by (used in) operating activities
Income before income taxes
Depreciation
Amortization of investment corporation bonds issuance costs
Interest income
Interest expenses(Increase) Decrease in operating accounts receivable(Increase) Decrease in consumption taxes receivable(Increase) Decrease in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable – other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received(Increase) Decrease in long-term prepaid expenses
Decrease from sales of property, plant and equipment in trust
Other
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets
Proceeds from tenant security deposits
Proceeds from tenant security deposits in trust
Repayments of tenant security deposits
Repayments of tenant security deposits in trust
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Repayment of short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Purchase of own investment units
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 17 -

33rd Fiscal Period[From: Dec. 1, 2021
To: May 31, 2022]

34th Fiscal Period[From: June 1, 2022
To: Nov. 30, 2022]

7,493,952
1,787,160
5,003
(14)
424,622
103,843(15,517)(142,868)(12,703)
8,099(24,831)(137,086)
7,179,984(30,745)
16,638,898
14(423,389)(881)
16,214,641

6,494,598
1,790,107
5,030
(15)
421,500(14,564)(82,420)(15,668)
56,765
7,286(144,311)
333,668(89,608)
3,516
8,765,885
15(421,759)(881)
8,343,259(30,074)(11,980,211)(12,000)
577,952
83,407(947,816)(41,966)(12,350,710)(290,181)(2,170,963)
858,019
12,238(960,797)(180)(2,551,864)(2,400,000)
19,850,000(14,000,000)(3,999,924)(6,832,436)(7,382,360)(3,518,428)
30,291,436
26,773,007

17,600,000(17,600,000)(2,999,451)(6,756,268)(9,755,719)(3,964,325)
26,773,007
22,808,682*1*1

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
2.6. Notes to the Going Concern
Not applicable.
2.7. Notes to Significant Accounting Policies
1. Accumulated depreciation(1) Property, plant and equipment (including trust assets)method for noncurrent assets
The straight-line method is adopted.
The useful life of primary property, plant and equipment is as follows:
Buildings
2~64 years
Structures
10~56 years
Machinery and equipment
10~23 years
Tools, furniture and fixtures
4~15 years(2) Intangible assets
The straight-line method is adopted.
(3) Long-term prepaid expenses
The straight-line method is adopted.
2.
3.

Accounting policies for deferredassets
Accounting standards forrecording revenues and expenses

Investment corporation bonds issuance costs
Amortized using the straight-line method over the period up to redemption.
(1) Accounting for fixed property tax, etc.
Concerning fixed property tax, city planning tax, depreciated asset tax, etc. forowned real estate or trust beneficiary interest in real estate, of the tax amountthat has been broken down into installments, the method of accounting for theamount corresponding to the concerned fiscal period as expenses related to rent
business is adopted.
Concerning the amount equivalent to fixed property tax, etc. for the initial fiscal
year that shall be borne by the Investment Corporation in correlation withacquisitions of real estate or trust beneficiary interest that have real estate as
assets in trust, the amount is not expensed but is rather included in the cost of
acquisition of the concerned real estate property. The amount equivalent to fixed
property tax, etc. that was included in the cost of acquisition of real estate
properties is 380 thousand yen in the 33rd Fiscal Period and none in the 34th
Fiscal Period.
(2) Accounting Standard for Revenue
The content of main performance obligations related to revenue arising fromcontracts with customers of the Investment Corporation and the normal timing
for satisfying such performance obligations (the normal timing for recognizing
revenue) are as follows:(i) Sale of real estate properties
The Investment Corporation recognizes revenue from the sale of real estate
properties when the purchaser, as the customer, obtains control of the realestate property by fulfilling the delivery obligations stipulated in thecontract for the sale of real estate property.
(ii) Utilities income
The Investment Corporation recognizes utilities income based on the supplyof electricity, water, etc. to the lessee as the customer, in accordance with theterms of the real estate lease contract and related agreements. Of utilities
income, in the case that the Investment Corporation determines it is an agent
for utilities income, the utilities income is recognized as income at the net
amount received as charges for electricity, gas, etc. supplied by other parties
less the amount paid to such other parties.

- 18 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
4.

Hedge accounting approach5.

Scope of funds in the statementsof cash flows

6.

Other significant matters forming
basis for preparation of financial
statements(1) Hedge accounting approach
Deferral hedge accounting is adopted.
Special accounting is adopted for interest rate swaps that meet the requirements
for special accounting.
(2) Hedging instruments and hedged items
Hedging instruments:
Interest rate swap transaction
Hedged items:
Interest on loans(3) Hedging policy
The Investment Corporation conducts derivative transactions to hedge risks
stipulated in the Investment Corporation’s articles of incorporation inaccordance with the Investment Corporation’s risk management policy.
(4) Method for assessing the effectiveness of hedging
The effectiveness of hedging is assessed by the correlation between the change
in aggregated amount of cash flow of the hedging instruments and the change inaggregated amount of cash flow of the hedged items.
Interest rate swaps that meet the requirements for special accounting are omitted
from assessment of the effectiveness.
The funds (cash and cash equivalents) in the statements of cash flows consist of cashon hand and cash in trust; deposits that can be withdrawn at any time and deposits
in trust; and short-term investments with a maturity of 3 months or less from thedate of acquisition, which are readily convertible to cash and bear only an
insignificant risk of price fluctuation.
(1) Accounting method for trust beneficiary interest in real estate, etc.
Concerning owned trust beneficiary interest that have real estate properties asassets in trust, all accounts of assets and liabilities within assets in trust as well
as all accounts of revenues and expenses incurred from the assets in trust arerecorded in the relevant account item of the balance sheets and statements ofincome.
The following material items of the assets in trust recorded in the relevant
account item are separately listed on the balance sheets.
(i) Cash and deposits in trust(ii) Buildings in trust, structures in trust, machinery and equipment in trust,
tools, furniture and fixtures in trust, land in trust and construction inprogress in trust(iii) Leasehold rights in trust(iv) Leasehold and guarantee deposits in trust(v) Tenant leasehold and security deposits in trust(2) Accounting method for consumption taxes
The consumption taxes relating to noncurrent assets, etc. that are not taxdeductible are amortized in equal installments over 5 years.

- 19 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
2.8. Notes to Financial Statements(Omission of Disclosure)
Concerning notes to lease transactions, securities, retirement benefits, tax-effect accounting and asset retirement
obligations, disclosure is omitted because there is no substantial need for such disclosure in the financial report (kessan
tanshin).
[Notes to Balance Sheets]*1. Advanced depreciation amount for property, plant and equipment acquired by government subsidies, etc.

Buildings in trust

33rd Fiscal Period[As of May 31, 2022]

34th Fiscal Period[As of November 30, 2022]

32,898 thousand yen

32,898 thousand yen*2. Advanced depreciation amount for property, plant and equipment acquired through exchange

Buildings in trust
Structures in trust
Land in trust
Total

33rd Fiscal Period[As of May 31, 2022]

34th Fiscal Period[As of November 30, 2022]

182,563 thousand yen
283 thousand yen
887,074 thousand yen
1,069,921 thousand yen

182,563 thousand yen
283 thousand yen
887,074 thousand yen
1,069,921 thousand yen*3. Agreement on the Establishment of Commitment LineThe Investment Corporation has concluded an agreement with a correspondent bank concerning the establishment ofcommitment line.
There was no balance of borrowings based on the agreement as of the end of the current period.

Total amount of commitment line
Balance of borrowings
Difference

33rd Fiscal Period[As of May 31, 2022]

34th Fiscal Period[As of November 30, 2022]

5,500,000 thousand yen－
5,500,000 thousand yen

5,500,000 thousand yen－
5,500,000 thousand yen*4. Status of cancellation of own investment units
33rd Fiscal Period[As of May 31, 2022]

34th Fiscal Period[As of November 30, 2022]

Total number of units cancelled
15,340 units
19,611 units
Total amount cancelled
10,458,319 thousand yen
13,457,770 thousand yen(Note) The number of units cancelled during the 34th Fiscal Period was 4,271 units and the total amount cancelled was
2,999,451 thousand yen.
*5. Minimum net assets as provided in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations
33rd Fiscal Period[As of May 31, 2022]

34th Fiscal Period[As of November 30, 2022]

50,000 thousand yen

50,000 thousand yen- 20 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period[Notes to Statements of Income]*1. Breakdown of operating income (loss) from property leasing

A. Property leasing revenue
Rent revenue – real estate
Other lease business revenue(Unit: Thousands of yen)

33rd Fiscal Period[From: Dec. 1, 2021
To: May 31, 2022]

34th Fiscal Period[From: Jun. 1, 2022
To: Nov. 30, 2022]

13,560,238
13,76913,836,714
54,553

Total property leasing revenue
Property
leasing expenses
B.

13,574,007

Consignment expenses
Utilities expenses
Taxes and dues
Non-life insurance expenses
Repair expenses
Depreciation
Other lease business expenses

1,024,032
1,263,217
1,149,657
22,425
130,738
1,788,657
74,866

974,462
924,472
1,144,699
20,748222,314
1,783,619
72,701

Total property leasing expenses
C. Operating income (loss) from property leasing[A – B]

13,891,267

5,143,017

5,453,596

8,430,990

8,437,671*2. Breakdown of gain on sales of real estate properties(Unit: Thousands of yen)

33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]
Daiwa Minami-Aoyama
Proceeds from sales of real estate properties
Cost of sales of real estate properties
Other expenses on sales

4,990,000
4,408,570
44,927

Gain on sales of real estate properties

536,502

Daiwa Kojimachi 4-chome
Proceeds from sales of real estate properties
Cost of sales of real estate properties
Other expenses on sales

3,200,000
2,805,594
29,977

Gain on sales of real estate properties

364,428

34th Fiscal Period [From: June 1, 2022 To: November 30, 2022]
Not applicable.
[Notes to Statements of Unitholders’ Equity]
33rd Fiscal Period[From: Dec. 1, 2021
To: May 31, 2022]

34th Fiscal Period[From: Jun. 1, 2022
To: Nov. 30, 2022]

Total number of investment units authorized and total
number of investment units issued and outstanding
Total number of investment units authorized
Total number of investment units issued and outstanding- 21 -

2,000,000 units

2,000,000 units

482,529 units

478,258 units

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period[Notes to Statements of Cash Flows]*1. Reconciliation of balance sheet items to cash and cash equivalents at end of period in the statements of cash flows(Unit: Thousands of yen)
33rd Fiscal Period[From: Dec. 1, 2021
To: May 31, 2022]

34th Fiscal Period[From: Jun. 1, 2022
To: Nov. 30, 2022]

Cash and deposits
Cash and deposits in trust

23,095,517
3,677,490

19,084,282
3,724,400

Cash and cash equivalents

26,773,007

22,808,682[Notes to Financial Instruments](1) Matters Concerning Status of Financial Instruments① Policy for financial instruments
The Investment Corporation raises funds through bank borrowings, issuance of investment corporation bonds andissuance of new investment units, etc. for the acquisition and repair of investment properties, the payments of dividends
and the reimbursement of bank borrowings. As for debt finance, the Investment Corporation focuses on lengthening
maturities, fixing interest rates, dispersing maturity dates and utilizing commitment line in order to secure financial
stability and avoid future fluctuation risk of interest rates.
The Investment Corporation manages surplus funds through deposits and safe and highly liquid money claims andsecurities (in principle, deposits).
Derivative transactions are limited to hedge operations which hedge against interest rate fluctuation risks attributable
to liabilities of the Investment Corporation.
② Contents and risk of financial instruments and related risk management

The Investment Corporation uses the proceeds from the financing of debts and investment corporation bonds for theacquisition of investment properties (such as trust beneficiary interest in real estate) and the reimbursement of current
debts and bonds. While these debts and bonds are exposed to liquidity risk, the Investment Corporation manages the risk
by maintaining the LTV ratio at low levels, dispersing maturity dates, maintaining the ratio of long-term debt to total
debt at high levels, and diversifying lenders with particular focus on domestic financial institutions. Bank borrowings,
etc. with floating interest rates are exposed to interest rate fluctuation risk and the risk is controlled by using derivative
instruments (interest rate swap transaction) for some long-term borrowings to avoid interest rate fluctuation risk and to
fix interest expense.
The effectiveness of hedging is assessed by the correlation between the change in aggregated amount of cash flow of
the hedging instruments and the change in aggregated amount of cash flow of the hedged items. Interest rate swaps thatmeet the requirements for special accounting are omitted from assessment of the effectiveness.
Enforcement and management of derivative transactions are carried out in accordance with the provisions establishedby the basic policy of risk management.
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust are exposed to liquidity risk
upon tenants moving out and the Investment Corporation reduces the risk by pooling funds to a certain degree.
Surplus funds by deposits are exposed to credit risk of counterparties (financial institutions and so on) and are managed
by limiting the terms to short durations and establishing credit rating level of counterparties (except for checkabledeposit), etc.

③ Supplementary explanation for fair value of financial instruments

As various factors are incorporated into the calculation of fair value of financial instruments, the resulting value may
differ if different assumptions are provided. Furthermore, the contractual amounts of derivative transactions do not
represent the market risk involved in these derivative transactions.

- 22 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period(2) Matters Concerning Fair Value, etc. of Financial Instruments
The carrying amounts and fair values and their differences are as follows. As “Cash and deposits” and “Cash and deposits
in trust” are settled within a short period of time, the fair value is approximately the same as the book value, and thus such
notes have been omitted.
33rd Fiscal Period [As of May 31, 2022](Unit: Thousands of yen)
Carrying amount

Fair value

Difference(1) Current portion of long-term loans payable

30,600,000

30,594,419(5,580)(2) Investment corporation bonds

9,000,000

8,959,310(40,690)

166,200,000

165,401,287(798,712)

205,800,000

204,955,017(844,982)

337,031

337,031－(3) Long-term loans payable
Total liabilities
Derivative transactions (*)
34th Fiscal Period [As of November 30, 2022](Unit: Thousands of yen)
Carrying amount(1) Current portion of long-term loans payable(2) Investment corporation bonds(3) Long-term loans payable
Total liabilities

26,200,000

Fair value
26,194,431

Difference(5,568)9,000,000

8,915,880(84,120)

170,600,000

169,587,590(1,012,409)

205,800,000

204,697,901(1,102,098)

Derivative transactions (*)
621,789
621,789－(*) The value of receivables and payables arising from derivatives are indicated at net basis. The amount in parentheses
represents the net liability position.
(Note 1) Methods to estimate fair value of financial instruments and matters concerning derivative transactions
Liabilities(1) Current portion of long-term loans payable; (3) Long-term loans payable
As those with floating interest rates reflect market interest rates within a short period of time and the Investment
Corporation’s credit capability does not differ markedly from the execution, the fair value is approximately the same as
the book value and thus is stated at that book value. Those with fixed interest rates, on the other hand, are based on themethod of calculating by discounting the sum total amount of principal and interest (*) by the reasonably estimatedinterest rate in the case that the same type of borrowings is undertaken.
(*) For long-term loans payable that are subject to special accounting for interest rate swaps, the interest is handled
together with applicable interest rate swaps. (Please refer to [Notes to Derivative Transactions] below.)(2) Investment corporation bonds
The fair value of the investment corporation bonds issued by the Investment Corporation is based on the market price.
Derivative transactions
Please refer to [Notes to Derivative Transactions] below.
(Note 2) Tenant leasehold and security deposits (20,192,922 thousand yen in the balance sheet from May 31, 2022, and20,090,144 thousand yen in the balance sheet from November 30, 2022) and tenant leasehold and security deposits intrust (1,972,139 thousand yen in the balance sheet from May 31, 2022, and 1,984,197 thousand yen in the balance
sheet for November 30, 2022) are omitted as they lack materiality.

- 23 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period(Note 3) Amount of repayment of current portion of long-term loans payable, investment corporation bonds, and long-termloans payable scheduled to be due after the settlement of accounts
33rd Fiscal Period [As of May 31, 2022]
Within 1 year
Current portion of longterm loans payable
Investment corporationbonds
Long-term loans
payableTotal(Unit: Thousands of yen)
Within 2 years, Within 3 years, Within 4 years, Within 5 years,
Over 5 years
but over 1 year but over 2 years but over 3 years but over 4 years

30,600,000

－

－

－

－

－

－

－

3,800,000

1,500,000－

3,700,000－

25,600,000

30,800,000

20,700,000

20,200,000

68,900,000

30,600,000

25,600,000

34,600,000

22,200,000

20,200,000

72,600,000

34th Fiscal Period [As of November 30, 2022]
Within 1 year

(Unit: Thousands of yen)
Within 2 years, Within 3 years, Within 4 years, Within 5 years,
Over 5 years
but over 1 year but over 2 years but over 3 years but over 4 years

Current portion of longterm loans payable

26,200,000

－

－

－

－

－

Investment corporation
bonds

－

3,800,000

1,500,000－－

3,700,000－

27,200,000

23,000,000

22,400,000

27,600,000

70,400,000

26,200,000

31,000,000

24,500,000

22,400,000

27,600,000

74,100,000

Long-term loans
payableTotal[Notes to Derivative Transactions](1) Transactions for which hedge accounting is not applied
33rd Fiscal Period [As of May 31, 2022]
Not applicable.
34th Fiscal Period [As of November 30, 2022]
Not applicable.
(2) Transactions for which hedge accounting is applied
33rd Fiscal Period [As of May 31, 2022]
About derivative transactions for which hedge accounting is applied, the contract amount, amount equivalent to theprincipal provided in the contract, etc. as of the settlement of accounts for each hedge accounting approach are as follows.
(Unit: Thousands of yen)Hedge
accounting
approachPrinciple
accounting
methodSpecialaccounting forinterest rate
swaps

Type, etc. of derivative Main hedgedtransaction
item

Contract amount, etc.
Of which,over 1 year

Interest rate swap
transaction
Long-term
89,800,000
Fixed payable, floating loans payable
receivable
Interest rate swap
transaction
Long-term
28,900,000
Fixed payable, floating loans payable
receivable
Total
118,700,000- 24 -

Fair value

Method of calculationof that fair value

67,500,000

Based on price quoted
337,031 by partner financial
institution

28,900,000(*)－

96,400,000

337,031－

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
34th Fiscal Period [As of November 30, 2022]
About derivative transactions for which hedge accounting is applied, the contract amount, amount equivalent to theprincipal provided in the contract, etc. as of the settlement of accounts for each hedge accounting approach are as follows.
(Unit: Thousands of yen)Hedge
accounting
approach

Type, etc. of derivative Main hedgedtransaction
item

Contract amount, etc.
Of which,over 1 year

Fair value

Method of calculationof that fair value

Interest rate swap
Based on price quoted
transaction
Long-term
76,500,000 58,500,000
621,789 by partner financial
Fixed payable Floating loans payable
institution
receivable
SpecialInterest rate swap
accounting for transaction
Long-term(*)
28,900,000 28,900,000－
Fixed payable Floating loans payableinterest rate
swaps
receivable
Total
105,400,000 87,400,000
621,789－(*) Since the derivative financial instruments qualifying for the special accounting for interest rate swaps are accounted for as
one transaction together with their hedged item, long-term loans payable, the fair value of these derivatives is included inthat of related long-term loans payable. (Please refer to “Notes to Financial Instruments (2) Matters Concerning Fair Value,etc. of Financial Instruments (Note 1) Liabilities (1) (3).”)
Principle
accounting
method[Notes to Transactions with Related Parties](1) Transactions with related parties① Parent company and major corporate unitholders, etc.
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]
Not applicable.
34th Fiscal Period [From: June 1, 2022 To: November 30, 2022]
Not applicable.
② Affiliated companies, etc.
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]
Not applicable.
34th Fiscal Period [From: June 1, 2022 To: November 30, 2022]
Not applicable.
③ Sister companies, etc.
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]
Not applicable.
34th Fiscal Period [From: June 1, 2022 To: November 30, 2022]
Not applicable.
④ Officers and major individual unitholders, etc.
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]
Not applicable.
34th Fiscal Period [From: June 1, 2022 To: November 30, 2022]
Not applicable.
(2)

Information about parent company or any material affiliated company
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]
Parent company’s information
Daiwa Securities Group Inc. (listed on Tokyo Stock Exchange, Inc. and Nagoya Stock Exchange, Inc.)
34th Fiscal Period [From: June 1, 2022 To: November 30, 2022]
Parent company’s information
Daiwa Securities Group Inc. (listed on Tokyo Stock Exchange, Inc. and Nagoya Stock Exchange, Inc.)- 25 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period[Notes to Revenue Recognition]
Breakdown information on revenues arising from contracts with customers
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]

Sale of real estate properties (Note 2)(Unit: Thousands of yen)

Revenues arising from contracts withcustomers (Note 1)
8,190,000

Utility charge revenues

Sales to external customers
900,931

891,583

891,583

Other

12,682,424－
Total
9,081,583
14,474,939(Note 1) Rent revenue, etc. covered by the Accounting Standard for Lease Transactions (ASBJ Statement No.13) is not subject
to the Accounting Standard for Revenue Recognition and is thus excluded from revenues arising from contracts withcustomers. Furthermore, revenues arising from contracts with major customers are sales of real estate properties andutility charge revenues.
(Note 2) As sale of real estate properties is recorded as gain or loss on sale of real estate properties in the statements of incomein accordance with Article 48, Paragraph 2 of the Ordinance on Accounting of Investment Corporation (Cabinet Office
Ordinance No. 47 of 2006), the amount after deducting the cost of sales of real estate properties and other expenses
on sales from the proceeds from sales of real estate properties is stated.
34th Fiscal Period [From: June 1, 2022 To: November 30, 2022]

Sale of real estate properties
Utility charge revenues
Other
Total
(Note)(Unit: Thousands of yen)

Revenues arising from contracts withcustomers (Note)－
1,028,764－
1,028,764

Sales to external customers－
1,028,764
12,862,502
13,891,267

Rent revenue, etc. covered by the Accounting Standard for Lease Transactions (ASBJ Statement No.13) is not subject
to the Accounting Standard for Revenue Recognition and is thus excluded from revenues arising from contracts withcustomers. Furthermore, revenues arising from contracts with major customers are sales of real estate properties andutility charge revenues.

[Notes to Investment and Rental Properties]
The Investment Corporation owns rental office buildings, etc. (including land) in Tokyo and other areas for the purpose ofgenerating rental revenues. The carrying amount, amount of increase (decrease) during period and fair value for these rental
properties are as follows.
(Unit: Thousands of yen)
33rd Fiscal Period[From: Dec. 1, 2021
To: May 31, 2022]

34th Fiscal Period[From: Jun. 1, 2022
To: Nov. 30, 2022]

Carrying amount
Balance at beginning of period
Amount of increase (decrease) during period
Balance at end of period
Fair value at end of period

450,782,802

453,560,151

2,777,348

1,001,239

453,560,151

454,561,390

590,840,000

593,390,000(Note 1) The carrying amount is the amount after accumulated depreciation is deducted from the cost of acquisition.
(Note 2) Of the amount of increase (decrease) for rental properties for the 33rd Fiscal Period, the amount of increase is mainly
attributable to the acquisition of Kandasudacho 2-Chome Development Site (land) (10,600 million yen) and theamount of decrease is mainly attributable to the transfer of two properties (Daiwa Minami-Aoyama and Daiwa
Kojimachi 4-chome) (7,214 million yen) and depreciation (1,783 million yen). For the 34th Fiscal Period, the amountof increase is mainly attributable to the acquisition of Daiwa Nihonbashi Bakurocho (1,958 million yen) and theamount of decrease is mainly attributable to depreciation (1,788 million yen).
(Note 3) The fair value at end of period presents the appraisal value estimated by external real estate appraisers.
The income (loss) for investment and rental properties are as presented in the aforementioned “Notes to Statements of Income.”- 26 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period[Notes to Segment Information, Etc.](1) Segment Information
Segment information has been omitted because the Investment Corporation has no segment except the property leasing
business.
(2) Related Information
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]① Information about products and services
Information about products and services has been omitted because net sales to external customers for one segment
are in excess of 90% of the operating revenue on statements of income.
② Information about geographical areas
A. Net sales
Information about net sales has been omitted because net sales to external customers in Japan are in excess of 90%of the operating revenue on statements of income.
B. Property, plant and equipment
Information about property, plant and equipment has been omitted because the amount of property, plant andequipment located in Japan is in excess of 90% of the amount of property, plant and equipment on balance sheets.
③ Information about major customers
Information about major customers has been omitted because each net sales figure to a single external customer
accounts for less than 10% of the operating revenue on statements of income.
34th Fiscal Period [From: June 1, 2022 To: November 30, 2022]① Information about products and services
Information about products and services has been omitted because net sales to external customers for one segment
are in excess of 90% of the operating revenue on statements of income.
② Information about geographical areas
A. Net sales
Information about net sales has been omitted because net sales to external customers in Japan are in excess of 90%of the operating revenue on statements of income.
B. Property, plant and equipment
Information about property, plant and equipment has been omitted because the amount of property, plant andequipment located in Japan is in excess of 90% of the amount of property, plant and equipment on balance sheets.
③ Information about major customers
Information about major customers has been omitted because each net sales figure to a single external customer
accounts for less than 10% of the operating revenue on statements of income.
[Notes to Per Unit Information]
33rd Fiscal Period[From: Dec. 1, 2021
To: May 31, 2022]

34th Fiscal Period[From: Jun. 1, 2022
To: Nov. 30, 2022]

519,220 yen

Net assets per unit

517,484 yen

15,443 yen
13,561 yen
Net income per unit
(Note 1) Net income per unit is calculated by dividing net income by the average number of investment units during the period.
The diluted net income per unit is not stated as there are no diluted investment units.
(Note 2) The basis for calculating the net income per unit is as follows.
33rd Fiscal Period[From: Dec. 1, 2021
To: May 31, 2022]
Net income (Thousands of yen)

34th Fiscal Period[From: Jun. 1, 2022
To: Nov. 30, 2022]

7,493,070

Amounts not attributable to common unitholders (Thousands of yen)
Net income attributable to common investment units (Thousands of yen)
Average number of investment units during the period (Units)- 27 -

6,512,095－－

7,493,070

6,512,095

485,190

480,206

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period[Notes to Significant Subsequent Events]①

Transfer of Assets
On November 21, 2022, the Investment Corporation transferred a trust beneficiary interest in real estate as described
below.
Overview of the Transferred Asset
Asset nameDaiwa SHIBUYA EDGE

Type of asset

Trust beneficiary interest in domestic real estate

Sale price

7,313 million yen(The sale price excludes settlement amounts of fixed asset tax and city
planning tax, consumption tax, etc.)

Date of conclusion oftransfer agreement

November 21, 2022

Transfer date

December 21, 2022

Purchaser

Not disclosed (Note)(Note) The purchaser is a domestic corporation, but the name of the purchaser is not disclosed as the consent fromthe purchaser has not been obtained.
② Borrowing of Funds
On November 30, 2022, the Investment Corporation conducted a borrowing of funds as described below. Thisborrowing is intended to partially fund the acquisition of the asset acquired on November 30, 2022 (Daiwa Nihonbashi
Bakurocho).
Details of Borrowing
LenderLoan amount(Millions of yen)Interest rate

Drawdown
date

Repayment
methodMaturity

1-monthBulletDecember
DecemberJapanese yen
payment /2,000
30, 2022
29, 2023
TIBOR+0.250%
Unsecured(Note)(Note) Interest payment date shall be the final day of each month and the maturity date. (If any such date is not abusiness day, it will be the following business day. If such date falls within the next month, the precedingbusiness day of the month will be the payment day.) Interest rate is calculated based on the 1-month Japanese
yen TIBOR which the Japanese Bankers Association announces two business days prior to the first day of
the applicable period.
Sumitomo Mitsui
Banking Corporation

2.9. Increase (Decrease) in Total Number of Investment Units Issued and Outstanding
In the 34th Fiscal Period, the Investment Corporation acquired own investment units and cancelled all of them. The
overview of total number of investment units issued and outstanding and capital increase (decrease) in unitholders’ capitalin the most recent five years up to the end of the 34th Fiscal Period is as follows.
Total number of investment
Unitholders’ capital, net
units issued and outstanding(Millions of yen) (Note 1)(units)
Notes
Date
Description
Increase
Increase
Balance
Balance(Decrease)(Decrease)
May 31, 2018
Cancellation(5,992)491,877(3,675)
247,876(Note 2)
May 31, 2021

Cancellation(3,789)488,088(2,782)245,093(Note 3)

May 31, 2022

Cancellation(5,559)482,529(3,999)241,093(Note 4)

November 30, 2022 Cancellation(4,271)
478,258(2,999)238,093(Note 5)(Note 1) Unitholders’ capital, net = Unitholders’ capital – Deduction from unitholders’ capital(Note 2) In the period from March 1, 2018 to May 18, 2018, the Investment Corporation acquired own investment units throughmarket purchase at the Tokyo Stock Exchange based on a discretionary transaction agreement with a securities company.
The Investment Corporation cancelled all of the acquired own investment units (5,992 units) on May 31, 2018, based on
the resolution at its board of directors’ meeting held on May 28, 2018.

- 28 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period(Note 3) In the period from February 24, 2021 to May 14, 2021, the Investment Corporation acquired own investment units
through market purchase at the Tokyo Stock Exchange based on a discretionary transaction agreement with a securities
company. The Investment Corporation cancelled all of the acquired own investment units (3,789 units) on May 31, 2021,
based on the resolution at its board of directors’ meeting held on May 26, 2021.
(Note 4) In the period from February 25, 2022 to March 31, 2022, the Investment Corporation acquired own investment units
through market purchase at the Tokyo Stock Exchange based on a discretionary transaction agreement with a securities
company. The Investment Corporation cancelled all of the acquired own investment units (5,559 units) on May 31, 2022,
based on the resolution at its board of directors’ meeting held on May 23, 2022.
(Note 5) In the period from August 25, 2022 to September 28, 2022, the Investment Corporation acquired own investment units
through market purchase at the Tokyo Stock Exchange based on a discretionary transaction agreement with a securities
company. The Investment Corporation cancelled all of the acquired own investment units (4,271 units) on November 30,
2022, based on the resolution at its board of directors’ meeting held on November 25, 2022.

- 29 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period

3. Reference Information
3.1. Investment Status

Type of asset

Real estate
Trust beneficiaryinterest in realestate34th Fiscal Period(As of November 30, 2022)

Use

RegionOfficeFive Central Wards of Tokyo (Note 2)

15,482

3.2

Five Central Wards of Tokyo (Note 2)

350,791

72.9

Greater Tokyo (Note 3)

79,41916.5

Major Regional Cities (Note 4)

8,868

1.8

454,561

94.5

26,4875.5

481,049100.0(454,561)(94.5)

OfficeSubtotal
Deposits and other assets
Total amount of assets (Note 5)

Total amount owned(Millions of yen)
(Note 1)

As a percentage of total
assets(%)(Note 1) “Total amount owned” is the carrying amount (the book value after depreciation in the case of real estate and trust
beneficiary interest in real estate).
(Note 2) “Five Central Wards of Tokyo” are Chiyoda, Chuo, Minato, Shinjuku and Shibuya Wards.
(Note 3) “Greater Tokyo” is Tokyo, Kanagawa, Chiba and Saitama Prefectures (excluding the Five Central Wards of Tokyo).
(Note 4) “Major Regional Cities” are the Osaka metropolitan area (Osaka, Kyoto and Hyogo Prefectures), Nagoya metropolitan
area (Aichi, Mie and Gifu Prefectures), and ordinance-designated cities and core cities set forth in the Local Autonomy
Act.
(Note 5) The figures in parentheses ( ) under “Total amount of assets” show the portion of the applicable asset that, in effect,
corresponds to the holding of real estate properties. The amount of construction in progress (including construction inprogress in trust) is not included in the amount of real estate and trust beneficiary interest in real estate.

- 30 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
3.2. Investment Real Estate Properties (As of November 30, 2022)
3.2.1. Price and Investment Ratio of Investment Real Estate Properties

RegionProperty name

Type ofspecifiedasset

Daiwa Ginza
Real estate
Daiwa Ginza Annex
Daiwa Shibaura
Daiwa Sarugakucho
Daiwa A Hamamatsucho (Note 5)
Daiwa Jingumae
Daiwa Shibadaimon
Daiwa Misakicho
Daiwa Tsukijiekimae
Daiwa Tsukiji
Daiwa Tsukishima
Daiwa Nihonbashi Horidomecho
Daiwa Azabudai
Shinjuku Maynds Tower (Note 5)
Daiwa SHIBUYA EDGE
Daiwa Kodenmacho
Daiwa Nishi-Shimbashi
Daiwa Kayabacho
Daiwa Jinbocho 3-chome
E SPACE TOWER
Daiwa Nihonbashi Hongokucho
shinyon curumu
Daiwa Akasaka
Daiwa Shibuya Miyamasuzaka
Five
Central Daiwa Azabu Terrace
Trust
Wards of Daiwa Ebisu 4-chome
beneficiaryTokyo LAQUAS Higashi Shinjuku
interest in
real
estateDaiwa Aoyama
Daiwa Shibuya Shinsen
Daiwa Shibuya Square
Daiwa River Gate
Daiwa Hatchobori ekimae
Daiwa Hatchobori ekimae West
Daiwa Nishi-Shinjuku
Kirin Nihonbashi
Daiwa Higashi-Nihonbashi
Daiwa Daikanyama
Daiwa Shinjuku West
Daiwa Kanda Mikuracho
Daiwa Kanda East
Daiwa Kandasudacho
Daiwa Sasazuka Tower
Daiwa Sasazuka
Daiwa Harumi
Daiwa Mita 2-Chome
Nihonbashi Central Square (Note 5)
Daiwa Nihonbashi Bakurocho (Note 6)
Daiwa Kandabashi
Kandasudacho 2-Chome Development
Site (land) (Note 7)
Total for Five Central Wards of Tokyo (49 properties)- 31 -

Acquisition
price(Millions ofyen)(Note 1)
14,100
3,050
8,265
3,190
2,865
2,800
2,578
2,346
1,560
1,240
7,840
2,520
1,600
66,900
5,900
2,460
5,000
5,600
3,550
24,000
1,721
9,650
9,200
7,000
14,000
4,135
8,450
9,800
4,800
16,00028,0002,871
1,647
13,710
8,180
6,370
2,280
942
1,592
4,200
2,295
15,5003,000
11,200
2,635
3,521
5,733
1,970

Estimated
Carrying
price at end of Investment
amountperiodratio(Millions of(Millions of
(%)
yen)
yen)
(Note 4)(Note 2)
(Note 3)
12,74816,300
3.0
2,733
3,410
0.7
7,965
8,600
1.8
3,051
4,360
0.7
2,673
3,980
0.6
2,637
3,260
0.6
2,326
4,140
0.6
2,077
3,170
0.5
1,203
2,420
0.3
1,087
1,820
0.3
6,460
11,000
1.7
2,336
3,080
0.5
1,478
2,010
0.3
63,00564,700
14.3
5,537
5,490
1.3
2,309
2,460
0.5
4,528
7,380
1.1
5,055
8,530
1.2
3,197
5,440
0.8
23,26339,000
5.1
1,476
2,810
0.4
9,413
17,2002.1
9,998
15,8002.0
7,201
13,9001.5
13,68419,000
3.0
4,144
6,620
0.9
8,228
11,6001.8
9,929
12,700
2.1
4,931
6,550
1.0
15,73323,2003.4
27,30135,900
6.0
2,872
3,420
0.6
1,704
2,030
0.4
13,89018,100
2.9
8,250
8,500
1.7
6,191
7,360
1.4
2,344
3,800
0.5
984
1,320
0.2
1,601
1,900
0.3
4,176
5,900
0.9
2,372
2,960
0.5
15,947
16,200
3.3
3,219
3,680
0.6
11,116
13,100
2.4
1,565
4,330
0.6
3,589
3,920
0.8
5,794
6,730
1.2
2,042
2,110
0.4

10,60010,884

11,8002.3

378,366

366,273

482,990

80.8

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period

RegionProperty nameDaiwa Higashi-Ikebukuro
Daiwa Shinagawa North
Daiwa Kamiooka
Daiwa Ogikubo Tower
Greater
Daiwa Meguro SquareTokyo
Daiwa Ogikubo
CONCURRED Yokohama (Note 5)
Daiwa Shinagawa Gotenyama
Daiwa Nakano-Sakaue
Total for Greater Tokyo (9 properties)
Major
Regional Daiwa Kitahama
CitiesType ofspecified
asset

Trust
beneficiaryinterest inreal estate

Trustbeneficiaryinterest inreal estate

Acquisition
price(Millions ofyen)(Note 1)
2,958
7,710
2,000
15,2205,600
3,800
38,1002,500
2,750
80,638
9,481

Estimated
Carrying
price at end of Investment
amountperiodratio(Millions of(Millions of
(%)
yen)
yen)
(Note 4)(Note 2)
(Note 3)
2,488
4,420
0.6
6,895
6,370
1.6
1,756
2,970
0.4
15,93023,400
3.2
5,340
7,380
1.2
3,961
4,970
0.8
37,47841,700
8.1
2,614
2,890
0.5
2,952
2,700
0.6
79,41996,80017.2
8,868

13,6002.0

Total for Major Regional Cities (1 property)
9,481
8,868
13,6002.0
Total (59 properties)
468,486
454,561593,390100.0(Note 1) “Acquisition price” excludes acquisition costs, fixed property tax, city planning tax, consumption tax and local
consumption tax. For Daiwa Nihonbashi Bakurocho, the acquisition price of the land for the property plus the building
construction costs is shown.
(Note 2) “Carrying amount” is the book value after depreciation as of November 30, 2022.
(Note 3) “Estimated price at end of period” is the price as of November 30, 2022, stated in appraisal reports prepared by realestate appraisers of Tanizawa Sogo Appraisal Co., Ltd., Daiwa Real Estate Appraisal Co., Ltd., JLL Morii Valuation& Advisory K.K. and Japan Real Estate Institute in accordance with the articles of incorporation of the Investment
Corporation and the rules of The Investment Trusts Association, Japan.
(Note 4) “Investment ratio” is the acquisition price of each property expressed as a percentage of the total amount of acquisition
prices, rounded to one decimal place.
(Note 5) For Daiwa A Hamamatsucho, Shinjuku Maynds Tower, Nihonbashi Central Square and CONCURRED Yokohama,the figures are those pertaining to the Investment Corporation’s ownership interest.
(Note 6) The property name was changed from “Nihonbashi-Bakurocho 1-Chome Development Site (land)” to “Daiwa
Nihonbashi Bakurocho” on November 30, 2022. The same shall apply hereafter.
(Note 7) The Investment Corporation plans to develop an office building on the property, and the developed and completedbuilding is scheduled to be delivered by June 2024.

- 32 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
3.2.2. Summary of Building and Leasing of Investment Real Estate
RegionProperty nameDaiwa Ginza
Daiwa Ginza Annex
Daiwa Shibaura
Daiwa Sarugakucho (Note 8)
Daiwa A Hamamatsucho
Daiwa Jingumae
Daiwa Shibadaimon
Daiwa Misakicho (Note 8)
Daiwa Tsukijiekimae
Daiwa Tsukiji
Daiwa Tsukishima
Daiwa Nihonbashi Horidomecho
Daiwa Azabudai
Shinjuku Maynds Tower (Note 9)
Daiwa SHIBUYA EDGE
Daiwa Kodenmacho
Daiwa Nishi-Shimbashi
Five Central
Wards ofTokyo

Daiwa Kayabacho (Note 8)
Daiwa Jinbocho 3-chome
E SPACE TOWER
Daiwa Nihonbashi Hongokucho
shinyon curumu
Daiwa Akasaka
Daiwa Shibuya Miyamasuzaka
Daiwa Azabu Terrace
Daiwa Ebisu 4-chome (Note 8)
LAQUAS Higashi Shinjuku
Daiwa Aoyama
Daiwa Shibuya Shinsen
Daiwa Shibuya Square
Daiwa River Gate
Daiwa Hatchobori ekimae
Daiwa Hatchobori ekimae West
Daiwa Nishi-Shinjuku
Kirin Nihonbashi (Note 8)
Daiwa Higashi-Nihonbashi

Structure
Construction
andnumber of completion(Note 2)floors(Note 1)SRC
B3/12F
SRC
B3/8F
SRC
B1/12F
SRC
8F
SRC
B2/10F
RC
B1/4F
SRC/RC
B1/7F
S
8F
SRC
10F
SRC
B1/7F
S
5F
SRC
B2/7F
SRC
B2/9F
S/SRC
B3/34F
RC
B1/9F
SRC
8F
SRC
B1/10F
S/SRC
B1/8F
S
9F
S/SRC
B1/15F
S
8F
S/RC
B2/11F
SRC
B2/7F
S
B1/12F
S/RC
B1/6F
SRC
B1/9F
S
10F
S/RC
B1/7F
RC
B1/9F
S/SRC
B1/11F
S/SRC/RC
B2/20F
S/SRC
B1/10F
SRC
B1/9F
SRC/RC/S
B2/11F
S/SRC
7F
S
7F

Rent revenue
Occupancy
duringTotal
rate
current period
number of(%)(Thousands oftenants(Note 6)yen)
(Note 5)(Note 7)

Leasable
floor area(m2)
(Note 3)

Leasedfloor area（m2）
(Note 4)

July 1963

8,117.07

8,053.89

21

99.2

440,767

Aug. 1972

2,032.11

2,032.11

7

100.0

89,771

Oct. 1987

9,619.67

8,647.48

55

89.8

250,123

June 1985

3,657.43

3,657.432100.0 (Not disclosed)

July 1993

3,663.38

3,663.38

12

100.0

138,189

Dec. 1997

2,198.61

2,198.61

4

100.0

77,396

Nov. 1996

2,386.48

2,386.48

8

100.0

96,231

July 1996

2,137.53

2,137.53

1

100.0 (Not disclosed)

Jan. 1996

2,659.59

2,659.59

6

100.0

70,892

Jan. 1990

1,487.44

1,487.44

6

100.0

52,426

July 1996

8,425.69

6,616.693

78.5

275,011

Apr. 1993

2,848.91

2,848.91

6

100.0

89,494

Apr. 1984

1,697.88

1,697.88

11

100.0

56,990

Sept. 1995

22,768.43

21,276.74

38

93.4

1,276,082

Aug. 2006

2,480.65

2,480.655

100.0

120,385

Mar. 1985

2,379.31

2,379.318

100.0

61,825

July 1993

4,815.84

4,815.84

11

100.0

189,790

Apr. 2010

5,899.11

5,899.11

1

100.0 (Not disclosed)

Feb. 2010

2,889.34

2,889.34

8

100.0

126,540

Oct. 2002

13,960.84

13,960.84

14

100.0

816,919

May 2010

2,143.08

2,143.08

6

100.0

78,062

Jan. 2012

6,751.31

6,751.31

17

100.0

387,311

Sept. 1990

8,752.21

8,365.54

18

95.5

300,621

Dec. 1988

6,328.28

6,328.289

100.0

322,820

Sept. 2009

13,234.39

11,153.22

10

84.2

447,388

Dec. 1997

2,951.70

2,951.70

1100.0 (Not disclosed)

Aug. 2010

7,498.33

7,498.33

4

100.0

236,595

Nov. 2001

4,426.10

4,426.10

7

100.0

262,579

Sept. 2001

2,714.03

1,831.98

3

67.5

40,782Feb. 2004

8,566.73

8,566.739

100.0

450,969

Feb. 1994

32,045.25

31,959.90

97

99.7

1,034,497

Feb. 2006

2,622.42

2,622.429

100.0

90,845

Feb. 1996

1,734.68

1,734.68

9

100.0

46,914

Aug. 1991

6,967.61

6,967.61

7

100.0

409,629

Feb. 1999

5,630.17

5,630.171

100.0 (Not disclosed)

Mar. 2008

5,015.88

5,015.88

5

100.0- 33 -

181,154

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
Structure
Construction
andnumber of completion(Note 2)floors(Note 1)

Rent revenue
Occupancy
duringTotal
rate
current period
number of(%)(Thousands oftenants(Note 6)yen)
(Note 5)(Note 7)

Leasable
floor area(m2)
(Note 3)

Leasedfloor area（m2）
(Note 4)Mar. 2001

1,642.83

1,642.83

1

100.0 (Not disclosed)

Mar. 1989

1,118.74

1,118.74

9

100.0

37,821

Jan. 1991

1,719.51

1,457.846

84.7

47,548Feb. 2005

3,980.56

3,980.56

5

100.0

146,438

Aug. 1990

2,211.64

2,211.64

7

100.0

73,993Feb. 1993

16,158.16

16,158.16

7

100.0

487,773

Dec. 1991

3,828.95

3,828.95

9

100.0

100,472

Jan. 2008

11,227.10

11,227.10

7

100.0

371,195

Mar. 2017

2,101.61

2,101.61

1

100.0 (Not disclosed)

Jan. 2010

1,837.05

1,574.12

9

85.6

84,622

Nov. 2022

3,677.63

3,216.79

3

87.4

113

Aug. 2009

1,224.00

1,224.00

12

100.0

39,235

－

－

－

－

－

－

274,235.26

265,478.52

515

96.8

10,829,846

June 1993

4,462.28

4,005.917

89.7

125,846

July 1991

6,546.03

6,546.03

15

100.0

201,036

May 2011

2,630.30

2,630.30

9

100.0

92,682June 1993

17,778.14

17,778.14

10

100.0

676,260

July 2009

3,519.50

3,519.50

16

100.0

164,071

Nov. 1990

3,849.63

3,849.63

11

100.0

131,217

Feb. 2008

28,052.98

28,052.98

37

100.0

1,052,219

July 1992

2,396.96

2,396.96

6

100.0

79,547Jan. 1995

2,716.92

2,716.92

6

100.0

69,65871,952.74

71,496.37

117

99.3

2,592,541

13,517.62

13,517.62

7

100.0

414,326

Total for Major Regional Cities (1 property)

13,517.62

13,517.62

7

100.0

414,326

Total (59 properties)

359,705.62

350,492.51

639

97.4

13,836,714

RegionProperty nameDaiwa Daikanyama (Note 8)
Daiwa Shinjuku West
Daiwa Kanda Mikuracho
Daiwa Kanda East
Daiwa Kandasudacho
Five Central
Wards ofTokyo

Daiwa Sasazuka Tower
Daiwa Sasazuka
Daiwa Harumi
Daiwa Mita 2-Chome (Note 8)
Nihonbashi Central Square(Note 10)
Daiwa Nihonbashi Bakurocho
Daiwa Kandabashi
Kandasudacho 2-Chome
Development Site (land) (Note 11)

S
6F
RC
4F
SRC/S
B1/7F
S
9F
S/RC
B1/10F
SRC/RC/S
B2/18F
SRC/S
B1/8F
S
B1/12F
S
8F
S
8F
S
10F
S
B1/10F－

Total for Five Central Wards of Tokyo (49 properties)
Daiwa Higashi-Ikebukuro
Daiwa Shinagawa North
Daiwa Kamiooka
Daiwa Ogikubo Tower (Note 12)
GreaterTokyo

Daiwa Meguro Square
Daiwa Ogikubo
CONCURRED Yokohama (Note13)
Daiwa Shinagawa Gotenyama
Daiwa Nakano-Sakaue

SRC/S
B1/9F
SRC
B1/11F
S/SRC
B3/7F
S/SRC
B2/18F
S/SRC
B2/14F
SRC
B1/7F
S/SRC
B1/20F
SRC/S
8F
SRC
B1/8F

Total for Greater Tokyo (9 properties)
Major
Regional
CitiesDaiwa Kitahama

S/SRC
B1/16F

Feb. 2008(Note 1) “Structure and number of floors” are the entries in the real estate registry of the building of the applicable investment
real estate property. “S” refers to steel-framed structure, “RC” refers to reinforced concrete structure, “SRC” refers
to steel-framed reinforced concrete structure, “B” refers to floors below ground and “F” refers to floors above ground.
(Note 2) “Construction completion” is the entry in the real estate registry of the building of the applicable investment realestate property.
(Note 3) “Leasable floor area” represents the floor area of the building of the applicable property that is leasable, not including
the leasable area of the land (including level parking space), and is the floor area indicated in the lease contract, etc.
as of November 30, 2022.
(Note 4) “Leased floor area” is the sum total of the floor area that is actually leased based on lease agreements, etc. executedwith end tenants as of November 30, 2022.
(Note 5) “Total number of tenants” is the number of end tenants. When there is a tenant occupying multiple buildings, theconcerned tenant is counted and stated for each individual building.

- 34 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period(Note 6) “Occupancy rate” is the figure arrived at when leased floor area is divided by leasable floor area, rounded down to
one decimal place.
(Note 7) “Rent revenue during current period” is rent income, common area charges income, parking lot income and otherincome generated from the applicable investment real estate property (excluding other lease business revenue) during
the 34th Fiscal Period, rounded down to the nearest thousand yen.
(Note 8) Not shown for such reasons as consent was not obtained from major tenants to disclose the rent revenue during
current period for the properties.
(Note 9) The real estate in trust pertaining to trust beneficiary interest held by the Investment Corporation is the co-ownershipinterest corresponding to three-sevenths of the entire property. Accordingly, leasable floor area and leased floor area
are the floor areas corresponding to three-sevenths of the entire building.
(Note 10) The real estate in trust pertaining to trust beneficiary interest held by the Investment Corporation is thecompartmentalized ownership building. Of the rent revenue, the Investment Corporation’s ownership ratio of revenue
from the master lease business (rent income, etc.) is 183,715/301,220, based on the agreement, etc. among thecompartmentalized co-owners of the property. Leasable floor area and leased floor area are figures corresponding to
183,715/301,220 of the area subject to the business while total number of tenants and occupancy rate are figures forthe entirety of the area subject to the business.
(Note 11) The Investment Corporation currently owns only the land as the development site, and is proceeding with thedevelopment of an office building on the property.
(Note 12) The buildings consist of three registrations. Of these, the details of the major building are shown here.
(Note 13) The real estate in trust pertaining to trust beneficiary interest held by the Investment Corporation is the quasi coownership interest corresponding to 75% of the entire property. Accordingly, leasable floor area and leased floor area
are the floor areas corresponding to 75% of the entire building.

- 35 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
3.2.3. Capital Expenditures for Assets Under Management
A. Scheduled Capital Expenditures
The following are the principal capital expenditures arising from renovation construction work, etc. currently planned forexisting portfolio properties. Please note that the expected construction amount includes portions that are expensed as aseparate account item of accounting costs.
Estimated construction cost
(Millions of yen)
Name of
Scheduledreal estate properties
Purposeimplementation
Amount paid
Total amount(Location)
periodTotal amountduringalready paid
current period
Daiwa River Gate
Modification of heat
From: Dec. 2022
346－－
(Chuo-ku, Tokyo)
source system
To: May 2023
Daiwa Shibuya Square(Shibuya-ku, Tokyo)

Upgrading of airconditioning facilities

From: Dec. 2022
To: May 2023

129

－

－

Daiwa Nakano-Sakaue(Nakano-ku, Tokyo)

Repair of exterior walls

From: Dec. 2022
To: May 2023

69

－

－

E SPACE TOWER(Shibuya-ku, Tokyo)

Upgrading of 3F
PAC/HEX

From: Dec. 2022
To: May 2023

66

－

－

Daiwa Kodenmacho(Chuo-ku, Tokyo)

Upgrading of airconditioning facilities

From: Dec. 2022
To: May 2023

61

－

－

B. Capital Expenditures During the 34th Fiscal Period
The following summarizes the primary construction work that constitutes capital expenditures implemented during the 34th
Fiscal Period for existing portfolio properties. Capital expenditures for the 34th Fiscal Period amounted to 798 million yen
and, when combined with the 130 million yen in repair expenses charged to the 34th Fiscal Period expenses, totals 929
million yen in construction work implemented.
Name ofConstruction amount paid
real estate properties
Purpose
Period(Millions of yen)
(Location)
Conversion to LED
Daiwa Ogikubo Tower
From: July 2022
lighting at common and72(Suginami-ku, Tokyo)
To: Oct. 2022
exclusive areas
Shinjuku Maynds Tower
Upgrading of airFrom: June 2022
43
(Shibuya-ku, Tokyo)
conditioning facilities
To: Nov. 2022
Daiwa Akasaka(Minato-ku, Tokyo)

From: July 2022
To: Aug. 2022

3F setup office work

35

Other

646
Total

798

C. Reserve Amount for Long-Term Repair Plans (Reserve for Repairs)
The Investment Corporation sets aside the following reserve for repairs from cash flows during the fiscal period for thepayment of future major repairs.
(Unit: Millions of yen)
Fiscal period
Balance of reserve at
beginning of current period
Amount of reserve in current
periodReversal of reserve incurrent period
Amount carried forward to
next period

30th Fiscal Period 31st Fiscal Period 32nd Fiscal Period 33rd Fiscal Period 34th Fiscal Period[From: June 1, 2020
To: Nov. 30, 2020][From: Dec. 1, 2020
To: May 31, 2021][From: June 1, 2021
To: Nov. 30, 2021][From: Dec. 1, 2021
To: May 31, 2022][From: June 1, 2022
To: Nov. 30, 2022]

2,150

2,190

2,190

1,225

1,619

40

－

－

744

98

－

－

965

351

316

2,190

2,190

1,225

1,619

1,402

- 36 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
3.2.4. Summary of Estimated Price at End of Period (As of November 30, 2022)

Property nameSummary of Appraisal Report
Estimated price at
DCF method
end of period Direct capitalization method(Millions of yen)
DiscountPrice
Cap rate
Price(Note 1)rate
(Millions of yen)
(Millions of yen)(%)(%)

Terminal
cap rate(%)

Daiwa Ginza

16,30016,4003.4

16,200

3.1

3.6

Daiwa Ginza Annex

3,410

3,480

3.5

3,330

3.1

3.7

Daiwa Shibaura

8,600

8,670

3.8

8,570

3.6

4.0

Daiwa Sarugakucho

4,360

4,440

4.1

4,270

3.9

4.3

Daiwa A Hamamatsucho(Note 2)

3,980

4,070

3.6

3,940

3.4

3.8

Daiwa Jingumae

3,260

3,310

3.5

3,200

3.3

3.7

Daiwa Shibadaimon

4,140

4,200

3.4

4,120

3.2

3.6

Daiwa Misakicho

3,170

3,220

3.7

3,150

3.5

3.9

Daiwa Tsukijiekimae(Note 3)

2,420

2,430

3.9

2,410

3.9

4.1

Daiwa Tsukiji

1,820

1,820

3.7

1,820

3.7

3.9

Daiwa Tsukishima

11,000

11,2003.9

10,900

3.6

4.1

Daiwa Nihonbashi Horidomecho

3,080

3,110

3.7

3,040

3.5

3.9

Daiwa Azabudai

2,010

2,040

3.7

1,970

3.5

3.9

Shinjuku Maynds Tower(Note 4)64,700157,000

3.0

149,000

2.8

3.2

Daiwa SHIBUYA EDGE

5,490

5,590

3.4

5,380

3.2

3.6

Daiwa Kodenmacho

2,460

2,500

3.9

2,410

3.7

4.1

Daiwa Nishi-Shimbashi

7,380

7,520

3.4

7,320

3.2

3.6

Daiwa Kayabacho

8,530

8,680

3.2

8,470

3.0

3.4

Daiwa Jinbocho 3-chome

5,440

5,550

3.2

5,390

3.0

3.4

E SPACE TOWER

39,00039,4002.8

38,5002.6

2.9

Daiwa Nihonbashi Hongokucho

2,810

2,840

3.8

2,800

3.6

4.0

shinyon curumu

17,20017,5003.1

17,000

2.9

3.3

Daiwa Akasaka

15,80016,2003.1

15,600

2.9

3.3

Daiwa Shibuya Miyamasuzaka

13,90014,0003.1

13,8002.9

3.2

Daiwa Azabu Terrace

19,00019,3003.3

18,700

3.1

3.4

Daiwa Ebisu 4-chome

6,620

6,630

3.5

6,610

3.6

3.7

LAQUAS Higashi Shinjuku

11,60012,0003.2

11,400

3.0

3.4

Daiwa Aoyama

12,70013,0003.1

12,500

2.9

3.3

Daiwa Shibuya Shinsen

6,550

6,820

3.2

6,440

3.0

3.4

Daiwa Shibuya Square

23,20023,2003.1

23,1002.9

3.2

Daiwa River Gate

35,90036,2003.4

35,600

3.2

3.5

Daiwa Hatchobori ekimae

3,420

3,500

3.3

3,390

3.1

3.5

Daiwa Hatchobori ekimae West

2,030

2,090

3.4

2,010

3.2

3.6

Daiwa Nishi-Shinjuku

18,10018,6003.2

17,900

3.0

3.4

Kirin Nihonbashi

8,500

8,570

3.5

8,420

3.3

3.6

Daiwa Higashi-Nihonbashi

7,360

7,510

3.7

7,290

3.5

3.9

- 37 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period

Property nameSummary of Appraisal Report
Estimated price at
DCF method
end of period Direct capitalization method(Millions of yen)
DiscountPrice
Cap rate
Price(Note 1)rate
(Millions of yen)
(Millions of yen)(%)(%)

Terminal
cap rate(%)

Daiwa Daikanyama (Note 5)

3,800

3,830

3.0

3,790

3.0

3.2

Daiwa Shinjuku West

1,320

1,330

3.7

1,310

3.5

3.9

Daiwa Kanda Mikuracho

1,900

1,910

3.6

1,890

3.6

3.8

Daiwa Kanda East

5,900

5,960

3.2

5,840

3.0

3.3

Daiwa Kandasudacho

2,960

2,950

3.4

2,970

3.4

3.6

Daiwa Sasazuka Tower

16,20016,6003.8

16,000

3.6

4.0

Daiwa Sasazuka

3,680

3,760

3.9

3,640

3.7

4.1

Daiwa Harumi

13,10013,2003.5

12,900

3.5

3.7

Daiwa Mita 2-Chome

4,330

4,380

3.5

4,270

3.3

3.6

Nihonbashi Central Square(Note 6)

3,920

4,010

3.3

3,820

3.1

3.5

Daiwa Nihonbashi Bakurocho

6,730

7,070

3.4

6,590

3.2

3.6

Daiwa Kandabashi

2,110

2,180

3.3

2,080

3.1

3.5

Kandasudacho 2-Chome
Development Site (land)(Note 7)

11,800

－

－

－

－

－

Daiwa Higashi-Ikebukuro

4,420

4,480

3.9

4,400

3.7

4.1

Daiwa Shinagawa North

6,370

6,500

4.0

6,230

3.8

4.2

Daiwa Kamiooka

2,970

3,000

4.4

2,960

4.2

4.6

Daiwa Ogikubo Tower

23,40023,5003.6

23,300

3.4

3.8

Daiwa Meguro Square

7,380

7,580

3.4

7,300

3.2

3.6

Daiwa Ogikubo

4,970

5,030

3.8

4,940

3.6

4.0

CONCURRED Yokohama(Note 8)41,70042,700

4.1

41,200

3.9

4.3

Daiwa Shinagawa Gotenyama

2,890

2,920

3.9

2,870

3.7

4.1

Daiwa Nakano-Sakaue

2,700

2,800

3.9

2,660

3.6

4.1

Daiwa Kitahama

13,60013,7003.6

13,500

3.4

3.8

Total
593,390681,980
660,410－－－(Note 1) “Estimated price at end of period” is the price as of November 30, 2022, stated in appraisal reports prepared by realestate appraisers of Tanizawa Sogo Appraisal Co., Ltd., Daiwa Real Estate Appraisal Co., Ltd., JLL Morii Valuation& Advisory K.K. and Japan Real Estate Institute in accordance with the articles of incorporation of the Investment
Corporation and the rules of The Investment Trusts Association, Japan.
(Note 2) For Daiwa A Hamamatsucho, the prices are those pertaining to the Investment Corporation’s ownership interest.
(Note 3) Discount rate for Daiwa Tsukijiekimae is the figure after the second fiscal year (3.8% in the first fiscal year).
(Note 4) For Shinjuku Maynds Tower, the estimated price at end of period is the price pertaining to the Investment
Corporation’s ownership interest, and the price indicated by the direct capitalization method and price indicated by
the DCF method are the prices pertaining to the entire property.
(Note 5) Discount rate for Daiwa Daikanyama is the figure for the eleventh fiscal year (3.1% up to the tenth fiscal year).
(Note 6) For Nihonbashi Central Square, the prices are those pertaining to the Investment Corporation’s ownership interest.
(Note 7) For Kandasudacho 2-Chome Development Site (land), the estimated price at end of period is the income approachvalue indicated by the capitalization method (development leasing-type).
(Note 8) For CONCURRED Yokohama, the prices are those pertaining to the Investment Corporation’s ownership interest.

- 38 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
3.2.5. Status of Income (Loss), Etc. of Individual Properties
The following table lists the status of income (loss), etc. of each property for the 34th Fiscal Period (from June 1, 2022
to November 30, 2022). Income (loss) information is presented in accordance with “2. Financial Statements; (2.7.)
Notes to Significant Accounting Policies” outlined earlier.
RegionFive Central Wards of Tokyo

Property nameDaiwa Ginza

Daiwa Ginza
Annex

Daiwa Shibaura

Daiwa
Sarugakucho(Note 3)

Daiwa A
Hamamatsucho

Acquisition date

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Acquisition price (Millions of yen)

14,100

3,050

8,265

3,190

2,865

Investment ratio (%)
Price
information Carrying amount (Millions of yen)

3.0

0.7

1.8

0.7

0.6

12,748

2,733

7,965

3,051

2,673

Estimated price at end of period(Millions of yen)

16,300

3,410

8,600

4,360

3,980

Total number of tenants (Note 1)

21

7

55

2

12

Leasable floor area (m2)

8,117.07

2,032.11

9,619.67

3,657.43

3,663.38

Leased floor area (m2)

8,053.89

2,032.11

8,647.48

3,657.43

3,663.38

End of Nov. 2020

99.7

93.2

98.3

100.0

100.0

End of May 2021

99.7

100.0

98.7

100.0

100.0

End of Nov. 2021

99.8

100.0

99.5

100.0

100.0

End of May 2022

99.8

100.0

99.5

100.0

100.0

End of Nov. 2022

99.2

100.0

89.8

100.0

100.0

183

183

183

183

183

440,767

89,771

252,355(Not disclosed)

138,189

440,767

89,771

250,123(Not disclosed)

138,189

Leasing
information

Occupancy rate (%)

Number of days of asset
management
Total property leasing revenue (A)(Thousands of yen)
Rent revenue – real estate

Income(loss)
information

Other lease business revenue

－

－

2,231

(Not disclosed)－

Total property leasing expenses (B)(Thousands of yen)

187,372

37,867108,258(Not disclosed)

77,345

Consignment expenses

29,207

5,753

17,840(Not disclosed)

10,127

Utilities expenses

33,342

8,024

24,034(Not disclosed)

11,490

Taxes and dues

35,988

11,916

21,289(Not disclosed)

9,316

593

136

539

(Not disclosed)

255

Repair expenses

6,900

1,357

7,046

(Not disclosed)

1,611

Depreciation (C)63,536

9,682

37,508(Not disclosed)

15,143

Other lease business expenses

17,802

996－(Not disclosed)

29,400253,395

51,903144,096(Not disclosed)

60,843

316,93161,586

181,605

90,52675,987

14,005

6,359

30,012150

4,062

302,925

55,226

151,592

90,37671,924

42.51

42.18

42.90

(Not disclosed)

55.97

71,95823,68842,045

14,511

18,515785,230

203,990

302,630

96,757103,380

Non-life insurance expenses

Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 39 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
RegionFive Central Wards of Tokyo

Property nameDaiwa Jingumae

Daiwa
Shibadaimon

Daiwa Misakicho(Note 3)

Daiwa
Tsukijiekimae

Daiwa Tsukiji

Acquisition date

Oct. 2005

Oct. 2005

Oct. 2005

Jan. 2006

Jan. 2006

Acquisition price (Millions of yen)

2,800

2,578

2,346

1,560

1,240

Investment ratio (%)
Price
information Carrying amount (Millions of yen)

0.6

0.6

0.5

0.3

0.3

2,637

2,326

2,077

1,203

1,087

Estimated price at end of period(Millions of yen)

3,260

4,140

3,170

2,420

1,820

Total number of tenants (Note 1)

4

8

1

6

6

Leasable floor area (m2)

2,198.61

2,386.48

2,137.53

2,659.59

1,487.44

Leased floor area (m )2,198.61

2,386.48

2,137.53

2,659.59

1,487.44

End of Nov. 2020

78.5

100.0

100.0

100.0

100.0

End of May 2021

100.0

100.0

100.0

100.0

100.0

End of Nov. 2021

100.0

100.0

100.0

100.0

100.0

2

Leasing
information

Occupancy rate (%)

End of May 2022

100.0

84.7

100.0

100.0

100.0

End of Nov. 2022

100.0

100.0

100.0

100.0

100.0

183

183

183

183

183

77,39696,231(Not disclosed)

70,892

52,426

77,39696,231(Not disclosed)

70,892

52,426

Number of days of asset
management
Total property leasing revenue (A)(Thousands of yen)
Rent revenue – real estate

Income(loss)
information

Other lease business revenue－－(Not disclosed)－－

Total property leasing expenses (B)(Thousands of yen)

26,15635,869(Not disclosed)

30,62019,294

Consignment expenses

3,991

9,088

(Not disclosed)

3,772

3,525

Utilities expenses

5,536

8,280

(Not disclosed)

6,539

4,118

Taxes and dues

7,128

6,853

(Not disclosed)

5,371

4,226

Non-life insurance expenses

116

166

(Not disclosed)

138

84

Repair expenses

328

796

(Not disclosed)

752

888

Depreciation (C)9,048

10,685(Not disclosed)

14,028

6,450

7

－

(Not disclosed)

18－

51,23960,361(Not disclosed)

40,27133,13260,28871,047

63,83354,29939,582

1,689

2,039

5,250

－

－

58,59869,00758,58354,29939,582

33.80

37.27

(Not disclosed)

43.19

36.80

14,255

13,367

11,016

10,7098,394

99,70087,656

114,585

79,45097,348Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 40 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
RegionFive Central Wards of Tokyo

Property name

Daiwa
Tsukishima

Daiwa
Nihonbashi
Horidomecho

Daiwa Azabudai

Acquisition dateMar. 2006

May 2006

May 2006

Shinjuku Maynds Daiwa SHIBUYA
Tower
EDGE
July 2007 andNov. 2007

July 2007

Acquisition price (Millions of yen)

7,840

2,520

1,600

66,9005,900

Investment ratio (%)
Price
information Carrying amount (Millions of yen)

1.7

0.5

0.3

14.3

1.3

6,460

2,336

1,478

63,005

5,537

Estimated price at end of period(Millions of yen)

11,000

3,080

2,010

64,7005,490

Total number of tenants (Note 1)

3

6

11

38

5

Leasable floor area (m )8,425.69

2,848.91

1,697.88

22,768.43

2,480.65

Leased floor area (m2)

6,616.69

2,848.91

1,697.88

21,276.74

2,480.65

End of Nov. 2020

100.0

100.0

100.0

100.0

100.0

End of May 2021

100.0

100.0

100.0

99.6

100.0

End of Nov. 2021

100.0

100.0

100.0

98.0

73.9

End of May 2022

100.0

100.0

100.0

92.5

100.0

End of Nov. 2022

78.5

100.0

100.0

93.4

100.0

183

183

183

183

183

275,01189,494

57,8481,276,082

120,385

275,01189,49456,9901,276,082

120,385

2

Leasing
information

Occupancy rate (%)

Number of days of asset
management
Total property leasing revenue (A)(Thousands of yen)
Rent revenue – real estate

Income(loss)
information

Other lease business revenue

－

－

857

－

－

Total property leasing expenses (B)(Thousands of yen)

105,851

38,07621,800590,704

35,194

Consignment expenses

12,483

6,784

3,923

95,466

5,848

Utilities expenses

17,108

7,321

4,125

135,999

9,696

Taxes and dues

15,362

7,160

5,208

137,869

8,358

407

179

103

2,585

145

Repair expenses

2,821

1,552

207

15,941

1,255

Depreciation (C)57,66815,078

8,232

202,233

9,889

－

－

－

608

－

169,160

51,41736,047685,378

85,191

226,828

66,49644,280887,61195,081

9,871

903

28,39052,412569

216,957

65,592

15,889835,198

94,512

38.49

42.55

37.69

46.29

29.23

30,724

14,13910,395272,926

16,714

136,680

147,575

110,990

5,834,950

45,350Non-life insurance expenses

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)] (Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 41 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
RegionFive Central Wards of Tokyo

Property name

Daiwa
Kodenmacho

Daiwa NishiShimbashi

Daiwa Kayabacho(Note 3)

Daiwa Jinbocho3-chomeE SPACETOWER

Acquisition dateAug. 2007

Aug. 2010

Mar. 2011

Mar. 2011

July 2011

Acquisition price (Millions of yen)

2,460

5,000

5,600

3,550

24,000Investment ratio (%)
Price
information Carrying amount (Millions of yen)

0.5

1.1

1.2

0.8

5.1

2,309

4,528

5,055

3,197

23,263

Estimated price at end of period(Millions of yen)

2,460

7,380

8,530

5,440

39,000Total number of tenants (Note 1)

8

11

1

8

14

Leasable floor area (m2)2,379.31

4,815.84

5,899.11

2,889.34

13,960.84

Leased floor area (m )2,379.31

4,815.84

5,899.11

2,889.34

13,960.84

End of Nov. 2020

100.0

100.0

100.0

100.0

92.8

End of May 2021

100.0

100.0

100.0

88.1

100.0

End of Nov. 2021

100.0

100.0

100.0

100.0

100.0

End of May 2022

86.8

100.0

100.0

100.0

100.0

End of Nov. 2022

100.0

100.0

100.0

100.0

100.0

183

183

183

183

183

61,825

190,330(Not disclosed)

126,540

816,919

61,825

189,790(Not disclosed)

126,540

816,9192

Leasing
information

Occupancy rate (%)

Number of days of asset
management
Total property leasing revenue (A)(Thousands of yen)
Rent revenue – real estate

Income(loss)
information

Other lease business revenue－

540(Not disclosed)－－

Total property leasing expenses (B)(Thousands of yen)

29,75789,572(Not disclosed)

52,870263,497

Consignment expenses

7,326

15,542(Not disclosed)

8,379

50,785

Utilities expenses

6,653

15,829(Not disclosed)

12,87075,602

Taxes and dues

3,936

16,617(Not disclosed)

10,18164,168129336(Not disclosed)

176

906

Non-life insurance expenses
Repair expenses

2,651

3,011

(Not disclosed)

1,312

1,740

Depreciation (C)8,238

38,230(Not disclosed)

19,94970,222822

6(Not disclosed)

072

32,068100,758(Not disclosed)

73,670553,42140,306

138,988

146,197

93,620623,644

9,134

4,047

131

636

16,232

NCF [(E) – (F)] (Thousands of yen)

31,172

134,940

146,065

92,984607,411

Expense rate (%) [(B) ÷ (A)]

48.13

47.06

(Not disclosed)

41.78

32.26

7,871

32,98026,00820,328128,299

84,051

178,710

138,850

98,780696,050

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)

Annual amount of fixed property
tax, etc. for fiscal 2022
Reference
information (Thousands of yen)
Estimated long-term repair
expenses(Thousands of yen) (Note 2)- 42 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
RegionFive Central Wards of Tokyo

Property name

Daiwa
Nihonbashi
Hongokucho

shinyon curumu

Daiwa Akasaka

Daiwa Shibuya
Miyamasuzaka

Daiwa Azabu
TerraceAcquisition date

May 2012

Dec. 2012 andApr. 2013

Aug. 2013

Sept. 2013

July 2014

Acquisition price (Millions of yen)

1,721

9,650

9,200

7,000

14,000Investment ratio (%)
Price
information Carrying amount (Millions of yen)

0.4

2.1

2.0

1.5

3.0

1,476

9,413

9,998

7,201

13,684

Estimated price at end of period(Millions of yen)

2,810

17,20015,80013,90019,000Total number of tenants (Note 1)

6

17

18

9

10

Leasable floor area (m )2,143.08

6,751.31

8,752.21

6,328.28

13,234.39

Leased floor area (m2)2,143.08

6,751.31

8,365.54

6,328.28

11,153.22

End of Nov. 2020

100.0

96.7

100.0

100.0

100.0

End of May 2021

100.0

93.3

96.7

88.1

100.0

End of Nov. 2021

100.0

100.0

82.0

99.2

100.0

End of May 2022

100.0

100.0

82.0

100.0

93.9

End of Nov. 2022

100.0

100.0

95.5

100.0

84.2

183

183

183

183

183

78,062

387,311300,621322,820455,80378,062

387,311300,621322,820447,388

2

Leasing
information

Occupancy rate (%)

Number of days of asset
management
Total property leasing revenue (A)(Thousands of yen)
Rent revenue – real estate

Income(loss)
information

Other lease business revenue

－

－

－

－

8,415

Total property leasing expenses (B)(Thousands of yen)

26,766

143,445

185,434

92,778

171,350

Consignment expenses

3,445

29,65942,725

17,142

29,826

Utilities expenses

5,132

33,471

33,461

22,77749,444

Taxes and dues

4,634

38,941

36,23324,306

34,577

Non-life insurance expenses

106

448

575

421

823

Repair expenses

13

2,374

9,095

719

2,259

Depreciation (C)13,43438,54962,441

27,24754,319

－

－

900

164

99

51,296

243,866

115,186

230,041

284,453

64,730282,416

177,628

257,288338,772

210

15,76544,353

7,941

12,209NCF [(E) – (F)] (Thousands of yen)

64,520266,650

133,274

249,347

326,562

Expense rate (%) [(B) ÷ (A)]

34.29

37.04

61.68

28.74

37.59

9,257

77,852

72,374

48,563

68,84175,395

301,626

327,392

457,625

491,112

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)

Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 43 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
RegionFive Central Wards of Tokyo
Daiwa Ebisu
LAQUAS
4-chome (Note 3) Higashi Shinjuku

Property nameAcquisition date

Dec. 2014

Dec. 2014

Daiwa Aoyama

Daiwa Shibuya
ShinsenDaiwa Shibuya
SquareMar. 2015

Mar. 2015

May 2015

Acquisition price (Millions of yen)

4,135

8,450

9,800

4,800

16,000Investment ratio (%)
Price
information Carrying amount (Millions of yen)

0.9

1.8

2.1

1.0

3.4

4,144

8,228

9,929

4,931

15,733

Estimated price at end of period(Millions of yen)

6,620

11,60012,7006,550

23,200Total number of tenants (Note 1)

1

4

7

3

9

Leasable floor area (m2)2,951.70

7,498.33

4,426.10

2,714.03

8,566.73

Leased floor area (m )2,951.70

7,498.33

4,426.10

1,831.98

8,566.73

End of Nov. 2020

100.0

100.0

85.9

100.0

100.0

End of May 2021

100.0

100.0

100.0

100.0

100.0

End of Nov. 2021

100.0

100.0

100.0

100.0

96.8

End of May 2022

100.0

100.0

100.0

100.0

100.0

End of Nov. 2022

100.0

100.0

100.0

67.5

100.0

183

183

183

183

183

(Not disclosed)

236,595

262,579

40,782487,692

Rent revenue – real estate(Not disclosed)

236,595

262,579

40,782450,969

2

Leasing
information

Occupancy rate (%)

Number of days of asset
management
Total property leasing revenue (A)(Thousands of yen)

Income(loss)
information

Other lease business revenue(Not disclosed)

－

－

－

36,723

Total property leasing expenses (B)(Thousands of yen)

(Not disclosed)

89,08258,38070,323

120,221

Consignment expenses(Not disclosed)

10,48012,94839,822

27,884

Utilities expenses(Not disclosed)

18,599

8,636

3,231

28,681

Taxes and dues

(Not disclosed)

21,58816,305

8,948

29,499Non-life insurance expenses(Not disclosed)

416

212

165

515

Repair expenses(Not disclosed)

3,526

1,352

2,253

6,969

Depreciation (C)(Not disclosed)

34,31318,924

15,902

26,670

Other lease business expenses(Not disclosed)

158

－

－

－

(Not disclosed)

147,512204,199(29,541)

367,471

141,100

181,826

223,123(13,638)

394,141

2,558

7,603

1,904

75,277

10,242

138,541

174,222

221,219(88,915)

383,899(Not disclosed)

37.65

22.23

172.4424.65

19,81742,92932,61017,637

58,684

98,692

162,700

175,290

178,610234,380

Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)] (Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 44 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
RegionFive Central Wards of Tokyo

Property nameDaiwa River Gate

Daiwa
Hatchobori
ekimaeDaiwa
Hatchobori
ekimae West

Daiwa NishiShinjuku

Kirin Nihonbashi(Note 3)Acquisition dateJune 2015

Sept. 2015

Sept. 2015

Mar. 2016

May 2016

Acquisition price (Millions of yen)

28,000

2,871

1,647

13,7108,180Investment ratio (%)
Price
information Carrying amount (Millions of yen)

6.0

0.6

0.4

2.9

1.7

27,301

2,872

1,704

13,8908,250

Estimated price at end of period(Millions of yen)

35,900

3,420

2,030

18,1008,500

Total number of tenants (Note 1)

97

9

9

7

1

Leasable floor area (m2)

32,045.25

2,622.42

1,734.68

6,967.61

5,630.17

Leased floor area (m )31,959.90

2,622.42

1,734.68

6,967.61

5,630.17

End of Nov. 2020

96.4

100.0

95.8

100.0

100.0

End of May 2021

83.4

100.0

100.0

100.0

100.0

End of Nov. 2021

92.6

100.0

100.0

100.0

100.0

End of May 2022

99.4

100.0

100.0

100.0

100.0

End of Nov. 2022

99.7

100.0

100.0

100.0

100.0

183

183

183

183

183

1,037,751

90,845

46,914

409,629(Not disclosed)

1,034,497

90,845

46,914

409,629(Not disclosed)

Other lease business revenue

3,253

－

－

－

(Not disclosed)

Total property leasing expenses (B)(Thousands of yen)

443,066

37,293

18,264104,127(Not disclosed)

Consignment expenses

81,383

8,743

4,800

15,049(Not disclosed)

Utilities expenses

105,541

8,308

2,999

19,516(Not disclosed)

Taxes and dues

103,084

9,459

4,411

40,658(Not disclosed)

Non-life insurance expenses

2,428

177

91

439

(Not disclosed)

Repair expenses

6,070

493

501

7,180

(Not disclosed)

Depreciation (C)144,557

10,112

5,460

21,283(Not disclosed)

－

－

－

－

(Not disclosed)

594,684

53,551

28,649305,502(Not disclosed)

739,241

63,664

34,110326,786

158,298

80,052

2,660

994

5,274

3,036

659,189

61,004

33,116

321,511

155,262

42.69

41.05

38.93

25.42

(Not disclosed)

201,737

18,731

8,759

80,90022,5392,001,250

159,500

91,420252,590

116,0902

Leasing
information

Occupancy rate (%)

Number of days of asset
management
Total property leasing revenue (A)(Thousands of yen)
Rent revenue – real estate

Income(loss)
information

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)] (Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 45 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
RegionFive Central Wards of Tokyo

Property nameDaiwa HigashiNihonbashi

Daiwa
Daikanyama(Note 3)

Daiwa Shinjuku
WestDaiwa Kanda
Mikuracho

Daiwa Kanda
East

Acquisition dateJune 2016

June 2016

July 2016

Dec. 2016

Jan. 2018

Acquisition price (Millions of yen)

6,370

2,280

942

1,592

4,200

Investment ratio (%)
Price
information Carrying amount (Millions of yen)

1.4

0.5

0.2

0.3

0.9

6,191

2,344

984

1,601

4,176

Estimated price at end of period(Millions of yen)

7,360

3,800

1,320

1,900

5,900

Total number of tenants (Note 1)

5

1

9

6

5

Leasable floor area (m2)

5,015.88

1,642.83

1,118.74

1,719.51

3,980.56

Leased floor area (m )5,015.88

1,642.83

1,118.74

1,457.84

3,980.56

End of Nov. 2020

100.0

100.0

100.0

100.0

100.0

End of May 2021

100.0

100.0

100.0

100.0

100.0

End of Nov. 2021

100.0

100.0

100.0

100.0

100.0

End of May 2022

100.0

100.0

100.0

100.0

100.0

End of Nov. 2022

100.0

100.0

100.0

84.7

100.0

183

183

183

183

183

181,154(Not disclosed)

37,82150,081

146,438

181,154(Not disclosed)

37,82147,548146,438

Other lease business revenue－(Not disclosed)

－

2,532

－

Total property leasing expenses (B)(Thousands of yen)

60,946(Not disclosed)

13,581

16,69849,089Consignment expenses

7,434(Not disclosed)

3,301

4,307

11,159

Utilities expenses

12,501(Not disclosed)

2,816

2,783

10,508

Taxes and dues

11,923(Not disclosed)

3,227

3,624

10,570Non-life insurance expenses

285(Not disclosed)

57

76

200

Repair expenses

336(Not disclosed)

1,758

387

602

Depreciation (C)28,434(Not disclosed)

2,419

5,517

16,04830(Not disclosed)

－

－

－

120,208(Not disclosed)

24,24033,383

97,348

148,643

65,39326,65938,901

113,396

4,638

140

418

393

3,197

144,005

65,253

26,241

38,508110,199

33.64(Not disclosed)

35.91

33.34

33.52

23,65011,629

6,452

7,206

20,870157,360

60,54859,38082,871

133,6112

Leasing
information

Occupancy rate (%)

Number of days of asset
management
Total property leasing revenue (A)(Thousands of yen)
Rent revenue – real estate

Income(loss)
information

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)] (Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 46 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
RegionFive Central Wards of Tokyo

Property name

Daiwa
Kandasudacho

Daiwa Sasazuka
Tower

Daiwa Sasazuka

Daiwa Harumi

Daiwa Mita 2Chome(Note 3)Acquisition dateJune 2018 andNov. 2018

Oct. 2018

Dec. 2018

Feb. 2019

July 2019

Acquisition price (Millions of yen)

2,295

15,5003,000

11,2002,635Investment ratio (%)
Price
information Carrying amount (Millions of yen)

0.5

3.3

0.6

2.4

0.6

2,372

15,947

3,219

11,116

1,565

Estimated price at end of period(Millions of yen)

2,960

16,2003,680

13,1004,330

Total number of tenants (Note 1)

7

7

9

7

1

Leasable floor area (m )2,211.64

16,158.16

3,828.95

11,227.10

2,101.61

Leased floor area (m2)2,211.64

16,158.16

3,828.95

11,227.10

2,101.61

End of Nov. 2020

97.6

100.0

100.0

100.0

100.0

End of May 2021

100.0

100.0

100.0

100.0

100.0

End of Nov. 2021

100.0

100.0

100.0

100.0

100.0

End of May 2022

100.0

100.0

100.0

100.0

100.0

End of Nov. 2022

100.0

100.0

100.0

100.0

100.0

183

183

183

183

183

73,993

487,773

100,472

371,195(Not disclosed)

73,993

487,773

100,472

371,195(Not disclosed)

Other lease business revenue

－

－

－

－

(Not disclosed)

Total property leasing expenses (B)(Thousands of yen)

21,826257,672

45,518148,162(Not disclosed)

Consignment expenses

5,579

57,137

7,915

31,600(Not disclosed)

Utilities expenses

5,019

91,057

13,86829,675(Not disclosed)

Taxes and dues

4,669

55,663

9,160

27,868(Not disclosed)

Non-life insurance expenses

96

1,063

196

602

(Not disclosed)

Repair expenses

296

6,559

2,424

1,659

(Not disclosed)

Depreciation (C)6,154

46,19011,952

36,217(Not disclosed)

11

－

－

20,538(Not disclosed)

52,166230,100

54,954

223,033(Not disclosed)

58,321

276,291

66,906259,250

78,8401,762

67,52742,496

10,523

137

NCF [(E) – (F)] (Thousands of yen)

56,559208,763

24,410248,727

78,703

Expense rate (%) [(B) ÷ (A)]

29.50

52.83

45.30

39.91

(Not disclosed)

9,238

111,273

18,23855,314

18,25376,730718,270

129,490

253,020

5,360

2

Leasing
information

Occupancy rate (%)

Number of days of asset
management
Total property leasing revenue (A)(Thousands of yen)
Rent revenue – real estate

Income(loss)
information

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)

Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 47 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
RegionFive Central Wards of Tokyo

Greater Tokyo

Property nameNihonbashi
Central Square

Daiwa
Nihonbashi
Bakurocho

Daiwa
Kandabashi

Kandasudacho
2-ChomeDevelopment Site
(land) (Note 4)

Acquisition date

May 2020

Land: Nov. 2020
Building:
Nov. 2022

Sept. 2021

Dec. 2021

Daiwa HigashiIkebukuro
Oct. 2005

Acquisition price (Millions of yen)

3,521

5,733

1,970

10,6002,958

Investment ratio (%)
Price
information Carrying amount (Millions of yen)

0.8

1.2

0.4

2.3

0.6

3,589

5,794

2,042

10,884

2,488

Estimated price at end of period(Millions of yen)

3,920

6,730

2,110

11,8004,420

Total number of tenants (Note 1)

9

3

12

－

7

Leasable floor area (m2)

1,837.05

3,677.63

1,224.00－

4,462.28

Leased floor area (m )1,574.12

3,216.79

1,224.00－

4,005.91

End of Nov. 2020

100.0

－

－

－

100.0

End of May 2021

100.0

－

－

－

100.0

End of Nov. 2021

100.0

－

79.2

－

100.0

End of May 2022

100.0

－

89.6

－

100.0

End of Nov. 2022

85.6

87.4

100.0

－

89.7

183

183

183

183

183

84,622

113

39,235－

125,846

84,622

113

39,235－

125,846

2

Leasing
information

Occupancy rate (%)

Number of days of asset
management
Total property leasing revenue (A)(Thousands of yen)
Rent revenue – real estate

Income(loss)
information

Other lease business revenue

－

－

－

－

－

Total property leasing expenses (B)(Thousands of yen)

26,874

8,735

15,010－61,773

Consignment expenses

5,300

4,068

4,040

－

11,669

Utilities expenses

7,091

－

3,058

－

15,306

Taxes and dues

5,867

11

3,159

－

8,447

Non-life insurance expenses

102

1

55

－

310

Repair expenses

47

－

614

－

960

Depreciation (C)

8,446

4,655

3,943

－

25,079

18

－

139

－

－

57,747(8,621)

24,225－64,073

66,194(3,966)28,168－89,152

632

5,280

269

－

2,957

NCF [(E) – (F)] (Thousands of yen)

65,561(9,246)27,899－86,194

Expense rate (%) [(B) ÷ (A)]

31.76

7,664.13

38.26

－

49.09

11,686

－

6,318

－

16,825

134,280

8,590

34,848－294,300

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)

Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 48 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
RegionGreater Tokyo
Daiwa Shinagawa
Daiwa Kamiooka
North

Property nameAcquisition dateJuly 2007

Mar. 2013

Daiwa Ogikubo
Tower

Daiwa Meguro
SquareDaiwa Ogikubo

May 2014

May 2015

July 2016

Acquisition price (Millions of yen)

7,710

2,000

15,220

5,600

3,800

Investment ratio (%)
Price
information Carrying amount (Millions of yen)

1.6

0.4

3.2

1.2

0.8

6,895

1,756

15,930

5,340

3,961

Estimated price at end of period(Millions of yen)

6,370

2,970

23,400

7,380

4,970

Total number of tenants (Note 1)

15

9

10

16

11

Leasable floor area (m )6,546.03

2,630.30

17,778.14

3,519.50

3,849.63

Leased floor area (m2)

6,546.03

2,630.30

17,778.14

3,519.50

3,849.63

End of Nov. 2020

100.0

100.0

100.0

100.0

100.0

End of May 2021

95.2

100.0

94.2

100.0

100.0

End of Nov. 2021

95.2

100.0

94.2

94.1

100.0

End of May 2022

95.2

100.0

100.0

100.0

100.0

End of Nov. 2022

100.0

100.0

100.0

100.0

100.0

183

183

183

183

183

201,036

92,682676,260

164,071

131,217

201,036

92,682676,260

164,071

131,217

Other lease business revenue

－

－

－

－

－

Total property leasing expenses (B)(Thousands of yen)

99,66343,367

311,668

60,92040,782

Consignment expenses

19,311

5,803

53,45812,51010,988

Utilities expenses

21,64012,45576,45010,146

6,282

Taxes and dues

19,167

6,415

44,467

14,072

8,414

458

160

1,171

231

198

Repair expenses

2,532

315

3,966

239

2,795

Depreciation (C)36,553

18,217

131,973

23,72012,093

－

－

180

－

8

101,373

49,315364,592

103,150

90,435

137,926

67,532496,565

126,871

102,528

9,751

4,839

83,388

2,108

5,574

128,175

62,693

413,177

124,763

96,954

49.57

46.79

46.09

37.13

31.08

37,673

12,831

88,22827,861

16,750441,710

63,700575,795

122,800

121,620

2

Leasing
information

Occupancy rate (%)

Number of days of asset
management
Total property leasing revenue (A)(Thousands of yen)
Rent revenue – real estate

Income(loss)
information

Non-life insurance expenses

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)] (Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 49 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period
RegionMajor Regional
CitiesGreater Tokyo

Property name

CONCURRED
Yokohama

Daiwa Shinagawa
Gotenyama

Daiwa NakanoSakaue

Daiwa Kitahama

Acquisition dateJan. 2018

Sept. 2018

Dec. 2019

Aug. 2014

Acquisition price (Millions of yen)

38,100

2,500

2,750

9,481

Investment ratio (%)
Price
information Carrying amount (Millions of yen)

8.1

0.5

0.6

2.0

37,478

2,614

2,952

8,868

Estimated price at end of period(Millions of yen)

41,700

2,890

2,700

13,600Total number of tenants (Note 1)

37

6

6

7

Leasable floor area (m )28,052.98

2,396.96

2,716.92

13,517.62

Leased floor area (m )28,052.98

2,396.96

2,716.92

13,517.62

End of Nov. 2020

99.7

100.0

100.0

100.0

End of May 2021

99.0

100.0

100.0

100.0

End of Nov. 2021

98.4

100.0

100.0

100.0

End of May 2022

100.0

100.0

100.0

100.0

End of Nov. 2022

100.0

100.0

100.0

100.0

183

183

183

183

1,052,219

79,54769,658414,326

1,052,219

79,54769,658414,326

2

2

Leasing
information

Occupancy rate (%)

Number of days of asset
management
Total property leasing revenue (A)(Thousands of yen)
Rent revenue – real estate

Income(loss)
information

Other lease business revenue

－

－

－

－

Total property leasing expenses (B)(Thousands of yen)

346,104

23,503

33,100168,872

Consignment expenses

55,736

5,226

7,164

27,471

Utilities expenses

107,122

4,473

6,321

46,904

Taxes and dues

58,531

5,660

7,221

35,268

936

122

166

811

Repair expenses

5,092

2,686

513

919

Depreciation (C)118,684

5,334

11,69957,443

－

－

12

53

706,115

56,04436,558245,453824,800

61,37848,257

302,896

28,26823,61740,6194,091

796,532

37,7607,638

298,804

32.89

29.55

47.52

40.76

117,064

11,274

14,17270,537

718,980

102,564

193,251

275,080

Non-life insurance expenses

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)] (Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 50 -

Daiwa Office Investment Corporation (8976) Financial Report for the 34th Fiscal Period(Note 1) Total number of tenants is the number of end tenants. When there is a tenant occupying multiple buildings, theconcerned tenant is counted and stated for each individual building.
(Note 2) Estimated long-term repair expenses are the total amount of repair expenses and renewal expenses estimated to arise
over the 12-year period from the first year to the twelfth year as stated in the building investigation diagnosis report.
(Note 3) Not disclosed for such reasons as consent was not obtained from major tenants to disclose the rent revenue, etc. forthe property.
(Note 4) For Kandasudacho 2-Chome Development Site (land), the plan is to develop an office building on the property.

- 51 -