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 32nd Fiscal Period

Name of REIT Issuer:
Stock Code No.:
Representative:
Name of Asset Manager:
Representative:
Inquiries to:

January 20, 2022
Daiwa Office Investment Corporation
Stock Exchange Listing: TSE
8976
URL: https://www.daiwa-office.co.jp
Seiya Miyamoto, Executive Director
Daiwa Real Estate Asset Management Co., Ltd.
Toshio Fukushima., President and Representative Director
TEL: +81-3-6215-9649
Kentaro Azumi, Manager of Corporate Division

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 18, 2022
February 15, 2022

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 32nd Fiscal Period
32nd Fiscal Period: Fiscal period ended November 2021 (from June 1, 2021 to November 30, 2021)(1) Management
32nd
Period31st
PeriodOperating revenue[% figures show the period-over-period increase (decrease)]

Operating income

Ordinary income

Net income¥13,882 million(7.8%)¥7,351 million(9.7%)¥6,784 million(10.1%)¥6,799 million(9.9%)¥15,054 million

1.4%¥8,137 million

5.5%¥7,550 million

6.0%¥7,549 million

6.0%

Net income
per unit

Net income tounitholders’ equity

Ordinary income tototal assets

Ordinary income tooperating revenue

32nd¥13,930
2.7%
1.4%
Period31st¥15,4123.0%
1.6%
Period(Note) Net income per unit is calculated using the following average number of investment units during the period.
32nd Fiscal Period: 488,088 units; 31st Fiscal Period: 489,860 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
payout

48.9%
50.2%

Distribution
amount to
net assets

32nd¥14,000¥6,833 million¥–¥– million
100.5%
2.7%
Period31st¥14,000¥6,833 million¥–¥– million
90.5%
2.7%
Period(Note) Distribution amount per unit for the 32nd Fiscal Period is calculated by dividing ¥6,833 million, the total distribution
amount considering the reversal of part of internal reserves of ¥49 million (the sum total of ¥33 million of reserve for
reduction entry and ¥15 million of deferred tax liabilities), by the total number of investment units issued andoutstanding. The main difference between distribution amount per unit and net income per unit is due to the reversal ofreserve for reduction entry.
Distribution amount per unit for the 31st Fiscal Period is calculated by dividing the amount obtained by deducting
provision of reserve for reduction entry (¥716 million) from unappropriated retained earnings by the total number ofinvestment units issued and outstanding. The main difference between distribution amount per unit and net income perunit is due to the calculation. As acquisition and cancellation of own investment units were carried out during the period,
dividend payout for the 31st 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
32nd
Period31st
PeriodUnitholders’ equity tototal assets

Net assets
per unit

Total assets

Net assets¥483,279 million¥253,637 million

52.5%¥519,655¥484,310 million¥253,522 million

52.3%¥519,419

(4) Cash Flows

32nd
Period31st
PeriodNet cashprovided by (used in)operating activities

Net cashprovided by (used in)investing activities

Net cashprovided by (used in)financing activities

Cash andcash equivalents
at end of period¥8,559 million(¥2,646 million)(¥7,833 million)¥30,291 million¥12,340 million(¥1,301 million)(¥10,678 million)¥32,211 million

2. Management Status Forecasts for the 33rd Fiscal Period and 34th Fiscal Period
33rd Fiscal Period: Fiscal period ending May 2022 (from December 1, 2021 to May 31, 2022)
34th Fiscal Period: Fiscal period ending November 2022 (from June 1, 2022 to November 30, 2022)
Operating revenue
33rd
Period34th
PeriodOperating income[% figures show the period-over-period increase (decrease)]

Ordinary income

Net income¥14,440 million

4.0%¥7,977 million

8.5%¥7,411 million

9.2%¥7,410 million

9.0%¥13,818 million(4.3%)¥7,210 million(9.6%)¥6,639 million(10.4%)¥6,638 million(10.4%)

Distribution amount per unit

(excluding distribution amount in excess of earnings)

Distribution amount in excess of earnings per unit

33rd
¥14,000¥–
Period34th¥14,000¥–
Period(Reference) Estimated net income per unit for the 33rd Fiscal Period: ¥15,182; 34th Fiscal Period: ¥13,600(Note) Distribution amount per unit for the 33rd Fiscal Period is calculated based on the assumption that the amount remaining
after deducting the provision of reserve for reduction entry (¥577 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 34th Fiscal Period is calculated based on the assumption that the amount after
adding reversal of reserve for reduction entry (¥195 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.:
Yes(ii) Changes in accounting policies other than (i):None(iii) Changes in accounting estimates:None(iv) Retrospective restatement:
None(Note) For details, please see “Notes to Changes in Accounting Policies” on page 19.
(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):
32nd Fiscal Period:
488,088 units
31st Fiscal Period:(ii) Total number of treasury units at end of period:
32nd Fiscal Period:– units
31st Fiscal Period:

488,088 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. In addition, the forecast is not a guarantee of the distribution amount. For details on the assumptions underlying theforecast figures above, please refer to “Assumptions for the Management Status Forecasts for the 33rd Fiscal Period and 34th
Fiscal Period” on page 8.

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd 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 ..........................................................................................................5
1.2. Investment Risks .............................................................................................................................................9
2. Financial Statements ...........................................................................................................................................10
2.1. Balance Sheets ..............................................................................................................................................102.2. Statements of Income....................................................................................................................................122.3. Statements of Unitholders’ Equity ................................................................................................................132.4. Statements of Cash Distributions ..................................................................................................................15
2.5. Statements of Cash Flows .............................................................................................................................16
2.6. Notes to the Going Concern..........................................................................................................................172.7. Notes to Significant Accounting Policies .....................................................................................................17
2.8 Notes to Changes in Accounting Policies .....................................................................................................192.9. Notes to Financial Statements.......................................................................................................................19
2.10 Increase (Decrease) in Total Number of Investment Units Issued and Outstanding ....................................28
3. Reference Information.........................................................................................................................................29
3.1. Investment Status ..........................................................................................................................................29
3.2. Investment Real Estate Properties (As of November 30, 2021) ...................................................................30
3.2.1. Price and Investment Ratio of Investment Real Estate Properties .........................................................30
3.2.2. Summary of Building and Leasing of Investment Real Estate ..............................................................32
3.2.3. Capital Expenditures for Assets Under Management ............................................................................35
3.2.4. Summary of Estimated Price at End of Period (As of November 30, 2021) .........................................36
3.2.5. Status of Income (Loss), Etc. of Individual Properties ..........................................................................38－ 1 －Daiwa Office Investment Corporation (8976) Financial Report for the 32nd 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
under management amounting to 463,388 million yen as of the last day of November 2021.
The Investment Corporation strives to secure stable revenue and sustained growth of the investment assets based ona clear 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 dedicatedefforts to heighten tenant satisfaction levels.
B. Investment Environment and Management Performancea. Investment Environment
The Japanese economy during the fiscal period under review saw deterioration due to a significant decrease inautomobile production alongside a shortage of semi-conductors, etc. as well as a drop in individual consumption due
to the impact of the declaration of a state of emergency concerning COVID-19 up until September 30, 2021. As aresult, the real GDP growth rate (Second Preliminary Estimates) for July to September 2021 sat at an annual rate of 3.6%, registering negative growth.
In the office building leasing market in central Tokyo, the vacancy rate had continued to be on an improving trend
since June 2013, but office consolidations and relocations to smaller offices due to future economic uncertainties anddeterioration in business performance stemming from the spread of COVID-19 and other reasons have led to contract
cancellations and such, resulting in the vacancy rate (Miki Shoji’s average vacancy rate for the five central wards ofTokyo) rising to 6.35% as of the end of November 2021. Office rent had continued to rise, albeit slightly, but turned
to a downward trend after peaking in July 2020.
For the office building transaction market, a strong appetite for property acquisitions continued among real estatecompanies, funds (including J-REITs) and overseas investors with the continuing proactive lending attitude byfinancial institutions, and there has been no material impact of COVID-19. 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 Investment Corporation acquired “Kandabashi PR-EX” (acquisition price: ¥1,970
million) in September 2021. As a result, the Investment Corporation’s assets under management as of the end of the
32nd Fiscal Period (November 30, 2021) totaled 60 properties, the sum total of acquisition prices of which amounted
to 463,388 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 32nd
Fiscal Period (November 30, 2021) was 97.8%.
C. Overview of Capital Procurementa. Procurement of Capital for Repayment of Borrowings
In the 32nd Fiscal Period, the Investment Corporation made the following borrowings to fund the repayment ofborrowings.
(i) The Investment Corporation took out loans of 1,000 million yen from Shinsei Bank, Limited on August 31, 2021,
to fund the repayment of the same amount borrowed from the same bank due for repayment on the same day.
(ii) The Investment Corporation took out loans totaling 5,500 million yen from Sumitomo Mitsui Banking
Corporation, the Development Bank of Japan Inc. and MUFG Bank, Ltd. to fund the repayment of loans totaling
6,500 million yen. The remaining 1,000 million yen was repaid with cash on hand.
The Investment Corporation concluded interest-rate swap agreements in the 32nd Fiscal Period for 15,400 million
yen of loans with floating interest rates. Converting the interest payable to fixed rates, these are for the purpose ofhedging against future interest rate fluctuation risks.

－ 2 －Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Periodb. 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 32nd Fiscal Period(November 30, 2021) stood at 202,350 million yen in total (short-term loans payable: 2,400 million yen; long-termloans payable: 190,950 million yen; investment corporation bonds: 9,000 million yen). The balance of the current
portion of long-term loans payable stood at 31,600 million yen.
The average remaining period of interest-bearing liabilities as of the end of the 32nd Fiscal Period stands at 3.9 years.
List of Borrowings in the 32nd Fiscal Period
Lender
Shinsei Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

Loan amount(Millions of yen)
1,000
2,000
1,000
1,500
1,000

Drawdown
date
2021/8/31
2021/11/30
2021/11/30
2021/11/30
2021/11/30

Balance of Borrowings from Each Financial Institution (As of November 30, 2021)
End of the 32nd Fiscal Period
Lender(Millions of yen)
Sumitomo Mitsui Banking Corporation
39,400Sumitomo Mitsui Trust Bank, Ltd.
23,500Development Bank of Japan Inc.
21,750MUFG Bank, Ltd.
19,500Mizuho Bank, Ltd.
19,400Shinsei Bank, Ltd.
14,000Resona Bank, Limited
12,500Mizuho Trust and Banking Co., Ltd.
9,500
The Bank of Fukuoka, Ltd.
6,500
Kansai Mirai Bank, Ltd.
5,000
The Nishi-Nippon City Bank Ltd.
3,000
The 77 Bank, Ltd.
3,000
The Norinchukin Bank
3,000
The Gunma Bank, Ltd.
2,500
The Musashino Bank, Ltd.
2,000
Tokio Marine & Nichido Fire Insurance Co., Ltd.
2,000
The Yamaguchi Bank, Ltd.
2,000
Nippon Life Insurance Company
1,300
The Hyakugo Bank, Ltd.
1,000
The Yamanashi Chuo Bank, Ltd.
1,000
Momiji Bank, Ltd.
1,000
Taiyo Life Insurance Company
300
Fukoku Mutual Life Insurance Company
200
Total
193,350(Note) Share is rounded to two decimal places.
c. Rating Information (As of November 30, 2021)
Credit rating agency
Rating and Investment Information, Inc. (R&I)
Japan Credit Rating Agency, Ltd. (JCR)

RatingAAAA－ 3 －Repayment
date
2030/8/30
2030/5/31
2030/5/31
2029/11/30
2029/11/30

Loan period(Years)
9.0
8.5
8.5
8.0
8.0

Share (%) (Note)
20.38
12.15
11.25
10.09
10.03
7.24
6.46
4.91
3.36
2.59
1.55
1.55
1.55
1.29
1.03
1.03
1.03
0.67
0.52
0.52
0.52
0.16
0.10
100.00

Outlook
StableStableDaiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
d. 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
Use of funds

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.

D. Sustainability Initiatives
The Sustainability Promotion Committee was set up in 2014 and the Policy Regarding ESG was established in March
2019 based on the Investment Corporation’s recognition that emphasizing ESG in asset management would contributeto the enhancement of corporate value over the medium to long term.
The Sustainability Promotion Office was also set up at the Asset Manager in June 2021 in order to 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 is 31 properties and the ratio of such properties
to the entire portfolio (based on total floor area of the portfolio properties) is 61.3%.
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 theportfolio properties by forming favorable relationships with them. In the 32nd Fiscal Period, initiatives were taken forthe safety and security of tenants by installing sanitizers and air purifiers in the common areas of portfolio properties,
posting documents pertaining to the control of infection and through other means as COVID-19 control measures.
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 10 consecutive
years. 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 a rating of “4 Star.”Also, in the GRESB Public Disclosure assessment, which measures the comprehensiveness of ESG information
disclosure, the Investment Corporation was assessed as providing outstanding information disclosure relating toenvironmental and sustainability initiatives, receiving the top rating of “A” on the five-tiered evaluation scale.
E. Overview of Financial Performance and Distributions
As a result of the management described above, the Investment Corporation posted financial performance for the 32nd
Fiscal Period of 13,882 million yen in operating revenue, 7,351 million yen in operating income, 6,784 million yen in
ordinary income and 6,799 million yen in net income.
Concerning distributions, it is planned that the amount equivalent to distributions from earnings would be includedin 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 theentire amount in which 33,973,619 yen of reversal of internally reserved reserve for reduction entry is added tounappropriated retained earnings, and as a result declared a distribution amount per unit of 14,000 yen.

－ 4 －Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
1.1.2. Outlook for the Next Fiscal Period
A. Investment Environment
Although it continues to hover at low levels due to the impact of COVID-19 for the time being, the Japanese economy
going forward is expected to head toward recovery with vaccinations, development of oral medication and otheradvancements in measures to contain the spread of COVID-19, as well as the lifting of the declaration of a state of
emergency, leading to normalization of economic activities. Nevertheless, the Japanese economy may slow down due
to prolongation of the COVID-19 pandemic (spread of highly contagious variants, etc.), interest rate trends and otherfactors. Accordingly, careful attention is required.
In the Tokyo office building leasing market, although recovery is expected with normalization of economic activities
going forward, developments in office consolidations and relocations to smaller offices triggered by COVID-19 leading
to the vacancy rate rising and rent dropping moderately mainly in central Tokyo continue to warrant 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 thought
to remain strong. However, the prolongation 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 trend of contraction of office space is ongoing given the impact of partial
cancellations due to review of excess space, etc. as well as consolidation of offices and such as the pandemic dragson. On the other hand, new resilient demand mainly from small- to medium-sized companies is being steadily obtainedfor class B buildings which is the Investment Corporation’s main focus. In addition, rents are being secured at slightly
higher levels by advancing tenant replacement through leasing activities offering flexible terms. Therefore, theInvestment Corporation considers that maintaining/improving competitiveness of buildings to qualify as prime officesthat can increase the productivity of employees and accommodate needs of the times and environment will be thefuture issue, and is determined to continue 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
through the provision of highly satisfactory services from gaining deeper understanding of tenant needs throughproactive 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
work through 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 andfinancing 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 ofterritorially-distributed 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.
Moreover, during the 32nd Fiscal Period the Investment Corporation acquired Kandabashi PR-EX located in Tokyo.
The acquisition is thought to further the stabilization and enhancement of the portfolio. The Investment Corporation
will continue to seek out property acquisitions in accordance with the above investment strategy.
Also, in order to acquire relatively new properties in prime locations and realize an increase in profitability in themedium to long term in a competitive real estate transaction market environment, the Investment Corporation has
launched an effort for acquiring land close to train stations in central Tokyo and developing new office buildings.
c. 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 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.
－ 5 －Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
C. Significant Subsequent Eventsa. Acquisition and Transfer of Assets through Replacement
The Investment Corporation conducted the following acquisition and transfer of trust beneficiary interest in real estatethrough replacement on December 16, 2021.
Overview of Replacement
Scheduled date ofconclusion of replacement October 20, 2021
agreement
Scheduled delivery date

December 16, 2021

The counterparties of thereplacement

World Residential Co., Ltd.
Nichimo Real Estate Co., Ltd.

Overview of the Acquired Asset
Asset nameKandasudacho 2-Chome Development Site (land)

Type of asset

Trust beneficiary interest in domestic real estate

Location (lot number)
Acquisition price
Seller

19-19, and 17 other parcels of land, Kanda Suda-cho 2-chome, Chiyoda-ku,
Tokyo
10,600 million yen(excluding acquisition expenses and consumption tax, etc.)
World Residential Co., Ltd. and Nichimo Real Estate Co., Ltd.

Overview of the Transferred Asset
Asset nameDaiwa Minami-Aoyama

Daiwa Kojimachi 4-chome

Type of asset

Trust beneficiary interest in domestic real estate

Sale price (Note)

4,990 million yen

Purchaser

World Residential Co., Ltd.

3,200 million yen(Note) The sale price excludes settlement amounts of fixed asset tax and city planning tax, consumption
tax, etc.
b. Borrowing of Funds
On January 20, 2022, the Investment Corporation decided on borrowing of funds as described below. The funds wereallocated to the acquisition of new property indicated in “a. Acquisition and Transfer of Assets through Replacement”
above.
Details of Borrowing
LenderBalance(millionyen)

Sumitomo Mitsui
Banking Corporation

1,000

Sumitomo Mitsui Trust
Bank, Ltd.

1,000

MUFG Bank, Ltd.

950

Shinsei Bank, Ltd.

500

Interest rate
3-monthJapanese yen
TIBOR+0.250%(Note)
3-monthJapanese yen
TIBOR+0.200%(Note)
3-monthJapanese yen
TIBOR+0.250%(Note)

Borrowingdate

Repayment
methodMaturity
January 31,
2025

January 31,
2022

Bulletpayment /Unsecured

September 30,
2024

January 31,
2025(Note) Interest payment date shall be the final day of February, May, August and November each year. (Ifany such date is not a business day, it will be the following business day. If such date falls within
the next month, the preceding business day of the month will be the payment day.) Interest rate is
calculated based on the 3-month Japanese yen TIBOR which the Japanese Bankers Association
announces two business days prior to the first day of the applicable period.

－ 6 －Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
D. Outlook for Management Status
The Investment Corporation forecasts the following management status for the 33rd Fiscal Period (fiscal period ending
May 2022 (from December 1, 2021 to May 31, 2022)). For the assumptions underlying the management status forecasts,
please refer to the “Assumptions for the Management Status Forecasts for the 33rd Fiscal Period and 34th Fiscal Period”
on page 8.
33rd Fiscal Period (fiscal period ending May 2022 (from December 1, 2021 to May 31, 2022))
Operating revenue
14,440 million yen
Operating income
7,977 million yen
Ordinary income
7,411 million yen
Net income
7,410 million yen
Distribution amount per unit
14,000 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 33rd Fiscal Period and 34th
Fiscal Period” will remain unchanged, the Investment Corporation forecasts the following management status for the34th Fiscal Period (fiscal period ending November 2022 (from June 1, 2022 to November 30, 2022)).
34th Fiscal Period (fiscal period ending November 2022 (from June 1, 2022 to November 30, 2022))
Operating revenue
13,818 million yen
Operating income
7,210 million yen
Ordinary income
6,639 million yen
Net income
6,638 million yen
Distribution amount per unit
14,000 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.

－ 7 －Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
Assumptions for the Management Status Forecasts for the 33rd Fiscal Period and 34th Fiscal Period
Item
Assumptions• 33rd Fiscal Period: Assets under management are assumed to be 59 properties after applying theasset replacement on December 16, 2021, of Kandasudacho 2-Chome Development Site(acquired asset), Daiwa Minami-Aoyama and Daiwa Kojimachi 4-chome (transferred assets) to
the 60 properties owned as of November 30, 2021.
Assets under• 34th Fiscal Period: Assets under management are assumed to be the properties mentioned above
management
together with the completion of the building included in Nihonbashi-Bakurocho 1-Chome
Development Project (scheduled for November 2022).
• 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
Operatingaccount variable factors.
revenue• Gain on sale of real estate, etc. of 906 million yen from the transfer of Daiwa Minami-Aoyama
and Daiwa Kojimachi 4-chome is anticipated for the 33rd 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
Asset Manager.
• 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 8,481
million yen in the 33rd Fiscal Period and 8,594 million yen in the 34th Fiscal Period.
• Consignment expenses are expected to be 949 million yen in the 33rd Fiscal Period and 965
Operatingmillion yen in the 34th Fiscal Period.
expenses• Taxes and dues (fixed property tax, city planning tax, etc.) are expected to be 1,144 million yen
in the 33rd Fiscal Period and 1,172 million yen in the 34th 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 cost of acquisition and thus it is not recognized as expenses in the period of acquisition ofproperties. As such, fixed property tax, city planning tax, etc. for properties acquired will berecorded as expenses starting from the fiscal year following the acquisition year.
• Depreciation is expected to be 1,785 million yen in the 33rd Fiscal Period and 1,791 million yen
in the 34th Fiscal Period.
• Non-operating expenses in the 33rd Fiscal Period are expected to be 566 million yen, of which
the interest expenses, interest expenses on investment corporation bonds, and borrowing related
Non-operating
expenses are expected to be 556 million yen.
expenses• Non-operating expenses in the 34th Fiscal Period are expected to be 570 million yen, of which
the interest expenses, interest expenses on investment corporation bonds, and borrowing related
expenses are expected to be 561 million yen.
• The total amount of interest-bearing liabilities is assumed to be 205,800 million yen at the end of
the 33rd Fiscal Period and 205,800 million yen at the end of the 34th Fiscal Period.
• In the 33rd Fiscal Period, new borrowings of 3,450 million yen were borrowed on January 31,
2022, to be allocated to funds used for the acquisition of Kandasudacho 2-Chome Development
Interest-bearing
Site (land) on December 16, 2021, and it is assumed that the entire amount of borrowings due forliabilities
repayment on February 28, 2022 (2,000 million yen), March 31, 2022 (2,000 million yen) andMay 31, 2022 (12,400 million yen) is refinanced.
• In the 34th Fiscal Period, it is assumed that the entire amount of borrowings due for repayment
on August 31, 2022 (5,300 million yen) and November 30, 2022 (12,300 million yen) is
refinanced.
• The total number of investment units issued and outstanding is assumed to be the 488,088 units
Total number of
as of November 30, 2021.
investment units
issued and• It is assumed that there are no changes to the number of investment units other than stated above
outstanding
until the end of the 34th Fiscal Period through the issuance of new investment units, etc.

－ 8 －Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
Item

Distribution amount
per unit

Distribution amountin excess of earnings
per unit
Other

Assumptions• The distribution amount per unit is calculated based on the cash distribution policy as set out inthe articles of incorporation of the Investment Corporation.
• The distribution amount per unit for the 33rd Fiscal Period is based on the assumption that partof the gain on sale from the transfer of Daiwa Minami-Aoyama and Daiwa Kojimachi 4-chome
will be internally reserved through application of the Special Provisions for Taxation in Cases of
Repurchase of Specified Assets and that the amount remaining after deducting provision ofreserve for reduction entry (577 million yen) from unappropriated retained earnings will be
distributed. Reversal of reserve for reduction entry may change depending on the management
status.
• The distribution amount per unit for the 34th Fiscal Period is based on the assumption that part
(195 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.
• 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, realestate market 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 August23, 2021).

－ 9 －Daiwa Office Investment Corporation (8976) Financial Report for the 32nd 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
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
Right of trademark
Leasehold rights
Leasehold rights in trust
Other
Total intangible assets

31st Fiscal Period[As of May 31, 2021]

32nd Fiscal Period[As of Nov. 30, 2021]

28,515,172
3,696,461
195,627
357,076
83,50932,847,848

26,650,594
3,640,841
189,915340,300
94,13830,915,790

3,298,171(2,608,711)
689,460
14,344(8,356)
5,987
20,847(15,075)
5,771
12,302,226
3,786
108,495,377(28,653,187)
79,842,189
772,739(221,472)
551,266
884,250(512,570)
371,680
333,390(199,989)
133,400
353,434,357
50,081
447,390,211

3,322,446(2,681,712)
640,734
14,344(8,797)
5,547
20,976(16,039)
4,936
12,302,226
4,703
109,177,340(30,327,004)
78,850,336
776,399(232,765)
543,634
924,505(544,085)
380,419354,822(217,321)
137,500
355,212,305
230,034
448,312,380*1, *2*2*2

52
2,398,275
306,8846,251
2,711,464－ 10 －*1, *2*2*2

72,398,275
306,884
2,875
2,708,043

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period(Unit: Thousands of yen)

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
Short-term loans 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
Derivatives liabilities
Other
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－ 11 －

31st Fiscal Period[As of May 31, 2021]

32nd Fiscal Period[As of Nov. 30, 2021]

113,684
1,098,268
3,956
90,507
1,306,416
451,408,092

113,684
1,066,645
19,157
94,7701,294,257
452,314,681

54,391
54,391
484,310,332

49,36049,360483,279,832

924,290
2,400,000
21,500,000
634,448888
335,635
2,366,227
573,944
28,735,434

813,8362,400,000
31,600,000
619,303880
286,169
2,351,548
642,362
38,714,100

9,000,000
170,450,000
20,272,859
1,942,181
2,240
210,647
174,578
202,052,507
230,787,942

9,000,000
159,350,000
20,388,209
1,930,698
55,15029,436
174,578
190,928,072
229,642,173*3*4

251,551,759(6,458,395)
245,093,364*3

251,551,759(6,458,395)
245,093,364

1,038,691
1,038,691
7,549,897
8,588,589
253,681,953

1,755,357
1,755,357
6,799,258
8,554,615
253,647,979(159,563)(159,563)
253,522,389
484,310,332(10,319)(10,319)
253,637,659
483,279,832*4

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
2.2. Statements of Income(Unit: Thousands of yen)
31st Fiscal Period[From: Dec. 1, 2020
To: May 31, 2021]
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)

*1
*1
*2

*1

－ 12 －

32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]

13,887,151
140,695
1,026,965
15,054,812*1*1

13,846,420
35,944
13,882,364

5,454,733
1,188,807
24,30373,343
18,7867,200
150,049
6,917,224
8,137,588*1

5,146,252
1,153,133
24,171
72,902
18,2197,200
109,4536,531,333
7,351,030

15
624
2,622
2,042
5,304

15
515
555
46
1,133

419,271
26,276135,066
11,499592,1137,550,779
7,550,779
889
(7)
882
7,549,897－
7,549,897

406,71126,041
128,3216,542
567,617
6,784,546
6,784,546
881(15,593)(14,712)
6,799,258
6,799,258

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
2.3. Statements of Unitholders’ Equity
31st Fiscal Period [From: December 1, 2020 To: May 31, 2021](Unit: Thousands of yen)
Unitholders’ equity
Unitholders’ capital

SurplusReserve for
reduction entry

Total voluntary
retained earnings

Unappropriatedretained earnings(undisposed
loss)

710,209710,209

7,124,746

7,834,956

328,482

328,482(328,482)－

Dividends from surplus(6,796,264)(6,796,264)

Net income

7,549,897

7,549,897

Balance at beginning of current
fiscal period

Unitholders’capitalDeduction fromunitholders’ capital

251,551,759(3,675,523)

Unitholders’capital, net

247,876,236

Voluntary retained earnings

Total surplus

Changes of items during theperiodProvision of reserve for
reduction entry

Acquisition of own
investment units
Cancellation of own(2,782,872)(2,782,872)－(2,782,872)(2,782,872)

328,482

328,482

425,150

753,632

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

245,093,364

1,038,691

1,038,691

7,549,897

8,588,589

investment units
Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
Balance at end of current fiscal
periodUnitholders’ equity
Own
investment units
Balance at beginning of current
fiscal period－

Valuation and translation adjustments

Total unitholders’ Deferred gains orequitylosses on hedges

255,711,192(199,648)

Total valuationand translation
adjustments

Total net assets(199,648)

255,511,543

Changes of items during theperiodProvision of reserve for－－

Dividends from surplus(6,796,264)(6,796,264)

Net income

7,549,897

7,549,897(2,782,872)(2,782,872)(2,782,872)

2,782,872－－

reduction entry

Acquisition of own
investment units
Cancellation of own
investment units
Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
Balance at end of current fiscal
period40,08540,08540,085－(2,029,239)

40,08540,085(1,989,153)－

253,681,953(159,563)(159,563)

253,522,389－ 13 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
32nd Fiscal Period [From: June 1, 2021 To: November 30, 2021](Unit: Thousands of yen)
Unitholders’ equity
Unitholders’ capital

SurplusReserve for
reduction entry

Total voluntary
retained earnings

Unappropriatedretained earnings(undisposed
loss)

1,038,691

1,038,691

7,549,897

8,588,589

716,665

716,665(716,665)-

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

Net income

6,799,258

6,799,258

Balance at beginning of current
fiscal period

Unitholders’capitalDeduction fromunitholders’ capital

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

Voluntary retained earnings

Unitholders’capital, net

245,093,364

Total surplus

Changes of items during theperiodProvision of reserve for
reduction entry

Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
Balance at end of current fiscal
period--251,551,759(6,458,395)

245,093,364

716,665

716,665(750,639)(33,973)

1,755,357

1,755,357

6,799,258

8,554,615

Unitholders’ equity Valuation and translation adjustments
Total unitholders’ Deferred gains orequitylosses on hedges
Balance at beginning of current
fiscal period

253,681,953(159,563)

Total valuationand translation
adjustments

Total net assets(159,563)

253,522,389

Changes of items during theperiodProvision of reserve for--

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

Net income

6,799,258

6,799,258

reduction entry

Net changes of items other149,243

149,243

149,243(33,973)

149,243

149,243

115,269

253,647,979(10,319)(10,319)

253,637,659

than shareholders’ equity
Total changes of items during
the period
Balance at end of current fiscal
period－ 14 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
2.4. Statements of Cash Distributions

Item

I.

Unappropriated retained earnings

II.

Reversal of voluntary retained earnings

31st Fiscal Period[From: Dec. 1, 2020
To: May 31, 2021]

32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]

Amount (Yen)Amount (Yen)7,549,897,400

Reversal of reserve for reduction entry
III. Distribution amount[Distribution amount per unit]

6,799,258,381－

33,973,619

6,833,232,000

6,833,232,000[14,000][14,000]

716,665,400－

IV. Voluntary retained earnings
Provision of reserve for reduction entry
V. Retained earnings carried forward
Method for calculating distribution amount－Pursuant to the policy that “theInvestment
Corporation
shall
distribute an amount in excess of theamount equivalent to 90% of its
distributable earnings as defined in
Article 67-15 of the Act on Special
Measures Concerning Taxation” butno more than the amount of earnings
as specified in Article 32, Item 1 of theInvestment Corporation’s articles ofincorporation,
theInvestment
Corporation decided the distributions
from earnings that it shall pay out
shall be the maximum value of theintegral multiple of the total numberof units issued and outstanding(488,088 units) in an amount that is
not in excess of the amount remaining
after deducting provision of reserve
for reduction entry defined in Article65-7 of the Act on Special Measures
Concerning
Taxationfromunappropriated retained earnings.
Accordingly,
theInvestment
Corporation declared a distribution
amount of 6,833,232,000 yen.
Furthermore,theInvestment
Corporation shall not distribute cash
in excess of earnings as stipulated in
Article 32, Item 2 of its articles ofincorporation.

－ 15 －－
Pursuant to the policy that “theInvestment
Corporation
shall
distribute an amount in excess of theamount equivalent to 90% of its
distributable earnings as defined in
Article 67-15 of the Act on Special
Measures Concerning Taxation” butno more than the amount of earnings
as specified in Article 32, Item 1 of theInvestment Corporation’s articles ofincorporation,
theInvestment
Corporation decided the distributions
from earnings that it shall pay out
shall be the amount that is the sum of
the reversal of reserve for reduction
entry and unappropriated retained
earnings. Accordingly, the Investment
Corporation declared a distribution
amount of 6,833,232,000 yen.
Furthermore,theInvestment
Corporation shall not distribute cash
in excess of earnings as stipulated in
Article 32, Item 2 of its articles ofincorporation.

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd 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 and amortization
Amortization of investment corporation bonds issuance costs
Interest income
Interest expenses(Increase) Decrease in operating accounts 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, net
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
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
Proceeds from short-term loans payable
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－ 16 －

31st Fiscal Period[From: Dec. 1, 2020
To: May 31, 2021]

32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]

7,550,779
1,819,933
5,003
(15)
445,547
172,053(22,370)(267,338)(6,745)22,808(87,185)(47,228)
3,130,260
71,477
12,786,980
15(445,419)(724)
12,340,850

6,784,546
1,811,785
5,030
(15)
432,753
5,712
16,776(96,707)(12,383)(49,466)(14,678)
31,622－
78,054
8,993,030
15(432,867)(889)
8,559,288(18,985)(1,047,108)924,256
8,362(1,147,123)(20,729)(1,301,328)(25,452)(2,724,657)
1,034,135
66,704(918,785)(78,188)(2,646,243)

2,400,000(3,600,000)
16,800,000(16,700,000)(2,782,872)(6,795,425)(10,678,297)
361,225
31,850,409
32,211,634－－
6,500,000(7,500,000)－(6,833,242)(7,833,242)(1,920,198)
32,211,634
30,291,436*1*1Daiwa Office Investment Corporation (8976) Financial Report for the 32nd 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. Accounting policies for
Investment corporation bonds issuance costs
deferred assets
Amortized using the straight-line method over the period up to redemption.
3. Accounting standards for
Accounting for fixed property tax, etc.
recording revenues and expenses (1) Concerning fixed property tax, city planning tax, depreciated asset tax, etc. forowned real estate or trust beneficiary interest in real estate, of the tax amount thathas been broken down into installments, the method of accounting for the amountcorresponding to the concerned fiscal period as expenses related to rent businessis 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 acquisitionof 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 zero in
the 31st Fiscal Period and 1,602 thousand yen in the 32nd 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 forsatisfying such performance obligations (the normal timing for recognizing
revenue) are as follows:(i) Sales of real estate properties
The Investment Corporation recognizes revenue from the sale of realestate properties when the purchaser, as the customer, obtains control of
the real estate property by fulfilling the delivery obligations stipulated in
the contract for the sale of real estate property.
(ii) Utilities income
The Investment Corporation recognizes utilities income based on the
supply of electricity, water, etc. to the lessee as the customer, in
accordance with the terms of the real estate lease contract and relatedagreements. 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 tosuch other parties.

－ 17 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
4.

Hedge accounting approaches

5.

Scope of funds in thestatements of cash flows

6.

Other significant mattersforming basis for preparation offinancial 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 transactions
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 in accordancewith 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 inaggregated 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 cash on
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 the date ofacquisition, which are readily convertible to cash and bear only an insignificant risk ofprice 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 are recordedin the relevant account item of the balance sheets and statements of income.
The following material items of the assets in trust recorded in the relevant accountitem 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 in progress intrust(iii) Leasehold rights in trust(iv) Lease and guarantee deposits in trust(v) Tenant leasehold and security deposits in trust(2) Accounting method for consumption taxes
Consumption tax and local consumption tax are accounted for by the tax-exclusion
method and consumption taxes that are not tax-deductible are expensed in thefiscal period under review.
The consumption taxes relating to noncurrent assets, etc. that are not taxdeductible are amortized in equal installments over 5 years.

－ 18 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
2.8 Notes to Changes in Accounting Policies
1. Application of Accounting Standard for Revenue Recognition, Etc.
The Investment Corporation has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29
issued on March 31, 2020), etc. from the beginning of the 32nd Fiscal Period, and decided to recognize revenue at theamount expected to be received in exchange for the promised goods or services when control of the goods or services istransferred to the customer.
In accordance with the transitional treatment outlined in Paragraph 89-3 of Accounting Standard for Revenue Recognition,
the note related to the Revenue Recognition for the previous fiscal period is not presented.
The impact of this change on the financial statements of the 32nd Fiscal Period is minimal.
2. Application of Accounting Standard for Fair Value Measurement, Etc.
The Investment Corporation has applied the Accounting Standard for Fair Value Measurement (ASBJ Statement No. 30
issued on July 4, 2019), etc. from the beginning of the 32nd Fiscal Period, and decided to adopt the new accounting policies
set forth by said accounting standard, etc. going forward in accordance with the transitional treatment as stipulated in
Paragraph 19 of the Accounting Standard for Fair Value Measurement and Paragraph 44-2 of the Accounting Standard for
Financial Instruments (ASBJ Statement No. 10 issued on July 4, 2019).
Furthermore, pursuant to the provisions of Supplementary Provisions Article 2, Paragraph 5 of the Cabinet Office Order
to Partially Amend Regulation on Terminology, Forms, and Preparation Methods of Financial Statements (Cabinet Office
Order No. 61 dated September 24, 2021), descriptions are omitted for the matters listed in Article 8-6-2, Paragraph 1, Item
3 of the revised Regulation on Terminology, Forms, and Preparation Methods of Financial Statements.
The impact of this change on the financial statements of the 32nd Fiscal Period is minimal.
2.9. Notes to Financial Statements
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.
31st Fiscal Period[As of May 31, 2021]
Buildings in trust

32nd Fiscal Period[As of Nov. 30, 2021]

32,898 thousand yen

32,898 thousand yen*2. Advanced depreciation amount for property, plant and equipment acquired through exchange
31st Fiscal Period[As of May 31, 2021]
Buildings in trust
Structures in trust
Land in trust
Total

32nd Fiscal Period[As of Nov. 30, 2021]

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. Status of cancellation of own investment units
31st Fiscal Period[As of May 31, 2021]
Total number of units cancelled
Total amount cancelled

32nd Fiscal Period[As of Nov. 30, 2021]

9,781 units
6,458,395 thousand yen

9,781 units
6,458,395 thousand yen*4. Minimum net assets as provided in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations
31st Fiscal Period[As of May 31, 2021]
Buildings in trust

32nd Fiscal Period[As of Nov. 30, 2021]

50,000 thousand yen－ 19 －

50,000 thousand yen

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period[Notes to Statements of Income]*1. Breakdown of operating income (loss) from property leasing(Unit: Thousands of yen)
31st Fiscal Period[From: Dec. 1, 2020
To: May 31, 2021]

A. Property leasing revenue
Rent revenue – real estate
Other lease business revenue
Total property leasing revenue

13,887,151
140,695

32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]
13,846,420
35,944

14,027,847

B. Property leasing expenses
Consignment expenses
Utilities expenses
Taxes and dues
Non-life insurance expenses
Repair expenses
Depreciation
Other lease business expenses
Total property leasing expenses
C. Operating income (loss) from property leasing[A – B]

1,036,453
774,452
1,145,554
19,940583,977
1,816,503
77,85013,882,364
1,049,643
870,406
1,147,461
20,338
166,756
1,808,363
83,281

5,454,733

5,146,252

8,573,113

8,736,111*2. Breakdown of gain on sales of real estate properties(Unit: Thousands of yen)

31st Fiscal Period [From: December 1, 2020 To: May 31, 2021]
Daiwa Kyobashi
Proceeds from sales of real estate properties
Cost of sales of real estate properties

4,200,000
3,130,260

Other expenses on sales

42,774Gain on sales of real estate properties

1,026,965

32nd Fiscal Period [From: June 1, 2021 To: November 30, 2021]
Not applicable.
[Notes to Statements of Unitholders’ Equity]
31st Fiscal Period[From: Dec. 1, 2020
To: May 31, 2021]

32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]

Total number of investment units authorized andtotal number of investment units issued and outstanding
Total number of investment units authorized
Total number of investment units issued and outstanding－ 20 －

2,000,000 units

2,000,000 units

488,088 units

488,088 units

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd 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)
31st Fiscal Period[From: Dec. 1, 2020
To: May 31, 2021]
Cash and deposits
Cash and deposits in trust
Cash and cash equivalents

28,515,172
3,696,461
32,211,634

32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]
26,650,594
3,640,841
30,291,436[Notes to Financial Instruments](1) Matters Concerning Status of Financial Instruments(a) 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, and dispersing maturity dates in order to secure financial stability and avoid futurefluctuation 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.
(b) 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 therisk by maintaining the LTV ratio at low levels, dispersing maturity dates, maintaining the ratio of long-term debt tototal 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 aremanaged by limiting the terms to short durations and establishing credit rating level of counterparties (except forcheckable deposit), etc.
(c) Supplementary explanation for fair value of financial instruments
The fair value of financial instruments is based on their market price. The fair value of financial instruments with noavailable market price is determined by using price reasonably estimated. As various factors are incorporated into thesecalculations, the resulting value may differ if different assumptions are provided. Furthermore, the contractual amountsof derivative transactions do not represent the market risk involved in these derivative transactions.

－ 21 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period(2) Matters Concerning Fair Value, etc. of Financial Instruments
The carrying amounts and fair values and their differences are as follows.
31st Fiscal Period [As of May 31, 2021]
Carrying amount

Fair value(Unit: Thousands of yen)
Difference(1) Cash and deposits

28,515,172

28,515,172－(2) Cash and deposits in trust

3,696,461

3,696,461－

32,211,634

32,211,634－(3) Short-term loans payable

Total assets

2,400,000

2,400,000－(4) Current portion of long-term loans payable

21,500,000

21,523,879

23,879(5) Investment corporation bonds

9,000,000

8,979,070(20,930)

170,450,000

170,268,022(181,977)

203,350,000

203,170,972(179,027)(232,803)(232,803)－(6) Long-term loans payable
Total liabilities
Derivative transactions (*)
32nd Fiscal Period [As of November 30, 2021]

Carrying amount

Fair value(Unit: Thousands of yen)
Difference(1) Cash and deposits

26,650,594

26,650,594－(2) Cash and deposits in trust

3,640,841

3,640,841－

30,291,436

30,291,436－(3) Short-term loans payable

2,400,000

2,400,000－(4) Current portion of long-term loans payable

31,600,000

31,600,412412(5) Investment corporation bonds

9,000,000

9,024,050

24,050159,350,000

158,874,541(475,458)

202,350,000

201,899,003(450,996)

Total assets(6) Long-term loans payable
Total liabilities

Derivative transactions (*)(15,056)(15,056)－(*) 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
Assets(1) Cash and deposits; (2) Cash and deposits in trust
As these are settled within a short period of time, the fair value is approximately the same as the book value and thus isstated at that book value.
Liabilities(3) Short-term loans payable; (4) Current portion of long-term loans payable; (6) 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.)(5) 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.

－ 22 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period(Note 2) Tenant leasehold and security deposits (20,272,859 thousand yen in the balance sheet from May 31, 2021, and20,388,209 thousand yen in the balance sheet from November 30, 2021) and tenant leasehold and security deposits intrust (1,942,181 thousand yen in the balance sheet from May 31, 2021, and 1,930,698 thousand yen in the balance
sheet for November 30, 2021) are omitted as they lack materiality.
(Note 3) Redemption schedule for monetary claims due after the settlement of accounts
31st Fiscal Period [As of May 31, 2021](Unit: Thousands of yen)

Within 1 year

Within 2 years,
but over 1 year

Within 3 years,
but over 2 years

Within 4 years,
but over 3 years

Within 5 years,
but over 4 years

28,515,172

－

－

－

－

－

3,696,461

－

－

－

－

－

32,211,634

－

－

－

－

－

Within 1 year

Within 2 years,
but over 1 year

Within 3 years,
but over 2 years

Within 4 years,
but over 3 years

Within 5 years,
but over 4 years

Cash and deposits

26,650,594

－

－

－

－

－

Cash and deposits in trust

3,640,841

－

－

－

－

－

30,291,436

－

－

－

－

－

Cash and deposits
Cash and deposits in trust
Total

32nd Fiscal Period [As of November 30, 2021]

Total

Over 5 years(Unit: Thousands of yen)Over 5 years(Note 4) Amount of repayment of short-term loans payable, current portion of long-term loans payable, investment corporation
bonds, and long-term loans payable scheduled to be due after the settlement of accounts
31st Fiscal Period [As of May 31, 2021](Unit: Thousands of yen)

Within 1 year

Within 2 years,
but over 1 year

Within 3 years,
but over 2 years

Within 4 years,
but over 3 years

Within 5 years,
but over 4 years

Short-term loans payable

2,400,000

－

－

－

－

－

Current portion of
long-term loans payable

21,500,000

－

－

－

－

－

－

－

－

3,800,000

1,500,000

3,700,000

Investment corporation bonds
Long-term loans payable

Over 5 years－

30,600,000

25,600,000

27,350,000

20,700,000

66,200,000

23,900,000

30,600,000

25,600,000

31,150,000

22,200,000

69,900,000

Within 1 year

Within 2 years,
but over 1 year

Within 3 years,
but over 2 years

Within 4 years,
but over 3 years

Within 5 years,
but over 4 years

Short-term loans payable

2,400,000

－

－

－

－

－

Current portion of
long-term loans payable

31,600,000

－

－

－

－

－

Investment corporation bonds－－

3,800,000

1,500,000－

3,700,000

Long-term loans payable－

26,200,000

26,200,000

20,550,000

22,400,000

64,000,000

34,000,000

26,200,000

30,000,000

22,050,000

22,400,000

67,700,000

Total

32nd Fiscal Period [As of November 30, 2021]

Total－ 23 －(Unit: Thousands of yen)Over 5 years

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period[Notes to Derivative Transactions](1) Transactions for which hedge accounting is not applied
31st Fiscal Period [As of May 31, 2021]
Not applicable.
32nd Fiscal Period [As of November 30, 2021]
Not applicable.
(2) Transactions for which hedge accounting is applied
31st Fiscal Period [As of May 31, 2021]
About derivative transactions for which hedge accounting is applied, the contract amount, amount equivalent to the principal
provided in the contract, etc. as of the settlement of accounts for each hedge accounting approach are as follows.
(Unit: Thousands of yen)Contract amount, etc.
Hedge
Type, etc. of
Main
Method ofaccounting
derivative
hedgedFairvalue
calculationof
Of which,approachtransaction
itemthat fair value
over 1 year
Interest rate swap
Principle
Long-term
Based on pricetransaction
accounting
loans
99,800,000
82,800,000(232,803)
quoted by partner
Fixed payable
methodpayablefinancial institution
Floating receivable
SpecialInterest rate swap
Long-term
accounting
transaction
loans
20,500,000
20,500,000(*)－
for interest
Fixed payablepayablerate swaps
Floating receivable
Total
120,300,000
103,300,000(232,803)－
32nd Fiscal Period [As of November 30, 2021]
About derivative transactions for which hedge accounting is applied, the contract amount, amount equivalent to the principal
provided in the contract, etc. as of the settlement of accounts for each hedge accounting approach are as follows.
(Unit: Thousands of yen)Contract amount, etc.
Hedge
Type, etc. of
Main
Method ofaccounting
derivative
hedgedFairvalue
calculationof
Of which,approachtransaction
itemthat fair value
over 1 year
Interest rate swap
Principle
Long-term
Based on pricetransaction(15,056)
accounting
loans
100,300,000
76,500,000
quoted by partner
Fixed payable
methodpayablefinancial institution
Floating receivable
SpecialInterest rate swap
Long-term
accounting
transaction
loans
28,900,000
28,900,000(*)－
for interest
Fixed payablepayablerate swaps
Floating receivable
Total
129,200,000
105,400,000(15,056)－(*) 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 (4) (6).”)－ 24 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period[Notes to Transactions with Related Parties](1) Transactions with related parties① Parent company and major corporate unitholders, etc.
31st Fiscal Period [From: December 1, 2020 To: May 31, 2021]
Not applicable.
32nd Fiscal Period [From: June 1, 2021 To: November 30, 2021]
Not applicable.
② Affiliated companies, etc.
31st Fiscal Period [From: December 1, 2020 To: May 31, 2021]
Not applicable.
32nd Fiscal Period [From June 1, 2021 To: November 30, 2021]
Not applicable.
③ Sister companies, etc.
31st Fiscal Period [From: December 1, 2020 To: May 31, 2021]
Not applicable.
32nd Fiscal Period [From June 1, 2021 To: November 30, 2021]
Not applicable.
④ Officers and major individual unitholders, etc.
31st Fiscal Period [From: December 1, 2020 To: May 31, 2021]
Not applicable.
32nd Fiscal Period [From: June 1, 2021 To: November 30, 2021]
Not applicable.
(2)

Information about parent company or any material affiliated company
31st Fiscal Period [From: December 1, 2020 To: May 31, 2021]
Parent company’s information
Daiwa Securities Group Inc. (listed on Tokyo Stock Exchange, Inc. and Nagoya Stock Exchange, Inc.)
32nd Fiscal Period [From: June 1, 2021 To: November 30, 2021]
Parent company’s information
Daiwa Securities Group Inc. (listed on Tokyo Stock Exchange, Inc. and Nagoya Stock Exchange, Inc.)[Notes to Revenue Recognition]
Breakdown information on revenue from contracts with customers
32nd Fiscal Period [As of November 30, 2021](Unit: Thousands of yen)
Revenue from contracts with customers(Note)－

Sales to external customers－
Sale of real estate properties
Utilities income
975,711975,711－Other
12,906,653
Total
975,711
13,882,364(Note) 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 revenue from contracts with customers.
Furthermore, revenue generated from contracts with major customers comprise of proceeds from the sale of real estate
properties and utilities income.

－ 25 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period[Notes to Investment and Rental Properties]
The Investment Corporation has rental office buildings, etc. (including land) in Tokyo and other regions. The carrying amount,amount of increase (decrease) during period and fair value for these rental properties are as follows.
(Unit: Thousands of yen)
31st Fiscal Period[From: Dec. 1, 2020
To: May 31, 2021]

32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]

Carrying amount
Balance at beginning of period

454,562,081

450,041,503

Amount of increase (decrease) during period(4,520,578)

741,299

Balance at end of period

450,041,503

450,782,802

572,160,000

577,590,000

Fair value at end of period(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 during the 31st Fiscal Period, the amount of decrease ismainly attributable to the transfer of Daiwa Kyobashi (3,130 million yen) and depreciation (1,816 million yen). For
the 32nd Fiscal Period, the amount of increase is mainly attributable to the acquisition of Kandabashi PR-EX (1,970
million yen) and the amount of decrease is mainly attributable to depreciation (1,808 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.”[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
31st Fiscal Period [From: December 1, 2020 To: May 31, 2021]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 principal 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.
32nd Fiscal Period [From: June 1, 2021 To: November 30, 2021]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.

－ 26 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period③ Information about major customers
Information about principal 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]

Net assets per unit

31st Fiscal Period[From: Dec. 1, 2020
To: May 31, 2021]

32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]

519,419 yen

519,655 yen

Net income per unit
15,412 yen
13,930 yen(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.

Net income (Thousands of yen)

31st Fiscal Period[From: Dec. 1, 2020
To: May 31, 2021]

32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]

7,549,897

6,799,258－－

7,549,897

6,799,258

489,860

488,088

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)[Notes to Significant Subsequent Events]① Acquisition and Transfer of Assets through Replacement
The Investment Corporation conducted the following acquisition and transfer of trust beneficiary interest in real estatethrough replacement on December 16, 2021.
Overview of Replacement
Scheduled date ofconclusion of replacement October 20, 2021
agreement
Scheduled delivery date

December 16, 2021

The counterparties of thereplacement

World Residential Co., Ltd.
Nichimo Real Estate Co., Ltd.

Overview of the Acquired Asset
Asset nameKandasudacho 2-Chome Development Site (land)

Type of asset

Trust beneficiary interest in domestic real estate

Location (lot number)
Acquisition price
Seller

19-19, and 17 other parcels of land, Kanda Suda-cho 2-chome, Chiyoda-ku,
Tokyo
10,600 million yen(excluding acquisition expenses and consumption tax, etc.)
World Residential Co., Ltd. and Nichimo Real Estate Co., Ltd.

Overview of the Transferred Asset
Asset nameDaiwa Minami-Aoyama

Daiwa Kojimachi 4-chome

Type of asset

Trust beneficiary interest in domestic real estate

Sale price (Note)

4,990 million yen

Purchaser

World Residential Co., Ltd.

3,200 million yen(Note) The sale price excludes settlement amounts of fixed asset tax and city planning tax, consumption
tax, etc.

－ 27 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period② Borrowing of Funds
On January 20, 2022, the Investment Corporation decided on borrowing of funds as described below. The funds wereallocated to the acquisition of new property indicated in “①. Acquisition and Transfer of Assets through Replacement”
above.
Details of Borrowing
LenderBalance(millionyen)

Sumitomo Mitsui
Banking Corporation

1,000

Sumitomo Mitsui Trust
Bank, Ltd.

1,000

MUFG Bank, Ltd.

950

Shinsei Bank, Ltd.

500

Interest rate
3-monthJapanese yen
TIBOR+0.250%(Note)
3-monthJapanese yen
TIBOR+0.200%(Note)

Borrowingdate

Repayment
methodMaturity
January 31,
2025

January 31,
2022

Bulletpayment /Unsecured

3-monthJapanese yen
TIBOR+0.250%(Note)

September 30,
2024

January 31,
2025(Note) Interest payment date shall be the final day of February, May, August and November each year. (Ifany such date is not a business day, it will be the following business day. If such date falls within
the next month, the preceding business day of the month will be the payment day.) Interest rate is
calculated based on the 3-month Japanese yen TIBOR which the Japanese Bankers Association
announces two business days prior to the first day of the applicable period.
2.10 Increase (Decrease) in Total Number of Investment Units Issued and Outstanding
Since capital increase, etc. was not conducted in the 32nd Fiscal Period, there is no change to unitholders’ capital, etc.
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 32nd Fiscal Period is as follows.

Date

Description

Total number of investment units
issued and outstanding(Units)Increase(Decrease)

BalanceUnitholders’ capital, net(Millions of yen)
(Note 1)
Increase(Decrease)

Notes

Balance

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)(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.
(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.

－ 28 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period

3. Reference Information
3.1. Investment Status

32nd Fiscal Period(As of November 30, 2021)
Type of asset

Use

RegionReal estate

OfficeTrustbeneficiaryinterest inreal estate

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

As a percentage of
total assets(%)

Five Central Wards of Tokyo (Note 2)

15,351

3.2

Five Central Wards of Tokyo (Note 2)

346,62271.7

Greater Tokyo (Note 3)

79,83016.5

Major Regional Cities (Note 4)

8,978

1.9

450,782

93.3

32,4976.7

483,279100.0[450,782][93.3]

Subtotal
Deposits and other assets
Total amount of assets (Note 5)(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.

－ 29 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
3.2. Investment Real Estate Properties (As of November 30, 2021)
3.2.1. Price and Investment Ratio of Investment Real Estate Properties
RegionProperty nameDaiwa Ginza
Daiwa Ginza Annex
Daiwa Shibaura
Daiwa Minami-Aoyama
Daiwa Sarugakucho
Daiwa A Hamamatsucho (Note 5)
Daiwa Jingumae
Daiwa Shibadaimon
Daiwa Misakicho
Daiwa Tsukijiekimae
Daiwa Tsukiji
Daiwa Tsukishima
Daiwa Nihonbashi Horidomecho
Daiwa Azabudai
Daiwa Kojimachi 4-chome
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
Five
Daiwa Akasaka
CentralWards of Daiwa Shibuya Miyamasuzaka
Daiwa Azabu Terrace
Tokyo
Daiwa Ebisu 4-chome
LAQUAS Higashi Shinjuku
Daiwa Aoyama
Shinsen Place
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)
Nihonbashi-Bakurocho 1-Chome
Development Site (land) (Note 6)
Kandabashi PR-EX
Total for Five Central Wards of Tokyo(50 properties)

Type ofspecified
asset
Real estate

Trustbeneficiaryinterest inreal estate－ 30 －

Acquisition
price(Millions ofyen)(Note 1)

Carrying
Estimated priceamountat end of period Investment
ratio(Millions of(Millions of
(%)
yen)
yen)
(Note 4)(Note 2)
(Note 3)

14,100
3,050
8,265
4,550
3,190
2,865
2,800
2,578
2,346
1,560
1,240
7,840
2,520
1,600
2,910
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
11,2002,635
3,521

12,629
2,722
8,005
4,376
3,083
2,689
2,654
2,335
2,096
1,231
1,098
6,563
2,365
1,466
2,808
63,307
5,555
2,315
4,573
5,114
3,235
23,382
1,502
9,474
10,055
7,248
13,779
4,151
8,286
9,965
4,883
15,77427,367
2,884
1,702
13,925
8,290
6,240
2,355
989
1,612
4,202
2,381
15,908
3,169
11,175
1,577
3,605

17,900
3,970
8,430
4,740
4,260
3,970
3,130
4,060
3,120
2,310
1,750
10,800
3,030
1,950
2,920
64,300
5,450
2,330
7,370
8,280
5,270
37,8002,720
16,50015,50013,30018,8006,440
11,30012,3006,800
22,70034,7003,300
1,970
17,500
8,420
7,150
3,590
1,280
1,850
5,810
2,820
16,1003,570
12,700
4,150
3,820

3.0
0.7
1.8
1.0
0.7
0.6
0.6
0.6
0.5
0.3
0.3
1.7
0.5
0.3
0.6
14.4
1.3
0.5
1.1
1.2
0.8
5.2
0.4
2.1
2.0
1.5
3.0
0.9
1.8
2.1
1.0
3.5
6.0
0.6
0.4
3.0
1.8
1.4
0.5
0.2
0.3
0.9
0.5
3.3
0.6
2.4
0.6
0.8

3,775

3,803

4,500

0.8

1,970

2,049

2,050

0.4

373,268

361,974

468,780

80.6

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd 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
CitiesDaiwa Kitahama

Type ofspecified
asset

Trust
beneficiaryinterest inreal estate

Trustbeneficiaryinterest inreal estate

Acquisition
price(Millions ofyen)(Note 1)

Carrying
Estimated price Investment
amountat end of period
ratio(Millions of(Millions of
(%)
yen)
yen)
(Note 4)(Note 2)
(Note 3)

2,958
7,710
2,000
15,2205,600
3,800
38,1002,500
2,750
80,638

2,535
6,954
1,788
16,098
5,386
3,975
37,6662,586
2,838
79,830

4,370
6,180
2,900
23,2007,290
4,830
41,2002,880
2,660
95,510

0.6
1.7
0.4
3.3
1.2
0.8
8.2
0.5
0.6
17.4

9,481

8,978

13,3002.0

Total for Major Regional Cities (1 property)
9,481
8,978
13,3002.0
Total (60 properties)
463,388
450,782
577,590100.0(Note 1) “Acquisition price” is excluding acquisition costs, fixed property tax, city planning tax, consumption tax and local
consumption tax.
(Note 2) “Carrying amount” is the book value after depreciation as of November 30, 2021.
(Note 3) “Estimated price at end of period” is the price as of November 30, 2021, 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 Investment Corporation plans to develop an office building on the property, and the developed and completedbuilding is scheduled to be delivered by November 2022.

－ 31 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
3.2.2. Summary of Building and Leasing of Investment Real Estate
RegionStructureandnumber offloors(Note 1)

Construction
completion(Note 2)

Leasable
floor area(m2)
(Note 3)

Leasedfloor area(m2)
(Note 4)

Total
number oftenants(Note 5)

Occupancy
rate(%)(Note 6)

Rent revenue
duringcurrent period(Thousands ofyen)(Note 7)

Daiwa Ginza

SRC
B3 / 12F

July 1963

8,114.93

8,106.30

23

99.8

449,452

Daiwa Ginza Annex

SRC
B3 / 8F

Aug. 1972

2,032.11

2,032.11

7

100.0

80,964

Daiwa Shibaura

SRC
B1 / 12F

Oct. 1987

9,619.67

9,578.76

56

99.5

267,971

Daiwa Minami-Aoyama

S / SRC
B2 / 5F

Sept. 1990

2,715.54

2,715.545

100.0

132,067

Daiwa Sarugakucho(Note 8)SRC
8F

June 1985

3,657.43

3,657.432

100.0(Not disclosed)

Daiwa A Hamamatsucho

SRC
B2 / 10F

July 1993

3,663.38

3,663.38

12

100.0

137,378

Daiwa JingumaeRC
B1 / 4F

Dec. 1997

2,198.61

2,198.61

4

100.0

72,023

Daiwa Shibadaimon

SRC / RC
B1 / 7F

Nov. 1996

2,386.48

2,386.48

7

100.0

102,313

Daiwa Misakicho(Note 8)S
8F

July 1996

2,137.53

2,137.531

100.0(Not disclosed)

Daiwa Tsukijiekimae

SRC
10F

Jan. 1996

2,659.59

2,659.59

6

100.0

70,915

Daiwa Tsukiji

SRC
B1 / 7F

Jan. 1990

1,487.44

1,487.446

100.0

50,018Daiwa Tsukishima

S
5F

July 1996

8,425.69

8,425.694

100.0

282,380

Daiwa Nihonbashi
Horidomecho

SRC
B2 / 7F

Apr. 1993

2,848.91

2,848.91

7

100.0

91,330Daiwa Azabudai

SRC
B2 / 9F

Apr. 1984

1,697.88

1,697.88

11

100.0

49,264

Daiwa Kojimachi 4-chome

SRC
B2 / 9F

Oct. 1987

2,695.31

2,695.31

7

100.0

91,185

S / SRC
B3 / 34F

Sept. 1995

22,768.41

22,335.67

38

98.0

1,363,175

RC
B1 / 9F

Aug. 2006

2,480.65

1,833.79

4

73.9

119,201

Daiwa Kodenmacho

SRC
8F

Mar. 1985

2,379.31

2,379.31

8

100.0

67,951

Daiwa Nishi-Shimbashi

SRC
B1 / 10F

July 1993

4,815.84

4,815.84

11

100.0

182,760

Daiwa Kayabacho(Note 8)S / SRC
B1 / 8F

Apr. 2010

5,899.11

5,899.111

100.0(Not disclosed)

S
9F

Feb. 2010

2,889.34

2,889.34

8

100.0

114,585

E SPACE TOWER

S / SRC
B1 / 15F

Oct. 2002

13,960.84

13,960.84

14

100.0

767,203

Daiwa Nihonbashi
Hongokucho

S
8F

May 2010

2,143.08

2,143.08

6

100.0

75,678shinyon curumu

S / RC
B2 / 11F

Jan. 2012

6,751.31

6,751.31

17

100.0

377,301

Daiwa Akasaka

SRC
B2 / 7F

Sept. 1990

8,751.27

7,180.28

14

82.0

301,012

Daiwa Shibuya
MiyamasuzakaS
B1 / 12F

Dec. 1988

6,328.28

6,280.848

99.2

265,104

Daiwa Azabu Terrace

S / RC
B1 / 6F

Sept. 2009

13,234.39

13,234.39

11

100.0

487,450

Daiwa Ebisu 4-chome(Note 8)SRC
B1 / 9F

Dec. 1997

2,951.70

2,951.701

100.0(Not disclosed)

S
10F

Aug. 2010

7,498.33

7,498.33

4

100.0

233,767

Daiwa Aoyama

S / RC
B1 / 7F

Nov. 2001

4,426.10

4,426.10

7

100.0

254,569

Shinsen Place(Note 8)RC
B1 / 9F

Sept. 2001

2,811.35

2,811.351

100.0(Not disclosed)

Daiwa Shibuya Square

S / SRC
B1 / 11F

Feb. 2004

8,566.73

8,300.749

96.8

478,581

Property nameShinjuku Maynds Tower
Five Central (Note 9)
Wards ofTokyo
Daiwa SHIBUYA EDGE

Daiwa Jinbocho 3-chome

LAQUAS Higashi Shinjuku－ 32 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period

RegionStructureandnumber offloors(Note 1)

Construction
completion(Note 2)

Leasable
floor area(m2)
(Note 3)

Leasedfloor area(m2)
(Note 4)

Total
number oftenants(Note 5)

Occupancy
rate(%)(Note 6)

Rent revenue
duringcurrent period(Thousands ofyen)(Note 7)

Daiwa River Gate

S / SRC /RC
B2 / 20F

Feb. 1994

32,046.93

29,685.48

93

92.6

881,896

Daiwa Hatchobori ekimae

S / SRC
B1 / 10F

Feb. 2006

2,622.42

2,622.42

10

100.0

83,174

Daiwa Hatchobori ekimae
West

SRC
B1 / 9F

Feb. 1996

1,734.68

1,734.68

9

100.0

50,501

Daiwa Nishi-Shinjuku

SRC / RC /S
B2 / 11F

Aug. 1991

6,967.61

6,967.61

7

100.0

398,118

Kirin Nihonbashi(Note 8)S / SRC
7F

Feb. 1999

5,630.17

5,630.171

100.0(Not disclosed)

S
7F
S
6F

Mar. 2008

5,015.88

5,015.885

100.0

180,820

Mar. 2001

1,642.83

1,642.83

1

100.0(Not disclosed)

RC
4F
SRC / S
B1 / 7F

Mar. 1989

1,118.74

1,118.74

9

100.0

38,235Jan. 1991

1,719.51

1,719.51

7

100.0

53,894S
9F
S / RC
B1 / 10F

Feb. 2005

3,980.56

3,980.56

5

100.0

132,073

Aug. 1990

2,211.64

2,211.64

7

100.0

68,534

Property nameDaiwa Higashi-Nihonbashi
Daiwa Daikanyama(Note 8)Daiwa Shinjuku West
Daiwa Kanda Mikuracho
Five Central
Wards ofDaiwa Kanda EastTokyo
Daiwa Kandasudacho
Daiwa Sasazuka Tower

SRC / RC /S
B2 / 18F

Feb. 1993

16,158.16

16,158.16

7

100.0

455,098

Daiwa Sasazuka

SRC / S
B1 / 8F

Dec. 1991

3,828.95

3,828.95

9

100.0

91,751

Daiwa Harumi

S
B1 / 12F

Jan. 2008

11,227.10

11,227.10

7

100.0

344,542

Daiwa Mita 2-Chome(Note 8)S
8F

Mar. 2017

2,101.61

2,101.611

100.0(Not disclosed)

Nihonbashi Central Square(Note 10)S
8F

Jan. 2010

1,837.05

1,837.05

10

100.0

91,679

Nihonbashi-Bakurocho 1Chome Development Site
(land) (Note 11)

－

－

－

－

－

－

－

S
B1 / 10F

Aug. 2009

1,224.00

970.6010

79.2

12,818276,064.38

270,435.97

518

97.9

10,909,694

Kandabashi PR-EX

Total for Five Central Wards of Tokyo (50 properties)

GreaterTokyo

Daiwa Higashi-Ikebukuro

SRC / S
B1 / 9F

June 1993

4,462.28

4,462.28

9100.0

140,560

Daiwa Shinagawa NorthSRC
B1 / 11F

July 1991

6,546.03

6,235.34

14

95.2

172,104

Daiwa Kamiooka

S / SRC
B3 / 7F

May 2011

2,630.30

2,630.30

9

100.0

93,200Daiwa Ogikubo Tower(Note 12)

S / SRC
B2 / 18F

June 1993

17,778.14

16,747.26

9

94.2

616,652

Daiwa Meguro Square

S / SRC
B2 / 14F

July 2009

3,519.50

3,313.71

15

94.1

168,815

Daiwa Ogikubo

SRC
B1 / 7F

Nov. 1990

3,849.63

3,849.63

11

100.0

125,091

CONCURRED Yokohama(Note 13)

S / SRC
B1 / 20F

Feb. 2008

28,052.98

27,618.80

36

98.4

1,054,418

Daiwa Shinagawa Gotenyama

SRC / S
8F

July 1992

2,396.96

2,396.96

7

100.0

79,896

Daiwa Nakano-Sakaue

SRC
B1 / 8F

Jan. 1995

2,716.92

2,716.92

6

100.0

79,19971,952.74

69,971.20

116

97.2

2,529,938

13,517.62

13,517.62

7

100.0

406,787

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

S / SRC
B1 / 16F

Feb. 2008－ 33 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period

Leasable
floor area(m2)
(Note 3)

Leasedfloor area(m2)
(Note 4)

Total
number oftenants(Note 5)

Occupancy
rate(%)(Note 6)

Rent revenue
duringcurrent period(Thousands ofyen)(Note 7)

Total for Major Regional Cities (1 property)

13,517.62

13,517.62

7

100.0

406,787

Total (60 properties)

361,534.74

353,924.79

641

97.8

13,846,420

RegionProperty name

Structureandnumber offloors(Note 1)

Construction
completion(Note 2)

(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 tosteel-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 real estate
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, 2021.
(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, 2021.
(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.
(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 32nd 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 plans to develop 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.

－ 34 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd 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.
Expected construction amount(Millions of yen)
Name of
Scheduled
AmountTotal
real estate properties
Purposeimplementation
Total
paid
duringamount(Location)
periodamountalready
current
periodpaid
Daiwa Ginza
Upgrading of air-conditioning
From: Dec. 2021
245－－
(Chuo-ku, Tokyo)
facilities
To: May 2022
Daiwa Nakano-Sakaue
Upgrading of air-conditioning
From: Dec. 2021
100－－
(Nakano-ku, Tokyo)
facilities
To: May 2022
Daiwa River Gate
(Chuo-ku, Tokyo)

Renovation of power receiving
and transforming facility

From: Dec. 2021
To: May 2022

Daiwa River Gate
(Chuo-ku, Tokyo)
Shinjuku Maynds Tower(Shibuya-ku, Tokyo)

Conversion to LED lighting at
exclusive areas
Renovation of air-conditioning
facilities

From: Dec. 2021
To: May 2022
From: Dec. 2021
To: May 2022

64

－

－

37

－

－

36

－

－

B. Capital Expenditures During the 32nd Fiscal Period
The following summarizes the primary construction work that constitutes capital expenditures implemented during the 32nd
Fiscal Period for existing portfolio properties. Capital expenditures for the 32nd Fiscal Period amounted to 498 million yen
and, when combined with the 166 million yen in repair expenses charged to the 32nd Fiscal Period expenses, totals 664
million yen in construction work implemented.
Name ofreal estate properties(Location)
Daiwa Kayabacho(Chuo-ku, Tokyo)
Shinjuku Maynds Tower(Shibuya-ku, Tokyo)
Daiwa Ginza(Chuo-ku, Tokyo)

PurposeConstruction amount paid
(Millions of yen)

PeriodRenovation of air-conditioning
facilities

From: June 2021
To: Sept. 2021
From: Aug. 2021
To: Nov. 2021

Upgrading of private power
generation facilities

From: Oct. 2021
To: Oct. 2021

Addition of humidifiers

45
32
22

Other

398
Total

498

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)
28th
29th
30th
31st
32nd
FiscalPeriodFiscalPeriodFiscalPeriodFiscalPeriodFiscalPeriodFiscal period
Balance of reserveat beginning ofcurrent period
Amount of reserve incurrent period
Reversal of reserve incurrent period
Amount carried forward
to next period[From: June 1, 2019
To: Nov. 30, 2019][From: Dec. 1, 2019
To: May 31, 2020][From: June 1, 2020
To: Nov. 30, 2020][From: Dec. 1, 2020
To: May 31, 2021][From: June 1, 2021
To: Nov. 30, 2021]

2,089

2,150

2,150

2,190

2,190

61

－

40

－

－

－

－

－

－

965

2,150

2,150

2,190

2,190

1,225

－ 35 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
3.2.4. Summary of Estimated Price at End of Period (As of November 30, 2021)

Property name

Estimated priceat end of period(Millions of yen)
(Note 1)

Summary of Appraisal Report
Direct capitalization method

DCF method

Daiwa Ginza

17,90018,1003.3

Discount Terminalrate
cap rate(%)(%)
17,600
3.1
3.5

Daiwa Ginza Annex

3,970

4,050

3.3

3,880

3.1

3.5

Daiwa Shibaura

8,430

8,370

3.9

8,450

3.7

4.1

Daiwa Minami-Aoyama

4,740

4,800

3.7

4,680

3.5

3.9

Daiwa Sarugakucho
Daiwa A Hamamatsucho(Note 2)
Daiwa Jingumae

4,260

4,320

4.2

4,190

4.0

4.4

3,970

4,070

3.6

3,930

3.4

3.8

3,130

3,200

3.6

3,060

3.4

3.8

Daiwa Shibadaimon

4,060

4,120

3.5

4,040

3.3

3.7

Daiwa Misakicho
Daiwa Tsukijiekimae(Note 3)
Daiwa Tsukiji

3,120

3,170

3.8

3,100

3.6

4.0

2,310

2,320

4.1

2,300

4.1

4.3

1,750

1,750

3.9

1,750

3.9

4.1

Daiwa Tsukishima

10,80010,9004.0

10,700

3.7

4.2

Daiwa Nihonbashi Horidomecho

3,030

3,050

3.8

3,010

3.6

4.0

Daiwa Azabudai

1,950

1,980

3.8

1,920

3.6

4.0

Daiwa Kojimachi 4-chome
Shinjuku Maynds Tower(Note 4)
Daiwa SHIBUYA EDGE

2,920

2,960

3.5

2,870

3.3

3.7

64,300152,000

3.1

147,000

2.9

3.3

5,450

5,580

3.5

5,310

3.3

3.7

Daiwa Kodenmacho

2,330

2,370

4.0

2,290

3.8

4.2

Daiwa Nishi-Shimbashi

7,370

7,520

3.4

7,300

3.2

3.6

Daiwa Kayabacho

8,280

8,420

3.3

8,220

3.1

3.5

Daiwa Jinbocho 3-chome

5,270

5,380

3.3

5,220

3.1

3.5

E SPACE TOWER

37,80038,7002.9

36,900

2.7

3.1

Daiwa Nihonbashi Hongokucho

2,720

2,740

3.9

2,710

3.7

4.1

shinyon curumu

16,50016,8003.2

16,400

3.0

3.4

Daiwa Akasaka

15,50015,9003.2

15,300

3.0

3.4

Daiwa Shibuya Miyamasuzaka

13,30013,6003.2

13,000

3.0

3.4

Daiwa Azabu Terrace

18,80019,2003.4

18,400

3.2

3.6

Daiwa Ebisu 4-chome

6,440

6,450

3.6

6,440

3.7

3.8

LAQUAS Higashi Shinjuku

11,30011,7003.3

11,100

3.1

3.5

Daiwa Aoyama

12,30012,6003.2

12,200

3.0

3.4

Shinsen Place

6,800

6,970

3.3

6,730

3.2

3.5

Daiwa Shibuya Square

22,70023,0003.2

22,400

3.0

3.4

Daiwa River Gate

34,70034,9003.6

34,400

3.3

3.7

Daiwa Hatchobori ekimae

3,300

3,390

3.4

3,260

3.2

3.6

Daiwa Hatchobori ekimae West

1,970

2,030

3.5

1,950

3.3

3.7

Daiwa Nishi-Shinjuku

17,50017,8003.3

17,300

3.1

3.5

Kirin Nihonbashi

8,420

8,480

3.7

8,350

3.4

3.8

Price
(Millions of yen)

－ 36 －

Cap rate(%)

Price(Millions of yen)

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period

Property name

Estimated priceat end of period(Millions of yen)
(Note 1)

Summary of Appraisal Report
Direct capitalization method

DCF method

Daiwa Higashi-Nihonbashi
Daiwa Daikanyama(Note 5)
Daiwa Shinjuku West

7,150

7,300

3.8

Discount Terminalrate
cap rate
(%)
(%)
7,090
3.6
4.0

3,590

3,630

3.2

3,570

3.2

3.4

1,280

1,290

3.8

1,270

3.6

4.0

Daiwa Kanda Mikuracho

1,850

1,840

3.8

1,850

3.8

4.0

Daiwa Kanda East

5,810

5,930

3.3

5,690

3.1

3.5

Daiwa Kandasudacho

2,820

2,880

3.6

2,790

3.6

3.8

Daiwa Sasazuka Tower

16,10016,5003.8

15,900

3.6

4.0

Daiwa Sasazuka

3,570

3,680

4.0

3,520

3.8

4.2

Daiwa Harumi

12,70012,8003.6

12,600

3.6

3.8

Daiwa Mita 2-Chome

4,150

4,220

3.6

4,070

3.4

3.8

3,820

3,900

3.4

3,730

3.2

3.6

4,500

－

－

－

－

－

2,050

2,130

3.4

2,010

3.2

3.6

Daiwa Higashi-Ikebukuro

4,370

4,430

4.0

4,340

3.8

4.2

Daiwa Shinagawa North

6,180

6,290

4.1

6,060

3.9

4.3

Daiwa Kamiooka

2,900

2,930

4.5

2,890

4.3

4.7

Daiwa Ogikubo Tower

23,20023,5003.6

23,100

3.4

3.8

Daiwa Meguro Square

7,290

7,460

3.5

7,210

3.3

3.7

Daiwa Ogikubo
CONCURRED Yokohama(Note 8)Daiwa Shinagawa Gotenyama

4,830

4,910

3.9

4,790

3.7

4.1

41,20042,3004.2

40,700

4.0

4.4

2,880

2,930

3.9

2,860

3.7

4.1

Daiwa Nakano-Sakaue

2,660

2,760

4.0

2,610

3.7

4.2

Daiwa Kitahama

13,30013,5003.7

13,2003.5

3.9

Nihonbashi Central Square(Note 6)
Nihonbashi-Bakurocho 1-Chome
Development Site (land) (Note 7)
Kandabashi PR-EX

Price(Millions of yen)

Cap rate(%)

Price(Millions of yen)Total
577,590669,800－
649,510－－(Note 1) “Estimated price at end of period” is the price as of November 30, 2021, 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 third fiscal year (4.0% up to the second 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 after the 11th fiscal year (3.3% up to the 10th fiscal year).
(Note 6) For Nihonbashi Central Square, the prices are those pertaining to the Investment Corporation’s ownership interest.
(Note 7) For Nihonbashi-Bakurocho 1-Chome Development Site (land), the estimated price at end of period is the income
approach price indicated by the direct capitalization method (development leasing-type).
(Note 8) For CONCURRED Yokohama, the prices are those pertaining to the Investment Corporation’s ownership interest.

－ 37 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd 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 32nd Fiscal Period (from June 1, 2021, toNovember 30, 2021). 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 name

Daiwa
Ginza

Daiwa
Ginza Annex

Daiwa
Shibaura

Daiwa
MinamiAoyama

Daiwa
Sarugakucho(Note 3)Acquisition date

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Acquisition price (Millions of yen)

14,100

3,050

8,265

4,550

3,190

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

3.0

0.7

1.8

1.0

0.7

Leasing
information

12,629

2,722

8,005

4,376

3,083

Estimated price at end of period(Millions of yen)

17,900

3,970

8,430

4,740

4,260

Total number of tenants (Note 1)

23

7

56

5

2

Leasable floor area (m2)

8,114.93

2,032.11

9,619.67

2,715.54

3,657.43

Leased floor area (m2)

8,106.30

2,032.11

9,578.76

2,715.54

3,657.43

End of Nov. 2019

99.4

100.0

99.5

100.0

100.0

End of May 2020

99.4

100.0

97.9

100.0

100.0

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

183

183

183

183

183

449,452

80,964

269,392

132,067(Not disclosed)

449,452

80,964

267,971132,067(Not disclosed)

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

－

－

1,421

－

(Not disclosed)

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

156,205

37,372

100,477

39,877(Not disclosed)

Consignment expenses

19,637

11,585

19,233

5,701(Not disclosed)

Utilities expenses

18,881

4,472

12,852

5,314(Not disclosed)

Taxes and dues

33,896

11,231

20,778

12,951(Not disclosed)

538

125

484

186

(Not disclosed)

Repair expenses

1,209

792

9,629

1,093

(Not disclosed)

Depreciation (C)65,552

8,853

37,50014,631(Not disclosed)

Other lease business expenses

16,489310－－(Not disclosed)

293,246

43,592

168,914

92,189(Not disclosed)

358,799

52,446

206,414106,82199,04422,780

1,624

3,959

977

564

336,019

50,822

202,455

105,844

98,479

34.75

46.16

37.30

30.19

(Not disclosed)

67,77822,31741,022

25,594

14,071

400,440

80,790302,630

184,61396,757

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 tax,
Reference
information etc. for fiscal 2021 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)－ 38 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
RegionFive Central Wards of Tokyo

Property name

Daiwa
A Hamamatsucho

Daiwa
Jingumae

Daiwa
Shibadaimon

Daiwa
Misakicho(Note 3)

Daiwa
Tsukijiekimae

Acquisition date

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Jan. 2006

Acquisition price (Millions of yen)

2,865

2,800

2,578

2,346

1,560

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

0.6

0.6

0.6

0.5

0.3

Leasing
information

2,689

2,654

2,335

2,096

1,231

Estimated price at end of period(Millions of yen)

3,970

3,130

4,060

3,120

2,310

Total number of tenants (Note 1)

12

4

7

1

6

Leasable floor area (m2)

3,663.38

2,198.61

2,386.48

2,137.53

2,659.59

Leased floor area (m2)

3,663.38

2,198.61

2,386.48

2,137.53

2,659.59

100.0

100.0

100.0

100.0

100.0

End of May 2020

100.0

78.5

100.0

100.0

100.0

End of Nov. 2020

100.0

78.5

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

183

183

183

183

183

137,378

72,023102,313(Not disclosed)

70,915

137,378

72,023102,313(Not disclosed)

70,915

Occupancy rate (%)
End of Nov. 2019

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)

74,002

23,23928,845(Not disclosed)

27,047

Consignment expenses

10,252

4,106

6,706

(Not disclosed)

3,841

Utilities expenses

6,518

2,803

4,675

(Not disclosed)

3,528

Taxes and dues

9,072

6,896

6,628

(Not disclosed)

5,265

230

102

149

(Not disclosed)

121

Repair expenses

3,765

261

209

(Not disclosed)

134

Depreciation (C)14,762

9,063

10,476(Not disclosed)

14,138Other lease business expenses

29,4007－(Not disclosed)

18

63,37548,78473,467(Not disclosed)

43,867

78,13857,847

83,943

66,39858,006

3,261

1,441

5,214

1,353

748

74,87656,40578,72965,04557,257

53.87

32.27

28.19

(Not disclosed)

38.14

17,988

13,792

12,92010,641

10,498103,380

99,70087,656

114,585

79,450Non-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 tax,
Reference
information etc. for fiscal 2021 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)－ 39 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
RegionFive Central Wards of Tokyo

Property name

Daiwa
Tsukiji

Daiwa
Tsukishima

Daiwa
Nihonbashi
Horidomecho

Daiwa
AzabudaiDaiwa
Kojimachi 4chome

Acquisition dateJan. 2006

Mar. 2006

May 2006

May 2006

Oct. 2006

Acquisition price (Millions of yen)

1,240

7,840

2,520

1,600

2,910

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

0.3

1.7

0.5

0.3

0.6

Leasing
information

Income(loss)
information

1,098

6,563

2,365

1,466

2,808

Estimated price at end of period(Millions of yen)

1,750

10,800

3,030

1,950

2,920

Total number of tenants (Note 1)

6

4

7

11

7

Leasable floor area (m2)

1,487.44

8,425.69

2,848.91

1,697.88

2,695.31

Leased floor area (m2)

1,487.44

8,425.69

2,848.91

1,697.88

2,695.31

100.0

100.0

100.0

100.0

100.0

Occupancy rate (%)
End of Nov. 2019
End of May 2020

100.0

100.0

100.0

100.0

100.0

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

Number of days of asset management

183

183

183

183

183

Total property leasing revenue (A)(Thousands of yen)

52,162

282,380

91,33049,264

91,185

Rent revenue – real estate

50,018282,380

91,33049,264

91,185

Other lease business revenue

2,143

－

－

－

－

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

18,503

97,59635,096

20,334

43,270Consignment expenses

3,520

12,550

4,919

5,161

5,341

Utilities expenses

1,982

9,336

3,845

2,142

5,230

Taxes and dues

4,096

14,929

7,012

5,060

16,386

Non-life insurance expenses

76

357

160

90

174

Repair expenses

783

2,800

3,590

243

923

Depreciation (C)8,044

57,62015,567

7,636

15,213

－

－

－

－

－

33,658

184,784

56,23328,92947,91541,703

242,404

71,801

36,566

63,1282,692

10,339－－450

39,011

232,065

71,801

36,566

62,678

35.47

34.56

38.43

41.28

47.45

8,133

29,85913,816

10,09932,527

97,348

136,680

147,575

110,990

142,915

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 tax,
Reference
information etc. for fiscal 2021 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)－ 40 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
RegionFive Central Wards of Tokyo

Property nameShinjuku
MayndsTower

Daiwa
SHIBUYAEDGE

Daiwa
Kodenmacho

Daiwa
NishiShimbashi

Daiwa
Kayabacho(Note 3)Acquisition dateJuly 2007 andNov. 2007

July 2007

Aug. 2007

Aug. 2010

Mar. 2011

Acquisition price (Millions of yen)

66,900

5,900

2,460

5,000

5,600

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

14.4

1.3

0.5

1.1

1.2

Leasing
information

63,307

5,555

2,315

4,573

5,114

Estimated price at end of period(Millions of yen)

64,300

5,450

2,330

7,370

8,280

Total number of tenants (Note 1)

38

4

8

11

1

Leasable floor area (m2)

22,768.41

2,480.65

2,379.31

4,815.84

5,899.11

Leased floor area (m2)

22,335.67

1,833.79

2,379.31

4,815.84

5,899.11

95.1

100.0

100.0

100.0

100.0

Occupancy rate (%)
End of Nov. 2019
End of May 2020

100.0

100.0

100.0

100.0

100.0

End of Nov. 2020

100.0

100.0

100.0

100.0

100.0

End of May 2021

99.6

100.0

100.0

100.0

100.0

End of Nov. 2021

98.0

73.9

100.0

100.0

100.0

183

183

183

183

183

1,363,175

119,201

67,951

182,760(Not disclosed)

1,363,175

119,201

67,951

182,760(Not disclosed)

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)

563,976

31,57923,452

81,136(Not disclosed)

Consignment expenses

93,416

6,833

5,274

16,880(Not disclosed)

Utilities expenses

121,643

4,990

4,350

8,587

(Not disclosed)

Taxes and dues

134,680

8,118

3,829

16,241(Not disclosed)

Non-life insurance expenses

2,329

130

116

297

(Not disclosed)

Repair expenses

10,956

1,637

939

1,805

(Not disclosed)

Depreciation (C)199,993

9,867

8,120

37,317(Not disclosed)

955

－

822

6

(Not disclosed)

799,199

87,62144,499101,624(Not disclosed)

999,193

97,48952,619138,941

147,698

46,312

1,079

1,336

1,601

45,685

952,880

96,41051,283

137,340

102,013

41.37

26.49

34.51

44.40

(Not disclosed)

266,565

16,236

7,658

32,23025,5155,834,950

45,35084,051

178,710

138,850

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 tax,
Reference
information etc. for fiscal 2021 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)－ 41 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
RegionFive Central Wards of Tokyo

Property name

Daiwa
Jinbocho
3-chomeE SPACE
TOWER

Daiwa
Nihonbashi
Hongokucho

shinyoncurumuDaiwa
AkasakaAcquisition dateMar. 2011

July 2011

May 2012

Dec. 2012 andApr. 2013

Aug. 2013

Acquisition price (Millions of yen)

3,550

24,000

1,721

9,650

9,200

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

0.8

5.2

0.4

2.1

2.0

Leasing
information

3,235

23,382

1,502

9,474

10,055

Estimated price at end of period(Millions of yen)

5,270

37,8002,720

16,50015,500Total number of tenants (Note 1)

8

14

6

17

14

Leasable floor area (m2)2,889.34

13,960.84

2,143.08

6,751.31

8,751.27

Leased floor area (m2)2,889.34

13,960.84

2,143.08

6,751.31

7,180.28

100.0

97.0

93.9

100.0

100.0

End of May 2020

100.0

100.0

100.0

100.0

100.0

End of Nov. 2020

100.0

92.8

100.0

96.7

100.0

End of May 2021

88.1

100.0

100.0

93.3

96.7

End of Nov. 2021

100.0

100.0

100.0

100.0

82.0

183

183

183

183

183

114,585

767,20375,678377,301

301,012

114,585

767,20375,678377,301

301,012

Occupancy rate (%)
End of Nov. 2019

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)

47,995244,338

24,972

123,246

153,740

Consignment expenses

10,534

61,1993,490

27,691

32,846

Utilities expenses

6,475

41,6182,540

17,124

15,907

Taxes and dues

9,921

62,0494,549

37,89835,353

154

798

94

408

525

Repair expenses

1,026

5,482

870

1,958

8,704

Depreciation (C)19,883

73,117

13,42638,16560,402

－

72

－

－

－

66,590522,865

50,706254,055

147,272

86,474595,983

64,132292,220

207,675

120

34,468360

3,275

35,65886,354

561,514

63,772288,945

172,016

41.89

31.85

33.00

32.67

51.07

19,809124,052

9,087

75,76870,633

98,780696,050

50,940166,089

327,392

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 tax,
Reference
information etc. for fiscal 2021 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)－ 42 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
RegionFive Central Wards of Tokyo

Property name

Daiwa
ShibuyaMiyamasuzaka

Daiwa
Azabu Terrace

Daiwa
Ebisu 4-chome(Note 3)LAQUAS
Higashi Shinjuku

Daiwa
AoyamaAcquisition date

Sept. 2013

July 2014

Dec. 2014

Dec. 2014

Mar. 2015

Acquisition price (Millions of yen)

7,000

14,000

4,135

8,450

9,800

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

1.5

3.0

0.9

1.8

2.1

Leasing
information

7,248

13,779

4,151

8,286

9,965

Estimated price at end of period(Millions of yen)

13,30018,8006,440

11,30012,300Total number of tenants (Note 1)

8

11

1

4

7

Leasable floor area (m2)

6,328.28

13,234.39

2,951.70

7,498.33

4,426.10

Leased floor area (m2)

6,280.84

13,234.39

2,951.70

7,498.33

4,426.10

100.0

100.0

100.0

100.0

100.0

Occupancy rate (%)
End of Nov. 2019
End of May 2020

100.0

100.0

100.0

100.0

100.0

End of Nov. 2020

100.0

100.0

100.0

100.0

85.9

End of May 2021

88.1

100.0

100.0

100.0

100.0

End of Nov. 2021

99.2

100.0

100.0

100.0

100.0

183

183

183

183

183

265,104

487,450(Not disclosed)

233,767

254,569

265,104

487,450(Not disclosed)

233,767

254,569

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)

83,917

157,522(Not disclosed)

82,92053,291

Consignment expenses

20,19930,042(Not disclosed)

11,343

12,664

Utilities expenses

9,932

36,304(Not disclosed)

13,544

5,470

Taxes and dues

23,37733,702(Not disclosed)

21,115

15,234383

742(Not disclosed)

375

192

Repair expenses

2,433

2,700

(Not disclosed)

2,434

535

Depreciation (C)27,42554,029(Not disclosed)

33,94919,194165－(Not disclosed)

158－

181,186

329,927(Not disclosed)

150,846

201,277

208,612383,956

140,681

184,795

220,471

4,066

－

250

3,133

416

204,545

383,956

140,431

181,662220,055

31.65

32.32

(Not disclosed)

35.47

20.93

46,70567,093

19,334

41,98030,469457,625

491,112

98,692

162,700

175,290

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 tax,
Reference
information etc. for fiscal 2021 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)－ 43 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
RegionFive Central Wards of Tokyo

Property nameShinsen Place(Note 3)

Daiwa
Shibuya Square

Daiwa
River Gate

Daiwa
Hatchobori
ekimaeDaiwa
Hatchobori
ekimae West

Acquisition dateMar. 2015

May 2015

June 2015

Sept. 2015

Sept. 2015

Acquisition price (Millions of yen)

4,800

16,00028,000

2,871

1,647

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

1.0

3.5

6.0

0.6

0.4

Leasing
information

4,883

15,77427,367

2,884

1,702

Estimated price at end of period(Millions of yen)

6,800

22,70034,700

3,300

1,970

Total number of tenants (Note 1)

1

9

93

10

9

Leasable floor area (m2)2,811.35

8,566.73

32,046.93

2,622.42

1,734.68

Leased floor area (m2)2,811.35

8,300.74

29,685.48

2,622.42

1,734.68

100.0

100.0

98.9

100.0

100.0

Occupancy rate (%)
End of Nov. 2019
End of May 2020

100.0

100.0

99.4

100.0

100.0

End of Nov. 2020

100.0

100.0

96.4

100.0

95.8

End of May 2021

100.0

100.0

83.4

100.0

100.0

End of Nov. 2021

100.0

96.8

92.6

100.0

100.0

183

183

183

183

183

(Not disclosed)

478,581886,598

83,17450,501

Rent revenue – real estate(Not disclosed)

478,581881,896

83,17450,501

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

Income(loss)
information

Other lease business revenue(Not disclosed)

－

4,701

－

－

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

(Not disclosed)

99,710492,928

36,814

16,759Consignment expenses(Not disclosed)

22,887

139,714

8,969

4,403

Utilities expenses(Not disclosed)

20,449100,915

5,705

2,283

Taxes and dues

(Not disclosed)

28,731

102,325

9,270

4,260

Non-life insurance expenses(Not disclosed)

467

2,112

159

82

Repair expenses(Not disclosed)

824

9,244

1,741

724

Depreciation (C)(Not disclosed)

26,350138,614

10,967

5,004

Other lease business expenses(Not disclosed)

－

－

－

－

(Not disclosed)

378,870

393,670

46,35933,742

124,759405,220532,285

57,32738,746851

2,140

18,762

10,575

5,038

123,908

403,080

513,523

46,75233,708(Not disclosed)

20.83

55.60

44.26

33.19

17,18856,961200,111

18,352

8,457

178,610234,380

2,001,250

159,500

91,420Operating 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 tax,
Reference
information etc. for fiscal 2021 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)－ 44 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
RegionFive Central Wards of Tokyo

Property name

Daiwa
Nishi-Shinjuku

Kirin
Nihonbashi(Note 3)

Daiwa
HigashiNihonbashi

Daiwa
Daikanyama(Note 3)Daiwa
Shinjuku West

Acquisition dateMar. 2016

May 2016

June 2016

June 2016

July 2016

Acquisition price (Millions of yen)

13,710

8,180

6,370

2,280

942

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

3.0

1.8

1.4

0.5

0.2

Leasing
information

13,925

8,290

6,240

2,355

989

Estimated price at end of period(Millions of yen)

17,500

8,420

7,150

3,590

1,280

Total number of tenants (Note 1)

7

1

5

1

9

Leasable floor area (m2)

6,967.61

5,630.17

5,015.88

1,642.83

1,118.74

Leased floor area (m2)

6,967.61

5,630.17

5,015.88

1,642.83

1,118.74

90.5

100.0

100.0

100.0

100.0

Occupancy rate (%)
End of Nov. 2019
End of May 2020

100.0

100.0

100.0

100.0

100.0

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

183

183

183

183

183

398,118(Not disclosed)

180,820(Not disclosed)

38,235398,118(Not disclosed)

180,820(Not disclosed)

38,235

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)－(Not disclosed)－

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

91,848(Not disclosed)

57,342(Not disclosed)

13,796

Consignment expenses

15,210(Not disclosed)

7,247(Not disclosed)

3,305

Utilities expenses

15,246(Not disclosed)

9,017(Not disclosed)

2,369

Taxes and dues

38,904(Not disclosed)

11,672(Not disclosed)

3,128

383

(Not disclosed)

249(Not disclosed)

50

Repair expenses

1,467(Not disclosed)

1,124(Not disclosed)

2,682

Depreciation (C)20,634(Not disclosed)

28,001(Not disclosed)

2,259

－

(Not disclosed)

30(Not disclosed)－

306,269(Not disclosed)

123,478(Not disclosed)

24,438326,904

161,295

151,479

66,702

26,69827,405

－

6,713

－

5,469

299,499

161,295

144,765

66,702

21,22823.07(Not disclosed)

31.71(Not disclosed)

36.08

77,39322,08823,14911,0296,254

252,590

116,090

157,360

60,54859,380Non-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 tax,
Reference
information etc. for fiscal 2021 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)－ 45 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
RegionFive Central Wards of Tokyo

Property name

Daiwa
Kanda Mikuracho

Daiwa
Kanda East

Daiwa
Kandasudacho

Daiwa
Sasazuka Tower

Daiwa
SasazukaAcquisition date

Dec. 2016

Jan. 2018

June 2018 andNov. 2018

Oct. 2018

Dec. 2018

Acquisition price (Millions of yen)

1,592

4,200

2,295

15,5003,000

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

0.3

0.9

0.5

3.3

0.6

Leasing
information

1,612

4,202

2,381

15,9083,169

Estimated price at end of period(Millions of yen)

1,850

5,810

2,820

16,1003,570

Total number of tenants (Note 1)

7

5

7

7

9

Leasable floor area (m2)

1,719.51

3,980.56

2,211.64

16,158.16

3,828.95

Leased floor area (m2)

1,719.51

3,980.56

2,211.64

16,158.16

3,828.95

100.0

100.0

100.0

100.0

92.7

Occupancy rate (%)
End of Nov. 2019
End of May 2020

100.0

100.0

100.0

100.0

95.1

End of Nov. 2020

100.0

100.0

97.6

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

Number of days of asset management

183

183

183

183

183

Total property leasing revenue (A)(Thousands of yen)

53,894132,073

68,534455,098

91,75153,894132,073

68,534455,098

91,751

Rent revenue – real estate

Income(loss)
information

Other lease business revenue

－

－

－

－

－

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

15,42055,07627,308224,257

42,684

Consignment expenses

4,114

16,922

10,16751,156

7,808

Utilities expenses

2,227

7,452

3,467

50,496

8,901

Taxes and dues

3,492

10,3894,525

54,6998,975

Non-life insurance expenses

68

182

86

955

175

Repair expenses

167

1,452

3,068

10,4073,924

Depreciation (C)5,350

18,676

5,982

56,542

12,899

－

－

11

－

－

38,47476,996

41,226

230,841

49,06643,824

95,67347,208287,383

61,965

5,156

3,700

17,13642,54012,35938,66891,97330,071

244,843

49,606

28.61

41.70

39.85

49.28

46.52

6,943

20,507

8,949

109,343

17,82374,026

133,61176,730718,270

129,490

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 tax,
Reference
information etc. for fiscal 2021 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)－ 46 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
RegionFive Central Wards of Tokyo

Property name

Daiwa
Harumi

Daiwa
Mita 2-Chome(Note 3)

Nihonbashi
Central Square

Acquisition dateFeb. 2019

July 2019

May 2020

Nov. 2020

11,200Investment ratio (%)
Price
information Carrying amount (Millions of yen)

2.4

0.6

0.8

0.8

0.4

11,175

1,577

3,605

3,803

2,049

Estimated price at end of period(Millions of yen)

12,700

4,150

3,820

4,500

2,050

Total number of tenants (Note 1)

7

1

10

－

10

3,775

1,970

Leasable floor area (m2)

11,227.10

2,101.61

1,837.05－

1,224.00

Leased floor area (m2)

11,227.10

2,101.61

1,837.05－

970.60End of Nov. 2019

100.0

100.0

－

－

－

End of May 2020

100.0

100.0

100.0

－

－

End of Nov. 2020

100.0

100.0

100.0

－

－

Occupancy rate (%)

End of May 2021

100.0

100.0

100.0

－

－

End of Nov. 2021

100.0

100.0

100.0

－

79.2

183

183

183

183

63

344,542(Not disclosed)

91,679－17,208

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

Income(loss)
information

3,521

Sept. 2021

Acquisition price (Millions of yen)

Leasing
information

2,635

NihonbashiBakurocho 1Kandabashi PRChomeEX
Development Site
(land) (Note 4)

344,542(Not disclosed)

91,679－12,818Other lease business revenue－(Not disclosed)

－

－

4,389

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

137,199(Not disclosed)

24,669－7,675

Consignment expenses

31,327(Not disclosed)

5,759

－

1,413

Utilities expenses

21,063(Not disclosed)

3,857

－

320

Taxes and dues

27,292(Not disclosed)

5,743

－

11

543

(Not disclosed)

93

－

17

Repair expenses

543(Not disclosed)

771

－

3,910

Depreciation (C)35,891(Not disclosed)

8,425

－

1,967

Other lease business expenses

20,538(Not disclosed)

18

－

36

207,342(Not disclosed)

67,009－9,532

243,233

79,96975,434－

11,499

3,569

639

－

－

150

239,663

79,32975,434－

11,34939.82(Not disclosed)

26.91

－

44.60

54,16017,836

11,438－－253,020

5,360

134,280－

34,848Non-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 tax,
Reference
information etc. for fiscal 2021 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)－ 47 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
RegionGreater Tokyo

Property name

Daiwa
HigashiIkebukuro

Daiwa
Shinagawa North

Daiwa
Kamiooka

Daiwa
Ogikubo Tower

Daiwa
Meguro Square

Acquisition date

Oct. 2005

July 2007

Mar. 2013

May 2014

May 2015

Acquisition price (Millions of yen)

2,958

7,710

2,000

15,2205,600

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

0.6

1.7

0.4

3.3

1.2

Leasing
information

2,535

6,954

1,788

16,098

5,386

Estimated price at end of period(Millions of yen)

4,370

6,180

2,900

23,2007,290

Total number of tenants (Note 1)

9

14

9

9

15

Leasable floor area (m2)

4,462.28

6,546.03

2,630.30

17,778.14

3,519.50

Leased floor area (m2)

4,462.28

6,235.34

2,630.30

16,747.26

3,313.71

100.0

100.0

100.0

100.0

100.0

Occupancy rate (%)
End of Nov. 2019
End of May 2020

100.0

100.0

100.0

100.0

100.0

End of Nov. 2020

100.0

100.0

100.0

100.0

100.0

End of May 2021

100.0

95.2

100.0

94.2

100.0

End of Nov. 2021

100.0

95.2

100.0

94.2

94.1

183

183

183

183

183

140,560

172,104

93,200616,652

168,815140,560

172,104

93,200616,652

168,815

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)

56,84787,81438,201

285,186

59,277

Consignment expenses

11,046

19,457

5,629

54,026

12,461

Utilities expenses

9,354

10,684

6,690

53,614

7,696

Taxes and dues

8,328

18,815

6,338

43,725

13,780

279

413

145

1,056

209

Repair expenses

2,633

1,671

1,220

1,273

1,472

Depreciation (C)25,20536,762

18,178131,370

23,657

－

9

－

120

－

83,71384,28954,998331,465

109,537

108,918

121,052

73,176

462,835

133,194

9,170

1,773

443

16,520539

99,747

119,279

72,733446,315

132,655

40.44

51.02

40.99

46.25

35.11

16,58936,96912,676

87,07927,276294,300

441,710

63,700575,795

122,800

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 tax,
Reference
information etc. for fiscal 2021 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)－ 48 －

Daiwa Office Investment Corporation (8976) Financial Report for the 32nd Fiscal Period
RegionMajor
Regional Cities

Greater Tokyo

Property name

Daiwa
Ogikubo

CONCURRED
Yokohama

Daiwa
Shinagawa
Gotenyama

Daiwa
Nakano-Sakaue

Daiwa
Kitahama

Acquisition dateJuly 2016

Jan. 2018

Sept. 2018

Dec. 2019

Aug. 2014

Acquisition price (Millions of yen)

3,800

38,100

2,500

2,750

9,481

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

0.8

8.2

0.5

0.6

2.0

Leasing
information

3,975

37,666

2,586

2,838

8,978

Estimated price at end of period(Millions of yen)

4,830

41,200

2,880

2,660

13,300Total number of tenants (Note 1)

11

36

7

6

7

Leasable floor area (m2)

3,849.63

28,052.98

2,396.96

2,716.92

13,517.62

Leased floor area (m2)

3,849.63

27,618.80

2,396.96

2,716.92

13,517.62

100.0

100.0

100.0

－

100.0

End of May 2020

100.0

98.4

100.0

100.0

100.0

End of Nov. 2020

100.0

99.7

100.0

100.0

100.0

End of May 2021

100.0

99.0

100.0

100.0

100.0

End of Nov. 2021

100.0

98.4

100.0

100.0

100.0

183

183

183

183

183

125,091

1,054,418

79,896

102,487406,787

125,091

1,054,418

79,896

79,199406,787

Occupancy rate (%)
End of Nov. 2019

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

－

－

－

23,288－

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

43,479340,725

20,76930,047

155,756

Consignment expenses

14,45456,506

4,845

7,142

26,977

Utilities expenses

4,961

75,760

3,430

5,830

34,657

Taxes and dues

8,204

57,798

5,528

7,072

34,459

174

788

109

148

730

Repair expenses

4,176

33,077

1,771

1,099

1,589

Depreciation (C)11,507116,794

5,083

8,738

57,245

－

－

－

16

96

81,611

713,69359,12672,440251,030

93,118830,488

64,21081,178308,276

21,39020,792

22,499

2,048

7,480

71,727

809,695

41,71079,130300,796

34.76

32.31

26.00

29.32

38.29

16,327

115,596

11,012

13,874

68,918

121,620

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 tax,
Reference
information etc. for fiscal 2021 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)(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 Nihonbashi-Bakurocho 1-Chome Development Site (land), the plan is to develop an office building on theproperty.

－ 49 －