April 16, 2024

Financial Results for the Fiscal Period Ended February 29, 2024
(September 1, 2023 – February 29, 2024)

Real estate investment trust unit issuer: Daiwa House REIT Investment Corporation (“DHR”)
Listing:
Tokyo Stock Exchange
Securities code: 8984
URL:
https://www.daiwahouse-reit.co.jp/en/
Representative: Tsuyoshi Saito, Executive Director
Asset manager: Daiwa House Asset Management Co., Ltd.
Representative: Koichi Tsuchida, President and CEO
Inquiries:
Koyu Asahina, General Manager, Fund Management Department, Daiwa House REIT
Division
TEL: +81-3-3595-1265
Scheduled date of submitting Securities Report:
May 24, 2024
Scheduled date of starting distribution payments:
May 13, 2024
Supplementary materials for the financial results provided: Yes
Results briefing for the period:
Yes (for institutional investors and analysts)(Amounts are rounded down to the nearest million yen)

1.

Financial results for the fiscal period ended February 29, 2024
(September 1, 2023 - February 29, 2024)(1) Operating results
Operating revenues
Millions of yen%
Fiscal period ended
February 29, 2024
Fiscal period ended
August 31, 2023

29,643(0.9)

12,138(6.0)

10,378(7.5)

10,378(7.5)

29,9201.5

12,914

1.4

11,2240.9

11,2240.9

Basic earnings
per unit
Yen
Fiscal period ended
February 29, 2024
Fiscal period ended
August 31, 2023
(Note)(Percentage figures represent period-on-period changes)
Operating profit
Ordinary profit
ProfitMillions of yen% Millions of yen% Millions of yen%

Return on equity(ROE)

Ordinary profit tototal assets ratio%

Ordinary profit tooperating revenues ratio
%
%

4,473

2.0

1.1

35.0

4,838

2.2

1.2

37.5

Please refer to “Per Unit Information” on page 30 for the number of investment units used as the basis for calculating
basic earnings per unit.

(2) Distributions

Fiscal period
ended February
29, 2024
Fiscal period
ended August
31, 2023

Distributions
per unit(including
distributions
in excess ofearnings per
unit)

Distributions
per unit(excluding
distributions
in excess ofearnings per
unit)

Distributions
in excess ofearnings
per unit

Yen

Yen

5,711
5,643

Total
distributions(including
distributions
in excess ofearnings)

Total
distributions(excluding
distributions
in excess ofearnings)

Total
distributions
in excess ofearnings

Yen

Millions ofyenMillions of
yen

4,491

1,220

13,2494,841

802

13,091

Payout ratio

Distributions
to net assets
ratioMillions of
yen

%

%

10,419

2,830

100.4

2.0

11,231

1,860

100.1

2.2

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(Note)

Total distributions in excess of earnings of ¥2,830 million for the fiscal period ended February 29, 2024 include
allowance for temporary difference adjustments of ¥2,777 million and other distributions in excess of earnings (returnof capital that falls under capital refunds for tax purposes) of ¥53 million. In addition, the ratio of decrease in surplus,
etc. is 0.001 due to making distributions in excess of earnings (return of capital that falls under capital refunds for tax
purposes) for the fiscal period ended February 29, 2024.
The full amount of total distributions in excess of earnings for the fiscal period ended August 31, 2023 is related toallowance for temporary difference adjustments.

(3) Financial position
Total assets
Millions of yen
957,752
958,747

Net assets
Millions of yen
515,502518,173

Net cash provided by(used in) operating
activities
Millions of yen

As of February 29, 2024
As of August 31, 2023

Equity ratio
%
53.8
54.0

Net assets per unit
Yen
222,199
223,350

Net cash provided by(used in) investing
activities
Millions of yen

Net cash provided by(used in) financing
activities
Millions of yen

Cash andcash equivalents
at end of period
Millions of yen

18,413(10,700)(11,086)

51,504

19,704(5,191)(13,099)

54,878(4) Cash flows

Fiscal period ended
February 29, 2024
Fiscal period ended
August 31, 2023

2.

Forecasts of operating results for the fiscal period from March 1, 2024 to August 31,
2024 and for the fiscal period from September 1, 2024 to February 28, 2025
(Percentage figures represent period-on-period changes)
Operatingrevenues
Millionsof yenFiscal period
ending31,974
August 31,
2024
Fiscal period
ending32,133February 28,2025

OperatingprofitOrdinary
profit%Millionsof yen7.9

14,049 15.7 12,185

0.5

Millionsof yenDistributions
Distributions
per unit
per unit(including(excluding
distributions in
distributions inexcess of earnings excess of earnings
per unit)
per unit)

ProfitDistributions
in excess ofearnings
per unit

Millionsof yen

%

Yen

Yen

Yen

17.4 12,184

17.4

5,750

5,253

497

13,277 (5.5) 11,380 (6.6) 11,380 (6.6)

6,300

4,905

1,395

%

%

(Reference) Forecasted basic earnings per unit
For the fiscal period ending August 31, 2024:
For the fiscal period ending February 28, 2025:¥5,251¥4,905

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

*

Other

(1) Changes in accounting policies, changes in accounting estimates and retrospective restatement
a.
b.
c.
d.

Changes in accounting policies due to amendment of accounting standards and other regulations: None
Changes in accounting policies due to reasons other than a. above: None
Changes in accounting estimates: None
Retrospective restatement: None

(2) Total number of investment units issued
a. Total number of investment units issued at the end of the period (including treasury investment units)
As of February 29, 2024
2,320,000 units
As of August 31, 2023
2,320,000 units
b. Number of treasury investment units at the end of the period
As of February 29, 2024
0 units
As of August 31, 2023
0 units(Note) Please refer to “Per Unit Information” on page 30 for the number of investment units used as the basis
for calculating basic earnings per unit.

* Financial results reports are exempt from audit conducted by certified public accountants oran audit corporation.
* Special notes
The forward-looking statements, including operating results forecasts, contained in these materials are
based on information currently available to DHR and on certain assumptions deemed reasonable by
DHR. The actual operating and other results may differ significantly from those presented herein as aconsequence of numerous factors. These forecasts also do not guarantee the amount of distributions.
Please refer to “Assumptions for Forecasts of Operating Results for the Fiscal Periods Ending August
31, 2024 and February 28, 2025” on pages 12 to 13 for information on assumptions for the forecasts ofoperating results.
Disclaimer:This English translation has been prepared for general reference purposes only. DHR shall not be
responsible for any consequence resulting from the use of the English translation in place of theoriginal Japanese text. In any legal matter, readers should refer to and rely upon the original Japanese
text released on April 16, 2024.

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Index
1. Operating Results........................................................................................................................................ 2(1) Operating Results ................................................................................................................................ 2(2) Investment Risk ................................................................................................................................. 10
2. Financial Statements ................................................................................................................................. 14(1) Balance Sheets................................................................................................................................... 14(2) Statements of Income ........................................................................................................................ 17(3) Statements of Unitholders’ Equity .................................................................................................... 18(4) Statements of Cash Distributions ...................................................................................................... 20(5) Statements of Cash Flows ................................................................................................................. 21(6) Notes on Assumption of Going Concern .......................................................................................... 22(7) Notes on Important Accounting Policies........................................................................................... 22(8) Notes to Financial Statements ........................................................................................................... 24(9) Changes in Number of Investment Units Issued ............................................................................... 32
3. Reference Information .............................................................................................................................. 33(1) Portfolio List ..................................................................................................................................... 33(2) Summary of Major Tenants............................................................................................................... 45(3) Status of Portfolio Diversification ..................................................................................................... 52(4) Capital Expenditures for Properties Held .......................................................................................... 53-1-

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

1. Operating Results(1) Operating Resultsi) Summary of results for the current fiscal period
A. Transition of the Investment Corporation
DHR is a real estate investment trust (J-REIT) whose sponsor is Daiwa House Industry Co., Ltd.
(hereinafter referred to as “Daiwa House”) and whose asset manager is Daiwa House AssetManagement Co., Ltd. (hereinafter referred to as the “Asset Manager”), a wholly owned subsidiary of
Daiwa House.
DHR was listed on the Real Estate Investment Trust (REIT) Market of the Tokyo Stock Exchange,
Inc. (hereinafter referred to as the “Tokyo Stock Exchange”) on March 22, 2006, and then later
merged with New City Residence Investment Corporation (hereinafter referred to as “NCR”) on April
1, 2010 (hereinafter referred to as “the merger with NCR”). Subsequently on December 1, 2011, thecorporate name was changed to Daiwa House Residential Investment Corporation (the corporation
prior to change of corporate name to “Daiwa House REIT Investment Corporation” is hereinafterreferred to as the “former DHI”), and accordingly changed its investment targets to residential
properties.
The former Daiwa House REIT Investment Corporation (the Daiwa House REIT Investment
Corporation, which was dissolved upon having merged with DHR as of September 1, 2016, ishereinafter referred to as the “former DHR”) was established on September 14, 2007, whose asset
manager was Daiwa House REIT Management Co., Ltd., a wholly owned subsidiary of Daiwa House.
The former DHR was listed on the Tokyo Stock Exchange Real Estate Investment Trust (REIT)
Market on November 28, 2012, as a REIT that targets investment in logistics and retail properties.
On September 1, 2016, the former DHI and the former DHR (hereinafter collectively referred to as
the “Investment Corporations”) conducted an absorption-type merger (hereinafter referred to as the“Merger”) whereby the former DHI was the surviving corporation and the former DHR was theabsorbed corporation, shifted to a diversified portfolio strategy that targets investment in new asset
classes such as hotel and office properties, in addition to those that the Investment Corporations hadtargeted for investment in the past, and changed its corporate name from Daiwa House Residential
Investment Corporation to Daiwa House REIT Investment Corporation.
B. Performance for the current fiscal period
DHR acquired one hotel property for an acquisition price (Note 1) of ¥5.1 billion in September 2023
using funds in hand. In addition, DHR acquired one logistics property for an acquisition price of ¥3.1
billion in October 2023 using borrowings and funds in hand. As a result, DHR’s portfolio as of theend of the current fiscal period consists of 232 properties with an asset value of ¥905.7 billion (Note 2).
(Note 1) “Acquisition price” is the purchase price stipulated in the respective purchase agreements of assets owned by
DHR (not including expenses pertaining to acquisitions, settlement money such as taxes and public dues,
consumption taxes, or leasehold guarantee deposits, etc.), except as otherwise noted. However, theacquisition prices of properties previously owned by NCR have been presented as the appraisal values as ofFebruary 28, 2010, which were the prices received at the time of the merger with NCR, and the acquisition
prices of properties previously owned by the former DHR have been presented as the appraisal values as ofAugust 31, 2016, which were the prices received at the time of the merger with the former DHR. The “totalacquisition price” has been rounded down to the nearest unit. The same shall apply hereafter.
(Note 2) “Asset value” is the aggregate total of the acquisition prices of respective assets owned by DHR at respective
points in time, except as otherwise noted. The same shall apply hereafter.

C. Overview of financing
DHR 1) arranged refinancing of ¥18,700 million to provide for the repayment of ¥18,700 million inexisting loans due on September 29, 2023; 2) arranged refinancing of ¥4,000 million to provide forthe repayment of ¥4,000 million in existing loans due on October 2, 2023; 3) conducted debt
financing of ¥2,000 million on October 2, 2023, to provide for part of the acquisition costs and related
expenses for the property acquisition through the Daiwa House Group’s pipeline; and 4) arranged-2-

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

refinancing of ¥2,000 million to provide for the repayment of ¥2,000 million in existing loans due on
January 31, 2024.
As a result, the balance of interest-bearing debt outstanding as of the end of the current fiscal periodamounted to ¥409,550 million (loan balance: ¥365,550 million, investment corporation bond balance:¥44,000 million). As of the end of the current fiscal period, its LTV (including goodwill)(Note 1) was
42.8%, and its LTV (excluding goodwill)(Note 2) was 45.1%.
(Note 1) “LTV (including goodwill)” is obtained using the following formula. The same shall apply hereinafter.
LTV (including goodwill) = total amount of interest-bearing debt (borrowings + investment corporation
bonds) ÷ total assets (including goodwill) × 100(Note 2) “LTV (excluding goodwill)” is obtained using the following formula. The same shall apply hereinafter.
LTV (excluding goodwill) = total amount of interest-bearing debt (borrowings + investment corporation
bonds) ÷ total assets (excluding goodwill) × 100

The credit ratings of DHR as of the date of this financial results report are as follows:
Rating agency

Type

Rating/Outlook

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

Issuer rating

AA- Stable

Long-term issuer rating

AA Stable

Japan Credit Rating Agency, Ltd. (JCR)

D. Difference between real estate appraisal value and book value
The total appraisal value of assets held at the end of the current fiscal period was ¥1,097,552 million,
and the amount of unrealized gain(Note) on the portfolio, which is the difference compared to the bookvalue was ¥248,459 million.
(Note)“Unrealized gain” is the positive valuation difference when the appraisal value exceeds the book value ofreal estate properties (excluding construction in progress and construction in progress in trust). (Negative
valuation difference is referred to as unrealized loss.) The same shall apply hereinafter. Please note that
unrealized gain is not guaranteed to be realized as a result of the sale of real estate.

E. Overview of financial results
As a result of the investment management activities mentioned above, in the current fiscal period,
DHR posted operating revenues of ¥29,643 million, operating profit of ¥12,138 million, ordinary
profit of ¥10,378 million, and profit of ¥10,378 million. Based on its distribution policy, ¥1,982
million in amortization of goodwill and ¥889 million in impairment losses were added to profit,
resulting in ¥13,250 million. From this amount, the total amount of distributions was ¥13,249 million(¥5,711 per investment unit) after the fractional parts of amounts less than ¥1 per investment unit foreach type of distribution listed in the breakdown of distributions below were adjusted.
Furthermore, the breakdown of distributions includes profit of ¥10,419 million (¥4,491 per investmentunit) as earnings distributions as provided for in Article 136, paragraph 1 of the Act on Investment
Trusts and Investment Corporations (Act No. 198 of 1951, as amended. Hereinafter referred to as the“Investment Trusts Act”) and an allowance for temporary difference adjustments of ¥2,777 million(¥1,197 per investment unit) and other distributions in excess of earning (return of capital) of ¥53
million (¥23 per investment unit) as distributions in excess of earnings.
ii) Outlook for next fiscal period
A. Investment environment
Looking ahead, the Japanese economy, despite the current rise in prices, is expected to recovergradually due to factors that include recovery in personal consumption amid rising wages, solid
capital investment, and growth in inbound tourism. Meanwhile, we must be aware of the future
impact on economic activities from factors including trends in monetary policy by the Bank of Japanand other central banks in the world, the risk of economic recession in overseas economies, the trendsof commercial real estate market in the United States, economic stagnation in China, and the surging
resource prices.
-3-

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

In the J-REIT market, the Tokyo Stock Exchange REIT Index was 1,698 points at the end of February
29, 2024. In March 2024, the Bank of Japan decided to terminate its large-scale monetary easing
measures, including those pertaining to negative interest rates, and made its first rate hike in 17 years.
Looking ahead, even greater attention needs to be paid to the impacts of fluctuations in the financial
market.
In the real estate trading market, although negative interest rate policy has ended, an accommodative
financial environment is expected to be maintained for the time being, and transaction prices areremaining high. In addition, taking into account factors such as the rising price of land andpersistently high construction costs, an investment environment is expected to remain challenging in
the future.

B. Future operating policies and issues to be addressed(a) Growth strategy
Due to its shift to a diversified portfolio strategy as a result of the Merger, taking advantage of the
expanded opportunities to acquire properties from an extensive range of asset classes, DHR aims tosteadily grow its asset size while maximizing unitholder value by securing stable income over thelong term.
With a diversified portfolio strategy, DHR’s portfolio includes a range of assets with varying riskreturn profiles, and as of the date of this financial results report, maintains high occupancy rates for
assets held. By investing in various types of assets, DHR deems that it will be able to diversify its
portfolio and mitigate the risk of excessive reliance on a limited number of tenants in order to boost
portfolio income and generate cash flows that are more consistent.
DHR carefully selects and acquires assets that contribute to increasing unitholder value mainly
through the Daiwa House Group’s pipeline and plans to maintain its policy of selective investment
going forward.
Furthermore, through continuous property replacement, DHR aims to increase the quality of its
portfolio and realize increased unitholder value.
(b) ESG initiatives
DHR and the Asset Manager share the Daiwa House Group’s basic approach of “Creating Dreams,
Building Hearts.” To attain a sustainable society, it is essential that we include environmental,social, and governance (“ESG”) considerations in real estate investment management operations.
We also believe that this will contribute to DHR’s basic policy of ensuring stable revenue andachieving steady asset growth over the medium to long term.
In line with this basic approach, the Asset Manager established the “Sustainability Policy (the‘Policy’)” in April 2017, and has been putting it into practice through the real estate investment
management business. Furthermore, under DHR’s growth strategy, DHR has been making efforts tomaximize unitholder value by combining business value (financial value) and social value (nonfinancial value). As a strategy for enhancing social value (non-financial value), DHR has put
forward the following commitments.
a. Improvement of ESG ratings by third parties
For the third consecutive year, DHR gained recognition as a climate change A List company underthe 2023 CDP Climate Change Program, upon having received the highest-rated “A” score inrecognition of exhibiting high standards internationally when it comes to addressing issues ofclimate change and disclosing information in that regard. For the second consecutive year, DHR
was awarded the highest rating of “5 Stars” for the 2023 GRESB Real Estate Assessment, and was
also selected as “Global Listed Sector Leader” in the listed diversified real estate sector and as“Regional Sector Leader” in the Asia/diversified real estate sector. DHR was selected for the firsttime as a component company of the “Dow Jones Sustainability Asia/Pacific Index,” covering the
Asia-Pacific region in the “Dow Jones Sustainability Indices,” a leading global equity index onsustainability. Furthermore, at the Fifth ESG Finance Awards Japan, DHR was awarded as an“Environmentally Sustainable Company” for the second consecutive year as a company meetingcertain standards in terms of level of disclosure fulfillment, and became the first J-REIT awarded-4-

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

“Progressive Company in Environmental Disclosure,” as a company with a high degree of
disclosure improvement and expected to make further progress.
b. Reduction in greenhouse gas emissions
DHR set targets for reducing greenhouse gas (‘GHG’) emissions by FY2030 and FY2050, and in
February and August 2022, became the first J-REIT to acquire certification for its emission targets
from the Science Based Targets initiative (SBTi)(Note 1), which certified that the targets are sciencebased targets consistent with the standards required by the Paris Agreement.
c. Promotion of biodiversity conservation
By promoting initiatives in business activities such as measures to mitigate climate change,
reduction of surplus consumption, sustainable production and investments for biodiversity, DHR
and the Asset Manager not only expect to contribute to the promotion of nature positivity but also
believe such efforts will lead to stronger competitiveness.
DHR has adopted the recommendations of the Taskforce on Nature-related Financial Disclosures(TNFD) and in December 2023, became the first J-REIT to register as a “TNFD Adopter(Note 2).” In
addition, DHR has become the first J-REIT to disclose nature-related information aligned with the
TNFD Recommendations.
d. The Asset Manager’s promotion of human capital management and health management
Under the Policy, the Asset Manager will establish an internal framework for promoting
sustainability and take steps to develop personnel by conducting regular employee education andtraining. The Asset Manager will also aim to create workplaces where people can work safely andhealthily, and workplaces where diverse employees can work flexibly.
Based on these goals, the Asset Manager expects that its initiatives for improving the health of
employees will bring new vigor to the overall organization in such forms as improved vitality of
employees and enhanced productivity, and lead to improved financial results and enhanced value asan organization. For the second consecutive year, the Asset Manager was certified as 2024 Health &Productivity Management Outstanding Organization (SME category) by the Ministry of Economy,
Trade and Industry in recognition of its various efforts in the field of health management such as
management philosophy and guidelines and organizational structure, its measures to maintain andpromote employee health, and its initiatives regarding legal compliance and risk management, etc.
In addition, for the second consecutive year, the Asset Manager was certified as one of the “Bright500,” the top 500 corporations in the Health & Productivity Management Outstanding
Organizations (SME category) in recognition of its community-based messaging regarding healthmanagement initiatives, and the number of compliant items in the evaluation items of healthmanagement.
e. Promoting sustainability by introduction of sustainability index-linked fee
In November 2021, the Asset Manager introduced a provision to fluctuate the amount of asset
management fees to the Asset Manager in conjunction with the sustainability indices as the firstinitiative in J-REITs for the purpose of increasing unitholder value by encouraging the reduction of
GHG emissions of DHR properties and enhancing the external evaluations of its sustainability
initiatives. This is to increase or decrease the amount of asset management fees based on the sum ofindexed GHG emissions reduction ratio, GRESB Real Estate Rating and CDP Climate Change
Program Score multiplied by the total assets of DHR, and is aimed at strengthening the commitment
to solving ESG issues and improving governance. Additionally, DHR was awarded the “Best
Recommendation Award in Governance Category” in the ARES ESG Award 2023 sponsored by the
Association for Real Estate Securitization (“ARES”) in recognition of DHR’s introduction ofsustainability index-linked asset management fees as an effective initiative to expand anduniversalize ESG investment through the investment chain.
Remuneration for Executive Director of DHR and remuneration for directors of the Asset Manager
are linked to sustainability indices including GHG emissions reduction ratio, GRESB Real Estate
Rating and CDP Climate Change Program Score.
(Note 1) SBT refers to Science Based Targets (emissions reduction targets based on scientific reasoning).
(Note 2) “TNFD Adopter” refers to a company or organization that has registered on the TNFD website theirintention to disclose information aligned with the TNFD Recommendations. TNFD Adopters are required to-5-Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

make public disclosures aligned with the TNFD Recommendations in their corporate reporting in respect of
their financial year 2024 or 2025.

(c) Distribution policy
DHR changed part of its distribution policy in the fiscal period ended February 28, 2017 and madeit a policy to distribute the amount equivalent to amortization of goodwill to top up profit, anddistributions in excess of earnings in the amount equivalent to amortization of goodwill are paid
(distribution accounted as an allowance for temporary difference adjustments and other distributions
in excess of earnings).
Furthermore, in the case of the occurrence of excess taxable income over accounting profit
associated with sale of properties or recording of impairment losses or the like that cause a need for
DHR to take action to maintain its favorable tax status, DHR plans to conduct additional
distributions in excess of earnings (distribution accounted as an allowance for temporary difference
adjustments) to reduce the occurrence of corporate taxes.
However, where there is an occurrence of special gains such as gain on sale of real estate properties,
other distributions in excess of earnings, which is a part of the above-mentioned distributions inexcess of earnings in the amount equivalent to amortization of goodwill, can be reduced by anamount equivalent to part of the gain on sale of real estate properties. In addition, in cases where theexcess taxable income over accounting profit is resolved mainly through the sale of properties forwhich impairment losses were recorded, distributions may be limited to the amount of excess
taxable income over accounting profit, and other distributions in excess of earnings may not be
carried out.
DHR’s policy is to pay distributions in excess of earnings (distribution accounted as an allowancefor temporary difference adjustments and other distributions in excess of earnings) to realize
stabilization of distributions on a medium- to long-term basis(Note) while ensuring the level of
distributions not impacted by the amortization of goodwill that accompanied the Merger.
(Note)

Under the above distribution policy, DHR has the policy to stabilize distributions. However, it is notintended as a guarantee or promise of the payment of distribution and amounts thereof.

C. Financial strategy
DHR seeks as its basic policy to plan and execute a well-planned and flexible financial strategy withthe aim of ensuring stable profits on a medium- to long-term basis, contributing to the steady growthand efficient management of its properties and creating management stability.
DHR is also working to improve the stability of its financial base by maintaining and expanding its
strong lender formation through initiatives geared toward diversifying methods of raising capitalthrough issuance of investment corporation bonds, and by promoting use of long-term fixed rates oninterest-bearing debt and staggering repayment dates.

D. Forecasts of operating results for the fiscal periods ending August 31, 2024 and February 28, 2025

Operatingrevenues

Fiscal period
ending August
31, 2024

OperatingprofitOrdinary
profitProfitMillions of yen Millions of yen Millions of yen Millions of yen

31,974

Fiscal period
Millions of yen
ending February
32,13328, 2025

Distributions
Distributions
per unit
per unit(excluding(including
distributions in distributions inexcess ofexcess of
earnings per unit) earnings per unit)

Distributions
in excess ofearnings
per unit

Yen

Yen

Yen

12,184

5,750

5,253

497

Millions of yen Millions of yen Millions of yen

Yen

Yen

Yen

6,300

4,905

1,395

14,04913,277

12,185

11,38011,380For the assumptions for the forecasts above, please refer to “Assumptions for Forecasts of Operating
Results for the Fiscal Periods Ending August 31, 2024 and February 28, 2025” on pages 12 to 13. Due-6-

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

to changes in the circumstances surrounding DHR, actual operating revenues, operating profit,
ordinary profit, profit, distributions per unit and distributions in excess of earnings per unit may
change. Furthermore, these forecasts do not guarantee the amount of distributions.

-7-Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

iii)

Significant events after balance sheet date
A. Acquisition of assets
DHR acquired the following property.
Asset name

DPL Urayasu III

Asset type

Trust beneficiary interest in real estate

Asset class

Logistics properties

Acquisition price(Note 1)¥30,000 million

Seller(Note 2)

Urayasu Facility Development Tokutei Mokuteki Kaisha

Date of acquisition
March 1, 2024
(Note 1) This figure does not include expenses pertaining to acquisitions, settlement money such as taxes and publicdues, consumption taxes, etc.
(Note 2) Urayasu Facility Development Tokutei Mokuteki Kaisha, the seller of DPL Urayasu III, is classified as aninterested party, etc. as defined in the Investment Trusts Act. As such, the Asset Manager has gone throughthe necessary discussion and resolution procedures in accordance with its regulations on transactions withinterested parties.

B. Disposition of assets
DHR decided to dispose of the following properties as of April 16, 2024.
Asset name

D Project Tomisato

Asset type

Trust beneficiary interest in real estate

Asset class
Planned disposition
price(Note 1)
Buyer(Note 2)
Planned date ofdisposition

Logistics properties¥5,970 million
DH Bridge 1 Godo Kaisha
August 30, 2024

Asset name

D Project Kaminokawa

Asset type

Trust beneficiary interest in real estate

Asset class
Planned disposition
price(Note 1)
Buyer(Note 2)
Planned date ofdisposition

Logistics properties¥6,510 million
DH Bridge 1 Godo Kaisha
August 30, 2024

Asset name

D Project Kuki II

Asset type

Trust beneficiary interest in real estate

Asset class
Planned disposition
price(Note 1)
Buyer(Note 2)
Planned date ofdisposition

Logistics properties¥10,100 million
DH Bridge 1 Godo Kaisha
September 2, 2024

(Note 1) This figure does not include expenses pertaining to dispositions, settlement money such as taxes and publicdues, consumption taxes, etc.
(Note 2) DH Bridge 1 Godo Kaisha, which is the buyer, is a limited liability company in which the sponsor, Daiwa
House, plans to invest.

-8-

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

C. Debt financing(a) DHR conducted on March 1, 2024 debt financing for the funds for the acquisition of the property
described in “A. Acquisition of assets” above, as follows:
LenderSumitomo Mitsui Trust Bank,
LimitedSumitomo Mitsui Banking
Corporation

MUFG Bank, Ltd.

Mizuho Bank, Ltd.

Borrowingamount(Millions ofyen)Interest rate

2,500

Base interest rate
(JBA 1-monthyen TIBOR)+0.175%(Floating)March 1,2024

February28, 2025

Bulletrepayment

Unsecuredandnonguaranteed

2,500

Base interest rate
(JBA 1-monthyen TIBOR)+0.175%(Floating)March 1,2024

February28, 2025

Bulletrepayment

Unsecuredandnonguaranteed

2,500

Base interest rate
(JBA 1-monthyen TIBOR)+0.175%(Floating)March 1,2024

February28, 2025

Bulletrepayment

Unsecuredandnonguaranteed

2,500

Base interest rate
(JBA 1-monthyen TIBOR)+0.175%(Floating)March 1,2024

February28, 2025

Bulletrepayment

Unsecuredandnonguaranteed

Borrowing Repayment Method of
Collateral
date
date
repayment

Mizuho Bank, Ltd.;The Chiba Bank, Ltd.;
Unsecured
0.74354%
The Keiyo Bank, Ltd.;March 1, February
Bulletand
5,000(Fixed interest
The Yamaguchi Bank, Ltd.;
2024
28, 2029 repayment
nonrate)Kansai Mirai Bank, Limited
guaranteed(Green Loan) (Note)(Note) This debt financing has been carried out through a green loan in accordance with the Green Finance
Framework developed by DHR. The Green Finance Framework has obtained a rating of “Green 1 (F),”which is the highest rating offered in the JCR Green Finance Framework Evaluations conducted by Japan
Credit Rating Agency, Ltd. (JCR), and this green loan is in compliance with the “Green Loan Principles,”which is an international guideline. Furthermore, this debt financing received an evaluation of “Green 1” inthe JCR Green Loan Evaluation conducted by Japan Credit Rating Agency, Ltd. (JCR). For details regarding
the JCR Green Loan Evaluation, please refer to the JCR website (https://www.jcr.co.jp/greenfinance/).

(b) DHR conducted debt financing for the funds for the repayments of a total of ¥12,000 million in
long-term loans due on March 29, 2024 and ¥3,000 million in long-term loans due on April 1,
2024, as follows:
LenderMitsui Sumitomo Insurance
Company, Limited
MUFG Bank, Ltd.;
Sumitomo Mitsui Trust Bank,
Limited;Sumitomo Mitsui Banking
Corporation;
Mizuho Bank, Ltd.;
Aozora Bank, Ltd.;
Resona Bank, Limited;
SBI Shinsei Bank, Limited(Sustainability-Linked Loan)(NoteBorrowingamount(Millions ofyen)Interest rate

Borrowing Repayment Method of
Collateral
date
date
repayment

1,000

1.00625%(Fixed interest
rate)

March 29, March 31,
Bullet2024
2031
repayment

Unsecuredandnonguaranteed

11,0001.15375%(Fixed interestrate)(Note 2)

March 29, March 31,
Bullet2024
2032
repayment

Unsecuredandnonguaranteed

1)

-9-

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

LenderBorrowingamount(Millions ofyen)Interest rate

Borrowing Repayment Method of
Collateral
date
date
repayment

Sumitomo Mitsui Banking
Corporation;
Unsecured
MUFG Bank, Ltd.;
0.91119%
April 1, March 29,
BulletandSumitomo Mitsui Trust Bank,
3,000(Fixed interest
2024
2030
repayment
nonLimited;
rate)
guaranteed
Development Bank ofJapan, Inc.
(Note 1) The interest rate changes annually, according to the degree of achievement of the Sustainability Performance
Target (“SPT”) as follows: after the last day of April 2025, interest rates applicable on May 31 (thepreceding business day if such date is not a business day) and thereafter will change according to the CDP
score as of the last day of April each year.
SPT: To achieve the “A List” status (the highest valuation) in the CDP Climate Change Program
CDP score “A” (SPT achieved): Initial interest rate –0.01%
CDP score “A-” (SPT not achieved): Initial interest rate ±0.00%
CDP score “B” or lower (B/ B-/ C/ C-/ D/ D-/ F) (SPT not achieved): Initial interest rate +0.01%
In addition, with regard to this loan, DHR has obtained an external review from Japan Credit Rating Agency,
Ltd. (“JCR”) in alignment with the “Sustainability Linked Loan Guidelines” issued by the Ministry ofEnvironment of Japan and the Sustainability Linked Loan Principles (SLLP) issued by Asia Pacific Loan
Market Association (APLMA), Loan Market Association (LMA), and Loan Syndications and Trading
Association (LSTA). For details, please refer to the website of JCR (https://www.jcr.co.jp/greenfinance/).
(Note 2) Initial interest rate applicable for the period from March 29, 2024 to May 30, 2025 is shown.

D. Decision on repurchase of own investment units
At the meeting of the Board of Directors held on April 16, 2024, DHR made a decision on mattersconcerning repurchase of own investment units in accordance with the provisions of Article 80-2 ofthe Investment Trust Act as applied by replacing terms and phrases pursuant to the provisions ofArticle 80-5, Paragraph 2 of the said act (the “Repurchase of Own Investment Units”). DHR plans tocancel all the repurchased investment units in the fiscal period ending August 31, 2024.
(a) Reason for the Repurchase of Own Investment Units
As a result of comprehensively considering DHR’s status of cash on hand, its financial position,
the market environment, and other factors, DHR has judged that improving capital efficiency andproviding returns to unitholders through the repurchase and cancellation of own investment units
will lead to enhancing unitholder value in the medium to long term.
(b) Details of matters relating to the repurchaseTotal number of investment units
that can be repurchased
Total amount of investment units
to be repurchased

14,000 units (maximum)
Ratio to total number of investment units issued (excluding treasury investment
units): 0.60%
3,000 million yen (maximum)

Method of repurchaseMarket purchases on the Tokyo Stock Exchange based on a discretionary trading
agreement pertaining to the repurchase of own investment units with a securities
company

Period of repurchase

From April 17, 2024 to July 12, 2024

(2) Investment Risk
There have been significant changes from the “Investment Risk” described in the Securities Reportsubmitted on November 27, 2023 (prepared in Japanese only). Changes are underlined.

- 10 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(1) Risk Factors
1)(Text omitted)
Risks related to the marketability of investment securities and investment corporation bonds(Text omitted)(B) Risks related to cash distributions, the repurchase of own investment units, etc.
In accordance with the distribution policy described in “2. Investment Policy, (3)Distribution Policy” above, although DHR does provide cash distributions to unitholders,
DHR does not guarantee the payment of distributions or the amounts thereof under any
circumstances. The profit and loss for the fiscal period may fluctuate, the amount of
distributions paid to unitholders may increase or decrease, or there may be no
distributions due to the leasing status of real estate and the underlying real estate of assets
backed by real estate (hereinafter collectively referred to as “Real Estate” in “(1) Risk
Factors”) acquired by DHR, the status of income and expenses associated withacquisitions and sales and with management and operation, the occurrence of impairment
losses, loss on retirement due to rebuilding, etc.
DHR changed part of its distribution policy in the fiscal period ended February 28, 2017and made it a policy to distribute the amount equivalent to amortization of goodwill to
top up profit, and distributions in excess of earnings in the amount equivalent toamortization of goodwill are paid (distribution accounted as an allowance for temporary
difference adjustments and other distributions in excess of earnings). Furthermore, in thecase of the occurrence of excess taxable income over accounting profit associated withsale of properties that causes a need for DHR to take action to maintain its favorable tax
status, DHR plans to conduct additional distributions in excess of earnings (distribution
accounted as an allowance for temporary difference adjustments) to reduce theoccurrence of corporate taxes. However, where there is an occurrence of special gains
such as gain on sale of real estate properties, other distributions in excess of earnings,
which is a part of the above-mentioned distributions in excess of earnings in the amountequivalent to amortization of goodwill, can be reduced by an amount equivalent to partof the gain on sale of real estate properties. At the same time, because these distributions
in excess of earnings are recorded as accounting profit that is not backed by cash, whencash distributions are paid, the distributions are limited by the amount of cash available
for distribution. DHR does not guarantee that there will be sufficient cash available forcash distributions at the time when cash distributions are paid or guarantee that
distributions in the amount of the forecast distributions will be received.
In addition, although DHR may repurchase own investment units based on a decision of
the Board of Directors if it has been determined that the repurchase will improve
unitholder value, even in cases where the Board of Directors has made a decision
regarding the repurchase of own investment units, there is no guarantee that the
repurchase of investment units will actually be carried out or that the upper limit decided
by the Board of Directors will be reached even if the repurchase is carried out. Moreover,there is a requirement that the repurchased own investment units must be disposed of orcancelled at an appropriate time, and there is no guarantee that the investment units canbe disposed of at a period and price that are necessarily favorable to DHR.
(Remainder omitted)- 11 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Assumptions for Forecasts of Operating Results for the Fiscal Periods Ending August 31, 2024 andFebruary 28, 2025
Item

Assumptions

・ Fiscal period ending August 31, 2024:(184 days from March 1, 2024 to August 31, 2024)
Accounting period・ Fiscal period ending February 28, 2025:(181 days from September 1, 2024 to February 28, 2025)
・ DHR has assumed that there would be no changes (acquisition of new properties ordisposition of the acquired assets) in the composition of DHR’s portfolio of 230
properties, excluding the three properties planned to be disposed of as described in
Portfolio“iii) Significant events after balance sheet date” above, out of 233 properties of realestate and real-estate trust beneficiary interests that DHR currently owns as of thedate of this document until the end of the fiscal period ending February 28, 2025.
・ However, the composition of the portfolio may change.
・ DHR has assumed gain on sale of real estate properties of ¥1,430 million for the
fiscal period ending August 31, 2024 associated with the disposition of D Project
Tomisato, and gain on sale of real estate properties of ¥2,330 million for the fiscal
period ending February 28, 2025 associated with the disposition of D Project Kuki II.
Operatingrevenues
・ Operating revenues include revenues from rent, common area charges, parking lot
usage fees, incidental revenues, utilities expenses reimbursements and key money,
etc. Each of these items is calculated based on past records and future estimates.
・ DHR has assumed that no delinquencies or non-payment of rent by tenants.
・ DHR has assumed loss on sale of real estate properties of ¥604 million for the fiscal
period ending August 31, 2024 associated with the disposition of D Project
Kaminokawa.
・ Operating expenses mainly comprise expenses related to rental business. Suchexpenses, excluding depreciation, are calculated based on past records, making
certain adjustments as appropriate considering factors that may cause changes in
expenses.
・ DHR has assumed that DHR would incur depreciation expenses of ¥5,773 million
for the fiscal period ending August 31, 2024 and ¥5,513 million for the fiscal period
ending February 28, 2025. These figures are calculated based on the straight-line
method with incidental expenses added to purchase prices of non-current assets.
・ DHR has estimated property tax, city planning tax and depreciation asset tax of¥2,508 million for the fiscal period ending August 31, 2024 and ¥2,437 million for
the fiscal period ending February 28, 2025. In connection with new acquisition ofreal estate, etc., property tax and city planning tax that would be paid by DHR andOperatingthe seller (the former beneficiary) on a pro rata basis in accordance with the holding
expensesperiod and settled at the time of acquisition, and such taxes are deemed as acquisition(excluding
costs of the property and not included in expenses. Accordingly, property tax andamortization ofcity planning tax for three properties acquired in FY2023 would be expensed starting
goodwill)from the fiscal period ending August 31, 2024, and that total amount is assumed tobe ¥27 million.
・ Based on the medium- to long-term repair and maintenance plan prepared by the
Asset Manager, DHR expects to incur repairs and maintenance expenses of ¥932
million for the fiscal period ending August 31, 2024 and ¥1,203 million for the fiscal
period ending February 28, 2025. However, actual repairs and maintenance expenses
in each fiscal period may change substantially from DHR’s forecasts, as (i) DHR
may incur expenses for urgent repairs to properties due to damage caused byunforeseeable factors, (ii) generally, there is a substantial difference in expenses
incurred between each fiscal period, and (iii) expenses are not incurred based on aregular schedule.
・ DHR has assumed asset retirement costs of ¥1,846 million for the fiscal period
ending February 28, 2025 related to a large-scale renewal, rebuilding or the like of
FOLEO Hirakata.
・ Selling, general and administrative expenses are estimated based on the actual values
or rates, etc., of each item.
- 12 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Item

Assumptions

Amortization of
goodwill・ Amortization of goodwill is estimated at ¥1,982 million for the fiscal period ending
August 31, 2024 and ¥1,982 million for the fiscal period ending February 28, 2025.
・ DHR has assumed interest expenses and other borrowing-related expenses, etc. of¥1,872 million for the fiscal period ending August 31, 2024 and ¥1,904 million for
the fiscal period ending February 28, 2025.
・ As of the date of this document, the balance of interest-bearing debt is ¥424,550
million.
・ DHR has assumed that interest-bearing debt of ¥39,100 million for which repayment
or maturity becomes due by the end of the fiscal period ending February 28, 2025
would be fully refinanced.
・ Other than the above, DHR has assumed the balance of interest-bearing debt would
be unchanged until the end of the fiscal period ending February 28, 2025.
・ The total number of investment units is based on DHR’s assumption of 2,320,000
units, which is the number of investment units issued as of the date of this financial
results report. DHR has assumed there will be no change in the number of units
outstanding resulting from the issuance of additional investment units, etc. until
February 28, 2025.
・ The repurchase and cancellation of own investment units described in “iii)Significant events after balance sheet date” were not taken into consideration.
・ DHR has assumed that changes in fair value of interest-rate swaps will not affect theamount of distributions per unit for the fiscal periods ending August 31, 2024 andFebruary 28, 2025.
・ Changes in DHR’s portfolio, fluctuations in rent income due to changes in tenants
and other factors, unforeseen repairs and maintenance expenses and other factors
may lead to changes in the amount of distributions per unit.

Non-operating
expenses

Interest-bearing
debt

Investment units

Distributions
per unit

・ DHR has assumed that distributions in excess of earnings in the amount equivalent toamortization of goodwill are paid (distributions accounted as an allowance fortemporary difference adjustments and other distributions in excess of earning (returnof capital)). However, DHR has assumed that in the case of an occurrence of special
gains such as gain on sale of real estate properties, other distributions in excess ofearnings, which is a part of the abovementioned distributions in excess of earnings in
the amount equivalent to amortization of goodwill, can be reduced by an amountequivalent to part of the gain on sale of real estate properties.
・ DHR has assumed that in the case of the occurrence of excess taxable income overaccounting profit associated with sale of properties that causes a need for DHR totake action to maintain its favorable tax status, DHR will conduct additional
Distributions
distributions in excess of earnings (distribution accounted as an allowance forin excess of
temporary difference adjustments).
earnings per unit ・ It is assumed that total of distributions in excess of earnings for the fiscal period
ending August 31, 2024 would be ¥1,153 million (¥497 per unit), consisting of theallowance for temporary difference adjustments of ¥1,009 million (¥435 per unit)
and other distributions in excess of earning (return of capital) of ¥143 million (¥62
per unit), and for the fiscal period ending February 28, 2025, total of distributions inexcess of earnings would be ¥3,236 million (¥1,395 per unit), consisting of theallowance for temporary difference adjustments of ¥3,155 million (¥1,360 per unit)
and other distributions in excess of earnings (return of capital) of ¥81 million (¥35
per unit).
・ DHR has assumed that changes in fair value of interest-rate swaps will not affect theamount of distributions in excess of earnings per unit for the fiscal periods ending
August 31, 2024 and February 28, 2025.
・ DHR has assumed that no enforcement of such revisions to laws and regulations, tax
systems, accounting standards, securities listing regulations and rules of The
OthersInvestment Trusts Association, Japan, etc. that may affect the above forecasts.
・ DHR’s forecasts assume no unforeseen significant changes in general economic
trends or conditions in the real estate market.
- 13 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

2. Financial Statements(1) Balance Sheets(Unit: Thousands of yen)Previous fiscal period(As of August 31, 2023)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Goodwill
Leasehold rights in trust
Trademark rights
Total intangible assets*1

35,200,356
19,677,731
285,942
723,576
4,416(602)
55,891,421

32,164,112
19,340,799
239,258
741,2595,583(530)
52,490,483

26,155,926(6,720,639)
19,435,287
265,497(65,048)
200,448
486,908(224,959)
261,949
896,802(600,532)
296,269
21,711,324
433,676,121(70,795,455)
362,880,666
10,245,541(2,310,272)
7,935,268
2,677,580(1,541,923)
1,135,656
2,299,467(1,254,355)
1,045,112
424,330,713
453,937
839,686,634

26,315,317(6,980,878)
19,334,438
270,264(68,308)
201,956
497,576(235,450)
262,125
907,961(624,845)
283,116
21,711,324
438,190,385(75,648,299)
362,542,086
10,356,802(2,512,716)
7,844,085
3,072,989(1,620,015)
1,452,973
2,530,755(1,385,493)
1,145,262
427,836,980
734,283
843,348,633

51,537,891
5,687,984
127
57,226,003- 14 -

Current fiscal period(As of February 29, 2024)*1

49,555,664
6,478,494
110
56,034,269

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(Unit: Thousands of yen)Previous fiscal period(As of August 31, 2023)
Investments and other assets
Investment securities
Long-term prepaid expenses
Guarantee deposits
Lease and guarantee deposits in trust
Total investments and other assets
Total non-current assets
Deferred assets
Investment corporation bond issuance costs
Total deferred assets
Total assets
Liabilities
Current liabilities
Operating accounts payable
Short-term loans
Current portion of investment corporation bonds
Current portion of long-term loans
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Unearned revenue
Deposits received
Derivatives liabilities
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term loans
Long-term unearned revenue
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Derivatives liabilities
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital
SurplusCapital surplus
Deduction from capital surplus
Allowance for temporary difference
adjustments
Other deductions from capital surplus
Total deduction from capital surplus
Capital surplus, net
Unappropriated retained earnings (undisposed
loss)
Total surplus
Total unitholders’ equity*2*3- 15 -

9,515
2,195,416
99
3,547,332
5,752,363
902,665,001

Current fiscal period(As of February 29, 2024)
*2

9,532
2,124,192
99
3,571,130
5,704,954
905,087,856

190,867
190,867
958,747,290

174,111
174,111
957,752,451

2,008,257––
44,700,000
113,0111,810,542
605
493,337
3,598,896
85,431
173,101
15,36367,52053,066,067

1,739,747
4,000,000
5,000,000
35,100,000
78,893
1,829,047
605
138,538
3,633,612
71,789160,6122,133
67,52051,822,500

44,000,000
318,850,000
90,560331,684
23,432,886
690,200
112,293
387,507,625
440,573,692

39,000,000
326,450,000
56,000337,763
23,723,272
777,202
83,385
390,427,623
442,250,124

268,042,601

268,042,601

247,667,563

247,667,563(8,723,684)*3(10,584,324)(44,080)(8,767,764)
238,899,799(44,080)(10,628,404)
237,039,159

11,358,853

10,506,085

250,258,653
518,301,254

247,545,245
515,587,846

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(Unit: Thousands of yen)Previous fiscal period(As of August 31, 2023)
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets*4- 16 -(127,656)(127,656)
518,173,597
958,747,290

Current fiscal period(As of February 29, 2024)*4(85,519)(85,519)
515,502,327
957,752,451

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(2) Statements of Income(Unit: Thousands of yen)Previous fiscal period(From March 1, 2023
to August 31, 2023)
Operating revenues
Rental revenues
Other rental revenues
Gain on sale of real estate properties
Total operating revenues
Operating expenses
Rental expenses
Impairment losses
Asset management fees
Asset custody fees
Administrative service fees
Directors’ remuneration
Amortization of goodwill
Other operating expenses
Total operating expenses
Operating profit
Non-operating income
Interest income
Reversal of allowance for doubtful accounts
Gain on forfeiture of unclaimed distributions
Gain on adjustment of liabilities
Gain on donation of non-current assets
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bondissuance costs
Borrowing related expenses
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Total income taxes
ProfitRetained earnings brought forward
Unappropriated retained earnings (undisposed loss)

*1
*1
*2

*1

- 17 -

Current fiscal period(From September 1, 2023
to February 29, 2024)

28,207,324
1,363,489
349,963
29,920,778*1

12,509,714–
1,916,817
38,34993,7306,720
1,982,226
458,395
17,005,954
12,914,823

*1

*1
*2

*3

28,374,947
1,268,456
71
29,643,474
12,145,539
889,442
1,932,569
38,36095,0136,720
1,982,226
415,507
17,505,380
12,138,094

232
784
5,842
5,795
7,377
–
50
20,081

213
61
5,377
3,871
–
1,604
62
11,1901,248,815
125,652

1,307,796
122,585

16,756

16,756316,676
2,075
1,709,975
11,224,929
11,224,929
605
605
11,224,324
134,528
11,358,853

320,5262,663
1,770,327
10,378,956
10,378,956
605
605
10,378,351
127,733
10,506,085

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(3) Statements of Unitholders’ Equity
Previous fiscal period (From March 1, 2023 to August 31, 2023)(Unit: Thousands of yen)
Unitholders’ equity
SurplusCapital surplus
Deduction from capital surplus

Unitholders’ capital
Capital surplus

Balance at beginningof period
Changes of items
during period
Distributions inexcess of earnings
from allowance fortemporarydifference
adjustments
Distributions fromsurplus268,042,601

Allowance for
Other deductions from
temporary difference
capital surplus
adjustments

247,667,563(6,879,284)

Capital surplus, net

Total deduction from
capital surplus(44,080)(1,844,400)(6,923,364)

240,744,199(1,844,400)(1,844,400)

ProfitNet changes of
items other thanunitholders’ equity
Total changes of
items during period
Balance at end of
period––(1,844,400)–(1,844,400)(1,844,400)*268,042,601

247,667,563(8,723,684)(44,080)(8,767,764)

238,899,799(Unit: Thousands of yen)
Unitholders’ equity

Valuation and translation adjustments

Surplus

Balance at beginningof period
Changes of items
during period
Distributions inexcess of earnings
from allowance fortemporarydifference
adjustments
Distributions fromsurplusProfitNet changes of
items other thanunitholders’ equity
Total changes of
items during period
Balance at end of
periodTotal net assets

Total unitholders’equityDeferred gains or losses
on hedges

Total valuation andtranslation
adjustments

252,140,008

520,182,609(132,684)(132,684)(1,844,400)(1,844,400)(1,844,400)(11,261,280)(11,261,280)(11,261,280)(11,261,280)

11,224,324

11,224,324

11,224,324

11,224,324

Unappropriatedretained earnings(undisposed loss)
11,395,808

Total surplus

520,049,925

5,027

5,027

5,027

(36,955)(1,881,355)(1,881,355)

5,027

5,027

(1,876,327)

11,358,853

250,258,653

518,301,254(127,656)(127,656)

518,173,597- 18 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Current fiscal period (From September 1, 2023 to February 29, 2024)(Unit: Thousands of yen)
Unitholders’ equity
SurplusCapital surplus
Deduction from capital surplus

Unitholders’ capital
Capital surplus

Balance at beginningof period
Changes of items
during period
Distributions inexcess of earnings
from allowance fortemporarydifference
adjustments
Distributions fromsurplus268,042,601

Allowance for
Other deductions from
temporary difference
capital surplus
adjustments

247,667,563(8,723,684)

Capital surplus, net

Total deduction from
capital surplus(44,080)(1,860,640)(8,767,764)

238,899,799(1,860,640)(1,860,640)

ProfitNet changes of
items other thanunitholders’ equity
Total changes of
items during period
Balance at end of
period––(1,860,640)–(1,860,640)(1,860,640)*268,042,601

247,667,563(10,584,324)(44,080)(10,628,404)

237,039,159(Unit: Thousands of yen)
Unitholders’ equity

Valuation and translation adjustments

Surplus

Balance at beginningof period
Changes of items
during period
Distributions inexcess of earnings
from allowance fortemporarydifference
adjustments
Distributions fromsurplusProfitNet changes of
items other thanunitholders’ equity
Total changes of
items during period
Balance at end of
periodTotal net assets

Total unitholders’equityDeferred gains or losses
on hedges

Total valuation andtranslation
adjustments

250,258,653

518,301,254(127,656)(127,656)(1,860,640)(1,860,640)(1,860,640)(11,231,120)(11,231,120)(11,231,120)(11,231,120)

10,378,351

10,378,351

10,378,351

10,378,351

Unappropriatedretained earnings(undisposed loss)
11,358,853

Total surplus

518,173,597

42,13742,13742,137(852,768)(2,713,408)(2,713,408)

42,13742,137(2,671,270)

10,506,085

247,545,245

515,587,846(85,519)(85,519)

515,502,327- 19 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(4) Statements of Cash Distributions
Item
I Unappropriated retained earnings
II Amount added to distributions inexcess of earnings
Allowance for temporary difference
adjustments
Other deductions from capitalsurplusIII Distributions[Distributions per investment unit]
Of the above, earnings distributions[of the above, earnings distributions
per unit]
Of the above, allowance fortemporary difference adjustments[of the above, distributions in excessof earnings per unit associated withthe allowance for temporary
difference adjustments]
Of the above, other distributions inexcess of earnings[of the above, distributions in excessof earnings per unit associated withthe other distributions in excess ofearnings]
IV Retained earnings carried forward
Calculation method for distributions

Fiscal period ended August 31, 2023
Amount (Yen)
11,358,853,689

Fiscal period ended February 29, 2024
Amount (Yen)
10,506,085,549

1,860,640,000

2,777,040,000–

53,360,000

13,091,760,000[5,643]
11,231,120,000

13,249,520,000[5,711]
10,419,120,000[4,841][4,491]

1,860,640,000

2,777,040,000[802][1,197]–53,360,000

[–]

[23]

127,733,689

86,965,549

Based on the cash distribution policy
Based on the cash distribution policy
set forth in Article 37, paragraph 1 and set forth in Article 37, paragraph 1 andparagraph 2 of the Articles ofparagraph 2 of the Articles ofIncorporation of DHR, an amount
Incorporation of DHR, an amountequivalent to the amortization ofequivalent to the amortization of
goodwill is distributed together withgoodwill is distributed together withprofit, and distributions in excess of
profit, and distributions in excess ofearnings in the amount equivalent toearnings in the amount equivalent toamortization of goodwill are paid
amortization of goodwill are paid
(distributions accounted as an(distributions accounted as anallowance for temporary difference
allowance for temporary difference
adjustments and other distributions inadjustments and other distributions inexcess of earnings).
excess of earnings).
Based on the above policy, for the
Based on the above policy, for the
relevant period, of the total amount of relevant period, of the total amount of¥13,091,836,885 after combining profit ¥13,250,021,130 when combiningof ¥11,224,324,867 and amortization of profit of ¥10,378,351,860, amortization
goodwill of ¥1,982,226,586 andof goodwill of ¥1,982,226,586 anddeducting ¥114,714,568 corresponding impairment losses of ¥889,442,684,
to a portion of gain on sale of real
DHR decided to pay a total ofestate properties, etc., DHR decided to ¥13,249,520,000 in distributions
pay a total of ¥13,091,760,000 in(¥5,711 per unit) after adjusting the
distributions (¥5,643 per unit) after
fractional parts of amounts less than ¥1adjusting the fractional parts ofper investment unit for each type ofamounts less than ¥1 per investment
distribution listed in the breakdown ofunit for each type of distribution listed distributions below.
in the breakdown of distributions
The breakdown of distributions was
below.
¥10,419,120,000 as earnings
The breakdown of distributions was
distributions (¥4,491 per unit), and of¥11,231,120,000 as earnings
distributions in excess of earnings,
distributions (¥4,841 per unit) and¥2,777,040,000 as allowance for¥1,860,640,000 in allowance fortemporary difference adjustments
temporary difference adjustments as(¥1,197 per unit) and ¥53,360,000 as
distributions in excess of earnings
other distributions in excess of earnings(¥802 per unit).
(¥23 per unit).

- 20 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(5) Statements of Cash Flows(Unit: Thousands of yen)Previous fiscal period(From March 1, 2023
to August 31, 2023)
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Amortization of investment corporation bond issuancecosts
Amortization of trademark rights
Impairment losses
Loss on retirement of non-current assets
Gain on donation of non-current assets
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued consumption taxes
payableIncrease (decrease) in accrued expenses
Increase (decrease) in deposits received
Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in allowance for doubtful accounts
Decrease in property, plant and equipment in trust due
to salesDecrease (increase) in lease and guarantee deposits intrust
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets in trust
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits intrust
Repayments of tenant leasehold and security deposits intrust
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term loans
Proceeds from long-term loans
Repayments of long-term loans
Distributions paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period*- 21 -

Current fiscal period(From September 1, 2023
to February 29, 2024)

11,224,929
5,602,550
1,982,226

10,378,956
5,650,264
1,982,226

16,756

16,756

16–
17,521(7,377)(232)
1,374,468(4,680)6,163
238,195
5,133

16
889,442
24,977–(213)
1,430,381
46,684(17,683)(327,972)(29,933)

9,269(354,798)

3,290(11,662)(45,256)
107,199(852)

22,203(12,488)
34,71571,223(71)

614,941

1,049

21(23,797)

10,34621,142,968
232(1,438,207)(605)
19,704,388

114,641
19,896,581
213(1,482,281)(602)
18,413,911(191,936)(4,932,526)–
30,638(21,108)(193,027)(9,849,354)(846,385)
19,675(10,774)442,979

786,738(519,120)(607,813)(5,191,075)(10,700,940)–
17,400,000(17,400,000)(13,099,699)(13,099,699)
1,413,612
53,464,475
54,878,088

4,000,000
22,700,000(24,700,000)(13,086,146)(11,086,146)(3,373,175)
54,878,088
51,504,912*

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(6) Notes on Assumption of Going Concern
Not applicable.
(7) Notes on Important Accounting Policies
1. Valuation basis andaccounting methods for
assetsSecurities
Held-to-maturity bonds
The amortized cost method (straight-line method) is used.

2. Method of depreciationof non-current assets(1)

Property, plant and equipment (including assets in trust)The straight-line method is used.
The useful lives of major property, plant and equipment are listed below.
Buildings
2 to 69 years
Structures
3 to 63 years
Machinery and equipment
7 to 28 years
Tools, furniture and fixtures
2 to 28 years(2)

Intangible assets (including assets in trust)The straight-line method is used.
The useful lives of major intangible assets are listed below.
Goodwill
20 years
Leasehold rights (fixed-term land lease rights in general) are amortized on a straightline basis over the life of each contract.

3. Accounting method fordeferred assets

Investment corporation bond issuance costs
Costs are amortized by the straight-line method over the redemption period.

4. Recognition ofallowance

Allowance for doubtful accounts
The allowance for doubtful accounts consists of the individually estimateduncollectible amounts with respect to certain identified doubtful receivables and theamounts calculated using the rate of actual collection losses with respect to the otherreceivables.

5. Recognition of revenues (1) Recognition of revenues
and expenses
The details of the main performance obligations related to revenue from contracts with
DHR’s customers and the usual timing for satisfying the performance obligations (theusual timing for recognition of revenue) are as follows.
i)
Sale of real estate properties
For proceeds from sale of real estate properties, revenue is recognized at the time
when the buyer, who is the customer, acquires control of the real estate property
by the performance of the delivery obligation set out in the real estate sales
contract.
ii) Utilities expenses reimbursements (incidental revenues)
Utilities expenses reimbursements are recognized according to the supply ofelectricity, water, and so forth to the lessee, who is the customer, in accordancewith the details of the lease contract and attached agreements for a real estate
property, etc.
For utilities expenses reimbursements in which DHR is deemed to correspond toan agent, revenue is recognized as the net amount after deducting the payment
amount to another service provider from the amount received as charges forelectricity and water, etc. supplied by that other service provider.
(2) Property-related taxes
For property tax, city planning tax, depreciable asset tax and other tax for real
properties held, etc., the amount of tax levied corresponding to the fiscal period isrecorded as real estate rental expenses.
The settlement money for property-related taxes for the year including the acquisition
date that is paid to the transferor for acquisition of real estate, etc. is not recorded asreal estate rental expenses but included in the acquisition costs for the related
properties.

- 22 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

6. Method of hedge
accounting

Method of hedge accounting
The deferral hedge accounting is used; provided, however, that special treatment isapplied for interest rate swaps when the swaps satisfy the requirements for special
treatment.
(2) Hedging instruments and hedged items
Hedging instruments: Interest rate swaps
Hedged items: Interest on borrowings(3) Hedging policy
DHR conducts derivative transactions for the purpose of hedging risks provided for in
the Articles of Incorporation of DHR pursuant to the basic policy of risk management.
(4) Method of assessing hedge effectiveness
Assessment of hedging effectiveness is omitted when the material conditions for thenotional principal of hedging instruments and those for hedged items are the same, andchanges in cash flows of hedged items can be expected to be offset in full at thecommencement of a hedge and continuously thereafter.
In addition, the assessment of hedging effectiveness is omitted for interest rate swaps
to which special treatment is applied.

7. Scope of cash in thestatements of cash flows(cash and cash
equivalents)

Cash in the statements of cash flows (cash and cash equivalents) includes cash on hand,cash in trust, demand deposits, deposits in trust, and highly liquid short-term investmentsthat are readily convertible, carry little risk in price fluctuations, and mature within threemonths of the date of acquisition.

8. Other matters forming
the basis of preparing
the financial statements(1)

Accounting method for trust beneficiary interests in real estateWith regard to trust beneficiary interests in real estate, all assets and liabilities as well
as all revenues and expense items associated with all trust assets are accounted forunder the respective account items of the balance sheets and statements of income.
Of the trust assets accounted for under the respective account items, the following
items with significance are separately indicated on the balance sheets.
i)
Cash and deposits in trustii) Buildings in trust, structures in trust, machinery and equipment in trust, tools,
furniture and fixtures in trust, land in trust and construction in progress in trustiii) Leasehold rights in trustiv) Lease and guarantee deposits in trustv) Tenant leasehold and security deposits in trust(2)

Accounting method for non-deductible consumption taxes
Non-deductible consumption taxes for acquisition of assets are added on to theacquisition cost of each asset.

(1)- 23 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(8) Notes to Financial Statements
Notes to Balance Sheets*1.

Amount of reduction entries for property, plant and equipment acquired through government
subsidies, etc.

Buildings in trust*2.

Government bonds have been deposited with the Tokyo Legal Affairs Bureau as business security
deposits in accordance with the Building Lots and Building Transaction Business Act.
(Unit: Thousands of yen)
Current fiscal period(As of February 29, 2024)
9,532

Previous fiscal period(As of August 31, 2023)
9,515

Investment securities*3.

(Unit: Thousands of yen)
Current fiscal period(As of February 29, 2024)
23,413

Previous fiscal period(As of August 31, 2023)
23,413Matters regarding provision and reversal of allowances for temporary difference adjustments
Previous fiscal period (From March 1, 2023 to August 31, 2023)
1. Reason for provision, reversal, related assets, etc., and amount of provision
Relatedassets, etc.

ReasonGoodwill

Amortizationof goodwill(Unit: Thousands of yen)
Balance at
Amount ofAmount ofBalance at
Reason for
Initial amount beginning ofprovision
reversalend of period
reversal
periodduring period during period
50,5086,879,284

1,844,400–

8,723,684–

2. Specific method of reversal
Amortization of goodwill
In principle, no reversals are made.
Current fiscal period (From September 1, 2023 to February 29, 2024)
1. Reason for provision, reversal, related assets, etc., and amount of provision
Relatedassets, etc.

ReasonGoodwill

Amortizationof goodwill(Unit: Thousands of yen)
Balance at
Amount ofAmount ofBalance at
Reason for
Initial amount beginning ofprovision
reversalend of period
reversal
periodduring period during period
50,5088,723,684

1,860,640–

10,584,324

2. Specific method of reversal
Amortization of goodwill
In principle, no reversals are made.
*4.

Minimum net assets stipulated in Article 67, paragraph 4 of the Act on Investment Trusts andInvestment Corporations
Previous fiscal period(As of August 31, 2023)
50,000(Unit: Thousands of yen)
Current fiscal period(As of February 29, 2024)
50,000- 24 -–

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

5.

Commitment line contracts
DHR has commitment line contracts with four banks with which it has transaction.

Total amount specified in commitment line contracts
Loans executed and outstanding
Unused credit lines

Previous fiscal period(As of August 31, 2023)
25,000,000–
25,000,000- 25 -(Unit: Thousands of yen)
Current fiscal period(As of February 29, 2024)
25,000,000–
25,000,000

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Notes to Statements of Income*1.

A.

Breakdown of income (loss) from real estate rental business
Previous fiscal period(From March 1, 2023
to August 31, 2023)(Unit: Thousands of yen)
Current fiscal period(From September 1, 2023
to February 29, 2024)

Real estate rental revenues
Rental revenues
Rent

27,644,645

27,798,141

Common area charges

562,679

28,207,324

576,806

28,374,947

Other rental revenues
Facility charges

479,529

481,928

Incidental revenues

562,263503,599

Other

321,696

Total real estate rental revenues
B.

1,363,489

282,928

29,570,814

1,268,456
29,643,403

Real estate rental expenses
Rental expenses
1,559,184

1,555,068

635,792

543,622

Taxes and public dues

2,422,910

2,420,966

Repairs and maintenance expenses

1,177,408

913,272

Restoration costs

258,696

225,970

Insurance

54,80554,803

Management fees
Utilities

Custodian fees
Depreciation
Other operating expenses

67,73863,437

5,602,550

5,650,264

730,626

12,509,714

718,133

12,145,539

Total real estate rental expenses

12,509,714

12,145,539

C.

Income (loss) from real estate rental business (A – B)

17,061,100

17,497,863*2.

Breakdown of gain (loss) on sale of real estate properties

Previous fiscal period (From March 1, 2023 to August 31, 2023)(Unit: Thousands of yen)
Castalia Meieki Minami
Proceeds from sale of real estate properties
Cost of real estate properties sold
Other sales expenses
Gain (loss) on sale of real estate properties

1,001,000
614,941
36,095349,963

Current fiscal period (From September 1, 2023 to February 29, 2024)(Unit: Thousands of yen)
FOLEO Hirakata (part of the land)
Proceeds from sale of real estate properties
Cost of real estate properties sold
Other sales expenses
Gain (loss) on sale of real estate properties

*3.

2,131
1,049
1,010
71

Breakdown of impairment losses

Previous fiscal period (From March 1, 2023 to August 31, 2023)
Not applicable.

- 26 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Current fiscal period (From September 1, 2023 to February 29, 2024)
DHR recorded impairment losses on the following asset group.
Property name
D Project
Kaminokawa

Location
Kawachi District,Tochigi(Unit: Thousands of yen)Type
Impairment loss
Buildings in trust, etc.
539,598
Land in trust
349,844

When calculating impairment losses, DHR treats each property it owns as a single asset group. Regarding
the property listed in the above table, because of the decision to sell it, its carrying amount in the balance
sheet was reduced to the recoverable amount. The amount of that reduction was then recorded in the
category of operating expenses as an impairment loss.
The recoverable amount is measured using the net realizable value of the property (expected sale priceminus the estimated disposal costs).
The impairment losses arising from the sale are deemed to have the nature of operating expenses andclassified as operating expenses in accordance with Article 48, paragraph 2 of the “Regulations on
Accounting of Investment Corporations.”- 27 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Notes to Statements of Unitholders’ Equity*

Total number of authorized investment units and total number of investment units issued

Total number of authorized investment units
Total number of investment units issued

Previous fiscal period(From March 1, 2023
to August 31, 2023)
8,000,000 units
2,320,000 units

Current fiscal period(From September 1, 2023
to February 29, 2024)
8,000,000 units
2,320,000 units

Notes to Statements of Cash Flows*

Reconciliation between cash and cash equivalents at end of period and relevant amount on the balance
sheetsPrevious fiscal period(From March 1, 2023
to August 31, 2023)(Unit: Thousands of yen)
Current fiscal period(From September 1, 2023
to February 29, 2024)

Cash and deposits
Cash and deposits in trust

35,200,356
19,677,731

32,164,112
19,340,799

Cash and cash equivalents

54,878,088

51,504,912

Investment and Rental Properties
DHR holds rental logistics, residential, retail, and other properties in the greater Tokyo area and other areas
for rental revenues. The balance sheet carrying amounts, changes during the fiscal period, and fair values ofthese properties are as follows:
Previous fiscal period(From March 1, 2023
to August 31, 2023)
Balance sheet carrying amount
Balance at beginning of period
Changes during period
Balance at end of period
Fair value at end of period(Unit: Thousands of yen)
Current fiscal period(From September 1, 2023
to February 29, 2024)

846,548,890

845,374,619(1,174,271)

4,452,508

845,374,619

849,827,127

1,085,829,000

1,097,552,300(Note 1) The balance sheet carrying amount is the acquisition cost less accumulated depreciation.
(Note 2) In changes during period, the increase in the previous fiscal period is mainly due to the acquisition of MIMARU
Tokyo Akasaka (¥3,149,910 thousand), while the decrease is mainly due to the sale of Castalia Meieki Minami(¥614,941 thousand) and depreciation. The increase in the current fiscal period is mainly due to the acquisition of two
properties (¥8,289,451 thousand) including MIMARU Tokyo Hatchobori, while the decrease is mainly due to thesale of a part of the land of FOLEO Hirakata (¥1,049 thousand), impairment losses (¥889,442 thousand) anddepreciation.
(Note 3) The fair value at end of period is the appraisal value provided by external real estate appraisers.

The profit or loss concerning investment and rental properties is indicated under “Notes to Statements ofIncome.”Notes on Revenue Recognition
1.

Information on disaggregation of revenue from contracts with customers
Previous fiscal period (From March 1, 2023 to August 31, 2023)(Unit: Thousands of yen)

Proceeds from sale of real estate properties
Utilities expenses reimbursements
Other
Total

Revenue from contracts withcustomers(Note 1)
1,001,000
544,220–
1,545,220- 28 -

Sales to external customers(Note 2) 349,963

544,220
29,026,594
29,920,778

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(Note 1) The above amounts do not include rental revenues, etc. subject to ASBJ Statement No. 13 “Accounting Standard
for Lease Transactions” and transfer of real estate properties, etc. subject to the Japan Institute of Certified Public
Accountants Accounting Practice Committee Statement No. 15 “Practical Guidelines on Accounting by Transferors
for Securitization of Real Property by Using Special Purpose Companies” since these are not within the scope of
application of the Accounting Standard for Revenue Recognition. Moreover, the main revenues from contracts withcustomers are proceeds from sale of real estate properties and utilities expenses reimbursements.
(Note 2) Proceeds from sale of real estate properties are recorded in the statements of income as gain on sale of real estate
properties (the net amount after deducting cost of real estate properties sold and other sales expenses from proceedsfrom sale of real estate properties). At DHR, gain on sale of real estate properties is recorded under operating
revenues, while loss on sale of real estate properties is recorded under operating expenses. Therefore, in the abovetable, only the amount of gain on sale of real estate properties is presented.

Current fiscal period (From September 1, 2023 to February 29, 2024)(Unit: Thousands of yen)
Revenue from contracts with
Sales to external customers
customers(Note 1)(Note 2) 71
Proceeds from sale of real estate properties
2,131
Utilities expenses reimbursements
485,862
485,862
Other–
29,157,541
Total
487,993
29,643,474(Note 1) The above amounts do not include rental revenues, etc. subject to ASBJ Statement No. 13 “Accounting Standard
for Lease Transactions” and transfer of real estate properties, etc. subject to the Japan Institute of Certified Public
Accountants Accounting Practice Committee Statement No. 15 “Practical Guidelines on Accounting by Transferors
for Securitization of Real Property by Using Special Purpose Companies” since these are not within the scope of
application of the Accounting Standard for Revenue Recognition. Moreover, the main revenues from contracts withcustomers are proceeds from sale of real estate properties and utilities expenses reimbursements.
(Note 2) Proceeds from sale of real estate properties are recorded in the statements of income as gain on sale of real estate
properties (the net amount after deducting cost of real estate properties sold and other sales expenses from proceedsfrom sale of real estate properties). At DHR, gain on sale of real estate properties is recorded under operating
revenues, while loss on sale of real estate properties is recorded under operating expenses. Therefore, in the abovetable, only the amount of gain on sale of real estate properties is presented.

2.

Information on basis for understanding revenue from contracts with customers
Previous fiscal period (From March 1, 2023 to August 31, 2023)
As indicated under “Notes on Important Accounting Policies.”
Current fiscal period (From September 1, 2023 to February 29, 2024)
As indicated under “Notes on Important Accounting Policies.”

3.

Information regarding relationship between fulfillment of performance obligation in accordance with
contracts with customers and cash flow arising from the contracts, as well as amounts and timing ofrevenue expected to be recognized in the following fiscal period onward from contracts withcustomers existing at the end of the current fiscal period(1) Balances of contract assets and contract liabilities(Unit: Thousands of yen)
Current fiscal period(From September 1, 2023
to February 29, 2024)

Previous fiscal period(From March 1, 2023
to August 31, 2023)
Receivables arising from contracts with customers(Balance at beginning of period)
Receivables arising from contracts with customers(Balance at end of period)
Contract assets (Balance at beginning of period)
Contract assets (Balance at end of period)
Contract liabilities (Balance at beginning of period)
Contract liabilities (Balance at end of period)- 29 -

231,488

235,342

235,342

186,380

–
–
–
–

–
–
–
–

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(2) Transaction price allocated to remaining performance obligations
Not applicable.
For utilities expenses reimbursements, DHR has the right to receive from customers the amount ofconsideration directly corresponding to the value to the lessee, who is the customer, for the portion forwhich performance is completed by the fiscal period end. Therefore, in accordance with paragraph 19 of
the Implementation Guidance on Accounting Standard for Revenue Recognition, revenue is recognized in
the amount for which DHR has the right to request payment. Accordingly, DHR has applied the provisionof paragraph 80-22 (2) of the Accounting Standard for Revenue Recognition and does not include utilities
expenses reimbursements in this note of the transaction price allocated to remaining performanceobligations.
Per Unit Information
Previous fiscal period(From March 1, 2023
to August 31, 2023)

Current fiscal period(From September 1, 2023
to February 29, 2024)¥223,350¥222,199¥4,838¥4,473

Net assets per unit
Basic earnings per unit

(Note 1) Basic earnings per unit is calculated by dividing profit by the day-weighted average number of investment units forthe period. Fully diluted earnings per investment unit is not stated, as there is no potential investment unit.
(Note 2) The basis for calculating basic earnings per unit is as follows:
Previous fiscal period(From March 1, 2023
to August 31, 2023)

Current fiscal period(From September 1, 2023
to February 29, 2024)(Thousands of yen)

11,224,324

10,378,351

Amount not attributable to common
unitholders(Thousands of yen)––

Profit attributable to common
investment units (Thousands of yen)

11,224,324

10,378,351

Average number of investment units
for the period(Units)2,320,000

2,320,000

Profit- 30 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Major Subsequent Events
Not applicable.
Additional Information
Notes on provision and reversal of allowances for temporary difference adjustments
Previous fiscal period (From March 1, 2023 to August 31, 2023)
1. Reason for provision, related assets, etc., and amount of provision(Unit: Thousands of yen)

Related assets, etc.
Goodwill

Reason for provision
Amortization of goodwill

Allowance for temporary
difference adjustments
1,860,640

2. Specific method of reversal
Amortization of goodwill
In principle, no reversals are made.
Current fiscal period (From September 1, 2023 to February 29, 2024)
1. Reason for provision, related assets, etc., and amount of provision(Unit: Thousands of yen)

Related assets, etc.
Goodwill
Buildings in trust, etc.

Reason for provision
Amortization of goodwill
Occurrence of impairment loss

Allowance for temporary
difference adjustments
1,887,597
889,442

2. Specific method of reversal
Amortization of goodwill
In principle, no reversals are made.
Buildings in trust, etc.
At the time of the sale of the property, the amount to be treated will be reversed.
Omission of Disclosure
Disclosure is omitted for items for notes including lease transactions, financial instruments, securities,
derivative transactions, related party transactions, tax effect accounting, retirement benefits, asset retirement
obligations, segment information, equity in earnings or losses of equity-method investments, since necessity
for their disclosure in the financial results report is not deemed significant.

- 31 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(9) Changes in Number of Investment Units Issued
DHR’s total number of investment units issued and changes in unitholders’ capital for the most recent five
years until February 29, 2024 are as follows:

Date

Event

Total number ofinvestment units issued(Units)Unitholders’ capital(Millions of yen)

ChangeBalance

ChangeRemarkBalance

March 1, 2019

Capital increase throughpublic offering

138,000

2,065,000

32,879196,110(Note 1)March 26, 2019

Capital increase throughthird-party allotment

10,0002,075,000

2,382

198,492(Note 2)

March 2, 2020

Capital increase throughpublic offering

121,000

2,196,000

33,273

231,766(Note 3)September 1,
2021

Capital increase throughpublic offering

115,000

2,311,000

33,643

265,409(Note 4)September 28,
2021

Capital increase throughthird-party allotment

9,000

2,320,000

2,632

268,042(Note 5)(Note 1) Investment units were issued by public offering with an issue price of ¥245,784 per unit (paid-in amount:¥238,260) in order to raise funds for the acquisition of new properties, etc.
(Note 2) Additional investment units were issued with a paid-in amount of ¥238,260 per unit in order to raise funds forthe acquisition of new properties, etc.
(Note 3) Investment units were issued by public offering with an issue price of ¥283,670 per unit (paid-in amount:¥274,986) in order to raise funds for the acquisition of new properties, etc.
(Note 4) Investment units were issued by public offering with an issue price of ¥301,791 per unit (paid-in amount:¥292,552) in order to raise funds for the acquisition of new properties, etc.
(Note 5) Additional investment units were issued with a paid-in amount of ¥292,552 per unit in order to raise funds forthe acquisition of new properties, etc.
(Note 6) There are no investment units that do not have voting rights in accordance with the provisions of Article 308,
paragraph 2 of the Companies Act, as applied mutatis mutandis pursuant to Article 94 of the Investment Trusts
Act (treasury investment units), or investment units that do not have voting rights in accordance with theprovisions of Article 160 of the Regulation for Enforcement of the Act on Investment Trusts and Investment
Corporations (Order of the Prime Minister’s Office No. 129 of 2000, as amended; hereinafter referred to as the“Regulation for Enforcement of Investment Trusts Act”) (cross-held investment units).

- 32 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

3. Reference Information
Status of DHR’s Investment(1) Portfolio Listi)

Status of investment
The status of DHR’s investment as of February 29, 2024 is shown below.
Type of assets

Area

Asset class

Residential
properties(Note 1)Three major
metropolitan
areas of Japan

Real estate
Retailproperties

Residential
properties

RetailTrust beneficiaryinterest in real estate properties

Hotelproperties

Other assets

Three major
metropolitan
areas of Japan

Three major
metropolitan
areas of Japan

Three major
metropolitan
areas of Japan

Three major
metropolitan
areas of Japan
Three major
metropolitan
areas of Japan(Note 2)

Percentage
to total assets(%) (Note 3)

Greater Tokyo area

23,215

2.4

Greater Nagoya area

905

0.1

Greater Osaka area

12,915

1.3

Other

3,284

0.3

Other

1,471

0.2

Subtotal
Logistics
properties

Total amount held
(Millions of yen)

41,792

4.4

Greater Tokyo area

326,406

34.1

Greater Nagoya area

14,998

1.6

Greater Osaka area

24,817

2.6

Other83,4608.7

Greater Tokyo area

161,259

16.8

Greater Nagoya area

4,974

0.5

Greater Osaka area

5,818

0.6

Other

1,049

0.1

Greater Tokyo area

31,818

3.3

Greater Nagoya area

2,390

0.2

Greater Osaka area

22,495

2.3

Other61,591

6.4

Greater Tokyo area

12,855

1.3

Greater Nagoya area

5,276

0.6

Greater Osaka area

1,388

0.1

Other

7,934

0.8

3,103

0.3

36,3953.8

808,034

84.4

Greater Tokyo area
Other

Subtotal
Deposits and other assets

107,925

11.3

Total assets

957,752

100.0

Amount(Millions of yen)

Percentage
to total assets(%) (Note 3)

Total liabilities

442,250

46.2

Total net assets

515,50253.8(Note 1)

(Note 2)

(Note 3)Three major metropolitan areas of Japan in “Area” are the Greater Tokyo area (Tokyo, Kanagawa, Saitama andChiba), the Greater Nagoya area (Aichi, Gifu and Mie) and the Greater Osaka area (Osaka, Kyoto, Hyogo, Naraand Shiga). The same shall apply hereinafter.
“Total amount held” represents the amount recorded on the balance sheets as of February 29, 2024, which isrounded down to the nearest million yen. For real estate and trust beneficiary interest in real estate, the amounts
are their acquisition prices (including expenses associated with the acquisition) less accumulated depreciation.
“Percentage to total assets” is rounded to the nearest tenth.

- 33 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

ii)

Major investment securities

The status of investment securities held by DHR as of February 29, 2024 is shown below.
(Unit: Thousands of yen)
Type

Issue name

Total face
value

Book
value

Accruedinterest

Prepaid
Valuation
Investment
accrued Fair value gain or
ratio
interest
loss

Interest
rate

Maturity

–

–

8,661

(871)

0.0%

–

–

8,661

(871)

0.0%

30-year principalGovernment
stripped government
bonds
bonds (Series 27)

10,0009,532–

September
20, 2037

Total

10,000

9,532

–

–

Remark
Depositedas businesssecurity
depositiii) Summary of assets held
A. The summary of real estate or trust beneficiary interest in real estate (or referred as “real estate intrust”) held by DHR as of February 29, 2024 is shown below.

Asset
class

Property
number(Note 1)

Property nameLocation(city or county, prefecture)

Acquisition
date(Note 2)Acquisition price(Note 3)
Price
(Millions ofyen)

Investment
ratio (%)
(Note 4)

Assessedvalue at theBook value
end of(Millions ofperiodyen)(Millions of(Note 5)yen)
(Note 6)

LB-001 D Project Machida

Machida City, Tokyo

September 1, 2016

9,200

1.0

9,001

11,500

LB-002 D Project Hachioji

Hachioji City, Tokyo

September 1, 2016

15,4001.7

14,512

19,300

LB-003 D Project Aikawa-Machi

Aiko District, Kanagawa

September 1, 2016

3,390

0.4

3,567

4,830

LB-005 D Project Urayasu I

Urayasu City, Chiba

September 1, 2016

9,280

1.0

9,133

10,800

LB-006 D Project Urayasu II

Urayasu City, Chiba

September 1, 2016

26,0002.9

25,14830,900

LB-007 D Project Akanehama

Narashino City, Chiba

September 1, 2016

2,950

0.3

2,893

3,350

LB-008 D Project Noda

Noda City, Chiba

September 1, 2016

6,210

0.7

5,940

7,330

LB-009 D Project Inuyama (Note 7)

Inuyama City, Aichi

September 1, 2016

10,7901.2

9,958

13,020

LB-011 D Project Neyagawa

Neyagawa City, Osaka

September 1, 2016

5,980

0.7

5,615

7,260

LB-013 D Project Morioka

Takizawa City, Iwate

September 1, 2016

1,200

0.1

1,149

1,210

LB-015 D Project Tsuchiura

Tsuchiura City, Ibaraki

September 1, 2016

3,390

0.4

3,032

3,920

LB-018 D Project Fukuoka Umi

Kasuya District, Fukuoka

September 1, 2016

4,240

0.5

3,930

5,570

LB-019 D Project Tosu

Tosu City, Saga

September 1, 2016

5,740

0.6

5,072

7,050

LB-020 D Project Kuki I

Kuki City, Saitama

September 1, 2016

3,900

0.4

3,599

5,000

LB-021 D Project Kuki II

Kuki City, Saitama

September 1, 2016

8,120

0.9

7,825

10,100

LB-022 D Project Kawagoe I

Kawagoe City, Saitama

September 1, 2016

3,530

0.4

3,287

4,430

LB-023 D Project Kawagoe II

Kawagoe City, Saitama

September 1, 2016

4,850

0.5

4,525

6,150

LB-024 DPL Inuyama

Inuyama City, Aichi

September 1, 2016

3,940

0.4

3,615

4,710

LB-025 D Project Fukuoka Hakozaki

Fukuoka City, Fukuoka

September 1, 2016

4,340

0.5

4,024

5,280

LB-026 D Project Kuki III

Kuki City, Saitama

September 1, 2016

7,630

0.8

6,984

9,510

Kuki City, Saitama

September 1, 2016

5,520

0.6

5,023

6,860

Kuki City, Saitama

September 1, 2016

8,280

0.9

7,584

12,000Logistics
LB-027 D Project Kuki IV
properties
LB-028 D Project Kuki V
LB-029 D Project Kuki VI

Kuki City, Saitama

September 1, 2016

5,140

0.6

4,647

6,890

LB-030 D Project Yashio

Yashio City, Saitama

September 1, 2016

6,400

0.7

6,101

7,350

LB-031 D Project Nishiyodogawa

Osaka City, Osaka

September 1, 2016

10,3001.1

9,386

12,700

LB-032 D Project Matsudo

Matsudo City, Chiba

September 1, 2016

7,370

0.8

6,912

8,550

LB-033 D Project Hibiki Nada

Kitakyushu City, Fukuoka

September 28, 2016

2,080

0.2

1,866

2,370

LB-034 D Project Morioka II

Takizawa City, Iwate

September 28, 2016

1,280

0.1

1,163

1,320

LB-035 D Project Kawagoe III

Kawagoe City, Saitama

April 11, 2017

7,200

0.8

6,675

9,000

LB-036 D Project Kazo

Kazo City, Saitama

April 11, 2017

3,300

0.4

3,082

4,070

LB-037 D Project Urayasu III

Urayasu City, Chiba

April 11, 2017

8,500

0.9

8,391

10,500

LB-038 D Project Tomisato

Tomisato City, Chiba

April 11, 2017

5,000

0.6

4,562

5,970

LB-039 D Project Kyotanabe

Kyotanabe City, Kyoto

April 11, 2017

3,520

0.4

3,287

4,210

LB-040 D Project Sendai Izumi

Sendai City, Miyagi

April 11, 2017

1,510

0.2

1,368

1,770

LB-041 D Project Oyama

Oyama City, Tochigi

April 11, 2017

2,000

0.2

1,824

2,210

LB-042 D Project Sano

Sano City, Tochigi

April 11, 2017

1,780

0.2

1,597

2,030

LB-043 D Project Tatebayashi

Tatebayashi City, Gunma

April 11, 2017

3,100

0.3

2,811

3,530

LB-044 D Project Kakegawa

Kakegawa City, Shizuoka

April 11, 2017

6,000

0.7

5,513

6,760

LB-045 D Project Hiroshima Seifu

Hiroshima City, Hiroshima

April 11, 2017

3,820

0.4

3,518

4,610

LB-046 D Project Tosu II

Tosu City, Saga

April 11, 2017

1,700

0.2

1,525

2,500

LB-047 D Project Kawagoe IV

Kawagoe City, Saitama

April 10, 2018

5,600

0.6

5,547

6,650

- 34 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Asset
class

Property
number(Note 1)

Property nameLocation(city or county, prefecture)

Acquisition
date(Note 2)Acquisition price(Note 3)
Price
(Millions ofyen)

Investment
ratio (%)
(Note 4)

Assessedvalue at theBook value
end of(Millions ofperiodyen)(Millions of(Note 5)yen)
(Note 6)

LB-048 D Project Kuki VII

Kuki City, Saitama

April 10, 2018

1,040

0.1

1,000

LB-049 D Project Chibakita

Chiba City, Chiba

April 10, 2018

7,640

0.8

7,281

9,100

LB-050 D Project Matsudo II

Matsudo City, Chiba

April 10, 2018

8,200

0.9

7,758

9,260

LB-051 D Project Tomisato II

Tomisato City, Chiba

April 10, 2018

6,900

0.8

6,382

8,010

LB-052 D Project Osaka Hirabayashi

Osaka City, Osaka

April 10, 2018

3,600

0.4

3,345

4,290

LB-053 D Project Sendai Izumi II

Sendai City, Miyagi

April 10, 2018

7,300

0.8

6,655

8,630

LB-054 D Project Kaminokawa

Kawachi District, Tochigi

April 10, 2018

7,900

0.9

6,492

6,510

LB-055 D Project Fuji

Fuji City, Shizuoka

April 10, 2018

3,600

0.4

3,305

3,930

LB-056 D Project Tosu III

Tosu City, Saga

April 10, 2018

9,200

1.0

8,471

10,800

LB-057 D Project Kitahachioji I

Hachioji City, Tokyo

April 5, 2019

4,300

0.5

4,154

4,900

LB-058 D Project Kitahachioji II

Hachioji City, Tokyo

April 5, 2019

5,700

0.6

5,531

6,460

LB-059 D Project Kitahachioji III

Hachioji City, Tokyo

April 5, 2019

7,300

0.8

7,073

8,510
14,500Logistics LB-060 D Project Itabashi Shingashi
properties LB-061 D Project Sagamihara

1,310

Itabashi Ward, Tokyo

April 10, 201912,3001.4

12,155

Sagamihara City, Kanagawa

April 10, 2019

3,900

0.4

3,715

4,610

LB-062 D Project Kuki VIII

Kuki City, Saitama

April 10, 2019

6,100

0.7

5,793

7,150

LB-063 D Project Yokkaichi

Yokkaichi City, Mie

April 10, 2019

1,490

0.2

1,424

1,640

LB-064 D Project Ibaraki Ishioka

Ishioka City, Ibaraki

April 10, 2019

4,050

0.4

3,827

4,570

LB-065 D Project Wako A

Wako City, Saitama

September 3, 2021

10,7501.2

10,60012,100

LB-066 D Project Hiratsuka

Hiratsuka City, Kanagawa

October 1, 2021

15,2001.7

14,88816,500

LB-067 D Project Kadoma I

Kadoma City, Osaka

October 2, 2023

3,120

0.3

3,182

3,410

LM-001 DPL Misato

Misato City, Saitama

April 11, 201716,831

1.9

16,04420,500LM-002 DPL Fukuoka Kasuya

Kasuya District, Fukuoka

April 10, 2018

13,3001.5

12,50218,000LM-003 DPL Kitakyushu

Kitakyushu City, Fukuoka

September 27, 2018

3,510

0.4

3,196

4,020

LM-004 DPL Nagareyama I

Nagareyama City, Chiba

April 3, 2020

32,6003.6

31,60336,900LM-005 DPL Shin-Narashino

Narashino City, Chiba

April 1, 2021

5,930

0.7

5,796

6,660

LM-006 DPL Nagareyama III

Nagareyama City, Chiba

October 1, 2021

32,0003.5

31,64836,800473,24152.2

449,045

562,140

7,650

0.8

7,279

11,300Total of 67 Logistics properties
RE-001 Qiz Ebisu

Shibuya Ward, Tokyo

March 22, 2006

Castalia Azabujuban
RE-002Shichimenzaka

Minato Ward, Tokyo

March 22, 2006

4,500

0.5

4,065

5,110

RE-003 Castalia Shibakoen

Minato Ward, Tokyo

March 22, 2006

2,630

0.3

2,354

2,970

RE-004 Castalia Ginza

Chuo Ward, Tokyo

March 22, 2006

2,520

0.3

2,270

2,890

RE-005 Castalia Hiroo

Minato Ward, Tokyo

March 22, 2006

2,220

0.2

2,043

2,370

RE-006 Castalia Nihonbashi

Chuo Ward, Tokyo

March 22, 2006

1,200

0.1

1,046

1,460

RE-007 Castalia Hacchobori

Chuo Ward, Tokyo

March 7, 2007

2,300

0.3

2,049

2,870

RE-008 Castalia Azabujuban

Minato Ward, Tokyo

June 21, 2007

2,910

0.3

2,744

3,240

RE-009 Castalia Azabujuban II

Minato Ward, Tokyo

June 21, 2007

2,690

0.3

2,497

2,840

RE-010 Castalia Shinjuku Natsumezaka Shinjuku Ward, Tokyo

June 21, 2007

1,865

0.2

1,759

1,860

RE-011 Castalia Ginza II

June 21, 2007

1,800

0.2

1,594

2,200

June 21, 2007

1,400

0.2

1,332

1,520

Minato Ward, Tokyo

April 1, 2010

2,143

0.2

2,253

2,960

Chuo Ward, Tokyo

RE-012 Castalia Shibuya Sakuragaoka Shibuya Ward, Tokyo
RE-013

Castalia Nishi Azabu
Kasumicho

Residential RE-014 Castalia Ochanomizu
properties
RE-015 Castalia Sangubashi

Chiyoda Ward, Tokyo

April 1, 2010

1,770

0.2

1,642

2,750

Shibuya Ward, Tokyo

April 1, 2010

1,393

0.2

1,432

2,050

RE-016 Castalia Suitengu

Chuo Ward, Tokyo

April 1, 2010

1,279

0.1

1,142

1,810

RE-017 Castalia Suitengu II

Chuo Ward, Tokyo

April 1, 2010

1,138

0.1

1,028

1,620

RE-018 Castalia Shintomicho

Chuo Ward, Tokyo

April 1, 2010

932

0.1

860

1,290

RE-019 Castalia Shintomicho II

Chuo Ward, Tokyo

April 1, 2010

825

0.1

775

1,140

RE-020 Castalia Harajuku

Shibuya Ward, Tokyo

April 1, 2010

887

0.1

855

1,280

RE-021 Castalia Yoyogi Uehara

Shibuya Ward, Tokyo

April 1, 2010

608

0.1

629

905

RE-022 Castalia Sendagaya

Shibuya Ward, Tokyo

April 1, 2010

555

0.1

548

793

RE-023 Castalia Shinjuku 7 chome

Shinjuku Ward, Tokyo

April 1, 2010

464

0.1

425

642

RE-024 Castalia Ningyocho

Chuo Ward, Tokyo

April 1, 2010

947

0.1

840

1,620

RE-025 Castalia Ningyocho II

Chuo Ward, Tokyo

April 1, 2010

1,070

0.1

933

1,730

RE-026 Castalia Shin-Ochanomizu

Chiyoda Ward, Tokyo

April 1, 2010

914

0.1

848

1,350

RE-027 Castalia Higashi Nihonbashi II Chuo Ward, Tokyo

April 1, 2010

1,370

0.2

1,220

2,080

RE-028 Castalia Jinbocho

Chiyoda Ward, Tokyo

April 1, 2010

1,160

0.1

1,067

1,770

RE-029 Castalia Shintomicho III

Chuo Ward, Tokyo

April 1, 2010

675

0.1

616

932

- 35 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Asset
class

Property
number(Note 1)

Property nameLocation(city or county, prefecture)

Acquisition
date(Note 2)Acquisition price(Note 3)
Price
(Millions ofyen)

Investment
ratio (%)
(Note 4)

Assessedvalue at theBook value
end of(Millions ofperiodyen)(Millions of(Note 5)yen)
(Note 6)RE-030 Castalia Shinjuku Gyoen

Shinjuku Ward, Tokyo

April 1, 2010

2,720

0.3

2,515

3,710

RE-031 Castalia Takanawadai

Minato Ward, Tokyo

April 1, 2010

860

0.1

817

1,330

Castalia Higashi Nihonbashi
RE-032
III

Chuo Ward, Tokyo

April 1, 2010

666

0.1

605

934

RE-033 Castalia Shinjuku Gyoen II

Shinjuku Ward, Tokyo

April 1, 2010

486

0.1

445

636

RE-034 Castalia Shintomicho IV

Chuo Ward, Tokyo

April 1, 2010

400

0.0

383

583
1,680

RE-035 Castalia Takanawadai II

Minato Ward, Tokyo

April 1, 2010

1,190

0.1

1,127

RE-036 Castalia Minami Azabu

Minato Ward, Tokyo

April 1, 2010

642

0.1

609

925

RE-037 Castalia Ginza III

Chuo Ward, Tokyo

April 1, 2010

2,880

0.3

2,696

3,740

RE-038 Castalia Kayabacho

Chuo Ward, Tokyo

April 1, 2010

2,707

0.3

2,453

4,100

RE-039 Castalia Takanawa

Minato Ward, Tokyo

April 1, 2010

7,430

0.8

7,251

11,000RE-040 Castalia Higashi Nihonbashi

Chuo Ward, Tokyo

April 1, 2010

3,520

0.4

3,152

5,020

RE-041 Castalia Shinjuku

Shinjuku Ward, Tokyo

April 1, 2010

2,950

0.3

2,737

3,960

RE-042 Castalia Ichigaya

Shinjuku Ward, Tokyo

June 29, 2010

940

0.1

830

1,560

RE-043 Shibaura Island Bloom Tower Minato Ward, Tokyo

October 18, 2011

7,580

0.8

5,843

9,970

RE-044 Castalia Hatsudai

Shibuya Ward, Tokyo

December 19, 2011

2,030

0.2

1,913

2,780

RE-045 Castalia Hatsudai II

Shibuya Ward, Tokyo

September 27, 2013

1,900

0.2

1,803

2,500

RE-046 Castalia Ebisu

Shibuya Ward, Tokyo

September 27, 2013

1,420

0.2

1,347

1,890
5,390

RE-047 Castalia Meguro Kamurozaka Shinagawa Ward, Tokyo

December 20, 2005

4,500

0.5

3,907

RE-048 Castalia Toritsudaigaku

Meguro Ward, Tokyo

March 22, 2006

648

0.1

560

553

RE-049 Castalia Yukigaya

Ota Ward, Tokyo

March 7, 2007

1,110

0.1

957

1,370

RE-050 Castalia Yutenji

Meguro Ward, Tokyo

June 21, 2007

1,450

0.2

1,281

1,520

RE-051 Castalia Otsuka

Toshima Ward, Tokyo

June 21, 2007

1,480

0.2

1,301

1,860

RE-052 Castalia Kikukawa

Sumida Ward, Tokyo

June 21, 2007

817

0.1

714

1,010
1,410

RE-053 Castalia Meguro

Meguro Ward, Tokyo

April 1, 2010

844

0.1

841

RE-054 Castalia Otsuka II

Toshima Ward, Tokyo

April 1, 2010

1,040

0.1

935

1,570

RE-055 Castalia Jiyugaoka

Meguro Ward, Tokyo

April 1, 2010

1,200

0.1

1,152

1,730

RE-056 Castalia Mejiro

Toshima Ward, Tokyo

April 1, 2010

988

0.1

925

1,310

Toshima Ward, Tokyo

April 1, 2010

2,570

0.3

2,346

3,410

Toshima Ward, Tokyo

April 1, 2010

1,140

0.1

1,055

1,570

Shinagawa Ward, Tokyo

April 1, 2010

7,380

0.8

6,593

11,100

RE-060 Castalia Yakumo

Meguro Ward, Tokyo

April 1, 2010

857

0.1

803

993

RE-061 Castalia Togoshiekimae

Shinagawa Ward, Tokyo

April 1, 2010

1,560

0.2

1,405

2,420

Residential RE-057 Castalia Ikebukuro
properties RE-058 Castalia Kaname-cho
RE-059Castalia Tower Shinagawa
SeasideRE-062 Castalia Honjo Azumabashi

Sumida Ward, Tokyo

April 1, 2010

996

0.1

929

1,430

RE-063 Castalia Kitazawa

Setagaya Ward, Tokyo

April 1, 2010

742

0.1

721

1,030

RE-064 Castalia Monzennakacho

Koto Ward, Tokyo

April 1, 2010

503

0.1

442

727

RE-065 Castalia Kamiikedai

Ota Ward, Tokyo

April 1, 2010

198

0.0

172

87

RE-066 Castalia Morishita

Koto Ward, Tokyo

April 1, 2010

832

0.1

757

1,230

RE-067 Castalia Wakabayashikoen

Setagaya Ward, Tokyo

April 1, 2010

776

0.1

747

1,000

RE-068 Castalia Asakusabashi

Taito Ward, Tokyo

April 1, 2010

792

0.1

725

1,110

RE-069 Castalia Iriya

Taito Ward, Tokyo

April 1, 2010

546

0.1

493

761

RE-070 Castalia Kita Ueno

Taito Ward, Tokyo

April 1, 2010

2,641

0.3

2,342

3,720

RE-071 Castalia Morishita II

Koto Ward, Tokyo

April 1, 2010

686

0.1

604

1,020

RE-072 Castalia Minowa

Taito Ward, Tokyo

April 1, 2010

1,430

0.2

1,254

1,890

RE-073 Castalia Oyamadai

Setagaya Ward, Tokyo

April 1, 2010

533

0.1

498

713

RE-074 Castalia Nakano

Nakano Ward, Tokyo

April 1, 2010

1,060

0.1

951

1,540

RE-075 Castalia Yoga

Setagaya Ward, Tokyo

April 1, 2010

923

0.1

860

1,380

RE-076 Castalia Sumiyoshi

Koto Ward, Tokyo

April 1, 2010

948

0.1

814

1,240

RE-077 Castalia Monzennakacho II

Koto Ward, Tokyo

April 1, 2010

2,160

0.2

1,891

3,300

RE-078 Castalia Oshiage

Sumida Ward, Tokyo

April 1, 2010

1,100

0.1

913

1,390

RE-079 Castalia Kuramae

Taito Ward, Tokyo

April 1, 2010

1,260

0.1

1,104

1,770

RE-080 Castalia Nakanobu

Shinagawa Ward, Tokyo

June 29, 2010

1,790

0.2

1,577

2,730

RE-081 Royal Parks Toyosu

Koto Ward, Tokyo

November 1, 2010

7,360

0.8

5,251

11,400RE-082 Castalia Togoshi

Shinagawa Ward, Tokyo

November 1, 2010

1,770

0.2

1,568

2,770

RE-083 Castalia Ooimachi

Shinagawa Ward, Tokyo

June 30, 2011

1,181

0.1

1,072

1,810

RE-084 Castalia Omori

Ota Ward, Tokyo

August 2, 2011

1,500

0.2

1,355

2,070

RE-085 Castalia Mishuku

Setagaya Ward, Tokyo

October 7, 2011

1,900

0.2

1,744

2,760

- 36 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Asset
class

Property
number(Note 1)

Property nameLocation(city or county, prefecture)

Acquisition
date(Note 2)Acquisition price(Note 3)
Price
(Millions ofyen)

Investment
ratio (%)
(Note 4)

Assessedvalue at theBook value
end of(Millions ofperiodyen)(Millions of(Note 5)yen)
(Note 6)RE-086 Castalia Arakawa

Arakawa Ward, Tokyo

March 28, 2012

1,660

0.2

1,465

RE-087 Castalia Omori II

Ota Ward, Tokyo

March 29, 2012

2,370

0.3

2,206

2,630
3,280

RE-088 Castalia Nakameguro

Meguro Ward, Tokyo

November 29, 2012

3,800

0.4

3,687

5,230

RE-089 Castalia Meguro Chojyamaru

Shinagawa Ward, Tokyo

September 27, 2013

2,030

0.2

2,012

2,830

RE-090 Castalia Meguro Takaban

Meguro Ward, Tokyo

September 27, 2013

1,750

0.2

1,698

2,230

RE-091 Castalia Omori III

Shinagawa Ward, Tokyo

September 27, 2013

1,520

0.2

1,415

2,000

RE-093 Castalia Meguro Tairamachi

Meguro Ward, Tokyo

September 26, 2014

1,165

0.1

1,155

1,510

RE-094 Royal Parks SEASIR

Adachi Ward, Tokyo

May 1, 2015

4,350

0.5

3,497

5,280

RE-095 Castalia Honkomagome

Bunkyo Ward, Tokyo

May 1, 2015

1,520

0.2

1,430

2,060

RE-096 Cosmo Heim Musashikosugi

Kawasaki City, Kanagawa

March 22, 2006

1,674

0.2

1,632

2,430

RE-097 Castalia Tsurumi

Yokohama City, Kanagawa

June 21, 2007

666

0.1

576

884

RE-098 Castalia Funabashi

Funabashi City, Chiba

April 1, 2010

704

0.1

643

917

RE-099 Castalia Nishi Funabashi

Funabashi City, Chiba

April 1, 2010

783

0.1

707

1,100

RE-105 Castalia Nogeyama

Yokohama City, Kanagawa

April 1, 2010

325

0.0

296

412

RE-106 Castalia Ichikawa

Ichikawa City, Chiba

April 1, 2010

461

0.1

395

654

RE-107 Royal Parks Hanakoganei

Kodaira City, Tokyo

6,970

RE-108 Castalia Musashikosugi

Kawasaki City, Kanagawa

RE-109 Royal Parks Wakabadai

October 7, 2011

5,300

0.6

4,362

September 27, 2013

1,680

0.2

1,584

2,090

Inagi City, Tokyo

March 28, 2014

4,360

0.5

3,189

4,900

Yokohama City, Kanagawa

May 1, 2015

9,100

1.0

6,743

11,800

RE-111 L-Place Shinkoyasu

Yokohama City, Kanagawa

May 1, 2015

1,720

0.2

1,528

2,410

RE-112 Royal Parks Musashikosugi

Kawasaki City, Kanagawa

May 1, 2015

1,060

0.1

839

1,390

Residential RE-116 Castalia Sakaisuji Honmachi
properties
RE-117 Castalia Shin-Umeda

Osaka City, Osaka

April 1, 2010

1,490

0.2

1,282

2,150

Osaka City, Osaka

April 1, 2010

1,376

0.2

1,180

1,970

RE-118 Castalia Abeno

Osaka City, Osaka

April 1, 2010

4,368

0.5

3,942

6,700

RE-119 Castalia Sakae

Nagoya City, Aichi

April 1, 2010

1,010

0.1

905

1,410

RE-123 Castalia Higashi Hie

Fukuoka City, Fukuoka

1,260

RE-110

Pacific Royal Court
Minatomirai Urban Tower

April 1, 2010

960

0.1

829

RE-124 Castalia Tower Nagahoribashi Osaka City, Osaka

April 1, 2010

3,400

0.4

2,768

5,310

RE-125 Castalia Sannomiya

Kobe City, Hyogo

April 1, 2010

1,230

0.1

1,023

1,700

RE-126 Castalia Kotodaikoen

Sendai City, Miyagi

April 1, 2010

481

0.1

407

615

RE-127 Castalia Ichibancho

Sendai City, Miyagi

April 1, 2010

783

0.1

646

1,020

RE-128 Castalia Omachi

Sendai City, Miyagi

April 1, 2010

656

0.1

552

891

RE-129 Castalia Uemachidai

Osaka City, Osaka

April 1, 2010

2,190

0.2

1,941

3,140

RE-130 Castalia Tower Higobashi

Osaka City, Osaka

April 1, 2010

2,670

0.3

2,290

4,060

RE-132 Castalia Fushimi

Nagoya City, Aichi

January 14, 2011

2,260

0.2

1,825

3,330

RE-134 Castalia Yakuin

Fukuoka City, Fukuoka

September 26, 2011

930

0.1

848

1,350

RE-135 Castalia Mibu

Kyoto City, Kyoto

December 22, 2011

1,193

0.1

1,002

1,710

RE-136 Castalia Tsutsujigaoka

Sendai City, Miyagi

September 3, 2012

1,208

0.1

1,049

1,920

RE-138 Royal Parks Namba

Osaka City, Osaka

March 29, 2013

2,830

0.3

2,352

3,020

RE-139 Castalia Shigahondori

Nagoya City, Aichi

June 26, 2013

1,730

0.2

1,436

2,480

RE-140 Castalia Kyoto Nishioji

Kyoto City, Kyoto

November 2, 2015

973

0.1

948

1,160

RE-141 Castalia Ningyocho III

Chuo Ward, Tokyo

September 28, 2016

2,000

0.2

1,885

3,100

RE-142 Royal Parks Umejima

Adachi Ward, Tokyo

September 28, 2016

2,020

0.2

1,738

2,470

RE-143 Castalia Shinsakae II

Nagoya City, Aichi

April 11, 2017

1,800

0.2

1,713

2,110

RE-144 Castalia Sumiyoshi II

Koto Ward, Tokyo

February 21, 2022

Total of 129 Residential properties
RM-001ACROSSMALL
Shinkamagaya

1,420

0.2

1,506

1,520

240,32326.5

213,421327,167

Kamagaya City, Chiba

September 1, 2016

7,770

0.9

7,264

8,980

RM-002 FOLEO Hirakata

Hirakata City, Osaka

September 1, 2016

4,580

0.5

4,183

3,730

RM-003 QiZ GATE URAWA

Saitama City, Saitama

September 1, 2016

4,270

0.5

4,050

4,580

RM-004 UNICUS Takasaki

Takasaki City, Gunma

September 1, 2016

3,000

0.3

2,863

3,270

Iruma District, Saitama

September 1, 2016

3,740

0.4

3,740

3,990

Retail RM-005 ACROSSPLAZA Miyoshi(Land)
properties
RM-006 DREAM TOWN ALi

Aomori City, Aomori

September 1, 2016

8,100

0.9

7,643

8,440

RM-007 ASOBOX (Land)

Kitakyushu City, Fukuoka

August 29, 2017

1,600

0.2

1,617

2,130

RM-008 FOLEO Ome ImaiOme City, Tokyo

August 29, 2017

3,800

0.4

3,600

4,030

RM-009 FOLEO Otsu Ichiriyama

Otsu City, Shiga

April 3, 2018

8,100

0.9

7,727

8,710

RM-010 FOLEO Hakata

Fukuoka City, Fukuoka

April 3, 2018

3,200

0.4

3,146

3,720

- 37 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Asset
class

Property
number(Note 1)

RM-011

Property nameACROSSMALL Semboku(Land)

RM-012 iias Tsukuba (Note 7)

Location(city or county, prefecture)

Sakai City, Osaka

Price(Millions ofyen)

Investment
ratio (%)
(Note 4)

December 7, 2018

3,250

0.4

3,383

3,930
34,900April 5, 201934,1203.8

33,343September 1, 2016

1,670

0.2

1,626

1,930

RR-002 FOLEO Sendai Miyanomori

Sendai City, Miyagi

September 1, 2016

6,960

0.8

6,806

7,630

Inazawa City, Aichi

September 1, 2016

2,390

0.3

2,390

2,650

Kitakyushu City, Fukuoka

September 28, 2016

2,230

0.2

2,053

2,490

Hiratsuka City, Kanagawa

January 31, 2017

5,620

0.6

5,857

6,810

ACROSSPLAZA Inazawa(Land)

Sports Depo and GOLF5
RR-004
Kokurahigashi IC Store

RetailHiratsuka Retail Property
properties RR-005(Land)
RR-006

Royal Home Center
Morinomiya (Land)

Osaka City, Osaka

March 27, 2018

4,500

0.5

4,541

5,310

RR-007

Aoyama Tailor Bunkyo
Sengoku Ekimae Store

Bunkyo Ward, Tokyo

April 5, 2019

750

0.1

759

785
5,350

RR-008 FOLEO Shobu

Kuki City, Saitama

April 5, 2019

5,000

0.6

4,826

RR-009 Hapias Kaita (Land)

Aki District, Hiroshima

December 13, 2019

1,400

0.2

1,471

1,550

RU-001 COMBOX310

Mito City, Ibaraki

December 7, 2018

4,480

0.5

4,118

4,850

Ibaraki City, Osaka

August 31, 2020

RU-002 Sports Plaza Ibaraki

2,689

0.3

2,658

2,710

123,219

13.6

119,672

132,475

April 3, 2018

4,800

0.5

4,584

5,000

December 6, 2018

1,470

0.2

1,388

1,500

Total of 23 Retail properties
HO-001

Daiwa Roynet Hotel
Yokohama Kannai

Yokohama City, Kanagawa

HO-002

Super Hotel JR Nara Station
Sanjo Street

Nara City, Nara

Daiwa Roynet Hotel Nagoya
HO-003
Hotel
Shinkansenguchi
properties
HO-004 AMANEK Kanazawa
Candeo Hotels Nagasaki
HO-005
Shinchi Chinatown

Nagoya City, Aichi

April 5, 2019

4,500

0.5

5,276

4,390

Kanazawa City, Ishikawa

November 29, 2019

5,200

0.6

4,935

5,150

Nagasaki City, Nagasaki

September 30, 2020

3,140

0.3

2,998

3,440
3,330

HO-006 MIMARU Tokyo Akasaka

Minato Ward, Tokyo

March 23, 2023

3,116

0.3

3,135

HO-007 MIMARU Tokyo Hatchobori

Chuo Ward, Tokyo

September 1, 2023

5,114

0.6

5,135

5,480

27,3403.0

27,45528,290Total of 7 Hotel properties

Other
assetsAssessedvalue at theBook value
end of(Millions ofperiodyen)(Millions of(Note 5)yen)
(Note 6)

RR-001 LIFE Sagamihara Wakamatsu Sagamihara City, Kanagawa

RR-003

Tsukuba City, Ibaraki

Acquisition
date(Note 2)Acquisition price(Note 3)

OT-001 Urban Living Inage

Chiba City, Chiba

OT-002 Aburatsubo Marina HILLS

Miura City, Kanagawa

Naha Shin-Toshin Center
OT-003 Building (Daiwa Roynet Hotel Naha City, Okinawa
Naha-Omoromachi)

June 24, 2013

930

0.1

757

1,340

September 1, 2014

1,100

0.1

972

1,320

September 28, 2016

7,600

0.8

6,900

8,440

OT-004 Sharp Hiroshima Building

Hiroshima City, Hiroshima

April 11, 2017

1,850

0.2

1,759

2,000

Nursery Room Berry Bear
OT-005 Omori Nishi Welcia Ota
Omori Nishi Store

Ota Ward, Tokyo

March 12, 2019

1,380

0.2

1,374

1,380

Hiroshima City, Hiroshima

April 3, 2020

28,8003.2

27,73433,000

OT-006(Note 1)

(Note 2)
(Note 3)(Note 4)(Note 5)GRANODE Hiroshima (Note7)

Total of 6 Other assets

41,660

4.6

39,49847,480

Portfolio Total of 232 Properties

905,783100.0

849,092

1,097,552“Property number” is assigned for each property according to the use categories; L represents logistics
properties, RE represents residential properties, R represents retail properties, HO represents hotel properties and
OT represents other assets, which are further classified into LB (Built-to-Suit (BTS) type), LM (multi-tenanttype), RR (roadside type), RM (mall type) and RU (urban type). The same shall apply hereinafter.
With regard to the properties acquired through past mergers, “Acquisition date” represents the effective date of
the merger.
“Acquisition price” represents the purchase price stipulated in the respective purchase agreements of assets heldby DHR (excluding expenses pertaining to acquisitions, settlement money such as taxes and public dues,
consumption taxes etc., or guarantee deposits on leased land, etc.). However, the acquisition prices of properties
previously owned by NCR have been presented as the appraisal values as of February 28, 2010, which were theprices received at the time of the merger with NCR, and the acquisition prices of properties previously owned by
the former DHR have been presented as the appraisal values as of August 31, 2016, the prices received at thetime of the merger with the former DHR.
“Investment ratio” represents the percentage of the acquisition price for each property to the total acquisition
price of assets held, which is rounded to the nearest tenth.
“Book value” represents the amount recorded on the balance sheets as of February 29, 2024, which is rounded
down to the nearest million yen. Construction in progress and construction in progress in trust are excluded.
- 38 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(Note 6)(Note 7)

“Assessed value at the end of period” is the appraisal value as of February 29, 2024 provided by real estateappraisers (Daiwa Real Estate Appraisal Co., Ltd., Chuo Real Estate Appraisal Co., Ltd., The Tanizawa Sōgō
Appraisal Co., Ltd., Japan Real Estate Institute and JLL Morii Valuation & Advisory K.K.) in accordance with
the Articles of Incorporation of DHR as well as “Regulations on Accounting of Investment Corporations”(Cabinet Office Order No. 47 of 2006, as amended). The amounts are rounded down to the nearest million yen.
Regarding “D Project Inuyama,” DHR made an additional acquisition on April 10, 2018 (acquisition price¥2,100 million). The “Acquisition price” represents the total price for the existing building and additionallyacquired building, and the “Acquisition date” represents the acquisition date for the existing building.
Furthermore, regarding “iias Tsukuba,” because we acquired 30% quasi co-ownership on April 5, 2019 andmade an additional acquisition of 70% quasi co-ownership on April 1, 2020 (acquisition price ¥23,800 million),
we have listed the total of each acquisition price for the “Acquisition price” and the acquisition date of theinitially acquired 30% quasi co-ownership as the “Acquisition date.” Also, regarding “GRANODE Hiroshima,”
because we acquired 50% quasi co-ownership on April 3, 2020 and made an additional acquisition of 50% quasi
co-ownership on September 3, 2021 (acquisition price ¥14,400 million), we have listed the total of eachacquisition price for the “Acquisition price” and the acquisition date of the initially acquired 50% quasi coownership as the “Acquisition date.”- 39 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

B. The leasable area, leased area, occupancy rate, number of tenants and annual rent of real estate orreal estate in trust held by DHR as of February 29, 2024 are as follows:
Property
number

Property nameLocation(city or county, prefecture)

Leasablearea(m2)(Note 1)

Leasedarea(m2)(Note 2)

Occupancy rate(%)
(Note 3)

Number oftenants(Note 4)

Annual rent
(excluding
consumptiontax) (Millionsof yen)(Note 5)

LB-001 D Project Machida

Machida City, Tokyo

50,490.39

50,490.39

100.0

1

(Note 6)

LB-002 D Project Hachioji

Hachioji City, Tokyo

62,394.17

62,394.17

100.0

2

(Note 6)

LB-003 D Project Aikawa-Machi

Aiko District, Kanagawa

14,240.84

14,240.84

100.0

1

(Note 6)

LB-005 D Project Urayasu I

Urayasu City, Chiba

36,515.81

36,515.81

100.0

1

(Note 6)

LB-006 D Project Urayasu II

Urayasu City, Chiba

72,320.01

72,320.01

100.0

1

(Note 6)

LB-007 D Project Akanehama

Narashino City, Chiba

11,663.39

11,663.39

100.0

1

(Note 6)

LB-008 D Project Noda

Noda City, Chiba

29,232.53

29,232.53

100.0

1

(Note 6)

LB-009 D Project Inuyama

Inuyama City, Aichi

54,197.80

54,197.80

100.0

2

(Note 6)

LB-011 D Project Neyagawa

Neyagawa City, Osaka

11,151.51

11,151.51

100.0

1

(Note 6)

LB-013 D Project Morioka

Takizawa City, Iwate

9,558.32

9,558.32

100.0

1(Note 6)

LB-015 D Project Tsuchiura

Tsuchiura City, Ibaraki

17,448.86

17,448.86

100.0

1

(Note 6)

LB-018 D Project Fukuoka Umi

Kasuya District, Fukuoka

24,729.56

24,729.56

100.0

4

272

LB-019 D Project Tosu

Tosu City, Saga

17,858.01

17,858.01

100.0

2

(Note 6)

LB-020 D Project Kuki I

Kuki City, Saitama

22,708.72

22,708.72

100.0

1

(Note 6)

LB-021 D Project Kuki II

Kuki City, Saitama

50,498.00

50,498.00

100.0

1

(Note 6)

LB-022 D Project Kawagoe I

Kawagoe City, Saitama

16,150.88

16,150.88

100.0

1

205

LB-023 D Project Kawagoe II

Kawagoe City, Saitama

19,872.00

19,872.00

100.0

1

285

LB-024 DPL Inuyama

Inuyama City, Aichi

21,628.50

21,628.50

100.0

1

(Note 6)

LB-025 D Project Fukuoka Hakozaki

Fukuoka City, Fukuoka

34,710.80

34,710.80

100.0

1

(Note 6)

LB-026 D Project Kuki III

Kuki City, Saitama

26,937.41

26,937.41

100.0

1

(Note 6)

LB-027 D Project Kuki IV

Kuki City, Saitama

26,460.00

26,460.00

100.0

1

(Note 6)

LB-028 D Project Kuki V

Kuki City, Saitama

47,320.89

47,320.89

100.0

1

(Note 6)

LB-029 D Project Kuki VI

Kuki City, Saitama

29,244.66

29,244.66

100.0

1

(Note 6)

LB-030 D Project Yashio

Yashio City, Saitama

21,965.04

21,965.04

100.0

2

(Note 6)

LB-031 D Project Nishiyodogawa

Osaka City, Osaka

39,584.80

39,584.80

100.0

1

(Note 6)

LB-032 D Project Matsudo

Matsudo City, Chiba

26,776.67

26,776.67

100.0

1

(Note 6)

LB-033 D Project Hibiki Nada

Kitakyushu City, Fukuoka

23,933.75

23,933.75

100.0

1

(Note 6)

LB-034 D Project Morioka II

Takizawa City, Iwate

4,481.00

4,481.00

100.0

1(Note 6)

LB-035 D Project Kawagoe III

Kawagoe City, Saitama

39,572.32

39,572.32

100.0

1

(Note 6)

LB-036 D Project Kazo

Kazo City, Saitama

18,437.60

18,437.60

100.0

2

(Note 6)

LB-037 D Project Urayasu III

Urayasu City, Chiba

39,441.32

39,441.32

100.0

1

(Note 6)

LB-038 D Project Tomisato

Tomisato City, Chiba

36,113.25

36,113.25

100.0

1

(Note 6)

LB-039 D Project Kyotanabe

Kyotanabe City, Kyoto

10,965.68

10,965.68

100.0

1

(Note 6)

LB-040 D Project Sendai Izumi

Sendai City, Miyagi

10,764.05

10,764.05

100.0

1

(Note 6)

LB-041 D Project Oyama

Oyama City, Tochigi

14,106.91

14,106.91

100.0

1

(Note 6)

LB-042 D Project Sano

Sano City, Tochigi

15,668.44

15,668.44

100.0

1

(Note 6)

LB-043 D Project Tatebayashi

Tatebayashi City, Gunma

13,521.56

13,521.56

100.0

1

(Note 6)

LB-044 D Project Kakegawa

Kakegawa City, Shizuoka

39,341.44

39,341.44

100.0

1

(Note 6)

LB-045 D Project Hiroshima Seifu

Hiroshima City, Hiroshima

19,004.72

19,004.72

100.0

1

(Note 6)

LB-046 D Project Tosu II

Tosu City, Saga

13,012.50

13,012.50

100.0

1

(Note 6)

LB-047 D Project Kawagoe IV

Kawagoe City, Saitama

24,684.47

24,684.47

100.0

1

320

LB-048 D Project Kuki VII

Kuki City, Saitama

3,225.46

3,225.46

100.0

1(Note 6)

LB-049 D Project Chibakita

Chiba City, Chiba

24,368.86

24,368.86

100.0

1

(Note 6)

LB-050 D Project Matsudo II

Matsudo City, Chiba

25,305.82

25,305.82

100.0

1

(Note 6)

LB-051 D Project Tomisato II

Tomisato City, Chiba

40,870.56

40,870.56

100.0

1

(Note 6)

LB-052 D Project Osaka Hirabayashi

Osaka City, Osaka

22,485.08

22,485.08

100.0

1

(Note 6)

LB-053 D Project Sendai Izumi II

Sendai City, Miyagi

39,580.46

39,580.46

100.0

1

(Note 6)

LB-054 D Project Kaminokawa

Kawachi District, Tochigi

52,239.75

52,239.75

100.0

1

(Note 6)

LB-055 D Project Fuji

Fuji City, Shizuoka

23,795.40

23,795.40

100.0

1

(Note 6)

LB-056 D Project Tosu III

Tosu City, Saga

65,215.07

65,215.07

100.0

1

(Note 6)

LB-057 D Project Kitahachioji I

Hachioji City, Tokyo

16,523.82

16,523.82

100.0

1

(Note 6)

LB-058 D Project Kitahachioji II

Hachioji City, Tokyo

21,402.20

21,402.20

100.0

1

(Note 6)

LB-059 D Project Kitahachioji III

Hachioji City, Tokyo

27,457.34

27,457.34

100.0

2

(Note 6)

- 40 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Property
number

Property nameLocation(city or county, prefecture)

Leasablearea(m2)(Note 1)

Leasedarea(m2)(Note 2)

Occupancy rate(%)
(Note 3)

Number oftenants(Note 4)

Annual rent
(excluding
consumptiontax) (Millionsof yen)(Note 5)

LB-060 D Project Itabashi Shingashi

Itabashi Ward, Tokyo

33,763.46

33,763.46

100.0

1

(Note 6)

LB-061 D Project Sagamihara

Sagamihara City, Kanagawa

16,599.30

16,599.30

100.0

1

205

LB-062 D Project Kuki VIII

Kuki City, Saitama

29,410.54

29,410.54

100.0

1

(Note 6)

LB-063 D Project Yokkaichi

Yokkaichi City, Mie

6,185.46

6,185.46

100.0

1(Note 6)

LB-064 D Project Ibaraki Ishioka

Ishioka City, Ibaraki

24,493.54

24,493.54

100.0

1

(Note 6)

LB-065 D Project Wako A

Wako City, Saitama

39,258.06

39,258.06

100.0

1

(Note 6)

LB-066 D Project Hiratsuka

Hiratsuka City, Kanagawa

65,272.52

65,272.52

100.0

1

(Note 6)

LB-067 D Project Kadoma I

Kadoma City, Osaka

12,194.39

12,194.39

100.0

1

(Note 6)LM-001 DPL Misato

Misato City, Saitama

55,861.44

55,861.44

100.0

1

(Note 6)LM-002 DPL Fukuoka Kasuya

Kasuya District, Fukuoka

73,757.39

73,757.39

100.0

1

(Note 6)LM-003 DPL Kitakyushu

Kitakyushu City, Fukuoka

26,672.98

26,672.98

100.0

1

(Note 6)LM-004 DPL Nagareyama I

Nagareyama City, Chiba

124,489.93

124,489.93

100.0

1

(Note 6)LM-005 DPL Shin-Narashino

Narashino City, Chiba

12,686.30

12,686.30

100.0

1

(Note 6)LM-006 DPL Nagareyama III

Nagareyama City, Chiba

106,859.16

106,859.16

100.0

1

(Note 6)2,108,682.87

2,108,682.87

100.0

76

26,728

Shibuya Ward, Tokyo

5,230.39

5,006.77

95.7

1

449

RE-002 Castalia Azabujuban Shichimenzaka Minato Ward, Tokyo

3,492.93

3,329.73

95.3

1

220

Total of 67 Logistics properties
RE-001 Qiz Ebisu
RE-003 Castalia Shibakoen

Minato Ward, Tokyo

2,707.51

2,707.51

100.0

1

144

RE-004 Castalia Ginza

Chuo Ward, Tokyo

2,226.42

2,167.28

97.3

1

130

RE-005 Castalia Hiroo

Minato Ward, Tokyo

1,621.59

1,621.59

100.0

1

103

RE-006 Castalia Nihonbashi

Chuo Ward, Tokyo

1,458.73

1,432.75

98.2

1

79

RE-007 Castalia Hacchobori

Chuo Ward, Tokyo

2,969.57

2,969.57

100.0

1

139

RE-008 Castalia Azabujuban

Minato Ward, Tokyo

2,400.00

2,360.47

98.4

1

148

RE-009 Castalia Azabujuban II

Minato Ward, Tokyo

2,094.58

2,004.44

95.7

1

132

RE-010 Castalia Shinjuku Natsumezaka

Shinjuku Ward, Tokyo

1,917.62

1,873.43

97.7

1

94

RE-011 Castalia Ginza II

Chuo Ward, Tokyo

1,817.56

1,790.03

98.5

1

105

RE-012 Castalia Shibuya Sakuragaoka

Shibuya Ward, Tokyo

1,123.80

1,067.57

95.0

1

73

RE-013 Castalia Nishi Azabu Kasumicho

Minato Ward, Tokyo

2,779.77

2,667.91

96.0

1

150

RE-014 Castalia Ochanomizu

Chiyoda Ward, Tokyo

2,559.21

2,467.07

96.4

1

123

RE-015 Castalia Sangubashi

Shibuya Ward, Tokyo

1,898.47

1,898.47

100.0

1

88

RE-016 Castalia Suitengu

Chuo Ward, Tokyo

1,940.94

1,940.94

100.0

1

94
86

RE-017 Castalia Suitengu II

Chuo Ward, Tokyo

1,858.34

1,858.34

100.0

1RE-018 Castalia Shintomicho

Chuo Ward, Tokyo

1,444.52

1,444.52

100.0

1

69

RE-019 Castalia Shintomicho II

Chuo Ward, Tokyo

1,244.54

1,244.54

100.0

1

59

RE-020 Castalia Harajuku

Shibuya Ward, Tokyo

1,225.26

1,165.68

95.1

1

54

RE-021 Castalia Yoyogi Uehara

Shibuya Ward, Tokyo

811.95811.95

100.0

1

45

RE-022 Castalia Sendagaya

Shibuya Ward, Tokyo

803.03638.40

79.5

1

33

RE-023 Castalia Shinjuku 7 chome

Shinjuku Ward, Tokyo

957.60957.60

100.0

1

38

RE-024 Castalia Ningyocho

Chuo Ward, Tokyo

1,747.90

1,691.69

96.8

1

78

RE-025 Castalia Ningyocho II

Chuo Ward, Tokyo

1,826.80

1,826.80

100.0

1

83

RE-026 Castalia Shin-Ochanomizu

Chiyoda Ward, Tokyo

1,308.38

1,308.38

100.0

1

67

RE-027 Castalia Higashi Nihonbashi II

Chuo Ward, Tokyo

2,117.46

2,085.65

98.5

1

101

RE-028 Castalia Jinbocho

Chiyoda Ward, Tokyo

1,628.80

1,599.32

98.2

1

87

RE-029 Castalia Shintomicho III

Chuo Ward, Tokyo

972.51

972.51

100.0

1

49

RE-030 Castalia Shinjuku Gyoen

Shinjuku Ward, Tokyo

3,594.16

3,594.16

100.0

1

163

RE-031 Castalia Takanawadai

Minato Ward, Tokyo

1,147.44

1,147.44

100.0

1

59

RE-032 Castalia Higashi Nihonbashi III

Chuo Ward, Tokyo

1,105.20

1,105.20

100.0

1

48

RE-033 Castalia Shinjuku Gyoen II

Shinjuku Ward, Tokyo

668.79644.02

96.3

1

31

RE-034 Castalia Shintomicho IV

Chuo Ward, Tokyo

681.00681.00

100.0

1

33

RE-035 Castalia Takanawadai II

Minato Ward, Tokyo

1,567.84

1,536.46

98.0

1

79

RE-036 Castalia Minami Azabu

Minato Ward, Tokyo

882.67847.62

96.0

1

44

RE-037 Castalia Ginza III

Chuo Ward, Tokyo

3,494.42

3,448.47

98.7

1

176

RE-038 Castalia Kayabacho

Chuo Ward, Tokyo

4,602.95

4,547.39

98.8

1

198

RE-039 Castalia Takanawa

Minato Ward, Tokyo

10,408.26

10,174.31

97.8

1

497

RE-040 Castalia Higashi Nihonbashi

Chuo Ward, Tokyo

6,442.28

6,273.47

97.4

1

282

RE-041 Castalia Shinjuku

Shinjuku Ward, Tokyo

3,150.80

3,150.80

100.0

1

179

- 41 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Property
number

Property nameLocation(city or county, prefecture)

Leasablearea(m2)(Note 1)

Leasedarea(m2)(Note 2)

Occupancy rate(%)
(Note 3)

Number oftenants(Note 4)

Annual rent
(excluding
consumptiontax) (Millionsof yen)(Note 5)RE-042 Castalia Ichigaya

Shinjuku Ward, Tokyo

1,546.34

1,388.16

89.8

1

78

RE-043 Shibaura Island Bloom Tower

Minato Ward, Tokyo

16,849.50

16,226.08

96.3

2

768

RE-044 Castalia Hatsudai

Shibuya Ward, Tokyo

3,077.05

3,039.93

98.8

1

142

RE-045 Castalia Hatsudai II

Shibuya Ward, Tokyo

2,339.42

2,312.16

98.8

1

117

RE-046 Castalia Ebisu

Shibuya Ward, Tokyo

1,659.71

1,659.71

100.0

1

87

RE-047 Castalia Meguro Kamurozaka

Shinagawa Ward, Tokyo

4,967.97

4,922.58

99.1

1

257

RE-048 Castalia Toritsudaigaku

Meguro Ward, Tokyo

863.70837.26

96.9

1

38

RE-049 Castalia Yukigaya

Ota Ward, Tokyo

1,542.30

1,460.10

94.7

1

68

RE-050 Castalia Yutenji

Meguro Ward, Tokyo

1,380.35

1,343.85

97.4

1

75

RE-051 Castalia Otsuka

Toshima Ward, Tokyo

1,871.70

1,817.84

97.1

1

94

RE-052 Castalia Kikukawa

Sumida Ward, Tokyo

1,168.18

1,168.18

100.0

1

54

RE-053 Castalia Meguro

Meguro Ward, Tokyo

1,414.73

1,355.18

95.8

1

64

RE-054 Castalia Otsuka II

Toshima Ward, Tokyo

1,784.50

1,784.50

100.0

1

76

RE-055 Castalia Jiyugaoka

Meguro Ward, Tokyo

1,472.47

1,393.05

94.6

1

76

RE-056 Castalia Mejiro

Toshima Ward, Tokyo

1,658.90

1,658.90

100.0

1

67

RE-057 Castalia Ikebukuro

Toshima Ward, Tokyo

3,644.35

3,561.07

97.7

1

168

RE-058 Castalia Kaname-cho

Toshima Ward, Tokyo

1,624.06

1,624.06

100.0

1

78

RE-059 Castalia Tower Shinagawa Seaside

Shinagawa Ward, Tokyo

12,732.35

12,470.85

97.9

1

563

RE-060 Castalia Yakumo

Meguro Ward, Tokyo

1,276.91

1,276.91

100.0

1

48

RE-061 Castalia Togoshiekimae

Shinagawa Ward, Tokyo

2,014.12

2,014.12

100.0

1

106

RE-062 Castalia Honjo Azumabashi

Sumida Ward, Tokyo

2,255.88

2,255.88

100.0

1

77

RE-063 Castalia Kitazawa

Setagaya Ward, Tokyo

1,220.16

1,220.16

100.0

1

52
34

RE-064 Castalia Monzennakacho

Koto Ward, Tokyo

887.94887.94100.0

1RE-065 Castalia Kamiikedai

Ota Ward, Tokyo

414.45103.2924.9

1

7

RE-066 Castalia Morishita

Koto Ward, Tokyo

1,383.90

1,383.90

100.0

1

65

RE-067 Castalia Wakabayashikoen

Setagaya Ward, Tokyo

1,425.43

1,425.43

100.0

1

55

RE-068 Castalia Asakusabashi

Taito Ward, Tokyo

1,537.84

1,507.76

98.0

1

66

RE-069 Castalia Iriya

Taito Ward, Tokyo

1,415.15

1,415.15

100.0

1

48

RE-070 Castalia Kita Ueno

Taito Ward, Tokyo

4,197.66

4,197.66

100.0

1

181

RE-071 Castalia Morishita II

Koto Ward, Tokyo

1,275.60

1,275.60

100.0

1

56

RE-072 Castalia Minowa

Taito Ward, Tokyo

2,406.41

2,381.29

99.0

1

101

RE-073 Castalia Oyamadai

Setagaya Ward, Tokyo

857.32857.32

100.0

1

34

RE-074 Castalia Nakano

Nakano Ward, Tokyo

1,613.86

1,576.92

97.7

1

72

RE-075 Castalia Yoga

Setagaya Ward, Tokyo

1,472.38

1,447.37

98.3

1

66

RE-076 Castalia Sumiyoshi

Koto Ward, Tokyo

1,362.60

1,362.60

100.0

1

66

RE-077 Castalia Monzennakacho II

Koto Ward, Tokyo

3,038.98

3,038.98

100.0

1

135

RE-078 Castalia Oshiage

Sumida Ward, Tokyo

1,785.24

1,785.24

100.0

1

76

RE-079 Castalia Kuramae

Taito Ward, Tokyo

1,994.93

1,994.93

100.0

1

86

RE-080 Castalia Nakanobu

Shinagawa Ward, Tokyo

2,421.82

2,276.25

94.0

1

131

RE-081 Royal Parks Toyosu

Koto Ward, Tokyo

18,112.03

18,112.03

100.0

1

658

RE-082 Castalia Togoshi

Shinagawa Ward, Tokyo

2,629.59

2,583.29

98.2

1

146

RE-083 Castalia Ooimachi

Shinagawa Ward, Tokyo

1,413.75

1,413.75

100.0

1

82

RE-084 Castalia Omori

Ota Ward, Tokyo

2,046.36

2,046.36

100.0

1

101

RE-085 Castalia Mishuku

Setagaya Ward, Tokyo

2,640.86

2,610.86

98.9

1

136

RE-086 Castalia Arakawa

Arakawa Ward, Tokyo

3,797.92

3,737.92

98.4

1

134

RE-087 Castalia Omori II

Ota Ward, Tokyo

2,818.70

2,777.37

98.5

1

155

RE-088 Castalia Nakameguro

Meguro Ward, Tokyo

3,166.71

2,999.32

94.7

1

225

RE-089 Castalia Meguro Chojyamaru

Shinagawa Ward, Tokyo

2,123.77

2,123.77

100.0

1

127

RE-090 Castalia Meguro Takaban

Meguro Ward, Tokyo

1,961.52

1,930.71

98.4

1

101

RE-091 Castalia Omori III

Shinagawa Ward, Tokyo

2,004.80

1,970.60

98.3

1

96

RE-093 Castalia Meguro Tairamachi

Meguro Ward, Tokyo

1,278.52

1,278.52

100.0

1

66

RE-094 Royal Parks SEASIR

Adachi Ward, Tokyo

17,269.74

17,269.74

100.0

1

460

RE-095 Castalia Honkomagome

Bunkyo Ward, Tokyo

2,224.41

2,147.93

96.6

1

102

RE-096 Cosmo Heim Musashikosugi

Kawasaki City, Kanagawa

4,208.83

4,208.83

100.0

1

113

RE-097 Castalia Tsurumi

Yokohama City, Kanagawa

1,452.09

1,452.09

100.0

1

54

RE-098 Castalia Funabashi

Funabashi City, Chiba

1,552.01

1,461.60

94.2

1

59

RE-099 Castalia Nishi Funabashi

Funabashi City, Chiba

1,597.32

1,577.60

98.8

1

66

- 42 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Leasedarea(m2)(Note 2)

Annual rent
(excluding
consumptiontax) (Millionsof yen)(Note 5)

Location(city or county, prefecture)

Leasablearea(m2)(Note 1)

RE-105 Castalia Nogeyama

Yokohama City, Kanagawa

744.90720.07

96.7

1

26

RE-106 Castalia Ichikawa

Ichikawa City, Chiba

876.89876.89

100.0

1

39

RE-107 Royal Parks Hanakoganei

Kodaira City, Tokyo

18,153.57

18,153.57

100.0

1

460

RE-108 Castalia Musashikosugi

Kawasaki City, Kanagawa

2,179.80

2,155.73

98.9

1

111

RE-109 Royal Parks Wakabadai

Inagi City, Tokyo

21,367.93

21,367.93

100.0

2

494

Yokohama City, Kanagawa

26,294.49

26,294.49

100.0

1

1,004

RE-111 L-Place Shinkoyasu

Yokohama City, Kanagawa

3,009.74

3,009.74

100.0

1

111

RE-112 Royal Parks Musashikosugi

Kawasaki City, Kanagawa

3,808.97

3,808.97

100.0

1

134

RE-116 Castalia Sakaisuji Honmachi

Osaka City, Osaka

3,471.39

3,440.37

99.1

1

119

RE-117 Castalia Shin-Umeda

Osaka City, Osaka

3,279.90

3,279.90

100.0

1

108

RE-118 Castalia Abeno

Osaka City, Osaka

10,920.75

10,703.25

98.0

1

339

RE-119 Castalia Sakae

Nagoya City, Aichi

2,836.00

2,688.66

94.8

1

84

RE-123 Castalia Higashi Hie

Fukuoka City, Fukuoka

3,061.60

3,037.10

99.2

1

86

RE-124 Castalia Tower Nagahoribashi

Osaka City, Osaka

8,747.40

8,645.88

98.8

1

318

Property
number

RE-110Property name

Pacific Royal Court Minatomirai
Urban Tower

Occupancy rate(%)
(Note 3)

Number oftenants(Note 4)

RE-125 Castalia Sannomiya

Kobe City, Hyogo

3,071.60

3,044.89

99.1

1

103

RE-126 Castalia Kotodaikoen

Sendai City, Miyagi

1,684.10

1,654.41

98.2

1

46

RE-127 Castalia Ichibancho

Sendai City, Miyagi

2,800.32

2,755.41

98.4

1

72

RE-128 Castalia Omachi

Sendai City, Miyagi

2,149.08

2,089.46

97.2

1

60

RE-129 Castalia Uemachidai

Osaka City, Osaka

5,415.39

5,415.39

100.0

1

174

RE-130 Castalia Tower Higobashi

Osaka City, Osaka

6,230.20

6,091.13

97.8

1

253

RE-132 Castalia Fushimi

Nagoya City, Aichi

7,022.69

6,673.29

95.0

1

201

RE-134 Castalia Yakuin

Fukuoka City, Fukuoka

2,784.83

2,738.72

98.3

1

83

RE-135 Castalia Mibu

Kyoto City, Kyoto

2,828.39

2,724.86

96.3

1

90

RE-136 Castalia Tsutsujigaoka

Sendai City, Miyagi

4,471.11

4,222.07

94.4

1

106

RE-138 Royal Parks Namba

Osaka City, Osaka

10,354.15

10,354.15

100.0

1

261

RE-139 Castalia Shigahondori

Nagoya City, Aichi

5,086.69

4,945.93

97.2

1

141

RE-140 Castalia Kyoto Nishioji

Kyoto City, Kyoto

2,035.37

1,934.38

95.0

1

62

RE-141 Castalia Ningyocho III

Chuo Ward, Tokyo

2,897.06

2,868.08

99.0

1

140

RE-142 Royal Parks Umejima

Adachi Ward, Tokyo

6,828.78

6,828.78

100.0

1

191

RE-143 Castalia Shinsakae II

Nagoya City, Aichi

4,425.46

4,425.46

100.0

1

114

RE-144 Castalia Sumiyoshi II

Koto Ward, Tokyo

1,687.89

1,572.67

93.2

1

69

444,613.52

437,993.33

98.5

131

17,884

Kamagaya City, Chiba

41,742.84

41,742.84

100.0

1

561

Hirakata City, Osaka

16,385.56(Note 7)15,459.06(Note 7)

94.3

1

341

Total of 129 Residential properties
RM-001 ACROSSMALL Shinkamagaya
RM-002 FOLEO Hirakata
RM-003 QiZ GATE URAWA

Saitama City, Saitama

9,720.49

9,720.49

100.0

11

334

RM-004 UNICUS Takasaki

Takasaki City, Gunma

9,277.08

9,277.08

100.0

1

259

RM-005 ACROSSPLAZA Miyoshi (Land)

Iruma District, Saitama

24,018.00

24,018.00

100.0

1

188

RM-006 DREAM TOWN ALi

Aomori City, Aomori

22,196.81

22,136.78

99.7

1

557

RM-007 ASOBOX (Land)

Kitakyushu City, Fukuoka

11,207.90

11,207.90

100.0

1

94

RM-008 FOLEO Ome ImaiOme City, Tokyo

8,637.91

8,637.91

100.0

1

257

RM-009 FOLEO Otsu Ichiriyama

Otsu City, Shiga

62,917.73

62,917.73

100.0

1

645

RM-010 FOLEO Hakata

Fukuoka City, Fukuoka

23,230.77(Note 8)23,230.77(Note 8)

100.0

1

253

RM-011 ACROSSMALL Semboku (Land)

Sakai City, Osaka

30,824.72

30,824.72

100.0

1

181

RM-012 iias Tsukuba

Tsukuba City, Ibaraki

138,900.39

138,900.39

100.0

1

2,150
(Note 6)

RR-001 LIFE Sagamihara Wakamatsu

Sagamihara City, Kanagawa

2,973.44

2,973.44

100.0

1RR-002 FOLEO Sendai Miyanomori

Sendai City, Miyagi

19,845.72

19,845.72

100.0

1

478

RR-003 ACROSSPLAZA Inazawa (Land)

Inazawa City, Aichi

31,981.70

31,981.70

100.0

1

139

Sports Depo and GOLF5
Kokurahigashi IC Store

Kitakyushu City, Fukuoka

8,899.89

8,899.89

100.0

1(Note 6)

RR-005 Hiratsuka Retail Property (Land)

Hiratsuka City, Kanagawa

28,002.92

28,002.92

100.0

1

(Note 6)

Royal Home Center Morinomiya
RR-006(Land)

Osaka City, Osaka

6,669.74

6,669.74

100.0

1

211

Bunkyo Ward, Tokyo

1,066.95

1,066.95

100.0

1(Note 6)

RR-008 FOLEO Shobu

Kuki City, Saitama

19,104.17

19,104.17

100.0

1

315

RR-009 Hapias Kaita (Land)

Aki District, Hiroshima

13,415.52

13,415.52

100.0

1

77

RR-004

RR-007

Aoyama Tailor Bunkyo Sengoku
Ekimae Store- 43 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Property
number

Property nameLocation(city or county, prefecture)

Leasablearea(m2)(Note 1)

Leasedarea(m2)(Note 2)

Occupancy rate(%)
(Note 3)

Number oftenants(Note 4)

Annual rent
(excluding
consumptiontax) (Millionsof yen)(Note 5)

RU-001 COMBOX310

Mito City, Ibaraki

30,517.69

30,517.69

100.0

1

303

RU-002 Sports Plaza Ibaraki

Ibaraki City, Osaka

9,470.27

9,470.27

100.0

1

165

571,008.21

570,021.68

99.8

33

8,092

Yokohama City, Kanagawa

7,932.37

7,932.37

100.0

1

257

Total of 23 Retail properties
Daiwa Roynet Hotel Yokohama
HO-001
Kannai
HO-002

Super Hotel JR Nara Station Sanjo
StreetNara City, Nara

2,637.18

2,637.18

100.0

1

72

Daiwa Roynet Hotel Nagoya
HO-003
Shinkansenguchi

Nagoya City, Aichi

7,605.41

7,605.41

100.0

1

252

HO-004 AMANEK Kanazawa

Kanazawa City, Ishikawa

7,011.58

7,011.58

100.0

1(Note 6)

Candeo Hotels Nagasaki Shinchi
HO-005Chinatown

Nagasaki City, Nagasaki

6,770.65

6,770.65

100.0

1(Note 6)HO-006 MIMARU Tokyo Akasaka

Minato Ward, Tokyo

1,909.44

1,909.44

100.0

1

139

HO-007 MIMARU Tokyo Hatchobori

Chuo Ward, Tokyo

3,665.15

3,665.15

100.0

1

228

37,531.78

37,531.78

100.0

7

(Note 6)

OT-001 Urban Living Inage

Total of 7 Hotel properties
Chiba City, Chiba

4,177.52

4,177.52

100.0

1

78

OT-002 Aburatsubo Marina HILLS

Miura City, Kanagawa

3,901.14

3,901.14

100.0

1

87

Naha Shin-Toshin Center Building
OT-003 (Daiwa Roynet Hotel NahaOmoromachi)

Naha City, Okinawa

13,480.00

13,480.00

100.0

1

583

OT-004 Sharp Hiroshima Building

Hiroshima City, Hiroshima

OT-005

Nursery Room Berry Bear Omori
Ota Ward, Tokyo
Nishi Welcia Ota Omori Nishi Store

OT-006 GRANODE Hiroshima(Note 1)

(Note 2)

(Note 3)(Note 4)(Note 5)Hiroshima City, Hiroshima

3,064.89

3,064.89

100.0

1(Note 6)

1,345.60

1,345.60

100.0

1(Note 6)29,915.08

29,915.08

100.0

1

1,724

Total of 6 Other assets

55,884.23

55,884.23

100.0

6

(Note 6)

Portfolio Total of 232 Properties

3,217,720.61

3,210,113.89

99.8

253

56,593“Leasable area” means the leasable area of the building (or land in the case of land properties) in relation to eachreal estate or each real estate in trust and the figures stated refer to the area DHR believes is leasable as indicatedin the relevant lease agreement or drawing of the building, etc. in relation to each real estate or each real estate intrust as of February 29, 2024. In the cases of each co-owned real estate or quasi co-owned trust beneficiaryinterests, the leasable area of the entire real estate multiplied by the ratio of co-ownership of the real estate or
quasi co-ownership of the trust beneficiary interests in real estate held by DHR is provided.
“Leased area” represents the leased area in the leasable area as indicated in the lease agreement in relation toeach real estate or each real estate in trust as of February 29, 2024. However, in the case of a pass-through typemaster lease agreement entered into with the master lease company, the leased area to end-tenants indicated ineach sublease agreement entered into between the master lease company and end-tenants for each real estate oreach real estate in trust as of February 29, 2024 is provided. As some lease agreements for each real estate oreach real estate in trust may indicate leased area that includes portions not included in the gross floor area, theleased area may exceed the gross floor area. In particular, at logistics properties, when eaves are included in theleased area, the leased area may significantly exceed the gross floor area. In the cases of each co-owned realestate or quasi co-owned trust beneficiary interests, the leased area of the entire real estate multiplied by the ratioof co-ownership of the real estate or quasi co-ownership of the trust beneficiary interests in real estate held by
DHR is provided.
“Occupancy rate” represents occupancy rate (the percentage of leased area to the leasable area) of each property
as of February 29, 2024, which is rounded to the nearest tenth.
“Number of tenants” is equal to the number of tenants per property based upon the lease agreement, etc. in
relation to each real estate or each real estate in trust as of February 29, 2024. However, the number of tenants isindicated as 1 (one) in the case of a property subject to a master lease agreement with the master lease company.
“Annual rent” represents the amount calculated by multiplying the monthly rent (not including consumption
taxes, etc.) as indicated in the lease agreement in relation to each real estate or each real estate in trust as ofFebruary 29, 2024 by 12 (as to real estate or real estate in trust for which multiple lease agreements are enteredinto, the total amount indicated in such lease agreements). Annual rent for residential properties includes
common area charges. However, in the case of a pass-through type master lease agreement entered into with themaster lease company, the annual rent represents the amount calculated by multiplying the monthly rent (notincluding consumption taxes, etc.) indicated in each sublease agreement entered into between the master lease
company and end-tenants for each real estate or each real estate in trust as of February 29, 2024 by 12 (as to realestate or each real estate in trust for which multiple sublease agreements are entered into, the total amountindicated in such sublease agreements). In cases where the tenant pays revenue-based rent, or where the tenant
pays variable rent (including cases where only a portion of the rent is variable), the basic rent level will be usedas the standard. Therefore, the sums of the “Annual rent” of each property may not add up to the total for the
portfolio. Furthermore, in the cases of each co-owned real estate or quasi co-owned trust beneficiary interests,- 44 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(Note 6)(Note 7)(Note 8)the annual rent of the entire real estate multiplied by the ratio of co-ownership of the real estate or quasi coownership of the trust beneficiary interests in real estate held by DHR is provided.
Undisclosed as consent for disclosure has not been obtained from the lessee. In addition, certain subtotals(annual rent for “Total of 7 Hotel properties” and “Total of 6 Other assets”), disclosure of which would reveal
items for which the consent for disclosure has not been obtained from the lessee, are undisclosed.
Separately from the building of this property, a part of the land of this property is leased to the lessee for the
purpose of subleasing to other third parties as land for a lottery stand. Therefore, the area of such leased land is
not included in the leasable area and leased area.
Separately from the building of this property, a part of the land of this property is leased to the lessee for the
purpose of subleasing to Fukuoka Prefecture and other third parties as land for a police station, etc. Therefore,
the area of such leased land is not included in the leasable area and leased area.

(2) Summary of Major Tenantsi)

Major tenants list
The following table shows, for each major tenant, the property name, leased area and the percentage of leased area of thetenant to the entire leased area for real estate or real estate in trust. “A major tenant” is a tenant whose percentage ofleased area of the tenant to the entire leased area in the entire portfolio is 10% or more.
(As of February 29, 2024)

Name of tenant

Daiwa Living Co.,Ltd.

Business

Real estate
rental andmanagement

Property nameCastalia Ginza II
and other properties(95 in total)

Total amount in the entire portfolio(Note 1)

(Note 2)

(Note 3)(Note 4)

Tenantleasehold andAnnual rent
Leased area
security(Thousands of(m2)
deposits, etc.
yen)
(Note
3)
(Thousands of(Note 1)yen)

Percentage ofleased area ofthe tenant to
the entire
leased area(%)

(Note 2)

(Note 4)

12,948,753

1,347,474

341,714.90

10.6%

56,593,017

24,254,019 3,210,113.89

100.0%“Annual rent” represents the total amount of the annualized (multiplied by 12) monthly rents listed in eachlease agreement as of February 29, 2024 with the tenant (monthly rent includes common area charges but
excludes usage fees for attached facilities such as monthly parking lots and warehouses, and consumption
taxes) and is rounded down to the nearest one thousand yen. However, if the tenant referred to is a master
lease company, and the master lease is a pass-through type of agreement, then it represents the total amountof the annualized (multiplied by 12) monthly rents listed in the lease agreements between the master lease
company and each end-tenant (monthly rent includes common area charges but excludes usage fees for
attached facilities such as monthly parking lots and warehouses, and consumption taxes) and is rounded down
to the nearest one thousand yen.
“Tenant leasehold and security deposits, etc.” represents the total balance of tenant leasehold and security
deposits as indicated in each lease agreement as of February 29, 2024 with the tenant (as to real estate or realestate in trust for which multiple lease agreements are entered into, the total amount indicated in such leaseagreements). However, in the case of a pass-through type master lease agreement entered into with the master
lease company, the total scheduled balance of tenant leasehold and security deposits, as indicated in eachsublease agreement entered into between the master lease company and end-tenants for each real estate oreach real estate in trust as of February 29, 2024 (as to real estate or real estate in trust for which multiple
sublease agreements are entered into, the total amount indicated in such sublease agreements), is provided.
When there are portions that do not need to be repaid due to special agreements in each lease agreement
concerning non-refundable deposits or written-off deposits, those amounts are excluded.
“Leased area” represents the total areas as indicated in the lease agreements between each end-tenant as ofFebruary 29, 2024.
“Percentage of leased area of the tenant to the entire leased area” is rounded to the nearest tenth.

- 45 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

ii)

Lease terms for major tenants
Lease terms including expiration date and method for renewal of contract for major tenants by each real estate or eachreal estate in trust are as follows:(As of February 29, 2024)

Property
number

Property name

Expiration date

Method for renewal of contract

RE-011 Castalia Ginza II

March 31, 2024

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-013 Castalia Nishi Azabu Kasumicho

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-014 Castalia Ochanomizu

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-016 Castalia Suitengu

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-017 Castalia Suitengu II

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-018 Castalia Shintomicho

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-019 Castalia Shintomicho II

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-020 Castalia Harajuku

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-022 Castalia Sendagaya

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-023 Castalia Shinjuku 7 chome

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-024 Castalia Ningyocho

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-025 Castalia Ningyocho II

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-026 Castalia Shin-Ochanomizu

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-027 Castalia Higashi Nihonbashi II

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-028 Castalia Jinbocho

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-029 Castalia Shintomicho III

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-030 Castalia Shinjuku Gyoen

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

- 46 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Property
number

Property name

Expiration date

Method for renewal of contract

RE-031 Castalia Takanawadai

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-032 Castalia Higashi Nihonbashi III

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-033 Castalia Shinjuku Gyoen II

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-034 Castalia Shintomicho IV

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-035 Castalia Takanawadai II

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-036 Castalia Minami Azabu

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-037 Castalia Ginza III

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-038 Castalia Kayabacho

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-039 Castalia Takanawa

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-040 Castalia Higashi Nihonbashi

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-041 Castalia Shinjuku

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-054 Castalia Otsuka II

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-055 Castalia Jiyugaoka

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-056 Castalia Mejiro

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-057 Castalia Ikebukuro

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-058 Castalia Kaname-cho

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-059 Castalia Tower Shinagawa Seaside

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-060 Castalia Yakumo

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-062 Castalia Honjo Azumabashi

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

- 47 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Property
number

Property name

Expiration date

Method for renewal of contract

RE-063 Castalia Kitazawa

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-064 Castalia Monzennakacho

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-065 Castalia Kamiikedai

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-066 Castalia Morishita

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-067 Castalia Wakabayashikoen

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-068 Castalia Asakusabashi

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-069 Castalia Iriya

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-070 Castalia Kita Ueno

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-071 Castalia Morishita II

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-072 Castalia Minowa

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-074 Castalia Nakano

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-075 Castalia Yoga

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-076 Castalia Sumiyoshi

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-077 Castalia Monzennakacho II

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-078 Castalia Oshiage

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-079 Castalia Kuramae

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-081 Royal Parks Toyosu

February 28, 2043

The contract shall end at the expiration of the contract with no renewal. However, a newcontract may be entered into through negotiations with the day after the expiration date as
the inception date of the contract.

RE-083 Castalia Ooimachi

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-084 Castalia Omori

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

- 48 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Property
number

Property name

Expiration date

Method for renewal of contract

RE-085 Castalia Mishuku

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-086 Castalia Arakawa

March 31, 2024

The contract shall be automatically renewed for an additional one year under the sameterms unless the lessor or the lessee provides written notice that it will not renew thecontract no later than six months before the expiration of the contract, and the same shallapply thereafter.

RE-089 Castalia Meguro Chojyamaru

September 30, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-090 Castalia Meguro Takaban

September 30, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-091 Castalia Omori III

September 30, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-093 Castalia Meguro Tairamachi

September 25, 2024

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-094 Royal Parks SEASIR

December 31, 2031

The contract shall end at the expiration of the contract with no renewal. However, a newcontract may be entered into through negotiations with the day after the expiration date as
the inception date of the contract.

RE-095 Castalia Honkomagome

April 30, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-096 Cosmo Heim Musashikosugi

January 31, 2025

The contract shall be automatically renewed for an additional one year under the sameterms unless the lessor or the lessee provides written notice that it will not renew thecontract no later than six months before the expiration of the contract, and the same shallapply thereafter.

RE-098 Castalia Funabashi

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-099 Castalia Nishi Funabashi

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-105 Castalia Nogeyama

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-106 Castalia Ichikawa

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-107 Royal Parks Hanakoganei

March 31, 2031

The contract shall end at the expiration of the contract with no renewal. However, a newcontract may be entered into through negotiations with the day after the expiration date as
the inception date of the contract.

RE-108 Castalia Musashikosugi

September 30, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

March 31, 2032

The contract shall end at the expiration of the contract with no renewal. However, a newcontract may be entered into through negotiations with the day after the expiration date as
the inception date of the contract.

June 30, 2028

The contract shall end at the expiration of the contract with no renewal. However, a newcontract may be entered into through negotiations with the day after the expiration date as
the inception date of the contract.

April 30, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-112 Royal Parks Musashikosugi

December 31, 2031

The contract shall end at the expiration of the contract with no renewal. However, a newcontract may be entered into through negotiations with the day after the expiration date as
the inception date of the contract.

RE-116 Castalia Sakaisuji Honmachi

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-109 Royal Parks Wakabadai (Note)

RE-110

Pacific Royal Court Minatomirai
Urban Tower

RE-111 L-Place Shinkoyasu- 49 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Property
number

Property name

Expiration date

Method for renewal of contract

RE-117 Castalia Shin-Umeda

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-118 Castalia Abeno

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-119 Castalia Sakae

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-124 Castalia Tower Nagahoribashi

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-125 Castalia Sannomiya

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-126 Castalia Kotodaikoen

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-127 Castalia Ichibancho

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-128 Castalia Omachi

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-129 Castalia Uemachidai

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-130 Castalia Tower Higobashi

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-132 Castalia Fushimi

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-135 Castalia Mibu

March 31, 2024

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-136 Castalia Tsutsujigaoka

March 31, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-138 Royal Parks Namba

March 31, 2031

The contract shall end at the expiration of the contract with no renewal. However, a newcontract may be entered into through negotiations with the day after the expiration date as
the inception date of the contract.

RE-139 Castalia Shigahondori

June 30, 2025

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-140 Castalia Kyoto Nishioji

March 31, 2024

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-141 Castalia Ningyocho III

September 30, 2024

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

RE-142 Royal Parks Umejima

December 31, 2031

The contract shall end at the expiration of the contract with no renewal. However, a newcontract may be entered into through negotiations with the day after the expiration date as
the inception date of the contract.

RE-143 Castalia Shinsakae II

April 30, 2024

The contract shall be automatically renewed for an additional two years under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

- 50 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

Property
number

Property name

RE-144 Castalia Sumiyoshi II(Note)

Expiration date

Method for renewal of contract

March 31, 2024

The contract shall be automatically renewed for an additional one year under the sameterms unless the lessor, the lessee or the asset manager provides written notice that it will
not renew the contract no later than six months before the expiration of the contract, andthe same shall apply thereafter.

Daiwa Living Co., Ltd. is the tenant of only the residential portions, excluding the store portions, of Royal Parks
Wakabadai (residential building).

- 51 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(3) Status of Portfolio Diversification(As of February 29, 2024)i)

Investment ratio by area
Area (Note 1)

Number of properties

Greater Tokyo area

Three major
metropolitan
areas of Japan

161

Acquisition price(Millions of yen)

Investment ratio (%)(Note 2)595,306

65.7
77.1

Greater Nagoya area

929,910

3.3

Greater Osaka area

21

72,8298.0

41207,738

22.9

Total

232

905,783

100.0

Other

(Note 1) For details of “Area,” please refer to “(1) Portfolio List, i) Status of investment (Note 1)” above.
(Note 2) “Investment ratio” is calculated based on the acquisition price, rounded to the nearest tenth. The same shallapply hereinafter.

ii)

Investment ratio by asset class
Asset classCore assets

Number of properties

Acquisition price(Millions of yen)

Investment ratio (%)

Logistics properties

67

473,241

52.2

Residential properties

129

240,323

26.5

Retail properties

23

123,219

13.6
3.0

Hotel properties
Other assets
Total

95.4

7

27,340

6

41,6604.6

232905,783

100.0iii) Diversification by age of property
Age of property

Number of properties

Less than 5 years

Acquisition price(Millions of yen)

Investment ratio (%)

584,3409.5

5 years or more but less than 10 years

37

189,415

21.4

10 years or more

183

609,52869.0

225

883,283

100.0

Total

iv) Average age of property by asset class
Asset class

Average age (year)

Logistics properties

10.9

Residential properties

18.0

Retail properties

16.0

Hotel properties

9.7

Other assets

7.0
Total

13.2

(Note) “Average age” is the weighted average age of owned properties as of February 29, 2024 based on the acquisition
price, rounded to the nearest tenth.

- 52 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

(4) Capital Expenditures for Properties Heldi)Schedule of capital expenditures
The following table shows major scheduled capital expenditures for planned renovation work, etc. forowned properties (real estate, real estate in trust, etc.) as of February 29, 2024. The estimatedconstruction cost includes the portion charged to expenses.

Property name (Location)

Estimated construction cost(Thousands of yen)
Payment
Total amount
Total amount during thepaidperiodPurposeScheduled period

D Project Kawagoe I(Kawagoe City, Saitama)

Exterior wall repair work

From April 2024
to June 2024

57,024––

D Project Kaminokawa(Kawachi District, Tochigi)

Formation of firecompartments

From August 2023
to March 2024

736,417368,500

589,600

D Project Kitahachioji I(Hachioji City, Tokyo)

Replacement of HVAC

From March 2024
to May 2024

99,253––

D Project Kuki VIII
(Kuki City, Saitama)

Construction of hazardous
materials storage

From April 2024
to July 2024

62,04029,92029,920DPL Fukuoka Kasuya(Kasuya District, Fukuoka)

Renewal of disasterprevention equipment

From May 2024
to August 2024

117,040––

Castalia Shinjuku(Shinjuku Ward, Tokyo)

Large-scale renovations

From February 2024
to August 2024

122,980––

Castalia Kaname-cho(Toshima Ward, Tokyo)

Intercom renewal

From July 2024
to August 2024

15,404––

Royal Parks Toyosu(Koto Ward, Tokyo)

Large-scale renovations

From February 2024
to March 2025

616,000––

Castalia Tower Nagahoribashi(Osaka City, Osaka)

Large-scale renovations

From September 2023
to August 2024

298,100––

Castalia Kotodaikoen(Sendai City, Miyagi)

Replacement of watersupply pump

From February 2025
to February 2025

6,578

–

–

Castalia Omachi(Sendai City, Miyagi)

Large-scale renovations

From April 2024
to October 2024

104,500––

Castalia Yakuin(Fukuoka City, Fukuoka)

Preventive maintenance of
mechanical parking
equipment

From January 2025
to February 2025

11,871––

Exterior wall painting
second phase

From September 2023
to March 2024

139,700

75,90075,900Replacement of outdoorair handling units

From February 2024
to August 2024

76,780––Replacement of central
monitor device

From May 2024
to August 2024

57,530––Replacement of HVAC
second phase

From October 2024
to December 2024

136,521––

FOLEO Otsu Ichiriyama(Otsu City, Shiga)

Replacement of fire alarm
monitor and disaster
response monitor

From January 2024
to July 2024

93,500––iias Tsukuba(Tsukuba City, Ibaraki)

Exterior wall repair work
phase III

From February 2024
to August 2024

217,470––

ACROSSMALL
Shinkamagaya(Kamagaya City, Chiba)- 53 -

Daiwa House REIT Investment Corporation (8984)
Financial Results for the Fiscal Period Ended February 29, 2024

ii)

Capital expenditures during the period
For owned properties (real estate, real estate in trust, etc.), an overview of major construction work
conducted during the current fiscal period that falls into DHR’s capital expenditures is as follows.
Capital expenditures during the current fiscal period were ¥2,368,633 thousand together with ¥913,272
thousand in repairs and maintenance expenses and ¥225,970 thousand in restoration costs classified as
expenses for the current fiscal period, making a total of ¥3,507,876 thousand in construction work.

Property name (Location)

Purpose

PeriodConstruction cost(Thousands of yen)

D Project Kuki II(Kuki City, Saitama)

Installation of cubicles

From July 2023
to October 2023

179,139

D Project Kuki II(Kuki City, Saitama)

Replacement of HVAC

From July 2023
to October 2023

308,981

D Project Urayasu III(Urayasu City, Chiba)

Replacement of indoor and outdoor fire
hydrant pipes

From October 2023
to February 2024

101,788

Castalia Higashi Nihonbashi III(Chuo Ward, Tokyo)

Intercom renewal

From January 2024
to February 2024

10,605

Castalia Morishita II(Koto Ward, Tokyo)

Large-scale renovations

From September 2023
to February 2024

36,634

Castalia Togoshi(Shinagawa Ward, Tokyo)

Large-scale renovations

From September 2023
to February 2024

91,851

Castalia Mishuku(Setagaya Ward, Tokyo)

Large-scale renovations

From September 2023
to February 2024

29,812

Castalia Musashikosugi(Kawasaki City, Kanagawa)

Large-scale renovations

From September 2023
to February 2024

17,480

Castalia Sakae(Nagoya City, Aichi)

Large-scale renovations

From September 2023
to February 2024

31,035

Castalia Higashi Hie(Fukuoka City, Fukuoka)

Intercom renewal

From September 2023
to September 2023

18,115

Castalia Yakuin(Fukuoka City, Fukuoka)

Intercom renewal

From September 2023
to September 2023

16,435ACROSSMALL
Shinkamagaya(Kamagaya City, Chiba)

Replacement of HVAC (first phase)

From November 2023
to January 2024

100,122- 54 -