As of July 19, 2024

Daiwa Office Investment Corporation
Earnings Announcement for the 37th Fiscal Period(Fiscal Period Ended May 2024)

Securities Code: 8976

Contents

Section 1

Section 3

Executive Summary

Financial Strategy / Efforts on ESG

Executive Summary

4

Factors of Change in Dividend per Unit

5

Status of Interest-Bearing Liabilities
Unitholders as of the End of May 2024

20
23

Future Initiatives
Efforts to Improve Portfolio Quality

7

Efforts on Sustainability

24

Daiwa Akihabara

10

9

Section 2

Appendix

Internal Growth / External Growth
Leasing Market of Tokyo Office Buildings

12

Analysis of Leasing Business13
Occupancy Status of Properties Subject to Leasing Improvement in
the Fiscal Period ended May 2024 (37th FP)
16
Portfolio Map: Increase and Decrease in Unit Contract Rent
Compared with Previous Fiscal Period
17
Acquisition/Sale Policy and Status of Deliberation for Property
Acquisitions
18

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

1Disclaimer

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

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

2Section 1
Executive Summary

Executive Summary<End of 37th FP occupancy
rate><Rate of change in rent at
renewal>

97.0%

+2.5%

+4.2%

Previous FP: +7.2%

Previous FP: -3.9%

Maintenance of highoccupancy rate

Continuation of upward
rent revision

Positive shift<Daiwa Sasazuka Tower><Shinjuku Maynds Tower><Daiwa Harumi>

Strategic managementthat realized rent
increase

Initial forecast: 96.6%

Refer to P.13-15

Initiatives for properties
with issues
Progress of properties subject
to leasing improvement
Refer to P.16

Realized theenhancement of
portfolio quality
Refer to P.9-10<Rate of change in rent at
replacement>

End of 37th FP
occupancy rate

End of 37th FP
occupancy rate

100.0%End of 37th FP
occupancy rate

Rent increase/decrease rate

+10~25%More thanRent increase/decrease rate +10% on average

Successfully attracted threetenants open to customers

Acquisition

Divestment

Daiwa Akihabara

Daiwa Tsukishima

Expected occupancy rate at
the end of August

Decided to divest
the property inthree phases

Acquisition
S-GATE FIT Nihonbashi
Bakurocho
Occupancy rate from
April 2024

100.0%End of 37th Fiscal Period

LTV 43.9%

91.9%
Expected NOI Yield
4.0% →

4.5%(+50 bps compared withexpectation)

95.4%

94.3%

+
Buy-back of own
investment units using
proceeds from sale

Dividend per unit for the fiscal period ended May 2024
13,700 yen (EPU 12,993 yen)This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

4Factors of Change in Dividend per Unit:
Comparison with Results of the Fiscal Period Ended May 2024


Revenue (rents and common area fees) increased due to the incurrence of rent for properties acquired during the period andthe elimination of free rent for existing properties Although advertising expenses mainly increased due to the progress in leasing, the amount of reversal of internal reserve decreased,
and EPU increased by 132 yen compared with the fiscal period ended November 2023
Dividend for the previous
fiscal period

Dividend for thecurrent fiscal period

13,700 yen

13,700 yen

13,700(yen)

Repair cost

839

Revenue(rents and common
area fees)

Interest expense

Others-84+342

13,700 yen

707

800

-345

+219

S-GATE FIT
Nihonbashi Bakurocho +76
Existing properties+143

12,350Advertising expenses, etc.
Depreciation
Other operating revenue

-119
-73
-70
(+132)

12,861

11,00023/11期
Ended
Nov. 2023
36期
36th
実績
Actual<Balance of internal
reserves>(Total)2,606
million yen

12,993

12,900Ended24/5期
May 2024
37期
37th
Actual
実績

24/5期
Ended
May 2024
37期
37th
Forecastfrom six
半年前予想
months earlier

2,268
million yen

2,224
million yen■Net income per unit (excluding gain on sale of real estate properties) ■Reversal of internal reserve ■Increase factors ■Decrease factors
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

5Factors of Change in Dividend per Unit:
Forecasts for the Fiscal Period Ending November 2024 and Fiscal Period Ending May 2025


EPU will gradually improve due to the increase in revenue (rents and common area fees) for existing properties and thecontribution of Akihabara Dividend is expected to increase in the fiscal period ending November 2024 and the fiscal period ending May 2025 due to the buy-backof own investment units

Dividend for theprevious fiscal period

Daiwa Akihabara
To the stage of dividend
contribution

624

13,700 yen

440

Forecast dividend

Forecast dividend

6,850 yen

6,850 yen

(After taking into account the split: 6,850 yen)

Akihabara Sasazuka

(net)

(yen)
Repair
cost

353
+112

-50

Interest
expense-142

Others

589

(net)

-122

+90

Akihabara-33
S-GATE FIT Nihonbashi
Bakurocho+95

495
Revenue(rents andcommonarea fees)+17
Existing properties

6,497

Revenue (rents andcommon area fees)

+166

(net)

Interest
expense

-84

6,261

Existing
properties+114

Akihabara

Repaircost-172

Immediately after
completion, expenses
such as financial +223 yen
expenses anddepreciation incurredin advance
They will steadycontribute todividends from the39th FP onward+228
Others+30

Existing properties +124
Tsukishima-33+57 yen

6,355

EndingEndingMay 2025 Nov. 2025
40th
39th
<Main expense items>

Ended May
2024
(37th)
Actual<Balance of internal
2,268
reserves>
million yen(Total)Ending Nov.
2024
(38th)
Forecast

Ending May
2025(39th)
Forecast

2,866
million yen

3,278
million yen

Image of normal
operation periods(40th - 41st FP)

Interest andAM feeDepreciation-172 yen Rent expense
Tax and publicdue-70 yen-75 yen-55 yen-30 yenEndingNov. 2024
38th■Net income per unit (excluding gain on sale of real estate properties, etc.) ■Reversal of internal reserve■Increase due to gain on sale of real estate properties, etc. (after provision for reserve for reduction entry and after subtracting management fees related to divestment)
Provision for reserve for reduction entry ■Increase factors ■Decrease factors
Effect of EPU improvement due to the buy-back of own investment units in the fiscal period ending November 2024 (forecast)This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

6

Future Initiatives
Use of proceedsfrom sale ofpropertiesRealize stable dividend by divesting Daiwa Tsukishima, which had issues with leasing, in three periods

Scheduled to carry out the buy-back and cancellation of own investment units based on
the current investment unit price
Immediately return a portion of it
to unitholders as dividends
Internal reserves in preparationfor environmental changes

Gain onsale

Implementation of forwardlooking internal growth measures

Increase in
DPU

Strategic Advancement of
Scheduled Maintenance
Daiwa
Tsukishima
Proceeds
from sale

Promotingsustainability

Promotion of sustainability
initiatives
Buy-back of own
investment units
3 billion yen (maximum, scheduled)

Book
value

Effect of EPU
improvement (Note)+approximately
65 yenMedium-to
long-term
stability
improvement(pre-split level +approximately 130 yen)

Enhancement ofunitholder value

Repayment of loans

Acquisition of new properties(Note) Estimated at a maximum amount of 3 billion yen

Outline of Divestment (Daiwa Tsukishima)
Divestment Price
Scheduled
Divestment Date
Gain on Sale(Note)

9,800 million yen
November 29, 2024
(40% quasi co-ownershipinterest)
1,203 million yen(Note) Gain on sale is expected to be recorded inaccordance with the divestment date
Book Value
6,295 million yen (as of May 31, 2024)
May 30, 2025
November 28, 2025
(30% quasi co-ownership(30% quasi co-ownershipinterest)
interest)
926 million yen
400 million yen

Outline of Buy-Back of Own
Investment Units
Total Acquisition
Price
Number of Units
to be Acquired
Acquisition
Period

3.0 billion yen(maximum)14,000 units(maximum)
July 22, 2024
- November 14, 2024

[Conceptual chart]■ Gain on sale
■ Effect of buyback of own
investment
units
■ EPU
(excluding
gain on sale)This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

7

Future Initiatives
Shift in leasing
strategy
Promotion ofinternal growth

Due to the recovery of the office market, the rent gap with the expected rent wasapproximately 3% in the entire portfolio
 To realize rent increase by shifting from a policy of prioritizing occupancy rate

Examples of measures
to increase rent

Gain
on
sale

Granting of rent holiday
and step-up rents

Use of partof gain on
sale

EPU

Implementation of
construction work
requested by tenants

Realization ofrent increase
Retention oftenants with highunit rents
EPU

Provision of incentives
for rent increase to PM,
etc.
Reduction of tenant costs
through the installation of
LED lighting, etc.

Period when gain onsale will accrue

After the normal
operation period

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

8Efforts to Improve Portfolio Quality
25th FP

26th FP

27th FP

28th FP

29th FP

Fiscal period ended May 2018

Fiscal period ended Nov. 2018

Fiscal period ended May 2019

Fiscal period
ended Nov. 2019

Fiscal period ended May 2020

30th FP

Acquisition
CONCURRED
Yokohama

Daiwa Kanda
East

Daiwa
Daiwa Shinagawa Daiwa Sasazuka
Kandasudacho
Gotenyama
Tower

Daiwa
SasazukaReplacement

Daiwa
HarumiDaiwa Mita 2Chome

Replacement

Exchange transaction

Daiwa NakanoSakaue

Nihonbashi
Central Square

31st FP

32nd FP

Fiscal period
Fiscal period
Fiscal period
ended Nov. 2020 ended May 2021 ended Nov. 2021
Nihonbashi
Bakurocho
1-ChomeDevelopment
Site

Replacement

Daiwa
Kandabashi

Replacement

Divestment
Shinjuku Maynds Tower(3/7 quasi co-ownershipinterest)

CorporateactionDaiwa Meieki

Daiwa Jinbocho

Daiwa Shimbashi Daiwa Kyobashi
510
Use of divestment funds

Buy-back of own investment units
Repayment of borrowings

Buy-back of own
investment units
Repayment ofborrowings

33rd FP

34th FP

35th FP

37th FP

38th FP

39th FP

40th FP

Acquisition

Kandasudacho
2-ChomeDevelopment
Site
S-GATE FIT
Nihonbashi
Bakurocho

Divestment

Daiwa SHIBUYA
EDGE

Buy-back of own
investment units

40％＜Quasi co-ownership interest＞
30％
30％

Use of divestment funds

Use of divestment funds

Buy-back of own
investment units

total

123.2 billion yenin total(Note 1)

Daiwa Tsukishima(divestment in three phases)
Daiwa Kojimachi
4-chome11 properties in

Daiwa Akihabara

Replacement

Divestment

Buy-back of own investment units1)
14 properties(Notein
115.2 billion yenin total

total

Replacement

Daiwa MinamiAoyama

25th ～ 40th FP Total

Fiscal period
Fiscal period
Fiscal period
Fiscal period
Fiscal period
Fiscal period
ended Nov. 2022 ended May 2023 ended May 2024 ending Nov. 2024 ending May 2025 ending Nov. 2025

Daiwa Nihonbashi
Bakurocho (Note1)

CorporateactionDaiwa Osaki
3-ChomeUse of divestment funds

Fiscal period ended May 2022

Acquisition

Daiwa Onarimon

Buy-back of own
investment units(Note 2)
4 times in total
13.4 billion yen in total

The case of the portfolio
before replacement (Note 3)
was managed until the endof November 2025

The portfolio after
replacement (Note 4)
as of the end of November
2025

The average building age

The average building age

30.0 years

26.1 years
3.9 years younger(Note 1) For development properties, the acquisition price at the time of acquisition is stated for development land acquisition and building acquisition, and the development land and building are counted as one property.
(Note 2) The number of times excluding the buy-back of own investment units announced on July 19, 2024 is indicated.
(Note 3) ”Before replacement” refers to the portfolio as of the end of the 24th FP.
(Note 4) “After replacement” refers to the portfolio as of the end of the 37th FP plus one property to be completed and delivered in the 38th FP and excluding one property to be divested from the 38th FP to the 40th FP.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

9Daiwa AkihabaraCompletion of Building Construction and Acquisition
Comparison with
Initial PlanAt the time of completion andacquisition of the building

Initial plan
(December 2021)(June 2024)

Acquisition Price

15,286 million yen

15,503 million yen

Price of Land

10,600 million yen

10,600 million yen

Main Fees Related
to Construction

4,686 million yen

4,903 million yen

Total Leasable Area

9,147 m2

9,386 m2

Expected NOI Yield

4.0%

4.5%

Appraisal Value-

20,100 million yen

Occupancy Rate

70%
Expected at the endof November 2024%
Scheduled for the end of
August 2024

91.9

<Changed plan>
・Change in specification to increase the total
leasable area
・Change in specification to promote theincrease in unit rents of tenants
・Change in specification to reduce runningcosts+50 bps
Of this, 30 bps was due to an increase in unit rent

+approximately 29% compared withacquisition price

Concluded contracts at an earlystage by focusing on leasing even before
completion

Leasing Strategy and Tenant Attribute

Private area As relatively new high-specification buildings with an area of 200-250 tsubo
per floor are rare in this area, the needs for expansion and relocation for the
purpose of consolidation were successfully incorporated
 There are many tenants that relocated from the Akihabara and KandaIwamotocho areas, and demand unique to Akihabara such as those fromgame production related companies and IT consulting companies were also
successfully incorporated

Efforts on Sustainability Acquired “BELS Certification 5 Stars”
 Acquired “ZEB Oriented” certification for the first time The property adopts excellent energy-saving design that
reduces tenants’ utility costs to less than 60% of primaryenergy consumption when compared with that of conventionalbuildings

Elevator hall

Click here for the property introduction video: https://vimeo.com/981795737/1cad5cfb42
Click here for the property VR video: https://www.vr-view.jp/daiwa/akihabara/final/This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

10Section 2
Internal Growth / External Growth

Leasing Market of Tokyo Office BuildingsAlthough the overall situation is seeing a turnaround, the average shows only a slight improvement due to some remaining weak areas.
Going forward, rents are expected to gradually shift to an upward trend as the recovery of demand for office space becomes clear.

Leasing Market of Tokyo Office Buildings

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

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

Rent(Yen/Tsubo)

Feb. 2008

19,782 yen(Rent)
Jun. 2020

4.89%(Vacancy rate)
Dec. 2020
Jun. 2021

Jun. 2019

Dec. 2021

Jun. 2018
Dec. 2017
Jun. 2017

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

Jun. 2024

Dec. 2023

Jun. 2010

Data: Miki Shoji

Jan. 2004

Office Building Market Medium-Term Forecast
Forecast figures(Tsubo)Rental Market Clock(conceptual chart)

Dec. 2011(Note 1)

Jul. 2012
Vacancy rate

Average Rent and Vacancy Rate of Entire Office Buildings (Note 2)of 5 Central Wards of Tokyo
Rent(Yen/Tsubo)

Jun. 2020

Jun. 2024
Dec. 2020 Jun. 2021
Jun. 2022

Dec. 2023

Sep. 2008
Jun. 2018
Dec. 2017
New supply (Grade A, etc.)

New supply (Other)

Floor area of new demands

Vacancy rate

Sep. 2007

Jul. 20122000 2002 2004 2006 2008 2010 2012 20142016 2018 2020 2022 2024 2026 2028
2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027
Data: CBRE “Office market medium term forecast 2024-2028”

Jan. 2004

Jun. 2016
Vacancy rate
Data: Sanko Estate, compiled by Daiwa Real Estate Asset Management(Note 1) Forecast figures as of June 2024

(Note 1) Large-scale office buildings: A floor area of 200 tsubos or more.
This2004
document
notamountmaterial
disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it(Note 2) No information on the breakdown of new supply is available in or before(only theistotal
is available).
(Note 2) Entire office buildings: Ranging from large-scale buildings to small-scale buildings (less than 20 tsubos).

intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

12Analysis of Leasing Business (1)― Change in Occupancy Rate and Ratio of Area Attributable to New Leases/Cancellations as a
Percentage of Total Leasable Area ―Although the 37th FP saw a larger-than-usual cancelled floor area per period due to a large cancellation of contracts, floors were
promptly re-tenanted.

While a certain amount of cancelled sections will remain, we assume the overall occupancy rate will remain steady going forward withthe positive responses.

Change in New Leases and Cancellations and Their Reasons (Note)

Change in Period End Occupancy Rate(%)

(Cases)20th
FP

21st 22nd 23rd
FP
FP
FP

24th
FP

25th
FP

26th 27th
FP FP

28th 29th
FP FP

30th
FP

31st
FP

32nd 33rd 34th 35thFP
FP FP FP

36th
FP

37th 38th 39th
FP FP FP

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

20th
FP

21st
FP

37th Period

22nd
FP

23rd
FP

Cost
Reduction

24th 25th
FP FP

Space
Expansion

26th
FP

27th
FP

Consolidation
Space

28th
FP

29th 30th
FP
FP

Space
Reduction

31st 32nd
FP FP

BetterLocation

33rd
FP

34th
FP

Other

35th 36th 37th
FP FP FPTotal

New Leases

1

25

0

1

1

8

36

Cancellations

0

1

5

10

3

4

23

The number of casesin the previous period

19

The number of cases
20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th 36th 37th 38th 39th
6in the previous periodFP
FP FP FP
FP
FP
FP
FP
FP
FP
FP FP
FP FP FPFPFP FP FP FP(Note) Change in ratio of area attributable new leases/cancellations as a percentage of total leasable area. For the expected(Note) Excluding new leases and cancellations by residence and warehouse tenants.
document
is notcontracted
material disclosed
figures, if there are partial cancellations, the estimate is calculated This
basedon the current
floor area in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
forleases
the purposesof solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.
for the cancellations ratio and the remaining contracted floor area intended
for the newratio.

13

Analysis of Leasing Business (2)― Changes in Rent Increase/Decrease Rate of Contract Renewal Tenants ―In the 37th FP, although some rent reductions were implemented to retain tenants, overall rate of renewal with upward rent revision
increased.

Going forward, aim to eliminate the rent gap and accelerate overall increase in rent while preventing tenants with high unit rents fromcancelling leases.

Contract Renewal Tenants in the 37th Fiscal Period*Ratio of area for which contracts were renewed in the 37th FP (ended May 2024) to the total leased area
(349,032.92 m²) as of end of November 2023.

Change in Rent Increase/Decrease Rate of Contract Renewal Tenants(sections)
Realized upward rent revisions for
21 consecutive periods

(%)

*2

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

*1

Rent Increase Rate Upon Contract Renewal*1 The decrease in the 25th FP was due to some tenants’ switching from sublease to master lease agreements.

(Breakdown of upward revision magnitude for monthly rents in the 37th FP) (Note)*2 The decrease in the 27th FP was due to an agreement on decrease reached by the previous owner.

10% or more but
less than 15%

Ratio of Contract Renewal Areas (based on leased area)

15% or more

3%

6%
(%)

Forecasts

Properties with rent increase
5% or more but
less than 10%
2% or more but
less than 5%

Increase rateof monthly rent

74%

6.4 %
(Previous FP: 7.2%)

17%

 Daiwa Ginza Shinjuku Maynds Tower
 Daiwa Kitahama
 LAQUAS Higashi Shinjuku
 Daiwa Shibuya Square , etc.

Increased amount of monthly rent
2,637 thousand yen/month(Note) Ratio of leased are scheduled for contract renewal in each period to the total leased area (350,449.65 m2)
This document is not material disclosed in compliance(Note)with Percentage
the Financial
Instruments
andExchange
Act or any regulation of similar nature, nor is it
figuresare based on
total
monthly rent.
as of end of May 2024.

intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

14Analysis of Leasing Business (3)― Status of Contract Rent ―Rent increase/decrease rate due to tenant replacement turned positive for the 37th FP and the amount of rent increase
also expanded.
 Going forward, will eliminate the rent gap and aim for the expansion of increase in the rent increase rate.


Total Monthly Rent and Increase/Decrease
Rate Due to Tenant Replacement

Average Monthly Contract Rent and Unit Rent Index(Yen/Tsubo)
91.66

91.41
(Total Monthly Rent,
Thousand Yen)

91.46

94,01390,20689,08487,03778,80975,55072,94971,39920,587

20,507

71,932
74,837

20,53062,21664,042

2.4%

4.3%

2.2%

4.2%

(Note 1) Average contract rent is the average of monthly contract rent from tenants at the end of each fiscal period.
(Note 2) Unit rent index is the earning rates of unit rent of individual properties indexed with the figure at the end of the 7th FP as 100.

-2.9%

Increase/Decrease in Monthly Contract Rent (Note)
Compared with the End of the Previous Fiscal Period-3.9%(Million Yen)

Increase by
New Leases

Increase byRent Revisions

Increase by
Property Acquisition(Note) Comparison of monthly rent due to tenant replacement for the same leasing area.
Ratio is based on total monthly rent.

Properties with Rent Increase

Properties with Rent Decrease Daiwa Ginza Annex

 Daiwa Tsukiji

 Daiwa Shibaura

 Daiwa Tsukishima Shinjuku Maynds Tower

 Daiwa Azabu Terrace Daiwa Sasazuka Tower, etc.

 Daiwa Harumi, etc.

Increased amount of monthly rent
3,807 thousand yen/month

Decrease by
Tenants’ Cancellations

End of 36th FP
Monthly Contract Rent

Decrease byRent Revisions

End of 37th FP
Monthly Contract Rent

(Note) Monthly Contact Rent is a total of final rent from contracting tenants at the end of the fiscal period.
Monthly contract rent for Shinjuku Maynds Tower has been adjusted to 3/7 and monthly contract rent for
CONCURRED Yokohama has been adjusted to 75/100.
Monthly
contract
rent forInstruments
Nihonbashi Central
Square hasActbeen
to 60.99%
onnature,agreements,
etc.
This document is not material disclosed in compliancewith theFinancial
and Exchangeor adjusted
any regulation
ofbasedsimilarnor isit
intended for the purposes of solicitation. Daiwa Officeamong
Investment
Corporation advises
the compartmentalized
owners. readers to make investment decisions at their own judgment.

15

Occupancy Status of Properties Subject to Leasing Improvementin the Fiscal Period Ended May 2024 (37th FP)
Shinjuku Maynds Tower

Daiwa River Gate
(Acquisition Price: 28,000 million yen)(Acquisition Price: 66,900 million yen)
Location

Location

Yoyogi, Shibuya-ku, Tokyo

Nihonbashi Hakozaki-cho,
Chuo-ku, Tokyo

Occupancy rate

Occupancy rate

95.4%（initially expected as of May 31, 2024）⇒ 95.4%（as of May 31, 2024）⇒ 98.1％（expected as of Nov. 30, 2024）

91.4%（initially expected as of Jan. 31, 2024）⇒ 93.2%（as of May 31, 2024）
 Leasing has progressed to have only one floor By offering flexible terms tailored to client needs, we have only one floor

remaining for the office section, and the occupancy rate is expected to progress
to 98.1% by the end of November 2024.
 Contracts were signed with unit rents that were more than 10% higher on
average than the previous rents, mainly for sections cancelled by large
tenants.
 We will press ahead with leasing activities to seek an increase in unit rent while
monitoring the market conditions in the area for the remaining section as well.

Daiwa Kitahama(Acquisition Price: 9,481 million yen)(approximately 614 tsubos) remaining.
 Although the section is large, it is offered as dividable and thenumber of inquires is increasing. While understanding
customer needs, we aim for full occupancy of office floors as
quickly as possible.

Daiwa Sasazuka Tower(Acquisition Price: 15,500 million yen)

Daiwa Harumi(Acquisition Price: 11,200 million yen)

Location

Location

Location

Awaji-cho, Chuo-ku, Osaka

Sasazuka, Shibuya-ku, Tokyo

Harumi, Chuo-ku, Tokyo

Occupancy rate

Occupancy rate

Occupancy rate

93.3%（initially expected as of Apr. 30, 2024）⇒ 100.0%（as of May 31, 2024）

64.6%（initially expected as of Jun. 30, 2024)⇒ 100.0%（as of May 31, 2024）⇒ 95.5％（expected as of Nov. 30, 2024）

83.0%（initially expected as of Apr. 30, 2024）⇒ 94.3%（as of May 31, 2024）⇒ 97.1％(expected as of Jul. 31, 2024)

 We succeeded in refilling floors at an early stage by

accurately grasping the needs for floor expansion within
the property. Refilling was completed in the 37th FP,
achieving full occupancy.
 There was even a section for which a contract was signedwith unit rent that was 16% higher than the previous rent.

 In addition to regular leasing, we also conducted leasing
mainly for retail stores. The strategy has worked out andbuilding grade and the surrounding environment, which are superior
successfully attracted three tenants (cram schools).
to competing properties in the area, we were able to quickly While maintaining a balance with occupancy rates, we
progress to business negotiations, and 7 out of 8 floors in thecontinue to capture the needs of both regular offices andcancelled sections found tenants at an early stage.
retail stores by taking advantage of the area’s Contracts were signed with unit rents that were about 10%-25%
characteristics of having work and home close to one
higher than the previous rents, resulting in significant rent increase.
another.
 We will continue
with leasing activities focusing on unit rent for the
本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
remaining floor.投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。
16
 By demonstrating the ”selling points” of the property, such as thePortfolio Map: Increase and Decrease in Unit Contract Rent Compared With
Previous Fiscal PeriodIn the 37th FP, although some properties saw a temporary decrease in average unit rent due to the cancellation by tenants with high unit rents,
7/25受領予定
the overall upward trend has
become clear.
 Going forward, aim to increase average unit rent while preventing current tenants with high unit rents from cancelling leases.

Greater Tokyo

Five Central Wards of Tokyo
Comparison with Previous Fiscal Period
Increase and Decrease of Unit Contract Rent (Note 1)
Toshima
Ward

Unit rent increase: 12 contracts
The number in ● indicates increase for the consecutive period
2 indicates increase for the second consecutive periods)(Ex: ●

Daiwa Ogikubo Tower
Daiwa Ogikubo

Daiwa Meguro Square

Unit rent unchanged: 36 contracts
LAQUAS
Higashi Shinjuku

Shinjuku Ward

Daiwa
Shinagawa North
Daiwa
Shinagawa Gotenyama

Unit rent decrease: 9 contracts

Daiwa Sarugakucho
Daiwa Kandasudacho
Daiwa Misakicho
Daiwa Akihabara
Daiwa Kanda East
Daiwa Jinbocho 3-chome
Daiwa Nishi-Shinjuku
Daiwa Nihonbashi Bakurocho
S-GATE FIT Nihonbashi Bakurocho
ChiyodaWard
Daiwa Kanda
Mikurachoshinyon curumu
Shinjuku Maynds Tower
Daiwa Higashi-Nihonbashi
Daiwa Nihonbashi Hongokucho
Daiwa Kodenmacho
Daiwa Kandabashi
Daiwa Nihonbashi Horidomecho
Nihonbashi Central Square
Shibuya Ward
Chuo WardKirin Nihonbashi Building Koto Ward
Daiwa Kayabacho Building
Daiwa Sasazuka Tower
Daiwa River Gate
Daiwa Jingumae Daiwa Akasaka
6 Daiwa Hatchobori ekimae
Daiwa Sasazuka
Daiwa Hatchobori ekimae West
Daiwa Ginza Annex
Daiwa Aoyama
Daiwa Ginza
Daiwa Tsukijiekimae
Daiwa Tsukiji
Daiwa
Shibuya Miyamasuzaka
Daiwa Nishi-Shimbashi 2
Daiwa Tsukishima
E SPACE TOWER
Daiwa Harumi
Daiwa Shibuya Shinsen
Daiwa A Hamamatsucho
Daiwa Shibuya Square
Daiwa Azabudai
Daiwa Shibadaimon
Daiwa Daikanyama
Daiwa Ebisu 4-chome
Minato Ward
Daiwa Shibaura
Daiwa Mita 2-Chome
Daiwa Azabu Terrace
Daiwa Shinjuku West

Daiwa Higashi-Ikebukuro
Daiwa Nakano-Sakaue

CONCURRED Yokohama

Daiwa Kamiooka

Tokyo

Daiwa Kitahama

Shinagawa
Ward

Major Regional Cities
As of May 31, 2024

(Note 1) Unit contract rent of each property is the average unit rent of the entire office section of its standard floor (2F or above) (includes sections other than those targeted for replacement and renewal).
(Note 2) S-GATE FIT Nihonbashi Bakurocho and Daiwa Akihabara are plotted with ●.

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

17Acquisition/Sale Policy and Status of Deliberation for Property AcquisitionsIn the 37th FP, the acquisition S-GATE FIT Nihonbashi Bakurocho contributed to lowering the average building age and stabilizing revenue over the medium to longterm.
 The sale of Daiwa Tsukishima will contribute to further lowering the average building age and improving the occupancy rate.

Acquisition / Sale Policy

Distribution Chart of Portfolio Properties
Building Age (Year)

Places priority in the five central wards of Tokyo and equivalent area.



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

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



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

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

considerationof●Property sold from 38th FP onward●Property acquired in 38th FP●Properties acquired after the sponsor change●Properties acquired before the sponsor change

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

Sourcing Strategy Capitalizing on Status as Non-Real
Estate Sponsored REITSecure a sourcing route across a wide range by capitalizing on status as anindependent REIT and establishing strong relations with business companies,
financial institutions, real estate brokers, etc.



Target optimum expansion of portfolio based on in-depth data analysis upon
careful selection from among the wide-ranging information on properties thatcomes from diverse sources.
Number of Properties Reviewed for Acquisition
Daiwa Tsukishima

Average building age

24.7 years（Note）

Average station
distance

Daiwa Akihabara(Note) Number of gross proposals.

3.6 minutes

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulationof similar
nature,nor (minutes)
is it
Distancefromstation(Note)
Averagebuilding age
is as of the advises
end of June
2024. to make investment decisions
intended for the purposes of solicitation. Daiwa
OfficeInvestment
Corporation
readers
at their own judgment.

18Section 3
Financial Strategy / Efforts on ESG

Status of Interest-Bearing Liabilities (1)Ensured financial stability by conducting borrowings with diversification of procurement periods and extension of borrowing periods in mind.
In addition, we have achieved diversification of procurement through expansion of bank formation. (Refer to P. 22.)

Repayment Schedule(Million Yen)

20,500（Note）

 Investment Corporation Bond

Change in Procured Years of Interest-Bearing Liabilities and End of period maturity(Year)(Year)

5.5

11.0
End of period maturity (left axis)
Average loan term years(excluding short-term loans payable) (right axis)

5.0

10.0

4.5

4.2

4.0

8.0

3.5

7.9

7.0

0.0

37th FP

0.0

36th FP

1.0

35th FP

0.5

34th FP

2.0

33rd FP

1.0

32nd FP

3.0

31th FP

1.5

30th FP

4.0

29th FP

2.0

28th FP

5.0

27th FP

2.5

26th FP

6.0

25th FP

3.0

24th FP(Note) The repayment schedule as of the end of May 2024（including early repayment）.

9.0

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

20

Status of Interest-Bearing Liabilities (2)LTV based on total assets at the end of the 37th FP was 43.9% and LTV based on appraisal was 34.0% (Note 1).



The average interest rate for the 37th FP was 0.5% (Note 2).

Loan to Value Trend(Billion Yen)

240

60.0%
Interest-bearing liabilities (left axis)(Note1)

Ratio of Fixed-Interest and FloatingInterest Borrowings

LTV (based on total assets) (right axis)

200

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

Status of Interest-Bearing Liabilities(End of 37th Fiscal Period)
Ratio ofLong and Short-Term Borrowings

50.0%

160

16.1％

41.７％

43.9%

40.0%

83.9％

58.3％

120

30.0%

Fixed-interest borrowings

Long-term loans payable, etc.

Floating-interest borrowings

Short-term loans and Current
portion of long-term loans
payable , etc.

Status of Rating
80

20.0%

Japan Credit Rating Agency, Ltd. (JCR)

Long-term issuer rating
Rating outlook: Stable
40(Assigned on March 1, 2024)

10.0%

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

21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th 36th 37th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP

0.0%(Note1) LTV (based on total assets) = Total interest-bearing liabilities / Total assets,
LTV(based on appraisal)＝Total interest-bearing liabilities /(Total assets + appraisal value at end of period - book value at end of period ）(Note 2)Average interest rate = (Interest expense + Interest on investment corporation bonds) x 2 / Weighted average of interest-bearing liabilities including investment corporation bonds

Issuer rating
Rating outlook: Stable(Assigned on September 15, 2023)

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

21

Status of Interest-Bearing Liabilities (3)As of End of the 37th Fiscal Period(Million Yen)

Name of Financial Institutions

Comparison with
Previous Period

Balance

Balance Ratio

Name of Financial Institutions

Comparison with
Previous Period

Balance

Balance Ratio

Sumitomo Mitsui Banking
Corporation

44,000+1,60021.4%

The Hyakugo Bank, Ltd.

1,000

-

0.5%

Sumitomo Mitsui Trust Bank, Limited

25,500+1,000

12.4%

The Yamanashi Chuo Bank, Ltd.

1,000

-

0.5%

Development Bank of Japan Inc.

21,750-

10.6%

Momiji Bank, Ltd.

1,000

-

0.5%

MUFG Bank, Ltd.

20,450-

10.0%

The Yamagata Bank, Ltd.

1,000

+1,0000.5%Mizuho Bank, Ltd.

19,400-

9.4%

Taiyo Life Insurance Company

300

-

0.1%

-

0.1%

14,500-

7.1%

Fukoku Mutual Life Insurance
Company

200

SBI Shinsei Bank, Limited

205,400+6,600100.0%

Resona Bank, Limited.

12,500-

6.1%

Mizuho Trust and Banking Co., Ltd.

9,500

-

4.6%

The Bank of Fukuoka, Ltd.

6,500

-

3.2%

No. 4 Unsecured Investment
Corporation Bond

2,100

-

10 years

Kansai Mirai Bank, Limited

5,000

-

2.4%

No. 5 Unsecured Investment
Corporation Bond

1,700

-

5 years

Nishi-Nippon City Bank, Ltd.

3,000

-

1.5%

No. 6 Unsecured Investment
Corporation Bond

1,300

-

12 years

The 77 Bank, Ltd.

3,000

-

1.5%

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

1,500

-

5 years

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

2,400

-

10 years

Total Investment Corporation Bonds

9,000

-

-

Total

The Norinchukin Bank

3,000

-

1.5%

Mitsubishi UFJ Trust and Banking
Corporation

3,000+3,0001.5%

The Gunma Bank, Ltd.

2,500

-

1.2%

The Musashino Bank, Ltd.

2,000

-

1.0%

Tokio Marine & Nichido Fire
Insurance Co., Ltd.

2,000

-

1.0%

The Yamaguchi Bank, Ltd.

2,000

-

1.0%

Issuance

Comparison with
Previous Period

BalanceGreen Bond

Outline of Commitment line
Commitment line provider

Maximum loan
amount

1,300

-

0.6%

Term of the Agreement

3,000 From July 31, 2023 to July 31, 2024
Daiwa Next Bank, Ltd.

Nippon Life Insurance Company

Duration of
Liabilities

2,500

From January 31, 2024 to January
31, 2025

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

22Unitholders as of the End of May 2024
Unitholders’ Share by Investor Type
Number of
Units
End of 36th
FiscalPeriodNumber of
Units
End of 37th
FiscalPeriodIndividual･
Others

14,723

17,410Financial
Institution

175,682-

Investor Type

Commercial
Bank
RegionalBank

16,278Trust Bank

143,508

Life
Insurance
Non-life
Insurance
Other
Financial
Institution

2,412

80

13,404

List of Top 10 Investors
Number of
Units
End of 36th
FiscalPeriodNumber of
Units
End of 37th
FiscalPeriodDaiwa Investment Management
Inc.

128,905

128,905-

26.95%

Custody Bank of Japan, Ltd.
(Trust Account)

69,234

69,250+16

14.48%

3 Daiwa Securities Group Inc.

67,321

67,321-14.08%The Master Trust Bank of Japan,
4 Ltd.
(Trust Account)

58,47065,700+7,23013.74%The Nomura Trust and Banking
5 Co., Ltd.
(Investment Trust Account)

14,176

15,514+1,338

3.24%

6

STICHTING PENSIOEN FONDSZORG EN WELZIJN

11,717

10,995

-722

2.30%

7

THE NOMURA TRUST AND BANKING CO.,LTD. AS THE TRUSTEE OF REPURCHASE
AGREEMENT MOTHER FUND

-

9,000

+9,0001.88%

8STATE STREET BANK WEST
CLIENT-TREATY 505234

4,694

4,823

+129

1.01%

2,904

3,722

+818

0.78%

Japan Securities Finance Co.,
Ltd.

9,020

3,567

-5,453

0.75%

Total

366,441

378,797+12,356

79.20%

Rate (Note)
End of 37th
FiscalPeriodNo.

Investor Name

+2,6873.64%

1185,202+9,52038.72%

2---

Change inUnits

15,314

152,525

3,308

155

13,900-964+9,017

+896

+75

+496

3.20%

31.89%

0.69%

0.03%

2.91%

Other Domestic
Corporation

199,845

199,873+28

41.79%

Foreigner

69,336

66,497-2,83913.90%

Securities

18,6729,276-9,396

1.94%

Total

478,258

478,258-

100.00%9 Mizuho Securities Co., Ltd.

(Note) Rounded to the second decimal place(Note)Rate
End of 37th
FiscalPeriodChange in
Units

10

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

23

Efforts on Sustainability
Certified and registered for Eco Action 21

Acquisition of Environmental Certification

The Investment Corporation was certified andregistered for EcoAction21, an environmental
management system formulated by the Ministry of
the Environment on March 29, 2024.

Daiwa Akihabara Building newly acquired BELS(5 Star) certification.

Eco-Action 21 is an Environmental Management System
formulated by the Ministry of the Environment that specifies themethods by which organizations can voluntarily and actively
implement environmental initiatives. Eco-Action 21
Certification/Registration Program is the certification andregistration system by a third party, Eco-Action 21 central
secretariat office, for organizations promoting environmental
management based on “Eco-Action 21 Guidelines”* and disclosing
the progress in the form of environmental management report.

ZEB Oriented Certification

Kurumin Certification
The Asset Manager obtained "Kurumin" certificationin June 2024.
In accordance with the Act on Advancement of
Measures to Support Raising Next-Generation
Children, companies that have formulated ageneral business owner action plan, achieve
the goals set forth in the plan, and meet certain
criteria may apply to receive certification from
the Minister of Health, Labor and Welfare as a"company that supports child-rearing" (Kurumin certification).
The "Kurumin Mark" is a sign that a company has received thiscertification.
Note For further details of efforts on sustainability,
please refer to Sustainability report 2024.

・Number of properties that have acquired environmental certification: 35（all 59 properties owned)
・Ratio of properties with environmental certifications(based on the total floor area of properties owned): 64.5%(as of June 30, 2024)

In accordance with the Investment Corporation's ESG
policy, Daiwa Akihabara (Kandasudacho 2-chome
Development Project) was studied from the design
stage and adopted a design with excellent energysaving performance, with primary energy consumption
less than 60% of that of conventional buildings, which
reduces the burden on tenants' utility costs, and as aresult, the building obtained the Investment
Corporation's first "ZEB Oriented” certification.

Daiwa AkihabaraZEB
ZEB (Net Zero Energy Building) is a building that aims to reduce energy
consumption in the building to zero while achieving a comfortable indoor
environment. The BELS rating system is based on four levels: ZEB,
Nearly ZEB, ZEB Ready, and ZEB Oriented.
Note For further details of ZEB Oriented certification, please refer tohttps://www.env.go.jp/earth/zeb/detail/01.html. (in Japanese only)This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

24

MEMO

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

Appendix

Three Characteristics of the Investment Corporation (As of July 19, 2024)

OfficeBuilding

Office Specialized REIT100％

B classbuildings
71.9％

A Classbuildings
28.1％

A Class buildings：Gross floor area of 30,000㎡ or more
(Note) Based on acquisition price. B Class buildings：Gross floor area of 2,000㎡ or more, but less than 30,000㎡

Greater Tokyo

Regional Major Cities

17.0％

2.0％

REIT focused on
the Five Central Wards ofTokyo

Five Central Wards of Tokyo

81.0％(Note) Based on acquisition price.

Fiscal period ended
Nov. 2023(36th FP)
ActualFiscal period ended
May 2024(37th FP)
ActualFiscal period ending
Nov. 2024(38th FP)
Forecast

Fiscal period ending
May 2025(39th FP)
Forecast

13,700 yen

13,700 yen

6,850 yen
(13,700yen)

6,850 yen
(13,700yen)

Stable Dividend
Dividend
per Unit(Note) We implemented a 2-for-1 investment unit split on June 1, 2024.(However, the figures in the parentheses are figures based on the number of investment units issued and outstanding
before the split.)
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

27

Highlights of the Fiscal Period Ended May 2024 (37th FP)
Results of the 37th Fiscal Period

Operating Revenues

Factor36th Fiscal Period(ended Nov. 2023)

37th Fiscal Period(ended May 2024)

Difference

13,646

13,570-75

million yen

million yen

Increase

million yen

Decrease

Operating Expenses

6,898

million yen

6,698

million yen-199

million yen

Operating Income

6,747

million yen

6,871

million yen+123

million yen

597

million yen

660

million yen+62

million yen

6,192

million yen

6,214

million yen+22

million yen

Non-Operating Expenses
Net Income
Earnings per Unit(Note 1)

12,947 yen

12,993 yen+46 yenDividend per Unit(Note 2)

13,700 yen

13,700 yen- yen(839 yen)(707 yen)(-132 yen)

790,552 yen

793,673 yen+3,121 yen

97.7%

97.0%

-0.7%

97.1%

96.6%

-0.5%

4.5%

4.5%

-

(Reversal of reserve) (Note 2)

NAV per Unit (Note 3)
Period End Occupancy Rate
Period Average Occupancy Rate

(Note 4)

NOI Yield (annualized) (Note 5)

Increase

Decrease

Item
 Revenue (rents and common area fees) from 57 existing properties (Note 6)+68 million yen

 Revenue (rents and common area fees)from property acquired during+36 million yen Utilities revenue-151 million yen

the FP period (1 property) Other operating revenue-33 million yen

 Outsourcing expenses+57 million yen Depreciation+35 million yen Repair cost

-163 million yen Utilities charges-140 million yen(Note 3) NAV per Unit = (Unitholders’ capital +Total appraisal value at the end of fiscal period − Total property book value atthe end of fiscal period) / Number of investment units issued and outstanding.
(Note 4) Period Average Occupancy Rate is calculated based on end-of-month occupancy during each fiscal period.
(Note 5) NOI Yield (annualized) is calculated based on book value. NOI is annualized based on properties owned at the endof the fiscal period.
(Note 6) 57 existing properties is the number at the end of the 37th FP (59 properties) less 1 property acquired during the FP
and 1 development project property.

(Note 1) Earnings per Unit is calculated by dividing net income by the average number of investment units during the period. The
same applies in the table below.
(Note 2) Dividend per Unit for the 36th FP is calculated by dividing 6,552 million yen, the total dividend amount considering
reversal of part of internal reserves of 401 million yen (the sum of reserve for reduction entry of 359 million yen anddeferred tax liabilities of 41 million yen), by the total number of investment units issued and outstanding. Dividend per
Unit for the 37th FP is calculated by dividing 6,552 million yen, the total dividend amount considering reversal of partof internal reserves (the sum of reserve for reduction entry of 337 million yen, by the total number of investment units
issued and outstanding. The same applies in the table below.

(Reference) Comparison of Forecasts with Results of 37th Fiscal Period
37th Fiscal Period(ended May 2024)
announced Jan. 2024

37th Fiscal Period(ended May 2024)

Difference

Operating Revenues

13,614

million yen

13,570

million yen- 44

million yen

Operating Expenses

6,796

million yen

6,698

million yen- 97

million yen

Net Income

6,169

million yen

6,214

million yen+ 44

million yen

12,900 yen

12,993 yen(Note 7)

13,700 yen

13,700 yen- yen(Reversal of reserve) (Note 7)(800 yen)(707 yen)(-93 yen)

Period End Occupancy Rate

96.6%

97.0%

+0.4%

Earnings per Unit

Dividend per Unit

+93 yen

FactorItem

Increase Revenue (rents and common area fees) from 57 existing properties (Note 8)

Decrease  Utilities revenue+63 million yen-112 million yen

Increase Outsourcing expenses+35 million yen

Decrease Utilities charges-130 million yen(Note 7) Dividend per Unit for the 37th FP (announced in Jan. 2024) is calculated on the assumption that the amount after
adding reversal of reserve for reduction entry (382 million yen) to unappropriated retained earnings will be
distributed.
(Note 8) 57 existing properties is the number at the end of the 37th FP (59 properties) ) less 1 property acquired during the FP
and 1 development project property.

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

28

Highlights of Forecasts for the Fiscal Periods Ending November 2024 andMay 2025 (38th and 39th FP)
38th Fiscal Period (Forecast)
38th FP Forecast
Ending Nov 2024

Factor15,146

million yen+1,576

million yen

Operating Expenses

7,201

million yen+502

million yen

Operating Income

7,945

million yen+1,073

million yen

794

million yen+134

million yen

7,149

million yen+935

million yen

Non-Operating Expenses
Net Income
Earnings per Unit(Note 1)

7,474 yen

-5,519 yen(Note 1,2)

6,850 yen

-6,850 yen

Dividend per Unit

(Reversal of reserve)(Note 1,2)(- yen),(-707 yen)

Expected Period End Occupancy
Rate

97.1%

+0.1%

Expected Period Average Occupancy Rate (Note 3)

96.1%

-0.5%

4.4%

-0.1%

Expected NOI Yield (annualized) (Note 4)

39th Fiscal Period (Forecast)
39th FP Forecast
Ending May 2025
Operating Revenues

15,055

million yen

 Gain on sale of property sold during FP (1 property)

Difference from37th FP

Operating Revenues

Difference from38th FP-91

Item
 Utilities revenue

 Full contribution of revenue (rents and common area fees) from 1

Increase

property acquired in the previous FP

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

during the FP period (1 property) (Note 5)
 Revenue (rents and common area fees) from 57 existing properties (Note 6)

Increase+98 million yen

 Asset management fee+56 million yen Repair cost

+48 million yen

Item Full contribution of revenue (rents and common area fees) from 1

property acquired in the previous FP

million yen+4million yen

 Revenue (rents and common area fees) from 58 existing properties (Note 10)

Operating Income

7,849

million yen-95

million yen

 Gain on sale of property sold during FP (1 property)

875

million yen+80

million yen

6,973

million yen-176million yen

7,290 yen-184 yen

6,850 yen

- yen(- yen),(- yen)Expected Period End Occupancy
Rate

97.2%

+0.1%

Expected Period Average Occupancy Rate (Note 8)

97.0%

+0.9%

Expected NOI Yield (annualized) (Note 9)

4.5%

+0.1%

Dividend per Unit

(Reversal of reserve) (Note 1,7)

+16 million yen+217 million yen

FactorIncrease(Note 1,7)+42 million yen(Note 1) Since we implemented a 2-for-1 investment unit split on June 1, 2024, the figures for the 38th FP and for the end of
the 39th FP use the total number of investment units issued and outstanding after investment unit split (956,516
units) for the assumption.
(Note 2) Dividends per unit for the 38th FP is calculated by dividing the amount obtained by subtracting provision for reserve
for reduction entry (597 million yen) from unappropriated retained earnings by the total number of investment
units issued and outstanding.
(Note 3) Expected Period Average Occupancy Rate is calculated based on end-of-month occupancy during each fiscal
period.
(Note 4) Expected NOI Yield (annualized) is calculated by taking into account the properties based on the book value for the
37th FP plus one development property (Daiwa Akihabara) completed and delivered in the 38th FP. However,construction costs are calculated for development project buildings.
(Note 5) A property acquired during the FP period is development property (Daiwa Akihabara) completed and deliveredin the 38th FP.
(Note 6) 57 existing properties is the number at the end of the 37th FP (59 properties) less 1 property acquired in theprevious FP and 1 property acquired during the FP.

million yen

Earnings per Unit(Note 1)+91 million yen Depreciation

7,205

Net Income+218 million yen Utilities charges

Operating Expenses

Non-Operating Expenses+1,203 million yen

Decrease Utilities revenue

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

FP (1 property)+197 million yen+119 million yen-276 million yen-100 million yen-32 million yen

Increase  Repair cost

+164million yen Depreciation-81 million yen

Decrease  Utilities charges-75 million yen(Note 7) Dividends per unit for the 39th FP is calculated by dividing the amount obtained by subtracting provision reserve
for reduction entry (420 million yen) from unappropriated retained earnings by the total number of investment
units issued and outstanding.
(Note 8) Expected Period Average Occupancy Rate is calculated based on end-of-month occupancy during each fiscal
period.
(Note 9) Expected NOI Yield (annualized) is calculated by taking into account the properties based on the book value forthe 37th FP plus one property to be acquired in the previous FP. However, construction costs are calculated fordevelopment
projectbuildings. and Exchange Act or any regulation of similar nature, nor is itThis document is not material disclosed in compliancethe Financial
Instruments(Note 10)with
58 existing
properties
is the number at the end of the 37th FP (59 properties) less one property to be acquired inintended for the purposes of solicitation. Daiwa Office Investment
Corporation
advises readers to make investment decisions at their own judgment.
the previousFP.

29

Summary of Results for the Fiscal Period Ended May 2024 (37th FP) (1)― Balance Sheet ―Comparison with Results of the 36th Fiscal Period

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

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

36th Fiscal Period

37th Fiscal Period

Million Yen(%)

Million Yen(%)

Million Yen(%)

Million Yen(%)

30,241

6.3

29,462

6.0

36,635

7.6

39,873

8.2

25,87524,965

3,829

3,861

535

Short-term Loans
Current Portion of Long-term Loans
PayableCurrent Portion of Investment
Corporation Bonds

635
93.7

459,03994.0

447,21292.7

454,126

93.0

77,61878,550367,212372,007

2,381

3,568
0.6

2,719

Accounts Payables-Other

0.6

Advances Received
Other Current Liabilities

1,286

1,458

500

-

27,20030,800

3800

3,800

574

552

2,307

2,287

966

974

198,042

Fixed Liabilities
Investment Corporation Bonds

41.1

201,310

5,200

5,200

171,100

174,600

2,705

2,705

16

14

Tenant Leasehold and Security Deposits

19,534

19,273

2,194

Tenant Leasehold and Security Deposits
in Trust

2,025

2,024

183

212

1,996

0.4

113

113

1,326

1,359

556

720

29

Deferred Assets

Operating Accounts Payables

451,930

2,721

Current Liabilities

Liabilities

Cash and Deposits

37th Fiscal Period

0.0

24

Long-term Loans Payable

0.4

Other Fixed Liabilities
Total Liabilities

0.0

Investment Corporation Bond Issuance
Costs

29

24

Total Assets

482,200 100.0

488,526 100.0

234,67748.7

241,183

238,093

238,093

Unitholders' capital

251,551

251,551

Deduction from unitholders’ capital-13,457-13,457

9,158

8,820

270

428

Unitholders’ equity (net amount)

Net Assets

Current Assets

36th Fiscal Period

Total surplus
Valuation, Translation Adjustments andOthersTotal Net Assets
Total Liabilities and Net Assets

247,52351.3

482,200 100.0

247,342

41.2

49.4

50.6

488,526 100.0

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

30

Summary of Results for the Fiscal Period Ended May 2024 (37th FP) (2)― Income Statement ―Comparison with Results of the 36th Fiscal Period

Comparison with the 37th Fiscal Period Forecasts(Million Yen)

Effe ctiv e Numbe r of Days of Inv e stme nt

36th
Fiscal Period

37th
Fiscal Period

183 days

183 days

ChangeEffe ctiv e Numbe r of Days of Inv e stme nt

13,646

13,570

-75

-

-

-

6,898

6,698

-199

Expenses related to Rental Business(excluding depreciation)

3,771

3,524

-246

Depreciation

1,787

1,823

+35

Operating Revenues (A)Gain on sale of real estate properties
Operating Expenses (B)37th
Fiscal Period

183 days

183 days

Change13,614

13,570

-44

-

-

-

6,796

6,698

-97

Expenses related to Rental Business(excluding depreciation)

3,621

3,524

-96

Depreciation

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

1,824

1,823

-1

+135

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

8,168

8,222

+54

6,871

+123

Operating Income (A-B)

6,818

6,871

+53

660

+62

Non-operating Expenses

647

660

+12

483

480

-2

6,170

6,215

+44

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

8,087

8,222

Operating Income (A-B)

6,747

Non-operating Expenses

597

Interest Expense(including cap amortization)(Million Yen)
37th Fiscal Period
Forecast(Announced
Jan. 2024)

Interest Expense(including cap amortization)

440

480

+40

6,151

6,215

+63

Extraordinary Income

-

-

-

Extraordinary Income

-

-

-

Extraordinary Expenses

-

-

-

Extraordinary Expenses

-

-

-

1

0

-0

6,169

6,214

+44

478,258 units

478,258 units-

Earnings per Unit(Note 1)

12,900 yen

12,993 yen+93 yen(Note 4)

13,700 yen

13,700 yen-(800 yen)(707 yen)(- 93 yen)

Ordinary Income

Total Income Taxes(Includes income taxes deferred)
Net Income
Investment Units Issued and Outstanding
Earnings per Unit

(Note 1)Dividend per Unit

(Note 2)

(Reversal of reserve)(Note 2)

Ordinary Income

-40

0

+41

Total Income Taxes(Includes income taxes deferred)

6,192

6,214

+22

Net Income

478,258 units

478,258 units-

12,947 yen

12,993 yen+46 yen13,700 yen

13,700 yen-(839 yen)(707 yen)(- 132 yen)

16,685 yen
14,605 yen

16,805 yen
14,788 yen+120 yen+183 yen

Investment Units Issued and Outstanding

Dividend per Unit

(Reversal of reserve) (Note 4)【Reference Material】
FFO per unit (Note 3)
AFFO per unit (Note 3)(Note 1) Earnings per Unit is calculated by dividing net income by the average number of investment units during the period..
(Note 2) Dividend per Unit for the 36th FP is calculated by dividing 6,552 million yen, the total dividend amount considering reversal of part of internal reserves of 401 million yen (the sum of reserve for reduction entry of 359 million yen and deferred tax
liabilities of 41 million yen), by the total number of investment units issued and outstanding. Dividend per Unit for the 37th FP is calculated by dividing 6,552 million yen, the total dividend amount considering reversal of part of internal reserves (reserve
for reduction entry of 337 million yen) by the total number of investment units issued and outstanding.
(Note 3) FFO = Net income + Depreciation - Gain/loss on sale; FFO per unit = FFO / Number of investment units issued and outstanding; AFFO per unit = (FFO-Capital expenditures) / Number of investment units issued and outstanding
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it(Note 4) Dividend per Unit for the 37th FP (announced in Jan. 2024) is calculated on the assumption that the amount after adding reversal of reserve for reduction entry (382 million yen) to unappropriated retained earnings will be distributed.

intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

31

Forecasts for the Fiscal Periods Ending November 2024 and May 2025
(38th and 39th FP)
Forecasts for the 38th and 39th Fiscal Periods
37th Period

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

(May 31, 2024)

38th Period
Forecast(November 30, 2024)

39th Period
Forecast(May 31, 2025)

183 days

183 days

182 days

13,57015,146

15,055

-

1,203

926

6,698

7,201

7,205

Expenses related to Rental Business(excluding depreciation)

3,524

3,841

3,926

Depreciation

Operating Expenses (B)

1,823

1,921

1,846

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

8,222

8,180

8,356

Operating Income (A-B)

6,871

7,945

7,849

Non-operating Expenses

660

794

875

480

626

707

6,215

7,150

6,974

Extraordinary Income

-

-

-

Extraordinary Expenses

-

-

-

Total Income Taxes(Includes income taxes deferred)

0

1

1

6,214

7,149

6,973

478,258 units

956,516 units

956,516 units

Earnings per Unit (Note 1,2)

12,993 yen

7,474 yen

7,290 yen

(Note 1,3)

13,700 yen

6,850 yen

6,850 yen(707 yen)(- yen)(- yen)16,805 yen
14,788 yen

8,226 yen
7,203 yen

8,252 yen
7,102 yenInterest Expense(including cap amortization)
Ordinary Income

Net Income
Investment Units Issued and Outstanding

Dividend per Unit

(Reversal of reserve) (Note 1,3)

(Note 1)

【Reference Material】
FFO per unit (Note 1,4)
AFFO per unit (Note 1,4)

(Note 1) Since we implemented a 2-for-1 investment unit split on June 1, 2024, the figures for the 38th FP and for the 39th FP are calculated based on the total number of investment units issued and outstanding after investment unit split (956,516 units) on theassumption.
(Note 2) Earnings per Unit is calculated using the following average number of investment units during the period.
(Note 3) Dividend per Unit for the 37th FP is calculated by dividing 6,552 million yen, the total dividend amount considering reversal of part of internal reserves (reserve for reduction entry of 337 million yen) by the total number of investment units issued andoutstanding. Dividends per unit for the 38th FP is calculated by dividing the amount obtained by subtracting provision for reserve for reduction entry (597 million yen) from unappropriated retained earnings by the total number of investment units issued
and outstanding. Moreover, provision for reserve for reduction entry may change depending on the operational status. Dividends per unit for the 39th FP is calculated by dividing the amount obtained by subtracting provision for reserve for reduction entry
420 million yen) from unappropriated retained earnings by the total number of investment units issued and outstanding. Moreover, provision for reserve for reduction entry may change depending on the operational status.
(Note 4) FFO = Net income + Depreciation - Gain/loss on sale; FFO per unit = FFO / Number of investment units issued and outstanding; AFFO per unit = (FFO-Capital expenditures) / Number of investment units issued and outstanding.

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

32

Change in Dividend over the Past Decade
Change in Dividend per Unit (forecast/actual)
(yen)
9,000

(yen)
450,000

Actual dividend (left axis)
NAV per unit (right axis)

8,000

7,000

6,000

272,830
253,340

5,000

4,571

297,930
284,792
5,254

310,448

5,347

320,293

5,382

348,610
336,920
326,848

372,134
363,864
6,569

373,227

6,797

380,976
376,173
6,908

7,000

392,073

7,000

394,057

7,000

394,060

6,850

6,850

395,276

6,850

396,836

6,850

400,000

6,850

6,850

6,279
5,998

5,478

350,000

5,575

300,000

250,000

4,844

4,000

200,000

3,000

150,000

2,000

100,000

1,000

50,0000

19th FP 20th FP 21st FP 22nd FP 23rd FP 24th FP 25th FP 26th FP 27th FP 28th FP 29th FP 30th FP 31st FP 32nd FP 33rd FP 34th FP 35th FP 36th FP 37th FP 38th FP 39th FP

0(Note) We implemented a 2-for-1 investment unit split on June 1, 2024. The figures per unit for the 37th FP and before are converted to figures after the split based the expected number ofinvestment units issued and outstanding at the end of the 38th FP for easier comparison.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

33

Status of Interest-Bearing Liabilities (1) (as of May 31, 2024)
Borrowings
LenderSumitomo Mitsui Banking Corporation (*)

Current Portion of Long-term Loans Payable

Sumitomo Mitsui Banking Corporation (*)

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

Mizuho Bank, Ltd. (*)
SBI Shinsei Bank, Limited (*)
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation (*)
Mizuho Trust and Banking Co., Ltd. (*)

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

Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
SBI Shinsei Bank, Limited

Total Current Portion of Long-term Loans payable
Fukoku Mutual Life Insurance Company

The Yamaguchi Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited (*)
Sumitomo Mitsui Banking Corporation (*)
Sumitomo Mitsui Banking Corporation (*)

Long-term Loans payable

Mizuho Bank, Ltd. (*)
The Yamaguchi Bank, Ltd.
SBI Shinsei Bank, Limited (*)
Sumitomo Mitsui Trust Bank, Limited (*)

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

Mizuho Trust and Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Gunma Bank, Ltd.
The Bank of Fukuoka, Ltd.
MUFG Bank, Ltd.
The Norinchukin Bank
The Hyakugo Bank, Ltd.

Balance(million yen)Interest
Type

Interest Rate(%)

BorrowingDate

Due date

500
1,000
2,500
1,500
2,000
1,500
1,000
2,000
3,000
2,000
1,500
2,550
2,000
500
1,300
1,500
1,000
1,000
1,000
950
500
30,800
200
1,500
3,000
2,000
1,500
1,000
500
2,000
5,000
500
1,500
2,000
1,000
1,000
4,000
3,000
1,000
1,000
1,000
3,000
2,000
2,000
1,000

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

0.440%
0.440%
0.415%
0.415%
0.421%
0.460%
0.460%
0.421%
0.477%
0.410%
0.410%
0.457%
0.498%
0.335%
0.208%
0.209%
0.211%
T+0.200%
T+0.250%
T+0.250%
T+0.250%

15/8/31
15/9/11
16/3/29
16/3/29
16/5/26
16/5/26
16/5/26
16/5/31
17/5/22
17/5/31
17/5/31
17/8/31
17/11/30
18/5/31
19/11/29
20/2/28
20/5/29
22/1/31
22/1/31
22/1/31
22/1/31

24/8/30
24/8/30
24/8/30
24/8/30
24/11/29
25/5/30
25/5/30
24/11/29
24/11/29
25/5/30
25/5/30
25/5/30
25/5/30
25/5/30
24/11/29
25/2/28
25/5/30
24/9/30
25/1/31
25/1/31
25/1/31

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

0.579%
0.450%
0.452%
0.452%
0.513%
0.513%
0.489%
0.482%
0.436%
0.457%
0.376%
T+0.350%
0.679%
0.472%
T+0.350%
T+0.350%
T+0.350%
T+0.350%
T+0.225%
T+0.350%
T+0.350%0.304%
0.304%

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

26/5/29
26/8/31
25/11/28
25/11/28
26/8/31
26/8/31
25/11/28
26/5/29
26/2/27
26/5/29
25/8/31
27/8/31
27/8/31
26/10/30
27/10/29
27/10/29
27/10/29
27/10/29
26/3/31
28/3/31
28/3/31
26/5/29
26/5/29

Term

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

Development Bank of Japan Inc.
The 77 Bank, Ltd. (*)
The Norinchukin Bank
Resona Bank, Limited (*)
Sumitomo Mitsui Trust Bank, Limited (*)

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

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

Long-term Loans payable

Term

Sumitomo Mitsui Banking Corporation (*)

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

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

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

The Gunma Bank, Ltd. (*)
Development Bank of Japan Inc.
Development Bank of Japan Inc.
MUFG Bank, Ltd. (*)
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.

Balance(million yen)Interest
Type

Interest Rate(%)

BorrowingDate

Due date

500
1,000
1,500
1,000
2,000
1,200
1,000
1,000
1,000
2,000
3,000
2,000
1,600
1,500
2,000
1,000
3,000
2,000
2,000
1,000
1,000
1,000
2,000
2,000
2,000
1,500
2,400
2,000
1,000
1,000
1,500
1,000
2,000
1,000
1,000
1,000
2,000
1,500
1,000
2,000
1,000
1,500
1,000
3,400
1,000

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

T+0.300%
0.540%
T+0.250%0.320%
0.472%
0.322%
0.450%
0.319%
0.350%
0.416%
0.322%
0.322%
0.326%
0.326%
0.487%
0.487%
0.297%
0.400%
0.400%
0.350%
0.416%
0.546%
0.279%
0.356%
0.436%
0.436%
0.481%
0.481%
0.552%
0.483%
T+0.350%0.470%
T+0.375%
T+0.375%
1.091%
1.171%
0.431%
0.547%
1.119%
T+0.313%
T+0.338%
T+0.350%
T+0.350%
T+0.375%
T+0.375%

19/5/31
19/5/31
19/8/30
19/8/30
19/9/30
19/11/29
19/11/29
20/2/28
20/2/28
20/2/28
20/5/29
20/5/29
20/8/31
20/8/31
20/8/31
20/8/31
20/11/30
20/11/30
20/11/30
20/11/30
21/2/26
21/2/26
21/3/31
21/3/31
21/3/31
21/3/31
21/3/31
21/3/31
21/5/31
21/8/31
21/11/30
21/11/30
21/11/30
21/11/30
22/2/28
22/2/28
22/3/31
22/5/31
22/5/31
22/5/31
22/5/31
22/5/31
22/5/31
22/5/31
22/5/31

27/5/31
29/5/31
26/8/31
26/8/31
29/9/28
26/11/30
28/11/30
27/2/26
28/2/29
29/2/28
27/5/31
27/5/31
27/8/31
27/8/31
30/8/30
30/8/30
27/5/31
28/11/30
28/11/30
28/11/30
29/2/28
31/2/28
26/3/31
27/3/31
28/3/31
28/3/3130/3/29
30/3/29
31/5/30
30/8/30
29/11/30
29/11/30
30/5/31
30/5/31
29/2/28
29/8/31
28/3/31
28/5/31
29/5/31
29/8/31
30/2/28
30/5/31
30/5/31
30/11/29
30/11/29(Note) Fixed Interest Rate and Floating Interest Rate are rounded to the third decimal place.
** Interest rates that were changed from a floating rate to a fixed rate by concluding the swap agreement are described as fixed interest rates.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

34

Status of Interest-Bearing Liabilities (2) (as of May 31, 2024)
Borrowings
Term

LenderNishi-Nippon City Bank, Ltd.
Nippon Life Insurance Company
SBI Shinsei Bank, Limited
The 77 Bank, Ltd.
Tokio Marine & Nichido Fire Insurance Co., Ltd. (*)

Sumitomo Mitsui Trust Bank, Limited (*)

Resona Bank, Limited
Sumitomo Mitsui Banking Corporation
Taiyo Life Insurance Company
Mizuho Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.

Long-term Loans payable

Resona Bank, Limited
SBI Shinsei Bank, Limited
The Bank of Fukuoka, Ltd.
Sumitomo Mitsui Banking Corporation
SBI Shinsei Bank, Limited
Tokio Marine & Nichido Fire Insurance Co., Ltd. (*)

Resona Bank, Limited (*)
Mizuho Trust and Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation
Resona Bank, Limited (**)
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Mizuho Bank, Ltd.
SBI Shinsei Bank, Limited
Mizuho Bank, Ltd.
SBI Shinsei Bank, Limited
Nishi-Nippon City Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
The Yamagata Bank, Ltd.
Mitsubishi UFJ Trust and Banking Corporation

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation
Total long-term Loans payable
Total Loans payable

Investment Corporation Bonds

Balance(million yen)Interest
Type

Interest Rate(%)

BorrowingDate

Due date

2,000
1,300
1,000
1,000
1,000
1,000
1,500
1,000
300
1,000
1,500
4,000
1,000
1,500
1,500
1,000
2,500
1,500
1,500
2,500
1,000
1,000
1,000
1,000
2,000
1,500
1,700
1,000
1,500
2,000
1,500
500
1,000
1,000
1,000
1,900
1,500
1,000
1,000
3,000
1,600
2,000
1,500
3,000
174,600
205,400

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

T+0.300%
0.634%
T+0.300%
T+0.300%
0.615%
1.014%
T+0.300%
T+0.300%
0.754%
T+0.313%
T+0.350%
T+0.375%
T+0.375%
0.889%
T+0.300%
T+0.300%
T+0.350%
T+0.350%
T+0.350%
T+0.375%
T+0.375%
0.906%
0.934%
T+0.350%
T+0.350%

22/8/31
22/8/31
22/8/31
22/8/31
22/11/30
22/11/30
22/11/30
22/11/30
22/11/30
22/11/30
22/11/30
22/11/30
22/11/30
23/2/28
23/2/28
23/2/28
23/2/28
23/5/31
23/5/31
23/5/31
23/5/31
23/7/31
23/8/31
23/8/31
23/9/29
23/11/30
23/11/30
23/11/30
23/11/30
23/11/30
23/11/30
23/11/30
24/2/29
24/2/29
24/2/29
24/3/29
24/3/29
24/3/29
24/3/29
24/3/29
24/3/29
24/5/31
24/5/31
24/5/31

29/8/31
29/8/31
29/8/31
29/8/31
27/11/30
28/11/30
29/11/30
29/11/30
29/11/30
30/2/28
30/11/29
31/5/30
31/5/30
29/2/28
30/2/28
30/2/28
31/2/28
31/5/30
31/5/30
31/11/28
31/11/28
28/5/31
28/8/31
31/8/29
31/8/29
28/5/31
28/11/30
28/11/30
31/11/28
32/5/31
32/5/31
32/5/31
31/8/29
31/8/29
32/2/27
31/8/29
32/2/27
32/2/27
32/2/27
34/3/31
34/3/31
29/5/31
30/5/31
32/5/31

Base Interest Rate+0.175％

0.957%
T+0.200%
T+0.350%
T+0.375%
T+0.375%
T+0.375%
T+0.375%
T+0.375%
T+0.400%
T+0.375%
T+0.400%
T+0.400%
T+0.400%
T+0.480%
T+0.500%
0.996%
1.120%
T+0.400%

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

Total investm ent corporation bonds

Balance(million yen)Interest
Type

Interest Rate(%)

Issuance dateDue date

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

Fixed
Fixed
Fixed
Fixed
Fixed

1.000%
0.220%
0.660%
0.310%
0.600%

14/9/12
19/9/12
19/9/12
20/9/11
20/9/11

24/9/12
24/9/1231/9/1225/9/1130/9/11

Commitment line
Commitment line provider
Daiwa Next Bank, Ltd.
Daiwa Next Bank, Ltd.

Maximum loan amount(million yen)

Term of the Agreement

3,000
From July 31, 2023 to July 31, 2024
2,500 From January 31, 2023 to January 31, 2025

(Note) Fixed Interest Rate and Floating Interest Rate are rounded to the third decimal place.
(*) Interest rates that were changed from a floating rate to a fixed rate by concluding the swap agreement are described as fixed interest rates.
(**) The base interest rate calculated based on climate change operations for the applicable period of this loan was 0.00000% from December 1, 2023 to May 30, 2024 and 0.10000% on May 31, 2024.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

35

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

Portfolio Breakdown by Region (%)
Osaka City
2.0％

Yokohama City
8.5％
Other 18 Wardsof Tokyo
8.6％

Shinjuku Maynds Tower Occupancy Rate（％）

Regional Cities
2.0％
Greater Tokyo
17.0％

Chiyoda Ward
7.3％

Shibuya Ward
33.0％

Shibuya Ward/
Shinjuku Ward
39.9％

Minato Ward
9.7%

Five Central Wardsof Tokyo
81.0％

Chuo Ward
24.0%

Shinjuku Ward
6.9％

Location

2-chome, Yoyogi,
Shibuya-ku

Acquisition
price66,900 million yen(Note 1) Based on acquisition price(As of July 19, 2024)(Note 2) Percentage is rounded to the first decimal place

E SPACE TOWER

Large-Scale Office Building Supply inthe 23 Wards of Tokyo

E SPACE TOWER Occupancy Rate

2024―2028（％）

Total from 2024 to 2028

4,090,000 m²
Other
1,150,000 m²

Nihonbashi,Yaesu
and Kyobashi Area
710,000 m²

Shibuya Area
160,000 m²

Marunouchi,
Otemachi and
Yurakuchi Area
560,000 m²

Toranomon Area
290,000 m²

Akasaka andRoppongi Area
460,000 m²

Tamachi and
Hamamatsucho Area
360,000 m²

Location

3 Maruyama-cho,Shibuya-ku

Acquisition
price

24,000 million yen

Shinagawa Area
400,000 m²

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

(Note) Rent revenue is indexed as the end of the 17th FP = 100.
Ownership interest of Shinjuku Maynds Tower is adjusted from the 25th FP.

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

36

Analysis of Tenants
Breakdown of Industries (Note 1) of Tenants (Note 2) (%)

Major Tenants (Top 10)
Tenant Name

Not disclosed (Note 1)

Property Name

Daiwa Kitahama

Tokio Marine & Nichido Life Insurance
Daiwa Ogikubo Tower
Co., Ltd.
Palsystem Consumers' Co-operativeUnion
Not disclosed (Note 1)

Kirin Brewery Company, Ltd.

Not disclosed (Note 1)

LAQUAS Higashi Shinjuku

Daiwa Kayabacho Building

Kirin Nihonbashi Building

Daiwa Sasazuka Tower

Leased Area2(m )% of Total
Leased Area
(Note 2)

7,093.03

2.0%

Precision machine
2.4%

6,058.41

1.7%

Foods
3.0%

1.7%

Insurance
3.2%

1.6%

Electric Device
4.1%

5,985.08
5,899.11
5,630.17
4,226.34

1.6%

3,845.14

Daiwa Harumi

Information &Communication
22.1%
Information
Services

11.6%

Visual/Voice
Information Production

Wholesale
5.5%
Construction
5.5%

4.2%
Internet-related
Services

4.0%
Communications

1.2%

Retail Trade
7.2%
WWJ Corporation

Services
21.9%

Other
16.0%

1.0%

Broadcast

Real Estate
9.1%

2.1%

0.2%

(As of May 31, 2023)
HENNGE K.K.

Daiwa Shibuya Square

3,742.00

1.0%

Not disclosed (Note 1)

CONCURRED Yokohama

3,614.73

1.0%

Mitsubishi UFJ NICOS Co., Ltd.

Daiwa Kitahama

3,612.28

1.0%

49,706.29

14.1%

Total

(Note 1) Industries are categorized and prepared by the Investment Corporation according to TSE’s 33 industry groups.
(Note 2) The categories in the Information & Communication industry are created/prepared by the Investment
Corporation in accordance with the Japan Standard Industry Classification of the Ministry of Internal Affairs andCommunications.
(Note 3) The ratio is rounded to the first decimal place.

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

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

37

Change in Asset Size and Acquisition Performance
Aim to Achieve Medium-Term Goal Asset Size of 500 Billion Yen(Note) For the development project, DOI first acquire the development land in advance, and upon thecompletion of the development project, DOI acquire the constructed building.

500.0

445.7

458.3

467.7

469.3

469.3

459.7 460.0

461.0

463.1

464.8

42.1

42.1

42.0

41.8

461.4

463.3

466.5

468.4

42.0

41.9

42.6

42.8

462.5

462.5

468.8

43.1

43.1

43.9

473.7

439.4

413.2
387.5
364.0
44.3

43.0

41.7

43.3
42.3

40.2

42.3

42.2

40.5

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

41.5

Acquisition Property• Kandasudacho 2-Chome
Development Site (Note)

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

Acquisition Property

Acquisition Property• Daiwa Kandabashi• Daiwa Akihabara (Note)

Acquisition Property
Acquisition Property• CONCURRED Yokohama• Daiwa Kanda East

• Daiwa Ogikubo Tower
Acquisition Property

Acquisition Property• Daiwa Ebisu 4-chome• LAQUAS Higashi Shinjuku• Daiwa Aoyama• Daiwa Shibuya Shinsen• Daiwa Shibuya Square• Daiwa Meguro Square

Acquisition Property• Daiwa Azabu Terrace• Daiwa Kitahama

Acquisition Property• Nihonbashi Bakurocho
1-Chome Development Site
(Note)

Acquisition Property• S-GATE FIT Nihonbashi
Bakurocho• Daiwa Kanda Mikuracho
Acquisition Property
Acquisition Property• Daiwa Higashi-Nihonbashi• Daiwa Daikanyama• Daiwa Shinjuku West
• Daiwa Ogikubo

Acquisition Property• Daiwa Nishi-Shinjuku• Kirin Nihonbashi Building• Daiwa Nakano-Sakaue• Nihonbashi Central Square

Acquisition Property• Daiwa Nihonbashi Bakurocho(Note)

Acquisition Property• Daiwa Mita 2-Chome
Acquisition Property• Daiwa Sasazuka• Daiwa Harumi

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

38External Growth Strategy in Collaboration with the Sponsor Group
Develop Various External Growth Strategies in Extensive Collaboration with Daiwa Securities Group Inc.
Extensive Collaboration with Daiwa Securities Group

Future External Growth Strategies<Strategic property acquisition and replacement>Contribute to bridge financing

Provide information on real estatemarkets, properties, investment
opportunities from third parties, etc.,
utilizing the information network of
Daiwa Securities Group

Promote replacement of properties with issues such as aging and acquire properties thatwill improve future competitiveness and profitability, contributing to portfolio improvement

Secure various sourcing routes not dependent on specific corporate affiliations by building
strong relationships with a variety of related parties(Examples of strategic property acquisition and replacement)

Cooperate with the Asset Manager tosupply personnelTransfer warehousing functions previously
handled by Daiwa Securities Group Inc. andDaiwa Facilities to Daiwa Securities Realty
to streamline decision-making and secure
mobilityStrengthen acquisition mechanism by
allocating specialist members to enhance
the ability to handle increasingly
sophisticated transactions such as
replacement and exchange transactions,bulk sales, and incomplete projects, etc.

Manage the operations ofinvestment corporations withfive different asset types,
providing access to property
information from multiple
perspectives



Secure various routes notdependent on specific corporate
affiliations by building strong
relationships with a variety ofrelated parties

Kandasudacho
2-ChomeDevelopment
Site(Land)

Daiwa
Kandabashi
Acquisition

Replacement

Kandasudacho
2-Chome Development
Site(Land)
Acquisition

Daiwa
Minami-Aoyama
Transfer

Daiwa
Kojimachi
4-chomeTransfer<DOI’s unique approach to property development>

Even in the fiercely competitive real estate transaction market, acquire development
sites in the five central wards of Tokyo and develop new office buildings



Rejuvenate the existing portfolio and improve profitability over the medium to longterm through DOI’s unique approach to property development(DOI’s development projects)

Nihonbashi Bakurocho
1-Chome Development(Daiwa Nihonbashi Bakurocho)
Completed Date： November 2022

Kandasudacho
2-Chome Development(Daiwa Akihabara)Completed Date： June 2024

<Utilizing warehousing and incorporating future DRT development properties>

Aim to further expand asset size while utilizing various growth strategies in collaboration
with the sponsor group
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

39

Appraisal Value Compared With the Previous Fiscal Period (1)(Million Yen)
Appraisal Value

Compared to End of 36th Period

Book Value

Property Name
Difference

ChangeEnd of 37th Period

Compared to Book Value at End of 37th
PeriodDifference

Cap Rate
Acquisition Price

End of 36th Period

End of 37th Period

Daiwa Ginza

ChangeEnd of 36th Period

End of 37th Period

15,40015,200

-200

-1.3%

12,625+2,57420.4%

14,100

3.6%

3.6%

Daiwa Ginza Annex

3,340

3,290

-50

-1.5%

2,747

+542

19.8%

3,050

3.6%

3.6%

Daiwa Shibaura

8,640

8,970

+330

+3.8%

7,918

+1,051

13.3%

8,265

3.7%

3.7%

Daiwa Sarugakucho

4,350

4,310

-40

-0.9%

3,010

+1,299

43.1%

3,190

4.1%

4.1%

Daiwa A Hamamatsucho

3,980

3,980

-

-

2,637

+1,342

50.9%

2,865

3.5%

3.5%

Daiwa Jingumae

3,250

3,240

-10

-0.3%

2,619

+620

23.7%

2,800

3.5%

3.5%

Daiwa Shibadaimon

4,220

4,220

-

-

2,302

+1,917

83.3%

2,578

3.3%

3.3%

Daiwa Misakicho

3,190

3,200

+10

+0.3%

2,074

+1,125

54.3%

2,346

3.6%

3.6%

Daiwa Tsukijiekimae

2,430

2,430

-

-

1,213

+1,216100.3%

1,560

3.9%

3.9%

Daiwa Tsukiji

1,780

1,740

-40

-2.2%

1,135

+604

53.3%

1,240

3.7%

3.7%

Daiwa Tsukishima

10,200

9,800

-400

-3.9%

6,295

+3,504

55.7%

7,840

3.8%

3.8%

Daiwa Nihonbashi Horidomecho

3,120

3,110

-10

-0.3%

2,301

+808

35.1%

2,520

3.8%

3.8%

Daiwa Azabudai

2,000

1,890

-110

-5.5%

1,460

+429

29.4%

1,600

3.7%

3.8%

Shinjuku Maynds Tower

64,70064,700--62,533+2,166

3.5%

66,9003.0%

3.0%

Daiwa Kodemmacho

2,460

2,460

-

-

2,334

+125

5.4%

2,460

3.9%

3.9%

Daiwa Nishishimbashi

7,550

7,620

+70

+0.9%

4,454

+3,165

71.1%

5,000

3.3%

3.3%

Daiwa Kayabacho Building

8,750

8,790

+40

+0.5%

4,999

+3,790

75.8%

5,600

3.1%

3.1%

Daiwa Jinbocho 3-chome

5,550

5,560

+10

+0.2%

3,149

+2,410

76.5%

3,550

3.1%

3.1%

E SPACE TOWER

38,70038,700--23,216+15,483

66.7%

24,0002.8%

2.8%

Daiwa Nihonbashi Hongokucho

2,880

2,880

-

-

1,444

+1,435

99.4%

1,721

3.7%

3.7%

shinyon curumu

17,50017,500

-

-

9,365

+8,134

86.9%

9,650

3.0%

3.0%

Daiwa Akasaka

16,40016,500

+100

+0.6%

9,841

+6,658

67.7%

9,200

3.0%

3.0%

Daiwa Shibuya Miyamasuzaka

13,10013,100

-

-

7,129

+5,970

83.7%

7,000

3.1%

3.1%

Daiwa Azabu Terrace

18,90018,600

-300

-1.6%

13,605+4,99436.7%

14,0003.3%

3.3%

Daiwa Ebisu 4-chome

6,780

6,780

-

-

4,134

+2,645

64.0%

4,135

3.4%

3.4%

LAQUAS Higashi Shinjuku

11,90011,900

-

-

8,176

+3,723

45.5%

8,450

3.1%

3.1%

Daiwa Aoyama

12,80012,900

+100

+0.8%

9,882

+3,017

30.5%

9,800

3.0%

3.0%

Daiwa Shibuya Shinsen

6,680

6,730

+50

+0.7%

4,951

+1,778

35.9%

4,800

3.1%

3.1%

Daiwa Shibuya Square

23,50023,500--15,892+7,60747.9%

16,000

3.1%

3.1%

Daiwa River Gate

35,90036,000

+100

+0.3%

27,360+8,63931.6%

28,000

3.4%

3.4%

Daiwa Hatchobori ekimae

3,500

3,500

-

-

2,863

+636

22.2%

2,871

3.2%

3.2%

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

40

Appraisal Value Compared With the Previous Fiscal Period (2)(Million Yen)
Appraisal Value

Compared to End of 36th Period

Book Value

Property Name
Difference

ChangeEnd of 37th Period

Compared to Book Value at End of 37th
PeriodCap Rate
Acquisition Price

End of 36th Period

End of 37th Period

Daiwa Hatchobori ekimae West

2,080

2,100

+20

+1.0%

1,691

+408

24.2%

1,647

Daiwa Nishi-Shinjuku

17,10017,200

+100

+0.6%

13,877+3,322

23.9%

13,710

3.1%

3.1%

Kirin Nihonbashi Building

8,470

8,400

-70

-0.8%

8,227

+172

2.1%

8,180

3.5%

3.5%

Daiwa Higashi-Nihonbashi

7,540

7,550

+10

+0.1%

6,136

+1,413

23.0%

6,370

3.6%

3.6%

Daiwa Daikanyama

3,780

3,770

-10

-0.3%

2,334

+1,435

61.5%

2,280

3.0%

3.0%

Daiwa Shinjuku West

1,330

1,330

-

-

977

+352

36.1%

942

3.6%

3.6%

Daiwa Kanda Mikuracho Building

1,900

1,930

+30

+1.6%

1,601

+328

20.5%

1,592

3.6%

3.6%

Daiwa Kanda East

5,960

5,940

-20

-0.3%

4,304

+1,635

38.0%

4,200

3.2%

3.2%

Daiwa Kandasudacho

2,960

3,000

+40

+1.4%

2,394

+605

25.3%

2,295

3.4%

3.4%

Daiwa Sasazuka Tower

15,00015,100

+100

+0.7%

15,958

-858

-5.4%

15,5003.7%

3.7%

Daiwa Sasazuka

3,750

3,510

-240

-6.4%

3,249

+260

8.0%

3,000

3.8%

3.8%

Daiwa Harumi

12,80012,000

-800

-6.3%

11,071+928

8.4%

11,2003.5%

3.5%

Daiwa Mita 2-Chome

4,310

4,310

-

-

1,549

+2,760178.2%

2,635

3.5%

3.5%

Nihonbashi Central Square

3,940

3,930

-10

-0.3%

3,565

+364

10.2%

3,521

3.3%

3.3%

Daiwa Nihonbashi Bakurocho

7,040

7,020

-20

-0.3%

5,697

+1,322

23.2%

5,733

3.4%

3.4%
3.2%

Difference

ChangeEnd of 36th Period

End of 37th Period

3.3%

3.3%

Daiwa Kandabashi

2,150

2,160

+10

+0.5%

2,041

+118

5.8%

1,970

3.2%

Kandasudacho 2-Chome Development Site

12,60014,300+1,700+13.5%

10,884+3,41531.4%

10,600

-

-

-

6,860

-

-

6,575

+284

4.3%

6,300

-

3.4%

Daiwa Higashi-Ikebukuro

4,370

4,380

+10

+0.2%

2,449

+1,930

78.8%

2,958

3.9%

3.9%

Daiwa Shinagawa North

6,320

6,280

-40

-0.6%

6,809

-529

-7.8%

7,710

4.0%

4.0%
4.3%

S-GATE FIT Nihonbashi Bakurocho

Daiwa Kamiooka

2,920

2,920

-

-

1,712

+1,207

70.5%

2,000

4.3%

Daiwa Ogikubo Tower

23,90023,200

-700

-2.9%

15,644+7,55548.3%

15,2203.5%

3.5%

Daiwa Meguro Square

7,410

7,410

-

-

5,276

+2,133

40.4%

5,600

3.3%

3.3%

Daiwa Ogikubo

5,070

5,080

+10

+0.2%

3,931

+1,148

29.2%

3,800

3.7%

3.7%

CONCURRED Yokohama

41,90041,900--37,303+4,59612.3%

38,1004.0%

4.0%

Daiwa Shinagawa Gotenyama

2,880

2,880

-

-

2,603

+276

10.6%

2,500

3.8%

3.8%

Daiwa Nakano-Sakaue

2,300

2,290

-10

-0.4%

2,929

-639

-21.8%

2,750

3.8%

3.8%

Daiwa Kitahama

14,30014,900

+600

+4.2%

8,786

+6,113

69.6%

9,481

3.5%

3.5%

587,530

594,750

+360

0.1%

453,263+141,486

31.2%

468,886--（ No t e ）Total(Note) Difference and change in “Compared to End of 36th Period” do not include the impact of the property acquired in the 37th Period.

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

41

Appraisal Value at End of Fiscal Period (1)(Million Yen)
Property Name

Appraisal
Value at
End of 37th
PeriodSummary of Appraisal Report (End of 37th Period)
Direct Capitalization Method
Value

Cap Rate

DCF Method
Value

Discount Rate Terminal Cap Rate

Integrated
Value

Major Factors of Change

Daiwa Ginza

15,20015,1003.6%

15,3003.1%

3.8%

16,400Daiwa Ginza Annex

3,290

3,310

3.6%

3,260

3.1%

3.8%

4,310

Daiwa Shibaura

8,970

9,000

3.7%

8,950

3.5%

3.9%

8,000

Daiwa Sarugakucho

4,310

4,380

4.1%

4,240

3.9%

4.3%

2,060

Daiwa A Hamamatsucho

3,980

4,080

3.5%

3,940

3.3%

3.7%

2,610

Daiwa Jingumae

3,240

3,290

3.5%

3,180

3.3%

3.7%

3,370

Daiwa Shibadaimon

4,220

4,280

3.3%

4,190

3.1%

3.5%

2,440

Daiwa Misakicho

3,200

3,260

3.6%

3,180

3.4%

3.8%

2,120

Daiwa Tsukijiekimae

2,430

2,440

3.9%

2,420

3.9%

4.1%

2,210

Daiwa Tsukiji

1,740
9,800
3,110

1,770
10,000
3,170

3.7%
3.8%
3.8%

1,720
9,710
3,040

3.7%
3.5%
3.6%

3.9%
4.0%
4.0%

1,680
6,250 Decrease in revenue from the property due to reviews of unit rents
1,880

Daiwa Tsukishima
Daiwa Nihonbashi Horidomecho

Increase in revenue from the property due to reviews of unit rents reflecting tenant
replacement

1,890

1,930

3.8%

1,850

3.6%

4.0%

1,470 Increase in cap rate by 10 basis points due to aging of the property

64,700157,000

3.0%

148,000

2.8%

3.2%

55,700Daiwa Kodemmacho

2,460

2,500

3.9%

2,410

3.7%

4.1%

1,350

Daiwa Nishishimbashi

7,620

7,790

3.3%

7,550

3.1%

3.5%

5,400

Daiwa Kayabacho Building

8,790
5,560
38,7008,960
5,690
39,100

3.1%
3.1%
2.8%

8,710
5,500
38,200

2.9%
2.9%
2.6%

3.3%
3.3%
2.9%

6,950
4,470
35,500Daiwa Azabudai
Shinjuku Maynds Tower (Note)

Daiwa Jinbocho 3-chome
E SPACE TOWER

2,880

2,910

3.7%

2,860

3.5%

3.9%

1,810

shinyon curumu

17,50017,8003.0%

17,3002.8%

3.2%

16,500Daiwa Akasaka
Daiwa Shibuya Miyamasuzaka

16,50013,10016,80013,3003.0%
3.1%

16,30012,900

2.8%
2.9%

3.2%
3.2%

15,50015,000Daiwa Azabu Terrace

18,60018,8003.3%

18,400

3.1%

3.4%

17,400Daiwa Nihonbashi Hongokucho

Daiwa Ebisu 4-chome

6,780

6,810

3.4%

6,770

3.5%

3.6%

5,270

LAQUAS Higashi Shinjuku

11,90012,4003.1%

11,7002.9%

3.3%

11,500Daiwa Aoyama

12,90013,2003.0%

12,7002.8%

3.2%

12,500Daiwa Shibuya Shinsen

6,730

6,950

3.1%

6,630

2.9%

3.3%

5,220

Daiwa Shibuya Square

23,50023,6003.1%

23,4002.9%

3.2%

20,100Daiwa River Gate

36,00036,3003.4%

35,6003.2%

3.5%

34,600Daiwa Hatchobori ekimae

3,500

3,580

3.2%

3,470

3.0%

3.4%

3,850

Decrease in revenue from the property due to an increase in repair expenses and capital
expenditures as a result of the reacquisition of ER(Note) For Shinjuku Maynds Tower, the appraisal value and integrated value are the values pertaining to the Investment Corporation’s ownership interest, and the value indicated by
the direct capitalization method and value indicated by the DCF method are the values pertaining to the entire property.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

42

Appraisal Value at End of Fiscal Period (2)(Million Yen)
Property Name

Appraisal
Value at
End of 37th
PeriodSummary of Appraisal Report (End of 37th Period)
Direct Capitalization Method
Value

Cap Rate

DCF Method
Value

Discount Rate Terminal Cap Rate

Major Factors of Change

Integrated
Value

Daiwa Nishi-Shinjuku

2,100
17,2002,160
17,600

3.3%
3.1%

2,070
17,000

3.1%
2.9%

3.5%
3.3%

1,950
17,300Kirin Nihonbashi Building

8,400

8,480

3.5%

8,320

3.3%

3.6%

7,500

Daiwa Higashi-Nihonbashi

7,550

7,720

3.6%

7,480

3.4%

3.8%

6,040

Daiwa Daikanyama

3,770

3,830

3.0%

3,740

3.0%

3.2%

3,710

Daiwa Shinjuku West

1,330

1,340

3.6%

1,320

3.4%

3.8%

1,030

Daiwa Kanda Mikuracho

1,930

1,950

3.6%

1,920

3.6%

3.8%

1,910

Daiwa Kanda East

5,940

5,990

3.2%

5,880

3.0%

3.3%

5,480

Daiwa Kandasudacho
Daiwa Sasazuka Tower

3,000
15,1003,000
15,400

3.4%
3.7%

3,000
15,000

3.4%
3.5%

3.6%
3.9%

2,910
15,800Daiwa Sasazuka

3,510

3,580

3.8%

3,480

3.6%

4.0%

2,920

Daiwa Harumi

12,00012,1003.5%

11,800

3.5%

3.7%

Daiwa Mita 2-Chome

4,310

4,350

3.5%

4,260

3.3%

3.6%

3,470

Nihonbashi Central Square

3,930

4,080

3.3%

3,860

3.1%

3.5%

2,010

Daiwa Nihonbashi Bakurocho

7,020

7,170

3.4%

6,860

3.2%

3.6%

6,210

Daiwa Kandabashi

2,160

2,230

3.2%

2,130

3.0%

3.4%

1,780

14,300

-

-

-

-

-

-

S-GATE FIT Nihonbashi
Bakurocho

6,860

6,910

3.4%

6,810

3.1%

3.5%

6,480

Daiwa Higashi-Ikebukuro

4,380

4,440

3.9%

4,350

3.7%

4.1%

2,580

Daiwa Shinagawa North

6,280

6,400

4.0%

6,150

3.8%

4.2%

4,910

Daiwa Kamiooka

2,920

2,950

4.3%

2,910

4.1%

4.5%

2,320

Daiwa Ogikubo Tower

23,20023,5003.5%

23,000

3.3%

3.7%

17,100Daiwa Meguro Square

7,410

7,620

3.3%

7,320

3.1%

3.5%

7,260

Daiwa Ogikubo

5,080

5,160

3.7%

5,040

3.5%

3.9%

4,030

CONCURRED Yokohama

41,90043,0004.0%41,4003.8%

4.2%

34,700Daiwa Shinagawa Gotenyama

2,880

2,920

3.8%

2,860

3.6%

4.0%

2,720

Daiwa Nakano-Sakaue

2,290

2,350

3.8%

2,270

3.5%

4.0%

2,710

Daiwa Kitahama

14,90015,3003.5%

14,7003.3%

3.7%

15,600 Increase in revenue from the property due to reviews of unit rents

Total

594,750

681,030-

658,310--

Daiwa Hatchobori ekimae West

Kandasudacho 2-Chome
Development Site(Note)

Decrease in revenue from the property due to an increase in repair expenses and capital
expenditures as a result of the reacquisition of ER
Decrease in revenue from the property due to an increase in repair expenses and capital
9,550
expenditures as a result of the reacquisition of ER

Increase in the appraisal value due to shortening of discounted period for each item as aresult of shortened time from the last evaluation point in time to construction completion

Decrease in revenue from the property due to an increase in repair expenses and capital
expenditures as a result of the reacquisition of ER

513,400(Note) Appraisal value of Kandabasudacho 2-Chome Development Site is the income approach value (development leasing-type.)This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

43

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

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

44

Efforts on Sustainability①
Environmental Performance Data Results

Participation in External Evaluation<Reduction Target><GRESB Real Estate Assessment 2023>

・ Acquired a “4 Star” rating.
・ Received the top rating of “A” in Public Disclosure for three consecutive
years.
・ Obtained “Green Star” for 12 consecutive years.

Item
EnergyCO2

short-term target

Middle・Long-term target

Average 1%
reduction per year

Reduce by 5% over the 5-year baseyear

consumpti
onintensity

46% reduction by FY2030 (comparedto FY 2013)－

Achieve carbon neutrality by FY2050
Maintenance ofthe status quo

Water

Maintenance of the status quo

Acquisition of Environmental Certification<Acquisition of Environmental Certification (as of June 30, 2024)>< Environmental Performance Data >・ Number of properties that have acquired environmental certification: 35（all 59 properties owned)
・ Ratio of properties with environmental certifications(based on the total floor area of properties owned): 64.5%
・ Mid- to long-term goal: 70.0% or higher (ratio of environmental certificationsin the entire portfolio) by FY2030
CASBEE
Certification

30

Rank S

3

Rank A

23

Rank B＋4

DBJ Green Building
Certification

Acutual reduction
Item

2

BELS Evaluation

6

★★★★

1

★★★★★

1

★★★

1

★★★★

1

★★★

1

★★

2

★

1

Energy

CO2

Water

Waste

Shinjuku
MayndsTower

E SPACE TOWER

Daiwa Nihonbashi
Bakurocho

Unit

FY2019【base year】

FY2021

FY2022

FY2023Rate ofchangeConsumption(MWh)104,219

87,24583,90287,008 -16.51%

Consumption
intensity(MWh/㎡)

0.207

0.178

0.173

0.180 -13.06%

Emission(t-CO2)

44,77137,06334,58929,281 -34.60%

Emission intensity (tCO2/㎡)

0.089

0.076

0.071

0.060 -31.89%

Consumption(㎥)396,297284,367

296,251

318,833 -19.55%

Consumption
intensity(㎥/㎡)

0.787

0.580

0.610

0.658 -16.21%

Consumption(t)

4,388

3,373

3,478

3,455

－

Amount of recycled
waste(t)

2,502

1,862

1,865

1,642

－

Recycling rate(%)

57.02

55.21

53.63

47.53

－

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

45

Efforts on Sustainability②
Examples of Efforts to Reduce Environmental Impact
DOI is implementing the following initiatives to reduce its
environmental impact.
・ Installation and upgrading of LED lighting in common areas andprivate areas
 Installation of LED lighting
Number of properties installed with LED lighting: 55
LED installation ratio: 97.5% (as of May 31, 2024)*Based on the number of properties excluding Daiwa Akihabara・ Introduction of high-efficiency heat source equipment andupgrading of air-conditioning equipment
・ Use of reclaimed water, installation and upgrading of watersaving equipment
・ Promoting greening of walls and rooftops/conserving
biodiversity
・ Use of natural energy
・ Installation of satellite offices ZXY BOX
・ Creation and distribution of sustainability guides for tenants・ Introduction of green leasing
Fund Procurement through Green Loans and Green Bonds(as of May 31, 2024)

Procured a total of 26.3 billion yen through green loans andgreen bonds.
In November 2023, Daiwa Shibuya Square was judged to be an
investment and loan that would contribute to Japan’s response to
climate change, and funds were procured utilizing the “FundsSupplying Operations to Support Financing for Climate Change
Responses” by Bank of Japan.
Balance of green loans
22.4 billion yen in total

Unredeemed balance ofgreen bonds
3.9 billion yen in total＜ Examples of Initiatives＞

Introduction of LED in linewith renovation of common
areas on each floor(Daiwa Sasazuka Tower)

Retrofit of sanitaryequipment(Daiwa Sasazuka)

Installation of ZXY BOX(Daiwa Ogikubo Tower)

Distribution ofsustainability guides
for tenantsInstallation of rooftop garden(Daiwa Azabu Terrace)

Use of digital signage（E SPACE TOWER）

Installation of solarwind streetlights(Daiwa River Gate)

Visualization of usage
by tenants(Shinjuku Maynds Tower)

Efforts for Enhancing Tenant Satisfaction andEngaging with Local Communities
DOI is implementing the following initiatives for enhancing tenantsatisfaction and engaging with local communities.
・Conducting tenant satisfaction surveys
・Installation of the umbrella sharing service "Aikasa"
・Contributing to local events such as Shinjuku Minami Lumi

Installation of "Aikasa"（E SPACE TOWER）

Installation of small containers
in women’s toilets（E SPACE TOWER）

Participated in Shinjuku
Minami Lumi
(Shinjuku MayndsTower)

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

46

Efforts on Sustainability③
Creating a Rewarding Work Environment<Introduction of Investment Unit Ownership Program>
We introduced DOI investment unit ownership program for the employeesof the Asset Manager. Purchase of investment units to start in July 2024.
Name of the investment unit
ownership association
Purpose of establishment

Date of introduction

DOI Investment Unit Ownership Association for Daiwa
Real Estate Asset Management Employees
・ To increase unitholder value over the medium to longterm by matching interests of DOI’s unitholders and theAsset Manager
・ To promote employee welfare
December 2023
(Purchase of investment units to start in July 2024)

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

< Conducting Survey for Enhanced Engagement >We conduct surveys to enhance engagement of the organization andemployees by “checking for changes with detailed yearly measurement oforganization’s status” and “understanding conditions of employees in real time.”<Promoting increased understanding toward the LGBTQ+ community>
We are aiming to create a work environment where individuals can work in a
way that is more true to themselves, expanding personnel systems toPrevention of Conflicts of Interest among Funds
accommodate partnerships, establishing the 'Daiwa ALLY Network', andproviding both internal and external consultation services to create an In case of competition over a property acquisition opportunity among theInvestment Corporation and other funds, etc. managed by the Assetenvironment where it is easy to seek advice.
Manager, conflicts of interest among the Investment Corporations and otherfunds, etc. shall be prevented by first granting the Investment Corporation< Professional Development Programs >With the aim of improving employees' professional skills, the Asset Manager the preferential right to consider the acquisition. The acquisition opportunity
has established training programs such as "ûdemy Business Training" and will be available to the other funds, etc. only when the Investment“ARK Real Estate Academy" by external organizations and "Daiwa Securities Corporation decides not to exercise the concerned preferential right.
Skills Training" by the Daiwa Securities Group, which employees may
voluntarily attend.

< Employee Health Support/Wellness Promotion >Same-Boat Investment by the Sponsor Group

Aim to increase unitholder value by matching unitholder interest with theWe implement no smoking on the entire floor during working hours andmeasures to improve health awareness, and hold “open office day for families” sponsor’s interestand “employee get-together” to promote communication within the company.
HoldingSponsor group

Daiwa Investment
Management Inc.
Daiwa Securities Group Inc.
Improvement of pleasant
office environment

Open office day
for families

Number of units

ratio

128,905 units

26.95%

67,321 unis

14.08%

Holding ratio
of Daiwa
Securities
Group:
41.03%

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

47

Daiwa Securities Group’s Efforts to Achieve SDGs
 “Creating a prosperous future through financial and capital markets” is the concept underlying our Group management vision In the era of 100-year lifespans, as professionals in the financial and capital markets we will provide high-quality solutions while promoting

innovation both inside and outside the Company, and contributing to carbon-free initiatives in order to achieve a prosperous future for society

Materiality in Vision 2030

New Vision 2030

100 years of life
In preparation for achieving a society where anybody
can live comfortably in the area of 100-year
lifespans, we will help to maximize the value of
assets to meet the diversifying needs of customers.

Innovation
Innovation and self-improvement fora prosperous society

100 years of life
Helping to maximize the value of
assets to realize a society where
everyone can spend 100 years of life
affluently

Vision2030
2030Visio
From saving toSDGsn-Realize the SDGs bycreating asustainable capital
cycle-

Diversity & Inclusion
Ensuring diversity andexpertise to strengthen
competitivenessGreen & Social
Promoting sustainable finance tohelp achieve a sustainable society

Innovation
In addition to aiming to generate innovation for aprosperous society through cooperation with ourpartners both in Japan and overseas, we will expand
the number of new business opportunities and takeon the challenge of self-transformation.
Green & Social
In order to achieve a sustainable and carbon-freesociety, we will focus on providing financial products
and services that help resolve social issues.
Diversity & Inclusion
In order to strengthen our competitiveness, we aim
to become an organization in which employees can
express their individuality and demonstrate theirexpertise, and achieve personal growth and job
satisfaction.
Foundation of sustainable management
In order to achieve these themes of 100 years of life,
Innovation, Green & Social, and Diversity &Inclusion, we will make the base that supports
sustainable corporate management even morerobust.

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

48

Portfolio Performance Summary (1)Fiscal Period Ended May 2024 (37th FP Results by Property)
Daiwa Ginza Annex

Daiwa Ginza

Daiwa Shibaura

Daiwa Sarugakucho

Daiwa A
Hamamatsucho

Daiwa Shibadaimon

Daiwa Jingumae

Property Name

Acquisition Price (million yen)

14,100

3,050

8,265

3,190

2,865

2,800

2,578

36th FP

37th FP

36th FP

37th FP

36th FP

37th FP

36th FP

37th FP

36th FP

37th FP

36th FP

37th FP

36th FP

37th FPBook Value (million yen)

12,664

12,625

2,754

2,747

7,931

7,918

3,026

3,010

2,645

2,637

2,628

2,619

2,309

2,302

Appraisal Value (million yen)

15,40015,200

3,340

3,290

8,640

8,970

4,350

4,310

3,980

3,980

3,250

3,240

4,220

4,220

99.2
7.2

99.2
7.2

87.9
9.0

100.0
9.0

98.7
6.1

90.3
6.1

100.0
6.0

100.0
6.0

100.0
7.0

100.0
7.0

100.0
7.5

100.0
7.5

100.0
7.4

100.0
7.4

Occupancy Rate (%)
PML (%) (Note1)
Property Management Company

Profits from property-related activities(Note 2)

Best Property

Best Property

XYMAX

Property Partners

Best Property

Best Property

Best Property

183
432,195

183
438,205183
88,437

183
85,450183
199,636

183
183
183
229,325 - (Note5) - (Note5)

183
136,840

183
135,713183
85,231

183
84,969183
106,562183
95,750432,195

438,205

88,43785,450197,647

227,716 - (Note5) - (Note5)

136,840

135,713

85,231

84,969106,562

95,750

0

0

0

0

1,988

1,608 - (Note5) - (Note5)

0

0

0

0

0

0

116,272

108,533

32,64928,90068,42674,449 - (Note5) - (Note5)

59,424

59,81816,554

15,82523,021

22,432Administrative Expenses

15,37916,134

4,412

7,617

20,40921,377 - (Note5) - (Note5)

8,218

8,596

2,799

2,883

5,493

5,419

Utility Charges

27,97825,736

5,873

5,166

16,395

16,286 - (Note5) - (Note5)

8,755

8,241

3,852

3,542

6,861

6,045

6,528

6,493

1,315

1,285

3,019

3,328 - (Note5) - (Note5)

1,982

2,107

1,277

1,276

1,596

1,437

38,697

38,695

12,906

12,90622,38922,379 - (Note5) - (Note5)

9,743

9,743

7,593

7,593

7,276

7,276

658

663

152

153

605

608 - (Note5) - (Note5)

288

290

130

130

188

188

7,446

1,227

7,989

1,770

5,607

10,449 - (Note5) - (Note5)

1,034

1,439

894

391

1,604

2,064

Number of operating days
(1) Property-related Revenues (thousand yen)

Rent (incl. common service fees)
Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

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

19,583

19,583000(3) NOI (=(1)-(2)) (thousand yen)

315,923

329,671

55,78856,549131,209

Annualized NOI (thousand yen)

630,119 657,541 111,271 112,790 261,701 308,903 170,809 194,871 154,410 151,374 136,977 137,910 166,624 146,236
5.0%
5.2%
4.0%
4.1%
3.3%
3.9%
5.6%
6.5%
5.8%
5.7%
5.2%
5.3%
7.2%
6.4%

Other Expenses(Reference)

NOI Yield (Note 4)

20 - (Note5) - (Note5)
154,875

85,63897,702

29,40029,40077

0

077,41675,894

68,676

69,14483,54073,318Depreciation and amortization(thousand yen)

Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of
Leasehold and Security Deposits(thousand yen)

43,73542,826

9,436

9,293

38,513

15,875

14,442

14,157

9,222

9,142

10,704

10,790

0

0

0

0

499

38,647965 - (Note5) - (Note5)

15,765

0

0

0

0

0

0

0

0

0

0

0

0 - (Note5) - (Note5)

0

0

0

0

0

0

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 37th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2024).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

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

49

Portfolio Performance Summary (2)Fiscal Period Ended May 2024 (37th FP Results by Property)
Daiwa Misakicho

Daiwa Tsukijiekimae

Daiwa Tsukiji

Daiwa Tsukishima

Daiwa Nihonbashi
Horidomecho

Daiwa Azabudai

Shinjuku Maynds
Tower

2,346
36th FP 37th FP

1,560
36th FP 37th FP

1,240
36th FP 37th FP

7,840
36th FP 37th FP

2,520
36th FP 37th FP

1,600
36th FP 37th FP

66,90036th FP 37th FP

Property Name

Acquisition Price (million yen)Book Value (million yen)

2,058

2,074

1,222

1,213

1,143

1,135

6,351

6,295

2,312

2,301

1,466

1,460

62,66562,533

Appraisal Value (million yen)

3,190
100.0

3,200
100.0

2,430
89.6

2,430
100.0

1,780
100.0

1,740
100.0

10,200
78.5

9,800
40.6

3,120
100.0

3,110
100.0

2,000
88.4

1,890
88.4

64,70097.6

64,700
95.4

7.2
7.2
6.7
6.7
MS Building Support
Best Property
Number of operating days
183
183
183
183
(1) Property-related Revenues (thousand yen) - (Note5) - (Note5)
44,362
46,717
Rent (incl. common service fees)- (Note5) - (Note5)
44,362
46,717

6.5

6.5

7.9

7.9

6.3

6.3

6.6

6.6

4.6

4.6

Occupancy Rate (%)
PML (%) (Note1)

Profits from property-related activities(Note 2)

Property Management Company

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

Property Partners
183
183
222,322 141,338
222,322 141,338

Best Property
183
183
90,207
89,94390,207
89,943

Best Property
183
183
53,80251,01353,80250,974

XYMAX
183

183

1,333,389

1,295,162

1,333,389

1,293,386- (Note5) - (Note5)

0

0

2,143

0

0

0

0

0

0

38

0

1,776

- (Note5) - (Note5)

26,38015,755

12,16014,50942,20536,82919,953

18,86816,361

13,148393,512

387,706

Administrative Expenses- (Note5) - (Note5)

13,308

4,365

2,571

5,668

8,297

9,912

3,559

3,530

4,163

2,931

79,71399,438

Utility Charges- (Note5) - (Note5)

3,951

3,956

2,750

2,496

11,892

7,962

6,013

5,925

2,667

2,314

131,254

115,370

Property Management Fee- (Note5) - (Note5)- (Note5) - (Note5)

1,200
5,572

1,200
5,568

1,200
4,463

1,434
4,464

3,330
15,965

1,857
15,965

1,353
7,466

1,348
7,466

1,200
5,507

1,200
5,506

9,411
144,490

8,983
144,511

Repair Expenses- (Note5) - (Note5)- (Note5) - (Note5)

157
2,173

158
487

95
1,079

96
348

455
2,264

457
675

202
1,359

203
394

117
2,706

117
1,077

2,964
24,151

2,984
15,434

Other Expenses- (Note5) - (Note5)

18

18

0

0

0

0

0

0

0

0

1,525

982

63,44258,675
126,538 117,029
6.1%
5.6%

17,98235,8662.9%

30,961
61,753
5.1%

41,04981,874
7.2%

29,835 180,117 104,509
70,25371,07559,508 359,250 208,446 140,122 141,762
5.2%
5.7%
3.3%
6.1%
6.2%

37,44074,675
5.1%

Tax and Public Due
Non-life Insurance Costs(3) NOI (=(1)-(2)) (thousand yen)
Annualized NOI (thousand yen)

NOI Yield (Note 4)(Reference)

XYMAX
183
183
53,21044,34551,06644,34537,865 939,877 907,456
75,524 1,874,619 1,809,954
5.2%
3.0%
2.9%

Depreciation and amortization(thousand yen)

Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of
Leasehold and Security Deposits(thousand yen)

12,915

14,643

15,248

8,595

8,641

57,04856,50814,281

14,308

8,352

8,489

193,635

193,667- (Note5) - (Note5)

12,740

0

0

0

0

0

0

0

0

0

0

0

263

- (Note5) - (Note5)

0

0

0

0

0

0

0

0

0

38

0

0

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 37th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2024).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

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

50

Portfolio Performance Summary (3)Fiscal Period Ended May 2024 (37th FP Results by Property)
Daiwa Kodemmacho

Daiwa
Nishishimbashi

Daiwa Kayabacho
Building

Daiwa
Jinbocho 3-chome

E SPACE TOWER

Daiwa Nihonbashi
Hongokucho

shinyon curumu

24,00036th FP 37th FP

1,721
36th FP 37th FP

9,650
36th FP 37th FP

Property Name

Acquisition Price (million yen)

2,460

36th FP

37th FP

5,000

36th FP

37th FP

5,600

36th FP

37th FP

3,550

36th FP

37th FPBook Value (million yen)

2,340

2,334

4,487

4,454

4,996

4,999

3,159

3,149

23,27023,216

1,449

1,444

9,342

9,365

Appraisal Value (million yen)

2,460

2,460

7,550

7,620

8,750

8,790

5,550

5,560

38,70038,700

2,880

2,880

17,50017,500

100.0
100.0
100.0
100.0
7.6
7.6
7.1
7.1
Property Partners
MS Building Support

100.0
1.4

100.0
1.4

86.5
4.9

100.0
4.9

99.7
6.4

100.0
6.4

Occupancy Rate (%)
PML (%) (Note1)
Property Management Company

Profits from property-related activities(Note 2)

Number of operating days
(1) Property-related Revenues (thousand yen)

Rent (incl. common service fees)
Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

100.0
100.0
6.9
6.9
Property Partners

100.0
100.0
6.9
6.9
XYMAX

XYMAX

MS Building Support

MS Building Support

183
67,081

183
66,598

183
186,540

183
183
183
180,131 - (Note5) - (Note5)

183
111,244183
115,677183
807,572183
819,333

183
67,952

183
68,868183373,350183
392,537

67,081

66,598

186,540

180,131 - (Note5) - (Note5)

111,244

115,677

807,572

819,333

67,952

68,868373,350

392,5370000 - (Note5) - (Note5)

0

0

0

0

0

0

0

0

18,715

15,50650,977

49,832 - (Note5) - (Note5)

35,706

26,623

198,293

165,233

15,944

12,790121,289

90,586

Administrative Expenses

4,166

4,060

13,963

15,670 - (Note5) - (Note5)

10,6685,519

51,76737,516

4,498

2,535

20,09819,797

Utility Charges

4,997

4,767

11,728

10,412 - (Note5) - (Note5)

9,443

7,331

60,22046,653

4,021

3,622

27,87523,220Property Management Fee

1,252

1,229

2,492

2,366 - (Note5) - (Note5)

1,669

1,767

8,089

8,196

1,200

1,200

3,733

4,006

Tax and Public Due

4,124

4,124

17,591

17,589 - (Note5) - (Note5)

10,71910,717

68,26568,262

4,808

4,808

39,46539,465

Non-life Insurance Costs
Repair Expenses

145

146

403

449 - (Note5) - (Note5)

200

201

1,013

1,016

123

123

504

506

3,206

354

4,792

3,342 - (Note5) - (Note5)

3,005

1,086

8,864

3,470

1,294

501

29,612

3,564

822

822

6

0

0

72

116

0

0

0

25

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

48,366

51,092

135,562

130,298

142,094

144,979

75,53789,053609,279

654,100

52,00756,077

252,060

301,950

Annualized NOI (thousand yen)

96,468

101,905

270,384

259,885

283,412289,167

150,662

177,620

1,215,230

1,304,626

4.1%

4.4%

6.0%

5.8%

5.7%

5.8%

4.8%

5.6%

5.2%

5.6%

9,896

9,972

39,21539,812

29,86630,14520,033

20,28773,93275,96813,43813,547

39,10840,14200

00 - (Note5) - (Note5)

0

0

0

0

0

0

0

0

0

0

0

0 - (Note5) - (Note5)

0

0

0

0

0

0

0

0

Other Expenses(Reference)

NOI Yield (Note 4)

0 - (Note5) - (Note5)

103,731 111,849 502,743 602,251
7.2%
7.7%
5.4%
6.4%

Depreciation and amortization(thousand yen)

Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of
Leasehold and Security Deposits(thousand yen)

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 37th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2024).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

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

51

Portfolio Performance Summary (4)Fiscal Period Ended May 2024 (37th FP Results by Property)
Daiwa Shibuya
Miyamasuzaka(Note 6)

Daiwa Akasaka

Daiwa Azabu Terrace

Daiwa Ebisu 4chome

LAQUAS Higashi
Shinjuku

Daiwa Shibuya
ShinsenDaiwa Aoyama

Property Name

Acquisition Price (million yen)

9,200

36th FPBook Value (million yen)Appraisal Value (million yen)Occupancy Rate (%)
PML (%) (Note1)
Property Management Company

Profits from property-related activities(Note 2)

Number of operating days
(1) Property-related Revenues (thousand yen)

Rent (incl. common service fees)
Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

37th FP

7,000

36th FP

37th FP

14,00036th FP

37th FP

4,135

36th FP

37th FP

8,450

36th FP

37th FP

9,800

36th FP

37th FP

4,800
36th FP 37th FP

9,886

9,841

7,150

7,129

13,65013,605

4,122

4,134

8,183

8,176

9,900

9,882

4,911

16,40016,50013,10013,10018,90018,600

6,780

6,780

11,90011,90012,80012,900

6,680

6,730

94.3
100.0
100.0
100.0
6.5
6.5
0.5
0.5
Best Property
MS Building Support

100.0
4.8

100.0
4.8

100.0
6.2

100.0
6.2

100.0
6.9

100.0
6.9

100.0
100.0
6.5
6.5
XYMAX

100.0
100.0
4.4
4.4
Best Property

4,951

ITOCHU Urban Community

MS Building Support

183
366,984183
367,264183
313,802183
304,331183
409,723

183
183
183
419,153 - (Note5) - (Note5)

183
236,616

183
230,710183
234,414183
233,561

MS Building Support

183
98,940183
104,189363,509367,264

313,802304,331405,973

419,153 - (Note5) - (Note5)

236,616

230,710

234,414233,561

98,940104,189

3,474

0

0

0

3,750

0 - (Note5) - (Note5)

0

0

0

0

0

0

104,591

93,53063,98359,318

126,875

118,733 - (Note5) - (Note5)

57,70452,44352,58138,64323,78923,885Administrative Expenses

23,551

22,551

13,297

13,41926,58933,355 - (Note5) - (Note5)

9,886

9,413

22,501

9,786

6,093

5,721

Utility Charges

28,25924,75017,692

14,68348,25942,545 - (Note5) - (Note5)

18,607

16,057

8,093

7,859

6,619

6,184

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

4,031

4,088

3,665

3,614

3,679

3,872 - (Note5) - (Note5)

1,200

1,200

2,593

2,863

1,200

1,200

38,06638,07026,108

26,10836,32836,338 - (Note5) - (Note5)

22,566

22,532

17,513

17,494

9,238

9,237

646

648

478

480

932

936 - (Note5) - (Note5)

466

468

234

234

183

183

10,036

3,420

2,716

977

11,085

1,683 - (Note5) - (Note5)

4,818

2,613

1,644

405

455

1,359

0

0

24

36

0

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

262,392

273,733

249,819

245,013282,847

Annualized NOI (thousand yen)

523,350 545,970 498,273 488,687 564,149 599,198 218,471 278,713 356,845 355,561 362,671 388,770 149,890 160,168
5.3%
5.5%
7.0%
6.9%
4.1%
4.4%
5.3%
6.7%
4.4%
4.3%
3.7%
3.9%
3.1%
3.2%

Other Expenses(Reference)

NOI Yield (Note 4)

0 - (Note5) - (Note5)
300,420

109,535

139,738

158

158

0

0

0

0

178,911

178,267

181,832

194,91775,15080,303

Depreciation and amortization(thousand yen)

Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of
Leasehold and Security Deposits(thousand yen)

62,64963,004

26,24726,30854,921

17,277

34,97835,812

19,06019,262

16,977

17,479

0

0

0

0

0

57,0050 - (Note5) - (Note5)

16,857

0

0

0

0

0

0

0

0

0

0

0

0 - (Note5) - (Note5)

0

0

0

0

0

0

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 37th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2024).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.
This document
is notmaterial
disclosed
compliancewith theFinancial
Instrumentsrate,"and"New
Exchange
Act or any regulationof similar
is it rent"(Note 6) As this property will receive rent loss compensation from the redevelopment
associationfromMay 2024
onwards,inthroughout
the entire
document,
the "Occupancy
Leases/Cancellations
as a Percentage,"
andnature,"Monthlynor
contract
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.
include the compensated portion.

52

Portfolio Performance Summary (5)Fiscal Period Ended May 2024 (37th FP Results by Property)
Daiwa Shibuya
SquareDaiwa River Gate

Daiwa Hatchobori
ekimaeDaiwa Hatchobori
ekimae West

Daiwa NishiShinjuku

Kirin Nihonbashi
Building

Daiwa HigashiNihonbashi

Property Name

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (%)
PML (%) (Note1)
Property Management Company

Profits from property-related activities(Note 2)

Number of operating days
(1) Property-related Revenues (thousand yen)

Rent (incl. common service fees)
Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

Administrative Expenses
Utility Charges
Property Management Fee
Tax and Public Due
Non-life Insurance Costs
Repair Expenses
Other Expenses(3) NOI (=(1)-(2)) (thousand yen)
Annualized NOI (thousand yen)

(Reference)

NOI Yield (Note 4)

16,00028,0002,871
1,647
13,7108,180
6,370
36th FP 37th FP 36th FP 37th FP 36th FP 37th FP 36th FP 37th FP 36th FP 37th FP 36th FP 37th FP 36th FP 37th FP
15,925
15,892
27,40727,360
2,872
2,863
1,694
1,691
13,861
13,877
8,236
8,227
6,162
6,136
23,50023,50035,90036,000
3,500
3,500
2,080
2,100
17,10017,200
8,470
8,400
7,540
7,550
100.0
100.0
91.4
93.2
88.7
100.0
99.3
100.0
93.7
93.7
100.0
100.0
100.0
100.0
5.1
XYMAX
183
452,370445,934
6,436
99,635
12,54520,326
5,193
31,272575
29,72205.1
183422,623
422,623
085,16628,996
15,465
4,515
31,272
576
4,339
0

4.1
4.1
Best Property
183
183
1,014,647

990,476
24,170330,984
83,939107,248
9,720
105,163
2,772
22,1400961,150
956,092
5,058
318,070
77,562
89,482
9,662
105,144
2,787
33,311
120

352,735 337,457 683,663 643,080
703,542 673,070 1,363,590 1,282,646
4.4%
4.2%
5.0%
4.7%

7.2

7.2

ITOCHU Urban Community

6.7

6.7

ITOCHU Urban Community

5.4

5.4

MS Building Support

183

6.6

6.6

ITOCHU Urban Community

183

183

5.8

5.8

ITOCHU Urban Community

183

183

183

183

183

81,632
81,632037,41910,906
7,713
1,200
9,864
199
7,535
0

83,964
83,964
025,149
7,106
6,170
1,200
9,861
201
609
0

52,52052,5200
13,203
3,326
3,080
1,200
4,693
102
800
0

47,58147,5810
14,371
5,186
2,981
1,200
4,693
103
206
0

342,368
342,368085,382
15,832
20,901
2,399
43,585
486
2,177
0

183

183

359,022 - (Note5) - (Note5) 181,512
359,022 - (Note5) - (Note5) 181,512
0 - (Note5) - (Note5)084,860 - (Note5) - (Note5)
35,747
11,682 - (Note5) - (Note5)
5,693
17,692 - (Note5) - (Note5)
12,901
2,513 - (Note5) - (Note5)
1,815
43,579 - (Note5) - (Note5)
12,409483 - (Note5) - (Note5)320
8,909 - (Note5) - (Note5)
2,607
0 - (Note5) - (Note5)0179,769
179,769
031,3895,684
10,944
1,797
12,409321232
044,21358,81588,185 117,309
3.1%
4.1%

39,31678,418
4.6%

33,210 256,985 274,162 158,018 157,930 145,764 148,379
66,238 512,567 546,827 315,173 314,997 290,732 295,949
3.9%
3.7%
3.9%
3.8%
3.8%
4.7%
4.8%

Depreciation and amortization(thousand yen)

Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of
Leasehold and Security Deposits(thousand yen)

32,941

33,383

149,716

151,783

9,990

10,103

5,472

5,582

21,84422,945

29,15028,650

0

0

228

392

0

0

0

0

0

23,7970 - (Note5) - (Note5)

22,476

0

0

0

0

520

270

0

0

0

0

0

0 - (Note5) - (Note5)00

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 37th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2024).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it(Note 5) Not disclosed due to tenant's request.

intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

53

Portfolio Performance Summary (6)Fiscal Period Ended May 2024 (37th FP Results by Property)
Daiwa Daikanyama

Daiwa Shinjuku West

Daiwa Kanda
Mikuracho

Daiwa Kanda East

Daiwa
Kandasudacho

Daiwa Sasazuka
Tower

Daiwa Sasazuka

2,280
36th FP 37th FP

942
36th FP 37th FP

1,592
36th FP 37th FP

4,200
36th FP 37th FP

2,295
36th FP 37th FP

15,50036th FP 37th FP

3,000
36th FP 37th FP

Property Name

Acquisition Price (million yen)Book Value (million yen)

2,339

2,334

979

977

1,592

1,601

4,326

4,304

2,399

2,394

15,90015,958

3,208

3,249

Appraisal Value (million yen)

3,780
100.0

3,770
100.0

1,330
100.0

1,330
100.0

1,900
100.0

1,930
100.0

5,960
100.0

5,940
100.0

2,960
100.0

3,000
100.0

15,000100.0

15,100
100.0

3,750
100.0

3,510
100.0

7.2

7.2

7.5

7.5

6.8

6.8

7.3

7.3

5.3

5.3

4.6

4.6

6.4

6.4

Occupancy Rate (%)
PML (%) (Note1)

XYMAX
Number of operating days
183
183(1) Property-related Revenues (thousand yen) - (Note5) - (Note5)

183
38,938183
38,060Best Property
183
183
50,34845,519- (Note5) - (Note5)- (Note5) - (Note5)

38,9380

38,060050,348045,5190142,926
0

121,151064,897076,8040470,7340455,2210

103,6870103,2150- (Note5) - (Note5)

10,351

10,438

11,90313,096

37,62329,43243,89317,009202,624

228,883

30,67628,380- (Note5) - (Note5)- (Note5) - (Note5)

2,173
3,000

2,787
2,712

3,652
3,000

5,369
2,570

13,730
9,593

8,508
8,369

4,257
3,777

5,629
3,801

49,117
74,956

102,018
62,264

6,473
10,461

6,525
9,940

Profits from property-related activities(Note 2)

Property Management Company

Rent (incl. common service fees)
Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

Administrative Expenses
Utility Charges

ITOCHU Urban Community

183
142,926

183
121,151183
64,897

Jones Lang LaSalle
183
183
183
76,804 470,734 455,221

Best Property
183
183
103,687 103,215

MS Building Support

Property Management Fee- (Note5) - (Note5)

1,200

1,200

1,200

1,200

1,409

1,319

1,200

1,200

4,233

3,876

1,556

1,547

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

3,411

3,411

3,845

3,845

10,964

10,961

4,949

4,950

57,41257,432

9,450

9,450

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

66
499
0

67
259
0

87
118
0

87
24
0

225
1,699
0

226
47
0

109
29,588
11

115
1,313
0

1,189
15,714
0

1,195
2,097
0

219
2,515
0

220
696
0

Repair Expenses
Other Expenses(3) NOI (=(1)-(2)) (thousand yen)
Annualized NOI (thousand yen)

NOI Yield (Note 4)(Reference)

ITOCHU Urban Community

63,03064,11328,587

27,62238,44432,422

105,303

91,71921,00359,795

268,109226,337

73,011

74,834

125,716

127,876

57,01855,09376,67864,668210,032

182,938

41,892

119,263534,754451,438

145,623

149,259

5.4%

5.5%

5.8%

5.6%

4.8%

4.0%

4.9%

4.3%

1.7%

5.0%

3.4%

2.8%

4.5%

4.6%

5,415

Depreciation and amortization(thousand yen)

Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of
Leasehold and Security Deposits(thousand yen)

5,332

2,428

2,428

5,577

5,731

17,63622,488

7,631

7,736

44,233

46,121

13,143

13,578- (Note5) - (Note5)

0

0

0

0

0

0

0

0

0

0

0

0

- (Note5) - (Note5)

0

0

0

0

0

0

0

0

0

0

0

0

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 37th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2024).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

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

54

Portfolio Performance Summary (7)Fiscal Period Ended May 2024 (37th FP Results by Property)
Daiwa Harumi

Daiwa Mita 2-Chome

Nihonbashi Central
Square (Note 6)

Daiwa Nihonbashi
Bakurocho

Daiwa Kandabashi

Kandasudacho 2Chome Development
Site (land)(Note7)

S-GATE FIT Nihonbashi
Bakurocho

11,20036th FP 37th FP

2,635
36th FP 37th FP

3,521
36th FP 37th FP

5,733
36th FP 37th FP

1,970
36th FP 37th FP

10,60036th FP 37th FP

6,300
36th FP 37th FP

Property Name

Acquisition Price (million yen)Book Value (million yen)

11,105

11,071

1,555

1,549

3,573

3,565

5,724

5,697

2,040

2,041

10,884

10,884-

6,575

Appraisal Value (million yen)

12,80012,000

4,310

4,310

3,940

3,930

7,040

7,020

2,150

2,160

12,60014,300

-

6,860

100.0
6.5

94.7
6.5

Occupancy Rate (%)
PML (%) (Note1)
Property Management Company(1) Property-related Revenues (thousand yen)

Profits from property-related activities(Note 2)

Number of operating days
Rent (incl. common service fees)
Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

Administrative Expenses
Utility Charges
Property Management Fee
Tax and Public Due
Non-life Insurance Costs
Repair Expenses
Other Expenses(3) NOI (=(1)-(2)) (thousand yen)
Annualized NOI (thousand yen)

(Reference)

NOI Yield (Note 4)

100.0
94.3
100.0
100.0
2.6
2.6
5.5
5.5
Best Property
Best Property
183
183
183
183
360,553 336,065 - (Note5) - (Note5)

78.5
100.0
6.4
6.4
XYMAX
183
183
84,54774,567

100.0
100.0
4.8
4.8
Best Property
183
183
98,471 159,303

360,5530

336,065 - (Note5) - (Note5)0 - (Note5) - (Note5)

84,337
209

74,567
098,471
0

119,187
29,77031,557
3,626
29,130675

110,61331,90624,4293,267
29,130678- (Note5) - (Note5)- (Note5) - (Note5)- (Note5) - (Note5)- (Note5) - (Note5)- (Note5) - (Note5)- (Note5) - (Note5)

18,000
4,549
5,357
1,087
6,131
114

24,84910,728
4,528
1,031
6,137
115

3,887
20,538241,366
481,4144.3%

663 - (Note5) - (Note5)
20,538 - (Note5) - (Note5)
225,451
65,292
71,490449,670 130,228 142,590
4.1%
8.4%
9.2%

741
18
66,546
132,729
3.7%

ITOCHU Urban Community

Best Property
183
183
0
0

100.0
4.6
Best Property
64
37,713

183
43,058183
43,573

159,3030

43,058043,573
0

0
0

0
0

-

37,713033,457
10,4898,413
1,677
12,516
213

34,376
10,183
9,483
1,911
12,549228

10,970
2,838
2,630
1,200
3,275
63

9,806
2,780
2,207
1,200
3,276
63

0
0
0
0
0
0

0
0
0
0
0
0

-

4,107
3,110
424
464
24
83

2,290
18
49,71899,1642.8%

12919
65,013
129,672
2.3%

0
19
124,927
249,172
4.4%

822
139
32,08764,000
3.1%

157
121
33,766
67,349
3.3%

0
0
0
0
0.0%

0
0
0
0
0.0%

-

0
0
33,606
191,663
2.9%

Depreciation and amortization(thousand yen)

Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of
Leasehold and Security Deposits(thousand yen)

QR Code36,899

6,209

8,459

8,476

27,666

27,666

4,065

4,202

0

0

-

10,287

0

38,6330 - (Note5) - (Note5)

6,190

0

0

0

0

0

0

0

0

-

0

0

0 - (Note5) - (Note5)

0

0

0

0

0

0

0

0

-

0

-

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 37th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2024).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.
(Note 6) Of the rent revenue, the ratio of the Investment Corporation’s ownership interest for revenues (rent, etc.) pertaining to the master lease business is 60.99% based on the agreement, etc. among the compartmentalized co-owners. The occupancy rate
indicates the figure for the area subject to the master lease business.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it(Note 7) An office building was completed and acquired on the property on June 28, 2024.

intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

55

Portfolio Performance Summary (8)Fiscal Period Ended May 2024 (37th FP Results by Property)
Daiwa HigashiIkebukuro

Daiwa Shinagawa
North

Daiwa Ogikubo
Tower

Daiwa Kamiooka

Daiwa Meguro
SquareCONCURRED
Yokohama

Daiwa Ogikubo

Property Name

Acquisition Price (million yen)

2,958

7,710

2,000

15,220

5,600

3,800

38,10036th FP

37th FP

36th FP

37th FP

36th FP

37th FP

36th FP

37th FP

36th FP

37th FP

36th FP

37th FP

36th FPBook Value (million yen)

2,459

2,449

6,830

6,809

1,723

1,712

15,76815,644

5,298

5,276

3,944

3,931

37,31137,303

Appraisal Value (million yen)

4,370

4,380

6,320

6,280

2,920

2,920

23,90023,200

7,410

7,410

5,070

5,080

41,90041,900Occupancy Rate (%)

100.0
100.0
4.5
4.5
Best Property

100.0
100.0
4.1
4.1
XYMAX

100.0
7.5

100.0
7.5

PML (%) (Note1)
Property Management Company(1) Property-related Revenues (thousand yen)

Profits from property-related activities(Note 2)

Number of operating days
Rent (incl. common service fees)
Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

100.0
100.0
8.6
8.6
XYMAX

100.0
100.0
2.6
2.6
XYMAX

100.0
100.0
1.8
1.8
ITOCHU Urban Community Jones Lang LaSalle
183
183
183
183
183

183
130,304

183
135,963183
209,213183
209,486

183
94,538183
93,337

183
709,350183
690,984

183
149,311

163,106

133,919

133,380

1,097,261

1,103,769

130,304

135,963

209,213

209,486

94,53893,337709,350

690,984

149,311

163,106

133,919

133,380

1,097,261

1,103,769

0

0

0

0

0

0

0

0

0

0

0

0

0

0

34,937

37,83359,80654,32923,44822,818

189,750

187,808

37,41733,60429,03025,436232,338

227,262

Administrative Expenses

10,253

10,317

15,294

14,136

4,931

4,440

49,114

48,336

8,381

7,203

7,778

7,863

48,00348,537

Utility Charges

12,591

13,447

16,981

16,041

9,789

8,605

73,754

71,778

9,589

9,003

7,433

6,453

114,810

100,730

Property Management Fee

1,951

2,067

3,117

3,156

1,302

1,200

7,806

7,586

2,006

2,108

1,473

1,458

6,419

6,356

Tax and Public Due

8,666

8,665

19,814

19,814

6,615

6,614

45,40845,406

14,71814,718

8,816

8,816

60,07460,967

Non-life Insurance Costs
Repair Expenses
Other Expenses(3) NOI (=(1)-(2)) (thousand yen)
Annualized NOI (thousand yen)

NOI Yield (Note 4)(Reference)

100.0
100.0
6.1
6.1
Best Property

37th FP

351

353

520

523

185

194

1,327

1,334

260

260

229

230

790

790

1,123

2,980

4,068

657

624

1,764

12,15813,185

2,461

310

3,296

605

2,238

9,595

0

0

9

0

0

0

180

180

0

0

3

8

0

285

95,367

98,130149,406

155,156

71,09070,518519,600

503,175

111,893

129,501

104,889

107,943864,922876,506

190,213

195,724

297,997309,465

141,792

140,652

1,036,361

1,003,602

223,176

258,295

209,205

215,296

1,725,118

1,748,223

7.7%

8.0%

4.4%

4.5%

8.2%

8.2%

6.6%

6.4%

4.2%

4.9%

5.3%

5.5%

4.6%

4.7%

20,62820,75632,552

32,47318,44018,713130,960

133,536

23,907

23,975

12,367

12,424

120,760

122,239

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Depreciation and amortization(thousand yen)

Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of
Leasehold and Security Deposits(thousand yen)

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 37th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2024).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
.

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

56

Portfolio Performance Summary (9)Fiscal Period Ended May 2024 (37th FP Results by Property)
Daiwa NakanoSakaue

Daiwa Shinagawa
Gotenyama

Daiwa Kitahama

Total

Property Name

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (%)
PML (%) (Note1)
Property Management Company(1) Property-related Revenues (thousand yen)

Profits from property-related activities(Note 2)

Number of operating days
Rent (incl. common service fees)
Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

Administrative Expenses
Utility Charges
Property Management Fee
Tax and Public Due
Non-life Insurance Costs
Repair Expenses
Other Expenses(3) NOI (=(1)-(2)) (thousand yen)
Annualized NOI (thousand yen)

(Reference)

NOI Yield (Note 4)

2,500

2,750

9,481

36th FP

37th FP

36th FP

37th FP

36th FP

2,610
2,880
100.0

2,603
2,880
100.0

2,937
2,300
100.0

2,929
2,290
100.0

8,830
14,300
100.0

7.3

7.3

6.8

6.8

Best Property
MS Building Support
183
183
183
183
78,69578,695078,70178,701
0

16,138
14,694
3,430
3,430
4,036
3,904
1,206
1,200
5,925
5,925
136
136
1,402
98
0
0
62,55764,006
124,773 127,664
4.8%
4.9%

66,136
66,1360

1.5

462,586 468,886

37th FP

36th FP

37th FP

8,786 447,535 453,263
14,900 587,530 594,750
100.0
97.7
97.0
1.5

3.4

3.4

Best Property
183
183

183

183

72,866 401,591 390,194 13,646,229 13,570,542
72,866 401,591 390,194 13,604,055 13,562,061
000
42,1738,481

29,88821,004 112,072 104,901 3,768,482 3,522,122
6,175
5,530
20,98925,335 852,985 911,758
5,929
6,151
40,82535,538 1,141,646 1,000,803
1,200
1,200
6,021
5,805 151,114 149,600
7,572
7,572
36,96036,961 1,205,441 1,205,932
185
186
915
919
25,131
25,400
8,813
353
6,306
287 319,560 155,778
12
12
53
53
72,602
72,84736,24851,862 289,518 285,292 9,877,746 10,048,419
72,298 103,441 577,455 569,025 19,701,515 20,166,563
2.5%
3.5%
6.5%
6.5%
4.5%
4.6%

Depreciation and amortization(thousand yen)

Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of
Leasehold and Security Deposits(thousand yen)

6,195

6,238

11,109

11,16851,53549,8591,787,700

1,823,065

0

0

0

0

0

0

727

1,620

0

0

0

0

0

0

520

308

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 37h fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2024).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Annualized NOI and NOI yield for the 36th FP and 37th FP do not include Kandasudacho 2-Chome Development Site (land).
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
The portfolio total of (2) Property-related Expenses in the table does
not include
relatedoftosolicitation.
an investment
corporation.
intendedfor expenses
the purposes
Daiwa
Office Investment Corporation advises readers to make investment decisions at their own judgment.

57

Overview of Asset Management Company (1) (As of January 1, 2024)
Company Overview
Company Name

Daiwa Real Estate Asset Management Co., Ltd.

Address

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

Established

October 21, 2004

Paid-in Capital

200 million yen

Representative Director

Yoshiki Nishigaki

Directors
Chairman of the Board

Tomonori Tsuji

President and Representative Director

Yoshiki Nishigaki

Vice President and Representative Director

Yuji Shinotsuka

Vice President and Representative Director

Yukiko Takeuchi

Director

Hajime Imbe

Director (non-executive)

Satoru Shibasaki

AuditorMotoi Sato

Auditor (non-executive)

Takuya Numata

Executive directors: 5
Executive auditor: 1
Non-executive director: 1
Non-executive auditors: 1

Board of Directors

8

Number of Employees

119 (excluding dispatched employees, including
seconded and concurrently serving employees)

Registered Financial
Instruments Firm

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

Building Lots and Buildings
Transaction Business License

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

Discretionary Agent for Real
Estate Transaction Approval

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

Association Membership

Member of The Investment Trusts Association,
Japan
Member of Japan Investment Advisers
Association
Member of Type II Financial Instruments Firms
Association

REITs That Entrust Asset Management
to the Asset Management Company
Daiwa Office
Investment Corporation

Listed REIT focusing on office buildings
Asset size: approximately 473.7 billion yen (59 properties)

Daiwa Securities Living
Investment Corporation

Listed residential REIT
Asset size: approximately 397.7 billion yen (253 properties)

Daiwa Residential Private
Investment Corporation

Private REIT focusing on residential properties
Asset size: approximately 173.6 billion yen (106 properties)

Daiwa Hotel Private
Investment Corporation

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

Daiwa Securities Logistics
Private Investment
Corporation

Private REIT focusing on logistics facilities
Asset size: approximately 58.3 billion yen (10 properties)

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

58

Overview of Asset Management Company (2)Organization Chart

Shareholders’ Meeting
Corporate Auditors
Board of Directors
Compliance Committee
Compliance Officer
Investment Committee *Sustainability Promotion
Committee

President andRepresentative Director

Sustainability Promotion OfficeInternal Control OfficeAcquisition and AssetManagement Division

DOI Investment
Management
Department

DLI Investment
Management
Department

Private Fund Division

DHP・DLP
Investment
Management
Department

DRP Investment
Management
Department

Investment
Planning
Department

Portfolio
Strategy
Department

Private FundManagement
Department

Corporate Division

REIT Planning
Department

Finance
Department

Administration
Department

DOI
Investment
Management TeamDLI
Investment
Management TeamDRP
Investment
Management TeamDHP
Investment
Management Team

Origination
Team

Finance Team

Construction
Management TeamDLI
Portfolio System
Team

Portfolio
Management TeamDLP
Investment
Management Team

Asset Management
Team

Accounting Team

Construction
Management Team

Construction
Management Team

Construction
Management Team

Finance
Team

Corporate Planning
Department

Compliance & Risk
Management
Department* Set up separately for each investment corporation（As of July 1, 2024）
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

59

Website Information

Sustainability Initiatives

DOI Website TOP

URL
https://www.daiwaoffice.co.jp/en/inde
x.html

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

IR mail Delivery Service

Office VR TourYou can take a VR tour of thecommon and private areas ofeach of our properties.

URL
https://www.daiwaoffice.co.jp/en/portfolio/vrtour.html

This is a free service that sends notifications toregistered users via email when Daiwa Office
Investment Corporation posts news releases
and other information on its website.
Sign up for the latest updates!

URL
https://www.daiwaoffice.co.jp/en/mail/form/E02_regis
t.htmlThis document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

60

MEMO

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