This translation of the original Japanese Notice 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 9th Fiscal Period
Name of REIT Issuer:
Stock Code No.:
Representative:

July 13, 2010
Stock Exchange Listing: TSE
URL: http://www.da-office.co.jp

DA Office Investment Corporation
8976
Yoshiki Nishigaki, Executive Director

Name of Asset Manager: Daiwa Real Estate Asset Management Co., Ltd.
Representative:
Akira Yamanouchi, President and Representative Director
Inquiries to:
Yoji Ueda, Director and Head of Finance Department
TEL: (03) 6215-9649
Scheduled date of submission of periodic securities report (yuka shoken hokokusho): August 26, 2010
Scheduled date of start of distribution payments:
August 6, 2010
[Amounts are rounded down to the nearest million yen, except for per unit figures]

1. Status of Management and Assets for the 9th Fiscal Period
9th Fiscal Period: Fiscal period ended May 2010 (from December 1, 2009 to May 31, 2010)
8th Fiscal Period: Fiscal period ended November 2009 (from June 1, 2009 to November 30, 2009)(1) Management[% figures show the period-on-period increase (decrease)]

9th
Period8th
PeriodOperating revenue

Operating income

Ordinary income

Net income¥6,985 million(9.8%) ¥2,959 million(24.2%) ¥1,773 million(34.6%) ¥2,076 million(23.4%)¥7,744 million(5.3%) ¥3,903 million(8.8%) ¥2,710 million(9.6%) ¥2,709 million(14.2%)Net income
per unit

9th
Period8th
PeriodRatio ofnet income tounitholders’ equity

Ratio ofordinary income tototal assets

Ratio ofordinary income tooperating revenue¥5,246

1.0%

0.6%

25.4%

¥6,997

1.4%

1.0%

35.0%

(2) Distributions[Total distribution amounts are rounded down to the nearest million yen]

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

9th
Period8th
PeriodTotal
distribution
amountDistribution
amountin excess ofearnings
per unit

Total
distribution
amountin excess ofearnings

Dividend
payout(Note)

Ratio ofdistribution
amount to
net assets¥5,246¥2,076 million¥0¥– million

100.0%

1.0%¥6,847¥2,710 million¥0¥– million

100.0%

1.3%(Note) Dividend payout = Total distribution amount (excluding total distribution amount in excess of earnings) ÷ Net income × 100(3) Financial Position

9th
Period8th
PeriodRatio ofunitholders’ equity tototal assets

Net assets
per unit

Total assets

Net assets¥283,866 million¥200,857 million

70.8%¥507,474¥286,901 million¥201,491 million

70.2%¥509,075-1-

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period(4) Cash Flows

9th
Period8th
PeriodNet cashprovided by (used in)operating activities

Net cashprovided by (used in)investing activities

Net cashprovided by (used in)financing activities

Cash andcash equivalents
at end of period¥3,193 million(¥6,578 million)(¥2,834 million)¥16,003 million¥4,085 million(¥1,211 million)¥9,291 million¥22,222 million

2. Management Status Forecasts for the 10th Fiscal Period
10th Fiscal Period: Fiscal period ending November 2010 (from June 1, 2010 to November 30, 2010)[% figures show the period-on-period increase (decrease)]

Operating revenue

10th
Period ¥6,317 million

Operating income(9.6%) ¥2,465 million(16.7%) ¥1,259 million

Distribution amount per unit
10th
Period(Reference)

Ordinary income(excluding distribution amount in excess of earnings)(29.0%)Net income¥1,257 million (39.5%)

Distribution amount in excess of earnings per unit

¥3,176¥0

Estimated net income per unit for 10th Fiscal Period: ¥3,176

3. Other(1) Changes in Accounting Policies(i) Changes accompanying amendments to accounting standards, etc.: None(ii) Changes other than (i):None(2) Number of Investment Units Issued and Outstanding(i) Number of investment units issued and outstanding at end of period (including own investment units):
9th Fiscal Period: 395,798 units
8th Fiscal Period: 395,798 units(ii) Number of own investment units at end of period:
9th Fiscal Period:– units
8th Fiscal Period:– units(Note) Please refer to “Notes on Per Unit Information” on page 25 for the number of investment units used as the basis for calculating
the net income per unit.
*Explanation on the Appropriate Use of the Management Status Forecasts, and Other Matters of Special Note
The forecast figures set forth herein are the current prospects based on information currently available to the Investment Corporation andcontain elements of uncertainty. Accordingly, the actual operating revenue, operating income, ordinary income, net income anddistribution amount per unit may vary due to changes in the status. Moreover, the forecasts set forth herein should not be construed as aguarantee of distribution amounts. For details on the assumptions underlying the forecast figures above, please refer to “2. Management
Policy and Management Status; 2.2. Management Status; Assumptions for the Management Status Forecasts for the 10th Fiscal Period
and 11th Fiscal Period” on page 8.

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DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

1. Affiliated Juridical Persons of the Investment Corporation
Please refer to page 47 later in this document.

2. Management Policy and Management Status
2.1. Management Policy
Disclosure is omitted because there are no significant changes from the “Investment Policy,” “Investment
Target” and “Distribution Policy” set out in the most recent periodic securities report (yuka shoken hokokusho)(submitted on February 22, 2010).
2.2. Management Status
2.2.1. Overview of the Fiscal Period under Review
2.2.1.1. Brief History of the Investment Corporation
DA Office Investment Corporation (the “Investment Corporation”) was established on July 11, 2005 inaccordance with the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951; including
amendments thereto) (the “Investment Trust Act”) with K.K. daVinci Select (now, Daiwa Real Estate AssetManagement Co., Ltd.) (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.
Subsequent activities, such as additional acquisition of properties and replacement of portfolio properties,
resulted in the assets under management amounting to 269,195 million yen (sum total of acquisition prices)
as of the last day of May 2010.
The Investment Corporation strives to secure stable revenue and maximize returns for unitholders based ona clear portfolio development policy of specializing in investment in office buildings, with a particular focus
on investment in A Class buildings (refers to buildings with a total floor area of 30,000m2 or more) and B
Class buildings (refers to buildings with a total floor area of 2,000m2 or more, but less than 30,000m2)
situated in downtown Tokyo, as well as through dedicated efforts to heighten tenant satisfaction levels.
2.2.1.2. Investment Environment and Management Performance(a) Investment Environment
In the fiscal period under review (9th Fiscal Period: fiscal period ended May 2010 (from December 1,
2009 to May 31, 2010)), the Japanese economy is on the road to steady recovery. This was evident, forexample, by the increase in exports and turnaround in corporate earnings backed by such factors as the
economic growth of China and other developing countries, and pick-up in personal consumption thanks toeconomic packages.
On the other hand, employment-related indicators remain harsh and, although moderate, in a state ofdeflation. In addition, overseas economies, centering on Europe, faced downward risks. These, among
other factors, left the economy in a state in which future economic uncertainty failed to be fully eliminated.
In spite of the described prolonged severe economic environment, the office leasing market is marking a
break in the upward trend of vacancy rates and is on the road to, although moderate, recovery. This wasevident, for example, by the downward trend in corporate downsizing efforts to consolidate or relocate
offices and there being corporate moves to expand floor area or newly occupy space. In addition, signs ofrecovery in vacancy rates suggest the fall in newly advertised rent levels, too, are also ceasing.
Meanwhile, rent levels at which tenants renew their lease agreements are on a downward trend due to
disparities between newly advertised rent and current rent.
In the office transaction market, while transaction volume was on a weak note at the beginning of the
9th Fiscal Period, there were several cases of REITs acquiring properties in correlation with capitalincreases or issuances of investment corporation bonds as well as private funds and real estate companies
acquiring large properties starting from around March 2010. Consequently, transaction volume andtransaction amount were on the road to recovery. This is thought to be primarily attributable toimprovements in the financing environment, as indicated by initiatives to sell properties that have little
disparity between newly advertised rent and current rent levels and thus regarded as being relatively easy
to contract being implemented by sellers in light of corporate financial performance and fund redemption
deadlines, and the Diffusion Index of Lending Attitude of Financial Institutions (large enterprises in the-3-DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
real estate industry) in the Bank of Japan’s Short-Term Economic Survey of Enterprises in Japan
improving from −26 as at June 2009 to −11 as at June 2010.
(b) Management Performance
In view of increasing the long-term EPS (EPS after deducting gain on sales of properties (net income perunit)) over the medium and long term, the Investment Corporation worked on “external growth,” whichaims to boost revenue through acquiring and selling properties, and “internal growth,” which aims tomaximize income generating from existing properties. Notably, recognizing that the environment is one inwhich internal growth is difficult and thus external growth is imperative to restore the long-term EPS level,
the Investment Corporation proactively engaged in property acquisition activities and purchased ORIX
Jimbo-cho Building (acquisition price: 4.15 billion yen).
As a result, the Investment Corporation’s assets under management as of the end of the 9th Fiscal Period(May 31, 2010) totaled 31 properties, the sum total of acquisition prices of which amounted to 269,195
million yen. Moreover, this results in investments in the five central wards of Tokyo, which theInvestment Corporation positions as a top priority investment area, accounting for 91.1% of the entire
portfolio (based on acquisition price).
Concerning internal growth, on the other hand, occupancy rate at the end of the 9th Fiscal Period
reflected the severe office leasing market conditions with a drop to 85.7%. In order to avoid further
worsening of occupancy rates, the Investment Corporation proactively engaged in leasing, such ascontinuing to pursue heightened tenant satisfaction levels and strengthening collaboration with leasing
brokers and property managers. As a result, the Investment Corporation has paved the way for achieving a
recovery in occupancy rates in the next fiscal period (10th Fiscal Period: fiscal period ending November
2010 (from June 1, 2010 to November 30, 2010)) to a certain degree.
2.2.1.3. Overview of Capital Procurement
On February 26, 2010, the Investment Corporation borrowed 5,500 million yen in total from Aozora Bank,
Ltd., The Kagawa Bank, Ltd. and The Shizuoka Bank, Ltd. to fund the repayment of a loan borrowed from
Aozora Bank, Ltd. with its principal repayment due on said date (5,500 million yen). In addition, acontractual repayment of 37.5 million yen was made to Development Bank of Japan Inc. on the same date.
Moreover, on May 31, 2010, contractual repayments of 84.375 million yen in total were made to
Sumitomo Mitsui Banking Corporation, The Sumitomo Trust and Banking Co., Ltd., Development Bank ofJapan Inc., The Chuo Mitsui Trust and Banking Company, Limited, Taiyo Life Insurance Company and The
Gunma Bank, Ltd.
As a result, the balance of interest-bearing liabilities outstanding as at the end of the 9th Fiscal Periodstood at 72,408.750 million yen (long-term loans payable: 68,908.750 million yen; subordinated investment
corporation bonds: 3,500 million yen). Furthermore, of long-term loans payable, the balance of the current
portion of interest-bearing liabilities outstanding stood at 2,258.75 million yen (including 258.75 million yen
in contractual repayments).
In addition, for the purpose of hedging the risks of rises in interest rates, of the loans with floating interest
rates, the interest rate has been capped for the 7,100 million yen loan whose principal repayment is due on
February 20, 2012.
2.2.1.4. Overview of Financial Performance and Distributions
As a result of the management described above, the Investment Corporation posted financial performance forthe 9th Fiscal Period of 6,985 million yen in operating revenue, 2,959 million yen in operating income, 1,773
million yen in ordinary income and 2,076 million yen in net income.
Concerning distributions, to ensure that the amount equivalent to distributions from earnings would be
included in 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”)), the Investment Corporation decided
to distribute the entire amount of unappropriated retained earnings, excluding fractions of the distribution
amount per unit that are less than 1 yen. Accordingly, the Investment Corporation declared a distribution
amount per unit of 5,246 yen.

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DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
2.2.2. Outlook for the Next Fiscal Period
2.2.2.1. Investment Environment
The Japanese economy ahead is expected to continue to be on the road to recovery, backed by the economic
growth of developing countries and impact of economic packages. On the other hand, with concerns ofworsening employment situation and deteriorating overseas economies, centering on Europe, the stock
market slump and increasing appreciation of the yen, among other factors, there are also corresponding risksof downward pressures on the economy.
Under such prospects, the office leasing market is expected to see an increase in leasing demand andimprovement in market conditions, backed by the recovery in the Japanese economy. Meanwhile, withconstruction of several new buildings scheduled to be completed in the next few years, there will be a need to
pay heed to concerns of oversupply and other downward pressures.
In the office transaction market, amid improvements in the financing environment, the gap between thetarget price of sellers and buyers is expected to narrow and thereby boost transaction volume. Meanwhile,the stock market slump and corporate bond market modulation could possibly cause the financing
environment to deteriorate.
2.2.2.2. Future Management Policy and Tasks(a) Strategy for Managing Existing Properties
Under such office leasing market conditions, the tenant side is also expected to become more selectivewith properties. Consequently, the Investment Corporation will carry out operational management under
the following policy in an aim to enhance the competitiveness of existing properties and thereby increase
the long-term EPS over the medium and long term.
(i) Achieve recovery in occupancy rates
Strive to achieve recovery in occupancy rates through the provision of office environments of hightenant satisfaction levels by maintaining the quality of buildings and equipment and proactively
implementing renovations, etc. of common-use areas and thereby lowering vacancy risks.
(ii) Maintain and raise profitability
Aim to secure stable revenue over the medium and long term through further strengthening of good
relationships with existing tenants, as well as proactively tapping the needs of new tenants bydiscerning the market environment.
(iii) Lower operational management costs
Strive to lower operational management costs based on maintaining office environments of hightenant satisfaction levels through implementing efficient operational management and reviewing
systematic construction work by optimally leveraging the economies of scale achieved fromproactively realizing external growth.
(b) Strategy for New Property Investments
In light of the real estate transaction market conditions described above, the Investment Corporation willconcentrate its investment in Tokyo, with a particular focus on A Class and B Class buildings in the five
central wards of Tokyo, by maintaining a balance with the financing situation and based on various
external growth strategies.
As pipeline support, in addition to expanding its own information-sourcing channels, the Investment
Corporation will search for properties that meet its investment criteria by proactively gathering real estatetransaction market information through greater collaboration with the Asset Manager and Sponsor Groupand utilizing the Group’s extensive network of clients, partners, etc.
During the 9th Fiscal Period, the Investment Corporation acquired ORIX Jimbo-cho Building, which issituated in the five central wards of Tokyo. The Investment Corporation believes acquisition of thisproperty will contribute to further stabilization and enhancement of the portfolio, and it will continue to
strive to acquire properties that are in line with the investment strategy hereafter.
(c) Financial Strategy
The Investment Corporation will conduct disciplined financial management based on a medium-term
financial strategy of the following basic content.
(i) Keep leverage down at a ratio of interest-bearing liabilities levels within the range of 40% to 50% at
maximum.
-5-

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period(ii) Diversify repayment deadlines, targeting 20.0 billion yen as the maximum amount of interest-bearing
liabilities that shall become due during any single fiscal period.
(iii) Aim to have long-term loans account for at least 60% to 70% of total loans.
(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.
While the Investment Corporation will continue to conduct disciplined financial management based on
the medium-term financial strategy, the ratio of interest-bearing liabilities will be kept down at aconservative level of around 35% at maximum in the 10th Fiscal Period.
The Investment Corporation will also continue to diversify lenders, which shall mainly be Japanesefinancial institutions.
2.2.2.3. Material Subsequent Events(a) Decision on Acquisition of Asset
The Investment Corporation decided on June 14, 2010 to acquire a trust beneficial interest in real estate as
follows.
Summary of Asset to Be Acquired(1) Type of asset(2) Property name(3) Location(4) Acquisition price(5) Date of execution of agreement(6) Date of delivery (scheduled)(7) Seller

Trust beneficial interest in real estate
Kyodo Building (Kudan Ichigo-kan)
1-5-5 Kudan Minami, Chiyoda-ku, Tokyo
4.0 billion yen (excluding acquisition costs, consumption tax, etc.)
June 14, 2010
September 13, 2010 or any other date to be separately agreed upon by the
Seller and the Investment Corporation
Shining Nova the Fifth B TMK(b) Issuance of Investment Corporation Bonds
Based on a comprehensive resolution on issuance of investment corporation bonds adopted at a meeting of
its board of directors held on May 17, 2010, the Investment Corporation issued investment corporation
bonds on June 24, 2010 as described below to fund future acquisition of specified assets, payment of
repairs, etc., repayment of loans and expenditure of working capital.
Overview of the Investment Corporation Bonds(1) Name of the bonds
DA Office Investment Corporation Second Series of Unsecured Investment Corporation Bonds(ranking pari passu with specified investment corporation bonds)(2) Total issue amount
5.0 billion yen(3) Issue price
100 yen per 100 yen of the bonds(4) Redemption value
100 yen per 100 yen of the bonds(5) Interest rate
1.87% per annum(6) Collateral, etc.
The bonds will be issued on an unsecured, unguaranteed basis and without withholding
any specific assets.
(7) Redemption method
The total amount of the bonds will be redeemed on June 24, 2013.
and redemption date
(Note) The bonds may be repurchased and cancelled at the option of the Investment
Corporation at any time from the next day of the payment date, unless otherwise
provided for by the book-entry transfer agent.
(8) Interest payment dates June 24 and December 24 of each year
2.2.2.4. Outlook for Management Status
The Investment Corporation forecasts the following management status for the 10th Fiscal Period (fiscal
period ending November 2010 (from June 1, 2010 to November 30, 2010). For the assumptions underlying
the management status forecasts, please refer to the “Assumptions for the Management Status Forecasts forthe 10th Fiscal Period and 11th Fiscal Period” on page 8.

-6-

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
Operating revenue
Ordinary income
Net income
Distribution amount per unit
Distribution amount in excess of earnings per unit

6,317 million yen
1,259 million yen
1,257 million yen
3,176 yen
0 yen

In addition, on the basis that the “Assumptions for the Management Status Forecasts for the 10th Fiscal
Period and 11th Fiscal Period” will remain unchanged, the Investment Corporation forecasts the following
management status for the 11th Fiscal Period (fiscal period ending May 2011 (from December 1, 2010 to
May 31, 2011)).
Operating revenue
Ordinary income
Net income
Distribution amount per unit
Distribution amount in excess of earnings per unit

6,320 million yen
1,260 million yen
1,258 million yen
3,180 yen
0 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 tochanges in the status. Moreover, the forecasts set forth herein should not be construed as a guaranteeof distribution amounts.

-7-

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
Assumptions for the Management Status Forecasts for the 10th Fiscal Period and 11th Fiscal Period
Item
Assumptions• 10th Fiscal Period:
Fiscal period ending November 2010 (from June 1, 2010 to November 30, 2010)
Fiscal periods• 11th Fiscal Period:
Fiscal period ending May 2011 (from December 1, 2010 to May 31, 2011)• 10th Fiscal Period:
Assets under management are assumed to be the 31 properties held as of May 31, 2010 plus
the 1 property scheduled for delivery on September 13, 2010 to total 32 properties.
• 11th Fiscal Period:
Assets undermanagement
Assets under management are assumed to be the abovementioned 32 properties.
• It is assumed that there are no changes in the assets under management (new property
acquisitions, sale of portfolio properties, etc.) through to the end of the 11th Fiscal Period.
• The actual number of properties may vary due to changes in the assets under management.
• Rent revenue (rent revenue – real estate) from existing properties is calculated based on
Operatinghistorical data and taking into account variable factors.
revenue• It is assumed that there is no gain (loss) on sales of real estate properties.
• Expenses related to rent business, which constitute a major component of operating
expenses, are calculated based on historical data and taking into account variable factors.
• Repair expenses for buildings are recorded as expenses in the amount expected to benecessary in the respective fiscal period based on the medium- and long-term repair planestablished by the Asset Manager.
• Operating income from property leasing (excluding gain on sales of real estate properties)
Operatingafter deducting expenses related to rent business (including depreciation) is expected to be
expenses
3,229 million yen in the 10th Fiscal Period and 3,276 million yen in the 11th Fiscal Period.
• Consignment expenses are expected to be 509 million yen in the 10th Fiscal Period and 452
million yen in the 11th Fiscal Period.
• Taxes and dues (fixed property tax, city planning tax, etc.) are expected to be 561 million
yen in the 10th Fiscal Period and 596 million yen in the 11th Fiscal Period.
• Depreciation is expected to be 1,232 million yen in the 10th Fiscal Period and 1,258 million
yen in the 11th Fiscal Period.
• Non-operating expenses in the 10th Fiscal Period are expected to be 1,206 million yen, of
which the interest expenses and borrowing related expenses are expected to be 1,196 million
Non-operatingyen.
expenses• Non-operating expenses in the 11th Fiscal Period are expected to be 1,244 million yen, of
which the interest expenses and borrowing related expenses are expected to be 1,234 million
yen.
• The total amount of interest-bearing liabilities is assumed to be 77,275.625 million yen at theend of the 10th Fiscal Period and 77,150 million yen at the end of the 11th Fiscal Period.
• The total amount of interest-bearing liabilities in the 10th Fiscal Period is based on theassumption that funds in the amount of 5,000 million yen will be procured through issuanceof its Second Series of Unsecured Investment Corporation Bonds (payment on June 24,2010). The total amount of interest-bearing liabilities in the 10th Fiscal Period is also basedon the assumption that the 133.125 million yen that is to become due for contractual
Interest-bearing
repayment (41.25 million yen due by August 31, 2010; 7.5 million yen due by September 17,
liabilities
2010; 84.375 million yen due by November 30, 2010) will be repaid using cash reserves.
• The total amount of interest-bearing liabilities in the 11th Fiscal Period is based on theassumption that, of the 2,000 million yen that is to become due for repayment, 2,000 million
yen (due by March 18, 2011) will be refinanced in the entire amount. The total amount ofinterest-bearing liabilities in the 11th Fiscal Period is also based on the assumption that the125.625 million yen that is to become due for contractual repayment (41.25 million yen due
by February 28, 2011; 84.375 million yen due by May 31, 2011) will be repaid using cash
reserves.

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DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
Item
Number ofinvestment units
issued andoutstanding
Distribution amount
per unit

Assumptions• The number of investment units issued and outstanding is assumed to be the 395,798 units
issued and outstanding as of the date of submission of this document, and there is assumed to
be no additional issuance of investment units through to May 31, 2011.
• The distribution amount per unit is calculated based on the cash distribution policy as set out
in the articles of incorporation of the Investment Corporation.
• 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 (rent revenue – real estate) due
to tenant changes and other causes, and incurrence of unforeseen repairs.

Distribution amount• At present, there is no plan to make any distribution in excess of earnings (distribution
in excess of earnings
amount in excess of earnings per unit).
per unit• It is assumed that there are no changes to laws and ordinances, the tax system, accounting
standards, listing regulations, the rules of The Investment Trusts Association, Japan, etc. that
Other
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.
2.3. Investment Risks
Disclosure is omitted because there are no significant changes from the “Investment Risks” set out in the periodic
securities report (yuka shoken hokokusho) submitted on February 22, 2010.

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DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

3. Financial Statements
3.1. Balance Sheets

8th Fiscal Period[As of November 30, 2009]

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Consumption taxes receivable
Prepaid expenses
Deferred tax assets
Other
Total current assets
Noncurrent assets
Property, plant and equipment
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Other
Accumulated depreciation
Other, net
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
Other in trust
Accumulated depreciation
Other in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Right of trademark
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Lease and guarantee deposits in trust
Long-term prepaid expenses
Other
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment corporation bond issuance costs
Total deferred assets
Total assets

*1

*1

*1

*1

*1
*1
*1

*1

- 10 -(Unit: thousand yen)
9th Fiscal Period[As of May 31, 2010]

15,467,439
6,754,925
193,972–
808,96217
246,496
23,471,813

11,290,130
4,713,508
142,101
32,529766,10322
234,103
17,178,499

1,875(1,407)468
3,456(3,456)–
53,846,910(6,950,081)
46,896,828
748,265(49,886)
698,379
431,805(166,131)
265,674
39,752(9,920)29,831
6,302(6,302)–
209,399,114
5,102
257,295,399

1,875(1,576)299
3,456(3,456)–55,023,264(8,094,959)
46,928,304
756,065(59,692)
696,373
702,855(193,111)
509,744
41,688(13,076)
28,612
6,302(6,302)–
212,726,823
11,190260,901,349

1,651
4,970,290
2,362
4,974,304

*1

*1

*1

*1

*1
*1
*1

*1

1,517
4,970,290
998
4,972,807

113,684
993,832
24,7281,132,245
263,401,950

113,684
654,267
21,427789,379
266,663,536

27,606
27,606286,901,370

24,73824,738283,866,774

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

8th Fiscal Period[As of November 30, 2009]

Liabilities
Current liabilities
Operating accounts 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 bondLong-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Other
Total noncurrent liabilities
Total liabilities*1*1

Net Assets
Unitholders’ equity
Unitholders’ capital
Surplus
Unappropriated retained earnings (undisposed loss)
Total surplus
Total unitholders’ equity
Total net assets
Total liabilities and net assets*2- 11 -

699,617
5,751,250
280,927
788
114,112706,815
102,756
7,656,266
3,500,000
63,279,375
5,038,392
5,924,911
11,41977,754,098
85,410,365(Unit: thousand yen)
9th Fiscal Period[As of May 31, 2010]*1*1

510,8122,258,750
269,094663
40,750652,719150,078
3,882,869
3,500,000
66,650,000
4,892,275
4,075,204
8,980
79,126,460
83,009,329

198,780,951

198,780,951

2,710,053
2,710,053
201,491,004
201,491,004
286,901,370

2,076,493
2,076,493
200,857,444
200,857,444
283,866,774*2

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

3.2. Statements of Income

8th Fiscal Period[From: June 1, 2009
To: November 30, 2009]

Operating revenue
Rent revenue – real estate
Other lease business revenue
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
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Investment unit issuance expenses
Borrowing expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Settlements received
Gain on donation of noncurrent assets
Total extraordinary 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)- 12 -(Unit: thousand yen)
9th Fiscal Period[From: December 1, 2009
To: May 31, 2010]

*1

7,651,615
92,864
7,744,480*1

6,610,024
375,937
6,985,961*1

3,009,749
613,793
14,23582,24825,464
4,200
91,7493,841,441
3,903,039*1

3,248,661
560,092
14,251
84,37025,5674,200
89,491
4,026,635
2,959,325

2,215
3,226
4,094
9,536

4,791
1,981
81
6,855

741,763
27,593429,1093,181
1,201,648
2,710,927

768,933–
420,565
2,867
1,192,366
1,773,814–––
2,710,927
955
2
957
2,709,969
84
2,710,053

45,844
257,880
303,724
2,077,538
1,075
(5)
1,069
2,076,468
24
2,076,493

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

3.3. Statements of Unitholders’ Equity

8th Fiscal Period[From: June 1, 2009
To: November 30, 2009]

Unitholders’ equity
Unitholders’ capital
Balance at end of previous period
Changes of items during period
Issuance of new investment units
Total changes of items during period
Balance at end of current period
Surplus
Unappropriated retained earnings (undisposed loss)
Balance at end of previous period
Changes of items during period
Dividends from surplus
Net income
Total changes of items during period
Balance at end of current period
Total surplus
Balance at end of previous period
Changes of items during period
Dividends from surplus
Net income
Total changes of items during period
Balance at end of current period
Total unitholders’ equity
Balance at end of previous period
Changes of items during period
Issuance of new investment units
Dividends from surplus
Net income
Total changes of items during period
Balance at end of current period*1*1Total net assets
Balance at end of previous period
Changes of items during period
Issuance of new investment units
Dividends from surplus
Net income
Total changes of items during period
Balance at end of current period- 13 -

188,780,910
10,000,040
10,000,040
198,780,951(Unit: thousand yen)
9th Fiscal Period[From: December 1, 2009
To: May 31, 2010
]

*1

*1

198,780,951––
198,780,951

3,156,788

2,710,053(3,156,703)
2,709,969(446,734)
2,710,053(2,710,028)
2,076,468(633,560)
2,076,493

3,156,788

2,710,053(3,156,703)
2,709,969(446,734)
2,710,053(2,710,028)
2,076,468(633,560)
2,076,493

191,937,699

201,491,004

10,000,040(3,156,703)
2,709,969
9,553,305
201,491,004–(2,710,028)
2,076,468(633,560)
200,857,444

191,937,699

201,491,004

10,000,040(3,156,703)
2,709,969
9,553,305
201,491,004–(2,710,028)
2,076,468(633,560)
200,857,444

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

3.4. Statements of Cash Distributions

Item
I. Unappropriated retained earnings
II. Distribution amount[Distribution amount per unit]
III. Retained earnings carried forward
Method for calculating distribution amount8th Fiscal Period[From: June 1, 2009
To: November 30, 2009]
Amount (yen)2,710,053,589
2,710,028,906[6,847]
24,683Pursuant to the policy that “theInvestment Corporation shall
distribute an amount in excess of
the amount equivalent to 90% of
its distributable earnings as
defined in Article 67-15 of the Act
on Special Measures Concerning
Taxation” but no more than theamount of earnings as specified in
Article 32, Item 1 of theInvestment Corporation’s articles
of incorporation, the Investment
Corporation decided the
distributions from earnings that itshall pay out shall be themaximum value of the integral
multiple of the number of units
issued and outstanding (395,798
units) in an amount that is not inexcess of unappropriated retained
earnings. Accordingly, theInvestment Corporation declared a
distribution amount of
2,710,028,906 yen. Furthermore,
the Investment Corporation shallnot distribute cash in excess ofearnings as stipulated in Article
32, Item 2 of its articles ofincorporation.

- 14 -

9th Fiscal Period[From: December 1, 2009
To: May 31, 2010]
Amount (yen)2,076,493,484
2,076,356,308[5,246]
137,176
Pursuant to the policy that “theInvestment Corporation shall
distribute an amount in excess of
the amount equivalent to 90% of
its distributable earnings as
defined in Article 67-15 of the Act
on Special Measures Concerning
Taxation” but no more than theamount of earnings as specified in
Article 32, Item 1 of theInvestment Corporation’s articles
of incorporation, the Investment
Corporation decided the
distributions from earnings that itshall pay out shall be themaximum value of the integral
multiple of the number of units
issued and outstanding (395,798
units) in an amount that is not inexcess of unappropriated retained
earnings. Accordingly, theInvestment Corporation declared a
distribution amount of
2,076,356,308 yen. Furthermore,
the Investment Corporation shallnot distribute cash in excess ofearnings as stipulated in Article
32, Item 2 of its articles ofincorporation.

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

3.5. Statements of Cash Flows

8th Fiscal Period
Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Investment unit issuance expenses
Amortization of investment corporation bond issuance costs
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in accounts receivable – other
Decrease (increase) in consumption taxes refund receivable
Decrease (increase) 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
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in long-term advances received
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 in trust
Proceeds from tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits in trust
Repayments of tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment units
Proceeds from issuance of investment corporation bonds
Redemption of investment corporation bonds
Payments for investment unit issuance expenses
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 -(Unit: thousand yen)
9th Fiscal Period[From: June 1, 2009
To: November 30, 2009][From: December 1, 2009
To: May 31, 2010]

2,710,927
1,182,187
27,593
1,181(2,215)
741,763(32,453)658
162,295(72,120)
113,071(3,898)67,639(59,789)
129,835(2,452)(149,712)
4,814,509
2,215(729,997)(820)
4,085,906

2,077,538
1,184,842–
2,867(4,791)
768,933
51,870–(32,529)42,859(139,198)(11,832)(73,361)(54,095)
339,564(2,439)(215,847)
3,934,380
4,791(743,714)(1,510)3,193,946(636,594)
431,216
213,252(791,689)(427,702)(1,211,516)(4,582,663)
319,592
352,059(694,747)(1,972,728)(6,578,487)

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

5,500,000(5,621,875)––––(2,712,310)(2,834,185)(6,218,725)
22,222,364
16,003,638

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

3.6. Notes on the Going Concern Assumption
8th Fiscal Period[From: June 1, 2009
To: November 30, 2009]
Not applicable.

9th Fiscal Period[From: December 1, 2009
To: May 31, 2010]
Not applicable.

3.7. Significant Accounting Policies
Item
1. Accumulated
depreciation method
for noncurrent assets

8th Fiscal Period[From: June 1, 2009
To: November 30, 2009](1) Property, plant and equipment
The straight-line method is adopted.
The useful life of primary property,
plant and equipment are as follows:
Tools, furniture and fixtures
5 years
Buildings in trust
2~50 years
Structures in trust
2~50 years
Machinery and equipment in trust 2~22 years
Tools, furniture and fixtures in trust 6~10 years

2. Accounting fordeferred assets

3. Standards forrecording revenues
and expenses

9th Fiscal Period[From: December 1, 2009
To: May 31, 2010]
(1) Property, plant and equipment
The straight-line method is adopted.
The useful life of primary property,
plant and equipment are as follows:
Tools, furniture and fixtures
5 years
Buildings in trust
2~49 years
Structures in trust
4~50 years
Machinery and equipment in trust 2~22 years
Tools, furniture and fixtures in trust 3~18 years(2) Intangible assets(2) Intangible assets
The straight-line method is adopted.
The straight-line method is adopted.
(3) Long-term prepaid expenses(3) Long-term prepaid expenses
The straight-line method is adopted.
The straight-line method is adopted.
(1) Investment unit issuance expenses(1) Investment unit issuance expenses
Entire amount is expensed as incurred.
—(2) Investment corporation bond issuance(2) Investment corporation bond issuance
costs
costs
Amortized using the straight-line method
Amortized using the straight-line method
over the period up to redemption.
over the period up to redemption.
Accounting for fixed property tax, etc.
Accounting for fixed property tax, etc.
Concerning fixed property tax, city
Concerning fixed property tax, city
planning tax, depreciated asset tax, etc.
planning tax, depreciated asset tax, etc.
for owned real estate in trust, of the tax
for owned real estate in trust, of the tax
amount that has been broken down intoamount that has been broken down into
installments, the method of accounting
installments, the method of accounting
for the amount corresponding to thefor the amount corresponding to theconcerned fiscal period as expenses
concerned fiscal period as expenses
related to rent business is adopted.
related to rent business is adopted.
Concerning the amount equivalent toConcerning the amount equivalent to
fixed property tax, etc. for the initial
fixed property tax, etc. for the initialfiscal year that shall be borne by thefiscal year that shall be borne by theInvestment Corporation in correlation
Investment Corporation in correlation
with acquisitions of real estate or trustwith acquisitions of real estate or trust
beneficial interest that have real estate as
beneficial interest that have real estate as
assets in trust, the amount is notassets in trust, the amount is not
expensed but is rather included in the
expensed but is rather included in thecost of acquisition of the concerned realcost of acquisition of the concerned realestate property. The amount equivalentestate property. The amount equivalent
to fixed property tax, etc. that was
to fixed property tax, etc. that was
included in the cost of acquisition of realincluded in the cost of acquisition of realestate properties in the fiscal period
estate properties in the fiscal period
under review is nil.
under review is 18,648 thousand yen.
- 16 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

Item
4. Hedge accounting
approaches

5. Scope of funds inthe statements ofcash flows

8th Fiscal Period
9th Fiscal Period[From: June 1, 2009
[From: December 1, 2009
To: November 30, 2009]
To: May 31, 2010]
(1) Hedge accounting approach(1) Hedge accounting approach
Special accounting is adopted for interest
Special accounting is adopted for interest
rate caps that meet the requirements forrate caps that meet the requirements for
special accounting.
special accounting.
(2) Hedging instruments and hedged items(2) Hedging instruments and hedged items
Hedging instruments:
Hedging instruments:
Interest rate cap transactions
Interest rate cap transactions
Hedged items:
Hedged items:
Interest on loans
Interest on loans(3) Hedging policy(3) Hedging policy
The Investment Corporation conducts
The Investment Corporation conducts
derivative transactions to hedge risks
derivative transactions to hedge risks
stipulated in the Investment
stipulated in the Investment
Corporation’s articles of incorporation in
Corporation’s articles of incorporation inaccordance with the Investment
accordance with the Investment
Corporation’s risk management policy.
Corporation’s risk management policy.
(4) Method for assessing the effectiveness of (4) Method for assessing the effectiveness ofhedging
hedging
Assessment of the effectiveness is
Assessment of the effectiveness isomitted because interest rate caps meetomitted because interest rate caps meetthe requirements for special accounting.
the requirements for special accounting.
The funds (cash and cash equivalents) in the The funds (cash and cash equivalents) in thestatements of cash flows consist of cash onstatements of cash flows consist of cash on
hand and cash in trust; deposits that can be
hand and cash in trust; deposits that can bewithdrawn at any time and deposits in trust; withdrawn at any time and deposits in trust;and short-term investments with a maturity
and short-term investments with a maturityof 3 months or less from the date ofof 3 months or less from the date ofacquisition, which are readily convertible to acquisition, which are readily convertible tocash and bear only an insignificant risk ofcash and bear only an insignificant risk ofprice fluctuation.
price fluctuation.

- 17 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

8th Fiscal Period
9th Fiscal Period[From: June 1, 2009
[From: December 1, 2009
To: November 30, 2009]
To: May 31, 2010]
6. Other significant(1) Accounting method for trust beneficial(1) Accounting method for trust beneficial
matters forming basis
interest that have real estate properties asinterest that have real estate properties asfor preparation ofassets in trust
assets in trust
financial statements
Concerning owned trust beneficial
Concerning owned trust beneficial
interest that have real estate properties asinterest that have real estate properties asassets in trust, all accounts of assets andassets in trust, all accounts of assets andliabilities within assets in trust as well as
liabilities within assets in trust as well as
all accounts of revenues and expenses
all accounts of revenues and expenses
incurred from the assets in trust are
incurred from the assets in trust arerecorded in the relevant account item ofrecorded in the relevant account item of
the balance sheets and statements ofthe balance sheets and statements ofincome.
income.
The following material items of the
The following material items of theassets in trust recorded in the relevant
assets in trust recorded in the relevant
account item are separately listed on theaccount item are separately listed on thebalance sheets.
balance sheets.
Item(i) Cash and deposits in trust(ii) Buildings in trust; structures intrust; machinery and equipment intrust; tools, furniture and fixtures intrust; other tangible assets 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(i) Cash and deposits in trust(ii) Buildings in trust; structures intrust; machinery and equipment intrust; tools, furniture and fixtures intrust; other in trust; land in trust;and construction in progress in trust(iii) Leasehold rights in trust(iv) Lease and guarantee deposits in trust(v) Tenant leasehold and security
deposits in trust(2) Accounting for consumption taxes(2) Accounting for consumption taxes
Consumption tax and local consumption
Consumption tax and local consumption
tax are accounted for by the taxtax are accounted for by the taxexclusion method and consumption taxes
exclusion method and consumption taxes
that are not tax-deductible are expensed
that are not tax-deductible are expensed
in the fiscal period under review.
in the fiscal period under review.
The consumption taxes relating to
The consumption taxes relating to
noncurrent assets, etc. that are not taxnoncurrent assets, etc. that are not taxdeductible are recorded as long-term
deductible are recorded as long-term
prepaid expenses and amortized in equal
prepaid expenses and amortized in equal
installments over 5 years.
installments over 5 years.

- 18 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

3.8. Notes to Financial Statements
Concerning notes on lease transactions, securities, retirement benefits, tax-effect accounting and derivativetransactions, disclosure is omitted because there is thought to be no substantial need for such disclosure in thefinancial report (kessan tanshin).
[Notes to Balance Sheets]
8th Fiscal Period[As of November 30, 2009]

9th Fiscal Period[As of May 31, 2010]*1. Pledged assets and secured liabilities*1. Pledged assets and secured liabilities

The following are the assets that are pledged ascollateral.
(Unit: thousand yen)
Buildings in trust
43,507,093
Structures in trust
614,282
Machinery and equipment in trust
253,547
Tools, furniture and fixtures in trust
29,781Other in trust–
Land in trust
190,766,117
Construction in progress in trust
4,995
Leasehold rights in trust
4,970,290
Total
240,146,109

The following are the assets that are pledged ascollateral.
(Unit: thousand yen)
Buildings in trust
42,710,198
Structures in trust
612,551
Machinery and equipment in trust
454,355
Tools, furniture and fixtures in trust
28,567
Other in trust–
Land in trust
190,766,117
Construction in progress in trust
11,190
Leasehold rights in trust
4,970,290
Total
239,553,272

The following are the liabilities secured by pledged
assets.
(Unit: thousand yen)
Current portion of long-term loans payable
5,751,250
Long-term loans payable
63,279,375
Total
69,030,625

The following are the liabilities secured by pledged
assets.
(Unit: thousand yen)
Current portion of long-term loans payable
2,258,750
Long-term loans payable
66,650,000
Total
68,908,750*2. Minimum net assets as provided in Article 67,*2. Minimum net assets as provided in Article 67,
Paragraph 4 of the Act on Investment Trusts andParagraph 4 of the Act on Investment Trusts andInvestment Corporations
Investment Corporations
50,000 thousand yen
50,000 thousand yen- 19 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period[Notes to Statements of Income]
8th Fiscal Period
9th Fiscal Period[From: June 1, 2009
[From: December 1, 2009
To: November 30, 2009]
To: May 31, 2010]
*1. Breakdown of operating income (loss) from property *1. Breakdown of operating income (loss) from property
leasingleasing(Unit: thousand yen)
(Unit: thousand yen)
A. Property leasing revenue
A. Property leasing revenue
Rent revenue – real estate
6,610,024
Rent revenue – real estate
7,651,615
Other lease business revenue
375,937
Other lease business revenue
92,864
Total property leasing revenue
6,985,961
Total property leasing revenue
7,744,480
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

497,288585,394
540,355
13,487
138,797
1,180,326
54,0993,009,749

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

469,842522,664
573,864
12,945429,305
1,184,842
55,196
3,248,661

C. Operating income (loss) fromproperty leasing [A – B]

4,734,730

C. Operating income (loss) fromproperty leasing [A – B]

3,737,299[Notes to Statements of Unitholders’ Equity]
8th Fiscal Period[From: June 1, 2009
To: November 30, 2009]*1. Total number of investment units authorized andnumber of investment units issued and outstanding

9th Fiscal Period[From: December 1, 2009
To: May 31, 2010]
*1. Total number of investment units authorized andnumber of investment units issued and outstanding

Total number of investment units authorized
2,000,000 units
Number of investment units issued and outstanding
395,798 units

Total number of investment units authorized
2,000,000 units
Number of investment units issued and outstanding
395,798 units[Notes to Statements of Cash Flows]
8th Fiscal Period
9th Fiscal Period[From: June 1, 2009
[From: December 1, 2009
To: November 30, 2009]
To: May 31, 2010]
*1. Relationship between cash and cash equivalents at end *1. Relationship between cash and cash equivalents at endof period in the statements of cash flows and theof period in the statements of cash flows and theamount stated in the balance sheetsamount stated in the balance sheets(As of November 30, 2009)(As of May 31, 2010)(Unit: thousand yen)
(Unit: thousand yen)
Cash and deposits
11,290,130
Cash and deposits
15,467,439
Cash and deposits in trust
4,713,508
Cash and deposits in trust
6,754,925
Cash and cash equivalents
16,003,638
Cash and cash equivalents
22,222,364- 20 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period[Notes on Financial Instruments]
9th Fiscal Period [from December 1, 2009 to May 31, 2010][Additional Information]
The “Accounting Standard for Financial Instruments” (Accounting Standards Board of Japan (ASBJ) Statement No.
10 issued on March 10, 2008) and “Guidance on Disclosures about Fair Value of Financial Instruments” (ASBJ
Guidance No. 19 issued on March 10, 2008) are applied as of the 9th Fiscal Period.
(1) Matters Concerning Status of Financial Instruments(a) Policy for Handling Financial Instruments
The Investment Corporation procures funds, such as for acquisition or repair and maintenance of assets,payout of distributions and repayment of interest-bearing liabilities, by primarily borrowing from financial
institutions, issuing investment corporation bonds or issuing new investment units. In the procurement offunds through interest-bearing liabilities, the Investment Corporation pays heed to such efforts as making
the loan period long term, setting the interest rates at fixed rates and spreading out the repayment deadlines
in view of securing financial stability and avoiding future interest rate fluctuation risks.
Concerning the investment management of surplus funds, while the scope of such includes deposits,monetary claims and securities, the Investment Corporation invests in deposits in principle.
Derivative transactions are limited to those that are for the purpose of hedging interest rate fluctuation
risks arising from the Investment Corporation’s liabilities.
(b) Description of Financial Instruments and Associated Risks, and Risk Management Structure
The use of funds from loans and investment corporation bonds are mainly to fund the acquisition of assets(trust beneficial interest in real estate, etc.) and repayment/redemption of existing loans / investment
corporation bonds. These are exposed to liquidity risks on repayment/redemption deadlines, but theconcerned risks are controlled by maintaining the ratio of interest-bearing liabilities at a low level,spreading out due dates and keeping the percentage of interest-bearing liabilities that are long term at ahigh level, along with diversifying lenders centering on Japanese financial institutions. Loans, etc. withfloating interest rates are exposed to risks of fluctuation in the interest payable, but derivative transactions(interest rate swap transactions) are available to the Investment Corporation as a hedging instrument.
Tenant leasehold and security deposits are deposits from tenants and are exposed to liquidity risks at thetime that the deposits are to be returned to tenants when they vacate the property, but the Investment
Corporation strives to limit the concerned risks by putting aside a certain percentage of that amount.
Deposits are those from when an investment corporation’s surplus funds are invested and are exposed torisks of failure of the financial institution holding the deposit and other credit risks, but the Investment
Corporation strives to control the concerned risks through such measures as limiting deposit periods toshort term and setting a minimum credit rating for the financial institution holding the deposit (excluding
checkable deposits).
(c) Supplementary Explanation on Matters Concerning Fair Value, etc. of Financial Instruments
The fair value of financial instruments, aside from values based on market price, include values based onreasonable calculations when there is no market price. Certain assumptions are adopted in the calculationsof said values and there may be cases where said values will vary when different assumptions, etc. are
adopted.
(2) Matters Concerning Fair Value, etc. of Financial Instruments
The carrying amounts and fair values as of May 31, 2010 and their differences are as follows. Please note thatthe following table does not include those for which discerning of fair value is recognized to be extremely
difficult (please refer to (Note 2)).
(Unit: thousand yen)
Carrying amount
Fair value
Difference(1) Cash and deposits
11,290,130
11,290,130–(2) Cash and deposits in trust
4,713,508
4,713,508–
Total assets
16,003,638
16,003,638–(1) Current portion of long-term loans payable
2,258,750
2,250,426(8,323)(2) Investment corporation bond
3,500,000
3,500,000–(3) Long-term loans payable
66,650,000
66,725,181
75,181
Total liabilities
72,408,750
72,475,607
66,857(1) Derivative transactions
11,427545(10,881)- 21 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period(Note 1) Method of calculation of 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(1) Current portion of long-term loans payable; (3) Long-term loans payable
As those with floating interest rates reflect market interest rates within a short period of time, the fair value isapproximately the same as 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 andinterest by the rate reasonably estimated as being applicable in the event of a similar drawdown.
(2) Investment corporation bondConcerning the fair value of investment corporation bonds issued by the Investment Corporation, as these arebased on floating interest rates and reflect market interest rates within a short period of time, the fair value isapproximately the same as the book value and thus is stated at that book value.
Derivative transactions(1) Derivative transactions(a) Transactions for which hedge accounting is not applied
Not applicable.
(b) Transactions for which hedge accounting is applied
The contract amount, amount equivalent to the principal provided in the contract, etc. as of the settlementof accounts for each hedge accounting approach are as follows.
(Unit: thousand yen)
Hedge accounting
approachSpecial accounting
for interest rate caps

Type, etc. of
derivative transaction

Contract amount, etc.
Of which,over 1 year

Main hedged item

Interest rate cap transaction Long-term loans payable

7,100,000

Method ofcalculation ofthat fair value

Fair value

7,100,000

545**Based on price quoted by partner financial institution.
(Note 2) Tenant leasehold and security deposits (carrying amount: 4,892,275 thousand yen) and tenant leasehold andsecurity deposits in trust (carrying amount: 4,075,204 thousand yen) that are deposited by lessees of rental
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 priceand difficulty of calculation of the actual deposit period from when lessees move in to when they move out.
(Note 3) Amount of redemption of monetary claims scheduled to be due after the settlement of accounts(Unit: thousand yen)
Within 2 years,
but over 1 year

Within 1 year
Cash and deposits
Cash and deposits in trust
Total

11,290,130
4,713,508
16,003,638

Within 3 years,
but over 2 years–––

Within 4 years,
but over 3 years–––

Within 5 years,
but over 4 years
–
–
–

–
–
–

(Note 4) Amount of repayment of investment corporation bond and long-term loans payable scheduled to be due
after the settlement of accounts(Unit: thousand yen)
Current portion of
long-term loans payable
Investment corporation bondLong-term loans payable
Total

Within 1 year

Within 2 years,
but over 1 year

Within 3 years, Within 4 years, Within 5 years,
but over 2 years but over 3 years but over 4 years

2,258,750

–

–

–

–

–

–
–
2,258,750–
38,958,750
38,958,750–
22,691,250
22,691,250–
5,000,000
5,000,000–––

3,500,000–
3,500,000- 22 -

Over 5 years

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period[Notes on Transactions with Related Parties]
8th Fiscal Period [from June 1, 2009 to November 30, 2009]
Parent company, major unitholder, etc.
Name ofClassification company,
etc.

Other
affiliatedcompany

Location

Capital stockorBusiness
investments description
in capital

Daiwa
Chiyoda-ku,
247.3
SecuritiesTokyobillion yen
Group Inc.

Holdingcompany

Percentage ofvoting rights, etc.
held by related
party (held in theInvestment
Corporation)

13.11%Nature of transaction

Amount oftransaction(thousandyen)

Account

Balance at
end of period(thousandyen)

Third-party allotment(Note 1)

10,000,040––

Issuance of investment
corporation bonds(Note 2)

Investment
3,500,000 corporationbond

3,500,000

Other(current
liabilities)

21,668

Payment of interest
expenses on investment
corporation bonds(Note 2)43,336

Transaction terms, and policy for determining transaction terms(Note 1) The third-party allotment is at an issue price of 192,705 yen and for 51,893 investment units.
(Note 2) Issuance terms, etc. for investment corporation bonds were determined by conducting a multifaceted
analysis, including the disparity in the spread of investment corporation bonds of other similar investment
corporations and the spread of senior bonds and subordinated bonds in the market (bank bonds) andverification from the spread of subordinated investment corporation bonds issued in the past in Japan.
9th Fiscal Period [from December 1, 2009 to May 31, 2010](1) Parent company, major unitholder, etc.
Name ofClassification company,
etc.

Other
affiliatedcompany

Location

Capital stockorBusiness
investments description
in capital

Daiwa
Chiyoda-ku,
247.3
SecuritiesTokyobillion yen
Group Inc.

Holdingcompany

Percentage ofvoting rights, etc.
Amount ofBalance at
Relationshipheld by related
Nature of transaction
end of period
withAccounttransaction (thousand(thousandparty (held in therelated party
Investment
yen)
yen)
Corporation)
Payment of
Investment
13.11%
interest
corporation
3,500,000
directly held in
expenses onbond
the Investment Provision of
52,599investment
Corporation
capitalOther
corporation[20.21%](current
21,240bonds(Note 1)
liabilities)(Note 2)

(Note 1) The percentage of voting rights, etc. held by related party (held in the Investment Corporation) shown does
not include the percentage held by the party with which there is an agreement on the exercising of voting
rights based on an agreement among unitholders. The percentage held by said party that was not included isshown in parentheses [ ].
(Note 2) Issuance terms, etc. for investment corporation bonds were determined by conducting a multifaceted
analysis, including the disparity in the spread of investment corporation bonds of other similar investment
corporations and the spread of senior bonds and subordinated bonds in the market (bank bonds) andverification from the spread of subordinated investment corporation bonds issued in the past in Japan.
(2) Subsidiaries and related companies, etc.
Not applicable.
(3) Companies, etc. with same parent company and subsidiaries, etc. of other affiliated companies
Not applicable.
(4) Officers and major unitholders, etc.
Not applicable.
- 23 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period[Notes on Investment and Rental Property]
9th Fiscal Period [from December 1, 2009 to May 31, 2010][Additional Information]
The “Accounting Standard for Disclosures about Fair Value of Investment and Rental Property” (ASBJ Statement No.
20 issued on November 28, 2008) and “Guidance on Accounting Standard for Disclosures about Fair Value ofInvestment and Rental Property” (ASBJ Guidance No. 23 issued on November 28, 2008) are applied as of the 9th
Fiscal Period.
The Investment Corporation has rental office buildings, etc. (including land) in Tokyo and other regions. The
carrying amount, amount of increase (decrease) during current period and fair value as of May 31, 2010 for theserental properties are as follows.
(Unit: thousand yen)
Carrying amount
Fair value at end of
Balance at end ofAmount of increase (decrease)
Balance at end ofcurrent periodprevious period
during current period
current period
262,260,119
3,600,030
265,860,150
236,653,000(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) during current period, the amount of increase is mainly attributable toacquisition of ORIX Jimbo-cho Building (4,150 million yen) and the amount of decrease is mainly
attributable to depreciation (1,184 million yen).
(Note 3) The fair value at end of current period shows the appraisal value as appraised by an outside real estateappraiser.
The income (loss) in the 9th Fiscal Period for investment and rental properties are as presented in the Statements ofIncome.
[Notes on Per Unit Information]
8th Fiscal Period[From: June 1, 2009
To: November 30, 2009]
Net assets per unit
Net income per unit

509,075 yen
6,997.26 yen

The net income per unit was calculated by dividing thenet income by the daily weighted average number ofinvestment units issued and outstanding.
The diluted net income per unit is not stated as there
are no diluted investment units.

9th Fiscal Period[From: December 1, 2009
To: May 31, 2010]
Net assets per unit
Net income per unit

507,474 yen
5,246.28 yen

The net income per unit was calculated by dividing thenet income by the daily weighted average number ofinvestment units issued and outstanding.
The diluted net income per unit is not stated as there
are no diluted investment units.

(Note) The basis for calculating the net income per unit is as follows.

Net income (thousand yen)Amounts not attributable to common unitholders (thousand yen)
Net income attributable to common investment units (thousand yen)
Average number of investment units during period (unit)- 24 -

8th Fiscal Period

9th Fiscal Period[From: June 1, 2009
To: November 30, 2009][From: December 1, 2009
To: May 31, 2010]

2,709,969–
2,709,969
387,2902,076,468–
2,076,468
395,798

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period[Notes on Subsequent Material Events]
8th Fiscal Period[From: June 1, 2009
To: November 30, 2009]—

9th Fiscal Period[From: December 1, 2009
To: May 31, 2010]
1. Decision on Acquisition of Asset
The Investment Corporation decided on June 14, 2010
to acquire a trust beneficial interest in real estate as
follows.
Summary of Asset to Be Acquired(1) Type of asset: Trust beneficial interest in real estate(2) Property name: Kyodo Building (Kudan Ichigo-kan)(3) Location: 1-5-5 Kudan Minami, Chiyoda-ku, Tokyo(4) Acquisition price: 4.0 billion yen(excluding acquisition costs, consumption tax, etc.)(5) Date of execution of agreement: June 14, 2010
(6) Date of delivery (scheduled):
A date no later than September 13, 2010 to be
separately agreed upon by the Seller and theInvestment Corporation(7) Seller: Shining Nova the Fifth B TMK
2. Issuance of Investment Corporation Bonds
Based on a comprehensive resolution on issuance ofinvestment corporation bonds adopted at a meeting of
its board of directors held on May 17, 2010, theInvestment Corporation issued investment corporation
bonds on June 24, 2010 as described below to fundfuture acquisition of specified assets, payment of
repairs, etc., repayment of loans and expenditure ofworking capital.
Overview of the Investment Corporation Bonds(1) Name of the bonds:
DA Office Investment Corporation Second Series ofUnsecured Investment Corporation Bonds(ranking pari passu with specified investment
corporation bonds)(2) Total issue amount: 5.0 billion yen(3) Issue price: 100 yen per 100 yen of the bonds(4) Redemption value: 100 yen per 100 yen of the bonds(5) Interest rate: 1.87% per annum(6) Collateral, etc.:
The bonds will be issued on an unsecured,
unguaranteed basis and without withholding any
specific assets.
(7) Redemption method and redemption date:
The total amount of the bonds will be redeemed onJune 24, 2013.
(Note) The bonds may be repurchased and cancelled at
the option of the Investment Corporation at any
time from the next day of the payment date,unless otherwise provided for by the bookentry transfer agent.
(8) Interest payment dates:
June 24 and December 24 of each year
- 25 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

3.9. Increase (Decrease) in Number of Investment Units Issued and Outstanding
Number of investment units
Unitholders’ capitalissued and outstanding(million yen)
Payment date
Description(units)Increase
Increase
Balance
Balance(Decrease)(Decrease)
Incorporation throughJuly 11, 2005
400
400
200
200
private placement
Capital increase throughOctober 18, 2005
99,600100,000
49,49849,698public offering
Capital increase throughJuly 10, 2007
100,000
200,000
75,316125,015
public offering
Capital increase by way of a
August 7, 2007
5,000
205,000
3,765
128,781third-party allotment
Capital increase by way of aJune 4, 2008
138,905
343,905
59,999188,780
third-party allotment
Capital increase by way of a
July 1, 2009
51,893395,798
10,000198,780
third-party allotment

Notes(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 1) The Investment Corporation was incorporated at an issue price of 500,000 yen per unit.
(Note 2) The Investment Corporation issued new investment units through public offering at an issue price of
515,000 yen per unit (issue amount: 496,975 yen) to procure funds for acquisition of properties to beacquired upon listing, etc.
(Note 3) The Investment Corporation issued new investment units through public offering at an issue price of
781,060 yen per unit (issue amount: 753,165 yen) to procure funds for acquisition of acquisition properties,
etc.
(Note 4) The Investment Corporation issued new investment units by way of a third-party allotment at an issue priceof 753,165 yen per unit (issue amount: 753,165 yen) to fund part of acquisition of acquisition properties, etc.
(Note 5) The Investment Corporation issued new investment units by way of a third-party allotment at an issue priceof 431,949 yen per unit (issue amount: 431,949 yen) to fund repayment of loans and redemption of
investment corporation bonds.
(Note 6) The Investment Corporation issued new investment units by way of a third-party allotment at an issue priceof 192,705 yen per unit (issue amount: 192,705 yen) to fund repayment of loans, capital expenditure toenhance property value, acquisition of property, etc.

- 26 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

4. Change in Directors
4.1. Change in Directors at the Investment Corporation
4.1.1. Candidate for New Executive Director
Kazuo Otaka (effective August 20, 2010)
Title
Executive
Director

Name
Kazuo Otaka

Career summary
Apr. 1970
Jan. 1990
July 1993
Apr. 1998
Jan. 1999
June 2001
Apr. 2005
Apr. 2008
June 2008
June 2010
Aug. 2010

Joined Daiwa Securities Co. Ltd. (currently, Daiwa
Securities Group Inc.)
Head of International Sales Department
Head of Stock Future and Option Department
Head of Foreign Product Department
President of Daiwa Europe Limited (currently: Daiwa
Securities Capital Markets Europe Limited)
Executive Director, Daiwa SB Investments Ltd.
Senior Managing Director
AdvisorCorporate Auditor
Resigned from office as Corporate Auditor
Executive Director of DA Office Investment
Corporation (planned)

4.1.2. Executive Director Scheduled to Resign from Office as Executive Director
Yoshiki Nishigaki (effective August 20, 2010)(scheduled to assume office as substitute Executive Director, effective August 20, 2010)- 27 -

Number ofinvestment units
held－DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
4.2. Change in Directors at the Asset Manager
Changes in directors took place at the Asset Manager, effective March 31, 2010 and May 1, 2010.
The following presents the status of directors at the Asset Manager as of the date of this document.
Title

Name

President andRepresentative
Director

Akira
Yamanouchi

Career summary
Apr. 1986
Apr. 2002
May 2002
Mar. 2003
Aug. 2004
Aug. 2006
Feb. 2008
Feb. 2008
Feb. 2009
Mar. 2009
July 2009
Mar. 2010
Apr. 2010
May 2010

Vice President
andRepresentative
Director

YoshikiNishigaki

Apr. 1992
May 1996
Feb. 2006
Mar. 2007
Mar. 2008
Nov. 2008
May 2010

Vice-President
andRepresentative
Director (Headof Corporate
Planning
Department)

Yuji
Shinotsuka

Apr. 1989
June 2009
July 2009

Nov. 2009

Joined Marubeni Corporation
Joined Pacific Management Corporation (currently,
Pacific Holdings, Inc.)
Temporarily transferred to Pacific Investment
Advisors Corporation (currently, AD Investment
Management Co., Ltd.)
President and Representative Director of PacificInvestment Advisors Corporation (with employmenttransfer)
Executive Director of Nippon Residential Investment
Corporation (currently, Advance Residence
Investment Corporation)
Resigned from office as Executive Director
Resigned from office as President and Representative
Director of Pacific Investment Advisors Corporation
President and Representative Director of PacificInvestment Partners Inc. (currently, Cushman &Wakefield Asset Management K.K.)
Representative Director (part-time basis) of Pacific
Holdings, Inc.
Resigned from Pacific Holdings, Inc.
Executive Managing Director of Cushman &Wakefield Asset Management K.K.
Resigned from Cushman & Wakefield AssetManagement K.K.
Advisor of Daiwa Real Estate Asset Management Co.,Ltd.
President and Representative Director (current
position)
Joined Cititrust & Banking Corporation
Joined K.K. daVinci Advisors
Transferred to K.K. daVinci Select (currently, Daiwa
Real Estate Asset Management Co., Ltd.)
Head of IR & Business Planning Department
President and Representative Director
Executive Director, DA Office Investment
Corporation (current position)
Vice President and Representative Director, Daiwa
Real Estate Asset Management Co., Ltd. (current
position)
Joined Daiwa Securities Co. Ltd. (currently, Daiwa
Securities Group Inc.)
Head of Corporate Planning Department
Temporarily transferred to Daiwa Real Estate AssetManagement Co., Ltd.
Vice-President and Representative Director (Head of
IR & Planning Department)
Vice-President and Representative Director (Head ofCorporate Planning Department) (current position)- 28 -

Number ofshares held－－－

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
Title
Director (Headof Investment
Management
Department)

Name
AtsukoTakahashi

Career summary
Apr. 1991
June 1992
Apr. 2002
Apr. 2005
Nov. 2008

Director (Headof
Administration
Department)

Naoyuki Owa

Apr. 1986
Apr. 1990
June 2006
Oct. 2006
July 2009

Director (Headof Finance
Department)

Yoji Ueda

Apr. 1990
June 2007
July 2009

Director (parttime basis)

Toshihiro
Matsui

Apr. 1985
May 2004
Apr. 2005
Oct. 2005
Oct. 2006
Apr. 2007
Oct. 2008
Apr. 2009
July 2009

Joined Recruit Co., Ltd.
Temporarily transferred to K.K. Recruit Building
Management (currently, XYMAX corporation)
Concurrently temporarily transferred to XYMAX
Alpha corporation (currently, XYMAX AXIS
corporation)
Joined K.K. daVinci Advisors
Manager of Acquisition Team
K.K. daVinci Select (currently, Daiwa Real Estate
Asset Management Co., Ltd.) (with employmenttransfer)
Director (Head of Investment Management
Department) (current position)
Joined Tokyo High Court as Court Administrative
Official
Joined Daiwa Securities Co. Ltd. (currently, Daiwa
Securities Group Inc.)
Head of Corporate Planning Department and Treasury
Department of Daiwa Securities SMBC Co., Ltd.
(currently, Daiwa Securities Capital Markets Co. Ltd.)
Head of Corporate Planning Department of Daiwa
Securities Group Inc.
Temporarily transferred to Daiwa Real Estate AssetManagement Co., Ltd.
Director (Head of Administration Department)(current position)
Joined Daiwa Securities Co. Ltd. (currently, Daiwa
Securities Group Inc.)
Head of Structured Finance Department of Daiwa
Securities SMBC Co., Ltd. (currently, Daiwa
Securities Capital Markets Co. Ltd.)
Temporarily transferred to Daiwa Real Estate AssetManagement Co., Ltd.
Director (Head of Finance Department) of said
company (current position)
Joined Daiwa Securities Co. Ltd. (currently, Daiwa
Securities Group Inc.)
Head of Corporate Institutions Department (V) of
Daiwa Securities SMBC Co., Ltd. (currently, Daiwa
Securities Capital Markets Co. Ltd.)
Head of Corporate Institutions Department (IV)
Head of Corporate Finance Department
Head of Corporate Finance Department (I)Head of Fixed Income, Currency andCommodities (FICC) Department
Head of Corporate Planning Department of Daiwa
Securities Group Inc.
Executive Officer (current position)
Director (part-time basis) of Daiwa Real Estate AssetManagement Co., Ltd. (current position)- 29 -

Number ofshares held
－

－

－

－

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

Title
Director (parttime basis)

Name
Hikari
Sakagami

Career summary
Apr. 1984

Number ofshares held－

Joined Daiwa Securities Co. Ltd. (currently, Daiwa
Securities Group Inc.)
Apr. 2001 Head of Corporate Planning Department of Daiwa
Securities SMBC Co., Ltd. (currently, Daiwa
Securities Capital Markets Co. Ltd.)
July 2004 Head of Accounting & Finance Department of Daiwa
Securities Co. Ltd.
Oct. 2005 Head of Headquarters Relocation Department of
Daiwa Securities Group Inc.
Oct. 2008 Head of Finance Department (current position)
July 2009 Director (part-time basis) of Daiwa Real Estate AssetManagement Co., Ltd. (current position)
Statutory
Shigeharu
Apr. 1973 Joined Daiwa Securities Co. Ltd. (currently, Daiwa－
Auditor (partTominaga
Securities Group Inc.)
time basis)
Apr. 1999 Head of Fukuoka Branch
May 2004 Consultant
Apr. 2005 Advisor of Daiwa Securities SMBC Co., Ltd.
(currently, Daiwa Securities Capital Markets Co. Ltd.)
June 2005 Corporate Auditor (full-time basis) (current position)
July 2009 Statutory Auditor (part-time basis) of Daiwa Real
Estate Asset Management Co., Ltd. (current position)(Note 1) Akira Yamanouchi assumed office as President and Representative Director, effective May 1, 2010.
(Note 2) Yoshiki Nishigaki’s title has changed from President and Representative Director to Vice President andRepresentative Director, effective May 1, 2010. In addition, as of May 31, 2020, he concurrently serves as
Executive Director of the Investment Corporation, for which notification on the concurrent holding of thepositions has been made to the Commissioner of the Financial Services Agency in accordance with theprovisions of Article 31-4, Paragraph 1 of the Financial Instruments and Exchange Act. Furthermore, he isscheduled to resign from office as Executive Director of the Investment Corporation, effective August 20,
2010, and assume office as substitute Executive Director, effective August 20, 2010.
(Note 3) Seiji Nakata resigned from office as Director (part-time basis), effective March 31, 2010.

5. Reference Information
5.1. Investment Status
9th Fiscal Period(As of May 31, 2010)
Type of asset
Use
RegionTotal amount owned
As a percentage of(million yen)
total assets(Note 1)(%)
Five Central Wards of Tokyo
242,24485.3
OfficeTokyo Metropolitan Area
18,652
6.6
Trust beneficial
interest in real estate
Major Regional Cities
4,963
1.7
Total
265,860
93.7
Deposits and other assets
18,006
6.3
283,866
100.0
Total amount of assets (Note 2)[265,860][93.7](Note 1) The total amount owned is the carrying amount (the book value after depreciation in the case of real estatein trust).
(Note 2) The figures in parentheses [ ] under “Total amount of assets” shows the portion of the applicable asset that,in effect, corresponds to the holding of real estate properties.

- 30 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
5.2. Investment Real Estate Properties (As of May 31, 2010)
5.2.1. Price and Investment Ratio of Investment Real Estate Properties
Acquisition
Carrying
priceamountRegionProperty name(million yen) (million yen)
(Note 4)(Note 5)
daVinci Ginza
14,10013,749daVinci Ginza Annex
3,050
2,965
daVinci Shibaura
8,265
8,164
daVinci Minami-Aoyama
4,550
4,513
daVinci Sarugakucho
3,000
2,987
daVinci A Hamamatsucho (Note 8)
2,865
2,839
daVinci Jingumae
2,800
2,763
daVinci Shibadaimon
2,578
2,492
daVinci Misakicho
2,346
2,274
daVinci Shimbashi 510
2,080
2,138
BPS Square
1,560
1,435
daVinci
Tsukiji
1,240
1,236
Five Central
daVinci
Tsukiji616
Wards of
2,440
2,389
Tokyo
Shuwa Tsukishima Building
7,840
7,470
(Note 1)
Nihombashi MS Building
2,520
2,520
Atlantic Building
1,600
1,576
Shibuya SS Building
3,930
3,865
daVinci Nihombashi Honcho
7,420
7,264
daVinci Ginza 1-chome
4,620
4,536
daVinci Kyobashi
3,460
3,424
Sunline Building No. 7 (Note 8)
2,680
2,663
daVinci Onarimon
13,86013,761
Shinjuku Maynds Tower (Note 8)
133,800
132,676
SHIBUYA EDGE
5,900
5,885
daVinci Kodenmacho
2,460
2,440
ORIX Jimbo-cho Building
4,150
4,205
Total for Five Central Wards of Tokyo (26 properties)
245,114242,244
daVinci Kinshicho
3,653
3,548
Tokyo
2,958
2,914
Metropolitan daVinci Higashi-Ikebukuro
Area
Benex S-3
4,950
4,583
(Note 2)
daVinci Shinagawa II
7,710
7,605
Total for Tokyo Metropolitan Area (4 properties)
19,271
18,652
Major
Regional
daVinci Minami-Senba
4,810
4,963
Cities(Note 3)
Total for Major Regional Cities (1 property)
4,810
4,963
Total (31 properties)
269,195
265,860- 31 -

Estimated price Investment
at end of periodratio(million yen)(%)
(Note 6)(Note 7)
14,600
5.2
3,030
1.1
7,430
3.1
4,350
1.7
3,350
1.1
2,860
1.1
1,940
1.0
2,812
1.0
2,392
0.9
2,560
0.8
1,650
0.6
1,390
0.5
2,600
0.9
7,690
2.9
2,490
0.9
1,830
0.6
3,950
1.5
8,070
2.8
4,550
1.7
3,550
1.3
2,450
1.0
15,1005.1
106,000
49.7
4,220
2.2
1,950
0.9
4,290
1.5
217,104
91.1
3,542
1.4
3,417
1.1
3,380
1.8
5,710
2.9
16,049
7.2
3,500

1.8

3,500
236,6531.8
100.0

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period(Note 1) “Five Central Wards of Tokyo” are the Chiyoda, Chuo, Minato, Shinjuku and Shibuya Wards.
(Note 2) “Tokyo Metropolitan Area” is Tokyo (excluding the Five Central Wards of Tokyo), and the Kanagawa,Chiba and Saitama Prefectures.
(Note 3) “Major Regional Cities” are the Osaka metropolitan area (Osaka, Kyoto and Hyogo Prefectures), Nagoya
metropolitan area (Aichi and Mie Prefectures), ordinance-designated cities (Sapporo, Sendai, Niigata,
Shizuoka, Hamamatsu, Okayama, Hiroshima, Kitakyushu and Fukuoka Cities), and Hakodate, Asahikawa,
Aomori, Morioka, Akita, Koriyama, Iwaki, Utsunomiya, Toyama, Kanazawa, Nagano, Gifu, Nara,
Wakayama, Kurashiki, Fukuyama, Shimonoseki, Takamatsu, Matsuyama, Kochi, Kurume, Nagasaki,
Kumamoto, Oita, Miyazaki and Kagoshima Cities.
(Note 4) Acquisition price is the transaction value (excluding the amount equivalent to consumption taxes) of theapplicable trust beneficial interest stated in the trust beneficial interest transaction contract.
(Note 5) Carrying amount is the book value after depreciation amount as of May 31, 2010.
(Note 6) Estimated price at end of period is the price that has May 31, 2010 as the date of the price opinion stated inappraisal reports prepared by real estate appraisers of Tanizawa Sogo Appraisal Co., Ltd., Daiwa Real
Estate Appraisal Co., Ltd., Chuo Real Estate Appraisal Co., Ltd. and Morii Appraisal & Investment
Consulting, Inc. in accordance with the articles of incorporation of the Investment Corporation and the rulesof The Investment Trusts Association, Japan.
(Note 7) Investment ratio is the acquisition price of the applicable trust beneficial interest expressed as a percentageof the total amount of acquisition prices, rounded to one decimal place.
(Note 8) For daVinci A Hamamatsucho, Sunline Building No. 7 and Shinjuku Maynds Tower, the figures are thosepertaining to the Investment Corporation’s ownership interest.
(Note 9) As of the date of this document, the name of the following properties will be or are scheduled to be changedon the dates indicated below. Please note that, in principle, these properties will be referred to by their old
name within this document.
New name
Old name(Scheduled) Date of change
Daiwa Ginza Building
daVinci Ginza
September 1, 2010
Daiwa Ginza Annex
daVinci Ginza Annex
September 1, 2010
Daiwa Shibaura Building
daVinci Shibaura
July 14, 2010
Daiwa Minami-Aoyama Building
daVinci Minami-Aoyama
July 1, 2010
Daiwa Sarugakucho Building
daVinci Sarugakucho
July 11, 2010
Daiwa A Hamamatsucho Building
daVinci A Hamamatsucho
June 30, 2010
Daiwa Jingumae Building
daVinci Jingumae
July 1, 2010
Daiwa Shibadaimon Building
daVinci Shibadaimon
June 30, 2010
Daiwa Misakicho Building
daVinci Misakicho
July 7, 2010
Daiwa Shimbashi 510 Building
daVinci Shimbashi 510
August 1, 2010
Daiwa Tsukiji Building
daVinci Tsukiji
July 4, 2010
Daiwa Tsukiji 616 Building
daVinci Tsukiji 616
August 4, 2010
Daiwa Tsukishima Building
Shuwa Tsukishima Building
August 4, 2010
Daiwa Azabudai Building
Atlantic Building
June 27, 2010
Daiwa Shibuya SS Building
Shibuya SS Building
June 29, 2010
Daiwa Nihombashi Honcho Building
daVinci Nihombashi Honcho
July 18, 2010
Daiwa Ginza 1-chome Building
daVinci Ginza 1-chome
July 2, 2010
Daiwa Kyobashi Building
daVinci Kyobashi
July 2, 2010
Daiwa Onarimon Building
daVinci Onarimon
July 16, 2010
Daiwa Kodenmacho Building
daVinci Kodenmacho
August 5, 2010
Daiwa Jimbocho Building
ORIX Jimbo-cho Building
July 7, 2010
Daiwa Kinshicho Building
daVinci KinshichoJuly 6, 2010
Daiwa Higashi-Ikebukuro Building
daVinci Higashi-Ikebukuro
June 29, 2010
Daiwa Shinagawa North Building
daVinci Shinagawa II
July 12, 2010
Daiwa Minami-Senba Building
daVinci Minami-Senba
July 17, 2010

- 32 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
5.2.2. Summary of Building and Leasing of Investment Real Estate
Structure
Rent revenue
Total
OccupancyandConstruction Leasable
Leasedduringnumber of
rate
RegionProperty namenumber of completion floor area floor area
current period
tenants(%)(thousand yen)
(Note 2)
(Note 3)(Note 4)
floors(Note 5)(Note 6)(Note 7)(Note 1)SRC
daVinci Ginza
July 1960
8,273.44
7,383.72
1 [25]
89.2
370,933
B3 / 12F
SRC
daVinci Ginza Annex
Aug. 1972
2,032.52
1,758.27
1 [6]
86.5
92,132B3 / 8F
SRC
daVinci Shibaura
Oct. 1987
9,626.16
9,544.62
1 [55]
99.1
287,228
B1 / 12FS / SRCdaVinci Minami-Aoyama
Sept. 1990
2,715.54
2,715.54
1 [6]
100.0
138,229
B2 / 5F
SRC
daVinci Sarugakucho
June 1985
3,657.43
3,657.43
1 [1]
100.0
127,876
8F
SRC
daVinci A Hamamatsucho
July 1993
3,671.25
3,671.25
1 [11]
100.0
145,720
B2 / 10FRC
daVinci Jingumae
Dec. 1997
2,388.22
0.00
1 [0]
0.0
72,898
B1 / 4F
SRC / RCdaVinci Shibadaimon
Nov. 1996
2,384.70
2,384.70
1 [5]
100.0
104,719
B1 / 7F
S
daVinci Misakicho
July 1996
2,137.53
2,137.53
1 [1]
100.0
84,8968F
SRC
daVinci Shimbashi 510
Apr. 1974
2,792.99
2,463.51
1 [8]88.2
85,688
B1 / 8FSRC
BPS SquareJan. 1996
2,852.97
2,852.97
1 [1]
100.0
55,32010F
SRC
daVinci Tsukiji
Jan. 1990
1,487.82
1,266.40
1 [4]85.1
50,762
B1 / 7F
SRC
Five Central daVinci Tsukiji 616
Mar. 1994
2,932.65
2,932.65
1 [8]
100.0
99,188
B1 / 9F
Wards ofS
Tokyo
Shuwa Tsukishima Building
July 1996
8,426.85
8,426.85
1 [3]
100.0
282,883
5F
SRC
Nihombashi MS Building
Apr. 1993
2,989.56
2,989.56
1 [9]
100.0
77,107
B2 / 7F
SRC
Atlantic Building
Apr. 1984
1,705.44
1,705.44
1 [9]
100.0
59,099B2 / 9F
SRC / S
Shibuya SS Building
July 1977
2,980.92
2,980.92
1 [11]
100.0
110,151
B1 / 9F
SRC
daVinci Nihombashi Honcho
Jan. 1964
7,419.77
2,840.12
1 [7]38.2
230,343
B1 / 10F
SRC
daVinci Ginza 1-chome
Jan. 1962
3,757.77
2,966.59
1 [9]78.9120,366
B2 / 11F
SRC
daVinci Kyobashi
Oct. 1974
3,220.47
2,837.33
1 [5]88.1
112,089
B1 / 8F
SRC
Sunline Building No. 7
Oct. 1987
2,405.15
1,917.75
1 [7]
79.7
54,763B2 / 9F
SRC
daVinci Onarimon
Apr. 1973 11,615.37 11,615.37
1 [8]
100.0
421,944
9F
S / SRC
Shinjuku Maynds Tower (Note 8)
Sept. 1995 45,556.73 35,588.00
1 [35]
78.1
2,450,303
B3 / 34FRC
SHIBUYA EDGE
Aug. 2006
2,480.65
2,480.65
1 [7]
100.0
136,644
B1 / 9F
SRC
daVinci Kodenmacho
Mar. 1985
2,379.29
2,065.94
1 [7]86.8
47,3888FSORIX Jimbo-cho Building
Mar. 1997
3,166.84
3,166.84
1 [2]
100.0
69,905
B1 / 8F
Total for Five Central Wards of Tokyo (26 properties)
145,058.03 124,349.95 26 [250]85.7
5,888,586- 33 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

Structure
Rent revenue
Total
OccupancyandConstruction Leasable
Leasedduringnumber of
rate
RegionProperty namenumber of completion floor area floor area
current period
tenants(%)(thousand yen)
(Note 2)
(Note 3)(Note 4)
floors(Note 5)(Note 6)(Note 7)(Note 1)
S
daVinci KinshichoJan. 1992
5,468.85
5,468.85
1 [6]
100.0
153,778
B1 / 5F
SRC / STokyo
daVinci Higashi-Ikebukuro
June 1993
4,630.94
4,630.94
1 [6]
100.0
153,723
B1 / 9F
Metropolitan
S / SRC
Area
Benex S-3
Feb. 1994
7,472.29
6,007.89
1 [19]
80.4
122,413
B1 / 12F
SRC
daVinci Shinagawa II
July 1991
6,551.08
5,949.28
1 [12]
90.8
188,487
B1 / 11F
Total for Tokyo Metropolitan Area (4 properties)
24,123.16 22,056.96
4 [43]
91.4
618,402
Major
SRC
Regional daVinci Minami-Senba
Sept. 1986
5,747.12
3,632.66
1 [5]63.2
103,035
B1 / 8F
CitiesTotal for Major Regional Cities (1 property)
5,747.12
3,632.66
1 [5]63.2
103,035
Total (31 properties)
174,928.31 150,039.57 31 [298]85.7
6,610,024(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 to floors above ground.
(Note 2) “Construction completion” is the entry in the real estate registry of the building of the applicable investment
real estate property.
(Note 3) “Leasable floor area” represents the floor area of the building of the applicable investment real estate
property that is leasable, not including the leasable area of the land (including level parking space), and is
the floor area indicated in the leasing contract, etc.
(Note 4) “Leased floor area” is the sum total of the floor area that is actually leased based on lease or subleaseagreements executed with end-tenants as of May 31, 2010.
(Note 5) “Total number of tenants” when there is a master lease agreement is stated as “1” with the number of endtenants given in parentheses [ ]. When there is a tenant occupying multiple buildings, the concerned 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 andother income generated from the applicable investment real estate property during the 9th Fiscal Period,
rounded down to the nearest thousand yen.
(Note 8) Leasable floor area and leased floor area are calculated for the common ownership interest in the real estatein trust pertaining to trust beneficial interest held by the Investment Corporation, which corresponds to sixsevenths of the entire Property. Accordingly, leasable floor area and leased floor area are the floor areas
corresponding to six-sevenths of the entire building.

- 34 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
5.2.3. Capital Expenditures for Assets Under Management
5.2.3.1. Schedule of Capital Expenditures
The following are the principal capital expenditures arising from renovation construction work, etc. currently
planned for existing portfolio properties. Please note that the expected construction amount includes portions
that are expensed as a separate account item of accounting costs.
Name of real estate properties(Location)

Scheduled
implementation
periodPurposeConstruction work for
replacement of cold-water coil in
air-conditioning system
Construction work for upgrading
package air-conditioning system
Construction work foraddressing leasing
Construction work for
replacement of outdoor lighting
fixtures
Construction work for turning
B1F into office space

Shinjuku Maynds Tower(Shibuya-ku, Tokyo)
daVinci Ginza 1-chome(Chuo-ku, Tokyo)
daVinci Ginza 1-chome(Chuo-ku, Tokyo)
Shinjuku Maynds Tower(Shibuya-ku, Tokyo)
daVinci Shimbashi 510(Minato-ku, Tokyo)

From: July 2010
To: Nov. 2010

Expected construction amount (million yen)Amount paid
Total amount
Total amountduring current period already paid
111

–

–

30

–

–

25

–

–

From: July 2010
To: Nov. 2010

17

–

–

From: June 2010
To: June 2010

15

–

–

From: Oct. 2010
To: Nov. 2010
From: Aug. 2010
To: Sept. 2010

5.2.3.2. Capital Expenditures During Period
The following summarizes the primary construction work that constitutes capital expenditures implemented
during the 9th Fiscal Period. Capital expenditures for the 9th Fiscal Period amounted to 568 million yen and,
when combined with the 429 million yen in repair expenses charged to 9th Fiscal Period expenses, totals 998
million yen in construction work implemented.
Name of real estate properties(Location)
Shinjuku Maynds Tower(Shibuya-ku, Tokyo)
Shinjuku Maynds Tower(Shibuya-ku, Tokyo)
Shinjuku Maynds Tower(Shibuya-ku, Tokyo)
Shinjuku Maynds Tower(Shibuya-ku, Tokyo)
Shuwa Tsukishima Building(Chuo-ku, Tokyo)
Shinjuku Maynds Tower(Shibuya-ku, Tokyo)
daVinci Kyobashi(Chuo-ku, Tokyo)
daVinci Kyobashi(Chuo-ku, Tokyo)

Purpose

PeriodConstruction work for new installation of cold-water
heat exchanger

From: June 2009
To: Apr. 2010
From: Oct. 2009
To: Mar. 2010
From: Nov. 2009
To: Jan. 2010
From: Apr. 2010
To: May 2010
From: Mar. 2010
To: Mar. 2010
From: Mar. 2010
To: May 2010
From: Mar. 2010
To: May 2010
From: Apr. 2010
To: Apr. 2010
From: Dec. 2009
To: May 2010

Construction work for renovation of 6~13F
Construction work for replacement of cold-water coilin air-conditioning system on each floor
Construction work for replacement of cold-water coilin air-conditioning system on each floor
Construction work for servicing of air-conditioning
systemConstruction work for renovation of 1F entrance lobby
and elevator lobby
Construction work for renovation of outdoor steelframed stairs
Construction work for maintenance of multi-levelparking equipment

Other

Construction amount paid
(million yen)

Total

255
102
35
22
18
13
11
10
99
568

5.2.3.3. Monies Set Aside 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 to be allocated to payment of such funds as future major repairs.
(Unit: thousand yen)
9th Fiscal Period
Fiscal period[From: December 1, 2009
To: May 31, 2010]
Balance of reserve at end of previous period–
Amount of reserve in current period
643
Reversal of reserve in current period–
Amount carried forward to next period643- 35 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
5.2.3.4. Summary of Estimated Price at End of Period (As of May 31, 2010)

Property nameSummary of Appraisal Report
Estimated price Direct capitalization method
DCF method
at end of period
Discount Terminal(million yen)Price
Cap rate
Price
rate
cap rate(Note 1)(million yen)(%)(million yen)(%)(%)

daVinci Ginza
daVinci Ginza Annex
daVinci Shibaura
daVinci Minami-Aoyama
daVinci Sarugakucho
daVinci A Hamamatsucho (Note 5)
daVinci Jingumae
daVinci Shibadaimon
daVinci MisakichodaVinci Shimbashi 510

14,600
3,030
7,430
4,350
3,350
2,860
1,940
2,812
2,392
2,560

15,600
3,160
7,571
4,430
3,390
2,876
2,080
2,982
2,502
2,610

4.6
4.5
5.2
4.8
5.7
5.1
4.7
5.1
5.3
5.2

BPS Square

1,650

1,670

5.3

1,390
2,600
7,690
2,490
1,830
3,950
8,070
4,550
3,550
2,450
15,100106,000
4,220
1,950
4,290
3,542
3,417
3,380
5,710
3,500
236,653

1,380
2,610
7,760
2,640
1,870
4,110
8,660
4,880
3,700
2,620
15,900132,000
4,390
2,100
4,230
3,788
3,587
3,530
6,320
3,560
268,506

5.2
5.1
5.3
5.0
5.0
5.0
5.1
4.8
5.0
5.0
4.9
4.0
4.6
5.3
5.2
5.6
5.4
5.8
5.2
5.5

daVinci Tsukiji
daVinci Tsukiji 616
Shuwa Tsukishima Building
Nihombashi MS Building
Atlantic Building
Shibuya SS Building
daVinci Nihombashi Honcho
daVinci Ginza 1-chomedaVinci Kyobashi
Sunline Building No. 7 (Note 5)
daVinci Onarimon
Shinjuku Maynds Tower (Note 6)
SHIBUYA EDGE
daVinci Kodenmacho
ORIX Jimbo-cho Building
daVinci KinshichodaVinci Higashi-Ikebukuro
Benex S-3
daVinci Shinagawa II
daVinci Minami-Senba
Total

14,200
2,970
7,430
4,270
3,300
2,860
1,880
2,812
2,392
2,510

4.3
4.2
4.9
4.5
5.4
4.7
4.4
4.8
5.0
4.9
5.1 (Note 3)
1,640
5.3 (Note 4)
1,390
5.2
2,600
4.8
7,660
5.0
2,430
4.7
1,790
4.7
3,880
4.7
7,810
4.7
4,410
4.4
3,480
4.7
2,370
4.7
14,7004.6
120,000
3.8
4,140
4.3
1,890
5.0
4,310
5.2
3,542
5.3
3,417
5.1
3,320
5.5
5,450
4.9
3,430
5.2
248,283

Price indicatedby the cost
approach(million yen)
(Note 2)4.9
13,000
4.8
3,390
5.7
5,385
5.1
3,500
6.0
1,420
5.7
1,765
5.0
2,210
5.6
1,617
5.8
1,220
5.5
1,930
5.6

1,020

5.5
5.3
5.5
5.3
5.3
5.3
5.4
5.1
5.3
5.3
5.2
4.1
4.9
5.6
5.5
6.1
5.9
6.1
5.5
5.8

726
1,220
4,860
1,660
1,310
3,040
4,340
4,760
1,970
3,290
11,100102,000
3,690
1,020
2,680
1,723
1,898
3,600
5,170
2,010
198,524(Note 1) “Estimated price at end of period” is the price that has May 31, 2010 as the date of the price opinion statedin appraisal reports prepared by real estate appraisers of Tanizawa Sogo Appraisal Co., Ltd., Daiwa Real
Estate Appraisal Co., Ltd., Chuo Real Estate Appraisal Co., Ltd. and Morii Appraisal & Investment
Consulting, Inc. in accordance with the articles of incorporation of the Investment Corporation and the rulesof The Investment Trusts Association, Japan.
(Note 2) “Price indicated by the cost approach” is rounded down to the nearest million yen.
(Note 3) The discount rate for the 1st~2nd year.
(Note 4) The discount rate for the 3rd or subsequent years.
(Note 5) For daVinci A Hamamatsucho and Sunline Building No. 7, the prices are those pertaining to the Investment
Corporation’s ownership interest.
(Note 6) 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, price indicatedby the DCF method and price indicated by the cost approach are the prices pertaining to the entire Property.

- 36 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
5.2.3.5. Status of Income (Loss), etc. of Individual Properties
The following table summarizes the status of income (loss), etc. for the 9th Fiscal Period (from December 1,
2009 to May 31, 2010) for each individual property as a list. Income (loss) information is presented inaccordance with the “Significant Accounting Policies” outlined earlier in this document.
RegionProperty nameFive Central Wards of Tokyo
daVinci
Ginza

daVinci
Sarugakucho

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Acquisition price (million yen)

14,100

3,050

8,265

4,550

3,000

5.2

1.1

3.1

1.7

1.1

13,749

2,965

8,164

4,513

2,987

14,600

3,030

7,430

4,350

3,350

Price
information Carrying amount (million yen)
Estimated price at end of period(million yen)
Number of tenants (Note 1)

25

6

55

6

1

Leasable floor area (m2)

8,273.44

2,032.52

9,626.16

2,715.54

3,657.43

Leased floor area (m2)

7,383.72

1,758.27

9,544.62

2,715.54

3,657.43

End of May 2008

99.5

98.2

98.3

100.0

100.0

End of Nov. 2008

98.4

96.6

99.2

100.0

100.0

End of May 2009

94.9

96.6

90.3

80.6

100.0

Occupancy rate (%)

End of Nov. 2009

85.4

86.4

88.5

100.0

100.0

End of May 2010

89.2

86.5

99.1

100.0

100.0

182

182

182

182

182

370,933

94,832

288,886

138,229

127,876

370,933

92,132287,228

138,229

127,876

－

2,700

1,657

－

－

153,382

41,25899,76835,22038,563

Number of days of asset management
Total property leasing revenue (A)(thousand yen)
Rent revenue – real estate
Other lease business revenue
Total property leasing expenses (B)(thousand yen)
Consignment expenses
Income(loss)
information

daVinci
MinamiAoyama

daVinci
ShibauraAcquisition date
Investment ratio (%)

Leasing
information

daVinci
Ginza Annex

21,915

7,549

19,165

5,635

7,330

Utilities expenses

25,471

4,863

19,003

6,733

7,497

Taxes and dues

23,6107,662

19,511

10,975

3,064

615

146

566

205

188

Repair expenses

2,519

3,594

18,134

1,113

238

Depreciation (C)67,066

Non-life insurance expenses

17,441

23,16810,557

11,777

Other lease business expenses
Operating income (loss) from property
leasing (D) [(A) – (B)] (thousand yen)
NOI (E) [(D) + (C)] (thousand yen)

12,183

－

220

－

8,467

217,551

53,573

189,118

103,008

89,313284,61771,015212,286

113,566

101,090

Capital expenditures (F) (thousand yen)

7,571

2,401

6,907

1,018

410

277,045

68,614205,378

112,548

100,680

41.35

43.51

34.54

25.48

30.16

49,798

16,27040,116

22,604

6,108

128,190

34,770218,640

111,190

162,170

NCF [(E) – (F)] (thousand yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax, etc.
Reference for fiscal 2010 (thousand yen)
information Estimated long-term repair expenses(thousand yen) (Note 2)
Status of pledge as collateral

Yes

Yes

- 37 -

Yes

Yes

Yes

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

RegionFive Central Wards of Tokyo

Property namedaVinci A
Hamamatsucho

Acquisition date

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Oct. 2005

Acquisition price (million yen)

2,865

2,800

2,578

2,346

2,080

Investment ratio (%)

1.1

1.0

1.0

0.9

0.8

2,839

2,763

2,492

2,274

2,138

2,860

1,940

2,812

2,392

2,560

Price
information Carrying amount (million yen)
Estimated price at end of period(million yen)
Number of tenants (Note 1)

Leasing
information

daVinci
Shibadaimon

daVinci
Misakicho

daVinci
Shimbashi 510

11

0

5

1

8

Leasable floor area (m2)

3,671.25

2,388.22

2,384.70

2,137.53

2,792.99

Leased floor area (m2)

3,671.25

0.00

2,384.70

2,137.53

2,463.51

End of May 2008

100.0

100.0

100.0

100.0

93.6

End of Nov. 2008

100.0

100.0

100.0

100.0

100.0

End of May 2009

100.0

100.0

100.0

100.0

100.0

End of Nov. 2009

100.0

100.0

100.0

100.0

88.2

End of May 2010

100.0

0.0

100.0

100.0

88.2

182

182

182

182

182

145,731

107,898

104,719

84,89686,376

145,720

72,898104,719

84,896

85,68810

35,000－－688

78,84658,43046,59432,04928,064

Occupancy rate (%)

Number of days of asset management
Total property leasing revenue (A)(thousand yen)
Rent revenue – real estate
Other lease business revenue
Total property leasing expenses (B)(thousand yen)
Consignment expenses
Income(loss)
information

daVinci
Jingumae

13,455

5,134

7,078

4,151

6,457

Utilities expenses

8,430

5,509

6,375

5,417

4,106

Taxes and dues

9,059

6,268

5,730

5,590

5,722

258

105

158

124

153

Repair expenses

2,007

31,727

12,983

2,683

5,737

Depreciation (C)16,234Non-life insurance expenses

9,427

14,26914,083

5,825

Other lease business expenses
Operating income (loss) from property
leasing (D) [(A) – (B)] (thousand yen)
NOI (E) [(D) + (C)] (thousand yen)

29,400

258

－

－

60

66,88549,467

58,124

52,84658,312

83,11958,89572,393

66,93064,138

Capital expenditures (F) (thousand yen)

348

1,808

878

－

350

82,771

57,086

71,51566,93063,788

54.10

54.15

44.50

37.75

32.49

17,96912,976

11,743

11,34911,895

115,840

84,98098,390129,500

117,390

NCF [(E) – (F)] (thousand yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax, etc.
Reference for fiscal 2010 (thousand yen)
information Estimated long-term repair expenses(thousand yen) (Note 2)
Status of pledge as collateral

Yes

Yes

- 38 -

Yes

Yes

Yes

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

RegionProperty nameAcquisition date

Five Central Wards of Tokyo
Nihombashi
MS Building

Jan. 2006

Mar. 2006

Mar. 2006

May 2006

Acquisition price (million yen)

1,560

1,240

2,440

7,840

2,520

Investment ratio (%)

0.6

0.5

0.9

2.9

0.9

1,435

1,236

2,389

7,470

2,520

1,650

1,390

2,600

7,690

2,490

1

4

8

3

9

Leasable floor area (m2)

2,852.97

1,487.82

2,932.65

8,426.85

2,989.56

Leased floor area (m2)

2,852.97

1,266.40

2,932.65

8,426.85

2,989.56

End of May 2008

100.0

100.0

73.7

100.0

86.9

End of Nov. 2008

100.0

100.0

100.0

100.0

85.9

End of May 2009

100.0

100.0

100.0

100.0

85.9

End of Nov. 2009

100.0

100.0

100.0

100.0

100.0

End of May 2010

100.0

85.1

100.0

100.0

100.0

182

182

182

182

182

55,32050,762

99,188282,883

85,64555,32050,762

99,188282,883

77,107

－

－

－

－

8,538

23,866

18,49450,930

119,405

42,109

Occupancy rate (%)

Number of days of asset management
Total property leasing revenue (A)(thousand yen)
Rent revenue – real estate
Other lease business revenue
Total property leasing expenses (B)(thousand yen)
Consignment expenses
Income(loss)
information

Shuwa
Tsukishima
Building

daVinci
Tsukiji 616

Jan. 2006

Price
information Carrying amount (million yen)
Estimated price at end of period(million yen)
Number of tenants (Note 1)

Leasing
information

daVinci
Tsukiji

BPS Square

655

3,817

7,155

13,8596,608

Utilities expenses

－

2,913

6,413

20,933

4,551

Taxes and dues

5,414

3,994

7,451

12,968

7,027

Non-life insurance expenses

133

77

171

413

176

Repair expenses

324

416

1,236

4,092

6,503

Depreciation (C)17,3387,276

28,501

67,138

17,107

Other lease business expenses
Operating income (loss) from property
leasing (D) [(A) – (B)] (thousand yen)
NOI (E) [(D) + (C)] (thousand yen)

－

－

－

－

135

31,45332,26748,257

163,478

43,535

48,791

39,54476,759230,616

60,642

Capital expenditures (F) (thousand yen)

400

160

－

18,300－48,391

39,38476,759212,316

60,642

43.14

36.43

51.35

42.21

49.17

10,926

8,336

14,74026,756

14,160114,750

49,77073,410331,450

139,000

NCF [(E) – (F)] (thousand yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax, etc.
Reference for fiscal 2010 (thousand yen)
information Estimated long-term repair expenses(thousand yen) (Note 2)
Status of pledge as collateral

Yes

Yes

- 39 -

Yes

Yes

Yes

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

RegionProperty nameAcquisition date

Five Central Wards of Tokyo
Atlantic
Building

daVinci
Ginza 1-chomedaVinci
Kyobashi

May 2006

July 2006

July 2006

July 2006

Acquisition price (million yen)

1,600

3,930

7,420

4,620

3,460

Investment ratio (%)

0.6

1.5

2.8

1.7

1.3

1,576

3,865

7,264

4,536

3,424

1,830

3,950

8,070

4,550

3,550

9

11

7

9

5

Leasable floor area (m2)

1,705.44

2,980.92

7,419.77

3,757.77

3,220.47

Leased floor area (m2)

1,705.44

2,980.92

2,840.12

2,966.59

2,837.33

Occupancy rate (%)
End of May 2008

100.0

97.6

97.9

96.6

88.1

End of Nov. 2008

100.0

100.0

100.0

80.0

100.0

End of May 2009

97.2

93.0

100.0

90.7

100.0

End of Nov. 2009

87.9

91.3

84.9

78.9

100.0

End of May 2010

100.0

100.0

38.2

78.9

88.1

182

182

182

182

182

60,480138,949

230,343

150,989

115,383

59,099110,151

230,343

120,366

112,089

1,380

28,798－30,622

3,293

23,76770,78967,28047,702

36,623

Number of days of asset management
Total property leasing revenue (A)(thousand yen)
Rent revenue – real estate
Other lease business revenue
Total property leasing expenses (B)(thousand yen)
Consignment expenses
Income(loss)
information

daVinci
Nihombashi
HonchoMay 2006

Price
information Carrying amount (million yen)
Estimated price at end of period(million yen)
Number of tenants (Note 1)

Leasing
information

Shibuya SS
Building

4,595

10,362

12,931

8,625

6,564

Utilities expenses

2,573

7,946

12,372

6,224

6,352

Taxes and dues

5,063

10,297

12,224

7,281

6,653

113

191

413

199

184

Repair expenses

4,481

26,885

1,283

6,040

678

Depreciation (C)6,939

Non-life insurance expenses

15,10528,055

19,256

16,191Other lease business expenses
Operating income (loss) from property
leasing (D) [(A) – (B)] (thousand yen)
NOI (E) [(D) + (C)] (thousand yen)

－

－

－

74

－

36,712

68,160163,063103,286

78,75943,652

83,265

191,119

122,543

94,950Capital expenditures (F) (thousand yen)

3,183

6,481

2,587

3,935

22,856

NCF [(E) – (F)] (thousand yen)

40,46876,784

188,531

118,608

72,094

39.30

50.95

29.21

31.59

31.74

10,545

21,97825,156

15,67913,891

67,880113,840

116,900

191,730

61,450

Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax, etc.
Reference for fiscal 2010 (thousand yen)
information Estimated long-term repair expenses(thousand yen) (Note 2)
Status of pledge as collateral

Yes

Yes

- 40 -

Yes

Yes

Yes

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

RegionFive Central Wards of Tokyo
SunlineBuilding No. 7

Acquisition date

Oct. 2006

Dec. 2006

2,680

13,860Acquisition price (million yen)
Investment ratio (%)
Price
Carrying
amount (million yen)
information
Estimated price at end of period(million yen)
Number of tenants (Note 1)

July and Nov.
2007
133,800

SHIBUYAEDGE

daVinci
Kodenmacho

July 2007

Aug. 2007

5,900

2,460

1.0

5.1

49.7

2.2

0.9

13,761

132,676

5,885

2,440

2,450

15,100106,000

4,220

1,950

7

8

35

7

7

Leasable floor area (m )2,405.15

11,615.37

45,556.73

2,480.65

2,379.29

Leased floor area (m2)

1,917.75

11,615.37

35,588.00

2,480.65

2,065.94

End of May 2008

100.0

100.0

100.0

100.0

100.0

End of Nov. 2008

97.2

100.0

96.6

100.0

100.0

End of May 2009

97.2

97.3

99.9

100.0

100.0

End of Nov. 2009

76.9

86.6

99.1

100.0

100.0

End of May 2010

79.7

100.0

78.1

100.0

86.8

182

182

182

182

182

54,776421,9442,706,855

136,644

47,38854,763421,9442,450,303

136,644

47,388

13－

256,551－－

33,891

109,613

1,465,973

39,756

23,692

5,750

25,444

159,073

9,391

6,189

Utilities expenses

4,387

17,789262,968

6,198

3,422

Taxes and dues

13,632

34,079256,965

6,962

3,801

177

598

5,178

154

112

Occupancy rate (%)

Number of days of asset management
Total property leasing revenue (A)(thousand yen)
Rent revenue – real estate
Other lease business revenue
Total property leasing expenses (B)(thousand yen)
Consignment expenses
Income(loss)
information

daVinci
Onarimon

2,663

2

Leasing
information

Shinjuku
Maynds Tower(Note 3)

Property nameNon-life insurance expenses
Repair expenses

771

2,476

279,418

450

1,404

Depreciation (C)9,170

29,226499,844

16,597

7,938

Other lease business expenses
Operating income (loss) from property
leasing (D) [(A) – (B)] (thousand yen)
NOI (E) [(D) + (C)] (thousand yen)

－

－

2,524

－

822

20,885

312,330

1,240,881

96,88823,69530,056

341,556

1,740,726

113,485

31,633

Capital expenditures (F) (thousand yen)

307

640

462,564

950

1,305

29,748340,916

1,278,161

112,535

30,328

61.87

25.98

54.16

29.09

50.00

29,04173,392518,934

14,396

7,696

68,810236,800

2,502,610

48,29070,970

NCF [(E) – (F)] (thousand yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax, etc.
Reference for fiscal 2010 (thousand yen)
information Estimated long-term repair expenses(thousand yen) (Note 2)
Status of pledge as collateral

Yes

Yes

- 41 -Yes (Note 3)

Yes

Yes

DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period

RegionORIX
Jimbo-cho
Building

daVinci
Kinshicho

daVinci
HigashiIkebukuro

Benex S-3

daVinci
Shinagawa II

Acquisition dateMar. 2010

Oct. 2005

Oct. 2005

May 2006

July 2007

Aug. 2007

Acquisition price (million yen)

4,150

3,653

2,958

4,950

7,710

4,810

Investment ratio (%)

1.5

1.4

1.1

1.8

2.9

1.8

4,205

3,548

2,914

4,583

7,605

4,963

4,290

3,542

3,417

3,380

5,710

3,500

daVinci
MinamiSenba

2

6

6

19

12

5

Leasable floor area (m2)

3,166.84

5,468.85

4,630.94

7,472.29

6,551.08

5,747.12

Leased floor area (m2)

3,166.84

5,468.85

4,630.94

6,007.89

5,949.28

3,632.66

End of May 2008

－

100.0

100.0

100.0

100.0

92.8

End of Nov. 2008

－

100.0

100.0

100.0

85.6

100.0

End of May 2009

－

100.0

100.0

100.0

91.8

100.0

Occupancy rate (%)

End of Nov. 2009

－

100.0

100.0

67.2

100.0

63.2

End of May 2010

100.0

100.0

100.0

80.4

90.8

63.2

83

182

182

182

182

182

69,905

153,778

153,723

122,413

195,168

103,035

69,905

153,778

153,723

122,413

188,487

103,035

－

－

－

－

6,681

－

17,86670,643

68,614

120,505

106,543

77,620

Number of days of asset management
Total property leasing revenue (A)(thousand yen)
Rent revenue – real estate
Other lease business revenue
Total property leasing expenses (B)(thousand yen)
Consignment expenses
Income(loss)
information

Major
Regional
CitiesProperty namePrice
information Carrying amount (million yen)
Estimated price at end of period(million yen)
Number of tenants (Note 1)

Leasing
information

Five Central
Wards ofTokyo Metropolitan Area
Tokyo

3,480

16,226

12,50522,201

21,091

15,438

Utilities expenses

2,486

10,532

14,111

15,023

13,3798,672

Taxes and dues－

12,757

9,588

24,571

18,893

17,037

Non-life insurance expenses

121

340

317

513

499

332

Repair expenses

78

1,758

2,458

2,738

4,162

910

Depreciation (C)11,44029,027

29,63355,45548,51735,228

259

－

－

－

－

－

52,03983,134

85,108

1,907

88,62425,41463,479112,162

114,741

57,363

137,142

60,643

Other lease business expenses
Operating income (loss) from property
leasing (D) [(A) – (B)] (thousand yen)
NOI (E) [(D) + (C)] (thousand yen)
Capital expenditures (F) (thousand yen)
NCF [(E) – (F)] (thousand yen)
Expense rate (%) [(B) ÷ (A)]Annual amount of fixed property tax, etc.
Reference for fiscal 2010 (thousand yen)
information Estimated long-term repair expenses(thousand yen) (Note 2)
Status of pledge as collateral

694

856

3,245

15,291－

3,374

62,785111,306

111,496

42,072

137,142

57,269

25.56

45.94

44.64

98.44

54.59

75.33

－

25,506

19,311

32,66637,802

23,237126,090285,600

141,210

402,880

191,640

107,090

None

Yes

Yes

Yes

Yes

Yes

- 42 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period(Note 1) 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 thought
to arise over the 12-year period from the 1st year to the 12th year as stated in the building investigation
diagnosis report.
(Note 3) The real estate in trust pertaining to trust beneficial interest held by the Investment Corporation is common
ownership interest corresponding to six-sevenths of the entire Property. Of this, the common ownershipinterest corresponding to five-sevenths of the entire Property is pledged as collateral.

- 43 -DA Office Investment Corporation (8976) Financial Report for the 9th Fiscal Period
5.3. Affiliated Juridical Persons of the Investment Corporation
Asset Manager
Daiwa Real Estate Asset Management Co., Ltd.
Supporting Company
Daiwa Securities Group Inc.
The Investment Corporation
DA Office Investment Corporation
General Meeting of Unitholders
Board of Directors
Executive Director: Yoshiki Nishigaki
Supervisory Director: Takayuki Hiraishi
Supervisory Director: Hiroshi Sakuma
Accounting Auditor
KPMG AZSA LLC (Note)
General Administrator
Asset Custodian
The Sumitomo Trust and Banking Co., Ltd.
Administrator of Unitholders Register
Manager of Special Accounts
The Chuo Mitsui Trust and Banking Company, Limited
General Administrator(Investment Corporation Bonds)
Sumitomo Mitsui Banking Corporation(Note) Temporary Accounting Auditor (As of May 31, 2010)
KPMG AZSA LLC changed its name from KPMG AZSA & Co., effective July 1, 2010.
(1) Asset management contract(2) General administrative affairs contract / Asset custodian contract(3) Unitholder register, etc. management contract / Special account management contract(4) Sponsor support agreement(5) Fiscal agent agreement- 44 -