As of July 21, 2022

Daiwa Office Investment Corporation
Earnings Announcement for the 33rd Fiscal Period(Fiscal Period Ended May 2022)

Securities Code: 8976

Contents

Section 3External Growth
Topics of the Fiscal Period Ended May 2022 (33rd FP)

4

Section 1
Fiscal Period Ended May 2022 (33rd Fiscal Period)
Performance Highlights and Forecasts
Highlights of the Fiscal Period Ended May 2022 (33rd FP)
Highlights of Forecasts for the Fiscal Periods Ending November
2022 and May 2023 and (34th and 35th FP)
Change in Dividends per Unit and Policy for utilizing Internal
Reserves
Change in Dividends over the Past Decade

5
6
7
8

Section 2

Asset Replacement in the Fiscal Period Ending May 2022

21

Progress of Kandasudacho 2-chome Development Project

22

Efforts to Improve Portfolio Quality

23

Acquisition/Sale Policy and Status of Deliberation
for Property Acquisitions

24

Change in Asset Size and Acquisition Performance

25

Section 4
Financial Strategy
Status of Interest-Bearing Liabilities

27

Unitholders as of the End of May 2022

30

Section 5
Efforts on ESG

Internal Growth
Leasing Market of Tokyo Office Buildings

11

Analysis of Leasing Business

12

Portfolio Map: Increase and Decrease in Unit Contract Rent
Compared with Previous Fiscal Period

15

Internal Growth Strategies

16

Environment

33

Social35

Governance36

Appendix

Occupancy Status of Properties Subject to Leasing Improvement in
the Fiscal Period ended May 2022 (33rd FP)
17
Properties Subject to Leasing Improvementin the Fiscal Period Ending November 2022 (34th FP)
18
Daiwa Nihonbashi Bakurocho Leasing Status

19This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

1Disclaimer

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

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

2

Topics of the Fiscal Period Ended May 2022 (33rd FP)
Matters relating to internal growth please refer to page 11～
 Occupancy rate as of the end of the 33rd FP was 98.4% (End of the 32nd FP: 97.8%)
 Monthly rent increase/decrease rate due to contract renewal was +10.9%
 Monthly rent increase/decrease rate due to tenant replacement was +2.2%.
 Actual dividends for the 33rd FP was 14,000 yen (Unchanged from previous period).

Matters relating to external growth please refer to page 21～
 Acquired Kandasudacho 2-Chome Development Site (land) (acquisition price: 10,600 million yen) of thedevelopment project, transferred Daiwa Minami-Aoyama (transfer price: 4,990 million yen) and Daiwa
Kojimachi 4-chome (transfer price: 3,200 million yen) for replacement of properties (delivery date :December
16, 2021).

Financial information, matters relating to ESG
 Share buy-backs: 3.99 billion yen （February 22 to March 31, 2022)
 LTV: 42.6% (end of the 33rd FP)

please refer to page 27～

 Established commitment line of credit for a maximum loan amount of 2.5 billion yen with Daiwa Next Bank,

Ltd. on April 28, 2022, for the acquisition of Daiwa Nihonbashi Bakurocho ESG: Disclosed TCFD scenario analysis and newly established medium-term emission reduction targets forgreenhouse gas (GHG) please refer to page 33～
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

3Section 1
Fiscal Period Ended May 2022 (33rd Fiscal Period)
Performance Highlights and Forecasts

Highlights of the Fiscal Period Ended May 2022 (33rd FP)
Results of the 33rd Fiscal Period

Factor32nd Fiscal Period(ended Nov. 2021)

33rd Fiscal Period(ended May 2022)

Difference

Operating Revenue

13,882 million yen

14,474 million yen+592 million yen

Operating Expenses

6,531 million yen

6,551 million yen+20 million yen

Operation Income

7,351 million yen

7,923 million yen+572 million yen

567 million yen

569 million yen+1 million yen

6,799 million yen

7,493 million yen+693 million yen

Earnings per Unit(Note 1)

13,930 yen

15,443 yen+1,513 yen

Dividend per Unit(Note 2)

14,000 yen

14,000 yen- yen(102 yen)(0yen）(- 102 yen)

761,953 yen

784,146 yen+22,193 yen

97.8%

98.4%

+0.6%

97.0%

97.8%

+0.8%

4.7%

4.7%

-

Non-Operating Expense
Net Income(Reversal of reserve) (Note 2)

NAV per Unit (Note 3)
Period End Occupancy Rate
Period Average Occupancy RateNOI Yield (annualized)(Note 4)(Note 5)

Increase(Note 1) Net income per unit is calculated using the following average number of investment units during the period.
(Note 2) Dividends per unit for the 32nd FP includes the amount obtained by dividing part (reserve for reduction entry of 33 million
yen and corresponding deferred tax liabilities of 15 million yen amounting to a total of 49 million yen) of the amountretained as internal reserves by the total number of investment units issued and outstanding. Dividends per unit before
the reversal is 13,898 yen. Dividends per unit for the 33rd FP is calculated by dividing the amount obtained bysubtracting provision for reserve for reduction entry (737 million yen) from unappropriated retained earnings by the total
number of investment units(Note 8) issued and outstanding. The same applies in the table below.

Item Gain on sale of property sold during FP (2 properties)

 Full contribution of revenue (rents and common area fees) from 1 property acquiredin the previous FP

 Revenue (rents and common area fees) from property sold during FP (2 properties)

Decrease Utilities revenue

 Revenue (rents and common area fees) from 58 existing properties (Note 6)
 Other Operating Revenue

Increase

Decrease+900 million yen+19 million yen-185 million yen-84 million yen-26 million yen-22 million yen Repair cost

+55 million yen Tax and public due (general and administrative expenses)+21 million yen Utilities charges+54 million yen-75 million yen-24 million yen

 Outsourcing expenses
 Depreciation(Note 3) NAV per unit = (Unitholders’ capital +Total appraisal value at the end of fiscal period − Total property book value at theend of fiscal period) / Number of investment units issued and outstanding.
(Note 4) Period average occupancy rate is calculated based on end-of-month occupancy during each fiscal period.
(Note 5) NOI Yield (annualized) is calculated based on book value. NOI is annualized based on properties owned at the end of
the fiscal period (Excluding Development sites).
(Note 6) 58 existing properties are the 59 properties as of the end of the 33rd FP less 1 property acquired in the 33rd FP .
(Note 7) Insurance income of 138 million yen was recorded as non-operating revenue for the period.
(Note 8) In the current period, the number of investment units issued and outstanding is as follows after the acquisition andretirement of treasury investment units.
488,088 units as of the end of the 32nd FP⇒ 482,529 units as of the end of the 33rd FP(Reference) Comparison of Forecasts with Results of 33rd Fiscal Period
33rd Fiscal Period
Forecast(announced Jan. 2022)

33rd Fiscal Period(ended May 2022)

Difference

14,440 million yen

14,474 million yen+ 34 million yen

Operating Expense

6,463 million yen

6,551 million yen+ 88 million yen

Net Income

Operating Revenue

7,410 million yen

7,493 million yen+ 82 million yen

Earnings per Unit

15,182 yen

15,443 yen+261 yen

Dividend per Unit(Note 9)

14,000 yen

14,000 yen- yen(Reversal of reserve) (Note 9)(- yen）(- yen）(- yen）

Occupancy Rate

97.7%

98.4%

+0.7%

FactorIncrease

Increase
Decrease

Item
 Revenue (rents and common area fees) from 59 existing properties (Note 10)+27 million yen Other Operating Revenue+8 million yen Utilities charges
 Outsourcing expenses+38 million yen+29 million yen+24 million yen Other payment fees

-7 million yen Repair cost

(Note 10) 59 existing properties are the 59 properties as of the end of the 33rd FP.

(Note 9) Dividends per unit (forecast) for the 33rd FP announced on January 2022 is calculated by dividing the amountobtained by subtracting provision for reserve for reduction entry (577 million yen) from unappropriated retained
earnings by the total number of investment units issued and outstanding.

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

5

Highlights of Forecasts for the Fiscal Periods Ending November 2022 andMay 2023 and (34th and 35th FP)
34th Fiscal Period (Forecast)
34th FP Forecast
Ending Nov. 2022

FactorDifference from33rd FP

Operating Revenue

13,727million yen-747million yen

Operating Expense

6,777million yen+226million yen

Operation Income

6,949million yen-973million yen

578million yen+9million yen

6,369million yen-1,123million yen

13,200 yen-2,243 yen

13,600 yen-400 yen

Non-Operating Expense
Net Income
Earnings per Unit
Dividend per Unit

(Note 1)(400 yen)(+ 400 yen)

Period End Occupancy Rate

97.1%

-1.3%

Period Average Occupancy Rate (Note 2)

97.4%

-0.4%

4.5%

-0.2%

(Reversal of reserve)(Note 1)NOI Yield (annualized)(Note 3)

Increase
Decrease

Increase
Decrease

Item Utilities revenue

 Revenue (rents and common area fees) from 59 existing properties (Note 4)
 Gain on sale of property sold in the previous FP (2 properties)

 Revenue (rents and common area fees) from property sold in the previous FP+77 million yen+72 million yen-900 million yen(2 properties)-16 million yen Utilities charges+301 million yen+40 million yen

 Outsourcing expenses
 Repair cost

-83 million yen-31 million yen

 Asset management fee(Note 1) Dividends per unit for the 34th FP is calculated by dividing the amount obtained by adding reversal of reserve for
reduction entry (193 million yen) to unappropriated retained earnings by the total number of investment units issued
and outstanding. Dividends per unit before the reversal is 13,200 yen. Moreover, reversal of reserve for reduction entry
may change depending on the operational status.
(Note 2) Expected period average occupancy rate is calculated based on end-of-month occupancy during each fiscal period.
(Note 3) Expected NOI Yield (annualized) is calculated by taking into account the properties based on the book value for the
33rd FP and adding construction costs for development projects.
(Note 4) 59 existing properties are the 59 properties as of the end of the 33rd.

35th Fiscal Period (Forecast)
35th FP Forecast
Ending May 2023

Difference from34th FP

Operating Revenue

13,629million yen-97million yen

Operating Expense

6,756million yen-21million yen

Operation Income

6,873million yen-75million yen

599million yen+20million yen

6,272million yen-96million yen

13,000 yen-200 yen

Non-Operating Expense
Net Income
Earnings per Unit
Dividend per Unit

(Note 1)

(Reversal of reserve)(Note 1)

Period End Occupancy Rate
Period Average Occupancy RateNOI Yield (annualized)(Note 3)(Note 2)

13,600 yen- yen(600 yen)(+ 200 yen)

96.7%

-0.4%

95.9%

-1.5%

4.5%

-%

FactorDecrease

Increase
Decrease

Item Utilities revenue

 Revenue (rents and common area fees) from 59 existing properties (Note 4)-59 million yen-23 million yen Depreciation+19 million yen Repair cost

-24 million yen Utilities charges-12 million yen(Note 1) Dividends per unit for the 35th FP is calculated by dividing the amount obtained by adding reversal of reserve for
reduction entry (289 million yen) to unappropriated retained earnings by the total number of investment units issued
and outstanding. Dividends per unit before the reversal is 13,000 yen. Moreover, reversal of reserve for reduction
entry may change depending on the operational status.
(Note 2) Expected period average occupancy rate is calculated based on end-of-month occupancy during each fiscal period.
(Note 3) Expected NOI Yield (annualized) is calculated by taking into account the properties based on the book value for the
33rd FP and adding construction costs for development projects.
(Note 4) 59 existing properties are the 59 properties as of the end of the 33rd.

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

6

Change in Dividends per Unit and Policy for utilizing Internal Reserves
Change in Dividends per unit
（Yen）
16,00015,00014,00013,000Subtracting provision for reserve for reduction entry per unit
Deferred tax liabilities per unit
1,468
Reversal per unit
Gain
Reversal
Devidend from gain on sale for property
on sale
Gain
102
2,104
on sale 667
70
635
16
683
32

Forecast
1,528
338

Gain
on sale1,867

Ongoing EPS is 13,600 yen

considering increased utilities charges due toenergy price hikes, etc. and contributions fromrevenue from development projects

400

600

12,00011,00010,0009,000
8,000

Actualdividends
13,595

Actualdividends
13,817

Actualdividends
14,000

Actualdividends
14,000

Actualdividends
14,000

Forecast
dividends
13,600

Forecast
dividends
13,600

29th

30th

31st

32nd

33th

34th

35th

Change in Internal Reserves（million yen）
Reserve from gain on sale
3,000
Subtracting provision for reserve for reduction entry of Daiwa Minami-Aoyama andDaiwa Kojimachi 4-chome 2,518
2,000
1,000
0

Reserve from gain on saleof Daiwa Shimbashi 510

Reserve from gain on saleof Daiwa Kyobashi 1,830

Reversal
1,781
▲49

737

Expected
Reversal
▲193

2,325
Reversal
▲189

2,036

716

785

1,114
328

29th

30th

31st

32nd

33th

34th

35th

2,265yen

3,751yen

3,649yen

5,220yen

4,820yen

4,220yen（Reference）
Internal Reserves 1,597yen
per unit<Policy for utilizing internal reserves>The amount of internal reserves at the end of the 35th FP (expected) is approximately 2.0 billion yen (dividends per unit: 4,220 yen)
The policy is to strategically reverse internal reserves to cover the temporary revenue decrease, etc. (those that are expected toThis document
is not material disclosed
recover in the near future) due to property
replacements,
etc. in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

7

Change in Dividends over the Past Decade
Change in Dividends per Unit (forecast/actual)(yen)
16,000

Forecast from a year earlier (left axis)
14,000727,729

Forecast from six months earlier (leftaxis)

620,897

10,000673,841 697,220
14,00013,81714,000 14,000
595,860
13,595
13,139640,587

445,466
459,893

8,000

7,478

(yen)
800,000

700,000

12,55911,997569,585

12,000761,953 784,146
746,455 752,347
744,269

600,000

595860
11,15010,76410,957
10,695
506,681
10,508545,661
467,984
9,688
9,142
478,051
8,256
7,621

500,000

400,000

6,542
6,000

300,000

4,000

200,000
6,250

7,200

7,540

7,820

8,700

9,350

9,850

10,55010,70010,77011,00011,85012,30013,00013,40013,70013,90014,00014,000 13,600

2,000

100,000
5,500

0

6,550

7,300

7,570

8,328

9,000

9,750

9,900

10,56010,71010,80011,40012,00012,40013,20013,70013,70013,90014,000 14,000 13,600

15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP

0

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

8

MEMO

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

9Section 2
Internal Growth

Leasing Market of Tokyo Office Buildings
Leasing Market of Tokyo Office Buildings

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

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

Rent(Yen/Tsubo)

Feb. 2008(Rent)

20,218 yen
Jun. 2020

6.25%(Vacancy rate)
Dec. 2020
Jun. 2021

Jun. 2019

Jun. 2018
Dec. 2017

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

Rental Market Clock(conceptual chart)

Dec. 2021
Jun. 2017

Jun. 2022
Jun. 2010
Jan. 2004

Office Building Market Medium-Term Forecast(Tsubo)Dec. 2011

Predicted figures

Jul. 2012(Note 1)

Vacancy rate

Rent
(Yen/Tsubo)

Average Rent and Vacancy Rate of Entire Office Buildings (Note 2)of 5 Central Wards of Tokyo
Jun. 2020

Jun. 2021

Dec. 2020

Sep. 2008

Dec. 2021

Jun. 2022

Sep. 2007
Jun. 2018
Dec. 2017
New supply (Grade A, etc.)

New supply (Other)

Floor area of new demands

Vacancy rate

Jun. 2016

2000
2002
2004
2006
2008
2010
2012
2014
2016
2022
2024
2026
2018
2020
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
Data: CBRE “Office market medium term forecast 2022-2026

Jan. 2004
Jul. 2012
Vacancy rate

Data: Sanko Estate, compiled by Daiwa Real Estate Asset Management(Note 1) Large-scale office buildings: A floor area of 200 tsubos or more.

(Note 1) Predicted figures as of June 2022
(Note 2) No information on the breakdown of new supply is available in or before 2004 (only the total amount is available).

(Note 2) Entire office buildings: Ranging from large-scale buildings to small-scale buildings (less than 20 tsubos).

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

11Analysis of Leasing Business (1)― Change in Occupancy Rate and Ratio of Area Attributable to New Leases/Cancellations as a
Percentage of Total Leasable Area ―Occupancy Rate as of the End of Each Period(%)

Change in New Leases and Cancellations and Their Reasons (Note)(Cases)16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP

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

16th
FP

17th
FP

18th
FP

33rd Period
New
LeasesCancellations
16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP(Note) Change in ratio of area attributable new leases/cancellations as a percentage of total leasable area.

19th
FP

20th
FP

21st
FP

22nd
FP

23rd
FP

24th
FP

25th
FP

26th
FP

27th
FP

28th
FP

Space
Cost
Consolidati
Space
BetterExpansio on Space
Reduction
Reduction Location
n

29th
FP

30th
FP

Other

31st
FP

32nd
FP

Total

0

15

1

1

3

4

24

2

5

3

9

0

0

19

Previous numberof leases

33rd
FP

22

Previous numberof leases

2

Previous numberof leases

14(Note) Excluding new leases and cancellations by residence and warehouse tenants.

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

12Analysis of Leasing Business (2)― Changes in Rent Increase/Decrease Rate of Contract Renewal Tenants ―33rd Fiscal Period Contract Renewal Tenants*Ratio of area for which contracts were renewed in the 33rd FP (through May 2022) to the total leased area
(353,924.79 m²) as of end of November 2021.

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

(%)

*2
*1

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

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

(Breakdown of upward revision magnitude for monthly rents in the 33rd FP) (Note)*2 The decrease in the 27th FP was due to an agreement on decrease reached by the previous owner.

Ratio of Contract Renewal Areas (based on leased area)(%)

Forecasts

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

 Daiwa Nihonbashi Hongokucho Daiwa Ogikubo Tower

14%

 Daiwa Kitahama
 LAQUAS Higashi Shinjuku

Increase rateof monthly rent

10.9 %

15% or more

 Daiwa Kandabashi

47%(Previous FP: 7.1%)
5% or more but
less than 10%39%(Note) Ratio of area scheduled for contract renewal in each period to the total leased area (350,711.77 m2)
as of end of May 2022.

Increased amount of monthly rent
1,174 thousand yen/month(Note) Percentage figures are based on total monthly rent.

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

13

Analysis of Leasing Business (3)― Status of Contract Rent ―Total Monthly Rent and Increase/Decrease
Rate Due to Tenant Replacement

Average Monthly Contract Rent and Unit Rent Index(Yen/Tsubo)(Total Monthly Rent,
Thousand Yen)

91.09

27.9%

91.32
91.26
20,473

20,47023.0%
78,60963,923

16.7%
51,02739,89375,251
76,23989,08487,037
72,94971,39946,55739,893(Note 1) Average contract rent is the average of monthly contract rent from tenants at the end of each fiscal period.

2.4%

2.2%

(Note 2) Unit rent index is the earning rates of unit rent of individual properties indexed with the figure at the end of the 7th FP as 100.

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

▲1.3 %(Note) Comparison of monthly rent due totenant replacement for the sameleasing area.
Ratio is based on total monthly rent.

Increase by
New Leases

Monthly rent increase / decrease rate
for office sections alone was ＋0.5％
retail tenant section was -22.8%)

Properties with Rent Increase

20,453

Decrease by
Tenants’ Cancellations

Properties with Rent Decrease Daiwa Ginza

 Daiwa Ginza Annex

 Shinjuku Maynds Tower

 Daiwa Akasaka Daiwa Shibuya Square Daiwa Ogikubo Tower

 Daiwa River Gate, etc.

 CONCURRED Yokohama

Decreased amount of monthly rent
1,550 thousand yen/month

Increase byRent Revisions

End of 32nd FP
Monthly Contract Rent

Decrease by
Property Sale

End of 33rd FP
Monthly Contract Rent

(Note) Monthly Contact Rent is a total of final rent from contracting tenants at the end of the fiscal period.
Monthly contract rent for Shinjuku Maynds Tower has been adjusted to 3/7 and monthly contract rent for CONCURRED
Yokohama has been adjusted to 75/100.
Monthly contract rent for Nihonbashi Central Square has been adjusted to 60.99% based on agreements, etc. among
the compartmentalized owners.

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

14

Portfolio Map: Increase and Decrease in Unit Contract Rent Compared With
Previous Fiscal Period
Greater Tokyo

Five Central Wards of Tokyo
Comparison with Previous Fiscal Period
Increase and Decrease of Unit Contract Rent (Note 1)
Unit rent increase: 15 contracts

ToshimaWard

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

Daiwa Ogikubo Tower 2
Daiwa Ogikubo 8

Daiwa Meguro Square

Unit rent maintained: 37 contracts
Kandasudacho 1-Chome
Daiwa Sarugakucho Development Site
Daiwa Kandasudacho
Daiwa Misakicho
Daiwa Kanda East
Daiwa Jinbocho 3-chome
Daiwa Nishi-Shinjuku
Nihonbashi Bakurocho
ChiyodaWard
Daiwa Kanda
Mikurachoshinyon curumu
1-Chome Development Site
Shinjuku Maynds Tower 12
Daiwa Nihonbashi Hongokucho
Daiwa Kodenmacho Daiwa Higashi-Nihonbashi
Daiwa Nihonbashi Horidomecho
Daiwa Kandabashi（Note3）
3 Nihonbashi Central Square
Shibuya Ward
Chuo WardKirin Nihonbashi Building Koto Ward
Daiwa Kayabacho Building
5 Daiwa River Gate
Daiwa Jingumae Daiwa Akasaka
Daiwa Sasazuka Tower
Daiwa Hatchobori ekimae
Daiwa Sasazuka
Daiwa Hatchobori ekimae West
Daiwa Ginza Annex
Daiwa Aoyama
Daiwa Ginza
Daiwa Tsukijiekimae
Daiwa Tsukiji
Daiwa
Shibuya Miyamasuzaka
Daiwa SHIBUYA EDGE
Daiwa Nishi-Shimbashi
Daiwa Tsukishima
E SPACE TOWER
Daiwa Harumi
Daiwa Shibuya Shinsen
Daiwa A Hamamatsucho
Daiwa Shibuya Square
2 Daiwa Azabudai
2 Daiwa Shibadaimon
Daiwa Daikanyama

Shinjuku Ward

Daiwa Shinjuku West

Daiwa Ebisu 4-chome

Tokyo

Minato Ward

Daiwa Mita 2-Chome
Daiwa Azabu Terrace

Daiwa
Shinagawa North
Daiwa
Shinagawa Gotenyama

Unit rent decrease: 5 contracts

LAQUAS
Higashi Shinjuku

Daiwa Higashi-Ikebukuro
Daiwa Nakano-Sakaue

CONCURRED Yokohama 7

Daiwa Kamiooka

Daiwa Shibaura

Daiwa Kitahama

Major Regional Cities

Shinagawa
Ward(Note 1) Unit contract rent of each property is the average unit rent of the entire office section of its standard floor (2F or above) (includes sections other thanthose targeted for replacement and renewal).

As of May 31, 2022

(Note 2) Development sites are plotted with ●.
(Note 3) Shinsen Place and Kandabashi PR-EX are renamed to Daiwa Shibuya Shinsen and Daiwa Kandabashi, as of July 1, 2022.

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

15

Internal Growth Strategy
Continuous Internal Growth and Maximization of Asset Value
Through “Bonji-Tettei”

DOI Investment Management Department
DOI Management Team (8 members （Note1） )Aims at maximizing asset value by means of specialist groups headed by personnel assigned to each property
in the Investment Corporation’s portfolio.

 Accurate understanding of the leasing market

Grasp ofpresent
situation

 Grasping of needs and trends of occupying

tenants through regular visits In-depth understanding of property features(16 years, 0 month)(20 years, 3 months)(8 years, 5 months)(16 years, 3 months)(16 years, 1 months)(16 years, 5 months)(3 years, 8 months)(5 years, 9 months)

 Information gathering from brokers

Activities forinternal growth Implementing tenant satisfaction surveys

and proposing improvement measures Periodical property examination

 Maintenance of a stable occupancy rate by

Realization ofinternal growth

promptly filling vacancies
 Realization of stable management throughsolid relationship with tenants
 Securement of revenue based on wellplanned medium- to long-term management（Note1） Excludes personnel primarily involved in development work..

Construction Management Team (4 members （Note2） )Engineering: Formulation and implementation of construction planning for assets.

(16 years, 0 months)

Aims to maximize asset value(21 years, 4 month)(16 years, 4 months)(1 years, 8 months)(Note2) Only employees whose primary work was with the DOI Investment Management Department werecounted for those who simultaneously serve in other departments.
.
(Note3) The number of years stated in the parenthesis is the number of years engaged in the relevant work
(as of July 21, 2022) and does not indicate the number of years employed at the asset managementcompany.

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

16

Occupancy Status of Properties Subject to Leasing Improvement in
the Fiscal Period ended May 2022 (33rd FP)
Daiwa Kandabashi (Acquisition Price: 1,970 million yen)

Daiwa SHIBUYA EDGE (Acquisition Price: 5,900 million yen)
Location

Udagawa-cho, Shibuya-ku, Tokyo

Location

Kanda Nishiki-cho, Chiyoda-ku, Tokyo

Occupancy
Rate

73.9%(as of the end of Nov. 2021)⇒100.0%(as of the end of May. 2022)

Occupancy
Rate

100.0%(as of the end of Sep.2021)※Acquisition date:'21/9⇒89.6%(as of the end of May. 2022)

Occupancy Rate(%)

Occupancy Rate(%)



Successfully refilled with five months of downtime by capturing needs of companies
affiliated with the nearby broadcasting station.

Successfully refilled one of the two advertised sections with five months of downtime.
Unit rents are up 9.52% compared with the previous tenant.



Unit rents were contracted at the same level as the previous tenant, which is higher
than the average rent.

The remaining one lot is expected to be fully occupied with contracts scheduled to
begin in July. 2021

Shinjuku Maynds Tower (Acquisition Price: 66,900 million yen)

Daiwa Akasaka (Acquisition Price: 9,200 million yen)

Location

Yoyogi, Shibuya-ku, Tokyo

Location

Akasaka, Minato-ku, Tokyo

Occupancy
Rate

98.0%(as of the end of Nov. 2021)⇒92.5%(as of the end of May. 2022)

Occupancy
Rate

82.0%(as of the end of Nov. 2021)⇒82.0%(as of the end of May. 2022)

Occupancy Rate(%)



Occupancy Rate(%)

Promoted that the property is able to accommodate various floor space needs such as
consolidation, expansion and reduction, as the advertised space is on multiple floors, and uponreiterating the rarity of large-scale buildings directly connected to Shinjuku Station to the market,
multiple inquiries were received for several floors.

Promoted that the property can accommodate various floor space needs such as
consolidation, expansion and reduction, as the advertised space is of various sections
and sizes.Relocation needs are expected upon promoting to the market accessibility inthe form of 3 stations serving 4 lines.

Due to the impact of additional cancellations, it is taking time for the overall occupancy
rate to recover. Because of this, rents are being revised and furnished office space isbeing provided on the third floor to refill vacancies.
unit rents and rent-free periods in light of current market conditions. The property will continueto
本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
Full occupancy is sought to be achieved as soon as possible through continuous detailed

communication with brokerage firms, timely grasping of market conditions, and flexible setting of
be subject to leasing improvement in the 34th FP.

投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。

17

Properties Subject to Leasing Improvementin the Fiscal Period Ending November 2022 (34th FP)
Daiwa Shibuya Shinsen(Acquisition Price: 4,800 million yen)

Daiwa Shibuya Square(Acquisition Price: 16,000 million yen)

Located an 11-minute walk from JR
Shibuya Station, the property can befound along National Route 246, on
the hilltop of Dogenzaka, andaccess from Shibuya station directlytrails through major multiple
complexes. It is also conveniently
located near the Dogenzaka zone,
which has a high concentration ofcommercial facilities and aflourishing atmosphere.
With a standard floor area ofapproximately 97 tsubos and aceiling height of 2,600 mm, theabsence of pillars creates a
relatively open office environment.



A 9-minute walk from JR Shibuya
Station, Nanpeidaicho where theproperty is located is a quiet andcalm area without the bustle uniqueto Shibuya.

The standard floor area secures amaximum of approximately 401
tsubos (on the 2nd to 4th floors), theshape of the rooms for rent isrectangular and pillarless, providing
layout flexibility and efficiency of use.
Moreover, the shape of the rooms forrent simplifies diving the space into
sections, enabling flexible
accommodation of tenants’ area
needs.

Nihonbashi Central Square(Acquisition Price: 3,521 million yen)The property is located a 1-minute
walk from Nihombashi Station on theTokyo Metro Ginza Line and Tozai
Line and the Toei Subway Asakusa
Line and a 3-minute walk from
Kayabacho Station on the Tokyo
Metro Hibiya Line.

The Nihombashi-Yaesu-Kyobashi
area is an area historicallyconcentrated with offices. Located tothe east of JR Tokyo Station, thearea enjoys excellent access to otherparts of Tokyo and suburban areas
via the JR and subway lines, as wellas access to various regions throughuse of Shinkansen lines. As a result,tenants engaged in a wide variety ofbusinesses aspire to be in the area.

Location

Shinsencho, Shibuya-ku, Tokyo

Location

Nanpeidai-cho, Shibuya-ku, Tokyo

Location

Nihonbashi, Chuo-ku, Tokyo

Land Area

589.45m2

Land Area

2,452.64 m2

Land Area

655.15 m2（Percentage of site rights：
59.9％）

Structure

RC

Structure

S/SRC

Structure

S

Number of
Floors

B1/9F

Number of
FloorsB1/11F

Number of
Floors

8F

Use

OfficeUse

OfficeUse

Total Floor
Area

Total Floor
Area

10,639.97 m

100.0%(as of the end of May. 2022)
Occupancy⇒ 57.0％ (expected as of the end of Nov.
Rate
2022)

Occupancy
Rate

100.0%(as of the end of May. 2022)⇒ 84.4％(expected as of the end of Nov.
2022)

Constructio
September 2001
n DateConstructio
February 2004
n Date3,956.84 m

2

2

Office・Shop2

Total Floor
Area

4,100.23 m （Total floor area of the entire
building）

Occupancy
Rate

100.0%(as of the end of May. 2022)⇒ 85.6％(expected as of the end of Nov.
2022)

Constructio
January 2010
n Date

本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。

18

Daiwa Nihonbashi Bakurocho Leasing Status


From December 2021, leasing started with the development of property pamphlets and a website exclusively for the property. Occupancy of 100% is targeted for when thebuilding is completed in November 2022.

As of July 2022, lease contracts have been concluded for 827.39 tsubos, approximately 74% of the leasable area. Leasing for the remaining three floors (1st, 2nd, and 3rd) isalso progressing smoothly, with applications received for a portion of the remaining floors already.
Contracts concluded for approximately 74% of leasable area
(approximately 85% when including space where applications
have been received)＜ Rendering ＞

10F
9F
8F
7F
6F
5F

Office118.20tubos(every floor)

4F
3F
2F
1F

Shop
48.70tubo

Located above Bakurocho Station, it is a submarket of the NihombashiYaesu-Kyobashi area and has excellent location with convenienttransportation and favorable access to major stations in central Tokyo.

Medium-scale office building with approximately 120 tsubos per floor,
utilizing space with no pillars.



NOI Yield Expected in a Normal Operation Period after Completion：4.2%

above: rendering of completed office space
below: rendering of completed common area

＜Development Progress (Scheduled)＞
30th FP
Ended Nov. 2020
Oct. 2020:
Contract/Payment

32nd FP
Ended Nov. 2021
June. 2021:
Construction start of
the new building

33rd FPEnding May. 2022
Dec. 2021:
・Conclusion ofproperty management
contract
・Completion ofproperty pamphlet andproperty website
・Leasing begins

34th FPEnding Nov. 2022
Nov. 2022:
Completion of
the new building

Building Facilities
Date of Acquisition

November 13, 2020

Location/Distancefrom Station

Nihombashi-Bakurocho, Chuo-ku, Tokyo/1-minute walk from
Bakurocho Station/４-minute walk from Bakuroyokoyama
Station/4-minute walk from Higashi Nihonbashi Station/5-minute walk from Asakusabashi Station

Expected
Acquisition Price

5,736 million yen
Price of Land：3,775 million yen
Main Fees Related to Construction（Note4）：1,961 million yen（Note1） Nihonbashi Bakurocho 1-Chome Development Project has been officially named Daiwa Nihonbashi Bakurocho.
Land Area/Total floor
620.93㎡/4,894.14㎡（Note2）The above includes assumed or scheduled figures at present and may be subject to change.
Area（Note3）Main fees related to construction include the total of construction costs, design and supervision costs, project
本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
Structure/Floor
Steel-framed structure with flat roof, 10 stories above groundmanagement costs (excluding consumption tax, etc.), etc. estimated at the present time. However, these are
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。
subject to change depending on the progress of this project.

19Section 3External GrowthAsset Replacement in the Fiscal Period Ending May 2022 (33rd FP)
Rejuvenate the age of the portfolio and seize opportunities to acquire new properties in good locations through mutual sales【Transfer】 Daiwa Minami-Aoyama【Transfer】 Daiwa Kojimachi 4-chome

Date of Transfer

December 16, 2021

Date of Transfer

December 16, 2021

Location/Distance from Station

Minami Aoyama, Minato-ku, Tokyo /5-minute walk from Gaienmae Station on Tokyo Metro Ginza
Line

Location/Distance from Station

Kojimachi, Chiyoda-ku, Tokyo /2-minute walk from Kojimachi Station on Tokyo Metro
Yurakucho Line

Transfer Price

4,990 million yen

Transfer Price

3,200 million yen

Appraisal Value

4,740million yen (end of the fiscal period ended Nov. 2021）

Appraisal Value

2,920 million yen (end of the fiscal period ended Nov. 2021）

Gain on Sale

Approx. 536 million yen

Gain on Sale

Approx.364million yen

Land Area/Total Floor Area

963.12㎡ / 4,379.34㎡

Land Area/Total Floor Area

608.42㎡ / 3,942.61㎡

Structure/Floor

Steel-framed and steel-framed reinforced concrete structure,
5-story building with 2 basement floors

Structure/Floor

Steel-framed reinforced concrete structure 9-story building
with 2 basement floors

Construction Date

September 1990 (31-year old)

Construction Date

October 1987 (34-year old)

NOI Yield Based on Transfer Price

4.3%（Note）

NOI Yield Based on Transfer Price

3.9％（Note）

Replacement[Acquisition] Kandasudacho 2-Chome Development Project
Acquisition Date of Land

December 16, 2021

Location/Distance from Station

Kanda Suda-cho, Chiyoda-ku, Tokyo /4-minute walk from Kanda Station on the JR Yamanote Line and Tokyo
Metro Ginza Line,5-minute walk from Akihabara Station on the JR
Yamanote Line and Tokyo Metro Hibiya Line

Expected Acquisition Price after Building Completion

15,422 million yen (scheduled)

Price of Land

10,600 million yen

Main Fees Related to Construction

4,822 million yen (scheduled)Land Area/Gross Floor Area after Building Completion

1,346.71㎡ / 11,960.00㎡(scheduled)

Structure after Building Completion

Steel framed structure flat roof, 12 stories above ground (scheduled)Completion Date

June 2024 (scheduled)NOI Yield Assumed for Normal Operation Period after Completion

4.0％

Purpose and Results of Replacement
 Acquisition of the land near the station:
Acquisition of the rare location, a 5minute walk from Akihabara
Station, one of the major terminal stations in Tokyo.
 Rejuvenation of building age:
Elimination of the risks of declining competitiveness in leasing,etc., incurring medium- to long-term repair and renewal costs,
and rebuilding in the future by rejuvenating building age ofproperties over 30 years old
 Transferred properties at 1.07 times the appraisal value:
Allocate approximately 200 million yen out of approximately 900
million yen of gain on sale of a property to dividends for the 33rd
fiscal period, and internally reserve approximately 700 million yen
Total internal reserves expanded to approx. 2.5 billion yen(at the end of the 33rd fiscal period)(Note)This figure is calculated by dividing the annualized NOI for the fiscal period ended Nov. 2021 (32nd fiscal period) by the transfer price. The figure has been rounded to the first decimal place.

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

21

Progress of Kandasudacho 2-chome Development Project
Outline of Kandasudacho 2-chome Development Project
As described in the press release dated June 21, 2022, "Notice Concerning Partial Changes
to Disclosed Matters Concerning Kandasudacho 2-chome Development Project," thedevelopment schedule, specification plan and construction cost of this building have been revised.
A construction contract modification agreement has been executed to change the cost of major
construction-related work.

It enjoys access to 4 stations and 7 lines. It is located near the MarunouchiOtemachi area, which is an area in high demand as a base for small andmedium-sized companies.



NOI Yield Expected in a Normal Operation Period after Completion：4.0%＜ Development schedule ＞
32nd FP
Ended Nov. 2021
Oct. 2021:
Contract/Payment

38th FP
34th FPEnding Nov. 2024
Ending Nov. 2022
Oct. 2022:
Jun. 2024:
Construction start ofCompletion of the new
the new building(scheduled) building(scheduled)＜ Building Specification Plan ＞ (Changes are underlined.)（Before change)(After change)

Steel framed structure flat roof,
12 stories above ground

Steel framed structure flat roof,
12 stories above ground

March 2024 (scheduled)

June 2024 (scheduled)

Building area

894㎡

941㎡

Gross Floor Area after Building
Completion

11,423㎡

11,960㎡

Total rentable area

9,147㎡

9,313㎡（Before change)(After change)

Expected Acquisition Price after
Completion of Building

15,286million yen(scheduled)

15,422million yen(scheduled)

Price of Land

10,600million yen(scheduled)

10,600million yen(scheduled)

4,686million yen(scheduled)

4,822million yen(scheduled)

11,423㎡

11,960㎡

Real Estate Rental Revenue

746million yen

759million yen

NOI

604million yen

613million yen

4.0%

4.0%

Structure after Building Completion
Completion Date

＜ construction cost ＞ (Changes are underlined.)

Main Fees Related to Construction（Note1）

Total Floor Area after
Completion of Building

NOI Yield(Based on Expected
Acquisition Price）＜ Using TASMO construction method by Taisei Corporation ＞
Considering BCP, the building was built with Taisei Corporation’s TASMO Construction
Method (Note 2), a vibration control system. In addition to protecting life in the event of amajor earthquake, damage to the building itself would be minimized, preventing damage tonon-structural members and securing excellent structural safety. In addition, by placing theframing system which consists of wall pillars around the perimeter, a spacious and highly
flexible space without pillars will be created inside the building.

TASMO's seismic energy absorption mechanism

Perspective image example of building
using this framing system（Note1） Main Fees Related to Construction include the total amount of the current estimates for construction fees, design supervision fees, and project management fees (excluding consumption tax, etc.), but may
change depending on the progress of the Project in the future. The same applies hereafter.
(Note2) The TASMO construction method is a vibration-damping structural system in which wall columns with wall-leg rotation performance are connected with steel-frame vibration-damping beams to provide the
本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
necessary rigidity, and the steel-frame vibration-damping beams absorb the input energy of a major earthquake in a concentrated manner to suppress damage to the building itself.
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。
（Note3）The above is based on current plans and does not guarantee the content after development.

22

Efforts to Improve Portfolio Quality
Efforts to Improve Portfolio Quality
25th FP

Acquisition

CONCURRED
Yokohama

Daiwa
Kanda East

27th FP

26th FP

Fiscal period ended May 2018

Fiscal period ended May 2019

Fiscal period ended Nov. 2018

Daiwa
Kandasudacho

Daiwa

Shinagawa Gotenyama

Daiwa
Sasazuka Tower

Transfer

Replacement

CorporateactionShinjuku
Maynds Tower* Sale of a
portion ofco-ownershipinterest

Daiwa
MeiekiUse of gainon saleBuy-back of
own investment units
Repayment of borrowings

30th FP

Fiscal period ended Nov. 2020

Nihonbashi
Bakurocho
1-ChomeDevelopment
Site

31st FP

Fiscal period ending May 2021

Daiwa
Sasazuka

29th FP

Fiscal period ended May 2020

Daiwa
Nakano-Sakaue

Nihonbashi
Central Square

Daiwa
Harumi

Daiwa
Mita 2-Chome

Replacement

Exchangetransaction

Replacement

Daiwa
Onarimon

Daiwa
Osaki 3-Chome

Daiwa
Jinbocho

32nd FP

Fiscal period ending Nov 2021

Sold an oldproperty

33rd FP

Fiscal period ending May 2022

Kandasudacho
2-ChomeDevelopment Site

Daiwa
Kandabashi

Replacement

28th FP

Fiscal period ended Nov. 2019

25th ～ 33rd FP Total
Total acquisition price13 properties
102,047 million yen

Replacement

Total transfer price９ properties
106,105 million yen

Daiwa
KyobashiDaiwa Shimbashi 510
Use of gainon saleBuy-back of
own investment units
Repayment ofborrowings

Daiwa
Minami-Aoyama

Daiwa
Kojimachi 4-chome

Use of gainon saleBuy-back of
own investment units
Internal reserves

Share buy-backs

third
10,458 million yen

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

23

Acquisition/Sale Policy and Status of Deliberation for Property Acquisitions
Acquisition / Sale Policy

Distribution Chart of Portfolio PropertiesPlaces priority in the five central wards of Tokyo and equivalent area.



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

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



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

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

60

50

considerationof45

Secure a sourcing route across a wide range by capitalizing on status as anindependent REIT and establishing strong relations with business companies,
financial institutions, real estate brokers, etc.

35

Target optimum expansion of portfolio based on in-depth data analysis upon
careful selection from among the wide-ranging information on properties thatcomes from diverse sources.

30

Number of Properties Reviewed for Acquisition
500

320
300

329

360

326

348

334

339

20
100
341

80
60

200

40

29
100
0

20

14

9

13

17
6

8

11

14

24th FP 25th FP 26th FP 27th FP 28th FP 29th FP 30th FP 31st FP 32nd FP 33rd FP(Note) Number of gross proposals.

Daiwa Minami-Aoyama

120

281

276

Daiwa Kojimachi 4-chome25

Number of properties reviewed (left axis)
Number of properties reviewed in detail (right axis)

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

future40●Assets sold in 33rd FPs●Assets sold in 33rd FPs●Properties acquired after the sponsor change●Properties acquired before the sponsor change

55

Sourcing Strategy Capitalizing on Status as Non-Real
Estate Sponsored REIT

Building Age (Year)

15
10

Average building age

23.8 years（Note2）

5
Kandasudacho 2-Chome
Development Site (land) (Note 1）

20
0
0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

(Note1) Building Age of Development Site is indicated as 0 year.

7.0

Average station distance

3.7 minutes

8.0
9.0
10.0 11.0
Distance from station (minutes)(Note2) Average building age is as of the end of May 2022.

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

24

Change in Asset Size and Acquisition Performance
Aim to Achieve Medium-Term Goal Asset Size of 500 Billion Yen(billion yen)
80%

550

Total Acquisition Price

LTV (Based on Total Asset)

500
458.3

445.7

450

467.7

469.3

500.0

469.3

459.7

460.0

461.0

463.1 464.8

463.3

461.4

466.5

439.4

413.2

60%

387.5

400
352.7

364.0

332.0

350
313.2

50%

314.9

44.3

43.0

300

40.2

40.6

43.3

41.7

42.3

42.2

42.3

40.5

41.5

42.1

42.1

42.0

42.0

41.8

37.5
250

34.2

34.4

200
Acquisition Property

Acquisition Property

150

Acquisition Property• Daiwa Shibuya Dogenzaka• Daiwa Akasaka• Daiwa Shibuya Miyamasuzaka

100

Acquisition Property• shinyon curumu• Daiwa Meieki• Daiwa Kamiooka

50

Acquisition Property• Daiwa Osaki 3-chome

0

13th
FP

14th
FP

15th
FP

16th
FP

Acquisition Property• Nihonbashi Bakurocho
1-Chome Development Site

Acquisition Property

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

Acquisition Property

Acquisition Property• Daiwa Nakano-Sakaue• Nihombashi Central Square

Acquisition Property

Acquisition Property• Daiwa Azabu Terrace• Daiwa Kitahama• Daiwa Nishi-Shinjuku• Kirin Nihonbashi Building

17th
FP

Acquisition Property• CONCURRED Yokohama• Daiwa Kanda East

• Daiwa Higashi-Nihonbashi• Daiwa Daikanyama• Daiwa Shinjuku West
• Daiwa Ogikubo

18th
FP

42.6

• Daiwa Kandabashi

Acquisition Property• Daiwa Ogikubo Tower

41.9

Acquisition Property• Kandasudacho 2-Chome
Development Site

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

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

• Daiwa Nihonbashi Hongokucho

70%

Acquisition Property• Daiwa Mita 2-Chome

40%

30%

20%

10%

Acquisition Property• Daiwa Sasazuka• Daiwa Harumi

19th
20th
21st
22nd
23rd
24th
25th
26th
27th
28th
29th
30th
31st
32nd
33rd
Medium-Term
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
Goal
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

0%25

Section 4
Financial Strategy

Status of Interest-Bearing Liabilities (1)Loan to Value Trend

Status of Interest-Bearing Liabilities(End of 33rd Fiscal Period)(Billion Yen)

240

60.0%

Interest-bearing liabilities (left axis)

Ratio of Fixed-Interest and FloatingInterest Borrowings

Ratio ofLong and Short-Term Borrowings

LTV (based on total assets) (right axis)(Note)

14.9%

22.8%
200

50.0%

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

42.6%
160

77.2%

85.1%

40.0%

120

Fixed-interest borrowings

Long-term loans payable, etc.

Floating-interest borrowings

Current portion of long-termloans payable

30.0%

Status of Rating
80

20.0%

Japan Credit Rating Agency, Ltd. (JCR)

Long-term issuer rating
Rating outlook: Stable

40

10.0%

(Assigned on March 4, 2022)

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

17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP(Note) LTV (based on total assets) = Total interest-bearing liabilities / Total assets

0.0%

Issuer rating

Rating outlook: Stable(Assigned on September 17, 2021)

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

27

Status of Interest-Bearing Liabilities (2)Repayment Schedule

Change in Procured Years of Interest-Bearing Liabilities(Million Yen)

End of period maturity (left axis)(Year)

20,00016,000

11.0

Average PROC years(excluding short-term loans payable) (right axis)

 Investment Corporation Bond
18,000(Year)

Average PROC years (right axis)

5.5

5.0

10.0

4.5

9.0
4.0

4.0

14,000

3.5

8.0

7.0

12,000

6.7

3.0

6.7

10,000

6.0

2.5

5.0

2.0

4.0

1.5

3.0

1.0

2.0

0.5

1.0

0.0

0.0

8,000

33rd FP

32nd FP

31th FP

30th FP

29th FP

28th FP

27th FP

26th FP

25th FP

24th FP

23rd FP

22nd FP

52nd FP

51st FP

50th FP

49th FP

48th FP

47th FP

46th FP

45th FP

44th FP

43rd FP

41st FP

42nd FP

40th FP

39th FP

38th FP

37th FP

36th FP

35th FP

0

34th FP

2,000

21st FP

4,000

20th FP

6,000

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

28

Status of Interest-Bearing Liabilities (3)As of End of the 33rd Fiscal Period
Name of Financial Institutions(Million Yen)

Comparison with
Previous Period

Balance

Balance Ratio

Name of Financial Institutions

Comparison with
Previous Period

Balance

Balance Ratio

Sumitomo Mitsui Banking
Corporation

40,400+1,00020.5%

The Hyakugo Bank, Ltd.

1,000

-

0.5%

Sumitomo Mitsui Trust Bank, Limited

24,500+1,000

12.4%

The Yamanashi Chuo Bank, Ltd.

1,000

-

0.5%

Development Bank of Japan Inc.

21,750-

11.1%

Momiji Bank, Ltd.

1,000

-

0.5%

MUFG Bank, Ltd.

20,450

+950

10.4%

Taiyo Life Insurance Company

300

-

0.2%

Mizuho Corporate Bank, Ltd.

19,400-9.9%

Fukoku Mutual Life Insurance
Company

200

-

0.1%

Shinsei Bank, Limited

14,500+500

7.4%

196,800+3,450100.0%

Resona Bank, Limited.

12,500-

6.4%

Mizuho Trust and Banking Co., Ltd.

9,500

-

4.8%

The Bank of Fukuoka, Ltd.

6,500

-

3.3%

Kansai Mirai Bank, Limited

5,000

-

2.5%

The 77 Bank, Ltd.

3,000

-

1.5%

Nishi-Nippon City Bank, Ltd.

3,000

-

1.5%

The Norinchukin Bank

3,000

-

1.5%

The Gunma Bank, Ltd.

2,500

-

1.3%

The Musashino Bank, Ltd.

2,000

-

1.0%

Tokio Marine & Nichido Fire
Insurance Co., Ltd.

2,000

-

1.0%

The Yamaguchi Bank, Ltd.

2,000

-

1.0%

Total

Issuance

Comparison with
Previous Period

Balance

Duration of
Liabilities

No. 4 Unsecured Investment
Corporation Bond

2,100

-

10 years

No. 5 Unsecured Investment
Corporation Bond

1,700

-

5 years

No. 6 Unsecured Investment
Corporation Bond

1,300

-

12 years

1,500-

5 years

2,400-

10 years

9,000

-

-

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

No. 8 Unsecured Investment
Corporation Bond

Green Bond

(DOI ESG Series Bond II)

Total Investment Corporation Bonds

Outline of Commitment line
Commitment line provider

Maximum loan
amountTerm of the Agreement

3,000

From January 31, 2022 to July 31, 2023

2,500

From April 28, 2022 to February 28, 2023

Daiwa Next Bank, Ltd.

Nippon Life Insurance Company

1,300

-

0.7%

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

29Unitholders as of the End of May 2022
Unitholders’ Share by Investor Type
Investor TypeNum ber ofNum ber of
Units
Units
End of 32nd End of 33rd
Fiscal Period Fiscal Period

List of Top 10 Investors
Rate (Note)
End of 33rd
Fiscal Period

Change in
Units

Individual

12,994

13,701

+707

2.84%

Financial
Institution

151,031

147,578-3,45330.58%----Com m ercial
Bank
RegionalBank

14,784

Trust Bank

122,445

13,597
119,074-1,187-3,371

2.82%

995

1,211

+216

0.25%

Non-life
Insurance

50

+50

-

0.01%

12,757

13,646

+889

2.83%

200,285

200,313+28

41.51%

Foreigner

104,466

102,740-1,72621.29%

Securities

19,312

18,197-1,115

3.77%

Total

488,088482,529-5,559100.00%(Note) Rounded to the second decimal place

Number of
Units
End of 33rd
FiscalPeriod128,905

128,905-

26.71%

2 Daiwa Securities Group Inc.

67,321

67,321-13.95%The Master Trust Bank of Japan,
3 Ltd.
(Trust Account)

52,61053,206+596

11.03%

4

Custody Bank of Japan, Ltd.
(Trust Account)

39,90549,485+9,58010.26%

5

STICHTING PENSIOEN FONDSZORG EN WELZIJN

17,85915,474-2,385

3.21%

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

14,27914,485

+206

3.00%

BNYM AS AGT/CLTS 10PERCENT

6,496

5,379

-1,1171.11%

8 Mizuho Securities Co., Ltd.

1,319

5,201

+3,882

1.08%

9 SMBC Nikko Securities Inc.

7,373

4,873

-2,5001.01%

STATE STREET BANK WEST
CLIENT-TREATY 505234

4,705

4,530

-175

0.94%

Total

340,772

348,859+8,08772.30%

No.

Investor Name

1

Daiwa Investment ManagementInc.

24.68%

Life
Insurance

Other
Financial
Institution
Other Dom estic
Corporation

Number of
Units
End of 32nd
FiscalPeriod7

10Rate (Note)
End of 33rd
FiscalPeriodChange in
Units(Note) Rounded to the second decimal place
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

30

MEMO

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

31Section 5
Efforts on ESG

Efforts on ESG | Environment ①
Acquisition of Environmental Certification／Participation in external evaluation＜ Environmental Certification ＞
・As of the end of May 31 2022, the total number of properties
that have acquired environmental certification is 31.
The acquisition ratio (based on the total floor area of owned
properties) is 61.3%
・We aim to increase the ratio of environmental certifications in themid- to long-term.
CASBEE Certification

29

Rank S

3

Rank A

22

Rank B＋4

DBJ Green Building
Certification<GRESB Real Estate Assessment 2021> <Support for TCFD Recommendations>
・Recognizing the importance of disclosing
・Green Star for ten consecutive years
climate related information, the Asset Manager
・Rating of “4 Star”
announced its support for the TCFD recomme・the top rating of “A” in Public Disclosurendations in Dec. 2022 and joined the TCFD
consortium,
・ First disclosure of qualitative scenario analysis
results（See the document P43）
2

2

BELS Evaluation

★★★★

1

★★

1

★★★

1

★

1

＜MUFG ESG Rating
Certificate for J-REITs ＞
・The Investment Corporation and
the Asset Manager have acquired
the top rating of “S Rank” for the MUFG ES
Rating Certification

Environmental Performance Data Results / Examples of Initiatives＜ Environmental Performance Data Results ＞

Item

Unit
Consumption (MWh)Energy

CO 2

Waste

Actual reduction
FY2020

FY2021（B）

We have introduced LED lighting, etc. sequentially in exclusive areas, common areas, etc. in the properties we own,
and aim to achieve a 100% LED lighting installation rate by the end of May. 2026( 41st FP). (Estimatedreduction effect for 31st FP to 41st FP: electricity reduction of approx. 11%, CO2 reduction equivalent to 4,400 t)

Rate ofchange(B/A)＜ Introduction of High-Efficiency Heat Source Equipment and Upgrading of Air-Conditioning Equipment ＞

104,219

91,237

87,245-16.29%Consumption intensity (MWh/m²)

0.207

0.181

0.178

-14.06%

Emission (t-CO2)

44,771

38,25037,063-17.22%Emission intensity (t-CO2/m²)

0.089

0.076

0.076

-15.02%396,297

290,167

284,367

Consumption intensity (m³/m²)

0.787

0.575

0.580

-26.34%

Consumption (t)

4,388

3,594

3,373

－

Amount of recycled waste (t)

2,502

2,092

1,862

－ ＜Promoting Greening of Walls and Rooftops/Conserving Biodiversity＞

Recycling rate (%)

57.02

58.20

55.21

－

Consumption (m³)
Water

FY2019【base year】(A)＜Introduction and Upgrading of LED Lighting.＞-28.24% ＜ Installation and retrofitting of water-saving equipment ＞＜ third-party review（ verification ） of the environmental performance data ＞
SOMPO Risk Management, a third-party organization, conductedthird-party evaluation (verification) of environmental performancedata (energy consumption, GHG emissions (Scope 1 and 2),
water consumption, and waste output) of FY 2021 for the entire
portfolio.

Upon the renewal of heat source equipment, air-conditioning equipment, etc., we introduced high-efficiency heatsource equipment with higher energy efficiency and upgraded air-conditioning equipment to one with higher
energy-saving performance. (Estimated reduction effect for 31st FP to 41st FP: electricity reduction of approx.
1.4%, CO2 reduction equivalent to 570 t)

Certificate of implementationof third-party evaluation（SOMPO RISK MANAGEMENT)We are constantly upgrading sanitary equipment, such as updating to sanitary fixtures with high water-saving
performance and using rainwater and gray water for miscellaneous water applications in the building.
Promoted greening of walls and rooftops at several properties as an initiative that considers climate change andbiodiversity conservation. Planted many plants indigenous to the local area in consideration of the ecological networkand biodiversity conservation.

Introduction of LED in line withRenewal of air-conditioning

Retrofit of sanitary equipment

Rooftop garden

本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
renovation of common areas on
equipment（Daiwa Shinagawa(CONCURRED Yokohama）
33※ After careful review of the data, some actual figures have been adjusted for FY 2019 and FY
2020.
each floor
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。
(Daiwa Ginza)
Gotenyama)
See DOI’s website for details on calculation method.

(Daiwa Sasazuka Tower)

33

Efforts on ESG | Environment ②
Indicators and Targets
The following CO2 emissions reduction targets (KPI) have been established for FY 2030 and FY 2050 relative to FY 2013 (on an intensity basis)Targets for FY2030 (KPI)

Targets for FY2050 (KPI)

CO2 46% reduction

Carbon Neutrality

Specific elements to reduce CO2 emissions/status of efforts
Steadily promote the introduction of LED lighting and the renewal of air-conditioning equipment to cut CO2 emissions while considering new measures to achieve theabove targets and contribute to a decarbonized society over the medium to long term.
＜ Specific factors to reduce CO2 emissions ＞
Renewal of air conditioning equipment

Promote the introduction of green leases（ The electric power company's ）Renewal of LED lighting

Introduction of renewable energy

Emission factor improvement＜ Changes in CO2 emissions per unit of production ＞
(％)
100.0

Base year
100.0 99.6

96.7

105.6

80.0

CO2 46％
reduction

95.7
85.6

＜ LED lighting installation and retrofit status ＞

79.3
67.6 67.4

60.0

(％)

Base year

100.0

99.0

by FY2030

95.0(FY2013Comparison)

90.0

54.0

85.0

100.0

100％

100.0 (％)
97.7

77.7
68.1

80.0
40.0

0.0

49.3

75.0
70.0

20.0

65.0
60.0

2013 2014 2015 2016 2017 2018 2019 2020 2021

37.0
27.4
27.3

Targets for the 41st Fiscal Period
LED conversion progress rate

34.0

42.6

51.8

58.9

83.7

88.7

94.3

100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0

31
32
33
34
35
36
37
38
39
40
41
2030 (fiscal
(FP)
year)
本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。

34

Efforts on ESG | Social
Efforts for Enhancing Tenant Satisfaction and Engaging with Local Communities＜Countermeasures Against COVID-19＞<Installation of Digital Signage>

Thoroughly implement basic hygiene measures and the following measures
・ Introducing VR previews of properties
・ Dispatch information through online IR seminars
・ Introducing Whiz, a disinfection and cleaning robot using AI technology

Digital signage is installed in common areas to educate tenants about
energy reduction. The signs are also used for disaster prevention
measures, such as visualization of energy usage and posting of
evacuation routes.
＜Providing Comfortable Office Environment＞<Implement Tenant Satisfaction Surveys>
In November 2021, we conducted a survey of office and retail tenants. The resultsof this survey were shared with the PM company, etc. to improve the operation andmanagement of the property, and various construction projects, such as updating air
conditioning equipment and renovating women's restrooms, are being implemented
to improve tenant satisfaction.

Dispatch of
information throughonline IR seminars

Installation ofcleaning robot“Whiz”

Renovated Powder Room
（Daiwa Shinagawa
Gotenyama）

Installation ofdigital signage(Daiwa Ginza)

In June 2022, we opened a workspace for employees of Daiwa
Securities Realty Co., Ltd., a Group company, in our owned property,
Daiwa Ginza Building. As a next-generation office, we have a varietyof free address spaces and private room booths that can be flexibly
used.
Going forward, the Investment Corporation will continue to aim toprovide a comfortable office environment that combines design andfunctionality in order to create new ways of working that lead toemployee motivation and results.

＜Installation of Sharing service ＞
We installed a cycle port for cycle sharing and an e-scooter
port on the building’s site and introduced car sharing,
contributing to convenience for tenant employees, local
residents and others.
<Contribution to Local Events and Regional Revitalization>
Contributing to greater convenience for tenant employees
and local residents and regional revitalization by
participating in various urban development councils,
contributing to local events, making use of site at portfolio
buildings, attracting kitchen cars, etc.

Workspaces established for Daiwa Securities Realty employees（Daiwa Ginza)[Nursing care-related]• Nursing care leave[Other]• Introduced flex time (from May 2021)• Introduced teleworking<Development of Office Environment>
Developed the office environment such as
establishing a cafeteria space where
employees can work comfortably, installing
free vending machines, developing thecommunication environment including Wi-Fi.
<Implement Employee Satisfaction Surveys>
In Nov. 2021, had a third party implement aquestionnaire survey of employees regarding the work
environment. The results will be applied to future
operations in an effort to improve employee satisfaction.

<Formulation of General Employer Action Plan>
Formulattion of general employer action planfor the purpose of establishing a comfortable
employment environment pursuant to the
Act on Advancement of Measures to
Support Raising Next-Generation Children
and act on the Promotion of Female
Participation

Attracted kitchen cars
(Daiwa Nakano-Sakaue)

Efforts for Disaster Prevention

Efforts for Employees<Improving Various Programs><Ratio of Women at the Asset Management[Child care-related]
Company> *As of March 2022
• Child care leave
Ratio of women among all employees: 28.8%• Child care support leave (acquisition rate: 100%)
Ratio of women in managerial positions• Short working hours system/Day care subsidy(assistant manager or higher):
14.4%
systemInstallation of electric kickboards（Daiwa tsukishima)＜ Employee Health Support /Promoting Wellness＞
We maintain and promote the health of our employees
through periodic health checkups and inoculations
against influenza and new coronas in the workplace.
In addition, the Daiwa Securities Group has
implemented measures such as the “KA・RA・DA Iki-Iki
Project" aimed at improving health awareness and a
total ban on smoking at work and the "KA・RA・DA Iki Iki Project" aimed at improving health awareness. In
addition, we are expanding our health support system
by launching a "dental checkup subsidy system" for all
insured employees of the Towa Securities Group inJune 2022.

Formulated BCP measures in order to securesafety of employees, tenants and facility users
as well as continue with important business
operations in times of emergency such as
disasters.
Periodically holdemergency
drillsincollaboration with PM and BM and promotedisaster prevention measures with AEDs,
elevator emergency goods boxes, emergency
stockpile, etc. at portfolio properties wherethese can be installed.

<Implement Jeans Day>
Holding “Jeans Day,” an initiative of thesponsor Daiwa Securities Group Inc.,
employees can come to office in casual wearsuch as polo shirts and jeans, and a charity
drive is held to aid those impacted by
COVID-19 (on third Fridays).
本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
Install disaster relief
Implement Jeans Day Started subsidizing the cost Elevator emergency goods box
vending machines(Daiwa Azabu Terrace)
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。
of dental checkups

35

Efforts on ESG | Governance
Establishment of Sustainability Promotion OfficeSustainability Report（2022） / REIT Web Site

In order to further enhance sustainability efforts, the Sustainability Promotion Office was established in the Asset Management
Company on June 1, 2021. In this department, planning, drafting and implementation of ESG and SDGs of the AssetManagement Company and all investment corporations it operates are systematically promoted.
<Main Activities>
・Disclosure of environmental performance data (energy, CO2, water, waste)・Published Sustainability Report

In December 2021, the Investment Corporation's website was completely
redesigned, and ESG information was expanded on the Sustainability
Initiatives page. In addition, as the first attempt, the Investment
Corporation published a new Sustainability Report (2022) in order for
the Investment Corporation and the Asset Management Company toproactively disclose information on their approach and efforts towardsustainability to their stakeholders(Please check the Sustainability Report (2022) )・Support for the TCFD recommendations and climate chage scenario analysis

Review of Management Fee System
Changed to an asset management fee system focusing on management results and enhancing the incentive to increase the distributable amount regarding Management Fee I and III (since the
FP ended November 2018)
Management Fee I(based on assets under management)
Basis of the calculation

Total appraisal value of assets under management(based on market value)

Fee rate
0.05%

Management Fee II(rent revenue standard)
Basis of the calculation
Rent revenue

Management Fee III(based on distributable amount)
Basis of the calculation

Fee rate
3.5%

Distributable amountManagement Fee V(asset sale standard)
Basis of the calculation

Fee rate

Transfer price of target real estate

0.5%

Management Fee IV(asset acquisition standard)
Fee rate
5.5%

Basis of the calculation

Fee rate

Acquisition price of target real estate

0.75%

Lower the ratio linked to the amountof assets under management
Enhanced incentive to increase
distributable amountManagement fee rate for the 33rd FP(Note): 0.50%(Note) Annual rate, based on acquisition priceInvestment Decision-making System

Same-Boat Investment by the Sponsor GroupAs an asset management company under the Act on Investment Trusts and Investment Corporations that is entrusted withasset management by the Investment Corporation, the Asset Manager prepares, in line with the Articles of Incorporation,asset management guidelines to stipulate basic approaches to investment management, such as the investment policy, rules
on transactions with interested parties regarding acquisition and sale of assets, etc. and the disclosure policy. The decisionmaking process is as follows.

Aim to increase unitholder value by matching unitholder interest with the sponsor’s interest
Sponsor group

Number of units

Daiwa Investment
Management Inc.

Holding ratio

128,905 units

26.71%

Daiwa Securities
Group Inc.

67,321 unis

13.95%

Holding ratio of Daiwa
Securities Group:
40.7%

Prevention of Conflicts of Interest among Funds
When transacting (acquiring or transferring real estate or securities, or leasing) with interested persons
under the Act on Investment Trusts and Investment Corporations, approval by the Boardof Directors of the Investment Corporation is required except for certain cases.

In case of competition over a property acquisition opportunity among the Investment Corporation and other funds,
etc. managed by the Asset Manager, conflicts of interest among the Investment Corporations and other funds,
etc. shall be prevented by first granting the Investment Corporation the preferential right to consider theacquisition. The acquisition opportunity will be available to the other funds, etc. only when the Investment
Corporation decides not to exercise the concerned preferential right.
本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。

36

MEMO

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

37

Appendix

Three Characteristics of the Investment Corporation (As of July 21, 2022)

OfficeBuilding

Office Specialized REIT

100％

Greater Tokyo

REIT focused on
the Five Central Wards ofTokyo

Regional Major Cities

17.3％

2.0％

Five Central Wards of Tokyo

80.7％(Note) Based on acquisition price.

Steady Growth in Distribution

Fiscal period ended Nov. Fiscal period ending
2021
May 2022(32nd FP)
(33rd FP)
ActualActualDividend
per Unit

14,000 yen

14,000 yen

Fiscal period ending
Nov. 2022(34th FP)
Forecast

Fiscal period ending
May 2023(35th FP)
Forecast

13,600 yen

13,600 yen

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

39

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

Portfolio Breakdown by Region (%)
Osaka City
2.0％

Yokohama City
8.6％
Other 18 Wardsof Tokyo
8.7％
Chiyoda Ward
6.4％

Shinjuku Maynds Tower Occupancy Rate（％）

Regional Cities
2.0％
Greater Tokyo
17.3％

Shibuya Ward
34.7％

Shibuya Ward/
Shinjuku Ward
41.8％

Minato Ward
9.9%

Five Central Wardsof Tokyo
80.7％

Chuo Ward
22.6%

Shinjuku Ward
7.0％

Location

2-chome, Yoyogi,
Shibuya-ku

Acquisition
price66,900 million yen

15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP
End
End(Note 1) Based on acquisition price(As of July 21, 2022)(Note 2) Percentage is rounded to the first decimal place

E SPACE TOWER

Large-Scale Office Building Supply inthe 23 Wards of Tokyo

E SPACE TOWER Occupancy Rate

2022―2026（％）

Total from 2022 to 2026

4,410,000 m²

Marunouchi andOtemachi Area
30,000 m²

Other1,220,000 m²

Nihombashi,Yaesu
and Kyobashi Area
820,000 m²

Shibuya Area
250,000 m²
Akasaka andRoppongi Area
280,000 m²

Toranomon Area
870,000 m²

Shinagawa Area
370,000 m²

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

Tamachi and
Hamamatsucho Area
550,000 m²

Location

3 Maruyama-cho,Shibuya-ku

Acquisition
price

24,000 million yen

15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP
End
End(Note) Rent revenue is indexed as the end of the 15th FP = 100.
Ownership interest of Shinjuku Maynds Tower is adjusted from the 25th FP.

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

40

Analysis of Leasing Business― Improvement in Basic Strength ―For the 33rd FP, monthly rent increased due to contract renewal and tenant replacement, but continued at a low level
when compared to past results Increase in rent revenue due to improved basic strength leads almost directly to an increase in dividend resourceMonthly Rent Increase Due to Contract Renewal/Tenant Replacement(Thousand Yen/Month)

37,56525,52814,376 14,246

32,29528,22527,02021,84921,804 21,309

19,04812,747
3,381

3,613 2,724

Increase Rate of Dividend Resource Due to Improved Basic Strength
20th FP

21st FP

22nd FP

23rd FP

24th FP

25th FP

26th FP

27th FP

28th FP

29th FP

30th FP

31st FP

32nd FP

33rd FP

SimpleSimpleaverageforforaveragethe 20th FP
FP
onwardonwardGrowthrevenue
rate of revenue 6 months(rents and common(rents andarea fees)
Annualize
common(Note 1)

1.0%

0.8%

0.7%

1.4%

1.2%

1.2%

1.5%

1.9%

1.3%

1.6%

1.0%

0.2%

0.2%

0.1%

1.1%

2.0%

1.7%

1.5%

2.8%

2.4%

2.3%

3.0%

3.9%

2.6%

3.1%

2.0%

0.3%

0.3%

0.3%

2.1%

Growthrate of 6 months
Growth rate ofdividend
resource
dividend resource
Annualize(Note
2)(Note 2)
d

2.1%

1.8%

1.5%

2.9%

2.4%

2.3%

2.9%

3.8%

2.6%

3.0%

2.0%

0.3%

0.3%

0.2%

2.1%

4.3%

3.6%

2.9%

5.8%

4.9%

4.7%

5.8%

7.6%

5.1%

6.0%

3.9%

0.6%

0.6%

0.5%

4.3%

Growth rate ofarea fees) (Note 1)d(Note 1) Obtained by dividing the amount of rent increase (increased amount of monthly rent x 6 months) due to the improved basic strength in each fiscal period by rent revenue (rents and common area fees) in the previous fiscal period.
(Note 2) Obtained by dividing the amount of rent increase (increased amount of monthly rent x 6 months) due to the improved basic strength in each fiscal period by net income in the previous fiscal period.

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

41

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

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

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

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

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

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

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



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

Kandasudacho
2-ChomeDevelopment
Site(Land)

Daiwa
Kandabashi
Acquisition

Replacement

Kandasudacho
2-Chome Development
Site(Land)
Acquisition

Daiwa
Minami-Aoyama
Transfer

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

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



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

Nihonbashi Bakurocho
1-Chome Development

Kandasudacho
2-Chome Development<Utilizing warehousing and incorporating future DRT development properties>

Aim to further expand asset size while utilizing various growth Daiwa日本橋馬喰町開発PJ
strategies in collaboration
with the sponsor group

本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。

42

Efforts on ESG | Initiatives for the TCFD ①
Qualitative scenario analysis based on TCFD recommendations
Using scenarios developed by the IEA, IPCC, and other international organizations along the lines of future temperature increases as a source of information, we conducted a qualitative scenario analysis using the "4°C
scenario" and "1.5°C/2°C scenario" to identify risks and opportunities and analyze financial impacts.

※ Scenario analysis is based on currently available scenarios and objective forecast data本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
from third-party organizations, and does not necessarily guarantee the accuracy of the information due to the
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。
inherent uncertainty of known and unknown risks.

43

Efforts on ESG | Initiatives for the TCFD ②
Overview of 4°C scenario and Expected Future
The 4°C scenario forecasts a future where greenhouse gas emissions are on an increasing trend due to insufficient climate change mitigation, without new regulations, taxation, or other measures to achieve a carbon-neutral society. The
scenario involves high relative physical risks from climate disasters and low transition risks.
Government
Stricter legal regulations related toresilience

Tenants

Investors

Financial Institutions

Climate/Weather

Increased needs for measuresagainst storm and flood damage,

Higher importance of physical risk
assessment in making investment

Increased needs for physical risk
assessment in making lending

Severer storm and flood damage andincreased natural disasters due toheatstroke, etc.

decisionsdecisionsrising temperatures, etc.

< Future measures >Amidst the increasing risk of natural disasters, we will secure a competitive advantage by implementing planned construction and cost reduction measures based on a medium- to long-term construction plan inorder to respond to physical risks such as severe wind and flood damage and rising average temperatures.

Overview of 1.5°C/2℃ scenario and Expected Future
The 1.5°C/2°C scenario forecasts a future where greenhouse gas emissions are on a decreasing trend, with the advancement of social policy, emission regulations, technology investment, and other measures to achieve a carbonneutral society. The scenario involves low relative physical risks from climate disasters and high transition risks.
Investors

Financial Institutions

Climate/Weather

Stricter regulations against GHG

Government

Increased needs for environmental

Increased needs for the assessment

Increased needs for the assessment

A certain degree of advancement ofemissions due to an introduction of

performanceof compliance with environmentalof compliance with environmental

chronic climate change, such as

regulations and environmental

regulations and environmental

increased storm and flood damage

certifications in making investment

certifications in making lending

decisionsdecisionscarbon tax

Tenants< Future measures >Tenants are becoming increasingly aware of environmental considerations, and we will secure a competitive advantage by actively investing in the introduction of energy-saving and high-efficiency equipment,
and by implementing planned construction and cost reduction measures based on a medium- to long-term construction plan.
本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。

44

Daiwa Securities Group’s Efforts to Achieve SDGs
ManagementVision “2030 Vision”
Daiwa Securities Group has formulated the management vision “2030 Vision” and set the priority areas toward”From savings to SDGs-Realize the SDGs by creating a sustainable capital cycle-”.
The three-year strategy aiming to achieve that vision is Medium-term Management Plan “Passion for the Best” 2023.

Efforts of Group Company ①<2030Vision>

Switch the power of the head office building to the renewable energy power generated by
Daiwa Energy & Infrastructure's (Daiwa Securities Co., Ltd., Daiwa Energy & InfrastructureCo., Ltd.)(December 2021) Daiwa Securities Co., Ltd. has been switched to the renewable energy with theenvironmental value of renewable energy power generation equipment (*) owned by Daiwa
Energy & Infrastructure Co., Ltd. in Japan for the entire amount of electricity used at the Gran
Tokyo North Tower, which is headquartered in Japan. This initiative was realized in collaboration
with Mitsui Fudosan Co., Ltd., the lessor of Gran Tokyo North Tower. Since April 2021, the Daiwa
Securities Group has been using substantial renewable energy in all group companies in thehead office building, and this initiative will be further promoted * Environmental value of renewableenergy power generation equipment: The value of green power generated by renewable energy,
such as low load on the environment, energy creation, and energy saving.

Efforts of Group Company ⓶Serve as lead manager of Transition Bond(*1) issued by Japan Airlines Co., Ltd. andTransition Bond Structuring Agent(*2) (Daiwa Securities Co. Ltd.)(February 2022) Japan Airlines Co., Ltd. (JAL) chose to issue a transition bond with the use of"renewal to fuel-efficient equipment" when issuing the first "SDGs bond“. It clearly shows theattitude of facing head-on to reduce emissions from aircraft in the operation of the airtransportation business, which is the largest source of CO2 emissions. With the funds raised
from the issuance of corporate bonds, JAL's efforts to promote transitions and decarbonization in
the air transportation business will be further promoted.
*1 Bonds issued as SDGs bonds based on the credibility of the strategy and practice bycompanies considering measures against climate change risk have set goals consistent with theParis Agreement and are working to reduce greenhouse gases in line with long-term strategies
toward the realization of a carbon-free society.
*2 A company which supports the issuance of transition bonds through the formulation of atransition bond framework and advices on obtaining external third-party evaluations
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

45

Summary of Results for the Fiscal Period Ended May 2022 (33rd FP) (1)― Balance Sheet ―Comparison with Results of the 32nd Fiscal Period

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

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

32nd Fiscal Period

33rd Fiscal Period

Million Yen(%)

Million Yen(%)

Million Yen(%)

Million Yen(%)

30,915

6.4

27,2495.6

38,7148.0

35,391

7.3

26,65023,095

3,640

3,677

624

Current Portion of Long-term Loans
Payable93.6

456,167

94.4

Accounts Payables-Other

448,31292.8

451,705

93.4

Advances Received

80,56378,619367,514372,235

234

850

2,708

0.6

2,716

2,705

2,705

2

11

1,294

0.3

1,746
113

1,066

1,203

Other Investments and Other
Assets113

428

Total Assets

Short-term loans payable452,314

113

Investment Corporation Bond
Issuance Costs

Operating Accounts Payables

476

Long-term Prepaid Expenses

Deferred Assets

Current Liabilities

49

0.0

49
483,279

44

Liabilities

Cash and Deposits

33rd Fiscal Period

0.6

483,461

Fixed Liabilities

Long-term Loans Payable
Tenant Leasehold and Security
Deposits
Tenant Leasehold and Security
Deposits in Trust

0.4

Other Fixed Liabilities
Total Liabilities
Unitholders’ equity (net amount)

0.0

44
100.0

Other Current Liabilities

Investment Corporation Bonds

100.0

Net Assets

Current Assets

32nd Fiscal Period

Unitholders' capital
Deduction from unitholders’ capital
Unappropriated Retained Earnings
Valuation, Translation Adjustments andOthersTotal Net Assets
Total Liabilities and Net Assets

813

1,067

2,400

0

31,60030,600

619

600

2,351

2,326

929

796

190,92839.5

197,530

9,000

9,000

159,350

166,200

20,38820,192

1,930

1,972

259

165

229,64247.5

232,922

245,093

241,093

251,551

251,551-6,458-10,458

8,554

9,214

-10

231

40.9

48.2

253,63752.5

250,53851.8

483,279

100.0

483,461

100.0This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

46

Summary of Results for the Fiscal Period Ended May 2022 (33rd FP) (2)― Income Statement ―Comparison with the 33rd Fiscal Period Forecasts

Comparison with Results of the 32nd Fiscal Period(Million Yen)

(Million Yen)

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

32nd
Fiscal Period

33rd
Fiscal Period

183 days

182 days

ChangeEffective Number of Days of Investment

13,882

14,474

+592

-

900

+900

6,531

6,551

+20

Expenses related to Rental Business(excluding depreciation)

3,337

3,359

+21

Depreciation

1,808

1,783

-24

Operating Revenues (A)Gain on sales of real estate properties

33st Fiscal Period
Forecast(Announced
Jul. 2022)

33rd
Fiscal Period

182 days

182 days

Change14,44014,474

+34

906

900

-5

6,463

6,551

+88

Expenses related to Rental Business(excluding depreciation)

3,267

3,359

+91

Depreciation

Operating Expenses (B)

1,785

1,783

-1

-305

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

8,481

8,430

-50

7,923

+572

Operating Income (A-B)

7,977

7,923

-54

567

569

+1

Non-operating Expenses

566

569

+2

432

424

-8

427

424

-2

6,784

7,493

+709

7,411

7,493

+82

Extraordinary Income

-

-

-

Extraordinary Income

-

-

-

Extraordinary Expenses

-

-

-

Extraordinary Expenses

-

-

-

-14

0

+15

Total Income Taxes(Includes income taxes deferred)

1

0

-0

6,799

7,493

+693

7,410

7,493

+82

488,088 units

482,529 units-5,559488,088 units

482,529 units-5,55913,930 yen

15,443 yen+1,513 yen

Earnings per Unit(Note 1)

15,182 yen

15,443 yen+261 yen

14,000 yen

14,000 yen-(Note3)14,000 yen

14,000 yen-(- yen)(- yen)(- yen)Gain and Loss from Rental Operations(ex cluding gain on sales of real estate properties)

8,736

8,430

Operating Income (A-B)

7,351

Non-operating Expenses
Interest Expense(including cap amortization)
Ordinary Income

Total Income Taxes(Includes income taxes deferred)
Net Income
Investment Units Issued and Outstanding
Earnings per Unit (Note 1)
Dividend per Unit

(Note2)(Reversal of reserve)(Note 2)(102 yen)(- yen)(-102 yen)Interest Expense(including cap amortization)
Ordinary Income

Net Income
Investment Units Issued and Outstanding

Dividend per Unit

Dividend per Unit

(Note 3)(Note 1) Net income per unit is calculated using the following average number of investment units during the period.
(Note 2) Dividends per unit for the 32nd FP includes the amount obtained by dividing part (reserve for reduction entry of 33 million yen and corresponding deferred tax liabilities of 15 million yen amounting to a total of 49 million yen) of the amount retained asinternal reserves by the total number of investment units issued and outstanding. Dividends per unit before the reversal is 13,898 yen. Dividends per unit for the 33rd FP is calculated by dividing the amount obtained by subtracting provision for reserve
for reduction entry (737 million yen) from unappropriated retained earnings by the total number of investment units issued and outstanding. The same applies in the table below.
(Note 3) Dividends per unit (forecast) for the 33rd FP announced on January 2022 is calculated by dividing the amount obtained by subtracting provision for reserve for reduction entry (577 million yen) from unappropriated retained earnings by the total numberThis document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is itof investment units issued and outstanding.

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

47

Forecasts for the Fiscal Periods Ending November 2022 and May 2023
(34th and 35th FP)
Forecasts for the 34th and 35th Fiscal Periods(Million Yen)

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

33rd Period(May 31, 2022)

34th Period
Forecast(Nov. 30, 2022)

35th Period
Forecast(May 31, 2023)

182 days

183 days

182 days

14,474

13,727

13,629

900

-

-

6,551

6,777

6,756

Expenses related to Rental Business(excluding depreciation)

3,359

3,627

3,593

Depreciation

Operating Expenses (B)

1,783

1,784

1,803

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

8,430

8,315

8,232

Operating Income (A-B)

7,923

6,949

6,873

Non-operating Expenses

569

578

599

424

428

443

7,493

6,370

6,273

Extraordinary Income

-

-

-

Extraordinary Expenses

-

-

-

Total Income Taxes(Includes income taxes deferred)

0

-

-

7,493

6,369

6,272

482,529 units

482,529 units

482,529 units

Earnings per Unit (Note 1)

15,443 yen

13,200 yen

13,000 yen(Note 2)

14,000 yen

13,600 yen

13,600 yen(102 yen)(- yen)(-102 yen)Interest Expense(including cap amortization)
Ordinary Income

Net Income
Investment Units Issued and Outstanding

Dividend per Unit

(Reversal of reserve)(Note 2)

(Note 1) Net income per unit is calculated using the following average number of investment units during the period.
(Note 2)Dividends per unit for the 33rd FP is calculated by dividing the amount obtained by subtracting provision for reserve for reduction entry (737 million yen) from unappropriated retained earnings by the
total number of investment units issued and outstanding. The same applies in the table below. Dividends per unit for the 34th FP is calculated by dividing the amount obtained by adding reversal ofreserve for reduction entry (193 million yen) to unappropriated retained earnings by the total number of investment units issued and outstanding. Dividends per unit before the reversal is 13,200 yen.
Moreover, reversal of reserve for reduction entry may change depending on the operational status. Dividends per unit for the 35th FP is calculated by dividing the amount obtained by adding reversal ofreserve for reduction entry (289 million yen) to unappropriated retained earnings by the total number of investment units issued and outstanding. Dividends per unit before the reversal is 13,000 yen.
Moreover, reversal of reserve for reduction entry may change depending on the operational status.

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

48

Status of Interest-Bearing Liabilities (1) (as of May 31, 2022)
Borrowings
LenderSumitomo Mitsui Banking Corporation (*)

Current maturities of long-term borrowings

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

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

Shinsei Bank, Limited
Mizuho Bank, Ltd. (*)
Resona Bank, Limited (*)
Sumitomo Mitsui Trust Bank, Limited (*)
Sumitomo Mitsui Banking Corporation (*)

Resona Bank, Limited (*)
Shinsei Bank, Limited
The Bank of Fukuoka, Ltd. (*)
Nishi-Nippon City Bank, Ltd.
The 77 Bank, Ltd. (*)
Nippon Life Insurance Company (*)
Nippon Life Insurance Company (*)
Taiyo Life Insurance Company
Sumitomo Mitsui Banking Corporation (*)

Development Bank of Japan Inc.
Mizuho Bank, Ltd. (*)
Tokio Marine & Nichido Fire Insurance Co., Ltd.

Total current maturities of long-term borrowings
Sumitomo Mitsui Trust Bank, Limited (*)

Mizuho Bank, Ltd. (*)
Shinsei Bank, Limited
Resona Bank, Limited (*)

Long-term borrowings

Sumitomo Mitsui Banking Corporation (*)

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

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

Resona Bank, Limited (*)
Mizuho Trust and Banking Co., Ltd. (*)

Shinsei Bank, Limited (*)
Nishi-Nippon City Bank, Ltd.
MUFG Bank, Ltd. (*)
MUFG Bank, Ltd. (*)
Sumitomo Mitsui Trust Bank, Limited (*)
Sumitomo Mitsui Banking Corporation (*)

Mizuho Bank, Ltd. (*)
Shinsei Bank, Limited (*)

Balance(million y en)

3,000
1,000
1,000
2,000
1,000
1,000
1,000
1,500
1,500
1,000
1,500
2,500
1,500
1,500
2,000
1,000
1,000
300
300
1,500
1,500
1,000
1,000
30,600
1,500
1,500
1,500
1,500
3,000
2,000
500
500
1,000
1,000
1,000
1,000
1,000
1,000
1,000
2,500
1,500
2,000
1,500
1,000
2,000

Interest
Type

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

Interest Rate(%)

Date of
AdvanceDue date

0.378%
0.378%
L+0.325%
0.378%
0.353%
0.458%
L+0.350%
0.353%
0.353%
0.353%
0.458%
0.365%
L+0.325%
0.408%
L+0.250%
0.281%
0.281%
0.281%
0.541%
0.290%
0.303%
0.290%
0.303%

14/5/29
14/5/29
14/7/8
14/7/8
14/12/1
14/12/1
14/12/1
14/12/3
14/12/3
14/12/3
14/12/3
15/2/27
15/3/31
15/5/1
15/8/31
15/8/31
15/9/11
15/11/30
15/11/30
16/3/29
16/3/29
16/3/29
17/11/30

22/11/30
22/11/30
22/8/31
22/11/30
22/11/30
23/5/31
23/5/31
22/11/30
22/11/30
22/11/30
23/5/31
23/2/28
23/5/31
23/5/31
22/8/31
22/8/31
22/8/31
22/8/31
22/11/30
23/2/28
23/2/28
23/2/28
22/11/30

0.450%
0.450%
L+0.325%0.450%
0.441%
0.450%
0.450%
0.440%
0.403%
0.403%
0.440%
0.391%
0.391%
0.378%
0.378%
0.415%
0.415%
0.421%
0.460%
0.460%
0.421%

15/5/1
15/5/1
15/5/1
15/5/1
15/5/1
15/5/29
15/5/29
15/8/31
15/9/1115/9/1115/9/11
16/3/29
16/3/29
16/3/29
16/3/29
16/3/29
16/3/29
16/5/26
16/5/26
16/5/26
16/5/31

23/11/30
23/11/30
23/11/30
23/11/30
24/5/31
23/11/30
23/11/30
24/8/30
24/2/29
24/2/29
24/8/30
23/8/31
23/8/31
24/2/29
24/2/29
24/8/30
24/8/30
24/11/29
25/5/30
25/5/30
24/11/29

Term

LenderFukoku Mutual Life Insurance Company

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

Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation (*)

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

The Gunma Bank, Ltd. (*)

Long-term borrowings

Term

The Musashino Bank, Ltd. (*)
Tokio Marine & Nichido Fire Insurance Co., Ltd.

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

Mizuho Trust and Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation

MUFG Bank, Ltd. (*)
Mizuho Bank, Ltd.
The Gunma Bank, Ltd. (*)
The Bank of Fukuoka, Ltd.
MUFG Bank, Ltd.
The Norinchukin Bank
The Hyakugo Bank, Ltd.
The Musashino Bank, Ltd.
The Yamanashi Chuo Bank, Ltd.
Kansai Mirai Bank, Limited
MUFG Bank, Ltd. (*)
Resona Bank, Limited
Sumitomo Mitsui Trust Bank, Limited (*)
Sumitomo Mitsui Trust Bank, Limited (*)

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

The 77 Bank, Ltd. (*)
The Norinchukin Bank
Resona Bank, Limited
Sumitomo Mitsui Trust Bank, Limited (*)

Balance(million y en)

200
1,500
1,700
3,500
3,000
2,000
1,500
3,000
2,000
2,550
1,500
1,000
2,000
500
2,000
5,000
500
500
1,000
1,500
2,000
1,000
1,000
4,000
3,000
1,000
1,000
1,000
3,000
2,000
2,000
1,000
500
1,000
1,500
1,000
2,000
1,300
1,200
1,000
1,500
1,000
1,000
2,000
1,000

Interest
Type

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

Interest Rate(%)

0.579%
0.450%
0.387%
0.437%
0.477%
0.410%
0.410%
0.452%
0.452%
0.457%
0.513%
0.513%
0.498%
0.489%
0.482%
0.436%
0.335%
0.457%
0.313%
0.376%
T+0.350%
0.679%
0.472%
T+0.350%
T+0.350%
T+0.350%
T+0.350%
T+0.225%
T+0.350%
T+0.350%0.304%
0.304%
T+0.300%
0.540%
T+0.250%0.320%
0.472%
0.208%
0.322%
0.450%
0.209%
0.319%
0.350%
0.416%
0.211%

Date of
Advance

16/5/31
16/8/31
17/5/10
17/5/22
17/5/22
17/5/31
17/5/31
17/5/31
17/5/31
17/8/31
17/8/31
17/8/31
17/11/30
17/11/30
17/11/30
18/2/28
18/5/31
18/5/31
18/7/31
18/8/31
18/8/31
18/8/31
18/10/30
18/10/30
18/10/30
18/10/30
18/10/30
19/3/29
19/3/29
19/3/29
19/5/31
19/5/31
19/5/31
19/5/31
19/8/30
19/8/30
19/9/30
19/11/29
19/11/29
19/11/29
20/2/28
20/2/28
20/2/28
20/2/28
20/5/29

Due date

26/5/29
26/8/31
23/11/30
24/5/31
24/11/29
25/5/30
25/5/30
25/11/28
25/11/28
25/5/30
26/8/31
26/8/31
25/5/30
25/11/28
26/5/29
26/2/27
25/5/30
26/5/29
23/7/31
25/8/31
27/8/31
27/8/31
26/10/30
27/10/29
27/10/29
27/10/29
27/10/29
26/3/31
28/3/31
28/3/31
26/5/29
26/5/29
27/5/31
29/5/31
26/8/31
26/8/31
29/9/28
24/11/29
26/11/30
28/11/30
25/2/28
27/2/26
28/2/29
29/2/28
25/5/30(Note) Fixed Interest Rate and Floating Interest Rate are rounded to the third decimal place.
** Interest rates that were changed from a floating rate to a fixed rate by concluding the swap agreement are described as fixed interest rates.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

49

Status of Interest-Bearing Liabilities (2) (as of May 31, 2022)
Borrowings
Term

LenderSumitomo Mitsui Trust Bank, Limited (*)

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

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

Shinsei Bank, Limited (*)
Development Bank of Japan Inc.
Sumitomo Mitsui Trust Bank, Limited
Momiji Bank,Ltd.
Mizuho Bank, Ltd. (*)
Mizuho Bank, Ltd. (*)

Long-term borrowings

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

Resona Bank, Limited
The 77 Bank, Ltd.
Shinsei Bank, Limited (*)
Sumitomo Mitsui Banking Corporation

Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation

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

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

The Gunma Bank, Ltd.
Development Bank of Japan Inc.
Development Bank of Japan Inc.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation

MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Shinsei Bank, Limited
Sumitomo Mitsui Banking Corporation

MUFG Bank, Ltd.
Total long-term borrowings
Total borrowings

Balance(million y en)

3,000
2,000
1,600
1,500
2,000
1,000
3,000
2,000
2,000
1,000
1,000
1,000
1,900
2,000
2,000
2,000
1,500
2,400
2,000
1,000
1,000
1,500
1,000
2,000
1,000
1,000
1,000
950
500
1,000
1,000
2,000
1,500
1,000
2,000
1,000
1,500
1,000
3,400
1,000
166,200
196,800

Interest
Type

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

Investment Corporation Bonds
Interest Rate(%)

0.322%
0.322%
0.326%
0.326%
0.487%
0.487%
0.297%
0.400%
0.400%
0.350%
0.416%
0.546%
0.146%
0.279%
0.356%
0.436%
0.436%
0.481%
0.481%
0.552%
0.483%
T+0.350%0.470%
T+0.375%
T+0.375%
T+0.200%
T+0.250%
T+0.250%
T+0.250%
T+0.300%
T+0.325%
0.431%
0.547%
T+0.300%
T+0.313%
T+0.338%
T+0.350%
T+0.350%
T+0.375%
T+0.375%

Date of
Advance

20/5/29
20/5/29
20/8/31
20/8/31
20/8/31
20/8/31
20/11/30
20/11/30
20/11/30
20/11/30
21/2/26
21/2/26
21/3/31
21/3/31
21/3/31
21/3/31
21/3/31
21/3/31
21/3/31
21/5/31
21/8/31
21/11/30
21/11/30
21/11/30
21/11/30
22/1/31
22/1/31
22/1/31
22/1/31
22/2/28
22/2/28
22/3/31
22/5/31
22/5/31
22/5/31
22/5/31
22/5/31
22/5/31
22/5/31
22/5/31

Due date

Issuance

27/5/31
27/5/31
27/8/31
27/8/31
30/8/30
30/8/30
27/5/31
28/11/30
28/11/30
28/11/30
29/2/28
31/2/28
24/3/29
26/3/31
27/3/31
28/3/31
28/3/3130/3/29
30/3/29
31/5/30
30/8/30
29/11/30
29/11/30
30/5/31
30/5/31
24/9/30
25/1/31
25/1/31
25/1/31
29/2/28
29/8/31
28/3/31
28/5/31
29/5/31
29/8/31
30/2/28
30/5/31
30/5/31
30/11/29
30/11/29

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

Total investment corporation bonds

Balance(million y en)

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

Interest
Type

Fixed
Fixed
Fixed
Fixed
Fixed

Interest Rate(%)

1.000%
0.220%
0.660%
0.310%
0.600%

Date of
Advance

14/9/12
19/9/12
19/9/12
20/9/11
20/9/11Due date

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

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

Maximum loan amount(million yen)

Term of the Agreement

3,000

From January 31, 2022 to July 31, 2023

2,500

From April 28, 2022 to February 28, 2023

(Note) Fixed Interest Rate and Floating Interest Rate are rounded to the third decimal place.
** Interest rates that were changed from a floating rate to a fixed rate by concluding the swap agreement are described as fixed interest rates.

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

50Analysis of Tenants
Major Tenants (Top 10)
Tenant Name

Not disclosed (Note 1)
Not disclosed (Note 1)

Property

Daiwa Sasazuka Tower

Breakdown of Industries (Note 1) of Tenants (Note 2) (%)
Leased Area(m2)

7,135.30
6,189.96

Daiwa Kitahama% of Total
Leased Area
(Note 2)

2.0%

Other Finance
3.0%

1.7%

Insurance
3.0%

Tokio Marine & Nichido Anshin
Consulting Co., Ltd.

Daiwa Ogikubo Tower

6,058.41

1.7%

Palsystem Consumers' Co-operative
Union

LAQUAS Higashi Shinjuku

5,985.08

1.7%

Not disclosed (Note 1)
Kirin Brewery Company, Ltd.

Daiwa Kayabacho Building
Kirin Nihonbashi Building

5,899.11
5,630.17

Services
23.7%

Other
15.7%

1.6%
1.6%

Information &Communication
21.4%

Foods
3.8%
Electric Device
4.4%

Information
Services

11.8%

Visual/Voice
Information Production

Construction
5.5%

4.0%

Internet-related
Services

Wholesale
5.6%
Real Estate
6.8%

3.0%

Communications
Broadcast

Retail Trade
7.1%

2.3%

0.3%

INES Corporation

Daiwa Harumi Building

4,770.20

1.3%

Mitsubishi UFJ NICOS Co., Ltd.

Daiwa Sasazuka Tower

4,515.35

1.2% (Note 2) The categories in the Information & Communication industry are created/prepared by the Investment.

Not disclosed (Note 1)

Daiwa Sasazuka Tower

4,226.34

1.2%

Not disclosed (Note 1)

CONCURRED Yokohama

4,125.00

1.1%

54,534.92

15.5%(Note 1) Not disclosed due to tenant's request.

Total(Note 2) Rounded down to the first decimal place.

(As of May 31, 2022)(Note 1) Industries are categorized and prepared by the Investment Corporation according to TSE’s 33 industry groups.
Corporation in accordance with the Japan Standard Industry Classification of the Ministry of Internal Affairs andCommunications.

(Note 3) The ratio is rounded to the first decimal place.

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

51

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

Property Name

End of 32nd
PeriodCompared to End of 32nd Period

End of 33rd Period

DifferenceBook Value

ChangeEnd of 33rd Period

Compared to Book Value at End of
33rd Period
Difference

Cap Rate
Acquisition Price
End of 32nd Period

ChangeEnd of 33rd Period

Daiwa Ginza

17,90017,000

-900

-5.0%

12,797+4,20232.8%

14,1003.3%

3.3%

Daiwa Ginza Annex

3,970

3,600

-370

-9.3%

2,737

+862

31.5%

3,050

3.3%

3.3%

Daiwa Shibaura

8,430

8,600

+170

+2.0%

7,972

+627

7.9%

8,265

3.9%

3.8%

Daiwa Sarugakucho

4,260

4,360

+100

+2.3%

3,067

+1,292

42.1%

3,190

4.2%

4.1%

Daiwa A Hamamatsucho

3,970

3,980

+10

+0.3%

2,684

+1,295

48.2%

2,865

3.6%

3.6%

Daiwa Jingumae

3,130

3,260

+130

+4.2%

2,645

+614

23.2%

2,800

3.6%

3.5%

Daiwa Shibadaimon

4,060

4,140

+80

+2.0%

2,335

+1,804

77.3%

2,578

3.5%

3.4%

Daiwa Misakicho

3,120

3,160

+40

+1.3%

2,085

+1,074

51.6%

2,346

3.8%

3.7%

Daiwa Tsukijiekimae

2,310

2,360

+50

+2.2%

1,217

+1,142

93.8%

1,560

4.1%

4.0%

Daiwa Tsukiji

1,750

1,790

+40

+2.3%

1,093

+696

63.6%

1,240

3.9%

3.8%

Daiwa Tsukishima

10,800

11,100

+300

+2.8%

6,508

+4,591

70.5%

7,840

4.0%

3.9%

Daiwa Nihonbashi Horidomecho

3,030

3,080

+50

+1.7%

2,350

+729

31.0%

2,520

3.8%

3.7%

Daiwa Azabudai

1,950

2,010

+60

+3.1%

1,458

+551

37.8%

1,600

3.8%

3.7%

Shinjuku Maynds Tower

64,30064,700

+400

+0.6%

63,155+1,544

2.4%

66,9003.1%

3.0%

Daiwa SHIBUYA EDGE

5,450

5,480

+30

+0.6%

5,547

-67

-1.2%

5,900

3.5%

3.4%

Daiwa Kodemmacho

2,330

2,430

+100

+4.3%

2,308

+121

5.3%

2,460

4.0%

3.9%

Daiwa Nishishimbashi

7,370

7,370

-

-

4,562

+2,807

61.5%

5,000

3.4%

3.4%

Daiwa Kayabacho Building

8,280

8,520

+240

+2.9%

5,084

+3,435

67.6%

5,600

3.3%

3.2%

Daiwa Jinbocho 3-chome

5,270

5,430

+160

+3.0%

3,216

+2,213

68.8%

3,550

3.3%

3.2%

E SPACE TOWER

37,80039,000+1,200+3.2%

23,317+15,682

67.3%

24,0002.9%

2.8%

Daiwa Nihonbashi Hongokucho

2,720

2,740

+20

+0.7%

1,489

+1,250

84.0%

1,721

3.9%

3.8%

shinyon curumu

16,50017,100

+600

+3.6%

9,436

+7,663

81.2%

9,650

3.2%

3.1%

Daiwa Akasaka

15,50015,800

+300

+1.9%

10,016+5,783

57.7%

9,200

3.2%

3.1%

Daiwa Shibuya Miyamasuzaka

13,30013,900

+600

+4.5%

7,220

+6,679

92.5%

7,000

3.2%

3.1%

Daiwa Azabu Terrace

18,80019,000

+200

+1.1%

13,726+5,27338.4%

14,000

3.4%

3.3%

Daiwa Ebisu 4-chome

6,440

6,620

+180

+2.8%

4,158

+2,461

59.2%

4,135

3.6%

3.5%

LAQUAS Higashi Shinjuku

11,30011,600

+300

+2.7%

8,254

+3,345

40.5%

8,450

3.3%

3.2%

Daiwa Aoyama

12,30012,700

+400

+3.3%

9,946

+2,753

27.7%

9,800

3.2%

3.1%

Daiwa Shibuya Shinsen

6,800

6,610

-190

-2.8%

4,872

+1,737

35.7%

4,800

3.3%

3.2%

Daiwa Shibuya Square

22,70023,100

+400

+1.8%

15,750+7,34946.7%

16,000

3.2%

3.1%

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

52

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

Property Name

End of 32nd
PeriodCompared to End of 32nd Period

End of 33rd Period

DifferenceBook Value

ChangeEnd of 33rd Period

Compared to Book Value at End of
33rd Period
Difference

Cap Rate
Acquisition Price
End of 32nd Period

ChangeEnd of 33rd Period

Daiwa River Gate

34,70035,900+1,200+3.5%

27,365+8,53431.2%

28,000

3.6%

3.4%

Daiwa Hatchobori ekimae

3,300

3,420

+120

+3.6%

2,879

+540

18.8%

2,871

3.4%

3.3%

Daiwa Hatchobori ekimae West

1,970

2,030

+60

+3.0%

1,709

+320

18.8%

1,647

3.5%

3.4%

Daiwa Nishi-Shinjuku

17,50018,100

+600

+3.4%

13,906+4,19330.2%

13,710

3.3%

3.2%

Kirin Nihonbashi Building

8,420

8,500

+80

+1.0%

8,269

+230

2.8%

8,180

3.7%

3.5%

Daiwa Higashi-Nihonbashi

7,150

7,350

+200

+2.8%

6,215

+1,134

18.3%

6,370

3.8%

3.7%

Daiwa Daikanyama

3,590

3,720

+130

+3.6%

2,350

+1,369

58.3%

2,280

3.2%

3.1%

Daiwa Shinjuku West

1,280

1,320

+40

+3.1%

986

+333

33.8%

942

3.8%

3.7%

Daiwa Kanda Mikuracho

1,850

1,860

+10

+0.5%

1,606

+253

15.8%

1,592

3.8%

3.7%

Daiwa Kanda East

5,810

5,900

+90

+1.5%

4,188

+1,711

40.8%

4,200

3.3%

3.2%

Daiwa Kandasudacho

2,820

2,900

+80

+2.8%

2,377

+522

22.0%

2,295

3.6%

3.5%

Daiwa Sasazuka Tower

16,100

16,100--15,926+173

1.1%

15,5003.8%

3.8%

Daiwa Sasazuka

3,570

3,660

+90

+2.5%

3,188

+471

14.8%

3,000

4.0%

3.9%

Daiwa Harumi

12,70013,100

+400

+3.1%

11,142+1,957

17.6%

11,200

3.6%

3.5%

Daiwa Mita 2-Chome

4,150

4,220

+70

+1.7%

1,571

+2,648168.5%

2,635

3.6%

3.6%

Nihonbashi Central Square

3,820

3,920

+100

+2.6%

3,597

+322

9.0%

3,521

3.4%

3.3%

Nihonbashi-Bakurocho 1-Chome Development Site

4,500

4,550

+50

+1.1%

3,803

+746

19.6%

3,775

-

-

Daiwa Kandabashi

2,050

2,110

+60

+2.9%

2,045

+64

3.1%

1,970

3.4%

3.3%

-

11,500--10,884+615

5.7%

10,600--Daiwa Higashi-Ikebukuro

4,370

4,420

+50

+1.1%

2,510

+1,909

76.0%

2,958

4.0%

3.9%

Daiwa Shinagawa North

6,180

6,350

+170

+2.8%

6,922

-572

-8.3%

7,710

4.1%

4.0%

Daiwa Kamiooka

2,900

2,970

+70

+2.4%

1,770

+1,199

67.8%

2,000

4.5%

4.4%

Daiwa Ogikubo Tower

23,20023,300

+100

+0.4%

15,979+7,32045.8%

15,220

3.6%

3.6%

Daiwa Meguro Square

7,290

7,380

+90

+1.2%

5,362

+2,017

37.6%

5,600

3.5%

3.4%

Daiwa Ogikubo

4,830

4,960

+130

+2.7%

3,968

+991

25.0%

3,800

3.9%

3.8%

CONCURRED Yokohama

41,20041,700

+500

+1.2%

37,568+4,131

11.0%

38,100

4.2%

4.1%

Daiwa Shinagawa Gotenyama

2,880

2,880

-

-

2,596

+283

10.9%

2,500

3.9%

3.9%

Daiwa Nakano-Sakaue

2,660

2,680

+20

+0.8%

2,923

-243

-8.3%

2,750

4.0%

3.9%

13,300569,930

13,500590,840+200+9,410

+1.5%
1.7%

8,921
453,560+4,578+137,279

51.3%
30.3%

9,481
466,528

3.7%
-

3.6%
-

Kandasudacho 2-Chome Development Site

Daiwa Kitahama
Total(Note) Difference and change in “Compared to End of 32nd Period” do not include the impact of the properties acquired or sold in the 33rd Period.

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

53

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

Appraisal Value at
End of 33rd Period

Summary of Appraisal Report (End of 33rd Period)
Direct Capitalization Method
Value

DCF Method

Cap Rate

Value

Discount Rate

Terminal Cap Rate

Integrated Value

Daiwa Ginza

17,00017,2003.3%

16,700

3.1%

3.5%

16,100Daiwa Ginza Annex

3,600

3,770

3.3%

3,530

3.1%

3.5%

4,210

Daiwa Shibaura

8,600

8,600

3.8%

8,600

3.6%

4.0%

7,430

Daiwa Sarugakucho

4,360

4,440

4.1%

4,270

3.9%

4.3%

1,890

Daiwa A Hamamatsucho

3,980

4,080

3.6%

3,940

3.4%

3.8%

2,420

Daiwa Jingumae

3,260

3,310

3.5%

3,200

3.3%

3.7%

3,030

Daiwa Shibadaimon

4,140

4,200

3.4%

4,120

3.2%

3.6%

2,280

Daiwa Misakicho

3,160

3,220

3.7%

3,140

3.5%

3.9%

1,860

Daiwa Tsukijiekimae

2,360

2,390

4.0%

2,350

4.0%

4.2%

2,160

Daiwa Tsukiji

1,790

1,800

3.8%

1,790

3.8%

4.0%

1,650

Daiwa Tsukishima

11,100

11,2003.9%

11,000

3.6%

4.1%

5,680

Daiwa Nihonbashi Horidomecho

3,080

3,150

3.7%

3,010

3.5%

3.9%

1,700

Daiwa Azabudai

2,010

2,040

3.7%

1,970

3.5%

3.9%

1,340

Shinjuku Maynds Tower (Note)

64,700157,000

3.0%

149,000

2.8%

3.2%

51,000Daiwa SHIBUYA EDGE

5,480

5,590

3.4%

5,370

3.2%

3.6%

4,020

Daiwa Kodemmacho

2,430

2,470

3.9%

2,390

3.7%

4.1%

1,270

Daiwa Nishishimbashi

7,370

7,530

3.4%

7,300

3.2%

3.6%

5,120

Daiwa Kayabacho Building

8,520

8,690

3.2%

8,450

3.0%

3.4%

6,720

Daiwa Jinbocho 3-chome

5,430

5,550

3.2%

5,380

3.0%

3.4%

4,170

E SPACE TOWER

39,00039,4002.8%

38,5002.6%

2.9%

34,400Daiwa Nihonbashi Hongokucho

2,740

2,760

3.8%

2,730

3.6%

4.0%

1,720

shinyon curumu

17,10017,4003.1%

16,9002.9%

3.3%

16,200Daiwa Akasaka

15,80016,2003.1%

15,6002.9%

3.3%

14,700Daiwa Shibuya Miyamasuzaka

13,90014,1003.1%

13,7002.9%

3.2%

12,900Daiwa Azabu Terrace

19,00019,2003.3%

18,800

3.1%

3.4%

17,000Daiwa Ebisu 4-chome

6,620

6,630

3.5%

6,610

3.6%

3.7%

4,990

LAQUAS Higashi Shinjuku

11,60012,0003.2%

11,4003.0%

3.4%

11,000Daiwa Aoyama

12,70013,0003.1%

12,5002.9%

3.3%

12,100Daiwa Shibuya Shinsen

6,610

6,850

3.2%

6,500

3.0%

3.4%

4,710

Daiwa Shibuya Square

23,10023,2003.1%

23,0002.9%

3.2%

19,900(Note) For Shinjuku Maynds Tower, the appraisal value and integrated value are the values pertaining to the Investment Corporation’s ownership interest, and the value
indicated by the direct capitalization method and value indicated by the DCF method are the values pertaining to the entire property.

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

54

Appraisal Value at End of Fiscal Period (2)(Unit: Million Yen)
Appraisal Value at
End of 33rd Period

Property Name

Summary of Appraisal Report (End of 33rd Period)
Direct Capitalization Method
Value

DCF Method

Cap Rate

Value

Discount Rate

Terminal Cap Rate

Integrated Value

Daiwa River Gate

35,90036,2003.4%

35,600

3.2%

3.5%

33,100Daiwa Hatchobori ekimae

3,420

3,500

3.3%

3,380

3.1%

3.5%

3,790

Daiwa Hatchobori ekimae West

2,030

2,100

3.4%

2,000

3.2%

3.6%

1,910

Daiwa Nishi-Shinjuku

18,10018,4003.2%

17,9003.0%

3.4%

16,900Kirin Nihonbashi Building

8,500

8,570

3.5%

8,420

3.3%

3.6%

7,490

Daiwa Higashi-Nihonbashi

7,350

7,510

3.7%

7,280

3.5%

3.9%

5,670

Daiwa Daikanyama

3,720

3,760

3.1%

3,700

3.1%

3.3%

3,350

Daiwa Shinjuku West

1,320

1,330

3.7%

1,310

3.5%

3.9%

981

Daiwa Kanda Mikuracho

1,860

1,870

3.7%

1,860

3.7%

3.9%

2,070

Daiwa Kanda East

5,900

5,960

3.2%

5,830

3.0%

3.3%

5,450

Daiwa Kandasudacho

2,900

2,970

3.5%

2,870

3.5%

3.7%

2,510

Daiwa Sasazuka Tower

16,10016,5003.8%

15,9003.6%

4.0%

15,100Daiwa Sasazuka

3,660

3,780

3.9%

3,610

3.7%

4.1%

2,760

Daiwa Harumi

13,10013,2003.5%

12,900

3.5%

3.7%

9,260

Daiwa Mita 2-Chome

4,220

4,260

3.6%

4,180

3.4%

3.7%

3,320

Nihonbashi Central Square

3,920

4,010

3.3%

3,820

3.1%

3.5%

1,910

4,550

-

-

-

-

-

-

Daiwa Kandabashi

2,110

2,190

3.3%

2,080

3.1%

3.5%

1,720

Kandasudacho 2-Chome Development Site

11,500

-

-

-

-

-

-

Daiwa Higashi-Ikebukuro

4,420

4,480

3.9%

4,390

3.7%

4.1%

2,370

Daiwa Shinagawa North

6,350

6,480

4.0%

6,220

3.8%

4.2%

4,620

Daiwa Kamiooka

2,970

3,000

4.4%

2,950

4.2%

4.6%

2,220

Daiwa Ogikubo Tower

23,30023,500

3.6%

23,200

3.4%

3.8%

15,000Daiwa Meguro Square

7,380

7,580

3.4%

7,300

3.2%

3.6%

6,870

Daiwa Ogikubo

4,960

5,040

3.8%

4,920

3.6%

4.0%

3,520

CONCURRED Yokohama

41,70042,900

4.1%

41,2003.9%

4.3%

32,300Daiwa Shinagawa Gotenyama

2,880

2,930

3.9%

2,860

3.7%

4.1%

2,590

Daiwa Nakano-Sakaue

2,680

2,790

3.9%

2,630

3.6%

4.1%

2,530

13,500590,840

13,700675,480

3.6%-

13,400653,460

3.4%
-

3.8%
-

14,200477,181

Nihonbashi-Bakurocho 1-Chome Development Site（ Land)

Daiwa Kitahama
Total(Note)(Note) Appraisal value of Nihonbashi Bakurocho 1-Chome Development Site is the income approach value (development leasing-type.)This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

55

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

Amount of unrealized gain/loss (left axis)

1,400
140

Ratio of unrealized gain/loss (right axis)
26.0

1,200
120
21.3

1,000
100

21.0
18.4

800
80
13.4

60
600

17.0
14.7
12.5

12.8
11.6

40
400
20
200

8.0

7.2

9.5

9.8

4.7

5.5

30.0
25.0
20.0
15.0
10.0
5.0

1.1

1.9

0
0

0.0

-20

-200

-40

-10.3

-7.9

-400

-11.0

-60

-600

35.0
30.3
26.2 27.128.1

1st FP

3rd FP

5th FP

7th FP-11.4 -11.6 -11.0

9th FP

-4.9
-6.9

-3.8

-2.2

-10.3

11th FP 13th FP 15th FP 17th FP 19th FP 21st FP 23rd FP 25th FP 27th FP 29th FP 31st FP 33rd FP

-5.0
-10.0
-15.0

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

56

Portfolio Performance Summary (1)Fiscal Period Ended May 2022 (33rd FP Results by Property)
Daiwa Ginza

Daiwa Ginza Annex

Daiwa Minami
Aoyama (Note5)

Daiwa Shibaura

Daiwa Sarugakucho

Daiwa A
Hamamatsucho

Daiwa Jingumae

Property Name

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

Profits from property-related activities (Note 2)

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

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

(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

QR Code14,100
3,050
8,265
4,550
3,190
2,865
2,800
32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP
12,62912,797
2,722
2,737
8,005
7,972
4,376
3,083
3,067
2,689
2,684
2,654
2,645
17,90017,000
3,970
3,600
8,430
8,600
4,740
4,260
4,360
3,970
3,980
3,130
3,260
99.8
99.8
100.0
100.0
99.5
99.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
4.53
7.2
3.97
9.0
3.82
6.1
9.19
7.14
6.0
3.79
7.0
13.33
7.5
Best Property
Best Property
XYMAXBest Property
Property Partners
Best Property
Best Property
183
182
183
182
183
182
183
15
183
182
183
182
183
182
449,452 444,564
80,96486,327 269,392 269,706 132,067
11,062 - (Note6) - (Note6) 137,378 136,967
72,02382,337449,452 444,564
80,96482,327 267,971 268,386 132,067
11,062 - (Note6) - (Note6) 137,378 136,967
72,02382,337
0
0
0
4,000
1,421
1,320
0
0 - (Note6) - (Note6)000090,653 141,691
28,51829,751
62,97765,22525,245
13,519 - (Note6) - (Note6)
59,23956,976
14,176
18,676
12,98918,42910,354
5,101
15,204
13,5053,868
310 - (Note6) - (Note6)
8,240
8,240
2,849
7,229
18,881
21,366
4,472
4,666
12,852
14,5595,314
1,190 - (Note6) - (Note6)
6,518
7,038
2,803
3,035
6,648
6,765
1,231
1,285
4,029
3,984
1,833
152 - (Note6) - (Note6)
2,012
2,139
1,256
1,253
33,89633,894
11,231
11,23020,778
20,777
12,951
11,829 - (Note6) - (Note6)
9,072
9,072
6,896
6,896
538
556
125
127
484
501
186
16 - (Note6) - (Note6)
230
237
102
108
1,209
44,188
792
7,341
9,629
11,877
1,093
20 - (Note6) - (Note6)
3,765
847
261
146
16,48916,48931000
20
00 - (Note6) - (Note6)
29,40029,4007
7358,799 302,873
52,44656,575 206,414 204,480 106,821-2,456
99,044
99,13978,13879,991
57,847
63,660715,638 607,410 104,607 113,462 411,701 410,084 213,059- 197,546 198,823 155,849 160,422 115,379 127,671
5.7%
4.7%
3.8%
4.1%
5.1%
5.1%
4.9%
6.4%
6.5%
5.8%
6.0%
4.3%
4.8%
65,552

66,666

8,853

9,234

37,50037,547

14,631

2,429 - (Note6) - (Note6)

14,762

15,144

9,063

9,040

0

0

0

4,000

259

60

0

0 - (Note6) - (Note6)

0

0

0

0

0

0

0

0

0

0

0

0 - (Note6) - (Note6)

0

0

0

0

(Note6)(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 33rd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Property sold in 33rd FP.
(Note 6) Not disclosed due to tenant's request.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it

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

57

Portfolio Performance Summary (2)Fiscal Period Ended May 2022 (33rd FP Results by Property)
Daiwa Shibadaimon

Daiwa Misakicho

Daiwa Tsukijiekimae

Daiwa Tsukiji

Daiwa Nihonbashi
Horidomecho

Daiwa Tsukishima

Daiwa Azabudai

Property Name

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

Profits from property-related activities (Note 2)

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

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

(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

2,578
2,346
1,560
1,240
7,840
2,520
1,600
32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP
2,335
2,335
2,096
2,085
1,231
1,217
1,098
1,093
6,563
6,508
2,365
2,350
1,466
1,458
4,060
4,140
3,120
3,160
2,310
2,360
1,750
1,790
10,800
11,100
3,030
3,080
1,950
2,010
100.0
84.7
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
3.72
7.4
4.24
7.2
4.23
6.7
4.98
6.5
4.87
7.9
4.68
6.3
6.64
6.6
Best Property
Best Property
MS Building Support
XYMAX
Property Partners
Best Property
Best Property
183
182
183
182
183
182
183
182
183
182
183
182
183
182
70,91571,32752,16252,499 282,380 283,441
91,33092,28149,26456,390102,313
93,813 - (Note5) - (Note5)
70,91571,32750,01852,499 282,380 283,441
91,33092,28149,26456,390102,313
93,813 - (Note5) - (Note5)
0
0
2,143
0
0
0
0
0
0
0
0
0 - (Note5) - (Note5)
18,36918,852 - (Note5) - (Note5)
12,90914,084
10,45811,801
39,97640,89819,52819,89912,697
11,746
5,157
4,483 - (Note5) - (Note5)
2,641
2,582
2,320
2,347
8,318
8,254
3,514
3,523
3,961
2,747
4,675
5,014 - (Note5) - (Note5)
3,528
4,083
1,982
2,552
9,336
10,687
3,845
5,291
2,142
2,474
1,548
1,380 - (Note5) - (Note5)
1,200
1,200
1,200
1,465
4,232
4,249
1,405
1,385
1,200
1,200
6,628
6,628 - (Note5) - (Note5)
5,265
5,265
4,096
4,096
14,92914,929
7,012
7,012
5,060
5,060
149
153 - (Note5) - (Note5)
121
128
76
78
357
379
160
165
90
96
209
1,190 - (Note5) - (Note5)
134
806
783
1,261
2,800
2,397
3,590
2,520
243
168
0
0 - (Note5) - (Note5)
18
18
0
0
0
0
0
0
0
0
83,94374,96066,39866,83858,00657,242
41,70340,698 242,404 242,543
71,801
72,381
36,56644,644
167,428 150,333 132,434 134,043 115,695 114,800
83,17981,619 483,484 486,419 143,209 145,161
72,93389,533
7.2%
6.4%
6.3%
6.4%
9.4%
9.4%
7.6%
7.5%
7.4%
7.5%
6.1%
6.2%
5.0%
6.1%
10,476

10,454 - (Note5) - (Note5)

14,13814,143

8,044

6,864

57,62057,785

15,567

15,566

7,636

7,596

0

0 - (Note5) - (Note5)

0

0

0

0

0

0

0

0

0

0

0

0 - (Note5) - (Note5)

0

0

0

0

0

0

0

0

0

0

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 33rd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it

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

58

Portfolio Performance Summary (3)Fiscal Period Ended May 2022 (33rd FP Results by Property)
Daiwa Kojimachi
4-chome (Note5)

Shinjuku Maynds
Tower

Daiwa SHIBUYA
EDGE

Daiwa Kodemmacho

Daiwa
Nishishimbashi

Daiwa Kayabacho
Building

Daiwa
Jinbocho 3-chome

Property Name

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

Profits from property-related activities (Note 2)

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

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

(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

QR Code2,910
66,900
5,900
2,460
5,000
5,600
3,550
32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP
2,808
63,307
63,155
5,555
5,547
2,315
2,308
4,573
4,562
5,114
5,084
3,235
3,216
2,920
64,30064,700
5,450
5,480
2,330
2,430
7,370
7,370
8,280
8,520
5,270
5,430
100.0
98.0
92.5
73.9
100.0
100.0
86.8
100.0
100.0
100.0
100.0
100.0
100.0
6.19
2.03
4.6
1.56
5.5
4.19
6.9
3.76
6.9
4.50
7.6
5.33
7.1
Best Property
XYMAX
XYMAX
Property Partners
XYMAX
Property Partners Tokyo Capital Management
183
15
183
182
183
182
183
182
183
182
183
182
183
182
91,185
8,338 1,363,175 1,231,847 119,201
95,04567,951
62,662 182,760 183,991 - (Note6) - (Note6) 114,585 123,307
91,185
8,338 1,363,175 1,231,847 119,201
95,04567,951
62,662 182,760 183,991 - (Note6) - (Note6) 114,585 123,307
0
0
0
0
0
0
0
0
0
0 - (Note6) - (Note6)0028,056
16,676 363,982 353,316
21,711
37,312
15,332
15,22543,81942,877 - (Note6) - (Note6)
28,111
24,676
3,955
339
84,01273,8195,100
21,2194,050
4,074
14,462
13,023 - (Note6) - (Note6)
8,780
5,520
5,230
1,245 121,643 122,704
4,990
5,132
4,350
4,445
8,587
9,408 - (Note6) - (Note6)
6,475
6,517
1,385
115
9,404
8,632
1,733
1,445
1,223
1,202
2,417
2,460 - (Note6) - (Note6)
1,753
1,849
16,386
14,960 134,680 134,673
8,118
8,138
3,829
3,829
16,241
16,241 - (Note6) - (Note6)
9,921
9,921
174
15
2,329
2,377
130
135
116
119
297
311 - (Note6) - (Note6)
154
163
923
0
10,956
9,630
1,637
1,241
939
730
1,805
1,430 - (Note6) - (Note6)
1,026
703
0
0
955
1,478
0
0
822
822
6
0 - (Note6) - (Note6)0063,128-8,338 999,193 878,530
97,48957,732
52,61947,437 138,941 141,113 147,698 151,401
86,474
98,630125,912- 1,992,926 1,761,888 194,446 115,782 104,952
95,135 277,123 283,002 294,590 303,635 172,475 197,803
4.5%
3.1%
2.8%
3.5%
2.1%
4.5%
4.1%
6.1%
6.2%
5.8%
6.0%
5.3%
6.1%
15,213

2,499

199,993201,252

9,867

9,934

8,120

8,094

37,31737,591 - (Note6) - (Note6)

19,883

19,908

0

0

0

0

0

0

0

0

0

0 - (Note6) - (Note6)

0

0

0

0

0

0

0

0

0

0

0

0 - (Note6) - (Note6)00(Note5)(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 33rd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Property sold in 33rd FP
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it(Note 6) Not disclosed due to tenant's request.

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

59

Portfolio Performance Summary (4)Fiscal Period Ended May 2022 (33rd FP Results by Property)
Daiwa Nihonbashi

E SPACE TOWER

shinyon curumu

Hongokucho

Daiwa Shibuya

Daiwa Akasaka

Daiwa Azabu Terrace

Miyamasuzaka

Daiwa Ebisu 4chome

Property Name

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

Profits from property-related activities (Note 2)

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

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

(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

24,000
1,721
9,650
9,200
7,000
14,0004,135
32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP
23,382
23,317
1,502
1,489
9,474
9,436
10,055
10,016
7,248
7,220
13,77913,7264,151
4,158
37,80039,0002,720
2,740
16,50017,10015,50015,80013,30013,90018,80019,000
6,440
6,620
100.0
100.0
100.0
100.0
100.0
100.0
82.0
82.0
99.2
100.0
100.0
93.9
100.0
100.0
3.11
1.4
3.80
4.9
4.44
6.4
7.14
6.5
5.64
4.4
2.67
6.5
2.44
0.5
XYMAX
MS Building Support MS Building Support
XYMAX
Tokyo Capital Management
Best Property
MS Building Support
183
182
183
182
183
182
183
182
183
182
183
182
183
182
767,203 787,140
75,67876,696 377,301 391,854 301,012 284,430 265,104 289,891 487,450 469,097 - (Note5) - (Note5)
767,203 787,140
75,67876,696 377,301 388,403 301,012 284,430 265,104 289,891 487,450 469,097 - (Note5) - (Note5)
0
0
0
0
0
3,450
0
0
0
0
0
0 - (Note5) - (Note5)
171,220 157,841
11,545
11,43185,08185,014
93,337
91,15956,491
56,961 103,493 103,583 - (Note5) - (Note5)
53,38842,011
2,290
2,565
23,887
20,31929,69430,425
16,90014,01625,632
25,715 - (Note5) - (Note5)
41,61839,3532,540
2,926
17,124
18,741
15,90718,756
9,932
12,07436,30439,087 - (Note5) - (Note5)
7,811
7,830
1,200
1,200
3,803
3,901
3,152
3,163
3,299
3,529
4,409
4,225 - (Note5) - (Note5)
62,04962,0444,549
4,549
37,89837,89835,35335,35523,377
23,37733,70233,703 - (Note5) - (Note5)
798
844
94
97
408
417
525
536
383
389
742
762 - (Note5) - (Note5)
5,482
5,635
870
92
1,958
3,708
8,704
2,922
2,433
3,538
2,700
89 - (Note5) - (Note5)
72
121
0
0
0
25
0
0
165
36
0
0 - (Note5) - (Note5)
595,983 629,298
64,132
65,264 292,220 306,839 207,675 193,271 208,612 232,929 383,956 365,513 140,681 114,731
1,188,709 1,262,055 127,915 130,888 582,844 615,365 414,215 387,604 416,084 467,139 765,815 733,035 280,594 230,092
5.1%
5.4%
8.5%
8.8%
6.2%
6.5%
4.1%
3.9%
5.7%
6.5%
5.6%
5.3%
6.8%
5.5%
73,11773,704

13,426

13,43038,16538,21360,40260,75327,42527,46854,02954,065 - (Note5) - (Note5)

0

0

0

0

0

0

0

0

0

0

0

0 - (Note5) - (Note5)

0

0

0

0

0

0

0

0

0

0

0

0 - (Note5) - (Note5)

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 33rd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

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

60

Portfolio Performance Summary (5)Fiscal Period Ended May 2022 (33rd FP Results by Property)
LAQUAS Higashi
Shinjuku

Daiwa Aoyama

Daiwa Shibuya
ShinsenDaiwa Shibuya
SquareDaiwa River Gate

Daiwa Hatchobori
ekimaeDaiwa Hatchobori
ekimae West

Property Name

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

Profits from property-related activities (Note 2)

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

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

(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

8,450
9,800
4,800
16,00028,0002,871
1,647
32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP
8,286
8,254
9,965
9,946
4,883
4,872
15,77415,75027,36727,365
2,884
2,879
1,702
1,709
11,30011,60012,30012,7006,800
6,610
22,70023,10034,70035,900
3,300
3,420
1,970
2,030
100.0
100.0
100.0
100.0
100.0
100.0
96.8
100.0
92.6
99.4
100.0
100.0
100.0
100.0
4.46
4.8
4.42
6.2
6.21
6.9
1.61
5.1
1.76
4.1
5.89
7.2
7.03
6.7
XYMAX
Best Property
ITOCHU Urban Community MS Building Support MS Building Support
ITOCHU Urban Community ITOCHU Urban Community
183
182
183
182
183
182
183
182
183
182
183
182
183
182
233,767 233,997 254,569 267,995 - (Note5) - (Note5) 478,581 463,331 886,598 896,534
83,17483,55450,50151,807
233,767 233,954 254,569 267,995 - (Note5) - (Note5) 478,581 463,331 881,896 891,648
83,17483,55450,50151,807042
00 - (Note5) - (Note5)
0
0
4,701
4,886
0
0
0
0
48,97150,06334,09735,460 - (Note5) - (Note5)
73,36089,293 354,313 302,082
25,846
25,682
11,754
20,523
10,1439,902
9,607
9,727 - (Note5) - (Note5)
17,515
16,042 130,938
73,750
7,769
7,363
3,203
5,082
13,54413,0805,470
7,005 - (Note5) - (Note5)
20,44919,726 100,915
97,548
5,705
6,225
2,283
2,802
1,200
1,200
3,057
3,139 - (Note5) - (Note5)
5,371
4,914
8,776
9,066
1,200
1,209
1,200
1,200
21,115
21,114
15,234
15,234 - (Note5) - (Note5)
28,731
28,638 102,325 102,276
9,270
9,270
4,260
4,260
375
387
192
199 - (Note5) - (Note5)
467
481
2,112
2,238
159
164
82
85
2,434
4,219
535
154 - (Note5) - (Note5)824
19,4899,244
17,051
1,741
1,448
724
7,092
158
158
0
0 - (Note5) - (Note5)
0
0
0
150
0
0
0
0
184,795 183,934 220,471 232,534 124,759 123,230 405,220 374,038 532,285 594,452
57,32757,872
38,746
31,284
368,582 368,879 439,738 466,347 248,836 247,138 808,227 750,131 1,061,661 1,192,171 114,341 116,062
77,28262,740
4.4%
4.5%
4.4%
4.7%
5.1%
5.1%
5.1%
4.8%
3.9%
4.4%
4.0%
4.0%
4.5%
3.7%
33,94934,11819,194

18,959 - (Note5) - (Note5)

26,35026,396

138,614

139,806

10,967

11,262

5,004

5,353

0

0

0

0 - (Note5) - (Note5)

0

0

577

439

0

0

0

0

0

0

0

0 - (Note5) - (Note5)

0

0

240

577

0

0

0

0

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 33rd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it(Note 5) Not disclosed due to tenant's request.

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

61

Portfolio Performance Summary (6)Fiscal Period Ended May 2022 (33rd FP Results by Property)
Daiwa NishiShinjuku

Kirin Nihonbashi
Building

Daiwa HigashiNihonbashi

Daiwa Daikanyama

Daiwa Shinjuku
WestDaiwa Kanda
Mikuracho

Daiwa Kanda East

Property Name

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

Profits from property-related activities (Note 2)

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

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

(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

13,710
8,180
6,370
2,280
942
1,592
4,200
32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP
13,925
13,906
8,290
8,269
6,240
6,215
2,355
2,350
989
986
1,612
1,606
4,202
4,188
17,50018,100
8,420
8,500
7,150
7,350
3,590
3,720
1,280
1,320
1,850
1,860
5,810
5,900
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
4.32
5.4
5.76
6.6
4.37
5.8
6.21
7.2
8.28
7.5
6.01
6.8
3.86
7.3
MS Building Support Tokyo Capital Management ITOCHU Urban Community
XYMAX
ITOCHU Urban Community
Best Property
ITOCHU Urban Community
183
182
183
182
183
182
183
182
183
182
183
182
183
182
398,118 402,567 - (Note5) - (Note5) 180,820 180,264 - (Note5) - (Note5)
38,23538,19453,89453,438 132,073 140,906
398,118 402,567 - (Note5) - (Note5) 180,820 180,264 - (Note5) - (Note5)
38,23538,19453,89453,438 132,073 140,906
0
0 - (Note5) - (Note5)00 - (Note5) - (Note5)
0
0
0
0
0
0
71,213
69,464 - (Note5) - (Note5)
29,341
29,379 - (Note5) - (Note5)
11,537
10,291
10,06910,731
36,40031,337
12,44812,334 - (Note5) - (Note5)
5,438
5,609 - (Note5) - (Note5)
2,105
3,294
2,914
3,110
15,622
9,639
15,246
14,550 - (Note5) - (Note5)
9,017
9,790 - (Note5) - (Note5)
2,369
2,354
2,227
2,219
7,452
8,662
2,762
2,843 - (Note5) - (Note5)
1,808
1,802 - (Note5) - (Note5)
1,200
1,200
1,200
1,200
1,300
1,431
38,90438,904 - (Note5) - (Note5)
11,672
11,673 - (Note5) - (Note5)
3,128
3,128
3,492
3,492
10,38910,386383
411 - (Note5) - (Note5)
249
265 - (Note5) - (Note5)
50
52
68
70
182
186
1,467
421 - (Note5) - (Note5)
1,124
238 - (Note5) - (Note5)
2,682
260
167
638
1,452
1,029
0
0 - (Note5) - (Note5)30
0 - (Note5) - (Note5)
0
0
0
0
0
0
326,904 333,102 161,295 158,015 151,479 150,885
66,702
66,053
26,69827,903
43,82442,706
95,673 109,569
652,022 668,034 321,709 316,898 302,131 302,599 133,039 132,469
53,25055,96087,41085,647 190,823 219,740
4.7%
4.8%
3.9%
3.8%
4.8%
4.9%
5.6%
5.6%
5.4%
5.7%
5.4%
5.3%
4.5%
5.2%
20,634

21,137 - (Note5) - (Note5)

28,001

28,322 - (Note5) - (Note5)

2,259

2,414

5,350

5,496

18,676

16,41800 - (Note5) - (Note5)00 - (Note5) - (Note5)

0

0

0

0

0

0

0

0 - (Note5) - (Note5)00 - (Note5) - (Note5)

0

0

0

0

0

0

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 33rd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

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

62

Portfolio Performance Summary (7)Fiscal Period Ended May 2022 (33rd FP Results by Property)
Daiwa Kandasudacho

Daiwa Sasazuka
Tower

Daiwa Harumi

Daiwa Sasazuka

Daiwa Mita 2-Chome

Nihonbashi Central
Square (Note 6)

Nihonbashi-Bakurocho 1Chome Development Site
(land)(Note7)

Property Name

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

Profits from property-related activities (Note 2)

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

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

(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

QR Code2,295
15,5003,000
11,200
2,635
3,521
3,775
32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP
2,381
2,377
15,90815,926
3,169
3,188
11,175
11,142
1,577
1,571
3,605
3,597
3,803
3,803
2,820
2,900
16,100
16,1003,570
3,660
12,70013,100
4,150
4,220
3,820
3,920
4,500
4,550
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
5.12
5.3
1.52
4.6
5.90
6.4
4.30
2.6
3.21
5.5
5.21
6.4
MS Building Support Jones Lang LaSalleBest Property
Best Property
Best Property
XYMAX
183
182
183
182
183
182
183
182
183
182
183
182
183
182
68,53463,541 455,098 477,000
91,751
98,318 344,542 343,570 - (Note5) - (Note5)
91,67992,0070
091,67992,0070068,53463,541 455,098 477,000
91,751
98,318 344,542 343,563 - (Note5) - (Note5)
0
0
0
0
0
0
0
6 - (Note5) - (Note5)000021,326
15,552 167,715 177,421
29,78529,881 101,308 101,147 - (Note5) - (Note5)
16,244
15,820
0
0
8,967
4,310
47,05748,184
6,409
6,376
27,88827,808 - (Note5) - (Note5)
4,542
4,392
0
0
3,467
3,083
50,49658,7308,901
8,497
21,063
20,541 - (Note5) - (Note5)
3,857
4,198
0
0
1,200
1,200
4,098
4,326
1,398
1,486
3,438
3,482 - (Note5) - (Note5)
1,217
1,227
0
0
4,525
4,525
54,69954,6998,975
8,975
27,292
27,291 - (Note5) - (Note5)
5,743
5,743
0
0
86
89
955
991
175
183
543
561 - (Note5) - (Note5)
93
96
0
0
3,068
2,324
10,407
10,488
3,924
4,362
543
1,035 - (Note5) - (Note5)
771
143
0
0
11
20
0
0
0
0
20,53820,426 - (Note5) - (Note5)
18
18
0
0
47,20847,988 287,383 299,579
61,96568,437 243,233 242,422
79,96980,11775,43476,1870
094,15896,240 573,196 600,804 123,593 137,250 485,137 486,176 159,501 160,674 150,457 152,793
0
0
4.0%
4.0%
3.6%
3.8%
3.9%
4.3%
4.3%
4.4%
10.1%
10.2%
4.2%
4.2%
0.0%
0.0%
5,982

6,099

56,542

49,69012,89911,42135,89135,826 - (Note5) - (Note5)

8,425

8,425

0

0

0

0

0

0

0

0

0

0 - (Note5) - (Note5)

0

0

0

0

0

0

0

0

0

0

0

0 - (Note5) - (Note5)

0

0

0

0

-

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 33rd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.
(Note 6) Of the rent revenue, the ratio of the Investment Corporation’s ownership interest for revenues (rent, etc.) pertaining to the master lease business is 60.99% based on the agreement, etc. among the compartmentalized co-owners. The
Thislease
document
is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
occupancy rate indicates the figure for the area subject to the masterbusiness.
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.
(Note 7) We are planning the development of office buildings on the property. The external view is an architectural rendering prepared based on the expected building after development and may differ from the actual building.

63

Portfolio Performance Summary (8)Fiscal Period Ended May 2022 (33rd FP Results by Property)
Kandasudacho 2-Chome

Daiwa Kandabashi

Daiwa Shinagawa

Daiwa HigashiIkebukuro

Development Site
(land)(Note5)

Daiwa Ogikubo

Daiwa Kamiooka

North

Daiwa Meguro

Tower

SquareProperty Name

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

Profits from property-related activities (Note 2)

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

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

(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

物件紹介QRコード※QRコードから物件の外観・内観がご覧いただけます。

1,970
10,600
2,958
7,710
2,000
15,2205,600
32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP
2,049
2,045
10,884
2,535
2,510
6,954
6,922
1,788
1,770
16,09815,979
5,386
5,362
2,050
2,110
11,500
4,370
4,420
6,180
6,350
2,900
2,970
23,20023,300
7,290
7,380
79.2
89.6
100.0
100.0
95.2
95.2
100.0
100.0
94.2
100.0
94.1
100.0
6.83
6.5
3.55
4.5
7.19
6.1
6.29
8.6
1.18
2.6
1.68
4.1
ITOCHU Urban Community
Best Property
Best Property
XYMAX
XYMAX
XYMAX
63
182
167
183
182
183
182
183
182
183
182
183
182
17,20833,4760 140,560 134,909 172,104 196,666
93,20093,293 616,652 633,969 168,815 162,822
12,81833,4760 140,560 134,909 172,104 196,602
93,20093,293 616,652 633,969 168,815 162,822
4,389
0
0
0
0
0
63
0
0
0
0
0
0
5,708
8,456
0
31,642
34,43851,05250,88020,02320,933 153,816 172,128
35,62036,933
1,000
4,530
0
8,944
11,137
16,824
14,1274,329
4,331
47,12254,567
10,311
10,499
320
2,199
0
9,354
11,11910,684
12,4776,690
7,520
53,61462,920
7,696
8,262
413
1,200
0
2,101
2,001
2,632
2,974
1,299
1,200
6,904
6,985
2,149
2,138
11
5
0
8,328
8,322
18,815
18,814
6,338
6,338
43,72543,722
13,78013,780
17
50
0
279
287
413
424
145
149
1,056
1,084
209
214
3,910
355
0
2,633
1,569
1,671
2,062
1,220
1,393
1,273
2,668
1,472
2,037
36
115
0
0
0
9
0
0
0
120
180
0
0
11,49925,0200 108,918 100,470 121,052 145,785
73,17672,359 462,835 461,840 133,194 125,888
66,62550,1770 217,241 201,493 241,443 292,372 145,953 145,117 923,141 926,219 265,662 252,469
3.3%
2.5%
0.0%
8.6%
8.0%
3.5%
4.2%
8.2%
8.2%
5.7%
5.8%
4.9%
4.7%
1,967

3,935

-

0

25,20525,22336,762

36,68018,17818,188131,370

131,680

23,657

23,671

4,389

0

-

0

0

0

0

0

0

0

0

0

0

0

0

0

-

0

0

0

0

0

0

0

0

0

0

0

-

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 33rd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) We are planning the development of office buildings on the property. The external view is an architectural rendering prepared based on the expected building after development and may differ from the actual building.

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

64

Portfolio Performance Summary (9)Fiscal Period Ended May 2022 (33rd FP Results by Property)
CONCURRED

Daiwa Ogikubo

Daiwa Nakano-

Daiwa Shinagawa

Yokohama

Daiwa Kitahama

SakaueGotenyama

Total(Note5)

Property Name

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

Profits from property-related activities (Note 2)

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

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

(Reference)

NOI Yield (Note 4)
Depreciation and amortization(thousand yen)
Proceeds from Restoration and Repair
Work (thousand yen)
Proceeds from Amortization of Leasehold
and Security Deposits (thousand yen)

3,800

38,100

2,500

2,750

9,481

463,388 466,528

32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP 32th FP 33th FP
3,975
3,968 37,666 37,568
2,586
2,596
2,838
2,923
8,978
8,921 450,782 453,560
4,830
4,960 41,200 41,700
2,880
2,880
2,660
2,680 13,300 13,500 577,590 590,840
100.0
100.0
98.4
100.0
100.0
100.0
100.0
100.0
100.0
100.0
97.8
98.4
6.41
7.5
0.92
1.8
7.07
7.3
5.93
6.8
3.48
1.5
1.94
3.4
ITOCHU Urban Community Jones Lang LaSalleBest Property
Tokyo Capital Management Tokyo Capital Management
183
182
183
182
183
182
183
182
183
182
183
182
125,091 122,964 1,054,418 1,032,127
79,896 80,023 102,487 68,083 406,787 404,444 13,882,364 13,574,007
125,091 122,964 1,054,418 1,032,127
79,896 80,023 79,199 68,083 406,787 404,444 13,846,420 13,560,238
0
0
0
0
0
0 23,288000 35,944 13,769
31,972 26,713 223,930 216,650 15,686 16,377 21,308 38,973 98,510 101,107 3,323,888 3,356,575
13,0789,793 50,202 56,303
3,599
3,561
5,597
7,286 20,877 21,737 895,690 823,141
4,961
5,043 75,760 85,981
3,430
4,069
5,830
5,614 34,657 36,837 870,406 924,472
1,376
1,362
6,303
6,156
1,246
1,206
1,544
1,200
6,100
6,069 153,953 151,320
8,204
8,203 57,798 58,166
5,528
5,528
7,072
7,073 34,459 34,459 1,147,461 1,144,699
174
180
788
784
109
114
148
155
730
752 20,338 20,748
4,176
2,129 33,077
9,258
1,771
1,898
1,099 17,632
1,589
1,191 166,756 222,314
0
0
0
0
0
0
16
12
96
59 69,280 69,878
93,118 96,250 830,488 815,477 64,210 63,645 81,178 29,110 308,276 303,336 10,558,476 10,217,432
185,727 193,030 1,656,438 1,635,436 128,069 127,641 161,913 58,380 614,868 608,339 21,102,945 20,512,652
4.7%
4.9%
4.4%
4.4%
5.0%
4.9%
5.7%
2.0%
6.8%
6.8%
4.7%
4.7%
11,507

5,083

4,676

8,738

8,948

57,245

0

11,916 116,794 117,841
0

0

0

0

0

0

0

0

57,443 1,808,363 1,783,619
0

5,226

4,499

0

0

0

0

0

0

0

0

0

0

240

577

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 33rd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Acquisition price, annualized NOI and NOI yield for the 33rd FP do not include Daiwa Minamiaoyama and Daiwa Kojimachi-4chome which were sold in the 33th FP. Annualized NOI and NOI yield for the 32nd FP and the 33rd FP do not include
This document
is notDevelopment
material disclosed
inThecompliance
with
Financial Instruments
Exchangeor any expenses
regulationof similar
nature, nor
is itNihonbashi Bakurocho 1-Chome Development Site (land) and Kandasudacho
2-ChomeSite (land).
portfolio totalof the(2) Property-relatedExpensesandin thetable doesAct
not include
relatedto an investment
corporation.

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

65

Overview of Asset Management Company (1) (As of July 1, 2022)
Company Overview
Company Name

Daiwa Real Estate Asset Management Co., Ltd.

Address

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

Established

October 21, 2004

Paid-in Capital

200 million yen

Representative Director

Yoshiki Nishigaki

Board of Directors

Executive directors: 6
Executive auditors: 1
10
Non-executive directors: 1
Non-executive auditors: 2

No. of Employees

118 (excluding dispatched employees)

Registered Financial
Instruments Firm

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

Building Lots and Buildings
Transaction Business License

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

Discretionary Agent for Real
Estate Transaction Approval

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

Association Membership

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

Directors
Chairman of the Board

Akira Yamanouchi

President and Representative Director

Yoshiki Nishigaki

Vice President and Representative Director

Yuji Shinotsuka

Vice President and Representative Director

Yukiko Takeuchi

Director

Hajime Imbe

Director

Tatsui Yanagisawa

Director (non-executive)

Satoru Shibasaki

AuditorYutaka Nishio

Auditor (non-executive)

Hiromasa Kawashima

Auditor (non-executive)

Toshiyuki Kato

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

Listed REIT focusing on office buildings
Asset size: approximately 466.5 billion yen (59 properties)

Daiwa Securities Living
Investment Corporation

Listed residential REIT
Asset size: approximately 345.6 billion yen (240 properties)

Daiwa Residential Private
Investment Corporation

Private REIT focusing on residential properties
Asset size: approximately 148.4 billion yen (91 properties)

Daiwa Hotel Private
Investment Corporation

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

Daiwa Securities Logistics
Private Investment
Corporation

Private REIT focusing on logistics facilities
Asset size: approximately 45.7 billion yen (8 properties)

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

66

Overview of Asset Management Company (2)Organization Chart
Shareholders’ Meeting
Corporate Auditors
Board of Directors
Compliance Committee
Sustainability Promotion
Committee

Investment Committee *President andRepresentative Director* Set up separately for each investment corporation

Sustainability Promotion OfficeInternal Control OfficeAcquisition and AssetManagement Division
DOI Investment
Management
Department

DLI Investment
Management
Department

Compliance Officer

Private Fund Division

Private REIT
Investment
Management
Department

Investment Planning
Department

Private FundManagement
Department

Corporate Division

REIT Planning
Department

Finance
Department

Administration
Department

DOI
Investment
Management TeamDLI
Investment
Management TeamDRP
Investment
Management Team

InfrastructureManagement Team

Finance Team

Construction
Management TeamDLI
Portfolio System
Team

DHP
Investment
Management Team

Infrastructure
Planning Team

Accounting Team

Construction
Management TeamDLP
Investment
Management TeamManagement Team

Construction
Management Team

Overseas BusinessPreparation Team

Corporate Planning
Department

Compliance & Risk
Management
Department

Finance &Accounting Team（As of January 1, 2022）
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

67

Website Information
We updated our website in December 2021.
 Expanded information dissemination by adding new pages on sustainability initiatives and VR tours of properties,etc.
Sustainability Initiatives

DOI Website TOP

URL
https://www.daiwaoffice.co.jp/en/inde
x.htmlOffice VR Tour

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

IR mail Delivery Service
You can take a VR tour of thecommon and private areas ofeach of our properties.

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

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

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

68

MEMO

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

69