This translation of the original Japanese financial report (kessan tanshin) is provided solely for information purposes.
Should there be any discrepancy between this translation and the Japanese original, the latter shall prevail.

REIT Financial Report for the 30th Fiscal Period
Name of REIT Issuer:
Stock Code No.:
Representative:
Name of Asset Manager:
Representative:
Inquiries to:

January 20, 2021
Daiwa Office Investment Corporation
Stock Exchange Listing: TSE
8976
URL: http://www.daiwa-office.co.jp
Seiya Miyamoto, Executive Director
Daiwa Real Estate Asset Management Co., Ltd.
Toshio Fukushima., President and Representative Director
TEL: +81-3-6215-9649
Takashi Chiba, Manager of Corporate Division

Scheduled date of submission of periodic securities report (yuka shoken hokokusho):Scheduled date of start of distribution payments:
Preparing presentation material:
Holding financial brief meeting:February 17, 2021
February 15, 2021

Yes
Yes (for institutional investors and analysts)[Amounts are rounded down to the nearest million yen, except for per unit figures]

1. Status of Management and Assets for the 30th Fiscal Period
30th Fiscal Period: Fiscal period ended November 2020 (from June 1, 2020 to November 30, 2020)(1) Management[% figures show the period-over-period increase (decrease)]

Operating revenue
30th
Period29th
PeriodOperating income

Ordinary income

Net income¥14,849 million

4.0%¥7,715 million

5.5%¥7,125 million

6.5%¥7,124 million

6.5%¥14,272 million

1.3%¥7,312 million

2.8%¥6,688 million

3.5%¥6,687 million

3.5%

Net income
per unit
30th
Period29th
PeriodNet income tounitholders’ equity

Ordinary income tototal assets

Ordinary income tooperating revenue¥14,484

2.8%

1.5%

48.0%

¥13,595

2.6%

1.4%

46.9%

(2) Distributions
Distribution amount
per unit

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

Distribution
amountin excess ofearnings
per unit

Total
distribution
amountin excess ofearnings

Dividend
payoutDistribution
amount to
net assets

30th¥13,817¥6,796 million¥–¥– million
95.4%
2.7%
Period29th¥13,595¥6,687 million¥–¥– million
100.0%
2.6%
Period(Note) Distribution amount per unit for the 30th Fiscal Period is calculated by dividing the amount obtained by deducting
provision of reserve for reduction entry (¥328 million) from unappropriated retained earnings by the total number ofinvestment units issued and outstanding. The main difference between distribution amount per unit and net income
per unit is due to the calculation.
(3) Financial Position

30th
Period29th
PeriodUnitholders’ equity tototal assets

Net assets
per unit

Total assets

Net assets¥488,570 million¥255,511 million

52.3%¥519,462¥487,212 million¥255,127 million

52.4%¥518,681(4) Cash FlowsNet cashprovided by (used in)operating activities
30th
Period29th
PeriodNet cashprovided by (used in)investing activities

Net cashprovided by (used in)financing activities

Cash andcash equivalents
at end of period¥11,497 million(¥4,279 million)(¥6,717 million)¥31,850 million¥12,819 million(¥6,388 million)(¥6,461 million)¥31,349 million

2. Management Status Forecasts for the 31st Fiscal Period and 32nd Fiscal Period
31st Fiscal Period: Fiscal period ending May 2021 (from December 1, 2020 to May 31, 2021)
32nd Fiscal Period: Fiscal period ending November 2021 (from June 1, 2021 to November 30, 2021)[% figures show the period-over-period increase (decrease)]

Operating revenue
31stPeriod32nd
PeriodOperating income

Ordinary income

Net income¥14,805 million(0.3%)¥8,184 million

6.1%¥7,595 million

6.6%¥7,593 million

6.6%¥13,874 million(6.3%)¥7,332 million(10.4%)¥6,741 million(11.2%)¥6,739 million(11.2%)

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

Distribution amount in excess of earnings per unit

31st
¥13,900¥–
Period32nd¥13,900¥–
Period(Reference) Estimated net income per unit for the 31st Fiscal Period: ¥15,437; 32nd Fiscal Period: ¥13,700(Note) Distribution amount per unit for the 31st Fiscal Period is calculated based on the assumption that the amountremaining after deducting provision of reserve for reduction entry (¥756 million) from unappropriated retained
earnings will be distributed. Provision of reserve for reduction entry may change depending on the management status.
Distribution amount per unit for the 32nd Fiscal Period is calculated based on the assumption that the amount after
adding reversal of reserve for reduction entry (¥98 million) to unappropriated retained earnings will be distributed.
Reversal of reserve for reduction entry may change depending on the management status.

3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(i) Changes in accounting policies due to amended accounting standards, etc.:
None(ii) Changes in accounting policies other than (i):None(iii) Changes in accounting estimates:None(iv) Retrospective restatement:
None(2) Total Number of Investment Units Issued and Outstanding(i) Total number of investment units issued and outstanding at end of period (including treasury units):
30th Fiscal Period:
491,877 units
29th Fiscal Period:(ii) Total number of treasury units at end of period:
30th Fiscal Period:– units
29th Fiscal Period:

491,877 units– units(Note) Please refer to “Notes to Per Unit Information” on page 25 for the number of investment units used as the basis forcalculating the net income per unit.
* This financial report (kessan tanshin) is exempt from the audit by a certified public accountant or an auditing company.
* Special note
The forecast figures are forward-looking statements based on information currently available to Daiwa Office Investment
Corporation and involve uncertainties. Accordingly, the actual operating revenue, operating income, ordinary income, net
income, distribution amount per unit and distribution amount in excess of earnings per unit may vary due to changes in thestatus. In addition, the forecast is not a guarantee of the distribution amount. For details on the assumptions underlying theforecast figures above, please refer to “Assumptions for the Management Status Forecasts for the 31st Fiscal Period and32nd Fiscal Period” on page 7.

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period○ Table of Contents
1. Management Status ................................................................................................................................................ 2
1.1. Management Status .......................................................................................................................................... 2
1.1.1. Overview of the Fiscal Period Under Review .......................................................................................... 2
1.1.2. Outlook for the Next Fiscal Period ........................................................................................................... 5
1.2. Investment Risks .............................................................................................................................................. 8
2. Financial Statements .............................................................................................................................................. 92.1. Balance Sheets ................................................................................................................................................. 92.2. Statements of Income..................................................................................................................................... 11
2.3. Statements of Unitholders’ Equity ................................................................................................................. 122.4. Statements of Cash Distributions ................................................................................................................... 14
2.5. Statements of Cash Flows .............................................................................................................................. 15
2.6. Notes to the Going Concern........................................................................................................................... 16
2.7. Notes to Significant Accounting Policies ...................................................................................................... 16
2.8. Notes to Financial Statements........................................................................................................................ 17
2.9. Increase (Decrease) in Total Number of Investment Units Issued and Outstanding ..................................... 26
3. Reference Information.......................................................................................................................................... 27
3.1. Investment Status ........................................................................................................................................... 27
3.2. Investment Real Estate Properties (As of November 30, 2020) .................................................................... 28
3.2.1. Price and Investment Ratio of Investment Real Estate Properties .......................................................... 28
3.2.2. Summary of Building and Leasing of Investment Real Estate ............................................................... 30
3.2.3. Capital Expenditures for Assets Under Management ............................................................................. 33
3.2.4. Summary of Estimated Price at End of Period (As of November 30, 2020) .......................................... 34
3.2.5. Status of Income (Loss), Etc. of Individual Properties ........................................................................... 36− 1 −Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

1. Management Status
1.1. Management Status
1.1.1. Overview of the Fiscal Period Under Review
A. Brief History of the Investment Corporation
The Investment Corporation was established on July 11, 2005, in accordance with the Act on Investment Trusts andInvestment Corporations (Act No. 198 of 1951; including amendments thereto) with Daiwa Real Estate AssetManagement Co., Ltd. (former name K.K. daVinci Select) (the “Asset Manager”) as the organizer. After its
establishment, the Investment Corporation implemented an additional issuance of investment units through a public
offering (99,600 units) on October 18, 2005 and then listed on the Tokyo Stock Exchange, Inc. (TSE) Real Estate
Investment Trust Section (stock code: 8976) on the following day.
Though initial assets under management were 79,573 million yen (sum total of acquisition price), subsequent
activities, such as additional acquisition of properties and replacement of portfolio properties, resulted in the assets
under management amounting to 464,878 million yen as of the last day of November 2020.
The Investment Corporation strives to secure stable revenue and sustained growth of the investment assets based ona clear portfolio development policy of specializing in investment in office buildings, with a particular focus on
investment in a total floor area of more than about 2,000 m2 situated in downtown Tokyo, as well as throughdedicated efforts to heighten tenant satisfaction levels.
B. Investment Environment and Management Performancea. Investment Environment
The Japanese economy during the fiscal period under review saw real GDP growth rate (Second Preliminary
Estimates) for July to September 2020 at an annual rate of +22.9%, a substantial rate of growth on the rebound of theprevious period when it had declined due to the impact of COVID-19, under the ongoing quantitative/qualitative
monetary easing policy of the Bank of Japan.
In the office building leasing market in central Tokyo, the vacancy rate had continued to be on an improving trend
since June 2013, but office consolidations and relocations to smaller offices due to future economic uncertainties
stemming from the spread of COVID-19 and other reasons have led to contract cancellations and such, resulting in
the vacancy rate rising to 4.33% at the end of November 2020. Office rent had continued to rise, albeit slightly, withthe trend of improvement in the vacancy rate, but showed a downward trend after peaking in July 2020.
For the office building transaction market, a strong appetite for property acquisitions continued among real estatecompanies, funds (including J-REITs) and overseas investors with the continuing proactive lending attitude byfinancial institutions, and there has been no material impact of COVID-19. Nevertheless, future developments
warrant close monitoring.
b. Management Performance
In view of increasing the ordinary EPS (EPS (net income per unit) after deducting gain on sale from properties) overthe medium to long term, the Investment Corporation continued to work on “external growth,” which aims to boost
revenue through acquisition of properties, and “internal growth,” which aims to maximize income generating from
owned properties.
Concerning external growth, the Investment Corporation acquired “Nihonbashi-Bakurocho 1-Chome
Development Site (land)” (acquisition price: 3,775 million yen) in November 2020 as the development site of theInvestment Corporation’s first development project. In addition, the Investment Corporation divested “Daiwa
Shimbashi 510” (sale price: 2,530 million yen) in November 2020. As a result, the Investment Corporation’s assets
under management as of the end of the 30th Fiscal Period (November 30, 2020) totaled 60 properties, the sum totalof acquisition prices of which amounted to 464,878 million yen.
Concerning internal growth, the Investment Corporation conducted proactive leasing, such as capturing needs forfloor expansion within the same property through strengthening relationships with existing tenants and reinforcing
collaboration with leasing brokers and property managers. Consequently, the occupancy rate as of the end of the
30th Fiscal Period (November 30, 2020) was 98.9%.

− 2 −Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
C. Overview of Capital Procurementa. Procurement of Capital for Repayment of Borrowings
In the 30th Fiscal Period, the Investment Corporation made the following borrowings and issuance of investment
corporation bonds to fund the repayment of borrowings.
(i) The Investment Corporation took out loans of 7,600 million yen in total from Sumitomo Mitsui Banking
Corporation, MUFG Bank, Ltd., Kansai Mirai Bank, Ltd. and The Musashino Bank, Ltd. on August 31, 2020,
to fund the repayment of the same amount borrowed from the same banks that was due for repayment on thesame day.
(ii) The Investment Corporation issued the seventh series of unsecured investment corporation bonds of
1,500 million yen and eighth series of unsecured investment corporation bonds of 2,400 million yen on
September 11, 2020, as green bonds to be issued in accordance with a green finance framework to fund part of
the repayment of short-term loans of 5,000 million yen in total due for repayment on January 29, 2021.
(iii) The Investment Corporation took out loans of 9,000 million yen in total from Sumitomo Mitsui Banking
Corporation, Development Bank of Japan Inc., Shinsei Bank, Ltd., Mizuho Trust and Banking Co., Ltd. and
The Higashi-Nippon Bank, Ltd. on November 30, 2020, to fund the repayment of the same amount borrowed
from the same banks that was due for repayment on the same day.
On September 30, 2020, the Investment Corporation conducted early repayment of short-term loans for 3,900
million yen out of 5,000 million yen in total borrowed from Sumitomo Mitsui Banking Corporation, MUFG Bank,
Ltd., Mizuho Bank, Ltd. and Sumitomo Mitsui Trust Bank, Ltd.
The Investment Corporation concluded interest-rate swap agreements in the 30th Fiscal Period for 22,100 million
yen of loans with floating interest rates. Converting the interest payable to fixed rates, these are for the purpose ofhedging against future interest rate fluctuation risks.
b. Status of Interest-Bearing Liabilities at End of the Fiscal Period under Review
As a result of the above, the balance of interest-bearing liabilities outstanding as of the end of the 30th Fiscal Period(November 30, 2020) stood at 204,450 million yen in total (short-term loans payable: 3,600 million yen; long-termloans payable: 191,850 million yen; investment corporation bonds: 9,000 million yen). The balance of the current
portion of long-term loans payable stood at 24,200 million yen.
The average remaining period of interest-bearing liabilities as of the end of the 30th Fiscal Period stands at
4.0 years.
List of Borrowings in the 30th Fiscal Period
Loan amount(Millions of yen)
2,000

Drawdown
date
2020/8/31

Repayment
date
2030/8/30

Loan period(Years)10.0

The Musashino Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.

1,000
1,600
1,500

2020/8/31
2020/8/31
2020/8/31

2030/8/30
2027/8/31
2027/8/31

10.0
7.0
7.0

MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation

1,500
2,000

2020/8/31
2020/11/30

2021/8/31
2028/11/30

1.0
8.0

Shinsei Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Trust and Banking Co., Ltd.

2,000
1,000
3,000

2020/11/30
2020/11/30
2020/11/30

2028/11/30
2028/11/30
2027/5/31

8.0
8.0
6.5

The Higashi-Nippon Bank, Ltd.

1,000

2020/11/30

2021/2/26

0.2

Redemption
dateInterest rate(%)

2025/9/11
2030/9/11

0.310
0.600

LenderKansai Mirai Bank, Ltd.

Details of the Seventh and Eighth Series of Unsecured Investment Corporation Bonds
Total
Issue
Name of investment corporation bonds
issue amountdate(Millions of yen)
Seventh Series of Unsecured Investment Corporation Bonds
1,500 2020/9/11
Eighth Series of Unsecured Investment Corporation Bonds
2,400 2020/9/11− 3 −Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
Balance of Borrowings from Each Financial Institution (As of November 30, 2020)
End of the 30th Fiscal Period
Lender(Millions of yen)
Sumitomo Mitsui Banking Corporation
39,900Sumitomo Mitsui Trust Bank, Ltd.
23,700Share (%) (Note)
20.41
12.13

Development Bank of Japan Inc.
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Shinsei Bank, Ltd.
Resona Bank, Ltd.
Mizuho Trust and Banking Co., Ltd.
The Bank of Fukuoka, Ltd.
Kansai Mirai Bank, Ltd.
The Nishi-Nippon City Bank Ltd.
The 77 Bank, Ltd.

21,75020,70019,60014,00012,500
9,500
6,500
5,000
3,000
3,000

11.13
10.59
10.03
7.16
6.40
4.86
3.33
2.56
1.53
1.53

The Norinchukin BankThe Gunma Bank, Ltd.
The Musashino Bank, Ltd.

3,000
2,500
2,000

1.53
1.28
1.02

Tokio Marine & Nichido Fire Insurance Co., Ltd.

2,000

1.02

The Yamaguchi Bank, Ltd.
Nippon Life Insurance Company
The Higashi-Nippon Bank, Ltd.
The Hyakugo Bank, Ltd.
The Yamanashi Chuo Bank, Ltd.

2,000
1,300
1,000
1,000
1,000

1.02
0.67
0.51
0.51
0.51

300
200

0.15
0.10

195,450

100.00

Taiyo Life Insurance Company
Fukoku Mutual Life Insurance Company
Total(Note) Share is rounded to two decimal places.
c. Rating Information (As of November 30, 2020)
Credit rating agency
Rating and Investment Information, Inc. (R&I)
Japan Credit Rating Agency, Ltd. (JCR)

Rating
AAAA

Outlook
StableStabled. Shelf Registration
The Investment Corporation filed a shelf registration statement pertaining to investment corporation bonds on
August 7, 2019, as below. The total issuable amount as of the date of this document is 93.1 billion yen.
Investment corporation bonds (excluding short-term investment corporation bonds)
Planned issue amount
Planned issue period
Use of funds

100,000 million yen
From August 15, 2019 to August 14, 2021
Funds for acquisition of specified assets, repayment of borrowings, redemption of
investment corporation bonds (including short-term investment corporation bonds), refundof leasehold and security deposits, payment of repairs, and funds for working capital, etc.

D. Overview of Financial Performance and Distributions
As a result of the management described above, the Investment Corporation posted financial performance for the 30th
Fiscal Period of 14,849 million yen in operating revenue, 7,715 million yen in operating income, 7,125 million yen in
ordinary income and 7,124 million yen in net income.
Concerning distributions, it is planned that the amount equivalent to distributions from earnings would be includedin the amount of tax-deductible expenses based on application of special provisions for taxation of corporation tax(Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957; including amendments
thereto) (the “Special Taxation Measures Act”)). Accordingly, retaining 328,482,467 yen from application of “Special
Provisions for Taxation in Cases of Repurchase of Specified Assets” (Article 65-7 of the Special Taxation MeasuresAct) as reserve for reduction entry, the Investment Corporation decided to distribute the entire amount remaining after
deducting provision of reserve for reduction entry from unappropriated retained earnings (excluding fractions of the
distribution amount per unit that are less than 1 yen), and declared a distribution amount per unit of 13,817 yen.
− 4 −Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
1.1.2. Outlook for the Next Fiscal Period
A. Investment Environment
It was expected that the Japanese economy going forward would continue to expand backed by solid trends inpersonal spending against the backdrop of a favorable employment environment and improved income environment
while the monetary easing policy implemented by the Bank of Japan continued. However, it is more likely that theeconomy will remain sluggish, falling below the potential growth rate. In addition, since the Japanese economy may
slow down due to prolongation of the COVID-19 pandemic, careful attention is required.
In the Tokyo office building leasing market, with office consolidations and relocations to smaller offices triggeredby COVID-19 leading to the vacancy rate rising and rent dropping moderately mainly in central Tokyo, future
developments warrant close monitoring.
In the office building transaction market, backed by the favorable financing environment, among other factors, theproperty acquisition appetite among overseas investors, real estate companies and funds (including J-REITs) isthought to remain strong. However, changes in economic developments with the spread of COVID-19 and otherfactors may impact future developments in the transaction market.
B. Future Management Policy and Tasks
a. Strategy for Managing Existing Properties
As to macro trends for the office market, the office market is expected to weaken temporarily over the short term,
mainly in Tokyo, since the vacancy rate is rising partly due to the impact of prolongation of COVID-19. However,given that there is strong demand from head office functions being inclined to be located in central Tokyo and such,the market for prime locations in central Tokyo is believed to remain stable over the medium to long term. Goingforward, needs for offices are likely to vary for companies in line with the diversification of work styles and place.
Therefore, the Investment Corporation considers that maintaining/improving competitiveness of buildings to qualify
as prime offices that can increase the productivity of employees and accommodate needs of the times andenvironment will be the future issue, and is determined to continue carrying out operational management under thefollowing policy.
(i) Maintain and raise occupancy rates
Concerning existing tenants, strive to reduce cancellation risks by improving the quality of buildings,
equipment and management system. In addition, concerning new tenants, strive to maintain and raiseoccupancy rates through the provision of highly satisfactory services from gaining deeper understanding of
tenant needs through proactive involvement in the market.
(ii) Maintain and raise profitability
Aim to secure stable revenue over the medium to long term through further strengthening good relationships withexisting tenants, as well as proactively tapping the needs of new tenants by discerning the market environment.
(iii) Control operational management costs
Strive to control operational management costs based on maintaining office environments with high tenantsatisfaction levels by implementing efficient operational management and reviewing systematic construction
work through optimal leveraging of economies of scale achieved from proactively realizing external growth.
b. Strategy for New Property Investments
The Investment Corporation will invest in office buildings that have a total floor area of about 2,000 m2 or more
based on various external growth strategies, while maintaining a balance with the asset acquisition environment andfinancing situation. In principle, considerations will focus on Tokyo as the investment target area, but the Investment
Corporation will also consider investing in competitive properties in cities other than Tokyo from a viewpoint ofterritorially-distributed investments.
As pipeline support, in addition to expanding its own information-sourcing channels, the Investment Corporation
will continue to search for properties that meet its investment criteria by proactively gathering real estate transaction
market information through greater collaboration with the Asset Manager and Sponsor Group and utilizing theGroup’s extensive network of clients, partners, etc.
Furthermore, in the 30th Fiscal Period, the Investment Corporation acquired “Nihonbashi-Bakurocho 1-Chome
Development Site (land)” located in Tokyo. The acquisition is the Investment Corporation’s first development
project, and is positioned as a project that can be expected to achieve rejuvenation of the portfolio and also
improvement in medium- to long-term profitability. The Investment Corporation will continue to strive to acquire
properties in line with the investment strategy described above, while carefully discerning potential opportunities toconsider such development projects.
c. Financial Strategy
The Investment Corporation will conduct disciplined financial management of the following basic content.
(i) Control leverage by keeping the ratio of interest-bearing liabilities to total assets (LTV) within the range of
40% to 50% at maximum, taking into consideration also the LTV, etc. based on appraisal value, as a principle.
(ii) Diversify repayment deadlines, targeting 30.0 billion yen as the maximum amount of interest-bearing liabilities
that shall become due during any single fiscal period as a principle.
(iii) Aim to have long-term loans account for at least 70% of balance of loans as a principle.
(iv) Achieve diversification of lenders, which shall mainly be Japanese financial institutions.
(v) Pursuant to its fund management rules, maintain stability in its financial standing by managing necessary funds,
such as the amount equivalent to distributions paid, separately from working capital.

− 5 −Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
C. Significant Subsequent EventsThe Investment Corporation divested trust beneficiary interest in real estate on December 23, 2020, as follows.
Summary of Asset Divested
Asset nameDaiwa Kyobashi

Type of asset

Trust beneficiary interest in domestic real estate

Sale price4,200 million yen (excluding settlement amounts of fixed property tax andcity planning tax, and consumption tax, etc.)

Date of conclusion of sales agreement

December 23, 2020

Date of delivery

December 23, 2020

Purchaser

Not disclosed (Note)(Note) The purchaser is a domestic corporation, but the name is not disclosed as consent for disclosure has not beenobtained from the purchaser.
D. Outlook for Management Status
The Investment Corporation forecasts the following management status for the 31st Fiscal Period (fiscal period
ending May 2021 (from December 1, 2020, to May 31, 2021)). For the assumptions underlying the management
status forecasts, please refer to the “Assumptions for the Management Status Forecasts for the 31st Fiscal Period and32nd Fiscal Period” on page 7.
31st Fiscal Period (fiscal period ending May 2021 (from December 1, 2020 to May 31, 2021))
Operating revenue
14,805 million yen
Operating income
8,184 million yen
Ordinary income
7,595 million yen
Net income
7,593 million yen
Distribution amount per unit
13,900 yen
Distribution amount in excess of earnings per unit
− yen
In addition, on the basis that the “Assumptions for the Management Status Forecasts for the 31st Fiscal Period and32nd Fiscal Period” will remain unchanged, the Investment Corporation forecasts the following management status
for the 32nd Fiscal Period (fiscal period ending November 2021 (from June 1, 2021 to November 30, 2021)).
32nd Fiscal Period (fiscal period ending November 2021 (from June 1, 2021 to November 30, 2021))
Operating revenue
13,874 million yen
Operating income
7,332 million yen
Ordinary income
6,741 million yen
Net income
6,739 million yen
Distribution amount per unit
13,900 yen
Distribution amount in excess of earnings per unit
− yen
(Note) The forecast figures above are the current forecasts calculated based on certain assumptions. Accordingly,
the actual operating revenue, operating income, ordinary income, net income, distribution amount per unit
and distribution amount in excess of earnings per unit may vary due to changes in the status. Moreover, theforecasts set forth herein should not be construed as a guarantee of distribution amounts.

− 6 −Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
Assumptions for the Management Status Forecasts for the 31st Fiscal Period and 32nd Fiscal Period
Item
Assumptions• 31st Fiscal Period: Assets under management are assumed to be the 60 properties owned as ofNovember 30, 2020, minus “Daiwa Kyobashi” divested in December 2020, to total 59 properties.
Assets under• 32nd Fiscal Period: Assets under management are assumed to be the properties mentioned above.
management• The actual number of properties may vary due to changes in the assets under management otherthan above.
• Rent revenue from existing properties is calculated based on historical data and taking into accountvariable factors.
Operating• 1,036 million yen in gain on sale of real estate from the divestment of “Daiwa Kyobashi” isrevenue
expected in the 31st Fiscal Period.
• Other than the above, rent revenue is calculated by taking into account a certain degree of decrease
due to the impact of the spread of COVID-19.
• Expenses related to rent business, which constitute a major component of operating expenses, arecalculated based on historical data and taking into account variable factors.
• Repair expenses for buildings are recorded as expenses in the amount expected to be necessary in
the respective fiscal period based on the medium to long term repair plan established by the AssetManager.
• Operating income from property leasing (excluding gain on sale from real estate properties) after
deducting expenses related to rent business (including depreciation) is expected to be 8,571
million yen in the 31st Fiscal Period and 8,722 million yen in the 32nd Fiscal Period.
• Consignment expenses are expected to be 983 million yen in the 31st Fiscal Period and 997
Operatingmillion yen in the 32nd Fiscal Period.
expenses• Taxes and dues (fixed property tax, city planning tax, etc.) are expected to be 1,157 million yen in
the 31st Fiscal Period and 1,154 million yen in the 32nd Fiscal Period.
• While, in general, fixed property tax, city planning tax, etc. in the transaction of real estate, etc. are
calculated on a pro rata basis and reimbursed at the time of acquisition with the current owner, but
for the Investment Corporation, the amount equivalent to the reimbursement is included in the costof acquisition and thus it is not recognized as expenses in the period of acquisition of properties.
As such, fixed property tax, city planning tax, etc. for properties acquired will be recorded as
expenses starting from the fiscal year following the acquisition year.
• Depreciation is expected to be 1,817 million yen in the 31st Fiscal Period and 1,811 million yen in
the 32nd Fiscal Period.
• Non-operating expenses in the 31st Fiscal Period are expected to be 588 million yen, of which theinterest expenses, interest expenses on investment corporation bonds, and borrowing related
Non-operating
expenses are expected to be 582 million yen.
expenses• Non-operating expenses in the 32nd Fiscal Period are expected to be 590 million yen, of which theinterest expenses, interest expenses on investment corporation bonds, and borrowing related
expenses are expected to be 584 million yen.

• The total amount of interest-bearing liabilities is assumed to be 204,450 million yen at the end ofInterest-bearing
liabilities

Total number ofinvestment units
issued andoutstanding

the 31st Fiscal Period and 204,450 million yen at the end of the 32nd Fiscal Period.
• In the 31st Fiscal Period, it is assumed that the entire amount of borrowings due for repayment on
January 29, 2021 (1,100 million yen), February 26, 2021 (2,000 million yen), March 31, 2021
(12,300 million yen), and May 31, 2021 (3,400 million yen), is refinanced.
• In the 32nd Fiscal Period, it is assumed that the entire amount of borrowings due for repayment on
August 31, 2021 (2,500 million yen), and November 30, 2021 (6,500 million yen), is refinanced.
• The total number of investment units issued and outstanding is assumed to be 491,877 units as ofNovember 30, 2020.

• It is assumed that there are no changes to the number of investment units other than stated above
until the end of the 32nd Fiscal Period through the issuance of new investment units, etc.

− 7 −Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
Item

Distribution amount
per unit

Assumptions• The distribution amount per unit is calculated based on the cash distribution policy as set out in thearticles of incorporation of the Investment Corporation.
• Part of the capital gain from the divestment of “Daiwa Kyobashi” that is expected to arise in the
31st Fiscal Period is assumed to be retained as internal reserves with the application of the system
of “Special Provisions for Taxation in Cases of Repurchase of Specified Assets.” As such, theassumption is that the amount remaining after deducting provision of reserve for reduction entry(756 million yen) from unappropriated retained earnings will be distributed. Provision of reserve
for reduction entry may change depending on the management status.
• The distribution amount per unit for the 32nd Fiscal Period is based on the assumption that part(98 million yen) of the reserve for reduction entry retained as internal reserves will be reversed anddistributed. Reversal of reserve for reduction entry may change depending on the management
status.
• The distribution amount per unit may vary depending on a variety of factors, such as changes in
the assets under management, changes in the rent revenue due to tenant changes and other causes,
and incurrence of unforeseen repairs.

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

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

1.2. Investment Risks
Disclosure is omitted because there are no significant changes from the “Part I: Fund Information; Section 1: Fund
Status; 3. Investment Risks” set out in the most recent periodic securities report (yuka shoken hokokusho) (submitted on
August 20, 2020).

− 8 −Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

2. Financial Statements
2.1. Balance Sheets(Unit: Thousands of yen)

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Right of trademark
Leasehold rights
Leasehold rights in trust
Other
Total intangible assets

29th Fiscal Period[As of May 31, 2020]

30th Fiscal Period[As of Nov. 30, 2020]

27,688,243
3,661,457
265,445
351,399
66,852
32,033,400

28,137,822
3,712,586
367,681334,706
70,12032,622,918

3,277,321(2,463,751)
813,570
14,344(7,475)
6,869
20,207(13,159)
7,047
12,302,226
3,829
108,511,177(25,945,795)
82,565,382
770,720(200,083)
570,636884,623(490,777)
393,845297,798(176,636)
121,161354,391,051
29,061
451,204,683

3,287,710(2,535,980)
751,730
14,344(7,915)
6,428
20,207(14,149)
6,057
12,302,226
4,555
108,924,859(27,454,212)
81,470,647
772,607(210,939)
561,668
893,239(509,450)
383,788
315,131(191,804)
123,326
356,251,046
33,446
451,894,923*1, *2*2*2

161
2,398,275
306,884
13,003
2,718,325− 9 −*1, *2*2*2

107
2,398,275
306,884
9,627
2,714,895

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period(Unit: Thousands of yen)

Investments and other assets
Leasehold and guarantee deposits in trust
Long-term prepaid expenses
Deferred tax assets
Other
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment corporation bonds issuance costs
Total deferred assets
Total assets
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term loans payable
Accounts payable – other
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Deferred tax liabilities
Derivatives liabilities
Other
Total noncurrent liabilities
Total liabilities
Net Assets
Unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital
Unitholders’ capital, net
Surplus
Voluntary retained earnings
Reserve for reduction entry
Total voluntary retained earnings
Unappropriated retained earnings (undisposed loss)
Total surplus
Total unitholders’ equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets− 10 −

29th Fiscal Period[As of May 31, 2020]

30th Fiscal Period[As of Nov. 30, 2020]

113,684
1,046,864−
63,913
1,224,462
455,147,471

113,684
1,051,039
16,15097,517
1,278,392
455,888,210

31,99731,997487,212,868

59,39559,395488,570,524

929,6015,000,000
33,300,000
646,330
996
393,369
2,341,174
576,816
43,188,288

1,673,045
3,600,000
24,200,000
672,515723
312,827
2,453,412
608,779
33,521,303

5,100,000
161,050,000
20,463,036
1,928,889
8,220
162,509
184,620
188,897,276
232,085,565

9,000,000
167,650,000
20,495,726
1,954,549−
257,802179,599
199,537,677
233,058,980

251,551,759(3,675,523)
247,876,236

251,551,759(3,675,523)
247,876,236

710,209710,2096,687,380
7,397,590
255,273,826

710,209710,209
7,124,746
7,834,956
255,711,192(146,523)(146,523)
255,127,303
487,212,868(199,648)(199,648)
255,511,543
488,570,524*3*3

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
2.2. Statements of Income(Unit: Thousands of yen)
29th Fiscal Period[From: Dec. 1, 2019
To: May 31, 2020]
Operating revenue
Rent revenue – real estate
Other lease business revenue
Gain on sales of real estate properties
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fees
Asset custody fees
Administrative service fees
Trust fees
Directors’ compensation
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Reversal of distribution payable
Insurance income
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds
Borrowing expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

*1
*1
*2

*1

− 11 −

30th Fiscal Period[From: June 1, 2020
To: Nov. 30, 2020]

14,238,965
18,247
15,435
14,272,648*1*1

5,540,802
1,168,091
24,29473,442
19,4397,200
126,692
6,959,962
7,312,685*1*2

14,482,210
31,325336,387
14,849,922
5,696,598
1,199,825
24,32479,286
19,536
7,200
107,151
7,133,923
7,715,998

15
630
5,267
5,471
11,38517623
14,706220
15,567480,295
16,751
134,367
4,354
635,767
6,688,302
6,688,302
998
(5)
993
6,687,309
71
6,687,380

450,182
20,796130,096
5,319
606,394
7,125,172
7,125,172
725
13
738
7,124,433
313
7,124,746

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
2.3. Statements of Unitholders’ Equity
29th Fiscal Period [From: December 1, 2019 To: May 31, 2020](Unit: Thousands of yen)
Unitholders’ equity
Unitholders’ capital

SurplusReserve for
reduction entry

Total voluntary
retained earnings

Unappropriatedretained earnings(undisposed
loss)

710,209710,2096,462,843

7,173,052

Dividends from surplus(6,462,771)(6,462,771)

Net income

6,687,309

6,687,309

Balance at beginning of current
fiscal period

Unitholders’capitalDeduction fromunitholders’ capital

251,551,759(3,675,523)

Unitholders’capital, net

247,876,236

Voluntary retained earnings

Total surplus

Changes of items during theperiodNet changes of items otherthan shareholders’ equity
Total changes of items during

−

−

−

−

−

224,537

224,537

251,551,759(3,675,523)

247,876,236

710,209710,2096,687,380

7,397,590

the period
Balance at end of current fiscal
periodUnitholders’ equity Valuation and translation adjustments

Total unitholders’ Deferred gains orequitylosses on hedges

Balance at beginning of current
fiscal period

255,049,288(156,854)

Total valuationand translation
adjustments

Total net assets(156,854)

254,892,434

Changes of items during theperiodDividends from surplus(6,462,771)(6,462,771)

Net income

6,687,309

6,687,309

Net changes of items other

10,33010,33010,330224,537

10,33010,330234,868

255,273,826(146,523)(146,523)

255,127,303

than shareholders’ equity
Total changes of items during
the period
Balance at end of current fiscal
period− 12 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
30th Fiscal Period [From: June 1, 2020 To: November 30, 2020](Unit: Thousands of yen)
Unitholders’ equity
Unitholders’ capital

SurplusReserve for
reduction entry

Total voluntary
retained earnings

Unappropriatedretained earnings(undisposed
loss)

710,209710,2096,687,380

7,397,590

Dividends from surplus(6,687,067)(6,687,067)

Net income

7,124,433

7,124,433

Balance at beginning of current
fiscal period

Unitholders’capitalDeduction fromunitholders’ capital

251,551,759(3,675,523)

Unitholders’capital, net

247,876,236

Voluntary retained earnings

Total surplus

Changes of items during theperiodNet changes of items otherthan shareholders’ equity
Total changes of items during

−

−

−

−

−

437,365

437,365

251,551,759(3,675,523)

247,876,236

710,209710,209

7,124,746

7,834,956

the period
Balance at end of current fiscal
periodUnitholders’ equity Valuation and translation adjustments

Total unitholders’ Deferred gains orequitylosses on hedges

Balance at beginning of current
fiscal period

255,273,826(146,523)

Total valuationand translation
adjustments

Total net assets(146,523)

255,127,303

Changes of items during theperiodDividends from surplus(6,687,067)(6,687,067)

Net income

7,124,433

7,124,433

Net changes of items other(53,125)(53,125)(53,125)

437,365(53,125)(53,125)

384,240

255,711,192(199,648)(199,648)

255,511,543

than shareholders’ equity
Total changes of items during
the period
Balance at end of current fiscal
period− 13 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
2.4. Statements of Cash Distributions

Item

29th Fiscal Period[From: Dec. 1, 2019
To: May 31, 2020]

30th Fiscal Period[From: June 1, 2020
To: Nov. 30, 2020]

Amount (Yen)Amount (Yen)I.

Unappropriated retained earnings

6,687,380,982

7,124,746,976

II.

Distribution amount

6,687,067,815

6,796,264,509[13,595][13,817]−

328,482,467[Distribution amount per unit]
III. Voluntary retained earnings
Provision of reserve for reduction entry
IV. Retained earnings carried forward
Method for calculating distribution amount

313,167
Pursuant to the policy that “theInvestment
Corporation
shall
distribute an amount in excess of theamount equivalent to 90% of its
distributable earnings as defined in
Article 67-15 of the Act on Special
Measures Concerning Taxation” butno more than the amount of earnings
as specified in Article 32, Item 1 ofthe Investment Corporation’s articles
of incorporation, the Investment
Corporation decided the distributions
from earnings that it shall pay out
shall be the maximum value of theintegral multiple of the total numberof units issued and outstanding(491,877 units) in an amount that is
not in excess of unappropriatedretained earnings. Accordingly, theInvestment Corporation declared a
distribution amount of 6,687,067,815
yen. Furthermore, the Investment
Corporation shall not distribute cash
in excess of earnings as stipulated in
Article 32, Item 2 of its articles ofincorporation.

− 14 −−
Pursuant to the policy that “theInvestment
Corporation
shall
distribute an amount in excess of theamount equivalent to 90% of its
distributable earnings as defined in
Article 67-15 of the Act on Special
Measures Concerning Taxation” butno more than the amount of earnings
as specified in Article 32, Item 1 ofthe Investment Corporation’s articles
of incorporation, the Investment
Corporation decided the distributions
from earnings that it shall pay out
shall be the maximum value of theintegral multiple of the total numberof units issued and outstanding(491,877 units) in an amount that is
not in excess of the amountremaining after deducting provisionof reserve for reduction entry definedin Article 65-7 of the Act on Special
Measures Concerning Taxation fromunappropriated retained earnings.
Accordingly,
theInvestment
Corporation declared a distribution
amount of 6,796,264,509 yen.
Furthermore,theInvestment
Corporation shall not distribute cash
in excess of earnings as stipulated in
Article 32, Item 2 of its articles ofincorporation.

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
2.5. Statements of Cash Flows(Unit: Thousands of yen)

Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bonds issuance costs
Interest income
Interest expenses(Increase) Decrease in operating accounts receivable(Increase) Decrease in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable – other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received(Increase) Decrease in long-term prepaid expenses
Decrease from sales of property, plant and equipment in trust
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Proceeds from tenant security deposits
Proceeds from tenant security deposits in trust
Repayments of tenant security deposits
Repayments of tenant security deposits in trust
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Proceeds from short-term loans payable
Repayment of short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment corporation bonds
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period− 15 −

29th Fiscal Period[From: Dec. 1, 2019
To: May 31, 2020]

30th Fiscal Period[From: June 1, 2020
To: Nov. 30, 2020]

6,688,302
1,842,226
2,855
(15)
497,046(77,667)
7,562
110,667
34,982
71,405(13,972)
76,5903,922,534
152,137
13,314,656
15(494,658)(888)
12,819,125

7,125,172
1,830,601
3,818
(17)
470,979(102,235)
16,693
388,221
25,344(80,541)
112,238(4,175)2,103,922
80,187
11,970,208
17(471,840)(998)
11,497,387(9,274)(6,910,242)
901,069
141,657(481,085)(30,953)(6,388,828)(1,719)(4,336,207)
679,772
100,932(658,731)(63,623)(4,279,576)

5,000,000(5,000,000)
11,500,000(11,500,000)−(6,461,313)(6,461,313)(31,016)
31,380,717
31,349,701

2,500,000(3,900,000)
14,100,000(16,600,000)
3,868,783(6,685,886)(6,717,103)
500,707
31,349,701
31,850,409*1*1

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
2.6. Notes to the Going Concern
Not applicable.
2.7. Notes to Significant Accounting Policies
1. Accumulated depreciation(1) Property, plant and equipment (including trust assets)method for noncurrent assets
The straight-line method is adopted.
The useful life of primary property, plant and equipment is as follows:
Buildings
2~64 years
Structures
10~56 years
Machinery and equipment
10~23 years
Tools, furniture and fixtures
4~15 years(2) Intangible assets
The straight-line method is adopted.
(3) Long-term prepaid expenses
The straight-line method is adopted.
2. Accounting policies for
Investment corporation bonds issuance costs
deferred assets
Amortized using the straight-line method over the period up to redemption.
3. Accounting standards for
Accounting for fixed property tax, etc.
recording revenues and expenses
Concerning fixed property tax, city planning tax, depreciated asset tax, etc. forowned real estate or trust beneficiary interest in real estate, of the tax amount thathas been broken down into installments, the method of accounting for theamount corresponding to the concerned fiscal period as expenses related to rent
business is adopted.
Concerning the amount equivalent to fixed property tax, etc. for the initial fiscal
year that shall be borne by the Investment Corporation in correlation withacquisitions of real estate or trust beneficiary interest that have real estate as
assets in trust, the amount is not expensed but is rather included in the cost of
acquisition of the concerned real estate property. The amount equivalent to fixed
property tax, etc. that was included in the cost of acquisition of real estate
properties is 7,661 thousand yen in the 29th Fiscal Period and 1,113 thousand
yen in the 30th Fiscal Period.
4. Hedge accounting approaches(1) Hedge accounting approach
Deferral hedge accounting is adopted.
Special accounting is adopted for interest rate swaps that meet the requirements
for special accounting.
(2) Hedging instruments and hedged items
Hedging instruments:
Interest rate swap transactions
Hedged items:
Interest on loans(3) Hedging policy
The Investment Corporation conducts derivative transactions to hedge risks
stipulated in the Investment Corporation’s articles of incorporation in accordancewith the Investment Corporation’s risk management policy.
(4) Method for assessing the effectiveness of hedging
The effectiveness of hedging is assessed by the correlation between the change inaggregated amount of cash flow of the hedging instruments and the change inaggregated amount of cash flow of the hedged items.
Interest rate swaps that meet the requirements for special accounting are omitted
from assessment of the effectiveness.
5. Scope of funds in the
The funds (cash and cash equivalents) in the statements of cash flows consist of cash
statements of cash flows
on hand and cash in trust; deposits that can be withdrawn at any time and deposits intrust; and short-term investments with a maturity of 3 months or less from the date ofacquisition, which are readily convertible to cash and bear only an insignificant risk ofprice fluctuation.

− 16 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
6.

Other significant mattersforming basis for preparation offinancial statements

(1)

(2)

Accounting method for trust beneficiary interest in real estate, etc.
Concerning owned trust beneficiary interest that have real estate properties asassets in trust, all accounts of assets and liabilities within assets in trust as well as
all accounts of revenues and expenses incurred from the assets in trust arerecorded in the relevant account item of the balance sheets and statements ofincome.
The following material items of the assets in trust recorded in the relevant
account item are separately listed on the balance sheets.
(i) Cash and deposits in trust(ii) Buildings in trust, structures in trust, machinery and equipment in trust,
tools, furniture and fixtures in trust, land in trust and construction inprogress in trust(iii) Leasehold rights in trust(iv) Lease and guarantee deposits in trust(v) Tenant leasehold and security deposits in trust
Accounting method for consumption taxes
Consumption tax and local consumption tax are accounted for by the
tax-exclusion method and consumption taxes that are not tax-deductible are
expensed in the fiscal period under review.
The consumption taxes relating to noncurrent assets, etc. that are nottax-deductible are amortized in equal installments over 5 years.

2.8. Notes to Financial Statements
Concerning notes to lease transactions, securities, retirement benefits, tax-effect accounting and asset retirement
obligations, disclosure is omitted because there is no substantial need for such disclosure in the financial report (kessan
tanshin).
[Notes to Balance Sheets]*1. Advanced depreciation amount for property, plant and equipment acquired by government subsidies, etc.
30th Fiscal Period[As of Nov. 30, 2020]

29th Fiscal Period[As of May 31, 2020]
Buildings in trust

32,898 thousand yen

32,898 thousand yen*2. Advanced depreciation amount for property, plant and equipment acquired through exchange
29th Fiscal Period[As of May 31, 2020]
Buildings in trust
Structures in trust
Land in trust
Total

30th Fiscal Period[As of Nov. 30, 2020]

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

182,563 thousand yen
283 thousand yen
887,074 thousand yen
1,069,921 thousand yen*3. Minimum net assets as provided in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations
29th Fiscal Period[As of May 31, 2020]

30th Fiscal Period[As of Nov. 30, 2020]

50,000 thousand yen− 17 −

50,000 thousand yen

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period[Notes to Statements of Income]*1. Breakdown of operating income (loss) from property leasing(Unit: Thousands of yen)
29th Fiscal Period[From: Dec. 1, 2019
To: May 31, 2020]
A. Property leasing revenue
Rent revenue – real estate
Other lease business revenue
Total property leasing revenue

14,238,965
18,24730th Fiscal Period[From: June 1, 2020
To: Nov. 30, 2020]
14,482,210
31,325

14,257,212

B. Property leasing expenses
Consignment expenses
Utilities expenses
Taxes and dues
Non-life insurance expenses
Repair expenses
Depreciation
Other lease business expenses
Total property leasing expenses
C. Operating income (loss) from property leasing[A – B]

998,730
935,302
1,134,736
19,923538,920
1,838,770
74,41914,513,535
1,019,499
915,742
1,169,520
19,990670,253
1,827,171
74,421

5,540,802

5,696,598

8,716,410

8,816,936*2. Breakdown of gain on sales of real estate properties (Unit: Thousands of yen)
29th Fiscal Period [From: December 1, 2019 To: May 31, 2020]
Daiwa Jinbocho
Proceeds from sales of real estate properties
Cost of sales of real estate properties
Other expenses on sales

4,000,000
3,922,534
62,030Gain on sales of real estate properties

15,43530th Fiscal Period [From: June 1, 2020 To: November 30, 2020]
Daiwa Shimbashi 510
Proceeds from sales of real estate properties
Cost of sales of real estate properties
Other expenses on sales
Gain on sales of real estate properties

2,530,000
2,103,922
89,690336,387− 18 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period[Notes to Statements of Unitholders’ Equity]
29th Fiscal Period[From: Dec. 1, 2019
To: May 31, 2020]

30th Fiscal Period[From: June 1, 2020
To: Nov. 30, 2020]

Total number of investment units authorized andtotal number of investment units issued and outstanding
Total number of investment units authorized
Total number of investment units issued and outstanding

2,000,000 units

2,000,000 units

491,877 units

491,877 units[Notes to Statements of Cash Flows]*1. Reconciliation of balance sheet items to cash and cash equivalents at end of period in the statements of cash flows(Unit: Thousands of yen)
29th Fiscal Period[From: Dec. 1, 2019
To: May 31, 2020]
Cash and deposits
Cash and deposits in trust
Cash and cash equivalents

27,688,243
3,661,457
31,349,701

30th Fiscal Period[From: June 1, 2020
To: Nov. 30, 2020]
28,137,822
3,712,586
31,850,409[Notes to Financial Instruments](1) Matters Concerning Status of Financial Instruments(a) Policy for financial instruments
The Investment Corporation raises funds through bank borrowings, issuance of investment corporation bonds andissuance of new investment units, etc. for the acquisition and repair of investment properties, the payments ofdividends and the reimbursement of bank borrowings. As for debt finance, the Investment Corporation focuses onlengthening maturities, fixing interest rates, and dispersing maturity dates in order to secure financial stability andavoid future fluctuation risk of interest rates.
The Investment Corporation manages surplus funds through deposits and safe and highly liquid money claims andsecurities (in principle, deposits).
Derivative transactions are limited to hedge operations which hedge against interest rate risks attributable toliabilities of the Investment Corporation.
(b) Contents and risk of financial instruments and related risk management
The Investment Corporation uses the proceeds from the financing of debts and investment corporation bonds for theacquisition of investment properties (such as trust beneficiary interest in real estate) and the reimbursement of current
debts and bonds. While these debts and bonds are exposed to liquidity risk, the Investment Corporation manages therisk by maintaining the LTV ratio at low levels, dispersing maturity dates, maintaining the ratio of long-term debt tototal debt at high levels, and diversifying lenders with particular focus on domestic financial institutions. Bank
borrowings etc. with floating interest rates are exposed to interest rate risk and the risk is controlled by using
derivative instruments (interest rate swap transaction) for some long-term borrowings to avoid interest rate rise and to
fix interest expense.
The effectiveness of hedging is assessed by the correlation between the change in aggregated amount of cash flowof the hedging instruments and the change in aggregated amount of cash flow of the hedged items. Interest rate swaps
that meet the requirements for special accounting are omitted from assessment of the effectiveness.
Enforcement and management of derivative transactions are carried out in accordance with the provisions
established by the basic policy of risk management.
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust are exposed to liquidity
risk upon tenants moving out and the Investment Corporation reduces the risk by pooling funds to a certain degree.
Surplus funds by deposits are exposed to credit risk of counterparties (financial institutions and so on) and aremanaged by limiting the terms to short durations and establishing credit rating level of counterparties (except forcheckable deposit), etc.
(c) Supplementary explanation for fair value of financial instruments
The fair value of financial instruments is based on their market price. The fair value of financial instruments with noavailable market price is determined by using price reasonably estimated. As various factors are incorporated into
these calculations, the resulting value may differ if different assumptions are provided. Furthermore, the contractual
amounts of derivative transactions do not represent the market risk involved in these derivative transactions.

− 19 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period(2) Matters Concerning Fair Value, etc. of Financial Instruments
The carrying amounts and fair values and their differences are as follows. Please note that the following table does notinclude those for which discerning of fair value is recognized to be extremely difficult (please refer to (Note 2)).
29th Fiscal Period [As of May 31, 2020]
Carrying amount

Fair value(Unit: Thousands of yen)
Difference(1) Cash and deposits

27,688,243

27,688,243−(2) Cash and deposits in trust

3,661,457

3,661,457−

31,349,701

31,349,701−(3) Short-term loans payable

5,000,000

5,000,000−(4) Current portion of long-term loans payable

33,300,000

33,303,783

3,783(5) Investment corporation bonds

5,100,000

5,057,090(42,910)161,050,000

161,206,148

156,148

204,450,000

204,567,021

117,021(213,777)(213,777)−

Total assets(6) Long-term loans payable
Total liabilities
Derivative transactions (*)
30th Fiscal Period [As of November 30, 2020]

Carrying amount

Fair value(Unit: Thousands of yen)
Difference(1) Cash and deposits

28,137,822

28,137,822−(2) Cash and deposits in trust

3,712,586

3,712,586−

31,850,409

31,850,409−(3) Short-term loans payable

3,600,000

3,600,060

60(4) Current portion of long-term loans payable

24,200,000

24,203,301

3,301(5) Investment corporation bonds

9,000,000

8,974,990(25,010)

167,650,000

167,717,967

67,967

204,450,000

204,496,319

46,319Total assets(6) Long-term loans payable
Total liabilities

Derivative transactions (*)(291,287)(291,287)−(*) The value of receivables and payables arising from derivatives are indicated at net basis. The amount in parentheses
represents the net liability position.
(Note 1) Methods to estimate fair value of financial instruments and matters concerning derivative transactions
Assets(1) Cash and deposits; (2) Cash and deposits in trust
As these are settled within a short period of time, the fair value is approximately the same as the book value and thus
is stated at that book value.
Liabilities(3) Short-term loans payable; (4) Current portion of long-term loans payable; (6) Long-term loans payable
As those with floating interest rates reflect market interest rates within a short period of time and the Investment
Corporation’s credit capability does not differ markedly from the execution, the fair value is approximately the sameas the book value and thus is stated at that book value. Those with fixed interest rates, on the other hand, are based on
the method of calculating by discounting the sum total amount of principal and interest (*) by the reasonably
estimated interest rate in the case that the same type of borrowings is undertaken.
(*) For long-term loans payable that are subject to special accounting for interest rate swaps, the interest is handled
together with applicable interest rate swaps. (Please refer to [Notes to Derivative Transactions] below.)(5) Investment corporation bonds
The fair value of the investment corporation bonds issued by the Investment Corporation is based on the market price.
Derivative transactions
Please refer to [Notes to Derivative Transactions] below.

− 20 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period(Note 2) Carrying amount of financial products for which it is extremely difficult to estimate fair value(Unit: Thousands of yen)
29th Fiscal Period[As of May 31, 2020]

30th Fiscal Period[As of Nov. 30, 2020]

Tenant leasehold and security deposits*
20,463,036
20,495,726
Tenant leasehold and security deposits in trust*
1,928,889
1,954,549
Total
22,391,925
22,450,275(*) Tenant leasehold and security deposits and tenant leasehold and security deposits in trust that are deposited by lessees ofrental properties are not subject to disclosure of fair value because discerning of the fair value is recognized to be
extremely difficult as future cash flows cannot be reasonably estimated due to there being no market price and difficulty incalculation of the actual deposit period, which is the period from tenants’ move-ins to move-outs.
(Note 3) Redemption schedule for monetary claims due after the settlement of accounts
29th Fiscal Period [As of May 31, 2020](Unit: Thousands of yen)
Within 1 year

Within 2 years,
but over 1 year

Within 3 years,
but over 2 years

Within 4 years,
but over 3 years

Within 5 years,
but over 4 years

27,688,243

−

−

−

−

−

3,661,457

−

−

−

−

−

31,349,701

−

−

−

−

−

Within 1 year

Within 2 years,
but over 1 year

Within 3 years,
but over 2 years

Within 4 years,
but over 3 years

Within 5 years,
but over 4 years

Cash and deposits

28,137,822

−

−

−

−

−

Cash and deposits in trust

3,712,586

−

−

−

−

−

31,850,409

−

−

−

−

−

Cash and deposits
Cash and deposits in trust
Total

Over 5 years

30th Fiscal Period [As of November 30, 2020](Unit: Thousands of yen)

Total

Over 5 years(Note 4) Amount of repayment of short-term loans payable, current portion of long-term loans payable, investment
corporation bonds, and long-term loans payable scheduled to be due after the settlement of accounts
29th Fiscal Period [As of May 31, 2020](Unit: Thousands of yen)
Within 1 year

Within 2 years,
but over 1 year

Within 3 years,
but over 2 years

Within 4 years,
but over 3 years

Within 5 years,
but over 4 years

Short-term loans payable

5,000,000

−

−

−

−

−

Current portion of
long-term loans payable

33,300,000

−

−

−

−

−

−

−

−

−

3,800,000

1,300,000

Investment corporation bonds

Over 5 years−

21,500,000

30,600,000

23,700,000

27,350,000

57,900,000

38,300,000

21,500,000

30,600,000

23,700,000

31,150,000

59,200,000

Within 1 year

Within 2 years,
but over 1 year

Within 3 years,
but over 2 years

Within 4 years,
but over 3 years

Within 5 years,
but over 4 years

Short-term loans payable

3,600,000

−

−

−

−

−

Current portion of
long-term loans payable

24,200,000

−

−

−

−

−

Investment corporation bonds

−

−

−

3,800,000

1,500,000

3,700,000

Long-term loans payable−

31,600,000

26,200,000

24,300,000

20,550,000

65,000,000

27,800,000

31,600,000

26,200,000

28,100,000

22,050,000

68,700,000

Long-term loans payable
Total

30th Fiscal Period [As of November 30, 2020](Unit: Thousands of yen)

Total

− 21 −

Over 5 years

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period[Notes to Derivative Transactions](1) Transactions for which hedge accounting is not applied
29th Fiscal Period [As of May 31, 2020]
Not applicable.
30th Fiscal Period [As of November 30, 2020]
Not applicable.
(2) Transactions for which hedge accounting is applied
29th Fiscal Period [As of May 31, 2020]
About derivative transactions for which hedge accounting is applied, the contract amount, amount equivalent to theprincipal provided in the contract, etc. as of the settlement of accounts for each hedge accounting approach are as follows.
(Unit: Thousands of yen)Contract amount, etc.
Hedge
Type, etc. of
Main
Method ofaccounting
derivative
hedgedFairvalue
calculationof
Of which,approachtransaction
itemthat fair value
over 1 year
Interest rate swap
Principle
Long-term
Based on pricetransaction
accounting
loans
118,100,000
87,800,000(213,777)
quoted by partner
Fixed payable
methodpayablefinancial institution
Floating receivable
SpecialInterest rate swap
Long-term
accounting
transaction
loans
3,000,000
1,000,000(*)−
for interest
Fixed payablepayablerate swaps
Floating receivable
Total
121,100,000
88,800,000(213,777)−
30th Fiscal Period [As of November 30, 2020]
About derivative transactions for which hedge accounting is applied, the contract amount, amount equivalent to theprincipal provided in the contract, etc. as of the settlement of accounts for each hedge accounting approach are as follows.
(Unit: Thousands of yen)Contract amount, etc.
Hedge
Type, etc. of
Main
Method ofaccounting
derivative
hedgedFairvalue
calculationof
Of which,approachtransaction
itemthat fair value
over 1 year
Interest rate swap
Principle
Long-term
Based on pricetransaction(291,287)
accounting
loans
116,500,000
93,300,000
quoted by partner
Fixed payable
methodpayablefinancial institution
Floating receivable
SpecialInterest rate swap
Long-term
accounting
transaction
loans
11,100,000
11,100,000(*)−
for interest
Fixed payablepayablerate swaps
Floating receivable
Total
127,600,000
104,400,000(291,287)−(*) Since the derivative financial instruments qualifying for the special accounting for interest rate swaps are accounted for as
one transaction together with their hedged item, long-term loans payable, the fair value of these derivatives is included inthat of related long-term loans payable. (Please refer to “Notes to Financial Instruments (2) Matters Concerning Fair Value,etc. of Financial Instruments (Note 1) Liabilities (4) (6).”)− 22 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period[Notes to Transactions with Related Parties](1) Parent company and major corporate unitholders, etc.
29th Fiscal Period [From: December 1, 2019 To: May 31, 2020]
Not applicable.
30th Fiscal Period [From: June 1, 2020 To: November 30, 2020]
Not applicable.
(2) Affiliated companies, etc.
29th Fiscal Period [From: December 1, 2019 To: May 31, 2020]
Not applicable.
30th Fiscal Period [From: June 1, 2020 To: November 30, 2020]
Not applicable.
(3) Sister companies, etc.
29th Fiscal Period [From: December 1, 2019 To: May 31, 2020]
Not applicable.
30th Fiscal Period [From: June 1, 2020 To: November 30, 2020]
Not applicable.
(4) Officers and major individual unitholders, etc.
29th Fiscal Period [From: December 1, 2019 To: May 31, 2020]
Not applicable.
30th Fiscal Period [From: June 1, 2020 To: November 30, 2020]
Not applicable.
[Notes to Investment and Rental Properties]
The Investment Corporation has rental office buildings, etc. (including land) in Tokyo and other regions. The carrying amount,amount of increase (decrease) during period and fair value for these rental properties are as follows.
(Unit: Thousands of yen)
29th Fiscal Period[From: Dec. 1, 2019
To: May 31, 2020]

30th Fiscal Period[From: June 1, 2020
To: Nov. 30, 2020]

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

452,653,020

453,876,951

1,223,931

685,129453,876,951

454,562,081

572,090,000

573,850,000(Note 1) The carrying amount is the amount after accumulated depreciation is deducted from the cost of acquisition.
(Note 2) Of the amount of increase (decrease) for rental properties during the 29th Fiscal Period, the amount of increase ismainly attributable to acquisition of Daiwa Nakano-Sakaue (2,750 million yen) and Nihonbashi Central Square(3,521 million yen), and the amount of decrease is mainly attributable to divestment of Daiwa Jinbocho (3,922
million yen) and depreciation (1,838 million yen). For the 30th Fiscal Period, the amount of increase is mainly
attributable to acquisition of Nihonbashi-Bakurocho 1-Chome Development Site (land) (3,775 million yen), and theamount of decrease is mainly attributable to divestment of Daiwa Shimbashi 510 (2,103 million yen) anddepreciation (1,827 million yen).
(Note 3) The fair value at end of period presents the appraisal value estimated by external real estate appraisers.
The income (loss) for investment and rental properties are as presented in the aforementioned “Notes to Statements of Income.”− 23 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period[Notes to Segment Information, etc.](1) Segment Information
Segment information has been omitted because the Investment Corporation has no segment except the property leasing
business.
(2) Related Information
29th Fiscal Period [From: December 1, 2019 To: May 31, 2020]① Information about products and services
Information about products and services has been omitted because net sales to external customers for one segment
are in excess of 90% of the operating revenue on statements of income.
② Information about geographical areas
A. Net sales
Information about net sales has been omitted because net sales to external customers in Japan are in excess of
90% of the operating revenue on statements of income.
B. Property, plant and equipment
Information about property, plant and equipment has been omitted because the amount of property, plant andequipment located in Japan is in excess of 90% of the amount of property, plant and equipment on balance sheets.
③ Information about major customers
Information about principal customers has been omitted because each net sales figure to a single external customer
accounts for less than 10% of the operating revenue on statements of income.
30th Fiscal Period [From: June 1, 2020 To: November 30, 2020]① Information about products and services
Information about products and services has been omitted because net sales to external customers for one segment
are in excess of 90% of the operating revenue on statements of income.
② Information about geographical areas
A. Net sales
Information about net sales has been omitted because net sales to external customers in Japan are in excess of
90% of the operating revenue on statements of income.
B. Property, plant and equipment
Information about property, plant and equipment has been omitted because the amount of property, plant andequipment located in Japan is in excess of 90% of the amount of property, plant and equipment on balance sheets.
③ Information about major customers
Information about principal customers has been omitted because each net sales figure to a single external customer
accounts for less than 10% of the operating revenue on statements of income.

− 24 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period[Notes to Per Unit Information]

Net assets per unit

29th Fiscal Period[From: Dec. 1, 2019
To: May 31, 2020]

30th Fiscal Period[From: June 1, 2020
To: Nov. 30, 2020]

518,681 yen

519,462 yen

Net income per unit
13,595 yen
14,484 yen(Note 1) Net income per unit is calculated by dividing net income by the average number of investment units during theperiod. The diluted net income per unit is not stated as there are no diluted investment units.
(Note 2) The basis for calculating the net income per unit is as follows.

Net income (Thousands of yen)Amounts not attributable to common unitholders (Thousands of yen)
Net income attributable to common investment units (Thousands of yen)
Average number of investment units during the period (Units)

29th Fiscal Period[From: Dec. 1, 2019
To: May 31, 2020]

30th Fiscal Period[From: June 1, 2020
To: Nov. 30, 2020]

6,687,309

7,124,433−−

6,687,309

7,124,433

491,877

491,877[Notes to Significant Subsequent Events]
The Investment Corporation divested trust beneficiary interest in real estate on December 23, 2020, as follows.
Summary of Asset Divested
Asset nameDaiwa Kyobashi

Type of asset

Trust beneficiary interest in domestic real estate

Sale price4,200 million yen (excluding settlement amounts of fixed property tax andcity planning tax, and consumption tax, etc.)

Date of conclusion of sales agreement

December 23, 2020

Date of delivery

December 23, 2020

Purchaser

Not disclosed (Note)(Note) The purchaser is a domestic corporation, but the name is not disclosed as consent for disclosure has not beenobtained from the purchaser.

− 25 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
2.9. Increase (Decrease) in Total Number of Investment Units Issued and Outstanding
Since no capital increase, etc. were conducted in the 30th Fiscal Period, there is no change to unitholders’ capital, etc.
Increase (decrease) in the total number of investment units issued and outstanding and unitholders’ capital, net in the mostrecent 5 years up to the end of the 30th Fiscal Period is as follows.

Date

Description

Total number of investment units
issued and outstanding(Units)Increase(Decrease)

BalanceUnitholders’ capital, net(Millions of yen)
(Note 1)
Increase(Decrease)

Notes

BalanceAugust 2, 2016

Capital increase throughpublic offering

12,700496,700

7,461

250,864(Note 2)

August 31, 2016

Capital increase by way ofthird-party allotment

1,169

497,869686

251,551(Note 3)

(5,992)491,877(3,675)

247,876(Note 4)

May 31, 2018 Cancellation(Note 1) Unitholders’ capital, net = Unitholders’ capital – Deduction from unitholders’ capital(Note 2) The Investment Corporation issued new investment units through public offering at an issue price of 607,425 yen perunit (paid-in price: 587,489 yen) to procure funds for repayment of borrowings, etc.
(Note 3) The Investment Corporation issued new investment units by way of a third-party allotment at an issue price of 587,489
yen per unit (paid-in price: 587,489 yen) to procure funds for repayment of borrowings, etc.
(Note 4) In the period from March 1, 2018, to May 18, 2018, the Investment Corporation acquired own investment units throughmarket purchase at the Tokyo Stock Exchange based on a discretionary transaction agreement with a securities
company. The Investment Corporation cancelled all of the acquired own investment units (5,992 units) on May 31,
2018, based on the resolution at its board of directors’ meeting held on May 28, 2018.

− 26 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

3. Reference Information
3.1. Investment Status
30th Fiscal Period(As of November 30, 2020)
Type of asset

Use

RegionReal estate

OfficeTrustbeneficiaryinterest inreal estate

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

As a percentage of
total assets(%)

Five Central Wards of Tokyo (Note 2)

15,464

3.2

Five Central Wards of Tokyo (Note 2)

349,601

71.6

Greater Tokyo (Note 3)

80,42016.5

Major Regional Cities (Note 4)

9,074

1.9

454,56293.0

34,0087.0

488,570100.0[454,562][93.0]

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

− 27 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
3.2. Investment Real Estate Properties (As of November 30, 2020)
3.2.1. Price and Investment Ratio of Investment Real Estate Properties
Acquisition
Type ofprice
RegionProperty namespecified(Millions of
asset
yen)
(Note 1)
Daiwa Ginza
14,100Real estate
Daiwa Ginza Annex
3,050
Daiwa Shibaura
8,265
Daiwa Minami-Aoyama
4,550
Daiwa Sarugakucho
3,190
Daiwa A Hamamatsucho (Note 5)
2,865
Daiwa Jingumae
2,800
Daiwa Shibadaimon
2,578
Daiwa Misakicho
2,346
Daiwa Tsukijiekimae
1,560
Daiwa Tsukiji
1,240
Daiwa Tsukishima
7,840
Daiwa Nihonbashi Horidomecho
2,520
Daiwa Azabudai
1,600
Daiwa Kyobashi
3,460
Daiwa Kojimachi 4-chome
2,910
Shinjuku Maynds Tower (Note 5)
66,900Daiwa SHIBUYA EDGE
5,900
Daiwa Kodenmacho
2,460
Daiwa Nishi-Shimbashi
5,000
Daiwa Kayabacho
5,600
Daiwa Jinbocho 3-chome
3,550
E SPACE TOWER
24,000Daiwa Nihonbashi Hongokucho
1,721
Five
shinyon curumu
9,650
Central
Trust
Daiwa
Akasaka
9,200
Wards ofbeneficiary
Daiwa
ShibuyaMiyamasuzaka
7,000
Tokyo
interest in
Daiwa Azabu Terrace
14,000real estate
Daiwa Ebisu 4-chome
4,135
LAQUAS Higashi Shinjuku
8,450
Daiwa Aoyama
9,800
Shinsen Place
4,800
Daiwa Shibuya Square
16,000Daiwa River Gate
28,000Daiwa Hatchobori ekimae
2,871
Daiwa Hatchobori ekimae West
1,647
Daiwa Nishi-Shinjuku
13,710Kirin Nihonbashi
8,180
Daiwa Higashi-Nihonbashi
6,370
Daiwa Daikanyama
2,280
Daiwa Shinjuku West942
Daiwa Kanda Mikuracho
1,592
Daiwa Kanda East
4,200
Daiwa Kandasudacho
2,295
Daiwa Sasazuka Tower
15,500Daiwa Sasazuka
3,000
Daiwa Harumi
11,200Daiwa Mita 2-Chome
2,635
Nihonbashi Central Square (Note 5)
3,521
Nihonbashi-Bakurocho 1-Chome
3,775
Development Site (land) (Note 6)
Total for Five Central Wards of Tokyo
374,758(50 Properties)− 28 −

Carrying
Estimated priceInvestment
amountat end of period
ratio(Millions of(Millions of
(%)
yen)
yen)
(Note 4)(Note 2)
(Note 3)
12,731
17,700
3.0
2,733
3,960
0.7
8,064
8,380
1.8
4,405
4,720
1.0
3,116
4,230
0.7
2,712
3,970
0.6
2,671
3,100
0.6
2,351
3,970
0.6
2,096
3,050
0.5
1,259
2,300
0.3
1,111
1,740
0.3
6,612
10,800
1.7
2,393
3,010
0.5
1,480
1,930
0.3
3,133
3,450
0.7
2,836
2,910
0.6
63,65264,300
14.4
5,580
5,430
1.3
2,329
2,310
0.5
4,645
7,360
1.1
5,125
8,230
1.2
3,275
5,250
0.8
23,46636,600
5.2
1,529
2,690
0.4
9,530
16,5002.1
10,076
15,5002.0
7,296
12,9001.5
13,885
18,200
3.0
4,182
6,440
0.9
8,345
11,3001.8
10,003
12,600
2.1
4,909
6,800
1.0
15,82722,0003.4
27,56933,800
6.0
2,894
3,320
0.6
1,704
1,970
0.4
13,93817,400
2.9
8,332
8,350
1.8
6,288
7,150
1.4
2,365
3,590
0.5
988
1,250
0.2
1,616
1,820
0.3
4,232
5,700
0.9
2,377
2,820
0.5
15,95916,000
3.3
3,171
3,570
0.6
11,233
12,600
2.4
1,587
3,990
0.6
3,622
3,800
0.8
3,813

4,010

0.8

365,066

464,770

80.6

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

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

Type ofspecified
asset

Trust
beneficiaryinterest inreal estate

Trustbeneficiaryinterest inreal estate

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

Carrying
Estimated priceInvestment
amountat end of period
ratio(Millions of(Millions of
(%)
yen)
yen)
(Note 4)(Note 2)
(Note 3)
2,569
4,360
0.6
7,024
6,290
1.7
1,823
2,900
0.4
16,32823,200
3.3
5,432
7,280
1.2
3,972
4,820
0.8
37,843
41,200
8.2
2,574
2,880
0.5
2,851
2,850
0.6
80,42095,78017.3
9,074

13,3002.0

Total for Major Regional Cities (1 property)
9,481
9,074
13,3002.0
Total (60 properties)
464,878454,562
573,850100.0(Note 1) “Acquisition price” is excluding acquisition costs, fixed property tax, city planning tax, consumption tax and local
consumption tax.
(Note 2) “Carrying amount” is the book value after depreciation as of November 30, 2020.
(Note 3) “Estimated price at end of period” is the price as of November 30, 2020, stated in appraisal reports prepared by realestate appraisers of Tanizawa Sogo Appraisal Co., Ltd., Daiwa Real Estate Appraisal Co., Ltd., JLL Morii Valuation& Advisory K.K. and Japan Real Estate Institute in accordance with the articles of incorporation of the Investment
Corporation and the rules of The Investment Trusts Association, Japan.
(Note 4) “Investment ratio” is the acquisition price of each property expressed as a percentage of the total amount ofacquisition prices, rounded to one decimal place.
(Note 5) For Daiwa A Hamamatsucho, Shinjuku Maynds Tower, Nihonbashi Central Square and CONCURRED Yokohama,the figures are those pertaining to the Investment Corporation’s ownership interest.
(Note 6) The Investment Corporation plans to develop an office building on the property, and the developed and completedbuilding are scheduled to be delivered by November 2022.

− 29 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
3.2.2. Summary of Building and Leasing of Investment Real Estate

RegionProperty nameDaiwa Ginza
Daiwa Ginza Annex
Daiwa Shibaura
Daiwa Minami-Aoyama
Daiwa Sarugakucho(Note 8)Daiwa A Hamamatsucho
Daiwa Jingumae
Daiwa Shibadaimon
Daiwa Misakicho(Note 8)Daiwa Shimbashi 510(Note 9)Daiwa Tsukijiekimae
Daiwa Tsukiji
Daiwa Tsukishima
Daiwa Nihonbashi
Horidomecho
Daiwa Azabudai
Daiwa Kyobashi
Five Central
Wards of Daiwa Kojimachi 4-chomeTokyo
Shinjuku Maynds Tower(Note 10)
Daiwa SHIBUYA EDGE
Daiwa Kodenmacho
Daiwa Nishi-Shimbashi
Daiwa Kayabacho(Note 8)Daiwa Jinbocho 3-chome
E SPACE TOWER
Daiwa Nihonbashi
Hongokucho
shinyon curumu
Daiwa Akasaka
Daiwa Shibuya
Miyamasuzaka
Daiwa Azabu Terrace
Daiwa Ebisu 4-chome(Note 8)LAQUAS Higashi Shinjuku
Daiwa Aoyama
Shinsen Place(Note 8)Structureandnumber offloors(Note 1)SRC
B3 / 12F
SRC
B3 / 8F
SRC
B1 / 12FS / SRC
B2 / 5F
SRC
8F
SRC
B2 / 10FRC
B1 / 4F
SRC / RC
B1 / 7F
S
8F
SRC
B1 / 8F
SRC
10F
SRC
B1 / 7F
S
5F
SRC
B2 / 7F
SRC
B2 / 9F
SRC
B1 / 8F
SRC
B2 / 9FS / SRC
B3 / 34F
RC
B1 / 9F
SRC
8F
SRC
B1 / 10F
S / SRC
B1 / 8F
S
9F
S / SRC
B1 / 15F
S
8F
S / RC
B2 / 11F
SRC
B2 / 7FS
B1 / 12F
S / RC
B1 / 6F
SRC
B1 / 9FS
10F
S / RC
B1 / 7FRC
B1 / 9F

Construction
completion(Note 2)

Leasable
floor area(m2)
(Note 3)

Leasedfloor area(m2)
(Note 4)

Total
number oftenants(Note 5)

Occupancy
rate(%)(Note 6)

Rent revenue
duringcurrent period(Thousands ofyen)(Note 7)

July 1963

8,114.93

8,091.03

23

99.7

427,704

Aug. 1972

2,032.11

1,895.426

93.2

100,624

Oct. 1987

9,619.67

9,460.24

52

98.3

266,424

Sept. 1990

2,715.54

2,715.545

100.0

133,064

June 1985

3,657.43

3,657.432

100.0(Not disclosed)

July 1993

3,663.38

3,663.38

13

100.0

135,892

Dec. 1997

2,198.61

1,726.65

4

78.5

66,782

Nov. 1996

2,386.48

2,386.48

7

100.0

103,697

July 1996

2,137.53

2,137.531

100.0(Not disclosed)

Apr. 1974

−

−

−

−

69,240Jan. 1996

2,659.59

2,659.59

6

100.0

69,900Jan. 1990

1,487.44

1,487.446

100.0

51,043

July 1996

8,425.69

8,425.694

100.0

282,493

Apr. 1993

2,848.91

2,848.91

7

100.0

83,561

Apr. 1984

1,697.88

1,697.88

11

100.0

56,453Oct. 1974

3,265.83

3,265.83

10

100.0

105,054

Oct. 1987

2,695.31

2,695.31

7

100.0

91,426

Sept. 1995

22,768.41

22,768.41

38

100.0

1,403,863

Aug. 2006

2,480.65

2,480.655

100.0

130,738

Mar. 1985

2,379.31

2,379.31

8

100.0

67,371

July 1993

4,815.84

4,815.84

11

100.0

188,554

Apr. 2010

5,899.11

5,899.111

100.0(Not disclosed)

Feb. 2010

2,889.34

2,889.34

8

100.0

124,456

Oct. 2002

13,960.87

12,960.31

11

92.8

810,936

May 2010

2,143.08

2,143.08

6

100.0

75,783Jan. 2012

6,751.31

6,531.53

16

96.7

388,428

Sept. 1990

8,747.39

8,747.39

16

100.0

368,456

Dec. 1988

6,328.98

6,328.988

100.0

334,523

Sept. 2009

13,234.39

13,234.39

12

100.0

489,888

Dec. 1997

2,951.70

2,951.701

100.0(Not disclosed)

Aug. 2010

7,498.33

7,498.33

4

100.0

233,522

Nov. 2001

4,426.10

3,802.636

85.9

248,669

Sept. 2001

2,811.35

2,811.351

100.0(Not disclosed)− 30 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

Construction
completion(Note 2)

Leasable
floor area(m2)
(Note 3)

Leasedfloor area(m2)
(Note 4)

Total
number oftenants(Note 5)

Occupancy
rate(%)(Note 6)

Rent revenue
duringcurrent period(Thousands ofyen)(Note 7)

Feb. 2004

8,566.73

8,566.73

12

100.0

483,125

Feb. 1994

32,055.85

30,907.93

91

96.4

1,074,746

Feb. 2006

2,622.42

2,622.429

100.0

86,706

Feb. 1996

1,734.68

1,663.218

95.8

50,973

Aug. 1991

6,967.61

6,967.617

100.0

389,559

Feb. 1999

5,630.17

5,630.171

100.0(Not disclosed)

Mar. 2008

5,015.88

5,015.885

100.0

180,879

Mar. 2001

1,642.83

1,642.83

1

100.0(Not disclosed)

Mar. 1989

1,120.58

1,120.58

8

100.0

38,754Jan. 1991

1,719.51

1,719.51

7

100.0

53,504

Feb. 2005

3,980.56

3,980.56

5

100.0

143,884

Aug. 1990

2,211.64

2,159.22

6

97.6

68,343Feb. 1993

16,160.25

16,160.25

5

100.0

460,713

Dec. 1991

3,828.95

3,828.95

9

100.0

93,120Jan. 2008

11,227.10

11,227.10

7

100.0

311,082

Mar. 2017

2,101.61

2,101.611

100.0(Not disclosed)

Jan. 2010

1,837.05

1,837.05

10

100.0

90,722

−

−

−

−

−

278,115.91

274,208.31

508

98.5

11,494,783

June 1993

4,462.28

4,462.28

9

100.0

138,758

July 1991

6,548.17

6,548.17

11

100.0

204,093

May 2011

2,630.30

2,630.30

9

100.0

93,338June 1993

17,778.14

17,778.14

9

100.0

662,323

July 2009

3,519.50

3,519.50

16

100.0

172,076

Nov. 1990

3,849.63

3,849.63

11

100.0

130,259

Feb. 2008

28,052.98

27,968.97

36

99.7

1,033,882

July 1992

2,396.96

2,396.96

7

100.0

74,497Jan. 1995

2,869.13

2,869.13

6

100.0

69,993

72,107.09

72,023.08

114

99.8

2,579,224

13,517.62

13,517.62

7

100.0

407,807

Total for Major Regional Cities (1 property)

13,517.62

13,517.62

7

100.0

407,807

Total (61 properties)

363,740.62

359,749.01

629

98.9

14,481,814

RegionProperty nameDaiwa Shibuya Square
Daiwa River Gate
Daiwa Hatchobori ekimae
Daiwa Hatchobori ekimaeWestDaiwa Nishi-Shinjuku
Kirin Nihonbashi(Note 8)Daiwa Higashi-Nihonbashi
Daiwa Daikanyama(Note 8)
Five Central Daiwa Shinjuku West
Wards ofTokyo
Daiwa Kanda Mikuracho
Daiwa Kanda East
Daiwa Kandasudacho
Daiwa Sasazuka Tower
Daiwa Sasazuka
Daiwa Harumi
Daiwa Mita 2-Chome(Note 8)
Nihonbashi Central Square(Note 11)
Nihonbashi-Bakurocho
1-Chome Development Site
(land) (Note 12)

Structureandnumber offloors(Note 1)
S / SRC
B1 / 11F
S / SRC /RC
B2 / 20FS / SRC
B1 / 10F
SRC
B1 / 9F
SRC / RC /S
B2 / 11F
S / SRC
7F
S
7F
S
6F
RC
4F
SRC / S
B1 / 7F
S
9F
S / RC
B1 / 10F
SRC / RC /S
B2 / 18F
SRC / S
B1 / 8FS
B1 / 12F
S
8F
S
8F
−

−

Total for Five Central Wards of Tokyo (51 properties)
Daiwa Higashi-Ikebukuro
Daiwa Shinagawa North
Daiwa Kamiooka
Daiwa Ogikubo Tower(Note 13)
GreaterTokyo

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

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

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

S / SRC
B1 / 16F

Feb. 2008− 31 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period(Note 1) “Structure and number of floors” are the entries in the real estate registry of the building of the applicable
investment real estate property. “S” refers to steel-framed structure, “RC” refers to reinforced concrete structure,“SRC” refers to steel-framed reinforced concrete structure, “B” refers to floors below ground and “F” refers tofloors above ground.
(Note 2) “Construction completion” is the entry in the real estate registry of the building of the applicable investment realestate property.
(Note 3) “Leasable floor area” represents the floor area of the building of the applicable property that is leasable, notincluding the leasable area of the land (including level parking space), and is the floor area indicated in the lease
contract, etc. as of November 30, 2020.
(Note 4) “Leased floor area” is the sum total of the floor area that is actually leased based on lease agreements, etc. executedwith end tenants as of November 30, 2020.
(Note 5) “Total number of tenants” is the number of end tenants. When there is a tenant occupying multiple buildings, theconcerned tenant is counted and stated for each individual building.
(Note 6) “Occupancy rate” is the figure arrived at when leased floor area is divided by leasable floor area, rounded down to
one decimal place.
(Note 7) “Rent revenue during current period” is rent income, common area charges income, parking lot income and otherincome generated from the applicable investment real estate property (excluding other lease business revenue)
during the 30th Fiscal Period, rounded down to the nearest thousand yen. The rent revenue during current period for
Daiwa Jinbocho, which was divested on May 21, 2020, of 395 thousand yen is not included.
(Note 8) Not shown for such reasons as consent was not obtained from major tenants to disclose the rent revenue during
current period for the properties.
(Note 9) The property was divested on November 12, 2020. This is reflected in the totals for the number of properties and therent revenue during current period.
(Note 10) The real estate in trust pertaining to trust beneficiary interest held by the Investment Corporation is theco-ownership interest corresponding to three-sevenths of the entire property. Accordingly, leasable floor area andleased floor area are the floor areas corresponding to three-sevenths of the entire building.
(Note 11) The real estate in trust pertaining to trust beneficiary interest held by the Investment Corporation is thecompartmentalized ownership building. Of the rent revenue, the Investment Corporation’s ownership ratio of
revenue from the master lease business (rent income, etc.) is 183,715/301,220, based on the agreement, etc. among
the compartmentalized co-owners of the property. Leasable floor area and leased floor area are figurescorresponding to 183,715/301,220 of the area subject to the business while total number of tenants and occupancy
rate are figures for the entirety of the area subject to the business.
(Note 12) The Investment Corporation plans to develop an office building on the property.
(Note 13) The buildings consist of three registrations. Of these, the details of the major building are shown here.
(Note 14) The real estate in trust pertaining to trust beneficiary interest held by the Investment Corporation is the quasi
co-ownership interest corresponding to 75% of the entire property. Accordingly, leasable floor area and leased floorarea are the floor areas corresponding to 75% of the entire building.

− 32 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
3.2.3. Capital Expenditures for Assets Under Management
A. Scheduled Capital Expenditures
The following are the principal capital expenditures arising from renovation construction work, etc. currently planned forexisting portfolio properties. Please note that the expected construction amount includes portions that are expensed as aseparate account item of accounting costs.
Expected construction amount(Millions of yen)
Name of
Scheduled
AmountTotal
real estate properties
Purposeimplementation
Total
paid
duringamount(Location)
periodamountcurrent
already
periodpaid
Daiwa Sasazuka Tower
From: Dec. 2020
Renovation of common-use areas
89−−(Shibuya-ku, Tokyo)
To: May 2021
Daiwa Tsukishima
From: Dec. 2020
Upgrading of air-conditioning drain
62−−(Chuo-ku, Tokyo)
To: May 2021
Daiwa River Gate
(Chuo-ku, Tokyo)
Daiwa Ebisu 4-chome(Shibuya-ku, Tokyo)
Daiwa Shibadaimon(Minato-ku, Tokyo)

Renovation of power receiving andtransforming facility

From: Dec. 2020
To: May 2021
From: Dec. 2020
To: May 2021
From: Dec. 2020
To: May 2021

Renovation of exterior walls
Renovation of air-conditioning
facilities

38

−

−

35

−

−

18

−

−

B. Capital Expenditures During the 30th Fiscal Period
The following summarizes the primary construction work that constitutes capital expenditures implemented during the30th Fiscal Period for existing portfolio properties. Capital expenditures for the 30th Fiscal Period amounted to 802
million yen and, when combined with the 670 million yen in repair expenses charged to the 30th Fiscal Period expenses,
totals 1,473 million yen in construction work implemented.
Name ofreal estate properties(Location)

PurposeConstruction amount paid
(Millions of yen)

PeriodDaiwa Shibaura(Minato-ku, Tokyo)
E SPACE TOWER(Shibuya-ku, Tokyo)

Upgrading of air-conditioning
facilities
Upgrading of air-conditioning
facilities

From: June 2020
To: Nov. 2020
From: June 2020
To: Nov. 2020

Daiwa Aoyama(Shibuya-ku, Tokyo)

Upgrading of air-conditioning
facilities

From: Feb. 2020
To: Nov. 2020

147
108
60

Other

486
Total

802

C. Reserve Amount for Long-Term Repair Plans (Reserve for Repairs)
The Investment Corporation sets aside the following reserve for repairs from cash flows during the fiscal period for thepayment of future major repairs.
(Unit: Millions of yen)
26th
27th
28th
29th
30th
FiscalPeriodFiscalPeriodFiscalPeriodFiscalPeriodFiscalPeriodFiscal period
Balance of reserveat beginning ofcurrent period
Amount of reserve incurrent period
Reversal of reserve incurrent period
Amount carried forward
to next period[From: June 1, 2018
To: Nov. 30, 2018][From: Dec. 1, 2018
To: May 31, 2019][From: June 1, 2019
To: Nov. 30, 2019][From: Dec. 1, 2019
To: May 31, 2020][From: June 1, 2020
To: Nov. 30, 2020]

1,576

1,629

2,089

2,150

2,150

476

460

61

−

40

423

−

−

−

−

1,629

2,089

2,150

2,150

2,190

− 33 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
3.2.4. Summary of Estimated Price at End of Period (As of November 30, 2020)
Summary of Appraisal Report
Property name

Estimated priceat end of period(Millions of yen)
(Note 1)

Direct capitalization method

DCF method

Daiwa Ginza

17,70017,9003.4

Discount Terminalrate
cap rate(%)(%)
17,400
3.2
3.6

Daiwa Ginza Annex

3,960

4,110

3.4

3,900

3.2

3.6

Daiwa Shibaura

8,380

8,340

3.9

8,390

3.7

4.1

Daiwa Minami-Aoyama

4,720

4,780

3.8

4,660

3.6

4.0

Daiwa Sarugakucho
Daiwa A Hamamatsucho(Note 2)
Daiwa Jingumae

4,230

4,290

4.3

4,160

4.1

4.5

3,970

4,070

3.6

3,920

3.4

3.8

3,100

3,170

3.7

3,020

3.5

3.9

Daiwa Shibadaimon

3,970

4,020

3.5

3,950

3.3

3.7

Daiwa Misakicho
Daiwa Tsukijiekimae(Note 3)
Daiwa Tsukiji

3,050

3,090

3.8

3,030

3.6

4.0

2,300

2,310

4.0

2,290

4.0

4.2

1,740

1,750

3.9

1,730

3.9

4.1

Daiwa Tsukishima

10,80010,9004.0

10,700

3.7

4.2

Daiwa Nihonbashi Horidomecho

3,010

3,030

3.9

2,990

3.7

4.1

Daiwa Azabudai

1,930

1,970

3.9

1,890

3.7

4.1

Daiwa Kyobashi

3,450

3,500

4.1

3,400

3.9

4.3

Daiwa Kojimachi 4-chome
Shinjuku Maynds Tower(Note 4)
Daiwa SHIBUYA EDGE

2,910

2,950

3.6

2,870

3.4

3.8

64,300153,000

3.1

147,000

2.9

3.3

5,430

5,520

3.6

5,330

3.4

3.8

Daiwa Kodenmacho

2,310

2,350

4.1

2,270

3.9

4.3

Daiwa Nishi-Shimbashi

7,360

7,510

3.4

7,290

3.2

3.6

Daiwa Kayabacho

8,230

8,380

3.3

8,170

3.1

3.5

Daiwa Jinbocho 3-chome

5,250

5,370

3.3

5,200

3.1

3.5

E SPACE TOWER

36,60037,4003.035,8002.8

3.2

Daiwa Nihonbashi Hongokucho

2,690

2,710

3.9

2,680

3.7

4.1

shinyon curumu

16,50016,8003.1

16,300

2.9

3.3

Daiwa Akasaka

15,50015,8003.2

15,400

3.0

3.4

Daiwa Shibuya Miyamasuzaka

12,90013,1003.3

12,700

3.1

3.5

Daiwa Azabu Terrace

18,20018,5003.5

17,800

3.3

3.7

Daiwa Ebisu 4-chome

6,440

6,450

3.6

6,430

3.7

3.8

LAQUAS Higashi Shinjuku

11,30011,7003.3

11,100

3.1

3.5

Daiwa Aoyama

12,60012,9003.1

12,400

2.9

3.3

Shinsen Place

6,800

6,940

3.2

6,740

3.1

3.4

Daiwa Shibuya Square

22,00022,2003.3

21,800

3.1

3.5

Daiwa River Gate

33,80033,9003.7

33,600

3.4

3.8

Daiwa Hatchobori ekimae

3,320

3,420

3.4

3,280

3.2

3.6

Daiwa Hatchobori ekimae West

1,970

2,030

3.5

1,940

3.3

3.7

Daiwa Nishi-Shinjuku

17,40017,7003.2

17,300

3.0

3.4

Price
(Millions of yen)

− 34 −

Cap rate(%)

Price(Millions of yen)

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
Summary of Appraisal Report
Property name

Estimated priceat end of period(Millions of yen)
(Note 1)

Direct capitalization method

DCF method

Kirin Nihonbashi

8,350

8,480

3.8

Discount Terminalrate
cap rate
(%)
(%)
8,210
3.5
3.9

Daiwa Higashi-Nihonbashi
Daiwa Daikanyama(Note 5)
Daiwa Shinjuku West

7,150

7,300

3.8

7,080

3.6

4.0

3,590

3,650

3.2

3,560

3.2

3.4

1,250

1,270

3.8

1,240

3.6

4.0

Daiwa Kanda Mikuracho

1,820

1,830

3.8

1,820

3.8

4.0

Daiwa Kanda East

5,700

5,810

3.4

5,590

3.2

3.6

Daiwa Kandasudacho

2,820

2,880

3.6

2,790

3.6

3.8

Daiwa Sasazuka Tower

16,00016,5003.8

15,800

3.6

4.0

Daiwa Sasazuka

3,570

3,700

3.9

3,520

3.7

4.1

Daiwa Harumi

12,60012,8003.7

12,400

3.7

3.9

Daiwa Mita 2-Chome
Nihonbashi Central Square(Note 6)
Nihonbashi-Bakurocho 1-Chome
Development Site (land) (Note 7)
Daiwa Higashi-Ikebukuro

3,990

4,060

3.7

3,910

3.5

3.9

3,800

3,880

3.5

3,710

3.3

3.7

4,010

−

−

−

−

−

4,360

4,410

4.0

4,340

3.8

4.2

Daiwa Shinagawa North

6,290

6,430

4.1

6,150

3.9

4.3

Daiwa Kamiooka

2,900

2,930

4.5

2,880

4.3

4.7

Daiwa Ogikubo Tower

23,20023,5003.6

23,100

3.4

3.8

Daiwa Meguro Square

7,280

7,450

3.5

7,200

3.3

3.7

Daiwa Ogikubo
CONCURRED Yokohama(Note 8)Daiwa Shinagawa Gotenyama

4,820

4,920

3.9

4,780

3.7

4.1

41,20042,4004.2

40,700

4.0

4.4

2,880

2,920

3.9

2,860

3.7

4.1

Daiwa Nakano-Sakaue

2,850

2,970

4.0

2,800

3.7

4.2

Daiwa Kitahama

13,30013,4003.7

13,200

3.5

3.9

Price
(Millions of yen)

Cap rate(%)

Price(Millions of yen)Total
573,850
667,350−
646,470−−(Note 1) “Estimated price at end of period” is the price as of November 30, 2020, stated in appraisal reports prepared by realestate appraisers of Tanizawa Sogo Appraisal Co., Ltd., Daiwa Real Estate Appraisal Co., Ltd., JLL Morii Valuation& Advisory K.K. and Japan Real Estate Institute in accordance with the articles of incorporation of the Investment
Corporation and the rules of The Investment Trusts Association, Japan.
(Note 2) For Daiwa A Hamamatsucho, the prices are those pertaining to the Investment Corporation’s ownership interest.
(Note 3) Discount rate for Daiwa Tsukijiekimae is the figure after the third fiscal year (3.9% up to the second fiscal year).
(Note 4) For Shinjuku Maynds Tower, the estimated price at end of period is the price pertaining to the Investment
Corporation’s ownership interest, and the price indicated by the direct capitalization method and price indicated by
the DCF method are the prices pertaining to the entire property.
(Note 5) Discount rate for Daiwa Daikanyama is the figure after the 11th fiscal year (3.3% up to the 10th fiscal year).
(Note 6) For Nihonbashi Central Square, the prices are those pertaining to the Investment Corporation’s ownership interest.
(Note 7) For Nihonbashi-Bakurocho 1-Chome Development Site (land), the estimated price at end of period is the income
approach price indicated by the direct capitalization method (development leasing-type).
(Note 8) For CONCURRED Yokohama, the prices are those pertaining to the Investment Corporation’s ownership interest.

− 35 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period
3.2.5. Status of Income (Loss), Etc. of Individual Properties
The following table lists the status of income (loss), etc. of each property for the 30th Fiscal Period (from June 1, 2020, toNovember 30, 2020). Income (loss) information is presented in accordance with “2. Financial Statements; 2.7. Notes to
Significant Accounting Policies” outlined earlier.
RegionFive Central Wards of Tokyo

Property name

Daiwa
Ginza

Daiwa
Ginza Annex

Daiwa
Shibaura

Daiwa
MinamiAoyama

Daiwa
Sarugakucho(Note 3)Acquisition date

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Acquisition price (Millions of yen)

14,100

3,050

8,265

4,550

3,190

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

3.0

0.7

1.8

1.0

0.7

12,731

2,733

8,064

4,405

3,116

Estimated price at end of period(Millions of yen)

17,700

3,960

8,380

4,720

4,230

Total number of tenants (Note 1)

23

6

52

5

2

Leasable floor area (m2)

8,114.93

2,032.11

9,619.67

2,715.54

3,657.43

Leased floor area (m2)

8,091.03

1,895.42

9,460.24

2,715.54

3,657.43

End of Nov. 2018

100.0

100.0

98.3

100.0

100.0

End of May 2019

99.6

100.0

99.1

100.0

100.0

End of Nov. 2019

99.4

100.0

99.5

100.0

100.0

End of May 2020

99.4

100.0

97.9

100.0

100.0

End of Nov. 2020

99.7

93.2

98.3

100.0

100.0

183

183

183

183

183

427,704

107,138

268,586

133,064(Not disclosed)

427,704

100,624

266,424

133,064(Not disclosed)

Occupancy rate (%)
Leasing
information

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

Income(loss)
information

Other lease business revenue

−

6,514

2,162

−

(Not disclosed)

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

171,40934,580169,686

44,705(Not disclosed)

Consignment expenses

24,263

7,387

22,882

5,914(Not disclosed)

Utilities expenses

20,451

5,339

14,404

5,852(Not disclosed)

Taxes and dues

33,952

11,273

20,816

13,019(Not disclosed)

515

120

462

181

(Not disclosed)

Repair expenses

10,514

2,022

77,391

5,240(Not disclosed)

Depreciation (C)65,222

8,437

33,72914,496(Not disclosed)

Other lease business expenses

16,489−−−(Not disclosed)

256,294

72,55898,89988,358(Not disclosed)

321,51780,995

132,629

102,855

97,510766

9,622

154,116

29,392

1,841

320,750

71,373(21,487)

73,462

95,669

40.08

32.28

63.18

33.60

(Not disclosed)

67,88022,39341,072

25,57014,093

400,440

80,790302,630

184,61396,757

Non-life insurance expenses

Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)− 36 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

RegionFive Central Wards of Tokyo

Property name

Daiwa
A Hamamatsucho

Daiwa
Jingumae

Daiwa
Shibadaimon

Daiwa
Misakicho(Note 3)Daiwa
Shimbashi 510(Note 4)

Acquisition date

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Acquisition price (Millions of yen)

2,865

2,800

2,578

2,346

−

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

0.6

0.6

0.6

0.5

−

2,712

2,671

2,351

2,096

−

Estimated price at end of period(Millions of yen)

3,970

3,100

3,970

3,050

−

Total number of tenants (Note 1)

13

4

7

1

−

Leasable floor area (m2)

3,663.38

2,198.61

2,386.48

2,137.53−

Leased floor area (m2)

3,663.38

1,726.65

2,386.48

2,137.53

−

100.0

78.5

100.0

100.0

100.0

Occupancy rate (%)
Leasing
information

End of Nov. 2018
End of May 2019

100.0

100.0

100.0

100.0

100.0

End of Nov. 2019

100.0

100.0

100.0

100.0

100.0

End of May 2020

100.0

78.5

100.0

100.0

100.0

End of Nov. 2020

100.0

78.5

100.0

100.0

−

183

183

183

183

164

135,892

66,782

103,697(Not disclosed)

69,240135,892

66,782

103,697(Not disclosed)

69,240

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

Income(loss)
information

Other lease business revenue

−

−

−

(Not disclosed)−

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

72,43325,42829,965(Not disclosed)

35,441

Consignment expenses

10,845

4,101

5,830

(Not disclosed)

10,528

Utilities expenses

6,782

3,047

4,969

(Not disclosed)

4,586

Taxes and dues

9,054

6,899

6,643

(Not disclosed)

10,568

215

101

145

(Not disclosed)

131

Repair expenses

1,292

2,231

1,767

(Not disclosed)

744

Depreciation (C)14,842

9,040

10,609(Not disclosed)

8,882

Other lease business expenses

29,4007−(Not disclosed)−

63,45941,35473,731(Not disclosed)

33,79978,30150,39584,34163,64042,681

907

2,590

3,685

1,629

−

77,39447,80580,65562,011

42,681

53.30

38.08

28.90

(Not disclosed)

51.19

17,944

13,791

12,941

10,742−

103,380

99,70087,656

114,585−

Non-life insurance expenses

Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)− 37 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

RegionFive Central Wards of Tokyo

Property name

Daiwa
Tsukijiekimae

Daiwa
Tsukiji

Daiwa
Tsukishima

Daiwa
Nihonbashi
Horidomecho

Daiwa
Azabudai

Acquisition dateJan. 2006

Jan. 2006

Mar. 2006

May 2006

May 2006

Acquisition price (Millions of yen)

1,560

1,240

7,840

2,520

1,600

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

0.3

0.3

1.7

0.5

0.3

1,259

1,111

6,612

2,393

1,480

Estimated price at end of period(Millions of yen)

2,300

1,740

10,800

3,010

1,930

Total number of tenants (Note 1)

6

6

4

7

11

Leasable floor area (m2)2,659.59

1,487.44

8,425.69

2,848.91

1,697.88

Leased floor area (m2)2,659.59

1,487.44

8,425.69

2,848.91

1,697.88

100.0

100.0

100.0

100.0

100.0

Occupancy rate (%)
Leasing
information

End of Nov. 2018
End of May 2019

100.0

100.0

100.0

100.0

100.0

End of Nov. 2019

100.0

100.0

100.0

100.0

100.0

End of May 2020

100.0

100.0

100.0

100.0

100.0

End of Nov. 2020

100.0

100.0

100.0

100.0

100.0

Number of days of asset management

183

183

183

183

183

Total property leasing revenue (A)(Thousands of yen)

69,90051,043

282,493

83,561

57,311

69,90051,043

282,493

83,56156,453

Rent revenue – real estate

Income(loss)
information

Other lease business revenue

−

−

−

−

857

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

29,99919,672

97,90338,207

20,652

Consignment expenses

4,729

5,403

12,463

8,519

3,932

Utilities expenses

3,622

1,964

9,553

3,610

2,515

Taxes and dues

5,272

4,102

15,096

6,999

5,068

118

75

348

157

88

Repair expenses

2,699

94

4,715

3,443

1,300

Depreciation (C)13,5488,031

55,726

15,477

7,746

9

−

−

−

−

39,901

31,370184,590

45,35436,65953,44939,402

240,316

60,83144,40526,324

−

1,322

298

1,034

27,12539,402238,994

60,532

43,371

42.92

38.54

34.66

45.72

36.03

10,5048,138

30,192

13,828

10,10979,45097,348

136,680

147,575

110,990

Non-life insurance expenses

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)− 38 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

RegionFive Central Wards of Tokyo

Property name

Daiwa
KyobashiDaiwa
Kojimachi
4-chomeShinjuku
MayndsTower

Daiwa
SHIBUYAEDGE

Daiwa
Kodenmacho

Acquisition dateJuly 2006

Oct. 2006

July 2007 andNov. 2007

July 2007

Aug. 2007

Acquisition price (Millions of yen)

3,460

2,910

66,900

5,900

2,460

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

0.7

0.6

14.4

1.3

0.5

3,133

2,836

63,652

5,580

2,329

Estimated price at end of period(Millions of yen)

3,450

2,910

64,300

5,430

2,310

Total number of tenants (Note 1)

10

7

38

5

8

Leasable floor area (m2)

3,265.83

2,695.31

22,768.41

2,480.65

2,379.31

Leased floor area (m2)

3,265.83

2,695.31

22,768.41

2,480.65

2,379.31

100.0

100.0

99.9

100.0

100.0

Occupancy rate (%)
Leasing
information

End of Nov. 2018
End of May 2019

100.0

100.0

99.3

100.0

100.0

End of Nov. 2019

100.0

100.0

95.1

100.0

100.0

End of May 2020

100.0

100.0

100.0

100.0

100.0

End of Nov. 2020

100.0

100.0

100.0

100.0

100.0

183

183

183

183

183

105,054

91,426

1,403,863

130,738

67,371

105,054

91,426

1,403,863

130,738

67,371

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

Income(loss)
information

Other lease business revenue

−

−

−

−

−

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

44,61944,920550,81139,35923,642

Consignment expenses

7,757

5,321

78,017

6,391

5,752

Utilities expenses

7,038

5,499

122,664

6,217

4,378

Taxes and dues

7,509

16,406

136,875

8,135

3,834

155

170

2,201

128

112

Repair expenses

2,790

2,209

8,966

1,520

442

Depreciation (C)19,367

15,313

199,377

16,967

8,299

−

−

2,707

−

822

60,43546,506

853,052

91,37843,72979,803

61,8191,052,429

108,345

52,028−

1,681

45,728−1,430

79,80360,137

1,006,700

108,345

50,598

42.47

49.13

39.24

30.11

35.09

14,91632,559270,974

16,262

7,668

116,200

142,915

5,834,950

45,35084,051

Non-life insurance expenses

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)− 39 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

RegionFive Central Wards of Tokyo

Property name

Daiwa
NishiShimbashi

Daiwa
Kayabacho(Note 3)

Daiwa
Jinbocho
3-chomeE SPACE
TOWER

Daiwa
Nihonbashi
Hongokucho

Acquisition dateAug. 2010

Mar. 2011

Mar. 2011

July 2011

May 2012

Acquisition price (Millions of yen)

5,000

5,600

3,550

24,0001,721

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

1.1

1.2

0.8

5.2

0.4

4,645

5,125

3,275

23,466

1,529

Estimated price at end of period(Millions of yen)

7,360

8,230

5,250

36,6002,690

Total number of tenants (Note 1)

11

1

8

11

6

Leasable floor area (m2)

4,815.84

5,899.11

2,889.34

13,960.87

2,143.08

Leased floor area (m2)

4,815.84

5,899.11

2,889.34

12,960.31

2,143.08

100.0

100.0

100.0

93.3

100.0

Occupancy rate (%)
Leasing
information

End of Nov. 2018
End of May 2019

100.0

100.0

88.1

89.6

100.0

End of Nov. 2019

100.0

100.0

100.0

97.0

93.9

End of May 2020

100.0

100.0

100.0

100.0

100.0

End of Nov. 2020

100.0

100.0

100.0

92.8

100.0

183

183

183

183

183

188,554(Not disclosed)

124,456

810,936

75,783

188,554(Not disclosed)

124,456

810,936

75,783

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

Income(loss)
information

Other lease business revenue−(Not disclosed)

−

−

−

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

113,618(Not disclosed)

46,264

267,438

24,671

Consignment expenses

15,545(Not disclosed)

7,351

45,1303,528

Utilities expenses

9,304(Not disclosed)

6,477

38,102

2,571

Taxes and dues

16,234(Not disclosed)

9,934

62,3084,558

291(Not disclosed)

150

778

92

Repair expenses

35,887(Not disclosed)

2,470

52,546532

Depreciation (C)36,349(Not disclosed)

19,87968,49913,388

6(Not disclosed)

−

72

−

74,936(Not disclosed)

78,191

543,497

51,111

111,285

145,807

98,071

611,997

64,50073,315−−

127,962

1,846

37,970145,807

98,071

484,034

62,653

60.26(Not disclosed)

37.17

32.98

32.56

32,18425,607

19,828

124,572

9,096

178,710

125,988

82,470574,150

50,940Non-life insurance expenses

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)− 40 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

RegionFive Central Wards of Tokyo

Property nameshinyoncurumuDaiwa
AkasakaDaiwa
ShibuyaMiyamasuzaka

Daiwa
Azabu Terrace

Daiwa
Ebisu 4-chome(Note 3)Acquisition date

Dec. 2012 andApr. 2013

Aug. 2013

Sept. 2013

July 2014

Dec. 2014

Acquisition price (Millions of yen)

9,650

9,200

7,000

14,0004,135

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

2.1

2.0

1.5

3.0

0.9

9,530

10,076

7,296

13,885

4,182

Estimated price at end of period(Millions of yen)

16,50015,50012,90018,2006,440

Total number of tenants (Note 1)

16

16

8

12

1

Leasable floor area (m2)

6,751.31

8,747.39

6,328.98

13,234.39

2,951.70

Leased floor area (m2)

6,531.53

8,747.39

6,328.98

13,234.39

2,951.70

100.0

100.0

100.0

99.6

100.0

Occupancy rate (%)
Leasing
information

End of Nov. 2018
End of May 2019

100.0

100.0

100.0

100.0

100.0

End of Nov. 2019

100.0

100.0

100.0

100.0

100.0

End of May 2020

100.0

100.0

100.0

100.0

100.0

End of Nov. 2020

96.7

100.0

100.0

100.0

100.0

183

183

183

183

183

388,428

368,456

334,523504,888(Not disclosed)

388,428

368,456

334,523

489,888(Not disclosed)

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

Income(loss)
information

Other lease business revenue

−

−

−

15,000(Not disclosed)

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

138,065

238,438

94,239183,647(Not disclosed)

Consignment expenses

35,66829,501

24,03831,879(Not disclosed)

Utilities expenses

19,075

18,438

10,902

37,669(Not disclosed)

Taxes and dues

37,98635,56023,712

33,744(Not disclosed)

402

517

376

730

(Not disclosed)

Repair expenses

7,647

95,887

7,722

27,095(Not disclosed)

Depreciation (C)37,28458,533

27,46352,429(Not disclosed)

−

−

24

99

(Not disclosed)

250,363130,018

240,283

321,241(Not disclosed)

287,647

188,551

267,747

373,670

140,175

9,186

8,760

7,362

54,259330

278,460

179,790

260,384

319,411

139,845

35.54

64.71

28.17

36.37

(Not disclosed)

75,93570,97247,365

67,167

19,410166,089

327,392

457,625

491,112

98,692Non-life insurance expenses

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)− 41 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

RegionFive Central Wards of Tokyo

Property name

LAQUAS
Higashi Shinjuku

Daiwa
AoyamaShinsen Place(Note 3)

Daiwa
Shibuya Square

Daiwa
River Gate

Acquisition date

Dec. 2014

Mar. 2015

Mar. 2015

May 2015

June 2015

Acquisition price (Millions of yen)

8,450

9,800

4,800

16,00028,000Investment ratio (%)
Price
information Carrying amount (Millions of yen)

1.8

2.1

1.0

3.4

6.0

8,345

10,003

4,909

15,82727,569Estimated price at end of period(Millions of yen)

11,30012,6006,800

22,00033,800Total number of tenants (Note 1)

4

6

1

12

91

Leasable floor area (m2)

7,498.33

4,426.10

2,811.35

8,566.73

32,055.85

Leased floor area (m2)

7,498.33

3,802.63

2,811.35

8,566.73

30,907.93

100.0

91.5

100.0

100.0

99.3

Occupancy rate (%)
Leasing
information

End of Nov. 2018
End of May 2019

100.0

100.0

100.0

100.0

99.7

End of Nov. 2019

100.0

100.0

100.0

100.0

98.9

End of May 2020

100.0

100.0

100.0

100.0

99.4

End of Nov. 2020

100.0

85.9

100.0

100.0

96.4

183

183

183

183

183

233,522248,669(Not disclosed)

483,125

1,078,020

233,522248,669(Not disclosed)

483,125

1,074,746

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

Income(loss)
information

Other lease business revenue−−(Not disclosed)

−

3,273

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

83,54882,369(Not disclosed)

108,042484,709

Consignment expenses

10,66812,727(Not disclosed)

21,37682,232

Utilities expenses

13,7105,902(Not disclosed)

20,818113,230

Taxes and dues

21,157

15,294(Not disclosed)

29,062

104,490358

183(Not disclosed)

445

2,058

Repair expenses

3,854

30,154(Not disclosed)

2,861

47,193

Depreciation (C)33,58618,106(Not disclosed)

33,479135,504

213−(Not disclosed)−−

149,974

166,300(Not disclosed)

375,082593,310

183,560

184,406

114,295

408,561

728,814865

61,615

8,413

1,024

36,663

182,695

122,790

105,881407,537

692,151

35.78

33.12

(Not disclosed)

22.36

44.96

42,06830,57017,22357,616

204,542

162,700

175,290

178,610234,380

2,001,250

Non-life insurance expenses

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)− 42 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

RegionFive Central Wards of Tokyo

Property name

Daiwa
Hatchobori
ekimaeDaiwa
Hatchobori
ekimae West

Daiwa
Nishi-Shinjuku

Kirin
Nihonbashi(Note 3)

Daiwa
HigashiNihonbashi

Acquisition date

Sept. 2015

Sept. 2015

Mar. 2016

May 2016

June 2016

Acquisition price (Millions of yen)

2,871

1,647

13,710

8,180

6,370

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

0.6

0.4

2.9

1.8

1.4

2,894

1,704

13,938

8,332

6,288

Estimated price at end of period(Millions of yen)

3,320

1,970

17,400

8,350

7,150

Total number of tenants (Note 1)

9

8

7

1

5

Leasable floor area (m2)2,622.42

1,734.68

6,967.61

5,630.17

5,015.88

Leased floor area (m2)2,622.42

1,663.21

6,967.61

5,630.17

5,015.88

100.0

100.0

100.0

100.0

100.0

Occupancy rate (%)
Leasing
information

End of Nov. 2018
End of May 2019

100.0

100.0

100.0

100.0

100.0

End of Nov. 2019

100.0

100.0

90.5

100.0

100.0

End of May 2020

100.0

100.0

100.0

100.0

100.0

End of Nov. 2020

100.0

95.8

100.0

100.0

100.0

Number of days of asset management

183

183

183

183

183

Total property leasing revenue (A)(Thousands of yen)

86,70650,973

389,559(Not disclosed)

180,879

86,70650,973

389,559(Not disclosed)

180,879

Rent revenue – real estate

Income(loss)
information

Other lease business revenue

−

−

−

(Not disclosed)−

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

34,232

43,16998,426(Not disclosed)

58,985

Consignment expenses

7,134

4,874

17,900(Not disclosed)

7,523

Utilities expenses

5,920

2,539

15,560(Not disclosed)

8,947

Taxes and dues

9,300

4,266

39,298(Not disclosed)

11,696

151

78

363

(Not disclosed)

242

Repair expenses

1,305

26,537

4,289(Not disclosed)

2,688

Depreciation (C)10,420

4,822

21,015(Not disclosed)

27,856−50−(Not disclosed)

30

52,474

7,804

291,133(Not disclosed)

121,894

62,895

12,627

312,148

160,842

149,751

445

−

678

−

2,723

62,45012,627

311,470

160,842

147,027

39.48

84.69

25.27

(Not disclosed)

32.61

18,413

8,468

78,172

22,141

23,197

159,500

91,420284,170

216,720

158,880

Non-life insurance expenses

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)− 43 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

RegionFive Central Wards of Tokyo

Property name

Daiwa
Daikanyama(Note 3)Daiwa
Shinjuku West

Daiwa
Kanda Mikuracho

Daiwa
Kanda East

Daiwa
Kandasudacho

Acquisition dateJune 2016

July 2016

Dec. 2016

Jan. 2018

June 2018 andNov. 2018

Acquisition price (Millions of yen)

2,280

942

1,592

4,200

2,295

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

0.5

0.2

0.3

0.9

0.5

2,365

988

1,616

4,232

2,377

Estimated price at end of period(Millions of yen)

3,590

1,250

1,820

5,700

2,820

Total number of tenants (Note 1)

1

8

7

5

6

Leasable floor area (m2)

1,642.83

1,120.58

1,719.51

3,980.56

2,211.64

Leased floor area (m2)

1,642.83

1,120.58

1,719.51

3,980.56

2,159.22

100.0

99.0

100.0

100.0

100.0

Occupancy rate (%)
Leasing
information

End of Nov. 2018
End of May 2019

100.0

100.0

100.0

100.0

100.0

End of Nov. 2019

100.0

100.0

100.0

100.0

100.0

End of May 2020

100.0

100.0

100.0

100.0

100.0

End of Nov. 2020

100.0

100.0

100.0

100.0

97.6

183

183

183

183

183

(Not disclosed)

38,75453,504

143,884

69,334

Rent revenue – real estate(Not disclosed)

38,75453,504

143,884

68,343

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

Income(loss)
information

Other lease business revenue(Not disclosed)

−

−

−

990

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

(Not disclosed)

12,29225,73749,09827,227

Consignment expenses(Not disclosed)

3,439

5,484

11,236

8,889

Utilities expenses(Not disclosed)

2,469

2,403

7,908

3,220

Taxes and dues

(Not disclosed)

3,114

3,547

10,4404,615

Non-life insurance expenses(Not disclosed)

49

66

178

84

Repair expenses(Not disclosed)

995

9,655

847

3,556

Depreciation (C)(Not disclosed)

2,223

4,579

18,486

6,850

Other lease business expenses(Not disclosed)

−

−

−

11

(Not disclosed)

26,461

27,766

94,785

42,106

66,34828,68532,346113,272

48,956−300

34,729

1,452

6,710

66,34828,385(2,382)

111,819

42,246(Not disclosed)

31.72

48.10

34.12

39.27

11,092

6,225

7,045

20,6099,120

45,044

79,33074,026

133,61176,730Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)− 44 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

RegionFive Central Wards of Tokyo

Property name

Daiwa
Sasazuka Tower

Daiwa
Sasazuka

Daiwa
Harumi

Daiwa
Mita 2-Chome(Note 3)

Nihonbashi
Central Square

Acquisition date

Oct. 2018

Dec. 2018

Feb. 2019

July 2019

May 2020

Acquisition price (Millions of yen)

15,5003,000

11,200

2,635

3,521

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

3.3

0.6

2.4

0.6

0.8

15,9593,171

11,233

1,587

3,622

Estimated price at end of period(Millions of yen)

16,0003,570

12,600

3,990

3,800

Total number of tenants (Note 1)

5

9

7

1

10

Leasable floor area (m2)

16,160.25

3,828.95

11,227.10

2,101.61

1,837.05

Leased floor area (m2)

16,160.25

3,828.95

11,227.10

2,101.61

1,837.05

100.0

−

−

−

−

Occupancy rate (%)
Leasing
information

End of Nov. 2018
End of May 2019

100.0

96.0

47.3

−

−

End of Nov. 2019

100.0

92.7

100.0

100.0

−

End of May 2020

100.0

95.1

100.0

100.0

100.0

End of Nov. 2020

100.0

100.0

100.0

100.0

100.0

183

183

183

183

183

460,713

93,120311,082(Not disclosed)

90,722

460,713

93,120311,082(Not disclosed)

90,722

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

Income(loss)
information

Other lease business revenue

−

−

−

(Not disclosed)−

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

277,626

52,430160,749(Not disclosed)

18,796

Consignment expenses

65,073

14,07031,801(Not disclosed)

5,820

Utilities expenses

49,9209,104

24,934(Not disclosed)

4,457

Taxes and dues

55,532

8,954

27,346(Not disclosed)

7

933

171

533

(Not disclosed)

88

Repair expenses

44,547

7,366

20,145(Not disclosed)−

Depreciation (C)61,61812,76235,447(Not disclosed)

8,414

−

−

20,538(Not disclosed)

8183,087

40,690150,333(Not disclosed)

71,925

244,705

53,453

185,781

79,62180,34015,771

3,482

2,620

−

−

228,934

49,971

183,161

79,62180,340

60.26

56.30

51.67

(Not disclosed)

20.72

111,002

17,772

54,25817,892−

718,270

129,490

253,020

5,360

134,280

Non-life insurance expenses

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)− 45 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

RegionProperty nameAcquisition date

Five Central
Wards of Tokyo
NihonbashiBakurocho
1-ChomeDevelopment Site
(land) (Note 5)
Nov. 2020

Greater Tokyo
Daiwa
HigashiIkebukuro

Daiwa
Shinagawa North

Daiwa
Kamiooka

Daiwa
Ogikubo Tower

Oct. 2005

July 2007

Mar. 2013

May 2014

Acquisition price (Millions of yen)

3,775

2,958

7,710

2,000

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

0.8

0.6

1.7

0.4

3.3

3,813

2,569

7,024

1,823

16,328Estimated price at end of period(Millions of yen)

4,010

4,360

6,290

2,900

23,200Total number of tenants (Note 1)

−

9

11

9

9

Leasable floor area (m2)−

4,462.28

6,548.17

2,630.30

17,778.14

Leased floor area (m2)−

4,462.28

6,548.17

2,630.30

17,778.14

End of Nov. 2018

−

100.0

100.0

100.0

100.0

End of May 2019

−

100.0

100.0

100.0

99.6

End of Nov. 2019

−

100.0

100.0

100.0

100.0

End of May 2020

−

100.0

100.0

100.0

100.0

End of Nov. 2020

Occupancy rate (%)
Leasing
information

Income(loss)
information

−

100.0

100.0

100.0

100.0

Number of days of asset management

18

183

183

183

183

Total property leasing revenue (A)(Thousands of yen)−

138,758

205,028

93,338662,323

Rent revenue – real estate−

138,758

204,093

93,338662,323

Other lease business revenue

−

−

935

−

−

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

56,48891,85437,389312,011

Consignment expenses−

11,02923,705

5,774

52,438

Utilities expenses−

10,182

11,396

6,531

56,112

Taxes and dues

−

8,540

18,832

6,365

44,982Non-life insurance expenses

−

258

395

142

1,040

Repair expenses

−

1,532

839

452

26,248Depreciation (C)−24,94536,685

18,122130,809

Other lease business expenses

−

−

−

−

380

−

82,270113,174

55,949350,311−

107,216

149,859

74,071

481,120

−

466

3,584

−

9,823

−

106,749

146,275

74,071

471,297

−

40.71

44.80

40.06

47.11

−

17,00536,99812,72389,079−294,300

441,710

63,700575,795

Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)− 46 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

RegionGreater Tokyo

Property name

Daiwa
Meguro Square

Daiwa
Ogikubo

CONCURRED
Yokohama

Daiwa
Shinagawa
Gotenyama

Daiwa
Nakano-Sakaue

Acquisition date

May 2015

July 2016

Jan. 2018

Sept. 2018

Dec. 2019

Acquisition price (Millions of yen)

5,600

3,800

38,100

2,500

2,750

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

1.2

0.8

8.2

0.5

0.6

5,432

3,972

37,843

2,574

2,851

Estimated price at end of period(Millions of yen)

7,280

4,820

41,200

2,880

2,850

Total number of tenants (Note 1)

16

11

36

7

6

Leasable floor area (m2)

3,519.50

3,849.63

28,052.98

2,396.96

2,869.13

Leased floor area (m2)

3,519.50

3,849.63

27,968.97

2,396.96

2,869.13

100.0

100.0

99.3

58.6

−

Occupancy rate (%)
Leasing
information

End of Nov. 2018
End of May 2019

100.0

100.0

98.7

100.0

−

End of Nov. 2019

100.0

100.0

100.0

100.0

−

End of May 2020

100.0

100.0

98.4

100.0

100.0

End of Nov. 2020

100.0

100.0

99.7

100.0

100.0

183

183

183

183

183

172,076

130,259

1,033,900

76,07069,993172,076

130,259

1,033,882

74,497

69,993

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

Income(loss)
information

Other lease business revenue

−

−

18

1,573

−

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

58,942

43,479348,305

24,07233,960Consignment expenses

12,645

11,01560,687

7,982

11,057

Utilities expenses

7,969

5,580

72,710

3,323

5,593

Taxes and dues

13,781

8,203

57,911

5,506

7,054

Non-life insurance expenses

202

171

788

106

146

Repair expenses

725

7,266

40,336

1,355

1,584

Depreciation (C)23,618

11,242

115,305

5,797

8,512

−

−

566

−

12

113,134

86,780685,594

51,99836,033

136,752

98,022800,899

57,79644,545500

8,508

19,543

5,321

4,760

136,252

89,514

781,356

52,47439,785

34.25

33.38

33.69

31.64

48.52

27,27016,327

154,432

10,96013,874

122,800

161,340

718,980

102,564

193,251

Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)− 47 −

Daiwa Office Investment Corporation (8976) Financial Report for the 30th Fiscal Period

RegionMajor
Regional Cities

Property name

Daiwa
Kitahama

Acquisition dateAug. 2014

Acquisition price (Millions of yen)

9,481

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

2.0
9,074

Estimated price at end of period(Millions of yen)

13,300Total number of tenants (Note 1)

7

Leasable floor area (m2)

13,517.62

Leased floor area (m2)

13,517.62

Occupancy rate (%)
Leasing
information

End of Nov. 2018
End of May 201986.9

End of Nov. 2019

100.0

End of May 2020

100.0

End of Nov. 2020

100.0

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

Income(loss)
information

100.0

183
407,807407,807

Other lease business revenue−

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

156,325

Consignment expenses

27,358

Utilities expenses

34,614

Taxes and dues

34,528Non-life insurance expenses

716

Repair expenses

2,264

Depreciation (C)56,748Other lease business expenses
Operating income (loss) fromproperty leasing (D) [(A) – (B)](Thousands of yen)
NOI (E) [(D) + (C)](Thousands of yen)
Capital expenditures (F)(Thousands of yen)
NCF [(E) – (F)](Thousands of yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax,
Reference
information etc. for fiscal 2020 (Thousands of yen)
Estimated long-term repair expenses(Thousands of yen) (Note 2)

96
251,482308,230
7,388
300,841
38.33
69,048275,080(Note 1) Total number of tenants is the number of end tenants. When there is a tenant occupying multiple buildings, theconcerned tenant is counted and stated for each individual building.
(Note 2) Estimated long-term repair expenses are the total amount of repair expenses and renewal expenses estimated to arise
over the 12-year period from the first year to the twelfth year as stated in the building investigation diagnosis report.
(Note 3) Not disclosed for such reasons as consent was not obtained from major tenants to disclose the rent revenue, etc. forthe property.
(Note 4) Daiwa Shimbashi 510 was divested on November 12, 2020.
(Note 5) For Nihonbashi-Bakurocho 1-Chome Development Site (land), the plan is to develop an office building on theproperty.

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