As of January 18, 2010

IR Material for the Eighth Fiscal Period(Fiscal Period Ended November 2009)

Tokyo Upper Middle OfficeContents
 Activities in the Eighth Fiscal Period
 Issues and Activities of the Investment Corporation

3
4

1 Performance Highlights and Forecasts
 Financial Highlights of the Eighth Fiscal Period(From June 1, 2009 to November 30, 2009)
 Highlights of Forecasts for the Ninth and Tenth Fiscal
Periods (From December 1, 2009 to November 30, 2010)

67

 Factor Analyses of Changes in Leasing Income (2) Shinjyuku Maynds Tower
 Leasing Improvement (1): Past Examples No. 1~3
 Leasing Improvement (5): Current Examples No. 1~2

9
10
11
12
15

3 External Growth The Real Estate Market and Property Acquisitions
 Current Portfolio and Acquisition Policy
 Progress on Property Acquisitions

18
19
20

4 Financial Strategy
 Investors Relations

Financial Strategy
 Activities to Stabilize the Financial Base
 Changes in Interest-bearing Liabilities Ratio and DSCR

22

23
24
25

5 Appendix
 Summary of Results for the Eighth Fiscal Period (1)~(4)2 Internal Growth Factor Analyses of Changes in Leasing Income (1) Changes in the Financial Environment and Future27
 Forecasts (Ninth and Tenth Fiscal Periods)
31
 Major Financial Data
32
 Interest-bearing Liabilities
33
 The Market Environment and Investment Strategies
34
 Changes in NOI and Occupancy Rate by Property (1)~(8) 35
 Rents <Comparison with Market Rents>
43
 Appraisal Values at End of Period (1)~(2)44 Portfolio Performance Summary (1)~(6)46 Portfolio Map
52
 Eighth Fiscal Period: Major Investors
53
 Organization of the Asset Management Company
54
 IR Calendar / Website
55
 Support from Daiwa Securities Group56
 Arrangement with Columbus
57

This
This document
document isis provided
provided forfor informational
informational purposes
purposes andand should
should not
not bebe construed
construed as
as anan offer
offer oror
solicitation
of
an
offer
to
buy
or
sell
any
specific
product,
includinginvestment
units.
We
advisesolicitation of an offer to buy or sell any specific product, including investment units. We advise you
you totoinquireinquire with
with each
each securities
securities company
company with
with regards
regards toto thethe purchasepurchase ofof DA
DA Office
Office Investment
Investment
Corporation’s
Corporation’s investment
investment units.
units.
This
This document
document is
is notnot intended
intended toto provide
provide information
information meeting
meeting thethe requirements
requirements ofof Japan’sJapan’s new
new
Financial
Instruments
andExchange
LaworInvestment
Trust
and
Investment
Corporation
Law,
Financial Instruments and Exchange Law or Investment Trust and Investment Corporation Law, or
or by
by
the
the associatedassociated cabinet
cabinet orders,
orders, cabinet
cabinet office
office ordinances,ordinances, oror rules,rules, oror by
by thethe rules
rules governing
governing companies
companies
listedlisted onon thethe Tokyo
Tokyo Stock
Stock Exchange,
Exchange, oror anyany otherother applicableapplicable rules,
rules, nor
nor isis itit aa disclosure
disclosure document
document oror
statement
statement ofof financial
financial performance
performance preparedprepared inin accordance
accordance with
with thethe provisions
provisions ofof anyany ofof thethe foregoing.
foregoing.
This
This document
document contains
contains forward-looking
forward-looking statements.
statements. However,
However, these
these forward-looking
forward-looking statements
statements are
are
based
based onon certain
certain assumptions
assumptions andand judgments
judgments mademade using
using currently
currently available
available information,
information, andand there
there areareaa number
of
known
and
unknownrisks
anduncertainties.
These
forward-looking
statementsarenotnumber of known and unknown risks and uncertainties. These forward-looking statements are not aa
guarantee
guarantee ofof future
future performance
performance oror management
management results,
results, andand actual
actual results
results may
may differ
differ materiallymaterially fromfromany
explicitor
implicit
forecasts
containedherein.
any explicit or implicit forecasts contained herein.
Although
Although thethe information
information contained
contained inin thisthis document
document isis thethe best
best available
available at
at thethe timetime ofof publication,
publication, nonoassurances
can
be
given
regardingtheaccuracy
andcertaintyof
this
information.
The
contentof
thisassurances can be given regarding the accuracy and certainty of this information. The content of thisdocument
document can
can bebe modified
modified oror withdrawn
withdrawn without
without priorprior notice.
notice.

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

Activities in the Eighth Fiscal Period
Changes in Sponsor
 On July 1, 2009, the Investment Corporation concluded a Sponsor Support Agreement with Daiwa Securities Group, Inc.

Activities of Note
Strengthened our management base(1)

Obtained opportunities to access information concerning real estate, etc. held by the Sponsor Group (external growth)(2)

Relationships with tenants were deepened and management was enhanced with the improvement of creditworthiness (internal growth)Strengthened our financial base(1) Strengthened our financial base by implementing a third-party allotment and issuing subordinated investment corporation bonds (diversification of financing methods)

Subordinated Investment Corporation Bonds

Third-Party Allotment
Item
Item

Description
Description

New
New Investment
Investment Units
Units Issued
Issued51,893 units (total investment units issued: 395,798 units)

Issue
Issue Price
Price andand Total
Total Issue
Issue Price
Price

192,705 yen per unit (total issue price 10,000,040,565)

Subscriber
Subscriber

Daiwa Securities Group, Inc.

Payment
Payment Date
Date

July 1, 2009(2)

Balance
Balance(million(million yen)
yen)

Name
Name
No. 1 Unsecured Investment
Corporation Bond (Callable Bonds)

3,500Interest
Interest Rate
Rate

Date
Date ofofIssuance
Issuance

Repayment
Repayment
Date
Date

3.05364% per September 17, September 17,
annum
2009
2019

Made Borrowings by utilizing the network of the Sponsor Group withfinancial institutions (expanded domestic financial institution contacts)

Drawdown
Drawdown Date
Date(3) Ratings were changed with the improvement of creditworthiness

Description
Description

September 18, 2009

・Borrowings of 13,900 million yen from 5 domestic financial institutions, such as
Sumitomo Mitsui Banking Corporation
・Repayment of 13,822.5 million yen to 6 financial institutions, such as GE Japan
Corporation

November 30, 2009

・Borrowings of 4,000 million yen from 3 domestic financial institutions,such as Chuo Mitsui Trust and Banking
・Repayment of 5,000 million yen to Shinsei Bank

Date
Date ofof Change
ChangeSeptember 15,
2009

RatingRating Agency
AgencyRating and Investment
Information, Inc. (R&I)

ChangeChange ofof Issuer
Issuer Rating
RatingOutlook
OutlookA- → A

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

3

Issues and Activities of the Investment Corporation
Balance
Balance Sheet
Sheet at
at thethe End
End ofof thethe Eighth
EighthFiscalFiscal Period
Period (Nov.
(Nov. 30,
30, 2009)
2009)(Unit: Million yen)

IssuesIssues andand Activities
Activities
surrounding
surrounding Assets
AssetsIssuesIssues andand Activities
Activities
surrounding
surrounding Liabilities
Liabilities Deterioration of Shinjyuku

Maynds Tower’s occupancy rate
Renovation of common areas
and entrances of vacant areas,and carry out leasing activities
by utilizing our competitiveness
P11
sponsor continues
Formulation of a brand strategy
to spread the recognition of the
Daiwa nameStrengthen leasing activities

Internal
GrowthMayndsTower

 Negative image of our former Deterioration of occupancy rates

85,410Assets25,100 million yen→34.6% of totalinterest-bearing liabilities

Appendix

286,901

Net Assets

Interest-bearing
liabilities

P12～
17

Strengthen
leasing

P19

External
GrowthCurrent
Portfolio andAcquisition
PolicyForecast
Forecast EPS
EPS ofof ninthninth fiscal
fiscal period
period¥3,903
Forecast
Forecast EPS
EPS ofof tenth
tenth fiscal
fiscal period
periodFinancial
Strategylenders
Activities to optimize lendercomposition (adjust their shares,
etc.)

IssuesIssues andand Activities
Activities
surrounding
surrounding Net
Net Assets
Assets138,905 units→35.09% of
total number ofinvestment units

Internal
Growth Concentration on specificP33

201,491

 Not able to attain property

through acquisition
Further strengthen ouracquisition system

Liabilities

132,714 million yen→46.2% of total
assets Massive holdings by Columbus

P22

Regularly hold discussions with
Columbus and discuss measuresfor promoting stability in ourinvestor composition

Investor
relations¥2,843This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

4Performance Highlights
1 and Forecasts(From June 1, 2009 to November 30, 2009)

Financial Highlights of the Eighth Fiscal Period (From June 1, 2009 to November 30, 2009)
Eighth Fiscal Period

Results for the Eighth Fiscal Period
Results for the Seventh
Fiscal Period (30properties)

Results for the Eighth
Fiscal Period (30properties)

Operating Revenue¥8,177 million¥7,744 million－¥433 million－5.3%

Operating Income¥4,278 million¥3,903 million－¥375 million－8.8%

Net Income¥3,156 million¥2,709 million－¥446 million－14.2%

Number of Investment
Units343,905 units

395,798 units+51,893 units+15.1%

Dividend per Unit

¥9,179¥6,847－¥2,332－25.4%

Operational EPS(*)¥8,716¥6,847－¥1,869－21.4%

Change from the Previous Period

 Changed the sponsor of theasset management company
 Implemented a third-party

allotment Strengthened our fund-raising

capacity Occupancy rates decreased

Shinjyuku Maynds Tower
 Received a cancellation noticefrom the main tenant(*) Net income per investment unit excluding gain from sale of property and extraordinary gain/loss≪Percentage of leasable floor area≫

Occupancy Rates

NOI Yield

Results for End of theSeventh Fiscal Period(30 properties)

Results for End of theEighth Fiscal Period (30properties)

Results for the Seventh
Fiscal Period (30properties)

Results for the Eighth
Fiscal Period (30properties)

97.7%

92.8%

4.8%

4.5%

・Out of Maynds Tower alone: 24.1%
・Out of total portfolio: 6.4%
 Carried out leasing activities

by utilizing its characteristics

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

6

Highlights of Forecasts for the Ninth and Tenth Fiscal Periods (From December 1, 2009 to November 30, 2010)

Forecasts

Ninth and Tenth Fiscal Periods
Results for the Eighth Fiscal
Period(30 properties)

Ninth Fiscal Period
Forecasts(30 properties)

Tenth Fiscal Period
Forecasts(30 properties)(Disclosed as of Jan. 8, 2010)(Disclosed as of Jan. 15, 2010)

Operating Revenue¥7,744 million¥6,592 million¥6,091 million

Operating Income¥3,903 million¥2,705 million¥2,329 million

Net Income¥2,709 million¥1,545 million¥1,125 million

Number of Investment
Units395,798 units

395,798 units

395,798 units

Dividend per Unit

¥6,847¥3,903¥2,843Operational EPS (*)¥6,847¥3,903¥2,843

Expected Occupancy Rates

Expected NOI Yield

End of the Ninth Fiscal
Period Forecasts (30properties)

End of the Tenth Fiscal
Period Forecasts(30 properties)

Ninth Fiscal Period
Forecasts (30properties)

Tenth Fiscal Period
Forecasts(30 properties)(Disclosed as of Jan. 6, 2010)(Disclosed as of Jan. 15, 2010)(Disclosed as of Jan. 6, 2010)(Disclosed as of Jan. 15, 2010)

83.1%

87.3%

3.5%

3.2%

 Office leasing market will continue

to be soft Effects of the cancellation from themain tenant of Shinjyuku Maynds
Tower will start to show

Shinjyuku Maynds Tower
 The cancellation from the main

tenant will start to impact income
from February 2010
 We are planning to renovatecommon areas of vacant areas aspart of activities to raise occupancy
rates(*) Net income per investment unit excluding gain from sale of property and extraordinary gain/loss
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

7

2 Internal Growth

Factor Analyses of Changes in Leasing Income (1)Summary
Summary ofof Floor
Floor Area
Area ofof TenantTenant Turnover
Turnover by
by Property
Property(Basedon
Profit/Loss)(Based on Profit/Loss)NOI Compared to Previous Periods(Occupancy Rate ［%］)(1) The Eighth Fiscal Period

100%
97.7%

97.4%

95%

92.8%
90%
87.3%
85%

－400 million yen

 The occupancy rates of 12 properties decreased compared to theprevious period.
 NOI Yield dropped 0.3 points.
 Started to feel the effects of market environment deterioration.

83.2%

Occupancy Rate
80%
NOI (Million yen): Rent revenue – Rent-related expense + Depreciation(2) The Ninth Fiscal Period

NOI Yield: NOI/Average acquisition price(Yield [%])

(Million yen)

①

9,000

②

8.0%

③

7.0%

8,000
6,827

7,000

6.0%
6,304

6,220
5,822

6,000

5.0%

－1,154 million yen

 Compared to the previous period, we expect the occupancy rates of
11 properties to decrease and the occupancy rate of the total
portfolio to result at 83.15%.
 We expect NOI Yield to drop 0.87 points.
 We expect the vacancy resulting from the cancellation of the main
tenant of Shinjyuku Maynds Tower to last for 4 months startingfrom February 2010.

5,062
4,668

5,000

4,627

4.0%

3,920

4,000
3,058

3,209

3.0%

3,000
2.0%
2,000
1.0%

1,000

0.0%

0
End offirst
periodEnd ofsecondperiodEnd ofthird
periodEnd offourthperiodEnd offifth
periodEnd ofsixth
periodEnd ofseventhperiodEnd ofeighthperiodEnd ofninth
periodEnd oftenth
period(3) The Tenth Fiscal Period－401 million yen

 Compared to the previous period, we expect the occupancy rates offewer properties to decrease.
 The reason why we expect NOI Yield to drop 0.3 points is because
the mid-term cancellation of the previous period will be felt for theentire period.
 The leased area of the main tenant who cancelled with Shinjyuku
Maynds Tower is expected to remain vacant for 6 months startingfrom the beginning of the period.

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

9Factor Analyses of Changes in Leasing Income (2)Results
Results ofof Rent
Rent Revisions
Revisions (Based(Based on
on Actual
Actual Contracts)
Contracts)
MonthlyMonthly Rent
Rent at
at EndEnd ofof Seventh
Seventh Fiscal
Fiscal Period
Period(238(238 cases)
cases)

MonthlyMonthly Rent
Rent at
at EndEnd ofof Eighth
Eighth Fiscal
Fiscal Period
Period(237(237 cases)
cases)

1,184,142,299

1,098,117,762(Reference) Total leased floor area (m2)(Reference) Total leased floor area (m2)

164,632.98 *2

156,261.68 *1

Decrease
Decrease(31(31 cases)
cases)

Same
Same
(25
(25 cases)
cases)

2,146,651-17,306,603

0New
New leases
leases(33(33 cases)
cases)

Change from Tenant Turnover-70,864,583

ChangeChange resulting
resulting fromfrom revisions
revisions inin rental
rentalterms
terms andand conditions
conditions-86,024,537

0Increase
Increase(8(8 cases)
cases)*1 - *2 = -8,371.30

Difference-86,024,537
ChangeChange resulting
resulting fromfrom property
property acquisition,acquisition,
etc.
etc.

Change due to Rent Revisions-15,159,952(Reference) Floor area (m2)
-8,198.73

Cancellations
Cancellations(53(53 cases)
cases)

68,197,414-139,061,997(Reference) Floor area(m2)

(Reference) Floor area(m2)

12,383.65-20,582.38

List
List ofof Floor
Floor Area
Area ofof TenantTenant Turnover
Turnover by
by Property
Property
Five Central Wards of Tokyo

Tokyo Metropolitan Area

Other
Regions(Tsubo*)2,000

Cancelled Floor Area (tsubo)
Newly Tenanted Floor Area (tsubo)
NET

1,000

* One tsubo = 35.58 ft2

Minami Senba

Shinagawa II

Benex

Higashi-Ikebukuro

Kinshicho

Kodenmacho

Edge

MayndsOnarimonSunlineKyobashi

Ginza 1-chome

Nihonbashi Honcho

Shibuya SS

Atlantic

Nihonbashi MS

Tsukishima

Tsukiji 616

BPS

Tsukiji

Shinbashi 510

Misakicho

Shibadaimon

Jingumae

Hamamatsucho

Sarugakucho

Minami Aoyama-2,000

Shibaura-1,000

Anex

Ginza

0

Note: Property names have been abbreviated in the graph.

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

10

Shinjyuku Maynds Tower
Changes in Occupancy Rates

Activities to Increase Occupancy Rate

On July 2009, we received a cancellation notice from the main tenant (1 entity). As a result,around 4,000 tsubo, which is equivalent to 24.1% of the leasable floor area of Shinjyuku Maynds
Tower, is expected to become vacant. The Investment Corporation will implement various measures
such as renovating common areas and improving leasing activities and strive to lease-up theproperty as soon as possible.

Based on the investment policy of the Investment Corporation, “Prioritizing
higher occupancy rates,” we plan to renovate common areas of the vacant areas.
Even while implementing “Suppression of operation and management costs,”
we will strategically implement investments that are necessary.

Received a cancellation
notice from a tenant.
Should they move out, avacancy of around
4,000 tsubo will ariseand occupancy rates are
expected to drop

100.0%
95.0%
90.0%

Renovations
Renovations ofof Common
Common Areas
Areas ofof thethe Vacant
Vacant Areas
Areas
(1)
(1) Refreshing
Refreshing SpaceSpaceCurrent
Current State
State

After
After Renovation
Renovation

85.0%
80.0%

Average for Nishi-Shinjuku area office buildings

75.0%

Shinjyuku Maynds Tower

Plan to renovatecommon areas of thevacant areas

70.0%
Sep. 2008 Dec. 2008 Mar. 2009 Jun. 2009 Sep. 2009 Dec. 2009 Mar. 2010 Jun. 2010 Sep. 2010
* The asset management company processed data obtained from CB Richard Ellis Research Institute K.K.

Copyright (c) 2010 nihonsekkei. All rights reserved.

The color tone will be changed to brown to create a high-class, relaxing
atmosphere and produce a high-quality feeling for the office.

Leasing Activities Utilizing our Competitiveness(2)(2) Elevator
Elevator Hall
Hall
Current
Current StateState

We are promoting leasing activities by leveraging the competitiveness of Maynds Tower
in the Nishi-Shinjuku area.
Directly
Directly
Connected
Connected totothethe Station
StationLeasable
Leasable
Floor
Floor Area
Area

 Directly connected to Toei Oedo Line Linked to JR Shinjuku Station’sSouthern Terrace Exit through a deck

After
After Renovation
Renovation

 High building specifications as a

Building
Building Age
Ageresult of being relatively younger
than other rival buildings Large spaces comprised of connected Possibility of the vicinity being

floors are very rare and its market
demand is high.
⇒Enhance demand for its use as a head
office, etc.

revitalized due to redevelopmentthat is scheduled at Shinjuku
Station’s South Exit (to becompleted by 2015).

Redevelopment
Redevelopment

Copyright (c) 2010 nihonsekkei. All rights reserved.

The carpet, ceiling and lighting will be changed to create a modern, highquality common area to increase tenant demand.
* The “After Renovation” design is still being reviewed and may be changed in the future.

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

11

Leasing Improvement (1): Past Example No. 1
Property Subject to Leasing Improvement
Benex
Benex S-3
S-3

Changes
Changes inin Occupancy
Occupancy Rate
Rate andand NOINOI Yield
Yield

Location
Location(Nearest(NearestStation:
Station: Shin-Yokohama
Shin-YokohamaStation)
Station)

100

100

8.0

100

6.9

90.7

6.9
81.8

4.0

75
3.4

Occupancy Rate (LHS)

Location

Shin-Yokohama 3-chome
Kohoku Ward, Yokohama
City

NOI Yield (RHS)

Constructed February 1994
Acquisition
4,950 million yen
Price

67.2

Occupancy Rate (Our Forecast)NOI Yield (our forecast)50

Acquired May 2006

2.0

1.9

End of sixth
periodEnd of seventh
period0.0
End of eighth
periodEnd of ninth
periodEnd of tenth
periodLeasing Activities

Future Strategies

We received advance cancellation notices from tenants one after another. Based on thecancellation notices received, the occupancy rate is expected to decrease to 45% and we
specified this property as a property in need of leasing improvement.

 Continue to enhance partnerships with rental brokerage companiesTo recover occupancy rates, we enhanced partnerships with rental brokerage companies andproperty management companies.

 Propose the division of vacant areas, etc. to create new demand.



We advertised its building grade and the spectacular view from private areas and as a result, thenumber of viewings and applications increased.



During the eighth fiscal period, we concluded 9 new contracts and the occupancy rate at the endof the eighth fiscal period recovered to 67.26% (*).

and property management companies.
 Implement campaigns so that the property’s grade is publicized.
 Continue to implement measures to improve tenant satisfaction ofexisting tenants.

*As of January 18, 2010, the occupancy rate is 78.93% based on contracts concluded.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

12

Leasing Improvement (2): Past Example No. 2
Property Subject to Leasing Improvement
daVincidaVinci Onarimon
OnarimonChanges
Changes inin Occupancy
Occupancy Rate
Rate andand NOINOI Yield
Yield

Location
Location(Nearest(NearestStation:
Station:Onarimon
Onarimon Station)
Station)

100

100.0

100

97

8.0
100.0

7.0
6.4
75

87
4.6

4.8

End of eighth
periodEnd of ninth
periodOccupancy Rate

4.6
4.0

Occupancy Rate (Our Forecast)

Location

Shimbashi 6-chome
Minato WardNOI Yield

Constructed April 1973
Acquisition
13,860 million yen
Price

NOI Yield (our forecast)

0.0

50

Acquired February 2006

End of sixth
periodEnd of seventh
periodLeasing Activities

Responses / Future Strategies

We received advance cancellation notices from tenants one after another. Based on
the cancellation notices received, the occupancy rate is expected to decrease to
51% and we specified this property as property in need of leasing improvement.
 After having analyzed market trends of the Onarimon area, we forecast that theenvironment will remain severe. Therefore, we prioritized occupancy rate andenhanced partnerships with rental brokerage companies and property managementcompanies.
 In view of future market trends, we implemented campaigns and viewing events.
 By the end of the eighth fiscal period, the occupancy rate recovered to 86.6%.

End of tenth
periodWhen those who were contemplating moving into a new property were collecting
property information, they tended to exclude this property from candidacy becauseof its age. By implementing campaigns and viewing events for this property, people
were able to confirm that general building specifications were high in contrast to its
age, which led to their submitting applications.



We concluded leasing contracts within a short period of vacancy and 3 newcontracts were concluded during the eighth fiscal period.
 Our policy is to continue maintaining occupancy rates and pour effort into
improving tenant satisfaction of existing tenants .

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

13

Leasing Improvement (3): Past Example No. 3
Property Subject to Leasing Improvement
SunlineSunline Building
Building No.
No. 77

Changes
Changes inin Occupancy
Occupancy Rate
Rate andand NOINOI Yield
Yield

Location
Location(Nearest(NearestStation:
Station:Kojimachi
KojimachiStation)
Station)

100

8.0
97.2

97.2

5.6

5.8

99.8
96.2

76.9

75

4.2

4.0

Occupancy Rate

LocationNOI Yield

Constructed October, 1987
Acquisition
2,680 million yen
Price

1.7

Occupancy Rate (Our Forecast)

Kojimachi 4-chome
Chiyoda WardNOI Yield (our forecast)

1.2

50

Acquired 2006 October

0.0
End of sixth
periodEnd of seventh
periodEnd of eighth
periodEnd of ninth
periodEnd of tenth
periodLeasing Activities

Future Strategies

 Continue to publicize the existence of vacant floors and pour effort in

We received advance cancellation notices from tenants one after another. Based on thecancellation notices received, the occupancy rate is expected to decrease to 34.9% andwe specified this property as property in need of leasing improvement.

implementation of new leasing activities.
 Continue prioritizing the maintenance of occupancy rates and pour

After having conducted market research, we decided to prioritize recovery of theoccupancy rate. We enhanced partnerships with rental brokerage companies andproperty management companies and then implemented campaigns and viewing events.
 We held discussions with new tenants and eliminated turnover risk.
 As a result of preventing additional cancellations and concluding 4 new contracts, theoccupancy rate recovered to 76.9% (*).
*As of January 18, 2010, the occupancy rate is 79.73% based on contracts concluded.

effort into improving tenant satisfaction of existing tenants

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

14

Leasing Improvement (4): Current Example No. 1
Property whose Leasing Condition is Currently being Improved
daVincidaVinci Nihonbashi
Nihonbashi Honcho
HonchoChanges
Changes inin Occupancy
Occupancy Rate
Rate andand NOINOI Yield
Yield

Location
Location(Nearest(NearestStation:
Station: Mitsukoshimae
Mitsukoshimae Station)
Station)

100

8.0

100

100

7.0

7.3

7.3

84.9

5.0

65

4.0
Occupancy Rate (LHS)

Location

Occupancy Rate (Our Forecast)

Honcho 1-chome
Nihonbashi, Chuo Ward

Constructed January 1964
Acquisition
7,420 million yen
Price

Acquired July 2006

2.2

40.8

NOI Yield (RHS)

40.8

NOI Yield (our forecast)30

0.0
End of sixth
periodEnd of seventh
periodEnd of eighth
periodEnd of ninth
periodEnd of tenth
periodCurrent State of the Property

Future Strategies

 As described in the press release, “Notice concerning Tenant Change”

 Under partnerships with rental brokerage companies and property

dated October 30, 2009, Sumitomo Mitsui Construction, a major tenant of
this property, is planning to move out on April 30, 2010.
 With this moving out, the occupancy rate after April 30, 2010 is expected
to decrease to 40.8%.
 Under partnerships with rental brokerage companies and property
management companies, we began implementing leasing activities.

management companies, we will review the implementation of campaigns,
viewing events, etc.
 Since there are a number of viewings, pour effort into carrying out leasing
activities while continuing to evoke tenant demand.
 Continue to pour effort into improving tenant satisfaction of existing tenants.

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

15

Leasing Improvement (5): Current Example No. 2
Property whose Leasing Condition is Currently being Improved
daVincidaVinci Ginza
Ginza 1-chome
1-chome

Changes
Changes inin Occupancy
Occupancy Rate
Rate andand NOINOI Yield
Yield

Current
Current State
State andand Activity
Activity Policies
Policies
8.0

100
5.5
75

Location

Ginza 1-chome, Chuo Ward

January 1962
4,620 million yen
Acquired July 2006
Constructed
Acquisition
Price

50

90.7

80
Occupancy Rate 4.4
Occupancy Rate (Our Forecast)NOI Yield
NOI Yield (our forecast)End of sixth
perioddaVincidaVinci Jingumae
Jingumae

5.1

5.0

End of seventh
period

3.1

78.9
67.5

4.0

69.9
0.0

End of eighth
periodEnd of ninth
periodEnd of tenth
periodChanges
Changes inin Occupancy
Occupancy Rate
Rate andand NOINOI Yield
Yield
100

100
4.9

50

4.9

6.0
4.0

5.0

2.0

Occupancy Rate

December 1997
2,800 million yen
Acquired October 2005
Constructed
Acquisition
Price

NOI Yield

Jingumae 2-chome, Shibuya
Ward0

NOI Yield (our forecast)End of sixth
periodEnd of seventh
period Received a cancellation notice from thetenant leasing the entire building. The
occupancy rate will suddenly drop to
0% (Its investment ratio out of the total
portfolio is 1.1% based on acquisition
price).
 Even when the occupancy rate is 0%,

leasing or building management fees
will arise.

Occupancy Rate (Our Forecast)
Location

tenants one after another and theoccupancy rate gradually decreased.
 Conduct market research underpartnerships with rental brokeragecompanies and property
management companies andendeavor to recover the occupancy
rate through effective campaigns.
 Continue to pour effort into
improving tenant satisfaction ofexisting tenants.
Current
Current State
State andand Activity
Activity Policies
Policies100100

 Received cancellation notices from0.0
End of eighth
periodEnd of ninth
period0.0

 Since we need to obtain new tenants as-1.1

End of tenth
period-2.0

soon as possible, we plan to implement
an effective campaign (e.g. Grant
naming rights for the building if thetenant rents the entire building).

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

16

3 External GrowthThe Real Estate Market and Property Acquisitions
The
The Real
Real Estate
Estate Market
Market andand Trading
Trading Performance
Performance(Number)

Source: Compiled by the Investment Corporation based on data from the “Real Estate Transaction Survey” of the
Urban Research Institute (Mizuho Trust and Banking’s think tank) and information from the Bank of Japan’s website
Will bottom out at 2010 and thengradually recover.
Number of transactions should
return to the 1998-2000 level
The dotted line and white bars are our forecasts

Number of Transactions
Lending Attitude DI (Real Estate)
Lending Attitude DI (All Industries)

700
600
500
400

0

100

-20
-30

0

-40

Subprime
Loan
Problem

Boom Period
Easy lending attitude and intensified competition for property acquisition

Adjustment Period

Recovery Period

Real estate prices and rents drop, whilelending becomes severe

Number oftransactions increase(Billion yen)

350.0

DA
DA Office’s
Office’s Total
Total Acquisition
Acquisition Price
Price
Total Acquisition Price

250.0
200.0
150.0

287.0

278.7

265.0

Aggressive investment for
future growth

100.0

79.5

0.0
Listed(Oct. 2005)

110.8
End of first
period(May 2006)

130.4

138.4

End ofsecond period(Nov. 2006)

End of third
period (May
2007)

0

265.0

End of fourth
period(Nov. 2007)

End of fifth
period(May 2008)

End of sixth
period(Nov. 2008)

End ofseventh period(May 2009)

End of eighth
period(Nov. 2009)

End of ninth
period(May 2010)

End of tenth
period(Nov. 2010)is severe)

265.0

0
is easy (accommodating), whereas below

Number of transactions
suddenly drops
and lending attitude
becomes severe

200

50.0

10

-10

300

300.0

20

DI=Diffusion Index (Above800

End of eleventh
period (May2011)

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

18

Current Portfolio and Acquisition Policy
Distribution
Distribution Chart
Chart ofof Portfolio
Portfolio Properties
Properties

Current Portfolio

Portfolio Properties of DA Office(Total Floor Area (m2))

 Investment is concentrated in the five central wards of Tokyo.

120000 A class buildings (Shinjyuku Maynds Tower ) and B class buildings.

Shinjyuku Maynds
Tower

 Portion of B class buildings are older buildings ((2)).

100000Investment
Investment Ratio
Ratio

A Class
Buildings

80000

Area
Area

Investment Target

90.9%

Tokyo
Tokyo
Metropolitan
Area
Metropolitan
RegionalArea

7.3%

Classification
Classification

Investment
InvestmentRatio
Ratio

AAclassclassbuildings
buildings

50.5%

BBclassclassbuildings
buildings

49.5%

Regional
CitiesCities

60000

40000

Acquisition Policy and Sources

Investment
InvestmentRatio
Ratio

Five
FiveCentral
CentralWards
Wards
ofofTokyoTokyo

Acquisition Policy

1.8%

 Continue investing heavily in the five central wards of Tokyo.
 For the time being, invest heavily in younger A class buildings andyounger B class buildings (1) within 20 years of building age.
 Consider property replacement, such as selling Zone (2) properties and*Investment Ratio is calculated based on
acquisition price(1)purchasing Zone (1) properties.

B Class
Buildings

20000

Sources Implement active sourcing activities, such as the exchange of

(2)
0
0

5

10

15

20

25

30

35

40

45

50

(Building Age)

information with financial institutions, including transaction financial
institutions, business corporations, servicers and other REITs, inaddition to information granted by intermediary departments of trustbanks or intermediary companies.

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

19

Progress on Property Acquisitions
Reviews

Property Information Obtained (By Region)
Total
Total Number
Number Obtained
Obtained

285 cases Out of the information obtained, the Investment Corporation carefully* Number obtained as of Jan. 5, 2010

reviewed around 60 properties.
 More than half of the properties were relinquished due to differences of

ChiyodaChiyoda Ward
Ward
(55
(55 cases)
cases) Over half for Kanda area and Iwamotocho
 Some are currently under careful review

Chuo
Chuo Ward
Ward(47(47 cases)
cases) Over half for Nihonbashi area such as XX-cho Nihonbashi
 Some are currently under careful review

MinatoMinato Ward
Ward
(50
(50 cases)
cases)

 Almost evenly for Shimbashi, Mita, Akasaka, Aoyama, etc.
 Some were relinquished due to being located far from stations

ShibuyaShibuya Ward
Ward
(28
(28 cases)
cases)

 Most for Ebisu and Jingumae
 Some are currently under careful review

Shinjuku
Shinjuku Ward
Ward
(16
(16 cases)
cases)

 A lot for the vicinity of Shinjuku Station (Nishi-Shinjuku, Shinjuku 3-chome, etc.)
 Reviewing properties in Ichigaya and Takadanobaba

Tokyo
Tokyo Prefecture
Prefecture (other(otherthan
than thethe above)
above) (57(57
cases)
cases)Tokyo
Tokyo Metropolitan
Metropolitan
Area
Area (other(other than
than thetheabove)
above) (18(18 cases)
cases)
Regional
Regional Cities
Cities (other(otherthan
than thethe above)
above) (14(14cases)
cases)

views with the seller with regards to future forecasts of rent decreases orleasing difficulties. Other than these, we relinquished between 10 to 20
properties due to reasons attributable to the seller, or problems of breachesof law for certain buildings.
 We are currently reviewing 6 properties.
 There are many properties among the information recently obtained forwhich decisions on careful review have not been determined yet.

Distribution
Distribution Chart
Chart ofof Properties
Properties Under
Under Review
Review(Total Floor Area (m2))

 Major areas are Shinagawa Ward (14 cases) and Bunkyo and Toshima Wards (9 cases) Shinagawa Ward and Meguro Ward cases are currently under careful review

120000 Mainly for Yokohama City and Kawasaki City
 Did not carry out careful reviews for both regions due to location issues

100000 Mainly for Osaka City, Kobe City and Nagoya City
 Did not carry out careful reviews for these regions due to location issues

80000

A Class Buildings
Reviewed younger A and B
Class buildings, butrelinquished many of them
due to different views on
pricing

60000

Property Information Obtained (By Source)

Reviewed
properties
because of their excellent
location, but relinquishedthem in view of future
renovations.

40000

 Intermediary departments of trust banks provided 124 cases of information,and intermediary companies provided 82 cases of information, indicating thata lot of information was granted by intermediary companies.
 The Sponsor provided 20 cases of information and financial institutions,
including transaction financial institutions, business corporations, other REITs,
and servicers granted us 35 cases of information.

B Class Buildings

20000
0
0

10

20

30

40

50

60

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

20

4 Financial Strategy

Investor Relations
Changes in Investment Unit Ownership by Industry

Investment Units of Columbus The number of investment units held by individual investors and foreign

Current State

investors decreased. We plan to enhance our investor relations system forindividual investors and foreign investors.

 K. K. daVinci Holdings sold all investment units it owns. K.K. Columbus

has not sold investment units and continues to own them.

End
End ofofthe
the Seventh
Seventh Period
Period According to the large share holdings report, rights of pledges were

Investor
Investor TypeType

established over investment units owned by Columbus by BNP Paribas
Principal Investments Japan, Ltd.
 Implemented investor relations activities overseas during the eighth fiscal
period with existing investors and also searched for potential investor
candidates. We are planning to continue regular communication.

11

22

Future Policy
 We are planning to regularly hold discussions with Columbus and to discuss

measures for promoting stability in our investor composition.

Individuals
Individuals
Financial
Financial institutions
institutions (excluding(excluding securities
securities
firms)
firms)
Banks
Banks
Trust
Trust banks
banks
Life
Life insurance
insurance companies
companies
Non-life
Non-life insurance
insurance companies
companies
Other
Other

Canada4

North America
Singapore9

Europe (continent)

4

U. K.

11

Hong Kong

4

102

0.13%

5,599

7.13%

3,271

4.17%

48,87514.21%

Securities
Securities firms
firms

15,169

4.41%

22

14

83.87%

55

Number ofInvestor Visits3

4.7%

65,86043.92%*Red figures: An increase compared to theprevious period. Blue figures: A decrease

Investor
Investor TypeType

Middle Easterncountries

22.83%

3,690

151,027

11

City/Region

14.63%

Other
Other domestic
domestic corporations
corporations
Foreign
Foreign bodies
bodiesOverseas
Overseas Investors
Investors Relations
Relations Destinations
Destinations
Number ofInvestor Visits78,522

Percentage
Percentage Share
Share

33
44

End
End ofofthe
theEighth
Eighth Period
PeriodCity/Region

NumberNumber ofof
Investment
Investment Units
Units
50,312

Individuals
Individuals
Financial
Financial institutions
institutions (excluding(excluding securities
securities
firms)
firms)
Banks
Banks
Trust
Trust banks
banks
Life
Life insurance
insurance companies
companies
Non-life
Non-life insurance
insurance companies
companies
Other
Other

NumberNumber ofof
Investment
Investment Units
Units
43,812
113,742

Percentage
Percentage Share
Share
11.06%
22.83%

3,054

2.68%

103,944

91.38%

376

0.33%

5,599

4.92%

769

0.67%
36.17%

33
44

Other
Other domestic
domestic corporations
corporations
Foreign
Foreign bodies
bodies143,198
36,8189.30%

55

Securities
Securities firms
firms

58,22814.71%

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

22

Changes in the Financial Environment and Future Financial Strategy
Changes
Changes inin thethe Financial
Financial Environment
Environment*Compiled by the Investment Corporation based on the Bank of Japan’s website and disclosure materials of companies(Billion yen)

700.0
600.0
500.0

Equity (based on delivery date)
Investment Corporation Bonds (based on those launched)Interest Rate on Loans DI (Real Estate Industry [Increase - Decrease])
Financial Position DI (Real Estate Industry [Easy - Tight]
Lending Attitude DI (All industries)
Lending Attitude DI (Real Estate Industry)

Interest
Interestrates
ratesriserisewith
withthethelending
lending
attitudeattitudebecoming
becomingsevere
severetowards
towards
thetherealrealestate
estateindustry
industry

Financing
Financing becomes
becomes tight
tight
with
with thethefinancial
financial crisis
crisisandand equity
equity financing
financingsuddenly
suddenly decreases
decreases

50
40
30
20

400.0

10

300.0

0
-10

200.0
-20
100.0

-30
-40

0.0
2H of 2001 1H of 2002 2H of 2002 1H of 2003 2H of 2003 1H of 2004 2H of 2004 1H of 2005 2H of 2005 1H of 2006 2H of 2006 1H of 2007 2H of 2007 1H of 2008 2H of 2008 1H of 2009 2H of 2009

Equity Financing

Changes
Changes inin DA
DA Office’s
Office’s Interest
Interest Rate
Rate Costs
Costs
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0

Interest Rate Costs ＝ (Interest expense＋loan fees) ／ Average balance of borrowings

Results

 The Investment Corporation’s number of investment units outstanding is395,798 units, which is a high figure.
 Until dividends recover to a certain level, issuance of new investment units will

Forecast at the Financial Results Presentation(Jul. 29, 2009)

be suppressed as much as possible.

Debt Financing
ExcludingExcludingthe
the basic
basic interest
interest
rate,
rate, costs
costs recently
recently have
have
decreased
decreasedto
to1.5%
1.5% oror lessless
End of first End of
periodsecondperiodEnd of third
periodEnd offourthperiodEnd of fifth End of
End ofperiod sixth period seventh
period Interest rate costs decreased due to credit enhancement which was the result ofEnd ofeighthperiodchanging sponsors.
 Expand lenders, and deal with the risk of concentrating on Aozora Bank andShinsei Bank. Review implementation of activities to optimize lendercomposition while giving consideration to maintaining good relationships.

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

23

Activities to Stabilize the Financial Base
Changes
Changes inin Coverage
Coverage Ratio
Ratio ofof Dividends
Dividends andand Security
Security Deposits
Deposits
Reserves
Reserves forfor dividends
dividends were
were used
used forformakingmaking repayments.
repayments.
Coverage
Coverage ratio
ratiodrops
drops far
far below
below 100%
100%

250%
200%

Financial
Financial base
base strengthened
strengthenedduedue
tofinancingfromto financing from thethe Sponsor
Sponsor150%

Level where we can pay dividends
using cash on hand

100%
50%
0%
-50%

End of first period

End of second period

End of third period

End of fourth period

End of fifth period

End of sixth period End of seventh period End of eighth period-100%
Coverage Ratio of Dividends (Cash and deposits / total dividends)-150%

Coverage Ratio of Security Deposits Received (Security deposits received / (cash and deposits －total dividends))

Level
Level ofof reserves
reserves ofof security
security
deposits
deposits stipulated
stipulatedby
by thethe Fund
Fund
Management
Management Regulations
Regulations-200%* “Cash and deposits” for the end of the eighth period excludes the balance (9 billion yen) used as sources of repayments out of third-party allotment funds that were procured as property acquisition funds, etc.
* “(Cash and deposits － total dividends)” at the end of the eighth period excludes amounts equivalent to reserves for construction costs and emergency response funds (total of 1 billion yen) stipulated by the FundManagement Regulations.

Formulated Fund Management Regulations

Future Activities
 The Investment Corporation’s effort to strengthen the financial base was We formulated Fund Management Regulations from the lesson learned at

highly evaluated and its rating was raised (R&I: from A- to A). We willpour efforts into strengthening the financial base to maintain or improve thisrating.
 Will discuss issuing investment corporation bonds (including short-term)and establishing commitment lines.

the end of the sixth period when we faced cash-flow problems.
 The Regulations stipulate that the Investment Corporation reserves anamount equivalent to dividend payments, construction costs and 30% of
security deposits that are not held in trust. By doing so, it will strive tostabilize the financial base.

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

24

Changes in Interest-bearing Liabilities Ratio and DSCR
Changes
Changes inin Interest-bearing
Interest-bearing Liabilities
Liabilities Ratio
Ratio andand DSCR
DSCR(Interest-bearing Liabilities Ratio ［LTV (%)］)(DSCR)

80%

20
LTV (based on appraisal value)70%

LTV (based on acquisition price)

59.0%

60%
51.5%

54.4%

54.6%

60.8%
55.9%

51.1%

54.0%
49.3%

50%

16

LTV (based on total assets)

57.7%

53.7%

18

DSCR

52.2%

51.2%

DSCR after deduction of capital gain

49.9%

46.3%

14
12

40%

10
30.0%

30%

22.6% 22.0%

26.4% 25.4%

27.4%

25.3%

26.1%

6

20.3%

20%

8

4
10%

2

0%

0
End of first period

End of second period

End of third period

End of fourth period

End of fifth period

End of sixth period

End of seventh period

End of eighth period(1) LTV＝Total interest-bearing liabilities/ total appraisal value of properties held at the end of the period(2) LTV (based on acquisition price) ＝Total interest-bearing liabilities / Total acquisition price of properties held at the end of the fiscal period (3) LTV (based on total assets) ＝Total interest-bearing liabilities /total assets(4) DSCR＝ Debt Service Coverage Ratio (Ordinary income + interest expense + depreciation + amortization of deferred assets (including amortization of loan fees)) / Interest expense(5) DSCR after deduction of capital gains or losses ＝ (Ordinary income + interest expense + depreciation + amortization of deferred assets (including amortization of loan fees) - gain from sale of real estate) /Interest expense

Thoughts on Interest-bearing Liabilities Ratio and DSCR We will comply with covenants required by financial institutions, who are our lenders, in the areas of interest-bearing liabilities ratio and DSCR.
 We are aware of the risk that the interest-bearing liabilities ratio will rise in accordance with the decline in appraisal values. We will strive to maintain aconservative LTV level.
 Rental revenue is on a downturn, but due to changes in sponsors, interest expenses are also decreasing. We expect that we will be able to maintain a certain
DSCR level.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

25

5 Appendix

Summary of Results for the Eighth Fiscal Period (1)Balance SheetASSETS

Current Assets
Cash and Deposits
Cash and Deposits in Trust
Consumption Taxes Receivable
Other Current Assets
Fixed Assets
Tangible Fixed Assets
Buildings Held in TrustLand Held in Trust
Other Tangible Fixed Assets
Intangible Fixed Assets
Leasehold Rights in Trust
Other Intangible Fixed Assets
Investments and Other Assets
Leasehold and Security Deposits Paid in Trust

Long-term P repaid Expenses
Other Investments and Other Assets
Deferred Assets
Investment Corporation Bond Issuance Costs
Total Assets

LIABILITIESCurrent Liabilities
Trade P ayables
Current Maturities of Long-term Borrowings
Other P ayables
Rents Received in Advance
Other Current Liabilities
Fixed Liabilities
Investment Corporation Bonds Issued
Long-term Debt
Leasehold and Security Deposits Received

CAPITAL

Leasehold and Security Deposits Received in Trust

Other Fixed Liabilities
Total Liabilities
P aid-in Capital
Retained Earnings
Total Capital
Total Liabilities and Capital

Seventh Fiscal P eriod

Eighth Fiscal P eriod

As of May 31, 2009
Thousand Yen
P ercentage （ %）11,348,632
4.1%
3,134,712
6,921,686
162,295
1,129,938
264,420,435
95.9%
258,171,444
93.6%
48,769,718
209,399,114
2,610
4,975,802
1.8%
4,970,290
5,511
1,273,188
0.5%
113,684
1,123,668
35,8350.0%
275,769,068
100.0%

As of Nov. 30, 2009
Thousand Yen
P ercentage （ %）23,471,813
8.2%
15,467,439
6,754,925
1,249,449
263,401,950
91.8%
257,295,399
89.7%
47,891,181
209,399,114
5,102
4,974,304
1.7%
4,970,290
4,013
1,132,245
0.4%
113,684
993,832
24,72827,6060.0%
27,606286,901,370
100.0%

Seventh Fiscal P eriod

Eighth Fiscal P eriod

Buildings Held in T rust

As of May 31, 2009
Thousand Yen
P ercentage （ %）26,579,270
9.6%
918,495
24,322,500
284,825
766,605
286,844
57,252,098
20.8%
45,700,000
5,429,805
6,108,420
13,872
83,831,369
30.4%
188,780,910
3,156,788
191,937,699
69.6%
275,769,068
100.0%

As of Nov. 30, 2009
Thousand Yen
P ercentage （ %）7,656,266
2.7%
699,617
5,751,250
280,927
706,815
217,656
77,754,098
27.1%
3,500,000
63,279,375
5,038,392
5,924,911
11,41985,410,365
29.8%
198,780,951
2,710,053
201,491,004
70.2%
286,901,370
100.0%

Land and Leashold
Rights Held in T rust
T otal AUM

Cash and Deposits
15,467 million yenLeasehold and security deposits received･････････ 5,038 million yenConstruction budget for the ninth fiscal period･･･････ 645 million yen

Dividends for the eighth fiscal period････････････ 2,710 million yenOther･････････････････････････････････････････ 7,074 million yen

Assets under Management (AUM)
262,260 million yen
Book Value at
Beginning of P eriod

Acquisition

48,769214,369
263,139

Transfer /Retirement

Sales

302

-

-

302

-

-

-

Amortization forBook Value atEighth P eriod

End of P eriod--1,18047,891-1,180262,260-

214,369

Interest-bearing Liabilities
72,530.625 million yen
Loan-to-Value (LTV): 25.3% (Interest-bearing liabilities at end of period /total assets)Long-term interest-bearing liabilities ratio: 92.1%(Long-term borrowings(including investment corporation
bonds) / Interest-bearing liabilities at end of period )This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

27

Summary of Results for the Eighth Fiscal Period (2)Comparison with Results of the Previous Period(Seventh Fiscal Period)

Assumptions for Analysis

Unit: Million Yen (excluding the number of investment units and cash dividends)
Seventh Period

Eighth Period（ended May 31, 2009)（ended Nov. 30, 2009）

Number of Properties (at period-end)30

30

Effective Number of Days of Investment

182

183

Operating Revenues (A)

8,177

7,744

- 433

3,899

3,841

- 57

1,843

1,829

- 13

Depreciation

1,182

1,180

-1

Gain and Loss from Rental Operations(excluding gain on sale)

5,152

4,734

- 417

Operating Income (A-B)

4,278

3,903

- 375

Non-operating Expenses

1,288

1,201

- 86

Interest Expense (including cap
amortization)

576

741

+ 165

Financing Related Expenses

669

429

- 283

2,998

2,710

- 287

Extraordinary Income
Net Income
Investment Units Issued and Outstanding
Divide nd pe r Unit (Unit: Yen)II.

Other Factors

Operating Revenues
I.

Rental Business Expenses (excluding
depreciation)

Ordinary Income

Comparison with the seventh period on the basis ofproperties owned at the end of the eighth period (30properties)

ChangeGain on Sale
Operating Expenses (B)

I.

159

- 159

3,156

2,709

343,905

395,798

9,179

6,847

- 446

-2,332II.

－444 million yen [Decrease in rent, etc.: 6,685 (8th period)－7,130 (7th period)]Due to decrease in occupancy rate [92.8% at end of 8th fiscal
period ← 97.7% at end of 7th fiscal period]
11 million yen [Other]

Interest Expense62 million yen [Average principal: 64,957 (7th period) →72,530.625 (8th period)]

99 million yen [Average interest rate: 1.78% (7th period) →2.07% (8th period)]

Financing Related Expense
 －283 million yen [Financing related expense]

Dividend per Unit (yen)In addition to decrease in rent, etc. due to decrease in occupancy rate,
the main reason for the reduction was the dilution occurring as a resultof implementing third-party allotment.

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

28

Summary of Results for the Eighth Fiscal Period (3)Comparison with Forecasts

Rental Operations: Based on Gain and Loss from Rental
Operations excluding gain from sale

Unit: Million Yen (excluding the number of investment units and cash dividends)
Eighth Period

 187 million yen [Mainly due to decreases in thefollowing expenses]

Forecast
Actual Results

announced onJune 17, 2009

Operating Revenues (A)Difference

7,722

7,744

+ 21

0

0

0

4,082

3,841

- 240

Rental Business Expenses (excluding
depreciation)

2,017

1,829

- 188

Depreciation

1,186

1,180

-5

Gain and Loss from Rental Operations(excluding gain from sale)

4,518

4,734

+ 215

Operating Income (A-B)

3,640

3,903

+ 262

Non-operating Expenses

1,259

1,201

- 58

Interest Expense (including cap
amortization)

782

741

- 40

Financing Related Expense

445

429

- 16

2,380

2,710

+ 330

0

0

0

2,378

2,709

+ 331

395,798

395,798

6,009

6,847

Gain on Sale
Operating Expenses (B)Ordinary Income
Extraordinary Income
Net Income
Investment Units Issued and Outstanding
Divide nd pe r Unit (Unit: Ye n)

215 million yen increase in income[Consignment expenses: 38, Utility charges: 74, Repair
expenses: 47, Taxes and Dues: 27]
 28 million yen[Other]Changes in Forecasts
InitialForecast

Revised
Forecast(Announced on
Jan. 26)(Announced on
Jun. 17)

Operating Revenues

7,869

7,722

7,744

-125

Ordinary Income

2,547

2,380

2,710

163

Net Income

2,545

2,378

2,709

165

Dividend per Unit
(Yen)

7,400

6,009

6,847

-553

(Million Yen)

ActualResults

Difference
from Initial
Forecast

838This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

29

Summary of Results for the Eighth Fiscal Period (4)Cash Flow Statement
Ⅰ. Cash Flows from Operating Activities
Net Income before Income T axes
Depreciation
Investment Unit Issuance Expenses
Amortization of Investment Corporation Bond Issuance Costs
Interest Income
Interest Expenses
Increase (Decrease) in Operating Accounts Receivable
Increase (Decrease) in Other Accounts Receivable
Increase (Decrease) in Consumption T axes Receivable
Increase (Decrease) in Prepaid Expenses
Increase (Decrease) in Operating Accounts Payable
Increase (Decrease) in Other Accounts Payable
Increase (Decrease) in Accrued Consumption T axes
Increase (decrease) in advances received
Increase (Decrease) in long-term prepaid expenses
Increase (Decrease) in long-term advances received
Other
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by operating activities
Ⅱ. Cash Flows from Investing Activities
Purchase of property, plant and equipment in trust
Proceeds from leasehold and security deposits
Proceeds from leasehold and security deposits in trust
Payments for leasehold and security deposits
Payments for leasehold and security deposits in trust
Net cash used in investment activities
Ⅲ. Cash Flows from Financing Activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment units
Proceeds from issuance of investment corporation bonds
Redemption of investment corporation bonds
Payments for investment corporation bond issuance costs
Payments of Investment Unit Issuance Expenses
Dividends paid
Net cash provided by financing activities
Ⅳ. Net increase (decrease) in cash and cash equivalents
Ⅴ. Cash and cash equivalents at beginning of period
Ⅵ. Cash and cash equivalents at end of period

Seventh Period
Dec. 1, '09 - May 31, '09

Eighth Period
Jun. 1, '09 - Nov. 30, '09

T housand Yen

T housand Yen

3,157,703
1,184,130
43,051-7,031
576,235
19,256-643-162,295-381,751-25,307-232,004-494,057-37,974-855,141-2,439138,628
2,920,358
7,031-565,492-1,0622,360,835

2,710,927
1,182,187
27,593
1,181-2,215
741,763-32,453658
162,295-72,120
113,071-3,89867,639-59,789
129,835-2,452-149,712
4,814,509
2,215-729,997-820
4,085,906-328,402
238,947
450,695-440,039-229,007-307,807-636,594
431,216
213,252-791,689-427,702-1,211,516

15,200,000-15,200,000
26,700,000-14,448,000-2,000,000-9,329,054
922,945
2,975,973
7,080,426
10,056,399

17,900,000-18,891,875
10,000,040
3,500,000-28,788-27,593-3,160,208
9,291,575
12,165,965
10,056,399
22,222,364

Majors Reasons of Changes in Cash and Cash Equivalents

10,000 million yen[from third-party allotment]3,500 million yen[subordinated investment corporation bonds]

－1,000 million yen[repayment of borrowings using funds on hand]－ 335 million yen[Other]Dividend Calculation Sheet
Seventh Period
Dec. 1, '08 - M ay 31, '09

Eighth Period
Jun. 1, '09 - Nov. 30, '09

Yen

Yen

I Unappropriated retained
earnings for the period

3,156,788,159

2,710,053,589

II Dividends

3,156,703,995

2,710,028,906

9,179

6,847

84,164

24,683( Dividend per Unit)
III Balance to be carriedforwardThis document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

30

Forecasts (Ninth and Tenth Fiscal Periods)
Assumptions for Forecast

Forecasts for the Ninth and Tenth Fiscal Periods

Average assets under management: 265,045 million yen (8thperiod – 10th period) Occupancy rates at period-end: 83.1% (9th period) and 87.3%(10th period)

Results for the
Eighth Period

Forecast for the Forecast for theNinth Period
Tenth Period(ended Nov. 30, 2009)(ending May 31, 2010)(ending Nov. 30, 2010)

Number of properties (at period-end)

30

30

30

Effective number of days of investment

183

182

183

Operating Revenues (A)Operating Revenues
Occupancy rates are expected to decrease during the ninth and tenth fiscal
periods compared to that of the eighth fiscal period.

7,744

6,592

6,091

0

0

0

3,841

3,887

3,762

Rental Business Expenses (excluding
depreciation)

1,829

1,924

1,824

Depreciation

1,180

1,189

1,200

Gain and Loss from Rental Operations(excluding gain from sale)

4,734

3,479

3,066

Operating Expenses

Operating Income (A-B)

3,903

2,705

2,329

Non-operating Expenses

1,201

1,203

1,202

During the ninth fiscal period, consignment expenses for leasing is
expected to rise.

Interest Expense (including cap
amortization)

741

786

800

Financing Related Expense

429

412

396

2,710

1,501

1,127

0

45

0

2,709

1,545

1,125

395,798

395,798

395,798

6,847

3,903

2,843

Gain on Sale
Operating Expenses (B)Ordinary Income
Extraordinary Income
Net Income
Investment Units Issued Outstanding
Divide nd per Unit (Unit: Yen)

* Although we assume that rents will remain at the current level, actual rents may differ from the assumption

In particular, occupancy rates of the following properties are expected togreatly decrease:・Shinjyuku Maynds Tower, ・daVinci Nihonbashi Honcho, ・daVinci Ginza
1-chome and ・daVinci Jingumae (please refer to the pages on “Leasing
Improvement” under Internal Growth)

Since repair expenses were suppressed during the eighth fiscal
period, repairs will be executed as planned for the ninth andtenth fiscal periods.

Borrowing Costs

Compared with the eighth fiscal period
 [Average principal: 71,482 million yen (8th period)→ 72,510

million yen (9th period)→72,386 million yen (10th period)]
 [Average interest rate: 2.07% (8th period) → 2.17% (9th period)→2.21% (10th period)]

depending on the status of assets under management.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

31

Major Financial Data
Item
Number of days of investment

Unit 4th period 5th period 6th period 7th period 8th period
Day

183

183

183

182

183

Property

35

33

30

30

30

FFO
Net Income + Depreciation - Gain on Sales

Number of properties at end of period

NOI Yield
Occupancy rate at end of period

%

98.2

98.3

97.6

97.7

92.8

Annualized NOI / Average Acquisition Price

Average acquisition priceMillionyen

199,274

286,162

272,452

265,045

265,045

NOI (after deduction of gain on sale)

Million
yen

5,062

6,827

6,304

6,220

5,822

Funds from operation (FFO)

Million
yen

3,492

3,674

3,592

4,338

3,890

Return on asset (ROA)

%

1.9

1.3

3.3

2.2

1.9

Loan-to-Value (LTV) at end of period

Return on equity (ROE)

%

4.7

3.0

5.6

3.2

2.7

Interest-bearing liabilities at end of period / Total
assets at end of period

Capital adequacy ratio at end of period

%

44.0

44.8

72.8

69.6

70.2

ROA
Annualized Net Income / Total Assets

ROE
Annualized Net Income / Total Investments* Figures are rounded to the first decimal place.

Loan-to-Value (LTV) at end of period

%

51.2

49.9

22.0

25.4

25.3

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

32

Interest-bearing Liabilities
Balance by interest-bearing liabilities

List of Interest-bearing Liabilities(Including Investment Corporation Bonds)

Borrowings
Borrowings

Name of Financial Institution

Term

LenderBalance(million yen)

Short-term

N/A-

Current maturities of longterm borrowings

T otal short-term borrowings

Date of advance-

Aozora Bank, Ltd.

5,500

August 29, 2008

February 26, 2010

Sumitomo Mitsui Banking Corporation (*)

37.5

September 18, 2009

September 18, 2012

T he Sumitomo T rust and Banking Co., Ltd. （ * ）26.25

September 18, 2009

September 18, 2012

Development Bank of Japan, Inc. （ * ）150

September 18, 2009

September 18, 2012

T he 77 Bank Ltd. （ * ）7.5

September 18, 2009

September 18, 2012

T he Chuo Mitsui T rust and Banking Co., Ltd. (*)

15

November 30, 2009

November 30, 2012

T aiyo Life Insurance Company （ * ）7.5

November 30, 2009

November 30, 2012

T he Gunma Bank, Ltd. （ * ）T otal current maturities of long term borrowings

7.5

November 30, 2009

November 30, 2012

March 18, 2011

5,751.25

Resona Bank, Ltd.

2,000

March 21, 2008

Kansai Urban Banking Corporation

5,500

June 30, 2008

June 30, 2011

Resona Bank, Ltd.

3,000

August 29, 2008

August 31, 2011

American Life Insurance Company

5,000

September 2, 2008

August 31, 2013

Mizuho Bank, Ltd.

3,500

September 30, 2008

September 30, 2011

Shinsei Bank, Ltd.

7,100

February 20, 2009

February 20, 2012

Aozora Bank, Ltd.

19,600

May 21, 2009

May 21, 2012

4,943.75

September 18, 2009

September 18, 2012

3,460.625

September 18, 2009

September 18, 2012

2,812.5

September 18, 2009

September 18, 2012

Mizuho Bank, Ltd.

1,400

September 18, 2009

September 18, 2012

T he 77 Bank Ltd. （ * ）992.5

September 18, 2009

September 18, 2012

T he Chuo Mitsui T rust and Banking Co., Ltd. （ * ）1,985

November 30, 2009

November 30, 2012

T aiyo Life Insurance Company （ * ）992.5

November 30, 2009

November 30, 2012

992.5

November 30, 2009

November 30, 2012

Long-term Sumitomo Mitsui Banking Corporation （ * ）T he Sumitomo T rust and Banking Co., Ltd. （ * ）Development Bank of Japan, Inc. （ * ）T he Gunma Bank, Ltd （ * ）T otal long-term borrowings

63,279.375

T otal borrowings

69,030.625

LenderLong-term No. 1 Unsecured Investment Corporation Bond (Callable Bonds)
T otal investment corporation bonds

Chuo Mitsui Trust and Banking ･･････ 2,000
Gunma Bank･･･････････････････････ 1,000
Taiyo Life Insurance ････････････････ 1,000

25,000

Lenders
Lenders after
after refinancing
refinancing loans
loans due
due Sep.
Sep. 2009
2009

20,000Sumitomo Mitsui Banking Corporation･ 5,000
Sumitomo Trust and Banking ･････････ 3,500
Development Bank of Japan ･･････････ 3,000
Mizuho Bank ･･･････････････････････ 1,400
77 Bank････････････････････････････ 1,000

4,000
19,600Loans from Aozora Bank
Loans from Shinsei Bank
Loans from other financial institutions
New loans drawn down on Sep. 2009
New loans drawn down on Nov. 2009
Investment corporation bonds

3,500

10,0005,000

Due date
September 17, 2019

Sep. 30, 2009

3,500

13,9003,000

13,822

Balance
Date of advance(million yen)
3,500 September 17, 2009

34.6
9.7
7.5
6.8
6.8
6.8
6.7
4.8
4.0
2.7
1.3
1.3
1.3
4.8

Lenders
Lenders after
after refinancing
refinancing loans
loans due
due Nov.
Nov. 2009
2009

Investment
Investment Corporation
Corporation Bonds
Bonds
Term

Share (%)

25,100
7,100
5,500
5,000
5,000
4,981.25
4,900
3,486.875
2,962.5
2,000
1,000
1,000
1,000
3,500
72,530.625

Diversification of Payment Dates

15,000（ * ） Portions of long-term installment loans that are due within 1 year have been categorized as current maturities of long term borrowings.

Balance (million yen)Aozora Bank
Shinsei Bank
Kansai Urban Banking Corporation
Resona Bank
Alico
Sumitomo Mitsui Banking Corporation
Mizuho Bank
Sumitomo Trust and Banking
Development Bank of Japan
Chuo Mitsui Trust and Banking
77 Bank
Gunma Bank
Taiyo Life Insurance
Investment corporation bonds
Total

Due date

5,000

5,500

Nov. 2009(8th period)

May 2010(9th period)

5,500
2,000

7,100

5,000

3,500

Nov. 2019Nov. 2010
Nov. 2011
May 2012
Nov. 2012
May 2013
Nov. 2013
May 2011(10th period) (11th Period) (12th period) (13th period) (14th period) (15th period) (16th period) (28th period)

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

33

The Market Environment and Investment Strategies
Outlook
Outlook ofof thethe Market
Market Environment
Environment
Financing
Financing

Macro
MacroEconomy
EconomyREIT
REITMarket
MarketReal
RealEstate
EstateLeasing
Leasing

Real
RealEstate
EstateTransactions
Transactions

 The economy will enter Lending attitude of Some investment

 Number of transactions

 The rising trend ina recovery trend
 Severe employment
situation and mild
deflation

financial institutions will
be severe With many large-scale
capital increases
occurring, the capital
market will enter a soft
trend

corporations will resume
capital increases throughpublic offerings
 The J-REIT market’s
recovery will be slow
compared to othercountries’ REIT markets

will remain low
 Possibility of defaulted
loans being sold in themarket primarily byfinancial institutions

vacancy rates of offices
will start to tone down
will start to tone down incentral Tokyo Office rents will continue
to fall and then enter anadjustment phase at thetroughDADA Office
Office Investment
Investment Corporation’s
Corporation’s Investment
Investment Strategies
Strategies
FinanceFinance

Internal
Internal Growth
GrowthExternal
External Growth
Growth Conservative leverage control

 Amend contracts by prioritizing

 Prioritize profitability

 Expand transaction financial institutions

occupancy rates
 Suppress operation and management
costs (continue to implement
investments that are necessary) Leasing alliances according to needs

 Improve portfolio quality
 Mobility through acquisition using funds

on hand Enhance sourcing ability

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

34

Changes in NOI and Occupancy Rate by Property (1)Changes in NOI and Occupancy Rate by Property(Results for the Previous 3 Periods + Forecasts for 2 Periods)
daVincidaVinci Ginza
Ginza
NOI Yield (RHS)

100

Occupancy Rate (LHS)

98.4

daVincidaVinci Ginza
Ginza Annex
Annex

NOI Yield (Our Forecast)NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

96.6
100

8.0

94.9
6.3
5.8 85.4
5.2

87.2
3.9

75

50
End of End of Jan. 2010 Mar. 2010
6th period 8th period

May.
2010

80.3

3.8

75

0.0
Jul. 2010 Sep. 2010 Nov. 2010

50

98.4
86.4

4.1

3.9

4.0

8.0

96.6
6.0

99.2
6.3

NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

0.0
End of
End ofJan. 2010
6th period 8th period

6.6

100.0
89.8

90.2

4.9

Mar. 2010 May. 2010 Jul. 2010

Sep. 2010 Nov. 2010NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

100

8.0

88.5

4.0

daVincidaVinci Minami-Aoyama
Minami-Aoyama

NOI Yield (RHS)

90.3

3.9
74.5

daVincidaVinci Shibaura
Shibaura

100

4.0

100.0
7.3 7.3

5.0

7.0

5.1

8.0

4.9

5.7

75

50
End of
End of Jan. 2010 Mar. 2010
6th period 8th period

May.
2010

4.0

75

0.0
Jul. 2010 Sep. 2010 Nov. 201050

81

End of
End of Jan. 2010 Mar. 2010
6th period 8th period

4.0

May.
2010

0.0
Jul. 2010 Sep. 2010 Nov. 2010

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

35

Changes in NOI and Occupancy Rate by Property (2)Changes in NOI and Occupancy Rate by Property(Results for the Previous 3 Periods + Forecasts for 2 Periods)
daVincidaVinci Sarugakucho
Sarugakucho

daVincidaVinci A
A Hamamatsucho
Hamamatsucho

NOI Yield (RHS)NOI Yield (Our Forecast)NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

100

8.0

100.0
6.7

6.7 6.8 6.6

100

100.0

6.6

96.0

5.6

5.7
87.4

75

6.0

50

4.2

83.5

75

4.0

4.0
50

End of 6th End of 8th Jan. 2010 Mar. 2010 May. 2010 Jul. 2010 Sep. 2010 Nov. 2010
periodperiod0.0
End of 6th End of 8th Jan. 2010 Mar. 2010 May. 2010 Jul. 2010
periodperioddaVincidaVinci Jingumae
JingumaeNOI Yield (RHS)

Occupancy Rate (Our Forecast)100
4.9 4.9 5.0

NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

100

6.0

100.0

4.0

75

6.5

4.0

6.0
50

2.0

25

0.0
0.0

0
End of End of Jan. 2010
6th period 8th period

Sep. 2010 Nov. 2010

daVincidaVinci Shibadaimon
Shibadaimon
NOI Yield (Our Forecast)Occupancy Rate (LHS)

100

8.0

100.0

100.0
6.3

Mar.
2010

May.
2010

6.1

5.7

75

-1.1 -2.0
Jul. 2010 Sep. 2010

6.2

50

Nov.
2010

8.0

6.0

4.0
End of End of Jan. 2010
6th period 8th period

Mar.
2010

May.
2010

Jul. 2010 Sep. 2010

Nov.
2010

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

36

Changes in NOI and Occupancy Rate by Property (3)Changes in NOI and Occupancy Rate by Property(Results for the Previous 3 Periods + Forecasts for 2 Periods)
daVincidaVinci Misakicho
Misakicho
NOI Yield (RHS)
Occupancy Rate (LHS)

daVincidaVinci Shimbashi
Shimbashi 510
510

NOI Yield (Our Forecast)Occupancy Rate (Our Forecast)

100

100.0
5.8 5.9 5.8

75

5.8

5.6

50
End of
End of Jan. 2010 Mar. 2010
6th period 8th period

May.
2010

Jul. 2010 Sep. 2010NOI Yield (RHS)
Occupancy Rate (LHS)

8.0

100

6.0

75

4.0

50

8.0
6.5

88.2
5.8 5.9 5.8

5.9

100

6.1 6.2
5.0

Occupancy Rate (Our Forecast)

6.1

100.0
6.1

8.0

100

7.7

50
May.
2010

Jul. 2010 Sep. 2010

Nov.
2010

Jul. 2010 Sep. 2010

4.0

75

0.0

50

Nov.
2010

NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

5.9

7.3
4.5

75

End of
End of Jan. 2010 Mar. 2010
6th period 8th period

May.
2010

daVincidaVinci Tsukiji
Tsukiji
NOI Yield (Our Forecast)Occupancy Rate (LHS)

6.0

4.0
End of
End of Jan. 2010 Mar. 2010
6th period 8th period

Nov.
2010

BPS
BPS Square
SquareNOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (Our Forecast)

100.0
5.5

8.0

85.1
4.0

0.0
End of 6th End of 8th Jan. 2010 Mar. 2010 May. 2010 Jul. 2010 Sep. 2010 Nov. 2010
periodperiodThis document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

37

Changes in NOI and Occupancy Rate by Property (4)Changes in NOI and Occupancy Rate by Property(Results for the Previous 3 Periods + Forecasts for 2 Periods)
Shuwa
Shuwa Tsukishima
Tsukishima Bldg.
Bldg.

daVincidaVinci Tsukiji
Tsukiji 616
616
NOI Yield (RHS)NOI Yield (Our Forecast)NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

100
6.4

100.0

6.5

6.1

100

8.0

5.6

8.0

100.0

6.0 6.0 6.0

5.7

5.7

4.8
75

50
End of 6th End of 8th Jan. 2010 Mar. 2010 May. 2010 Jul. 2010
periodperiod

4.0

75

0.0

50

Sep. 2010 Nov. 2010

4.0

0.0
End of 6th End of 8th Jan. 2010 Mar. 2010 May. 2010 Jul. 2010 Sep. 2010 Nov. 2010
periodperiodAtlantic
Atlantic Bldg.
Bldg.

Nihonbashi
Nihonbashi MS
MS Bldg.
Bldg.
NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

100

6.5

85.9
5.4

5.4

5.4

86.4

NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

100

8.0

100.0

NOI Yield (RHS)

7.0

87.9
4.4

3.6

75

4.0

75

0.0

50

8.0

100.0

6.5
4.9

5.5
4.0

71.7

50
End of 6th End of 8th Jan. 2010 Mar. 2010 May. 2010 Jul. 2010
periodperiodSep. 2010 Nov. 2010

0.0
End of 6th End of 8th Jan. 2010 Mar. 2010 May. 2010 Jul. 2010 Sep. 2010 Nov. 2010
periodperiodThis document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

38

Changes in NOI and Occupancy Rate by Property (5)Changes in NOI and Occupancy Rate by Property(Results for the Previous 3 Periods + Forecasts for 2 Periods)
daVincidaVinci Nihonbashi
Nihonbashi Honcho
HonchoShibuyaShibuya SS
SS Bldg.
Bldg.
NOI Yield (RHS)NOI Yield (Our Forecast)NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

100

100

8.0
6.0

91.2

91.3
5.9

7.3

95.1

7.3

5.3
85.8

65

4.0

2.8

40.8

30

0.0
May.
2010

4.0
2.2

50
End of 6th End of 8th Jan. 2010 Mar. 2010
periodperiodJul. 2010 Sep. 2010 Nov. 2010

End of 6th End of 8th
periodperioddaVincidaVinci Ginza
Ginza 1-chome
1-chomeNOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

100

80.0

87.2
5.0
78.9

Mar. 2010 May. 2010

0.0
Sep. 2010NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

100.0
5.4

5.1
3.1

75

69.9

4.4

4.0

75

0.0

50

8.0

5.9 5.8
5.0

77.9

67.5

Jul. 2010

100

8.0
5.5

Jan. 2010

daVincidaVinci Kyobashi
Kyobashi

NOI Yield (RHS)

90.7

5.0

84.9

4.2

75

8.0

7.0

88.1

4.4
4.0

66.4

50
End of 6th End of 8th Jan. 2010 Mar. 2010 May. 2010 Jul. 2010 Sep. 2010 Nov. 2010
periodperiod0.0
End of 6th End of 8th Jan. 2010 Mar. 2010 May. 2010 Jul. 2010 Sep. 2010 Nov. 2010
periodperiodThis document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

39

Changes in NOI and Occupancy Rate by Property (6)Changes in NOI and Occupancy Rate by Property(Results for the Previous 3 Periods + Forecasts for 2 Periods)
daVincidaVinci Onarimon
OnarimonSunlineSunline Building
Building No.
No. 77
NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

100

99.8

100

8.0

7.0

96.2

5.6 5.8
79.6

6.4

75

4.0

75

0.0

50

NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

8.0

100.0

87.0
4.6

4.2

NOI Yield (RHS)

4.8

86.6

4.6
4.0

76.9
1.7

1.2
50
End of
End of Jan. 2010 Mar. 2010
6th period 8th period

May.
2010

Jul. 2010 Sep. 2010

Nov.
2010

0.0
End of 6th End of 8th Jan. 2010 Mar. 2010 May. 2010 Jul. 2010 Sep. 2010 Nov. 2010
periodperiodShinjyuku
Shinjyuku Maynds
Maynds Tower
Tower
NOI Yield (RHS)
Occupancy Rate (LHS)

100

75

99.1

3.4 3.6

SHIBUYASHIBUYA EDGEEDGENOI Yield (Our Forecast)NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

97.4

8.0

100

4.0

75

0.0

50

100.0

3.9

3.6
73.3

2.5

4.0

4.0

4.0

3.6

8.0

4.0

74.1
2.3

50
End of 6th End of 8th Jan. 2010 Mar. 2010 May. 2010 Jul. 2010 Sep. 2010 Nov. 2010
periodperiod0.0
End of 6th End of 8th Jan. 2010 Mar. 2010 May. 2010 Jul. 2010 Sep. 2010 Nov. 2010
periodperiodThis document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

40

Changes in NOI and Occupancy Rate by Property (7)Changes in NOI and Occupancy Rate by Property(Results for the Previous 3 Periods + Forecasts for 2 Periods)
daVincidaVinci Kodemmacho
Kodemmacho
NOI Yield (RHS)
Occupancy Rate (LHS)

daVincidaVinci Kinshicho
Kinshicho

NOI Yield (Our Forecast)Occupancy Rate (Our Forecast)

100

100.0

8.0

100

4.0

75

0.0

50

NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

6.5 6.2
6.3

86.8

4.8 4.8 4.775

2.6

End of
End of Jan. 2010 Mar. 2010
6th period 8th period

May.
2010

2.7

Jul. 2010 Sep. 2010

4.0

0.0
End of
End of Jan. 2010
6th period 8th period

Nov.
2010

daVincidaVinci Higashi-Ikebukuro
Higashi-Ikebukuro
NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

7.5

Mar.
2010

May.
2010

Jul. 2010 Sep. 2010

Nov.
2010

Benex
Benex S-3
S-3

NOI Yield (RHS)

7.6 7.8

8.0

5.0

73.9

62.2

50

100

100.0

6.1

NOI Yield (RHS)
Occupancy Rate (LHS)

100

8.0

100.0

NOI Yield (Our Forecast)Occupancy Rate (Our Forecast)

8.0

6.9 6.9

6.9

5.3
75

90.7
74.3

75

4.0

3.4

81.8

4.0

2.0
1.9

50

50

0.0
End of End of Jan. 2010
6th period 8th period

Mar.
2010

May.
2010

Jul. 2010 Sep. 2010

67.2
0.0

End of
End of Jan. 2010 Mar. 2010
6th period 8th period

Nov.
2010

May.
2010

Jul. 2010 Sep. 2010

Nov.
2010

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

41

Changes in NOI and Occupancy Rate by Property (8)Changes in NOI and Occupancy Rate by Property(Results for the Previous 3 Periods + Forecasts for 2 Periods)
daVincidaVinci Shinagawa
Shinagawa IIIIdaVincidaVinci Minami-Senba
Minami-Senba

NOI Yield (RHS)NOI Yield (Our Forecast)Occupancy Rate (LHS)

Occupancy Rate (Our Forecast)

100
85.6 91.8
4.8 4.9 4.7

100.0

NOI Yield (RHS)
Occupancy Rate (LHS)

8.0

100

100.0

90.8

75

8.0

5.5

87.0
77.8

NOI Yield (Our Forecast)Occupancy Rate (Our Forecast)

3.5

3.3

4.0

75

4.0
3.8

2.4

2.3

4.0

63.6
50

0.0
End of End of Jan. 2010
6th period 8th period
(*)

(*)
(*)
(*)
(*)

Mar.
2010

May.
2010

Jul. 2010 Sep. 2010

0.0

50

Nov.
2010

End of End of Jan. 2010 Mar. 2010 May.
6th period 8th period
2010

Jul. 2010 Sep. 2010

Nov.
2010

Figures disclosed in past IR materials have been used as basis for calculating NOI yields of past fiscal years. Therefore, fixed property taxes, city planning taxes and depreciable asset taxes
recorded in Taxes and Dues are calculated by converting the actual amount to the number of operating days. However, we have not made adjustments for repair expenses as in past fiscal years(Rental Business Expenses include repair expenses).
NOI yield is calculated by dividing annualized NOI by the acquisition price.
Figures for the eighth fiscal period and forecasts have been calculated based on the same assumptions.
Graphs for forecasts on occupancy rates are based on monthly figures; however, graphs for forecasts on NOI yield are based on NOI yields for each fiscal period.
Forecasts are based on figures as of the time the results forecasts were disclosed.

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

42

Rents <Comparison with Market Rents>
Current Rent

Market Rent

（ Nov. 2009 ）（ May 2009 ） （ Nov. 2009 ）Market Rent
Change24,00018,000-25.00%8.36%-15.31%

23,58525,00020,000-20.00%-3.01%-15.20%daVinci Kyobashi

18,19920,00015,000-25.00%2.90%-17.58%Sunline 7 Bldg.

18,96723,00018,000-21.74%0.59%-5.10%

daVinci Onarimon

21,722

24,00020,000-16.67%0.76%-7.93%

Shinjuku Maynds T ower

33,73435,00024,000-31.43%

2.66%-28.86%SHIBUYA EDGE

27,971

26,00020,000-23.08%-13.51%-28.50%-3.23%

daVinci Kodemmacho

15,513

15,50014,000-9.68%-0.08%-9.75%-5.52%-5.52%

Subtotal

25,51526,756

20,049-25.07%1.20%-21.42%

0.24%-12.41%

daVinci Kinshicho

12,124

13,50013,000-3.70%

11.35%

7.23%

daVinci HigashiIkebukuro

15,301

16,00012,000-25.00%

4.57%-21.57%

Bennex S-3

11,857

12,00010,000-16.67%-18.75%-15.66%

daVinci Shinagawa II

17,27018,00014,000-22.22%-3.95%-18.93%daVinci Minami-Senba

12,34512,0009,000-25.00%-8.95%-27.10%Subtotal

14,09914,15011,958-15.49%-5.29%-15.19%23,75524,54718,801-23.41%0.50%-20.85%Current Rent

Market Rent

Market Rent

（ Nov. 2009 ）（ May 2009 ）（ Nov. 2009 ）Market Rent
ChangedaVinci Ginza

26,95330,00022,000-26.67%-1.21%-18.38%daVinci Nihonbashi
Honcho21,255

daVinci Ginza Annex

24,37527,00019,000-29.63%6.64%-22.05%

daVinci Ginza 1-chomedaVinci Shibaura

17,63818,00014,000-22.22%-6.25%-20.63%daVinci Minami-Aoyama

25,57727,00022,000-18.52%0.84%-13.99%daVinci Sarugakucho

18,15019,00019,000

0.00%

4.68%

4.68%

daVinci A Hamamatsucho

20,53821,00018,000-14.29%1.98%-12.36%

daVinci Jingumae

18,00021,00019,000-9.52%-4.90%

5.56%

daVinci Shibadaimon

20,66822,00020,000-9.09%

6.44%

daVinci Misakicho

20,111

19,00019,0000.00%

daVinci Shimbashi 510

18,26718,00016,000-11.11%

Rent Gap Rate Rent Gap Rate
（ May 2009 ）（ Nov. 2009 ）daVinci T sukiji

18,87517,00014,000-17.65%-9.93%-25.83%

BPS Square

10,602

14,50012,500-13.79%14.82%

17.90%

daVinci T sukiji 616

16,96016,00013,000-18.75%-5.66%-23.35%

Shuwa T sukishima Bldg.

16,246

16,00015,000-6.25%-1.51%-7.67%

Nihonbashi MS Bldg.

16,85316,00015,000-6.25%-7.13%-11.00%Atlantic Bldg.

21,51418,00013,000-27.78%-2.33%-39.57%

Shibuya SS Bldg.

24,12824,00018,000-25.00%-8.73%-25.40%RegionFive Central Wards of Tokyo

Property NameTokyo Metropolitan Area / Major
Regional Cities

Five Central Wards of Tokyo

RegionProperty Name

T otal （ 30 properties）

Market Rent

Rent Gap Rate Rent Gap Rate
(Nov. 2009 ）（ May 2009 ）*1 Current rent is calculated based on the rent level on November 30, 2009 for offices above the second floor.
*2 Market rent is based on assessments prepared in market reports by Tokyu Livable, Inc., a leading Japanese leasing agency.
*3 Rent gap rate = (Market rent – Current rent) / Current rent
*4 Rent (subtotal and total), rate of change in rent, and rent gap rate are weighted averages using floor areas.
*5 The market rents are assumed figures when leasing around 100 tsubo and may differ from actual leasing results.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

43

Appraisal Values at End of Period (1)Majors Reasons for Differences with the Previous Period (7th Period)(1) Decrease in rent(2) Increase in property-related taxes(3) Recent increase in cancellation notices(4) Increase in repair expenses due to renewals of engineering reports(Unit: Million yen)Appraisal Value at
End of 8th Period

Appraisal Value at
End of 7th Period

Compared to End of 7th
Period(Nov. 30, 2009)(May 31, 2009)

Difference

daVinci Ginza

15,70017,500-1,800daVinci Ginza Annex

3,180

3,320

daVinci Shibaura

8,050

daVinci Minami Aoyama

Property Name

Change

Major
Reasons

Acquisition
Price

Compared to Acquisition
Price
Difference

ChangeCap Rate
End of 8th
PeriodEnd of 7th
Period-10.29% (1)14,1001,600

11.35%

4.5%

4.4%

-140

-4.22%

3,050

130

4.26%

4.5%

4.4%

8,593

-543

-6.32%

8,265

-215

-2.60%

5.2%

5.2%

4,490

4,810

-320

-6.65%

4,550-60-1.32%

4.8%

4.7%

daVinci Sarugakucho

3,320

3,420

-100

-2.92%

3,000

320

10.67%

5.7%

5.5%

daVinci A Hamamatsucho

3,022

3,119

-97

-3.11%

2,865

157

5.48%

5.1%

5.1%

daVinci Jingumae

2,640

2,880

-240

-8.33%

2,800

-160

-5.71%

4.8%

4.6%

daVinci Shibadaimon

2,830

2,885

-55

-1.91%

2,578

252

9.78%

5.1%

5.1%

daVinci Misakicho

2,399

2,399

0

0.00%

2,346

53

2.26%

5.3%

5.3%

daVinci Shimbashi 510

2,570

2,610

-40

-1.53%

2,080

490

23.56%

5.2%

5.1%

BPS Square

1,640

1,630

10

0.61%

1,560

80

5.13%

5.3%

5.3%

daVinci Tsukiji

1,460

1,510

-50

-3.31%

1,240

220

17.74%

5.2%

5.2%

daVinci Tsukiji 616

2,670

2,680

-10

-0.37%

2,440

230

9.43%

5.1%

5.1%

Shuwa Tsukishima Bldg.

7,760

7,800

-40

-0.51%

7,840-80-1.02%

5.3%

5.3%

nbashi MS Bldg.

2,580

3,220

-640

-19.88% (1)

2,520

60

2.38%

4.9%

4.8%

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

44

Appraisal Values at End of Period (2)Majors Reasons for Differences with the Previous Period (7th Period)(1) Decrease in market rent(2) Increase in taxes and dues

(3) Increase in cancellation notices(4) Increase in repair expenses due to renewals of engineering reports(Unit: Million yen)

Property Name

Atlantic Bldg.
Shibuya SS Bldg.
daVinci Nihonbashi Honcho

daVinci Ginza 1-chomedaVinci Kyobashi
Sunline Building No. 7
daVinci Onarimon
Shinjyuku Maynds Tower
SHIBUYA EDGE
daVinci Kodemmacho
daVinci KinshichodaVinci Higashi-Ikebukuro
Benex S-3
daVinci Shinagawa II
daVinci Minami-Senba
Total

Appraisal Value at
End of 8th Period

Appraisal Value at
End of 7th Period

Compared to End of 7th
Period(Nov. 30, 2009)(May 31, 2009)

Difference

1,810
4,180
8,850
4,980
3,610
2,440
14,900108,000
4,780
2,090
3,672
3,612
4,190
6,500

1,910
4,680
10,200
5,430
3,770
2,740
16,300124,000
5,440
2,220
3,767
3,610
4,560
7,160

-100
-500
-1,350
-450
-160
-300
-1,400-16,000
-660
-130
-95
2
-370
-660

3,570

4,010

-440

241,495

268,173-26,678

Major
Reasons

Acquisition
Price

Change-5.24%-10.68%-13.24%-8.29%-4.24%-10.95%-8.59%-12.90%-12.13%-5.86%-2.52%
0.06%-8.11%-9.22%(1)(1) (3) (4)(1)(1) (3)(1)-10.97% (1)-9.95%

Compared to Acquisition
Price

Cap Rate
End of 8th
PeriodEnd of 7th
Period

13.13%
6.36%
19.27%
7.79%
4.34%-8.96%
7.50%-19.28%-18.98%-15.04%0.52%
22.11%-15.35%-15.69%

5.0%
4.9%
5.0%
4.8%
5.0%
4.9%
4.9%
4.0%
4.4%
5.2%
5.6%
5.4%
5.7%
5.2%

4.9%
4.8%
4.9%
4.7%
4.9%
4.8%
4.8%
4.0%
4.3%
5.0%
5.6%
5.4%
5.6%
5.1%

-1,240-25.78%

5.4%

5.3%

-23,550-8.89%

Difference

Change

1,600
3,930
7,420
4,620
3,460
2,680
13,860133,800
5,900
2,460
3,653
2,958
4,950
7,710

210
250
1,430
360
150
-240
1,040
-25,800-1,120
-370
19
654
-760
-1,2104,810
265,045--

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

45

Portfolio Performance Summary (1) (7th-8th Fiscal Period Results by Property)
daVinci Ginza

daVinci Ginza Annex

daVinci Minami-Aoyama

daVinci Shibaura

daVinci Sarugakucho

Property Name

Acquisition Price (million yen)

14,100
8th Period

Book Value (million yen)Appraisal Value (million yen)

Profits from property-related activities (*1)

Occupancy Rate (%)
PM L (%)
Property M anagement Company
Number of operating days
(1) Property-related Revenues (thousand yen)

3,050
7th Period

13,80915,700
85.4
12.5
UNHEX K.K.

13,86517,500
94.9
12.5

8th Period

8,265
7th Period

8th Period

2,980
3,180
86.4

2,996
3,320
96.6

12.7
UNHEX K.K.

12.7

8,180
8,050
88.5

4,550
7th Period
8,191
8,593
90.3

14.5
14.5
Xymax Axis Corporation

8th Period

3,000
7th Period

8th Period

7th Period

4,523
4,490
100

4,523
4,810
81

2,998
3,320
100

3,004
3,420
100

13.8
UNHEX K.K.

13.8

14.6
UNHEX K.K.

14.6

183

182

183

182

183

182

183

182

183

182

475,678475,6780503,107503,1070

83,74883,7480

111,470
111,4700301,168
299,880
1,288

353,292
331,945
21,347

127,318
127,3180

161,139
150,460
10,678128,250
128,250
0128,609
128,609
0

Administrative Expenses
Utility Charges

110,243
20,08327,735

94,596
14,05229,513

21,257
4,191
5,559

20,385
4,171
6,516

63,32011,70818,57979,444
13,41523,402

33,082
9,101
7,596

30,594
3,588
8,295

28,5485,411
7,770

27,522
5,389
8,610

Property M anagement Fees
Property-related Taxes (*3)
Non-life Insurance Costs

8,932
23,619636

10,02822,318
638

1,297
7,662
154

1,853
7,167
155

5,858
19,539585

5,502
18,902587

3,053
11,122217

2,608
10,814
218

1,923
3,066
198

1,931
3,109
200

17,051
12,184365,434

5,861
12,183
408,5102,393
062,490522
091,0856,828
220
237,848

17,6330273,848

1,991
094,2355,069
0130,544

1,871
8,308
99,701

476
7,805
101,087

728,872
5.2%
66,698819,266
5.8%
66,425

124,639
4.1%
17,374

182,671
6.0%
17,181

474,396
5.7%
22,811

549,201
6.6%
22,415

187,956
4.1%
10,735

261,806
5.8%
10,535

198,858
6.6%
11,648

202,730
6.8%
11,214

4,965
0

2,580
0

0
0

0
0

575
0

15,931
0

0
0

4,650
0

0
0

0
0

Rent (incl. common service fees)
Other Revenues (*2)(2) Property-related Expenses (thousand yen)Repair Expenses
Other Expenses(3) NOI (＝(1)-(2))
Annualized NOINOI Yield (*4)
Depreciation and Amortization(Reference) Proceeds for Restoration and Repair Work
Proceeds from Amortization of Leashold and Security Deposits(*1) For profits from property-related activities, actual results (excluding Other Revenues and Property-related Taxes) are used and displayed by rounding down to the nearest thousand yen.
(*2) Other Revenues does not include Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*3) Fixed property taxes, city planning taxes and depreciable asset taxes recorded in Property-related Taxes are calculated by converting the actual amount to the number of operating days.
(*4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the acquisition price.
(*5) NOI in this table is calculated by accounting for Property-related Taxes for “NOI (after deduction of gain on sale)” found on p.32 and so does not equal that figure.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

46

Portfolio Performance Summary (2) (7th-8th Fiscal Period Results by Property)
daVinci A Hamamatsucho

daVinci Jingumae

daVinci Shibadaimon

daVinci MisakichodaVinci Shimbashi 510

Property Name

Profits from property-related activities (*1)

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (%)
PML (%)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Rent (incl. common service fees)
Other Revenues (*2)(2) Property-related Expenses (thousand yen)
Administrative Expenses
Utility Charges
Property Management Fees
Property-related Taxes (*3)
Non-life Insurance Costs
Repair Expenses
Other Expenses(3) NOI (＝(1)-(2))
Annualized NOINOI Yield (*4)
Depreciation and Amortization(Reference) Proceeds for Restoration and Repair Work
Proceeds from Amortization of Leashold and Security Deposits

2,865

2,800

8ｔｈ Period
7ｔｈ Period
2,855
2,866
3,022
3,119
100
100
14.6
14.6
UNHEX K.K.
183
146,074
146,074
063,797
10,687
8,918
2,616
9,090
268
2,816
29,40082,277
164,104
5.7%
16,1932,280
0

182
152,942
152,942066,6698,900
10,136
2,308
8,777
269
6,876
29,40086,272
173,019
6.0%
15,772
3,680
0

2,578

8ｔｈ Period
7ｔｈ Period
2,771
2,780
2,640
2,880
100
100
13.9
13.9
UNHEX K.K.
183
90,43890,4380
20,404
3,720
8,511
1,360
6,267
112
171
259
70,034
139,686
5.0%
9,492
0
0

182
91,60791,6070
22,866
3,815
9,562
1,385
5,964
114
1,766
258
68,741
137,860
4.9%
9,435
0
0

2,346

8ｔｈ Period
7ｔｈ Period
2,505
2,516
2,830
2,885
100
100
12.5
12.5
UNHEX K.K.
183
101,278
101,278
021,573
5,727
7,559
1,694
5,776
165
649
0
79,705
158,975
6.2%
14,1520
0

182
105,132
105,132
021,275
5,500
7,685
1,578
5,546
167
797
0
83,856
168,174
6.5%
14,09200

2,080

8ｔｈ Period
7ｔｈ Period
2,288
2,302
2,399
2,399
100
100
13.1
13.1
UNHEX K.K.
183
84,977
84,977
0
16,317
2,976
5,415
1,274
5,588
131
930
0
68,660136,945
5.8%
14,10700

182
84,48084,480015,771
2,869
6,052
1,267
5,398
133
50
0
68,708
137,794
5.9%
14,1250
08ｔｈ Period
7ｔｈ Period
2,144
2,122
2,570
2,610
88.2
100.0
13.4
13.4
Property Partners Co.,Ltd.
183
94,30892,8501,458
19,146
4,126
4,668
1,543
5,738
162
2,845
61
75,162
149,913
7.2%
4,978
0
0

182
95,74995,7490
16,676
3,913
5,047
1,928
5,347
163
215
60
79,073
158,580
7.6%
4,767
0
0

(*1) For profits from property-related activities, actual results (excluding Other Revenues and Property-related Taxes) are used and displayed by rounding down to the nearest thousand yen.
(*2) Other Revenues does not include Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*3) Fixed property taxes, city planning taxes and depreciable asset taxes recorded in Property-related Taxes are calculated by converting the actual amount to the number of operating days.
(*4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the acquisition price.
(*5) NOI in this table is calculated by accounting for Property-related Taxes for “NOI (after deduction of gain on sale)” found on p.32 and so does not equal that figure.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

47

Portfolio Performance Summary (3) (7th-8th Fiscal Period Results by Property)
BPS Square

daVinci Tsukiji

daVinci Tsukiji 616

Shuwa Tsukishima Bldg.

Nihonbashi MS Bldg.

Property Name

Profits from property-related activities (*1)

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (%)
PML (%)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Rent (incl. common service fees)
Other Revenues (*2)(2) Property-related Expenses (thousand yen)
Administrative Expenses
Utility Charges
Property Management Fees
Property-related Taxes (*3)
Non-life Insurance Costs
Repair Expenses
Other Expenses(3) NOI (＝(1)-(2))
Annualized NOINOI Yield (*4)
Depreciation and Amortization(Reference) Proceeds for Restoration and Repair WorkP roceeds from Amortization of Leashold and Security Deposits

1,560

1,240

8th Period
7th Period
1,452
1,469
1,640
1,630
100
100
12.5
12.5
UNHEX K.K.
183
55,32055,3200
16,555
0
0
9,903
5,396
146
1,109
0
38,76477,316
5.0%
17,31500

182
54,90054,900
0
6,315
0
0
677
5,259
149
229
0
48,58497,436
6.2%
17,2690
02,440

8th Period
7th Period
1,243
1,250
1,460
1,510
100
100
14.0
14.0
Xymax Axis Corporation
183
56,49656,4960
11,137
2,438
3,139
1,209
4,005
87
258
0
45,35990,470
7.3%
7,482
0
0

182
56,911
56,777
133
29,088
2,477
3,716
1,635
3,943
89
17,225027,82355,799
4.5%
7,482
0
0

183
101,802
101,8020
22,817
5,357
7,230
1,937
7,536
186
568
0
78,985
157,539
6.5%
28,441
0
0

2,520

7,840

8th Period
7th Period
2,418
2,444
2,670
2,680
100.0
100.0
13.0
13.0
Property Partners Co.,Ltd.
182
101,040
101,0400
23,000
5,207
7,663
1,838
7,411
189
690
0
78,040156,509
6.4%
25,8300
0

8th Period
7th Period
7,519
7,567
7,760
7,800
100
100
14.4
14.4
Property Partners Co.,Ltd.
183
286,565
286,565
051,3508,639
23,676
4,663
12,968435
965
0235,215
469,145
6.0%
66,61900182
285,339
285,339050,7008,403
22,3104,279
12,773439
2,494
0234,639
470,567
6.0%
66,02900

8th Period
7th Period
2,537
2,549
2,580
3,220
100.0
85.9
11.8
11.8
UNHEX
183
89,177
89,1770
20,536
6,125
4,897
1,689
7,037
191
595
0
68,640136,905
5.4%
17,05200

182
88,36688,366
0
20,587
3,840
5,404
3,195
6,866
194
1,086
0
67,778135,928
5.4%
17,04200(*1) For profits from property-related activities, actual results (excluding Other Revenues and Property-related Taxes) are used and displayed by rounding down to the nearest thousand yen.
(*2) Other Revenues does not include Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*3) Fixed property taxes, city planning taxes and depreciable asset taxes recorded in Property-related Taxes are calculated by converting the actual amount to the number of operating days.
(*4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the acquisition price.
(*5) NOI in this table is calculated by accounting for Property-related Taxes for “NOI (after deduction of gain on sale)” found on p.32 and so does not equal that figure.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

48

Portfolio Performance Summary (4) (7th-8th Fiscal Period Results by Property)
Atlantic Bldg.

Shibuya SS Bldg.

daVinci Nihonbashi Honcho

daVinci Ginza 1-chomedaVinci Kyobashi

Property Name

Profits from property-related activities (*1)

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (%)
PML (%)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Rent (incl. common service fees)
Other Revenues (*2)(2) Property-related Expenses (thousand yen)
Administrative Expenses
Utility Charges
Property Management Fees
Property-related Taxes (*3)
Non-life Insurance Costs
Repair Expenses
Other Expenses(3) NOI (＝(1)-(2))
Annualized NOINOI Yield (*4)
Depreciation and Amortization(Reference) Proceeds for Restoration and Repair Work
Proceeds from Am ortization of Leashold and Security Deposits

1,600

3,930

8th Period
7th Period
1,580
1,581
1,810
1,910
87.9
97.2
13.7
13.7
UNHEX K.K.
183
65,78465,7840
14,025
2,538
2,613
1,236
5,075
120
2,440
0
51,759103,236
6.5%
6,906
1,550
0

182
67,88867,8880
12,299
2,360
3,095
1,243
4,881
121
596
0
55,589111,483
7.0%
7,836
761
0

7,420

8th Period
7th Period
3,874
3,889
4,180
4,680
91.3
93.0
14.7
14.7
UNHEX K.K.
183
137,729
135,689
2,040
33,667
7,053
10,694
1,941
10,460207
3,310
0104,061
207,553
5.3%
15,1922,450
0182
149,738
149,239499
34,7294,293
11,613
3,172
9,941
210
5,498
0
115,009230,651
5.9%
16,2210
22

4,620

8th Period
7th Period
7,289
7,315
8,850
10,200
84.9
100.0
12.0
12.0
Xymax Axis Corporation
183
303,118
303,118044,555
5,762
15,166
4,820
12,4294305,900
44258,562
515,7127.0%
28,18700

182
319,827
308,155
11,67149,8105,846
16,705
7,783
11,724433
7,316
0
270,017541,518
7.3%
28,353
5,910
0

3,460

8th Period
7th Period
4,551
4,572
4,980
5,430
78.9
90.7
13.6
13.6
Xymax Axis Corporation
183
141,676
141,235
441
26,571
7,418
8,128
2,646
7,285
212
880
0
115,105
229,581
5.0%
21,69000182
130,697
130,6970
29,203
10,299
7,881
2,961
6,786
214
887
173
101,493
203,544
4.4%
24,5240
0

8th Period
7th Period
3,418
3,434
3,610
3,770
100
100
13.4
13.4
UNHEX
183
122,130
122,130
021,309
4,610
6,968
2,622
6,669
198
240
0
100,820
201,089
5.8%
16,38000182
124,858
124,741
117
22,687
4,879
8,047
1,980
6,323
201
1,254
0
102,171
204,903
5.9%
16,5501000(*1) For profits from property-related activities, actual results (excluding Other Revenues and Property-related Taxes) are used and displayed by rounding down to the nearest thousand yen.
(*2) Other Revenues does not include Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*3) Fixed property taxes, city planning taxes and depreciable asset taxes recorded in Property-related Taxes are calculated by converting the actual amount to the number of operating days.
(*4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the acquisition price.
(*5) NOI in this table is calculated by accounting for Property-related Taxes for “NOI (after deduction of gain on sale)” found on p.32 and so does not equal that figure.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

49

Portfolio Performance Summary (5) (7th-8th Fiscal Period Results by Property)
Sunline 7 Bldg.

daVinci Onarimon

Shinjuku Maynds Tower

SHIBUYA EDGE

daVinci Kodemmacho

Property Name

Acquisition Price (million yen)

Profits from property-related activities (*1)

Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (%)
PML (%)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Rent (incl. common service fees)
Other Revenues (*2)(2) Property-related Expenses (thousand yen)
Administrative Expenses
Utility Charges
Property Management Fees
Property-related Taxes (*3)
Non-life Insurance Costs
Repair Expenses
Other Expenses(3) NOI (＝(1)-(2))
Annualized NOINOI Yield (*4)
Depreciation and Amortization(Reference) Proceeds for Restoration and Repair Work
Proceeds from Am ortization of Leashold and Security Deposits

2,680
8th Period
7th Period
2,672
2,672
2,440
2,740
76.9
97.2
14.1
14.1
UNHEX K.K.
183
182
66,206104,287
52,275104,287
13,930050,396
26,284
12,647
4,187
4,259
6,530
2,451
1,547
13,63312,801
192
195
17,2101,020
0015,81078,002
31,534
156,434
1.2%
5.8%
12,002
11,755
16,88000013,860
8th Period
7th Period
13,79013,81914,90016,300
87
97
14.8
14.8
Xymax Axis Corporation
183
182
410,734
541,666
410,734
539,503
0
2,163
89,096
96,837
20,68423,37919,73023,743
6,150
15,521
34,07431,607
647
657
7,809
1,928
0
0
321,638
444,828
641,519
892,101
4.6%
6.4%
29,24029,1548,200
0
0
0133,800
8th Period
7th Period
132,714133,106
108,000
124,000
99.1
99.9
9.4
9.4
Xymax Axis Corporation
183
182
3,173,981
3,145,502
3,167,986
3,143,165
5,995
2,337
732,492
742,401
131,249
136,096294,783
309,798
26,53230,765
250,360
254,091
5,353
5,366
21,571
3,885
2,640
2,397
2,441,489
2,403,100
4,869,637
4,819,405
3.6%
3.6%
504,362
513,805
591
0
0
0

5,900
8th Period
7th Period
5,900
5,917
4,780
5,440
100
100
11.2
11.2
Xymax Axis Corporation
183
182
141,504
145,934
138,999
139,9392,504
5,994
23,841
27,864
6,512
4,596
6,932
7,360
2,588
5,927
6,963
6,759
175
179
670
3,040
0
0
117,662
118,070
234,681236,789
4.0%
4.0%
16,586
16,577
0
2,700
0
0

2,460
8th Period
7th Period
2,447
2,454
2,090
2,220
100
100
14.7
14.7
Property Partners Co.,Ltd.
183
182
72,80774,01872,80774,0180014,72014,714
3,173
3,135
4,422
5,292
1,294
1,532
3,801
3,691
122
124
1,083
116
822
822
58,08759,303
115,856
118,932
4.7%
4.8%
7,937
7,975
0
0
0
0

(*1) For profits from property-related activities, actual results (excluding Other Revenues and Property-related Taxes) are used and displayed by rounding down to the nearest thousand yen.
(*2) Other Revenues does not include Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*3) Fixed property taxes, city planning taxes and depreciable asset taxes recorded in Property-related Taxes are calculated by converting the actual amount to the number of operating days.
(*4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the acquisition price.
(*5) NOI in this table is calculated by accounting for Property-related Taxes for “NOI (after deduction of gain on sale)” found on p.32 and so does not equal that figure.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

50

Portfolio Performance Summary (6) (7th-8th Fiscal Period Results by Property)
daVinci KinshichodaVinci Higashi-Ikebukuro

Bennex S-3

daVinci Shinagawa II

daVinci Minami-Senba

Total of 30 Properties

Property Name

Profits from property-related activities (*1)

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (%)
PML (%)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Rent (incl. common service fees)
Other Revenues (*2)(2) Property-related Expenses (thousand yen)
Administrative Expenses
Utility Charges
Property Management Fees
Property-related Taxes (*3)
Non-life Insurance Costs
Repair Expenses
Other Expenses(3) NOI (＝(1)-(2))
Annualized NOINOI Yield (*4)
Depreciation and Amortization(Reference) Proceeds for Restoration and Repair Work
Proceeds from Amortization of Leashold and Security Deposits

3,653

2,958

4,950

7,710

8th Period
7th Period
3,576
3,603
3,672
3,767
100
100
14.9
14.9
UNHEX K.K.

8th Period
7th Period
2,940
2,963
3,612
3,610
100
100
13.9
13.9
UNHEX K.K.

8th Period
7th Period
4,623
4,673
4,190
4,560
67.2
100
12.9
12.9
Xymax Axis Corporation

8th Period
7th Period
7,654
7,701
6,500
7,160
100.0
91.8
11.9
11.9
UNHEX K.K.

183
157,897
157,897042,303
13,631
12,001
2,459
12,785354
1,069
0
115,594
230,557
6.3%
28,96500

182
157,910
157,910044,772
14,835
13,7292,551
12,890356
410
0113,137
226,897
6.2%
25,00400183
154,235
154,235
038,481
10,14015,662
2,308
9,597
351
421
0
115,753
230,874
7.8%
29,53300

182
152,902
152,902
0
41,034
10,204
17,620
2,297
9,749
359
802
0
111,868
224,351
7.6%
29,40800

183
117,718
116,298
1,420
71,18824,658
13,625
4,772
16,449545
11,137
046,53092,805
1.9%
55,2206,350
0182
228,924
228,924
0
57,775
15,781
20,4893,607
16,234551
1,113
0
171,148
343,237
6.9%
55,13600183
236,652
236,652
056,147
13,146
15,987
6,629
18,982537863
0180,505
360,024
4.7%
48,753
3,143
0

4,810
8th Period
4,995
3,570
63.2
12.5

265,045
7th Period
4,979
4,010
100
12.5

8th Period
262,260
241,495
92.8
9.7

7th Period
265,045
263,138
26817397.7

7,680,694
7,651,615
29,0791,843,157
377,639
585,394
119,649554,246
13,487
138,797
53,942
5,837,537
11,643,176
4.4%
1,180,326
63,7850

8,139,876
8,063,436
76,4391,827,785
358,182
635,416
129,989546,613
13,58390,887
53,112
6,312,091
12,658,864
4.8%
1,182,099
37,78322

Mitsui Fudosan Building Management Co., Ltd.

182
248,236
226,742
21,49461,035
19,246
16,301
4,556
18,713545
1,662
9187,200
375,430
4.9%
50,1171,470
0183
155,909
155,909064,268
14,116
13,1582,234
11,259353
23,147
091,641
182,781
3.8%
34,26016,8000

182
173,392
173,392
040,83913,495
13,286
2,521
10,814356
365
0132,553
265,834
5.5%
30,05600(*1) For profits from property-related activities, actual results (excluding Other Revenues and Property-related Taxes) are used and displayed by rounding down to the nearest thousand yen.
(*2) Other Revenues does not include Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*3) Fixed property taxes, city planning taxes and depreciable asset taxes recorded in Property-related Taxes are calculated by converting the actual amount to the number of operating days.
(*4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the acquisition price.
(*5) NOI in this table is calculated by accounting for Property-related Taxes for “NOI (after deduction of gain on sale)” found on p.32 and so does not equal that figure.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

51

Portfolio Map

As of January 18, 2010

Main
Main Investment
Investment Area:
Area: Five
Five Central
Central Wards
Wards ofof TokyoTokyo

Possible
Possible Areas
Areas forfor Investment:
Investment:
Regional
Regional Cities
CitiesIkebukuro
StationdaVinci Sarugakucho

daVinci Misakicho

Shinjuku Ward
Shinjuku Station

daVinci Nihonbashi Honcho
Shinjuku 3-chome
Sunline Bldg. No. 7

Chiyoda Ward

Shinjuku
Maynds Tower

ShibuyaWarddaVinci Ginza 1-chomedaVinci Jingumae

daVinci
SHIBUYA MinamiEDGE
AoyamaBPS Square
daVinci Tsukiji
daVinci Ginza Annex
daVinci Ginza

Shibuya
SS Bldg.
Shibuya Station

daVinci Shimbashi 510
daVinci Onarimon
daVinci A Hamamatsucho
Atlantic Bldg.

Tokyo
Station Chuo

Nihonbashi
MS Bldg.

daVinci Minami-Senba

daVinci

Ward Kodemmacho

Investment
Investment Area:
Area: Tokyo
Tokyo Metropolitan
Metropolitan Area
Area

daVinci Kyobashi
daVinci Tsukiji 616
daVinci Higashi-Ikebukuro

Shuwa Tsukishima Bldg.

daVinci Shibadaimon
daVinci KinshichodaVinci Shibaura
Benex S-3

Minato WardTokyo

Shinagawa Station

daVinci
Shinagawa II

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

52

Eighth Fiscal Period: Major Investors
End of the Seventh Fiscal Period (May 31, 2009)

List of Top 20 Investors

Name
Name ofof Investor
Investor

NumberNumber ofof
Units
Units Owned
Owned

Percentage
Percentage
Share
Share

End of the Eighth Fiscal Period (Nov. 30, 2009)

List of Top 20 Investors

Name
Name ofof Investor
Investor

NumberNumber ofof
Units
Units owned
owned

Percentage
Percentage
Share
Share

11

The
The Columbus
Columbus Co.,
Co., Ltd.
Ltd.

138,905

40.39%

11The
The Columbus
Columbus Co.,
Co., Ltd.
Ltd.

138,905

35.09%

22

NikkoCiti
NikkoCiti Trust
Trust andand Banking
Banking Corporation
Corporation (Investment(Investment Trust
Trust Account)
Account)

28,484

8.28%

22

Daiwa
Daiwa Securities
Securities Group,Group, Inc.
Inc. (*2)(*2)

51,89313.11%

33

CreditCredit Suisse
Suisse Securities
Securities Europe
Europe Limited
Limited PB
PB Sec.
Sec. Int.
Int. Non-Treaty
Non-Treaty Client
Client15,903

4.62%

33

NikkoCiti
NikkoCiti Trust
Trust andand Banking
Banking Corporation
Corporation (Investment(Investment Trust
Trust Account)
Account)

32,079

8.10%

44

Japan
Japan Trustee
Trustee Services
Services Bank,
Bank, Ltd.
Ltd. (Trust(Trust Account)
Account)

23,1605.85%

44CreditCredit Suisse
Suisse Securities
Securities (Japan)(Japan) Limited
Limited12,682

3.68%
55

Trust
Trust && Custody
Custody Services
Services Bank,
Bank, Ltd.
Ltd. (Securities(Securities Investment
Investment Trust
Trust Account)
Account)

17,748

4.48%

55

The
The Master
Master Trust
Trust Bank
Bank ofof Japan,Japan, Ltd.
Ltd. (Investment(Investment Trust
Trust Account)
Account)

11,789

3.42%
66

The
The Master
Master Trust
Trust Bank
Bank ofof Japan,Japan, Ltd.
Ltd. (Investment(Investment Trust
Trust Account)
Account)

16,210

4.09%

66

Japan
Japan Trustee
Trustee Services
Services Bank,
Bank, Ltd.
Ltd. (Trust(Trust Account)
Account)

10,759

3.12%

77

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

11,546

2.91%

77

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

8,495

2.47%

88

GoldmanGoldman Sachs
Sachs International
International

8,363

2.11%

88

GoldmanGoldman Sachs
Sachs International
International

7,539

2.19%

99

The
The Fuji
Fuji Fire
Fire andand Marine
Marine Insurance
Insurance Co.,
Co., Ltd.
Ltd.

5,599

1.41%

99

K.
K. K.
K. daVinci
daVinci Holdings
Holdings (*1)
(*1)

6,950

2.02%

10
10

NomuraNomura Securities
Securities Co.,
Co., Ltd.
Ltd.

4,950

1.25%

10
10

The
The Fuji
Fuji Fire
Fire andand Marine
Marine Insurance
Insurance Co.,
Co., Ltd.
Ltd.

5,599

1.62%

11
11

State
State Street
Street Bank
Bank andand Trust
Trust Company
Company

3,811

0.96%

11
11

Trust
Trust && Custody
Custody Services
Services Bank,
Bank, Ltd.
Ltd. (Securities(Securities Investment
Investment Trust
Trust Account)
Account)

5,450

1.58%

12
12

An
An Individual
Individual

2,926

0.73%

12
12

GCML
GCML London
London Equity
Equity

3,672

1.06%

13
13

DeutscheDeutsche Bank
Bank AG
AG London
London BP
BP Non-treaty
Non-treaty Clients
Clients 613
613

1,964

0.49%

13
13

An
An Individual
Individual

2,926

0.85%

14
14

Shinkin
Shinkin Trust
Trust Bank,
Bank, Ltd.
Ltd.

1,774

0.44%

14
14

MorganMorgan Stanley
Stanley andand Company,
Company, Inc.
Inc.

2,265

0.65%

15
15

The
The Iyo
Iyo Bank,
Bank, Ltd.
Ltd.

1,404

0.35%

15
15

The
The Iyo
Iyo Bank,
Bank, Ltd.
Ltd.

2,050

0.59%
16
16

UBS
UBS AG
AG London
London A/CA/C IPBIPB SegregatedSegregated Client
Client Account
Account

1,291

0.32%

16
16

State
State Street
Street Bank
Bank andand Trust
Trust Company
Company

1,856

0.53%

17
17

The
The Tokyo
Tokyo Shinkin
Shinkin Bank
Bank

1,311

0.38%

17
17

State
State Street
Street Bank
Bank andand Trust
Trust Company
Company 505223
505223

1,128

0.28%

18
18

NomuraNomura Securities
Securities Co.,
Co., Ltd.
Ltd.

1,279

0.37%

18
18

Trust
Trust && Custody
Custody Services
Services Bank,
Bank, Ltd.
Ltd. (Pension(Pension Trust
Trust Account)
Account)

1,116

0.28%

19
19

BNP
BNP Paribas
Paribas Securities
Securities (Japan)(Japan) Limited
Limited

1,274

0.37%

19
19

Minami-Nippon
Minami-Nippon Bank
Bank Ltd.
Ltd.

1,007

0.25%

20
20

Minami-Nippon
Minami-Nippon Bank,
Bank, Ltd.
Ltd.

1,007

0.29%

20
20

BBH
BBH Boston
Boston Custodian
Custodian forfor GMO
GMO International
International Small
Small Companies
Companies Fund
Fund

1,003

0.25%

*2 Daiwa Securities Group, Inc. owns 51,893 units, or 13.11%, as a result of the capital increase by way of third-party
allotment implemented July 1, 2009.

*1 We received a substantial shareholdings report as of December 2, 2009 and have confirmed that all
investment units have been sold.

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

53

Organization of the Asset Management Company
Organization Chart

Company Overview

Shareholders’Shareholders’Meeting
Meeting

Board of Directors and Auditors

Auditors
Auditors

President and Representative
Yoshiki Nishigaki
Director

Board
Board ofof Directors
Directors

Vice President andRepresentative Director

Compliance
Compliance
Committee
Committee

Director

Investment
Investment Committee
Committee
Compliance
Compliance Officer
Officer
Representative
Representative
Director
Director

 Matters relating to the acquisitionand disposal of assets
 Formulation of investment policies

Asset
Asset Management
Management TeamTeam Matters relating to the leasing andmanagement of assets
 Formulation of policies on leasing
and management of assets

Investment
Investment Planning
Planning TeamTeam
 Budget and performance

management of the portfolio

GeneralGeneral Administrative
Administrative
Department
Department
 Matters relating to the operationof the general meeting ofinvestors and the board of
directors
 Matters relating to the operationof the general meeting ofshareholders, the Board of
Directors and committees
 Matters relating to humanresources and labor service
 Submission of applications forvarious permits, licenses,
approvals, registrations, etc.
stipulated by laws andregulations(Head of Investment Management Dept.)

Director
Director

Yoji Ueda (Head of Finance Dept.)

Director (non-executive)

Seiji Nakata

Director (non-executive)

Toshihiro Matsui

Director (non-executive)

Hikaru Sakagami

Auditor

Shigeharu Tominaga

Business
Business Planning
Planning
Department
Department

FinanceFinance Department
Department

 Analysis of real estate

FinanceFinance andand IRIR TeamTeam

market and retailindustry trends
 Research and analysis of

the real estate investment
trust market
 Matters relating to thedevelopment of annual
asset management plans
and medium-term asset
management plans Development andrevision of theInvestment Guidelines

Company Name

Daiwa Real Estate Asset Management Co. Ltd.

Atsuko Takahashi
Naoyuki Owa(Head of Administration Dept.)

Internal
Internal Control
Control Office
OfficeInvestment
Investment Management
Management
Department
Department
Acquisitions
Acquisitions TeamTeam

Yuji Shinozuka(Head of Business Planning Dept.) Matters relating tofinancing and asset
liability management
 Matters relating toformulation of the IR
strategy

Accounting
Accounting TeamTeam
 Budget and performance

management
 Matters relating tofinancial results andaccounting

Address

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

Established

October 21, 2004

Capitalization

200 million yen

Representative
Director

Yoshiki Nishigaki

Directors

9 (5 executive, 3 non-executive, 1 auditor)

Employees

26 (Including 3 concurrent directors, as ofNovember 30, 2009)

Registered Financial
Instruments Firm

No. 355 (Financial Instruments), Director,
Kanto Local Finance Bureau

Building Lots andBuildings Transaction
Business License

No. (2)-83920, Governor of Tokyo

Discretionary Agent forReal Estate Transaction
Approval

No. 34, Minister of Land, Infrastructure,
Transport and Tourism
A member of the Investment Trusts
Association of Japan

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

54

IR Calendar / Website
IR Calendar
Jan.
Jan.

Financial
Financial results
results announcement
announcement

Feb.
Feb.

Sending
Sending dividend
dividend notices
notices // semi-annual
semi-annual reports
reports

Providing Information through Our Website

Mar.
Mar.
Apr.
Apr.
May
May

End
Endof
ofthe
theninthninthfiscal
fiscalperiod
period(May(May2626isisthethelastlastday
dayof
ofthe
the
subscription
subscriptionperiod)
period)

Jun.
Jun.
Jul.
Jul.

Financial
Financial results
results announcement
announcement

Aug.
Aug.

Sending
Sending dividend
dividend notices
notices // semi-annual
semi-annual reports
reports

Viewability
Viewability

Easy
Easy totoUnderstand
UnderstandEasy
Easy toto
SearchSearchBased
Based onon thethe above
above mottos,
mottos,
Sep.
Sep.
Oct.
Oct.
Nov.
Nov.

End
Endof
ofthe
thetenth
tenthfiscal
fiscalperiod
period(Nov.
(Nov.25
25isisthethelastlastday
dayof
ofthe
thesubscription
subscription
period)period)We are planning to totally
renew our website soon

Dec.
Dec.

We alsoplan torenew ourEnglishwebsiteThis document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

55

Support from Daiwa Securities Group
Sponsor Support Agreement
Provision
Provision ofof property
property information
information
Introduction
Introduction toto properties
properties using
using thethe information
information network
network ofof Daiwa
Daiwa Securities
Securities GroupGroup

Cooperation
Cooperation inin securing
securing human
human resources
resources
Cooperation
Cooperation inin thethe provision
provision ofof human
human resources
resources inin lineline with
with thethe growth
growth ofof thetheInvestment
Investment Corporation
Corporation andand thethe Asset
Asset Management
Management Company
Company* The Sponsor Support Agreement with daVinci Advisors has already been terminated byconsent

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

56

Arrangement with Columbus
Structure
Former Sponsor

daVincidaVinci
Holdings
Holdings

Agreements between Investors
Shares of the Asset Management
Company are transferred

100% ⇒ 0%

Daiwa Securities Group, Inc. and Columbus have agreed on the following:

0% ⇒ 100%

Daiwa
DaiwaSecurities
Securities
Group,
Group,Inc.
Inc.

Conclusion ofsponsor support
agreement

100%

Daiwa
DaiwaRealRealEstate
EstateAsset
Asset
Management
ManagementCo.
Co.Ltd.
Ltd.

To
To discuss
discuss thethe exercising
exercising ofof votingvoting rights
rights at
at thethe generalgeneral meeting
meeting ofof
investors
investors ofof thethe Investment
Investment Corporation
Corporation
Unitholdersagreement

Assetmanagementagreement
Columbus
Columbus

Subsidiary of K. K.
daVinci
Holdings

Held 40.39% (before
the capital increase)(35.09% after thecapital increase)

DA
DAOffice
OfficeInvestment
Investment
Corporation
CorporationTo
To makemake thethe goal
goal ofof thisthis unitholders
unitholders agreementagreement thethe provision
provision ofof assistanceassistanceforfor thethe Investment
Investment Corporation’s
Corporation’s sustainable
sustainable growth
growth andand development.
development.

Concerning
Concerning thethe 80,000
80,000 units
units itit owns,
owns, Columbus
Columbus agrees
agrees not
not toto exercise
exercise its
itsvotingrights
or
vote
in
favor
of
certainproposals
made
at
the
generalvoting rights or vote in favor of certain proposals made at the general
meeting
meeting ofof investors
investors (*1)(*1) without
without obtaining
obtaining thethe consent
consent ofof Daiwa
Daiwa
Securities
Securities Group,Group, Inc.
Inc.

IfIfthere
thereisisaarisk
riskofofnot
notsatisfying
satisfyingconduit
conduitrequirements
requirements(*2),(*2),thethetwotwoparties
partiesagree
agreetotoholdhold
discussions
discussionsin
ingoodgoodfaithfaith
Underwrite thirdparty allotment ofinvestment units(13.11% after thecapital increase)*1 Proposals on the appointment or resignation of board members of the Investment Corporation,
cancellation of the asset management agreement, amendments to the Articles of Incorporation,
dissolution or mergers, etc.
*2 This refers to cases over which the Investment Corporation and the Asset Management Company
have no control over. Therefore, this agreement does not guarantee that the Investment Corporation
will always satisfy conduit requirements.

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

57