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 33rd Fiscal Period
Name of REIT Issuer:
Stock Code No.:
Representative:
Name of Asset Manager:
Representative:
Inquiries to:July 21, 2022
Stock Exchange Listing: TSE
URL: https://www.daiwa-office.co.jp/en

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

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

August 22, 2022
August 12, 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 33rd Fiscal Period
33rd Fiscal Period: Fiscal period ended May 2022 (from December 1, 2021 to May 31, 2022)(1) Management Status[% figures show the period-over-period increase (decrease)]

Operating revenue
33rd
Period32nd
PeriodOperating income

Ordinary income

Net income¥14,474 million

4.3%¥7,923 million

7.8%¥7,493 million

10.5%¥7,493 million

10.2%¥13,882 million(7.8%)¥7,351 million(9.7%)¥6,784 million(10.1%)¥6,799 million(9.9%)Net income
per unit

Net income tounitholders’ equity

Ordinary income tototal assets

Ordinary income tooperating revenue

33rd¥15,443
3.0%
1.6%
51.8%
Period32nd¥13,930
2.7%
1.4%
48.9%
Period(Note) Net income per unit is calculated using the following average number of investment units during the period.
33rd Fiscal Period: 485,190 units; 32nd Fiscal Period: 488,088 units(2) Distributions
Distribution amount
per unit

Total
distribution amount(excluding
distribution amountin excess of earnings)(excluding
distribution amountin excess of earnings)

Distribution
amountin excess ofearnings
per unit

Total
distribution
amountin excess ofearnings

Dividend
payoutDistribution
amount to
net assets

33rd¥14,000¥6,755 million¥–¥– million
90.2%
2.7%
Period32nd¥14,000¥6,833 million¥–¥– million
100.5%
2.7%
Period(Note) Distribution amount per unit for the 33rd Fiscal Period is calculated by dividing the entire amount remaining after deducting
provision of reserve for reduction entry (¥737 million) from unappropriated retained earnings by the total number ofinvestment units issued and outstanding. The main difference between distribution amount per unit and net income per unit isdue to the calculation. As acquisition and cancellation of own investment units were carried out during the period, dividend
payout for the 33rd Fiscal Period is obtained by using the following calculation formula, rounded to one decimal place.
Dividend payout = Total distribution amount (excluding distribution amount in excess of earnings) / Net income × 100
Distribution amount per unit for the 32nd Fiscal Period is calculated by dividing 6,833 million, the total distribution amountconsidering 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 and outstanding. The main difference
between distribution amount per unit and net income per unit is due to the reversal of reserve for reduction entry.

(3)Financial Position
Net assets
per unit

Net assets¥483,461 million¥250,538 million

51.8%¥519,220¥483,279 million¥253,637 million

52.5%¥519,655

Net cashprovided by (used in)operating activities

Net cashprovided by (used in)investing activities

Net cashprovided by (used in)financing activities¥16,214 million(¥12,350 million)(¥7,382 million)¥26,773 million¥8,559 million(¥2,646 million)(¥7,833 million)¥30,291 million

33rd
Period32nd
Period(4)

Unitholders’ equity tototal assets

Total assets

Cash Flows

33rd
Period32nd
PeriodCash andcash equivalents
at end of period

2. Management Status Forecasts for the 34th Fiscal Period and Management Status for the 35th Fiscal
Period34th Fiscal Period: Fiscal period ending November 2022 (from June 1, 2022 to November 30, 2022)
35th Fiscal Period: Fiscal period ending May 2023 (from December 1, 2022 to May 31, 2023)[% figures show the period-over-period increase (decrease)]

Operating revenue
34th
Period35th
PeriodOperating income

Ordinary income

Net income¥13,727 million(5.2%)¥6,949 million(12.3%) ¥6,370 million(15.0%) ¥6,369 million(15.0%)¥13,629 million(0.7%)¥6,873 million(1.1%) ¥6,273 million(1.5%) ¥6,272 million(1.5%)

Distribution amount per unit
(excluding distribution amount in excess of earnings)

Distribution amount in excess of earnings per unit

34th
¥13,600¥–
Period35th¥13,600¥–
Period(Reference) Estimated net income per unit for the 34th Fiscal Period: ¥13,200; 35th Fiscal Period: ¥13,000(Note) 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 (¥193 million) to 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 35th Fiscal Period is calculated based on the assumption that the amount after
adding reversal of reserve for reduction entry (¥289 million) to unappropriated retained earnings will be distributed.
Reversal of reserve for reduction entry may change depending on the management status.

3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(i) Changes in accounting policies due to amended accounting standards, etc.: None(ii) Changes in accounting policies other than (i):None(iii) Changes in accounting estimates:None(iv) Retrospective restatement:
None(2) Total number of investment units issued and outstanding(i) Total number of investment units issued and outstanding at end of period (including treasury units):
33rd Fiscal Period:
482,529 units
32nd Fiscal Period:(ii) Total number of treasury units at end of period:
33rd Fiscal Period:– units
32nd Fiscal Period:

488,088 units– units(Note) Please refer to “Notes to Per Unit Information” on page ● for the number of investment units used as the basis forcalculating the net income per unit.
* This financial report (kessan tanshin) is exempt from the audit by a certified public accountant or an auditing company.

* Special note
The forecast figures are forward-looking statements based on information currently available to Daiwa Office Investment
Corporation and involve uncertainties. Accordingly, the actual operating revenue, operating income, ordinary income, net
income, distribution amount per unit and distribution amount in excess of earnings per unit may vary due to changes in thestatus. Moreover, the forecasts set forth herein should not be construed as a guarantee of distribution amounts. For details on
the assumptions underlying the forecast figures above, please refer to “Assumptions for the Management Status Forecasts forthe 34th Fiscal Period and 35th Fiscal Period” on page ●.

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period○Table of Contents
1. Management Status ...............................................................................................................................................2
1.1. Management Status.........................................................................................................................................2
1.1.1. Overview of the Fiscal Period Under Review .........................................................................................2
1.1.2. Outlook for the Next Fiscal Period ..........................................................................................................6
1.2. Investment Risks.............................................................................................................................................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 .....................................................................................................172.8. Notes to Financial Statements ......................................................................................................................192.9. Increase (Decrease) in Total Number of Investment Units Issued and Outstanding ....................................27
3. Reference information .........................................................................................................................................28
3.1. Investment Status ..........................................................................................................................................28
3.2. Investment Real Estate Properties (As of May 31, 2022) .............................................................................29
3.2.1. Price and Investment Ratio of Investment Real Estate Properties ........................................................29
3.2.2. Summary of Building and Leasing of Investment Real Estate .............................................................31
3.2.3. Capital Expenditures for Assets Under Management ............................................................................34
3.2.4. Summary of Estimated Price at End of Period (As of May 31, 2022) ...................................................35
3.2.5. Status of Income (Loss), Etc. of Individual Properties .........................................................................37-1-

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period

1. Management Status
1.1. Management Status
1.1.1. Overview of the Fiscal Period Under Review
A. Brief History of the Investment Corporation
The Investment Corporation was established on July 11, 2005, in accordance with the Act on Investment Trusts andInvestment Corporations (Act No. 198 of 1951; including amendments thereto) with Daiwa Real Estate AssetManagement Co., Ltd. (former name K.K. daVinci Select) (the “Asset Manager”) as the organizer. After its establishment,
the Investment Corporation implemented an additional issuance of investment units through a public offering (99,600
units) on October 18, 2005 and then listed on the Tokyo Stock Exchange, Inc. (TSE) Real Estate Investment Trust Section(stock code: 8976) on the following day.
Though initial assets under management were 79,573 million yen (sum total of acquisition price), subsequent activities,
such as additional acquisition of properties and replacement of portfolio properties, resulted in the assets undermanagement amounting to 466,528 million yen as of the last day of May 2022.
The Investment Corporation strives to secure stable revenue and sustained growth of the investment assets based on aclear portfolio development policy of specializing in investment in office buildings, with a particular focus on investment
in a total floor area of more than about 2,000 m2 situated in downtown Tokyo, as well as through dedicated efforts toheighten tenant satisfaction levels.
B. Investment Environment and Management Performancea. Investment Environment
The Japanese economy during the fiscal period under review saw a decrease in production in the automobile and othermanufacturing industries attributable to the shortage of semi-conductors as well as a drop in individual consumption
due to the impact of the declaration of pre- emergency measures concerning COVID-19 which was applied in 18
prefectures until March 21, 2022. As a result, the real GDP growth rate (Second Preliminary Estimates) for January to
March 2022 sat at an annual rate of -0.5%, 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 has rose to 6.37% as of the end of May 2022 (Miki Shoji’s average vacancy rate for the five central
wards of Tokyo). With the prolonged COVID-19 pandemic, cancellations due to office consolidation and relocation tosmaller locations caused by the deterioration of business performance are seen, and office rents have also turned to adownward trend after peaking in July 2020.
For the office building transaction market, the appetite for property acquisitions remained strong among real estatecompanies, funds (including J-REITs) and overseas investors with no material change made to the proactive lending
attitude by financial 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 “Kandasudacho 2-Chome Development Site (land)”(acquisition price: ¥10,600 million) and transferred “Daiwa Minami-Aoyama” (transfer price: ¥4,990 million) and“Daiwa Kojimachi 4-chome” (transfer price: ¥3,200 million) in December 2021. As a result, the Investment
Corporation’s assets under management as of the end of the 33rd Fiscal Period (May 31, 2022) totaled 59 properties,
the sum total of acquisition prices of which amounted to 466,528 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 33rd
Fiscal Period (May 31, 2022) was 98.4%.
C. Overview of Capital Procurementa. Procurement of Capital for Repayment of Borrowings
In the 33rd Fiscal Period, the Investment Corporation made the following borrowings to fund the acquisition of new
properties and the repayment of borrowings.
(i) The Investment Corporation borrowed 3,450 million yen in total from Sumitomo Mitsui Banking Corporation,
Sumitomo Mitsui Trust Bank, Limited, Mitsubishi UFJ Bank, Ltd. and Shinsei Bank, Ltd. on January 31, 2022 tofund the acquisition of a new property (Kandasudacho 2-Chome Development Site (land)) acquired on December
16, 2021.
(ii) The Investment Corporation took out loans totaling 2,000 million yen from Sumitomo Mitsui Banking Corporation
and The Gunma Bank, Ltd. on February 28, 2022, to fund the repayment of the same amount borrowed from thesame banks due for repayment on the same day.
(iii) The Investment Corporation took out loans of 2,000 million yen from the Development Bank of Japan Inc. on
March 31, 2022, to fund the repayment of the same amount borrowed from the same bank due for repayment on
the same day.

-2-

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period(iv) The Investment Corporation took out loans totaling 12,400 million yen from Sumitomo Mitsui Banking
Corporation, the Development Bank of Japan Inc., MUFG Bank, Ltd., Mizuho Bank, Ltd. and Shinsei Bank, Ltd.
on May 31, 2022 to fund the repayment of the same amount borrowed from the same banks due for repayment on
the same day.
b. Status of Interest-Bearing Liabilities at End of the Fiscal Period under Review
As a result of the above, the balance of interest-bearing liabilities outstanding as of the end of the 33rd Fiscal Period(May 31, 2022) stood at 205,800 million yen in total (long-term loans payable: 196,800 million yen; investment
corporation bonds: 9,000 million yen). The balance of the current portion of long-term loans payable stood at 30,600
million yen.
The average remaining period of interest-bearing liabilities as of the end of the 33rd Fiscal Period stands at 4.0 years.
List of Borrowings in the 33rd Fiscal Period
Loan amount(Millions of yen)

Drawdown date

Repayment date

Loan period(Years)1,000

January 31, 2022

January 31, 2025

3.0

MUFG Bank, Ltd.

950

January 31, 2022

January 31, 2025

3.0

Shinsei Bank, Ltd.

500

January 31, 2022

January 31, 2025

3.0

Sumitomo Mitsui Trust Bank, Ltd.

1,000

January 31, 2022

September 30, 2024

2.7

The Gunma Bank, Ltd.

1,000 February 28, 2022

August 31, 2029

7.5

Sumitomo Mitsui Banking Corporation

1,000 February 28, 2022

February 28, 2029

7.0

Development Bank of Japan Inc.

2,000

March 31, 2022

March 31, 2028

6.0

Sumitomo Mitsui Banking Corporation

3,400

May 31, 2022

November 29, 2030

8.5

MUFG Bank, Ltd.

1,000

May 31, 2022

November 29, 2030

8.5Mizuho Bank, Ltd.

1,500

May 31, 2022

May 31, 2030

8.0

Shinsei Bank, Ltd.

1,000

May 31, 2022

May 31, 2030

8.0

MUFG Bank, Ltd.

1,000

May 31, 2022

February 28, 2030

7.8

Sumitomo Mitsui Banking Corporation

2,000

May 31, 2022

August 31, 2029

7.3

MUFG Bank, Ltd.

1,000

May 31, 2022

May 31, 2029

7.0

Development Bank of Japan Inc.

1,500

May 31, 2022

May 31, 2028

6.0

LenderSumitomo Mitsui Banking Corporation-3-

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
Balance of Borrowings from Each Financial Institution (As of May 31, 2022)
End of the 33rd Fiscal Period
Lender(Millions of yen)
Sumitomo Mitsui Banking Corporation
40,400Share (%) (Note)
20.53

Sumitomo Mitsui Trust Bank, Ltd.

24,50012.45

Development Bank of Japan Inc.

21,75011.05

MUFG Bank, Ltd.

20,45010.39

Mizuho Bank, Ltd.

19,4009.86

Shinsei Bank, Ltd.

14,500

7.37

Resona Bank, Limited

12,5006.35

Mizuho Trust and Banking Co., Ltd.

9,500

4.83

The Bank of Fukuoka, Ltd.

6,500

3.30

Kansai Mirai Bank, Ltd.

5,000

2.54

The Nishi-Nippon City Bank Ltd.

3,000

1.52

The 77 Bank, Ltd.

3,000

1.52

The Norinchukin Bank

3,000

1.52

The Gunma Bank, Ltd.

2,500

1.27

The Musashino Bank, Ltd.

2,000

1.02

Tokio Marine & Nichido Fire Insurance Co., Ltd.

2,000

1.02

The Yamaguchi Bank, Ltd.

2,000

1.02

Nippon Life Insurance Company

1,300

0.66

The Hyakugo Bank, Ltd.

1,000

0.51

The Yamanashi Chuo Bank, Ltd.

1,000

0.51

Momiji Bank, Ltd.

1,000

0.51

Taiyo Life Insurance Company

300

0.15

Fukoku Mutual Life Insurance Company

200

0.10

196,800

100.00Total(Note) Share is rounded to two decimal places.
c. Rating Information(As of May 31, 2022)
Credit rating agency
Rating and Investment Information, Inc. (R&I)
Japan Credit Rating Agency, Ltd. (JCR)

RatingOutlook

AAAA

StableStabled. 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.

-4-Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
D. Sustainability Initiatives
The Sustainability Promotion Committee was set up at the Asset Manager in 2014 and the Policy Regarding ESG wasestablished at the Investment Corporation and the Asset Manager in March 2019 based on the Investment Corporation’srecognition that emphasizing ESG in asset management would contribute to the enhancement of corporate value overthe medium to long term. The Sustainability Promotion Office was also set up at the Asset Manager in June 2021 inorder 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 (Note 1) is 31 properties and the ratio of suchproperties 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 the portfolio
properties by forming favorable relationships with them. In the 33rd Fiscal Period, initiatives were taken for the 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 in 2021. 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 2021 GRESB Public
Disclosure assessment, which measures the comprehensiveness of ESG information disclosure, the Investment
Corporation was assessed as providing outstanding information disclosure relating to environmental and sustainability
initiatives, receiving the top rating of “A” on the five-tiered evaluation scale.
The Asset Manager established the “Climate Change and Resilience Policy” in December 2021 to promote theclarification of its policy and system on the initiatives for climate-related issues and the expansion of disclosure of thedetails of initiatives, and expressed its support for the Task Force on Climate-related Financial Disclosures (TCFD)
recommendations (Note 2). In addition, it joined the TCFD consortium, a group of domestic companies that support
TCFD recommendations, in January 2022. Based on the four items whose information disclosure is recommended in the
TCFD recommendations (governance, strategy, risk management, and indicators and targets), a qualitative scenario
analysis of business risks and opportunities caused by the response to climate change was conducted and disclosed on
the Investment Corporation’s website from July 2022.
(Note 1) The environmental certifications which the properties owned by the Investment Corporation have acquired
include CASBEE for Real Estate Certification, DBJ Green Building Certification, BELS Certification and
LEED Certification.
(Note 2) Task Force on Climate-related Financial Disclosure (TCFD) is an international initiative established by the
Financial Stability Board (“FSB”) at the request of the G20 for the purpose of discussing the disclosures ofclimate-related financial information and the responses by financial institutions.
E. Overview of Financial Performance and Distributions
As a result of the management described above, the Investment Corporation posted financial performance for the 33rd
Fiscal Period of 14,474 million yen in operating revenue, 7,923 million yen in operating income, 7,493 million yen in
ordinary income and 7,493 million yen in net income.
Concerning distributions, it is planned that the amount equivalent to distributions from earnings would be included in
the amount of tax-deductible expenses based on application of special provisions for taxation of corporation tax (Article
67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957; including amendments thereto) (the“Special Taxation Measures Act”)). Accordingly, retaining 737,664,628 yen from application of “Special Provisions for
Taxation in Cases of Repurchase of Specified Assets” (Article 65-7 of the Special Taxation Measures Act) as reserve for
reduction entry, the Investment Corporation decided to distribute the entire amount remaining after deducting provisionof reserve for reduction entry from unappropriated retained earnings, and declared a distribution amount per unit of
14,000 yen.

-5-

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
1.1.2. Outlook for the Next Fiscal Period
A. Investment Environment
The Japanese economy going forward is expected to see a recovery in individual spending due to the expansion of theacceptance of inbound tourists from overseas resulting from the slowdown of the spread of COVID-19 infection.
However, as issues such as the situation in Ukraine, rise in resource prices and disruption of supply chain in the
manufacturing industry centering on the automobile industry may take time to normalize, the outlook for the Japanese
economy remains unpredictable.
In the 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 expected
to remain strong. However, the re-spread of the COVID-19 pandemic, interest rate trends and other factors may impact
future developments in the transaction market.
B. Future Management Policy and Tasks
a. Strategy for Managing Existing Properties
As to macro trends for the office market, there are still many secondary vacancies caused by relocations to new buildings
as well as partial cancellations and relocations to smaller locations for the purpose of cost reduction. As a result, thevacancy rate for the entire market remains high. On the other hand, as the Investment Corporation’s portfolio consists
mainly of class B buildings in the Five Central Wards of Tokyo, new resilient demand mainly from small-to mediumsized companies is being steadily obtained. While setting the maintenance of occupancy rate as the basic policy, rents
are being secured at slightly higher levels by advancing tenant replacement through leasing activities offering flexible
terms. Therefore, the Investment Corporation considers that maintaining/improving competitiveness of buildings toqualify as prime offices that can increase the productivity of employees and accommodate needs of the times andenvironment will be the future issue, and is determined to continue carrying out operational management under thefollowing policy.
(i) Maintain and raise occupancy rates
Concerning existing tenants, strive to reduce cancellation risks by improving the quality of buildings, equipment
and management system. In addition, concerning new tenants, strive to maintain and raise occupancy rates throughthe provision of highly satisfactory services from gaining deeper understanding of tenant needs through proactive
involvement in the market.
(ii) Maintain and raise profitability
Aim to secure stable revenue over the medium to long term through further strengthening good relationships withexisting tenants, as well as proactively tapping the needs of new tenants by discerning the market environment.
(iii) Control operational management costs
Strive to control operational management costs based on maintaining office environments with high tenantsatisfaction levels by implementing efficient operational management and reviewing systematic construction workthrough optimal leveraging of economies of scale achieved from proactively realizing external growth.
b. Strategy for New Property Investments
The Investment Corporation will invest in office buildings that have a total floor area of about 2,000 m2 or more basedon various external growth strategies, while maintaining a balance with the asset acquisition environment and financing
situation. In principle, considerations will focus on Tokyo as the investment target area, but the Investment Corporation
will also consider investing in competitive properties in cities other than Tokyo from a viewpoint of territoriallydistributed investments.
As pipeline support, in addition to expanding its own information-sourcing channels, the Investment Corporation
will continue to search for properties that meet its investment criteria by proactively gathering real estate transaction
market information through greater collaboration with the Asset Manager and Sponsor Group and utilizing the Group’s
extensive network of clients, partners, etc.
Moreover, during the 33rd Fiscal Period the Investment Corporation acquired Kandasudacho 2-Chome Development
Site (land) in Tokyo. This acquisition will be a development project following the "Nihonbashi-Bakurocho 1-Chome
Development Site (land)" for the Investment Corporation, and is positioned as a project that is expected to rejuvenate
the portfolio and improve profitability over the medium to long term. The Investment Corporation will strive to acquire
properties in accordance with the investment strategy described above, while continuing to carefully assess thepossibility of considering such development projects.

-6-Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Periodc. Financial Strategy
The Investment Corporation will conduct disciplined financial management of the following basic content.
(i) Control leverage by keeping the ratio of interest-bearing liabilities to total assets (LTV) within the range of 40%
to 50% at maximum, taking into consideration also the LTV, etc. based on appraisal value, as a principle.
(ii) Diversify repayment deadlines, targeting 30.0 billion yen as the maximum amount of interest-bearing liabilities
that shall become due during any single fiscal period as a principle.
(iii) Aim to have long-term loans account for at least 70% of balance of loans as a principle.
(iv) Achieve diversification of lenders, which shall mainly be Japanese financial institutions.
(v) Pursuant to its fund management rules, maintain stability in its financial standing by managing necessary funds,
such as the amount equivalent to distributions paid, separately from working capital.
C. Significant Subsequent Events
Not applicable.
D. Outlook for Management Status
The Investment Corporation forecasts the following management status for the 34th Fiscal Period (fiscal period ending
November 2022 (from June 1, 2022 to November 30, 2022)). For the assumptions underlying the management status
forecasts, please refer to the “Assumptions for the Management Status Forecasts for the 34th Fiscal Period and 35th
Fiscal Period” on page ●.
34th Fiscal Period (fiscal period ending November 2022 (from June 1, 2022 to November 30, 2022))
Operating revenue
13,727 million yen
Operating income
6,949 million yen
Ordinary income
6,370 million yen
Net income
6,369 million yen
Distribution amount per unit
13,600 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 34th Fiscal Period and 35th
Fiscal Period” will remain unchanged, the Investment Corporation forecasts the following management status for the
35th Fiscal Period (fiscal period ending May 2023 (from December 1, 2022 to May 31, 2023)).
35th Fiscal Period (fiscal period ending May 2023 (from December 1, 2022 to May 31, 2023))
Operating revenue
13,629 million yen
Operating income
6,873 million yen
Ordinary income
6,273 million yen
Net income
6,272 million yen
Distribution amount per unit
13,600 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 33rd Fiscal Period
Assumptions for the Management Status Forecasts for the 34th Fiscal Period and 35th Fiscal Period
Item

Assets undermanagement

Operatingrevenue

OperatingexpensesNon-operating
expenses

Interest-bearing
liabilities

Total number ofinvestment units
issued andoutstanding

Assumptions
 34th Fiscal Period: Assets under management are assumed to be the 59 properties owned as of
May 31, 2022 together with the completion of the building included in Nihonbashi-Bakurocho 1Chome Development Project (scheduled for November 2022).
 35th Fiscal Period: Assets under management are assumed to be the properties mentioned above.
 The actual number of properties may vary due to changes in the assets under management otherthan above.
 Rent revenue from existing properties is calculated based on historical data and taking into accountvariable factors.
 It is assumed that there will be no gain or loss on sale of real estate properties.
 Expenses related to rent business, which constitute a major component of operating expenses, arecalculated based on historical data and taking into account variable factors.
 Repair expenses for buildings are recorded as expenses in the amount expected to be necessary in
the respective fiscal period based on the medium to long term repair plan established by the AssetManager.
 Operating income from property leasing (excluding gain on sale from real estate properties) after
deducting expenses related to rent business (including depreciation) is expected to be 8,315 million
yen in the 34th Fiscal Period and 8,232 million yen in the 35th Fiscal Period.
 Consignment expenses are expected to be 1,014 million yen in the 34th Fiscal Period and 1,013
million yen in the 35th Fiscal Period.
 Taxes and dues (fixed property tax, city planning tax, etc.) are expected to be 1,149 million yen in
the 34th Fiscal Period and 1,149 million yen in the 35th Fiscal Period.
 While, in general, fixed property tax, city planning tax, etc. in the transaction of real estate, etc. are
calculated on a pro rata basis and reimbursed at the time of acquisition with the current owner, but
for the Investment Corporation, the amount equivalent to the reimbursement is included in the costof acquisition and thus it is not recognized as expenses in the period of acquisition of properties.
As such, fixed property tax, city planning tax, etc. for properties acquired will be recorded as
expenses starting from the fiscal year following the acquisition year.
 Depreciation is expected to be 1,784 million yen in the 34th Fiscal Period and 1,803 million yen
in the 35th Fiscal Period.
 Non-operating expenses in the 34th Fiscal Period are expected to be 578 million yen, of which theinterest expenses, interest expenses on investment corporation bonds, and borrowing related
expenses are expected to be 566 million yen.
 Non-operating expenses in the 35th Fiscal Period are expected to be 599 million yen, of which theinterest expenses, interest expenses on investment corporation bonds, and borrowing related
expenses are expected to be 588 million yen.
 The total amount of interest-bearing liabilities is assumed to be 205,800 million yen at the end of
the 34th Fiscal Period and 207,800 million yen at the end of the 35th Fiscal Period.
 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.
 In the 35th Fiscal Period, new borrowings of 2,000 million yen will be borrowed to be allocated tofunds used for the construction of building of “Nihonbashi-Bakurocho 1-Chome Development
Project” announced on October 21, 2020, and it is assumed that the entire amount of borrowings
due for repayment on February 28, 2023 (6,500 million yen) and May 31, 2023 (6,500 million yen)is refinanced.
 The total number of investment units issued and outstanding is assumed to be the 482,529 units asof May 31, 2022.
 It is assumed that there are no changes to the number of investment units other than stated above
until the end of the 35th Fiscal Period through the issuance of new investment units, etc.

-8-Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
Item

Assumptions

Distribution amount
per unit The distribution amount per unit is calculated based on the cash distribution policy as set out in thearticles of incorporation of the Investment Corporation.
 The distribution amount per unit for the 34th Fiscal Period is based on the assumption that part
(193 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 for the 35th Fiscal Period is based on the assumption that part(289 million yen) of the reserve for reduction entry retained as internal reserves will be reversedand distributed. Reversal of reserve for reduction entry may change depending on the management
status.
 The distribution amount per unit may vary depending on a variety of factors, such as changes in
the assets under management, changes in the rent revenue due to tenant changes and other causes,
and incurrence of unforeseen repairs.

Distribution amountin excess of earnings
per unit At present, there is no plan to make any distribution in excess of earnings (distribution amount inexcess of earnings per unit).

Other It is assumed that there are no changes to laws and ordinances, the tax system, accounting
standards, listing regulations, the rules of Tokyo Stock Exchange, Inc. and The Investment Trusts
Association, Japan, etc. that will affect the abovementioned forecast figures.
 It is assumed that there will be no major unforeseen changes in general economic trends, real estatemarket conditions, etc.

1.2. Investment Risks
Disclosure is omitted because there are no significant changes from the “Part I: Fund Information; Section 1: Fund Status;
3. Investment Risks” set out in the most recent periodic securities report (yuka shoken hokokusho) (submitted on February
18, 2022).

-9-

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd 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

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

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

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

23,095,517
3,677,490
86,072355,818
34,13627,249,034

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

3,581,479(2,756,196)
825,282
14,344(9,238)5,106
21,085(17,016)
4,069
12,302,226
4,006
108,011,572(31,243,029)
76,768,543
766,806(239,123)
527,682
870,980(520,910)
350,069
366,416(227,197)
139,218
359,932,790
846,159
451,705,157*1, *2*2*2

72,398,275
306,884
2,875
2,708,043- 10 -*1, *2*2*2－2,398,275
306,884
11,3412,716,501

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd 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 -

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

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

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

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

49,36049,360483,279,832

44,35744,357483,461,103

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

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

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

9,000,000
166,200,000
20,192,922
1,972,139
165,917－－
197,530,979
232,922,207*4*5

251,551,759(6,458,395)
245,093,364*4

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

1,755,357
1,755,357
6,799,258
8,554,615
253,647,979

1,721,383
1,721,383
7,493,070
9,214,454
250,307,894(10,319)(10,319)
253,637,659
483,279,832

231,001
231,001
250,538,895
483,461,103*5

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
2.2. Statements of Income(Unit: Thousands of yen)
32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 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

*1

- 12 -

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

13,846,420
35,944－
13,882,364*1

13,560,238
13,769*2
900,931
14,474,939

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

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

15
515
555
46
1,133

14
646
138,785285
139,731406,71126,041
128,3216,542
567,617
6,784,546
6,784,546
881(15,593)(14,712)
6,799,258－
6,799,258

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

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
2.3. Statements of Unitholders’ Equity
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
retainedearnings

Unappropriatedretainedearnings(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 ofcurrent fiscal period

Voluntary retained earnings

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

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

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

－

－

－

716,665

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

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

245,093,364

1,755,357

1,755,357

6,799,258

8,554,615

Unitholders’equityValuation and translation
adjustments

Total unitholders’ Deferred gains orequitylosses on hedges
Balance at beginning ofcurrent 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
reduction entry－－

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

Net income

6,799,258

6,799,258

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- 13 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022](Unit: Thousands of yen)
Unitholders’ equity
Unitholders’ capital

SurplusReserve for
reduction entry

Total voluntary
retainedearnings

Unappropriatedretainedearnings(undisposed
loss)

1,755,357

1,755,357

6,799,258

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

33,973－

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

Net income

7,493,070

7,493,070

Balance at beginning ofcurrent fiscal period

Voluntary retained earnings

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

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

245,093,364

Total surplus

Changes of items during theperiodReversal of reserve for
reduction entry

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

693,812659,838

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

241,093,440

1,721,383

1,721,383

7,493,070

9,214,454

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

Valuation and translation
adjustments

Unitholders’ equity

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

253,647,979(10,319)

Total valuationand translation
adjustments

Total net assets(10,319)

253,637,659

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

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

Net income

7,493,070

7,493,070(3,999,924)(3,999,924)(3,999,924)

3,999,924－－

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 period

241,321

241,321

241,321－(3,340,085)

241,321

241,321(3,098,764)－

250,307,894

231,001

231,001

250,538,895- 14 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
2.4. Statements of Cash Distributions

Item

I.

Unappropriated retained earnings

II.

Reversal of voluntary retained earnings

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

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

Amount (Yen)Amount (Yen)

6,799,258,381

7,493,070,628

33,973,619－

6,833,232,000

6,755,406,000(14,000)(14,000)

IV. Voluntary retained earnings
Provision of reserve for reduction entry－

737,664,628

Retained earnings carried forward－－

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

V.

Method for calculating distribution amountPursuant to the policy that “theInvestment Corporation shall distributean amount in excess of the amountequivalent to 90% of its distributableearnings as defined in Article 67-15 of
the Act on Special Measures
Concerning Taxation” but no more than
the amount of earnings as specified in
Article 32, Item 1 of the Investment
Corporation’s articles of incorporation,
the Investment Corporation decided the
distributions from earnings that it shall
pay out shall be the amount that is thesum of the reversal of reserve for
reduction entry and unappropriatedretained earnings. Accordingly, theInvestment Corporation declared a
distribution amount of 6,833,232,000
yen. Furthermore, the Investment
Corporation shall not distribute cash inexcess of earnings as stipulated in
Article 32, Item 2 of its articles ofincorporation.

- 15 -

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

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
2.5. Statements of Cash Flows(Unit: Thousands of yen)

Net cash provided by (used in) operating activities
Income before income taxes
Depreciation
Amortization of investment corporation bonds issuance costs
Interest income
Interest expenses(Increase) Decrease in operating accounts receivable(Increase) Decrease in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable – other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received(Increase) Decrease in long-term prepaid expenses
Decrease from sales of property, plant and equipment in trust
Other
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets
Proceeds from tenant security deposits
Proceeds from tenant security deposits in trust
Repayments of tenant security deposits
Repayments of tenant security deposits in trust
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Repayment of short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Purchase of own investment units
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 16 -

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

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

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

7,493,952
1,787,160
5,003
(14)
424,622
103,843(15,517)(142,868)(12,703)
8,099(24,831)(137,086)
7,179,984(30,745)
16,638,898
14(423,389)(881)
16,214,641(25,452)(2,724,657)－
1,034,135
66,704(918,785)(78,188)(2,646,243)(30,074)(11,980,211)(12,000)
577,952
83,407(947,816)(41,966)(12,350,710)－
6,500,000(7,500,000)－(6,833,242)(7,833,242)(1,920,198)
32,211,634
30,291,436(2,400,000)
19,850,000(14,000,000)(3,999,924)(6,832,436)(7,382,360)(3,518,428)
30,291,436
26,773,007*1*1

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
2.6. Notes to the Going Concern
Not applicable.
2.7. Notes to Significant Accounting Policies
1. Accumulated depreciation(1) Property, plant and equipment (including trust assets)method for noncurrent assets
The straight-line method is adopted.
The useful life of primary property, plant and equipment is as follows:
Buildings
2~64 years
Structures
10~56 years
Machinery and equipment
10~23 years
Tools, furniture and fixtures
4~15 years(2) Intangible assets
The straight-line method is adopted.
(3) Long-term prepaid expenses
The straight-line method is adopted.
2.
3.

Accounting policies for deferredassets
Accounting standards forrecording revenues and expenses

Investment corporation bonds issuance costs
Amortized using the straight-line method over the period up to redemption.
(1) Accounting for fixed property tax, etc.
Concerning fixed property tax, city planning tax, depreciated asset tax, etc. forowned real estate or trust beneficiary interest in real estate, of the tax 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
acquisition of the concerned real estate property. The amount equivalent to fixed
property tax, etc. that was included in the cost of acquisition of real estate
properties is 1,602 thousand yen in the 32nd Fiscal Period and 380 thousand yen
in the 33rd Fiscal Period.
(2) Accounting Standard for Revenue
The content of main performance obligations related to revenue arising fromcontracts with customers of the Investment Corporation and the normal timing
for satisfying such performance obligations (the normal timing for recognizing
revenue) are as follows:(i) Sale of real estate properties
The Investment Corporation recognizes revenue from the sale of real estate
properties when the purchaser, as the customer, obtains control of the realestate property by fulfilling the delivery obligations stipulated in the contract
for the sale of real estate property.
(ii) Utilities income
The Investment Corporation recognizes utilities income based on the supplyof electricity, water, etc. to the lessee as the customer, in accordance with theterms of the real estate lease contract and related agreements. Of utilities
income, in the case that the Investment Corporation determines it is an agent
for utilities income, the utilities income is recognized as income at the net
amount received as charges for electricity, gas, etc. supplied by other parties
less the amount paid to such other parties.

- 17 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
4.

Hedge accounting approach5.

Scope of funds in the statementsof cash flows

6.

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

- 18 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
2.8. Notes to Financial Statements(Omission of Disclosure)
Concerning notes to lease transactions, securities, retirement benefits, tax-effect accounting and asset retirement
obligations, disclosure is omitted because there is no substantial need for such disclosure in the financial report (kessan
tanshin).
[Notes to Balance Sheets]*1. Advanced depreciation amount for property, plant and equipment acquired by government subsidies, etc.

Buildings in trust

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

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

32,898 thousand yen

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

Buildings in trust
Structures in trust
Land in trust
Total

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

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

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

182,563 thousand yen
283 thousand yen
887,074 thousand yen
1,069,921 thousand yen*3. Agreement on the Establishment of Commitment LineThe Investment Corporation has concluded an agreement with a correspondent bank concerning the establishment ofcommitment line.
There was no balance of borrowings based on the agreement as of the end of the current period.
32nd Fiscal Period[As of Nov. 30, 2021]
Total amount of commitment line
Balance of borrowings－－

Difference－

33rd Fiscal Period[As of May 31, 2022]
5,500,000 thousand yen－
5,500,000 thousand yen*4. Status of cancellation of own investment units
32nd Fiscal Period[As of Nov. 30, 2021]

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

Total number of units cancelled
9,781 units
15,340 units
Total amount cancelled
6,458,395 thousand yen
10,458,319 thousand yen(Note) The number of units cancelled during the 33rd Fiscal Period was 5,559 units and the total amount cancelled was
3,999,924 thousand yen.
*5. Minimum net assets as provided in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations
32nd Fiscal Period[As of Nov. 30, 2021]

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

50,000 thousand yen

50,000 thousand yen- 19 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period[Notes to Statements of Income]*1. Breakdown of operating income (loss) from property leasing

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

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

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

13,846,420
35,944

13,560,238
13,769Total property leasing revenue

13,882,364

B. Property leasing expenses
Consignment expenses
Utilities expenses
Taxes and dues
Non-life insurance expenses
Repair expenses
Depreciation
Other lease business expenses

1,049,643
870,406
1,147,461
20,338
166,756
1,808,363
83,281

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

13,574,007
974,462
924,472
1,144,699
20,748222,314
1,783,619
72,701

5,146,252

5,143,017

8,736,111

8,430,990*2. Breakdown of gain on sales of real estate properties(Unit: Thousands of yen)
32nd Fiscal Period [From: June 1, 2021 To: November 30, 2021]
Not applicable.
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]
Daiwa Minami-Aoyama
Proceeds from sales of real estate properties
Cost of sales of real estate properties
Other expenses on sales

4,990,000
4,408,570
44,927536,502

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

3,200,000
2,805,594
29,977364,428

Gain on sales of real estate properties[Notes to Statements of Unitholders’ Equity]
32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]

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

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

2,000,000 units

2,000,000 units

488,088 units

482,529 units

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd 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)
32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]

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

Cash and deposits
Cash and deposits in trust

26,650,594
3,640,841

23,095,517
3,677,490

Cash and cash equivalents

30,291,436

26,773,007[Notes to Financial Instruments](1) Matters Concerning Status of Financial Instruments① Policy for financial instruments
The Investment Corporation raises funds through bank borrowings, issuance of investment corporation bonds andissuance of new investment units, etc. for the acquisition and repair of investment properties, the payments of dividends
and the reimbursement of bank borrowings. As for debt finance, the Investment Corporation focuses on lengthening
maturities, fixing interest rates, dispersing maturity dates and utilizing commitment line in order to secure financial
stability and avoid future fluctuation risk of interest rates.
The Investment Corporation manages surplus funds through deposits and safe and highly liquid money claims andsecurities (in principle, deposits).
Derivative transactions are limited to hedge operations which hedge against interest rate fluctuation risks attributable
to liabilities of the Investment Corporation.
② Contents and risk of financial instruments and related risk management

The Investment Corporation uses the proceeds from the financing of debts and investment corporation bonds for theacquisition of investment properties (such as trust beneficiary interest in real estate) and the reimbursement of current
debts and bonds. While these debts and bonds are exposed to liquidity risk, the Investment Corporation manages the risk
by maintaining the LTV ratio at low levels, dispersing maturity dates, maintaining the ratio of long-term debt to total
debt at high levels, and diversifying lenders with particular focus on domestic financial institutions. Bank borrowings,
etc. with floating interest rates are exposed to interest rate fluctuation risk and the risk is controlled by using derivative
instruments (interest rate swap transaction) for some long-term borrowings to avoid interest rate fluctuation risk and to
fix interest expense.
The effectiveness of hedging is assessed by the correlation between the change in aggregated amount of cash flow of
the hedging instruments and the change in aggregated amount of cash flow of the hedged items. Interest rate swaps thatmeet the requirements for special accounting are omitted from assessment of the effectiveness.
Enforcement and management of derivative transactions are carried out in accordance with the provisions establishedby the basic policy of risk management.
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust are exposed to liquidity risk
upon tenants moving out and the Investment Corporation reduces the risk by pooling funds to a certain degree.
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust are exposed to liquidity risk
upon tenants moving out and the Investment Corporation reduces the risk by pooling funds to a certain degree.
Surplus funds by deposits are exposed to credit risk of counterparties (financial institutions and so on) and are managed
by limiting the terms to short durations and establishing credit rating level of counterparties (except for checkabledeposit), etc.
③ Supplementary explanation for fair value of financial instruments

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

- 21 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period(2) Matters Concerning Fair Value, etc. of Financial Instruments
The carrying amounts and fair values and their differences are as follows. As "Cash and deposits," "Cash and deposits intrust" and "Short-term loans payable" are settled within a short period of time, the fair value is approximately the same as
the book value, and thus such notes have been omitted.
32nd Fiscal Period [As of November 30, 2021](Unit: Thousands of yen)
Carrying amount

Fair value

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

31,600,000

31,600,412412(2) Investment corporation bonds

9,000,000

9,024,050

24,050159,350,000

158,874,541(475,458)

199,950,000

199,499,003(450,996)(15,056)(15,056)－(3) Long-term loans payable
Total liabilities
Derivative transactions (*)
33rd Fiscal Period [As of May 31, 2022](Unit: Thousands of yen)
Carrying amount

Fair value

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

30,600,000

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

9,000,000

8,959,310(40,690)

166,200,000

165,401,287(798,712)

205,800,000

204,955,017(844,982)(3) Long-term loans payable
Total liabilities

Derivative transactions (*)
337,031
337,031－(*) The value of receivables and payables arising from derivatives are indicated at net basis. The amount in parentheses
represents the net liability position.
(Note 1) Methods to estimate fair value of financial instruments and matters concerning derivative transactions
Liabilities(1) Current portion of long-term loans payable; (3) Long-term loans payable
As those with floating interest rates reflect market interest rates within a short period of time and the Investment
Corporation’s credit capability does not differ markedly from the execution, the fair value is approximately the same as
the book value and thus is stated at that book value. Those with fixed interest rates, on the other hand, are based on themethod of calculating by discounting the sum total amount of principal and interest (*) by the reasonably estimatedinterest rate in the case that the same type of borrowings is undertaken.
(*) For long-term loans payable that are subject to special accounting for interest rate swaps, the interest is handled
together with applicable interest rate swaps. (Please refer to [Notes to Derivative Transactions] below.)(2) Investment corporation bonds
The fair value of the investment corporation bonds issued by the Investment Corporation is based on the market price.
Derivative transactions
Please refer to [Notes to Derivative Transactions] below.
(Note 2) Tenant leasehold and security deposits (20,388,209 thousand yen in the balance sheet from November 30, 2021, and20,192,922 thousand yen in the balance sheet from May 31, 2022) and tenant leasehold and security deposits in trust(1,930,698 thousand yen in the balance sheet from November 30, 2021, and 1,972,139 thousand yen in the balance sheet for
May 31, 2022) are omitted as they lack materiality.

- 22 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period(Note 3) Amount of repayment of current portion of long-term loans payable, investment corporation bonds, and long-termloans payable scheduled to be due after the settlement of accounts
32nd Fiscal Period [As of November 30, 2021]
Within 1 year

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

Current portion of longterm loans payable

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

Total

31,600,000

26,200,000

30,000,000

22,050,000

22,400,000

67,700,000

33rd Fiscal Period [As of May 31, 2022]
Within 1 year

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

Current portion of longterm loans payable

30,600,000

－

－

－

－

－

Investment corporation
bonds

－

－

3,800,000

1,500,000－

3,700,000

Long-term loans
payable－25,600,000

30,800,000

20,700,000

20,200,000

68,900,000

Total

30,600,000

25,600,000

34,600,000

22,200,000

20,200,000

72,600,000[Notes to Derivative Transactions](1) Transactions for which hedge accounting is not applied
32nd Fiscal Period [As of November 30, 2021]
Not applicable.
33rd Fiscal Period [As of May 31, 2022]
Not applicable.
(2) Transactions for which hedge accounting is applied
32nd Fiscal Period [As of November 30, 2021]
About derivative transactions for which hedge accounting is applied, the contract amount, amount equivalent to theprincipal provided in the contract, etc. as of the settlement of accounts for each hedge accounting approach are as follows.
(Unit: Thousands of yen)Hedge
accounting
approachPrinciple
accounting
methodSpecialaccounting forinterest rate
swaps

Type, etc. of derivative Main hedgedtransaction
item

Contract amount, etc.
Of which,over 1 year

Interest rate swap
transaction
Long-term
100,300,000 76,500,000
Fixed payable Floating loans payable
receivable
Interest rate swap
transaction
Long-term
28,900,000 28,900,000
Fixed payable Floating loans payable
receivable
Total
129,200,000 105,400,000- 23 -

Fair value

Method of calculationof that fair value

Based on price quoted(15,056) by partner financial
institution(*)－(15,056)－

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
33rd Fiscal Period [As of May 31, 2022]
About derivative transactions for which hedge accounting is applied, the contract amount, amount equivalent to theprincipal provided in the contract, etc. as of the settlement of accounts for each hedge accounting approach are as follows.
(Unit: Thousands of yen)Hedge
accounting
approach

Type, etc. of derivative Main hedgedtransaction
item

Contract amount, etc.
Of which,over 1 year

Fair value

Method of calculationof that fair value

Interest rate swap
Based on price quoted
transaction
Long-term
89,800,000 67,500,000
337,031 by partner financial
Fixed payable Floating loans payable
institution
receivable
SpecialInterest rate swap
accounting for transaction
Long-term
28,900,000 28,900,000(*)－
interest rate
Fixed payable Floating loans payableswaps
receivable
Total
118,700,000 96,400,000
337,031－(*) Since the derivative financial instruments qualifying for the special accounting for interest rate swaps are accounted for as
one transaction together with their hedged item, long-term loans payable, the fair value of these derivatives is included inthat of related long-term loans payable. (Please refer to “Notes to Financial Instruments (2) Matters Concerning Fair Value,etc. of Financial Instruments (Note 1) Liabilities (1) (3).”)
Principle
accounting
method[Notes to Transactions with Related Parties](1) Transactions with related parties① Parent company and major corporate unitholders, etc.
32nd Fiscal Period [From: June 1, 2021 To: November 30, 2021]
Not applicable.
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]
Not applicable.
② Affiliated companies, etc.
32nd Fiscal Period [From: June 1, 2021 To: November 30, 2021]
Not applicable.
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]
Not applicable.
③ Sister companies, etc.
32nd Fiscal Period [From: June 1, 2021 To: November 30, 2021]
Not applicable.
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]
Not applicable.
④ Officers and major individual unitholders, etc.
32nd Fiscal Period [From: June 1, 2021 To: November 30, 2021]
Not applicable.
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]
Not applicable.
(2)

Information about parent company or any material affiliated company
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.)
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]
Parent company’s information
Daiwa Securities Group Inc. (listed on Tokyo Stock Exchange, Inc. and Nagoya Stock Exchange, Inc.)- 24 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period[Notes to Revenue Recognition]
Breakdown information on revenue from contracts with customers
32nd Fiscal Period [From: June 1, 2021 To: November 30, 2021](Unit: Thousands of yen)

Sale of real estate properties
Utilities income
Other
Total
(Note)

Revenue from contracts with customers(Note)－
975,711

Sales to external customers－
975,711
12,906,653－
975,711
13,882,364
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.

33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022](Unit: Thousands of yen)

Sale of real estate properties (Note 2)

Revenue from contracts with customers(Note 1)
8,190,000

Utilities income
Other

Sales to external customers
900,931

891,583

891,583

12,682,424－
Total
9,081,583
14,474,939(Note 1) Rent revenue, etc. covered by the Accounting Standard for Lease Transactions (ASBJ Statement No.13) is not subject
to the Accounting Standard for Revenue Recognition and is thus excluded from 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.
(Note 2) As sale of real estate properties is recorded as gain or loss on sale of real estate properties in the statements of incomein accordance with Article 48, Paragraph 2 of the Ordinance on Accounting of Investment Corporation (Cabinet Office
Ordinance No. 47 of 2006), the amount after deducting the cost of sales of real estate properties and other expenses
on sales from the proceeds from sales of real estate properties is stated.
[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)
32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]

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

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

450,041,503

450,782,802

741,299

2,777,348

450,782,802

453,560,151

577,590,000

590,840,000(Note 1) The carrying amount is the amount after accumulated depreciation is deducted from the cost of acquisition.
(Note 2) Of the amount of increase (decrease) for rental properties during the 32nd Fiscal Period, the amount of increase ismainly 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). For the 33rd Fiscal Period, the amount of increase is mainly
attributable to the acquisition of Kandasudacho 2-Chome Development Site (land) (10,600 million yen) and theamount of decrease is mainly attributable to the transfer of two properties (Daiwa Minami-Aoyama and Daiwa
Kojimachi 4-chome) (7,214 million yen) and depreciation (1,783 million yen).
(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.”- 25 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period[Notes to Segment Information, Etc.](1) Segment Information
Segment information has been omitted because the Investment Corporation has no segment except the property leasing
business.
(2) Related Information
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.
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.
33rd Fiscal Period [From: December 1, 2021 To: May 31, 2022]① Information about products and services
Information about products and services has been omitted because net sales to external customers for one segment
are in excess of 90% of the operating revenue on statements of income.
② Information about geographical areas
A. Net sales
Information about net sales has been omitted because net sales to external customers in Japan are in excess of 90%of the operating revenue on statements of income.
B. Property, plant and equipment
Information about property, plant and equipment has been omitted because the amount of property, plant andequipment located in Japan is in excess of 90% of the amount of property, plant and equipment on balance sheets.
③ Information about major customers
Information about 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]
32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]
Net assets per unit

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

519,655 yen

519,220 yen

Net income per unit
13,930 yen
15,443 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.
32nd Fiscal Period[From: June 1, 2021
To: Nov. 30, 2021]
Net income (Thousands of yen)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]
Not applicable.
- 26 -

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

6,799,258

7,493,070－－

6,799,258

7,493,070

488,088

485,190

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period

2.9. Increase (Decrease) in Total Number of Investment Units Issued and Outstanding
In the 33rd Fiscal Period, the Investment Corporation acquired own investment units and cancelled all of them. The
overview of total number of investment units issued and outstanding and capital increase (decrease) in unitholders’capital in the most recent five years up to the end of the 33rd Fiscal Period is as follows.
Total number of investment
Unitholders’ capital, net
units issued and outstanding(Millions of yen) (Note 1)(units)Date
Description
Notes
Increase
Increase
Balance
Balance(Decrease)(Decrease)
May 31, 2018
Cancellation(5,992)491,877(3,675)
247,876(Note 2)
May 31, 2021

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

May 31, 2022
Cancellation(5,559)482,529(3,999)241,093(Note 4)(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.
(Note 4) In the period from February 25, 2022, to May 16, 2022, the Investment Corporation acquired own investment units
through market purchase at the Tokyo Stock Exchange based on a discretionary transaction agreement with a securities
company. The Investment Corporation cancelled all of the acquired own investment units (5,559 units) on May 31, 2022,
based on the resolution at its board of directors’ meeting held on May 23, 2022.

- 27 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period

3. Reference information
3.1. Investment Status

Type of asset

Real estate
Trust beneficiaryinterest in realestate33rd Fiscal Period(As of May 31, 2022)

Use

RegionOfficeFive Central Wards of Tokyo (Note 2)

15,534

3.2

Five Central Wards of Tokyo (Note 2)

349,501

72.3

Greater Tokyo (Note 3)

79,601

16.5

Major Regional Cities (Note 4)

8,921

1.8

453,560

93.8

29,900

6.2

483,461100.0(453,560)(93.8)

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

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

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

- 28 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
3.2. Investment Real Estate Properties (As of May 31, 2022)
3.2.1. Price and Investment Ratio of Investment Real Estate Properties

RegionProperty name

Type ofspecifiedasset

Daiwa Ginza
Real estate
Daiwa Ginza Annex
Daiwa Shibaura
Daiwa Sarugakucho
Daiwa A Hamamatsucho (Note 5)
Daiwa Jingumae
Daiwa Shibadaimon
Daiwa Misakicho
Daiwa Tsukijiekimae
Daiwa Tsukiji
Daiwa Tsukishima
Daiwa Nihonbashi Horidomecho
Daiwa Azabudai
Shinjuku Maynds Tower (Note 5)
Daiwa SHIBUYA EDGE
Daiwa Kodenmacho
Daiwa Nishi-Shimbashi
Daiwa Kayabacho
Daiwa Jinbocho 3-chome
E SPACE TOWER
Daiwa Nihonbashi Hongokucho
Fiveshinyon curumu
CentralTrust
Daiwa Akasaka
Wards ofbeneficiaryTokyo Daiwa Shibuya Miyamasuzaka
interest in
Daiwa Azabu Terrace
real estate
Daiwa Ebisu 4-chome
LAQUAS Higashi Shinjuku
Daiwa Aoyama
Daiwa Shibuya Shinsen (Note 6)
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
Trust
Five
beneficiary
Central Development Site (land) (Note 7)
interest in
Wards of Daiwa Kandabashi (Note 6)
Tokyo Kandasudacho 2-Chome Development
real estate
Site (land) (Note 8)
Total for Five Central Wards of Tokyo (49 properties)- 29 -

Acquisition
price(Millions ofyen)(Note 1)
14,100
3,050
8,265
3,190
2,865
2,800
2,578
2,346
1,560
1,240
7,840
2,520
1,600
66,900
5,900
2,460
5,000
5,600
3,550
24,000
1,721
9,650
9,200
7,000
14,000
4,135
8,450
9,800
4,800
16,00028,0002,871
1,647
13,710
8,180
6,370
2,280
942
1,592
4,200
2,295
15,5003,000
11,2002,635
3,521

Estimated
Carrying
price at end of Investment
amountperiodratio(Millions of(Millions of
(%)
yen)
yen)
(Note 4)(Note 2)
(Note 3)
12,797
17,000
3.0
2,737
3,600
0.7
7,972
8,600
1.8
3,067
4,360
0.7
2,684
3,980
0.6
2,645
3,260
0.6
2,335
4,140
0.6
2,085
3,160
0.5
1,217
2,360
0.3
1,093
1,790
0.3
6,508
11,100
1.7
2,350
3,080
0.5
1,458
2,010
0.3
63,15564,700
14.3
5,547
5,480
1.3
2,308
2,430
0.5
4,562
7,370
1.1
5,084
8,520
1.2
3,216
5,430
0.8
23,31739,000
5.1
1,489
2,740
0.4
9,436
17,1002.1
10,01615,8002.0
7,220
13,9001.5
13,72619,000
3.0
4,158
6,620
0.9
8,254
11,6001.8
9,946
12,700
2.1
4,872
6,610
1.0
15,75023,1003.4
27,36535,900
6.0
2,879
3,420
0.6
1,709
2,030
0.4
13,90618,100
2.9
8,269
8,500
1.8
6,215
7,350
1.4
2,350
3,720
0.5
986
1,320
0.2
1,606
1,860
0.3
4,188
5,900
0.9
2,377
2,900
0.5
15,926
16,100
3.3
3,188
3,660
0.6
11,142
13,100
2.4
1,571
4,220
0.6
3,597
3,920
0.8

3,775

3,803

4,550

0.8

1,970

2,045

2,110

0.4

10,60010,884

11,5002.3

376,408

365,036

480,700

80.7

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period

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

Trust
beneficiaryinterest inreal estate

Trustbeneficiaryinterest inreal estate

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

Estimated
Carrying
price at end of Investment
amountperiodratio(Millions of(Millions of
(%)
yen)
yen)
(Note 4)(Note 2)
(Note 3)
2,510
4,420
0.6
6,922
6,350
1.7
1,770
2,970
0.4
15,97923,300
3.3
5,362
7,380
1.2
3,968
4,960
0.8
37,56841,700
8.2
2,596
2,880
0.5
2,923
2,680
0.6
79,60196,64017.3
8,921

13,5002.0

Total for Major Regional Cities (1 property)
9,481
8,921
13,5002.0
Total (59 properties)
466,528
453,560
590,840100.0(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 May 31, 2022.
(Note 3) “Estimated price at end of period” is the price as of May 31, 2022, stated in appraisal reports prepared by real estateappraisers of Tanizawa Sogo Appraisal Co., Ltd., Daiwa Real Estate Appraisal Co., Ltd., JLL Morii Valuation &Advisory K.K. and Japan Real Estate Institute in accordance with the articles of incorporation of the Investment
Corporation and the rules of The Investment Trusts Association, Japan.
(Note 4) “Investment ratio” is the acquisition price of each property expressed as a percentage of the total amount of acquisition
prices, rounded to one decimal place.
(Note 5) For Daiwa A Hamamatsucho, Shinjuku Maynds Tower, Nihonbashi Central Square and CONCURRED Yokohama,the figures are those pertaining to the Investment Corporation’s ownership interest.
(Note 6) The property names were changed from “Shinsen Place” to “Daiwa Shibuya Shinsen” and from “Kandabashi PR-EX”
to “Daiwa Kandabashi” on July 1, 2022.
(Note 7) The Investment Corporation plans to develop an office building on the property, and the developed and completedbuilding is scheduled to be delivered by November 2022.
(Note 8) The Investment Corporation plans to develop an office building on the property, and the developed and completedbuilding is scheduled to be delivered by June 2024.

- 30 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
3.2.2.

Summary of Building and Leasing of Investment Real Estate

RegionProperty nameDaiwa Ginza
Daiwa Ginza Annex
Daiwa Shibaura
Daiwa Minami-Aoyama(Note 8)Daiwa Sarugakucho(Note 9)Daiwa A Hamamatsucho
Daiwa Jingumae
Daiwa Shibadaimon
Daiwa Misakicho(Note 9)Daiwa Tsukijiekimae
Daiwa Tsukiji
Daiwa Tsukishima
Daiwa Nihonbashi Horidomecho
Daiwa Azabudai
Daiwa Kojimachi 4-chome(Note 8)
Shinjuku Maynds Tower(Note 10)
Daiwa SHIBUYA EDGE
Five Central
Wards ofTokyo

Daiwa Kodenmacho
Daiwa Nishi-Shimbashi
Daiwa Kayabacho(Note 9)Daiwa Jinbocho 3-chome
E SPACE TOWER
Daiwa Nihonbashi Hongokucho
shinyon curumu
Daiwa Akasaka
Daiwa Shibuya Miyamasuzaka
Daiwa Azabu Terrace
Daiwa Ebisu 4-chome(Note 9)LAQUAS Higashi Shinjuku
Daiwa Aoyama
Daiwa Shibuya Shinsen(Note 9)Daiwa Shibuya Square
Daiwa River Gate
Daiwa Hatchobori ekimae
Daiwa Hatchobori ekimae West
Daiwa Nishi-Shinjuku

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

Rent revenue
Total
Occupancy
duringnumber of
ratecurrent period
tenants(%)(Thousands of(Note 5)(Note 6)yen)
(Note 7)

Leasable
floor area(m2)
(Note 3)

Leasedfloor area（m2）
(Note 4)

July 1963

8,114.93

8,106.30

23

99.8

444,564

Aug. 1972

2,032.11

2,032.11

7

100.0

82,327

Oct. 1987

9,619.67

9,578.76

56

99.5

268,386

Sept. 1990

－

－

－

－

11,062June 1985

3,657.43

3,657.432100.0 (Not disclosed)

July 1993

3,663.38

3,663.38

12

100.0

136,967

Dec. 1997

2,198.61

2,198.61

4

100.0

82,337

Nov. 1996

2,386.48

2,023.71

6

84.7

93,813

July 1996

2,137.53

2,137.53

1

100.0 (Not disclosed)

Jan. 1996

2,659.59

2,659.59

6

100.0

71,327Jan. 1990

1,487.44

1,487.44

6

100.0

52,499July 1996

8,425.69

8,425.694

100.0

283,441

Apr. 1993

2,848.91

2,848.91

7

100.0

92,281

Apr. 1984

1,697.88

1,697.88

11

100.0

56,390Oct. 1987

－

－

－

－

8,338

Sept. 1995

22,768.42

21,061.44

39

92.5

1,231,847

Aug. 2006

2,480.65

2,480.65

5

100.0

95,045Mar. 1985

2,379.31

2,065.94

7

86.8

62,662

July 1993

4,815.84

4,815.84

11

100.0

183,991

Apr. 2010

5,899.11

5,899.11

1

100.0 (Not disclosed)

Feb. 2010

2,889.34

2,889.34

8

100.0

123,307

Oct. 2002

13,960.84

13,960.84

14

100.0

787,140

May 2010

2,143.08

2,143.08

6

100.0

76,696

Jan. 2012

6,751.31

6,751.31

17

100.0

388,403

Sept. 1990

8,751.26

7,180.41

16

82.0

284,430

Dec. 1988

6,328.28

6,328.289

100.0

289,891

Sept. 2009

13,234.39

12,433.31

10

93.9

469,097

Dec. 1997

2,951.70

2,951.70

1100.0 (Not disclosed)

Aug. 2010

7,498.33

7,498.33

4

100.0

233,954

Nov. 2001

4,426.10

4,426.10

7

100.0

267,995

Sept. 2001

2,811.35

2,811.35

1

100.0 (Not disclosed)

Feb. 2004

8,566.73

8,566.73

9

100.0

463,331

Feb. 1994

32,045.25

31,876.79

96

99.4

891,648

Feb. 2006

2,622.42

2,622.42

9

100.0

83,554

Feb. 1996

1,734.68

1,734.68

9

100.0

51,807

Aug. 1991

6,967.61

6,967.61

7

100.0

402,567- 31 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period

RegionProperty name

Kirin Nihonbashi(Note 9)Daiwa Higashi-Nihonbashi
Daiwa Daikanyama(Note 9)Daiwa Shinjuku West
Daiwa Kanda Mikuracho
Daiwa Kanda East
Daiwa Kandasudacho
Five Central
Wards ofTokyo

Daiwa Sasazuka Tower
Daiwa Sasazuka
Daiwa Harumi
Daiwa Mita 2-Chome(Note 9)
Nihonbashi Central Square(Note 11)
Nihonbashi-Bakurocho 1-Chome
Development Site (land) (Note 12)

StructureandConstruction
number of completion
floors(Note 2)
(Note 1)
S/SRC
7F
S
7F
S
6F
RC
4F
SRC/S
B1/7F
S
9F
S/RC
B1/10F
SRC/RC/S
B2/18F
SRC/S
B1/8F
S
B1/12F
S
8F
S
8F

Rent revenue
Total
Occupancy
duringnumber of
ratecurrent period
tenants(%)(Thousands of(Note 5)(Note 6)yen)
(Note 7)

Leasable
floor area(m2)
(Note 3)

Leasedfloor area（m2）
(Note 4)

Feb. 1999

5,630.17

5,630.171

100.0 (Not disclosed)

Mar. 2008

5,015.88

5,015.88

5

100.0

Mar. 2001

1,642.83

1,642.83

1

100.0 (Not disclosed)

Mar. 1989

1,118.74

1,118.74

9

100.0

38,194Jan. 1991

1,719.51

1,719.51

7

100.0

53,438Feb. 2005

3,980.56

3,980.56

5

100.0

140,906

Aug. 1990

2,211.64

2,211.64

7

100.0

63,541Feb. 1993

16,158.16

16,158.16

7

100.0

477,000

Dec. 1991

3,828.95

3,828.95

9

100.0

98,318Jan. 2008

11,227.10

11,227.10

7

100.0

343,563

Mar. 2017

2,101.61

2,101.61

1

100.0 (Not disclosed)

Jan. 2010

1,837.05

1,837.05

10

100.0

92,007

180,264

－

－

－

－

－

－

－

S
B1/10F

Aug. 2009

1,224.00

1,097.30

11

89.6

33,476

－

－

－

－

－

－

－

270,651.85

265,552.10

511

98.1

10,630,996

June 1993

4,462.28

4,462.288

100.0

134,909

July 1991

6,546.03

6,235.34

14

95.2

196,602

May 2011

2,630.30

2,630.30

9

100.0

93,293June 1993

17,778.14

17,778.14

10

100.0

633,969

July 2009

3,519.50

3,519.50

16

100.0

162,822

Nov. 1990

3,849.63

3,849.63

11

100.0

122,964

Feb. 2008

28,052.98

28,052.98

36

100.0

1,032,127

July 1992

2,396.96

2,396.96

7

100.0

80,023Jan. 1995

2,716.92

2,716.92

6

100.0

68,083

71,952.74

71,642.05

117

99.5

2,524,797

13,517.62

13,517.62

7

100.0

404,444

Total for Major Regional Cities (1 property)

13,517.62

13,517.62

7

100.0

404,444

Total (61 properties)

356,122.21

350,711.77

635

98.4

13,560,238

Daiwa Kandabashi
Kandasudacho 2-Chome
Development Site (land) (Note 12)
Total for Five Central Wards of Tokyo (51 properties)
Daiwa Higashi-Ikebukuro
Daiwa Shinagawa North
Daiwa Kamiooka
Daiwa Ogikubo Tower(Note 13)
GreaterTokyo

Daiwa Meguro Square
Daiwa Ogikubo
CONCURRED Yokohama(Note 14)
Daiwa Shinagawa Gotenyama
Daiwa Nakano-Sakaue

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

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

S/SRC
B1/16F

Feb. 2008(Note 1) “Structure and number of floors” are the entries in the real estate registry of the building of the applicable investment
real estate property. “S” refers to steel-framed structure, “RC” refers to reinforced concrete structure, “SRC” refers
to steel-framed reinforced concrete structure, “B” refers to floors below ground and “F” refers to floors above ground.
(Note 2) “Construction completion” is the entry in the real estate registry of the building of the applicable investment realestate property.
(Note 3) “Leasable floor area” represents the floor area of the building of the applicable property that is leasable, not including
the leasable area of the land (including level parking space), and is the floor area indicated in the lease contract, etc.
as of May 31, 2022.
(Note 4) “Leased floor area” is the sum total of the floor area that is actually leased based on lease agreements, etc. executedwith end tenants as of May 31, 2022.
(Note 5) “Total number of tenants” is the number of end tenants. When there is a tenant occupying multiple buildings, theconcerned tenant is counted and stated for each individual building.
- 32 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period(Note 6) “Occupancy rate” is the figure arrived at when leased floor area is divided by leasable floor area, rounded down to
one decimal place.
(Note 7) “Rent revenue during current period” is rent income, common area charges income, parking lot income and otherincome generated from the applicable investment real estate property (excluding other lease business revenue) during
the 33rd Fiscal Period, rounded down to the nearest thousand yen.
(Note 8) The property was divested on December 16, 2021. This is reflected in the totals for the number of properties and therent revenue during current period.
(Note 9) 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 10) 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 11) 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 12) The Investment Corporation currently owns only the land as the development site, and is proceeding with thedevelopment of an office building on the property.
(Note 13) The buildings consist of three registrations. Of these, the details of the major building are shown here.
(Note 14) 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.

- 33 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
3.2.3. Capital Expenditures for Assets Under Management
A. Scheduled Capital Expenditures
The following are the principal capital expenditures arising from renovation construction work, etc. currently planned forexisting portfolio properties. Please note that the expected construction amount includes portions that are expensed as aseparate account item of accounting costs.
Estimated construction cost
(million yen)
Name of
Scheduledreal estate properties
Purposeimplementation
Amount paid
Total amount(Location)
periodTotal amountduringalready paid
current period
Conversion to LED
Daiwa Ogikubo Tower
From: June 2022
lighting at common and82－－(Suginami-ku, Tokyo)
To: Nov. 2022
exclusive areas
Shinjuku Maynds Tower
Upgrading of airFrom: June 2022
54－－
(Shibuya-ku, Tokyo)
conditioning facilities
To: Nov. 2022
Daiwa Shibuya Shinsen(Shibuya-ku, Tokyo)

Renewal work of kitchen
and bathroom

From: June 2022
To: Nov. 2022

32

－

－

Daiwa River Gate
(Chuo-ku, Tokyo)

Renewal of escalator

From: June 2022
To: Nov. 2022

32

－

－

B. Capital Expenditures During the 33rd Fiscal Period
The following summarizes the primary construction work that constitutes capital expenditures implemented during the 33rd
Fiscal Period for existing portfolio properties. Capital expenditures for the 33rd Fiscal Period amounted to 856 million yen
and, when combined with the 222 million yen in repair expenses charged to the 33rd Fiscal Period expenses, totals 1,078
million yen in construction work implemented.
Name ofConstruction amount paid
real estate properties
Purpose
Period(Millions of yen)
(Location)
Daiwa Ginza
Upgrading of airFrom: Dec. 2021
210
(Chuo-ku, Tokyo)
conditioning facilities
To: May 2022
Daiwa Nakano-Sakaue(Nakano-ku, Tokyo)
Daiwa River Gate
(Chuo-ku, Tokyo)

Upgrading of airconditioning facilities
Renovation of powerreceiving and transforming
facility

From: Dec. 2021
To: May 2022

83

From: May 2022
To: May 2022

64

Other

496
Total

856

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

29th Fiscal Period 30th Fiscal Period 31st Fiscal Period 32nd Fiscal Period 33rd Fiscal Period[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][From: Dec. 1, 2021
To: May 31, 2022]

2,150

2,150

2,190

2,190

1,225

－

40

－

－

744

－

－

－

965

351

2,150

2,190

2,190

1,225

1,619

- 34 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
3.2.4. Summary of Estimated Price at End of Period (As of May 31, 2022)

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

Terminal
cap rate(%)

Daiwa Ginza

17,00017,2003.3

16,700

3.1

3.5

Daiwa Ginza Annex

3,600

3,770

3.3

3,530

3.1

3.5

Daiwa Shibaura

8,600

8,600

3.8

8,600

3.6

4.0

Daiwa Sarugakucho

4,360

4,440

4.1

4,270

3.9

4.3

Daiwa A Hamamatsucho(Note 2)

3,980

4,080

3.6

3,940

3.4

3.8

Daiwa Jingumae

3,260

3,310

3.5

3,200

3.3

3.7

Daiwa Shibadaimon

4,140

4,200

3.4

4,120

3.2

3.6

Daiwa Misakicho

3,160

3,220

3.7

3,140

3.5

3.9

Daiwa Tsukijiekimae(Note 3)

2,360

2,390

4.0

2,350

4.0

4.2

Daiwa Tsukiji

1,790

1,800

3.8

1,790

3.8

4.0

Daiwa Tsukishima

11,100

11,2003.9

11,000

3.6

4.1

Daiwa Nihonbashi Horidomecho

3,080

3,150

3.7

3,010

3.5

3.9

Daiwa Azabudai

2,010

2,040

3.7

1,970

3.5

3.9

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

3.0

149,000

2.8

3.2

Daiwa SHIBUYA EDGE

5,480

5,590

3.4

5,370

3.2

3.6

Daiwa Kodenmacho

2,430

2,470

3.9

2,390

3.7

4.1

Daiwa Nishi-Shimbashi

7,370

7,530

3.4

7,300

3.2

3.6

Daiwa Kayabacho

8,520

8,690

3.2

8,450

3.0

3.4

Daiwa Jinbocho 3-chome

5,430

5,550

3.2

5,380

3.0

3.4

E SPACE TOWER

39,00039,4002.8

38,5002.6

2.9

Daiwa Nihonbashi Hongokucho

2,740

2,760

3.8

2,730

3.6

4.0

shinyon curumu

17,10017,4003.1

16,900

2.9

3.3

Daiwa Akasaka

15,80016,2003.1

15,600

2.9

3.3

Daiwa Shibuya Miyamasuzaka

13,90014,1003.1

13,7002.9

3.2

Daiwa Azabu Terrace

19,00019,2003.3

18,800

3.1

3.4

Daiwa Ebisu 4-chome

6,620

6,630

3.5

6,610

3.6

3.7

LAQUAS Higashi Shinjuku

11,60012,0003.2

11,400

3.0

3.4

Daiwa Aoyama

12,70013,0003.1

12,500

2.9

3.3

Daiwa Shibuya Shinsen

6,610

6,850

3.2

6,500

3.0

3.4

Daiwa Shibuya Square

23,10023,2003.1

23,0002.9

3.2

Daiwa River Gate

35,90036,2003.4

35,600

3.2

3.5

Daiwa Hatchobori ekimae

3,420

3,500

3.3

3,380

3.1

3.5

Daiwa Hatchobori ekimae West

2,030

2,100

3.4

2,000

3.2

3.6

Daiwa Nishi-Shinjuku

18,10018,4003.2

17,900

3.0

3.4

Kirin Nihonbashi

8,500

8,570

3.5

8,420

3.3

3.6

Daiwa Higashi-Nihonbashi

7,350

7,510

3.7

7,280

3.5

3.9

- 35 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period

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

Terminal
cap rate(%)

Daiwa Daikanyama (Note 5)

3,720

3,760

3.1

3,700

3.1

3.3

Daiwa Shinjuku West

1,320

1,330

3.7

1,310

3.5

3.9

Daiwa Kanda Mikuracho

1,860

1,870

3.7

1,860

3.7

3.9

Daiwa Kanda East

5,900

5,960

3.2

5,830

3.0

3.3

Daiwa Kandasudacho

2,900

2,970

3.5

2,870

3.5

3.7

Daiwa Sasazuka Tower

16,10016,5003.8

15,900

3.6

4.0

Daiwa Sasazuka

3,660

3,780

3.9

3,610

3.7

4.1

Daiwa Harumi

13,10013,2003.5

12,900

3.5

3.7

Daiwa Mita 2-Chome

4,220

4,260

3.6

4,180

3.4

3.7

3,920

4,010

3.3

3,820

3.1

3.5

4,550

－

－

－

－

－

Daiwa Kandabashi

2,110

2,190

3.3

2,080

3.1

3.5

Kandasudacho 2-Chome
Development Site (land)(Note 8)

11,500

－

－

－

－

－

Daiwa Higashi-Ikebukuro

4,420

4,480

3.9

4,390

3.7

4.1

Daiwa Shinagawa North

6,350

6,480

4.0

6,220

3.8

4.2

Daiwa Kamiooka

2,970

3,000

4.4

2,950

4.2

4.6

Daiwa Ogikubo Tower

23,30023,500

3.6

23,200

3.4

3.8

Daiwa Meguro Square

7,380

7,580

3.4

7,300

3.2

3.6

Daiwa Ogikubo

4,960

5,040

3.8

4,920

3.6

4.0

CONCURRED Yokohama(Note 9)41,70042,900

4.1

41,200

3.9

4.3

Daiwa Shinagawa Gotenyama

2,880

2,930

3.9

2,860

3.7

4.1

Daiwa Nakano-Sakaue

2,680

2,790

3.9

2,630

3.6

4.1

Daiwa Kitahama

13,50013,7003.6

13,4003.4

3.8

590,840

675,480－

653,460－－

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

Total

(Note 1) “Estimated price at end of period” is the price as of May 31, 2022, stated in appraisal reports prepared by real estateappraisers of Tanizawa Sogo Appraisal Co., Ltd., Daiwa Real Estate Appraisal Co., Ltd., JLL Morii Valuation &Advisory K.K. and Japan Real Estate Institute in accordance with the articles of incorporation of the Investment
Corporation and the rules of The Investment Trusts Association, Japan.
(Note 2) For Daiwa A Hamamatsucho, the prices are those pertaining to the Investment Corporation’s ownership interest.
(Note 3) Discount rate for Daiwa Tsukijiekimae is the figure after the second fiscal year (3.9% in the first fiscal year).
(Note 4) For Shinjuku Maynds Tower, the estimated price at end of period is the price pertaining to the Investment
Corporation’s ownership interest, and the price indicated by the direct capitalization method and price indicated by
the DCF method are the prices pertaining to the entire property.
(Note 5) Discount rate for Daiwa Daikanyama is the figure after the 11th fiscal year (3.2% 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 Kandasudacho 2-Chome Development Site (land), the estimated price at end of period is the income approachprice indicated by the direct capitalization method (development leasing-type).
(Note 9) For CONCURRED Yokohama, the prices are those pertaining to the Investment Corporation’s ownership interest.

- 36 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd 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 33rd Fiscal Period (from December
1, 2021, to May 31, 2022). Income (loss) information is presented in accordance with “2. Financial Statements; 2.7.
Notes to Significant Accounting Policies” outlined earlier.
RegionFive Central Wards of Tokyo

Property nameDaiwa Ginza

Daiwa Ginza
Annex

Daiwa Shibaura

Daiwa MinamiAoyama(Note 3)

Daiwa
Sarugakucho(Note 4)

Acquisition date

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Acquisition price (Millions of yen)

14,100

3,050

8,265

－

3,190

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

3.0

0.7

1.8

－

0.7

12,797

2,737

7,972

－

3,067

Estimated price at end of period(Millions of yen)

17,000

3,600

8,600

－

4,360

Total number of tenants (Note 1)

23

7

56

－

2

Leasable floor area (m2)

8,114.93

2,032.11

9,619.67－

3,657.43

Leased floor area (m2)

8,106.30

2,032.11

9,578.76－

3,657.43

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

End of May 2022

99.8

100.0

99.5

－

100.0

182

182

182

15

182

444,564

86,327

269,706

11,062(Not disclosed)

444,564

82,327

268,386

11,062(Not disclosed)

Occupancy rate (%)
Leasing
information

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

－

4,000

1,320

－

(Not disclosed)

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

208,357

38,986

102,773

15,949(Not disclosed)

Consignment expenses

25,195

6,386

17,489463(Not disclosed)

Utilities expenses

21,366

4,666

14,5591,190(Not disclosed)

Taxes and dues

33,894

11,23020,777

11,829(Not disclosed)

556

127

501

16

(Not disclosed)

Repair expenses

44,188

7,341

11,87720(Not disclosed)

Depreciation (C)66,666

9,234

37,5472,429(Not disclosed)

Other lease business expenses

16,489－20－(Not disclosed)

236,206

47,341

166,932(4,886)(Not disclosed)

302,873

56,575

204,480(2,456)

99,139235,075

24,066

5,028

－

－

67,79732,509199,452(2,456)

99,139

46.87

45.16

38.11

144.17(Not disclosed)

71,95823,68842,045－

14,511

785,230

203,990

302,630－

96,757

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
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 37 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
RegionFive Central Wards of Tokyo

Property nameDaiwa A
Hamamatsucho

Daiwa Jingumae

Daiwa
Shibadaimon

Daiwa Misakicho(Note 4)

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

2,684

2,645

2,335

2,085

1,217

Estimated price at end of period(Millions of yen)

3,980

3,260

4,140

3,160

2,360

Total number of tenants (Note 1)

12

4

6

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

2,023.71

2,137.53

2,659.59

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

Occupancy rate (%)
Leasing
information

End of Nov. 2021

100.0

100.0

100.0

100.0

100.0

End of May 2022

100.0

100.0

84.7

100.0

100.0

182

182

182

182

182

136,967

82,337

93,813(Not disclosed)

71,327

136,967

82,337

93,813(Not disclosed)

71,327

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)

72,121

27,71729,307(Not disclosed)

28,228

Consignment expenses

10,380

8,482

5,864

(Not disclosed)

3,782

Utilities expenses

7,038

3,035

5,014

(Not disclosed)

4,083

Taxes and dues

9,072

6,896

6,628

(Not disclosed)

5,265

Non-life insurance expenses

237

108

153

(Not disclosed)

128

Repair expenses

847

146

1,190

(Not disclosed)

806

Depreciation (C)15,1449,040

10,454(Not disclosed)

14,143

Other lease business expenses

29,4007－(Not disclosed)

18

64,84654,62064,505(Not disclosed)

43,09979,991

63,66074,96066,83857,242

10,625

－

9,917

898

110

69,36563,66065,04365,94057,132

52.66

33.66

31.24

(Not disclosed)

39.58

18,515

14,255

13,367

11,016

10,709103,380

99,70087,656

114,585

79,450Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 38 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
RegionFive Central Wards of Tokyo

Property nameDaiwa Tsukiji

Daiwa
Tsukishima

Daiwa
Nihonbashi
Horidomecho

Daiwa Azabudai

Daiwa Kojimachi
4-chome(Note 3)Acquisition dateJan. 2006

Mar. 2006

May 2006

May 2006

Oct. 2006

Acquisition price (Millions of yen)

1,240

7,840

2,520

1,600

－

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

0.3

1.7

0.5

0.3

－

1,093

6,508

2,350

1,458

－

Estimated price at end of period(Millions of yen)

1,790

11,100

3,080

2,010

－

Total number of tenants (Note 1)

6

4

7

11

－

Leasable floor area (m2)

1,487.44

8,425.69

2,848.91

1,697.88－

Leased floor area (m2)

1,487.44

8,425.69

2,848.91

1,697.88－

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

Occupancy rate (%)
Leasing
information

End of Nov. 2021

100.0

100.0

100.0

100.0

100.0

End of May 2022

100.0

100.0

100.0

100.0

－

182

182

182

182

15

52,499283,441

92,281

56,3908,338

52,499283,441

92,281

56,3908,338

Other lease business revenue

－

－

－

－

－

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

18,666

98,68335,465

19,343

19,175

Consignment expenses

3,813

12,503

4,908

3,947

455

Utilities expenses

2,552

10,687

5,291

2,474

1,245

Taxes and dues

4,096

14,929

7,012

5,060

14,960

78

379

165

96

15

Repair expenses

1,261

2,397

2,520

168

－

Depreciation (C)6,864

57,785

15,566

7,596

2,499

－

－

－

－

－

33,833

184,758

56,81537,047(10,837)

40,698242,543

72,38144,644(8,338)

2,394

2,840

888

－

－

38,303

239,703

71,49344,644(8,338)

35.55

34.82

38.43

34.30

229.988,394

30,724

14,13910,395－97,348

136,680

147,575

110,990－

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

Income(loss)
information

Non-life insurance expenses

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

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
RegionProperty nameAcquisition date

Five Central Wards of Tokyo
Shinjuku Maynds Daiwa SHIBUYA
Tower
EDGE
July 2007 andNov. 2007

July 2007

Daiwa
Kodenmacho

Daiwa NishiShimbashi

Daiwa Kayabacho(Note 4)

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)

14.3

1.3

0.5

1.1

1.2

63,155

5,547

2,308

4,562

5,084

Estimated price at end of period(Millions of yen)

64,700

5,480

2,430

7,370

8,520

Total number of tenants (Note 1)

39

5

7

11

1

Leasable floor area (m2)

22,768.42

2,480.65

2,379.31

4,815.84

5,899.11

Leased floor area (m2)

21,061.44

2,480.65

2,065.94

4,815.84

5,899.11

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

End of May 2022

92.5

100.0

86.8

100.0

100.0

182

182

182

182

182

1,231,847

95,04562,662

183,991(Not disclosed)

Occupancy rate (%)
Leasing
information

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

Income(loss)
information

1,231,847

95,04562,662

183,991(Not disclosed)

Other lease business revenue

－

－

－

－

(Not disclosed)

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

554,569

47,24623,31980,469(Not disclosed)

Consignment expenses

82,452

22,664

5,276

15,484(Not disclosed)

Utilities expenses

122,704

5,132

4,445

9,408

(Not disclosed)

Taxes and dues

134,673

8,138

3,829

16,241(Not disclosed)

Non-life insurance expenses

2,377

135

119

311

(Not disclosed)

Repair expenses

9,630

1,241

730

1,430

(Not disclosed)

Depreciation (C)201,252

9,934

8,094

37,591(Not disclosed)

1,478

－

822

－

(Not disclosed)

677,277

47,79839,342

103,521(Not disclosed)

878,530

57,73247,437141,113

151,401

49,4362,106880

27,222

470

829,094

55,62546,557

113,891

150,931

45.02

49.71

37.21

43.74

(Not disclosed)

272,926

16,714

7,871

32,98026,0085,834,950

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, etc. for fiscal 2022
Reference
information (Thousands of yen)
Estimated long-term repair
expenses(Thousands of yen) (Note 2)- 40 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
RegionFive Central Wards of Tokyo

Property nameDaiwa Jinbocho3-chomeE SPACE
TOWER

Daiwa
Nihonbashi
Hongokucho

shinyon curumu

Daiwa Akasaka

Acquisition 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

5.1

0.4

2.1

2.0

3,216

23,317

1,489

9,436

10,016

Estimated price at end of period(Millions of yen)

5,430

39,0002,740

17,10015,800Total number of tenants (Note 1)

8

14

6

17

16

Leasable floor area (m )2,889.34

13,960.84

2,143.08

6,751.31

8,751.26

Leased floor area (m2)2,889.34

13,960.84

2,143.08

6,751.31

7,180.41

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

End of May 2022

100.0

100.0

100.0

100.0

82.0

182

182

182

182

182

123,307787,140

76,696

391,854284,430

123,307787,140

76,696

388,403

284,430

2

Occupancy rate (%)
Leasing
information

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

－

－

－

3,450

－

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

44,584

231,546

24,862

123,227

151,913

Consignment expenses

7,370

49,841

3,765

24,22133,588

Utilities expenses

6,517

39,353

2,926

18,741

18,756

Taxes and dues

9,921

62,0444,549

37,89835,355

Non-life insurance expenses

163

844

97

417

536

Repair expenses

703

5,635

92

3,708

2,922

Depreciation (C)19,90873,704

13,43038,21360,753

－

121

－

25

－

78,722555,593

51,833

268,626

132,517

98,630629,298

65,264

306,839

193,271

589

9,027

－

420

21,683

98,040620,271

65,264306,419

171,587

36.16

29.42

32.42

31.45

53.41

20,328128,299

9,257

77,852

72,374

98,780696,050

75,395

166,089

327,392

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

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
RegionFive Central Wards of Tokyo

Property nameDaiwa Shibuya
Miyamasuzaka

Daiwa Azabu
TerraceDaiwa Ebisu 4chome (Note 4)

LAQUAS
Higashi Shinjuku

Daiwa Aoyama

Acquisition 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

7,220

13,726

4,158

8,254

9,946

Estimated price at end of period(Millions of yen)

13,90019,0006,620

11,60012,700Total number of tenants (Note 1)

9

10

1

4

7

6,328.28

13,234.39

2,951.70

7,498.33

4,426.10

6,328.28

12,433.31

2,951.70

7,498.33

4,426.10

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

End of May 2022

100.0

93.9

100.0

100.0

100.0

182

182

182

182

182

289,891

469,097(Not disclosed)

233,997

267,995

289,891

469,097(Not disclosed)

233,954

267,995

Leasable floor area (m2)2

Leased floor area (m )Occupancy rate (%)
Leasing
information

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)

42－

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

84,430157,648(Not disclosed)

84,181

54,420Consignment expenses

17,54629,941(Not disclosed)

11,102

12,866

Utilities expenses

12,07439,087(Not disclosed)

13,0807,005

Taxes and dues

23,37733,703(Not disclosed)

21,114

15,234Non-life insurance expenses

389

762

(Not disclosed)

387

199

Repair expenses

3,538

89

(Not disclosed)

4,219

154

Depreciation (C)27,46854,065(Not disclosed)

34,11818,95936－(Not disclosed)

158－

205,461

311,448(Not disclosed)

149,815

213,575

232,929

365,513

114,731

183,934

232,534－

1,676

24,1092,964－

232,929

363,837

90,621

180,969

232,534

29.12

33.61

(Not disclosed)

35.98

20.31

48,563

68,841

19,81742,92932,610457,625

491,112

98,692

162,700

175,290

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 42 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
RegionFive Central Wards of Tokyo

Property nameDaiwa Shibuya
Shinsen(Note 4)

Daiwa Shibuya
SquareDaiwa 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

3.4

6.0

0.6

0.4

4,872

15,75027,365

2,879

1,709

Estimated price at end of period(Millions of yen)

6,610

23,10035,900

3,420

2,030

Total number of tenants (Note 1)

1

9

96

9

9

2,811.35

8,566.73

32,045.25

2,622.42

1,734.68

2,811.35

8,566.73

31,876.79

2,622.42

1,734.68

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

Leasable floor area (m2)2

Leased floor area (m )Occupancy rate (%)
Leasing
information

End of Nov. 2021

100.0

96.8

92.6

100.0

100.0

End of May 2022

100.0

100.0

99.4

100.0

100.0

182

182

182

182

182

(Not disclosed)

463,331

896,534

83,55451,807

Rent revenue – real estate(Not disclosed)

463,331

891,648

83,55451,807

Other lease business revenue(Not disclosed)

－

4,886

－

－

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

(Not disclosed)

115,690441,888

36,94425,877

Consignment expenses(Not disclosed)

20,957

82,817

8,572

6,282

Utilities expenses(Not disclosed)

19,726

97,548

6,225

2,802

Taxes and dues

(Not disclosed)

28,638102,276

9,270

4,260

Non-life insurance expenses(Not disclosed)

481

2,238

164

85

Repair expenses(Not disclosed)

19,48917,051

1,448

7,092

Depreciation (C)(Not disclosed)

26,396

139,806

11,262

5,353

Other lease business expenses(Not disclosed)

－

150

－

－

(Not disclosed)

347,641454,646

46,60925,930123,230

374,038

594,452

57,872

31,284

2,885

1,924

137,8626,629

12,077

120,345

372,113456,590

51,242

19,206(Not disclosed)

24.97

49.29

44.22

49.95

17,637

58,684

201,737

18,731

8,759

178,610234,380

2,001,250

159,500

91,420

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

Income(loss)
information

Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 43 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
RegionFive Central Wards of Tokyo

Property nameDaiwa NishiShinjuku

Kirin Nihonbashi(Note 4)

Daiwa HigashiNihonbashi

Daiwa
Daikanyama(Note 4)

Daiwa Shinjuku
WestAcquisition 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)

2.9

1.8

1.4

0.5

0.2

13,906

8,269

6,215

2,350

986

Estimated price at end of period(Millions of yen)

18,100

8,500

7,350

3,720

1,320

Total number of tenants (Note 1)

7

1

5

1

9

6,967.61

5,630.17

5,015.88

1,642.83

1,118.74

6,967.61

5,630.17

5,015.88

1,642.83

1,118.74

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

Leasable floor area (m2)2

Leased floor area (m )Occupancy rate (%)
Leasing
information

End of Nov. 2021

100.0

100.0

100.0

100.0

100.0

End of May 2022

100.0

100.0

100.0

100.0

100.0

182

182

182

182

182

402,567(Not disclosed)

180,264(Not disclosed)

38,194

402,567(Not disclosed)

180,264(Not disclosed)

38,194

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

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

90,602(Not disclosed)

57,702(Not disclosed)

12,705

Consignment expenses

15,177(Not disclosed)

7,412(Not disclosed)

4,494

Utilities expenses

14,550(Not disclosed)

9,790(Not disclosed)

2,354

Taxes and dues

38,904(Not disclosed)

11,673(Not disclosed)

3,128

Non-life insurance expenses

411(Not disclosed)

265(Not disclosed)

52

Repair expenses

421(Not disclosed)

238(Not disclosed)

260

Depreciation (C)21,137(Not disclosed)

28,322(Not disclosed)

2,414

－

(Not disclosed)－(Not disclosed)－

311,964(Not disclosed)

122,562(Not disclosed)

25,489333,102

158,015150,885

66,05327,903

1,854

420

3,262

430

－

331,247

157,595

147,622

65,62327,90322.51(Not disclosed)

32.01(Not disclosed)

33.27

80,90022,53923,65011,6296,440

252,590

116,090

157,360

60,54859,380

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

Income(loss)
information

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

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
RegionFive Central Wards of Tokyo

Property nameDaiwa Kanda
Mikuracho

Daiwa Kanda
East

Daiwa
Kandasudacho

Daiwa Sasazuka
Tower

Daiwa Sasazuka

Acquisition 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

1,606

4,188

2,377

15,926

3,188

Estimated price at end of period(Millions of yen)

1,860

5,900

2,900

16,1003,660

Total number of tenants (Note 1)

7

5

7

7

9

Leasable floor area (m )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

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

End of May 2022

100.0

100.0

100.0

100.0

100.0

182

182

182

182

182

53,438140,906

63,541

477,000

98,31853,438140,906

63,541

477,000

98,318Other lease business revenue

－

－

－

－

－

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

16,22847,75521,652

227,11141,303

Consignment expenses

4,310

11,071

5,510

52,511

7,862

Utilities expenses

2,219

8,662

3,083

58,7308,497

Taxes and dues

3,492

10,386

4,525

54,6998,975

Non-life insurance expenses

70

186

89

991

183

Repair expenses

638

1,029

2,324

10,4884,362

Depreciation (C)5,496

16,4186,099

49,69011,421

－

－

20

－

－

37,20993,15041,888249,888

57,01542,706

109,569

47,988299,579

68,437

－

3,174

1,870

67,32630,78342,706

106,394

46,118232,253

37,653

30.37

33.89

34.08

47.61

42.01

7,206

20,8709,238

111,273

18,23882,871

133,61176,730718,270

129,4902

Occupancy rate (%)
Leasing
information

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

Income(loss)
information

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

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
RegionFive Central Wards of Tokyo

Property nameDaiwa Harumi

Daiwa Mita 2Chome(Note 4)

Acquisition dateFeb. 2019

July 2019

Nihonbashi
Central Square

NihonbashiBakurocho
1-ChomeDevelopment Site
(land)(Note 5)

Daiwa
Kandabashi

May 2020

Nov. 2020

Sept. 2021

Acquisition price (Millions of yen)

11,200

2,635

3,521

3,775

1,970

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

2.4

0.6

0.8

0.8

0.4

11,142

1,571

3,597

3,803

2,045

Estimated price at end of period(Millions of yen)

13,100

4,220

3,920

4,550

2,110

Total number of tenants (Note 1)

7

1

10

－

11

Leasable floor area (m )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－

1,097.30

End of May 2020

100.0

100.0

100.0

－

－

End of Nov. 2020

100.0

100.0

100.0

－

－

End of May 2021

100.0

100.0

100.0

－

－

End of Nov. 2021

100.0

100.0

100.0

－

79.2

End of May 2022

100.0

100.0

100.0

－

89.6

182

182

182

182

182

343,570(Not disclosed)

92,007－33,476

343,563(Not disclosed)

92,007－33,476

Other lease business revenue

6(Not disclosed)

－

－

－

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

136,974(Not disclosed)

24,245－

12,392

Consignment expenses

31,290(Not disclosed)

5,619

－

5,730

Utilities expenses

20,541(Not disclosed)

4,198

－

2,199

Taxes and dues

27,291(Not disclosed)

5,743

－

5

561

(Not disclosed)

96

－

50

Repair expenses

1,035(Not disclosed)

143

－

355

Depreciation (C)35,826(Not disclosed)

8,425

－

3,935

Other lease business expenses

20,426(Not disclosed)

18

－

115

206,596(Not disclosed)

67,762－

21,084242,42280,11776,187－25,020

2,047

－

－

－

－

240,375

80,11776,187－25,02039.87(Not disclosed)

26.35

－

37.02

55,314

18,253

11,686－

6,318

253,020

5,360

134,280－

34,8482

Occupancy rate (%)
Leasing
information

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

Income(loss)
information

Non-life insurance expenses

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

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
Five Central
Wards of Tokyo
Kandasudacho
2-ChomeDevelopment Site
(land) (Note 5)

RegionProperty nameAcquisition date

Dec. 2021

Greater Tokyo
Daiwa HigashiIkebukuro
Oct. 2005

Daiwa Shinagawa
Daiwa Kamiooka
North
July 2007

Mar. 2013

Daiwa Ogikubo
Tower
May 2014

Acquisition price (Millions of yen)

10,600

2,958

7,710

2,000

15,220Investment ratio (%)
Price
information Carrying amount (Millions of yen)

2.3

0.6

1.7

0.4

3.3

10,884

2,510

6,922

1,770

15,979Estimated price at end of period(Millions of yen)

11,500

4,420

6,350

2,970

23,300Total number of tenants (Note 1)

－

8

14

9

10

Leasable floor area (m )－4,462.28

6,546.03

2,630.30

17,778.14

Leased floor area (m2)－

4,462.28

6,235.34

2,630.30

17,778.14

End of May 2020

－

100.0

100.0

100.0

100.0

End of Nov. 2020

－

100.0

100.0

100.0

100.0

End of May 2021

－

100.0

95.2

100.0

94.2

End of Nov. 2021

－

100.0

95.2

100.0

94.2

End of May 2022

－

100.0

95.2

100.0

100.0

167

182

182

182

182

－

134,909

196,666

93,293633,969

Rent revenue – real estate－

134,909

196,60293,293633,969

Other lease business revenue

－

－

63

－

－

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

59,662

87,561

39,121

303,808

Consignment expenses－

13,13917,101

5,531

61,553

Utilities expenses－

11,11912,477

7,520

62,920

Taxes and dues

－

8,322

18,814

6,338

43,722Non-life insurance expenses

－

287

424

149

1,084

Repair expenses

－

1,569

2,062

1,393

2,668

Depreciation (C)－25,22336,68018,188

131,680

Other lease business expenses

－

－

－

－

180

－

75,247

109,104

54,171

330,160－

100,470

145,785

72,359461,840

－

651

4,158

－

12,572－

99,819141,627

72,359449,268

－

44.22

44.52

41.93

47.92

－

16,82537,673

12,831

88,228－294,300

441,710

63,700575,795

2

Occupancy rate (%)
Leasing
information

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

Income(loss)
information

Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 47 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
RegionGreater Tokyo

Property nameDaiwa Meguro
SquareDaiwa Ogikubo

CONCURRED
Yokohama

Daiwa Shinagawa
Gotenyama

Daiwa NakanoSakaue

Acquisition date

May 2015

July 2016

Jan. 2018

Sept. 2018

Dec. 2019

Acquisition price (Millions of yen)

5,600

3,800

38,100

2,500

2,750

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

1.2

0.8

8.2

0.5

0.6

5,362

3,968

37,568

2,596

2,923

Estimated price at end of period(Millions of yen)

7,380

4,960

41,700

2,880

2,680

Total number of tenants (Note 1)

16

11

36

7

6

Leasable floor area (m )3,519.50

3,849.63

28,052.98

2,396.96

2,716.92

Leased floor area (m2)

3,519.50

3,849.63

28,052.98

2,396.96

2,716.92

End of May 2020

100.0

100.0

98.4

100.0

100.0

End of Nov. 2020

100.0

100.0

99.7

100.0

100.0

End of May 2021

100.0

100.0

99.0

100.0

100.0

End of Nov. 2021

94.1

100.0

98.4

100.0

100.0

End of May 2022

100.0

100.0

100.0

100.0

100.0

182

182

182

182

182

162,822

122,964

1,032,127

80,02368,083

162,822

122,964

1,032,127

80,02368,083

Other lease business revenue

－

－

－

－

－

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

60,604

38,630334,492

21,05447,921

Consignment expenses

12,638

11,15662,459

4,767

8,486

Utilities expenses

8,262

5,043

85,981

4,069

5,614

Taxes and dues

13,7808,203

58,166

5,528

7,073

214

180

784

114

155

Repair expenses

2,037

2,129

9,258

1,898

17,632

Depreciation (C)23,671

11,916

117,841

4,676

8,948

－

－

－

－

12

102,217

84,334

697,635

58,96920,162

125,888

96,250815,477

63,645

29,110－

5,007

20,114

13,961

93,998125,888

91,242

795,363

49,683(64,887)

37.22

31.42

32.41

26.31

70.39

27,861

16,750117,064

11,274

14,172

122,800

121,620

718,980

102,564

193,2512

Occupancy rate (%)
Leasing
information

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

Income(loss)
information

Non-life insurance expenses

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property
Reference tax, etc. for fiscal 2022
information (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)- 48 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period
RegionMajor Regional
CitiesProperty nameDaiwa Kitahama

Acquisition dateAug. 2014

Acquisition price (Millions of yen)

9,481

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

2.0
8,921

Estimated price at end of period(Millions of yen)

13,500Total number of tenants (Note 1)

7

2

Leasable floor area (m )2Leased floor area (m )13,517.62
13,517.62

Occupancy rate (%)
Leasing
information

End of May 2020

100.0

End of Nov. 2020

100.0

End of May 2021

100.0

End of Nov. 2021

100.0

End of May 2022

100.0

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

Income(loss)
information

182404,444404,444

Other lease business revenue－

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

158,550

Consignment expenses

27,806

Utilities expenses

36,837

Taxes and dues

34,459Non-life insurance expenses

752

Repair expenses

1,191

Depreciation (C)57,443

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

59245,893
303,336729
302,606
39.20
70,537275,080- 49 -

Daiwa Office Investment Corporation (8976) Financial Report for the 33rd Fiscal Period(Note 1) Total number of tenants is the number of end tenants. When there is a tenant occupying multiple buildings, theconcerned tenant is counted and stated for each individual building.
(Note 2) Estimated long-term repair expenses are the total amount of repair expenses and renewal expenses estimated to arise
over the 12-year period from the first year to the twelfth year as stated in the building investigation diagnosis report.
(Note 3) Daiwa Minami-Aoyama and Daiwa Kojimachi 4-chome were transferred on December 16, 2021.
(Note 4) Not disclosed for such reasons as consent was not obtained from major tenants to disclose the rent revenue, etc. forthe property.
(Note 5) For Nihonbashi-Bakurocho 1-Chome Development Site (land) and Kandasudacho 2-Chome Development Site (land),the plan is to develop an office building on the property.

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