As of January 20, 2023

Daiwa Office Investment Corporation
Earnings Announcement for the 34th Fiscal Period(Fiscal Period Ended November 2022)

Securities Code: 8976

Contents

Section 3
Topics of the Fiscal Period Ended November 2022 (34th FP)

3

External Growth

Section 1

Property Divestment in the Fiscal Period Ending May 2023 andEfforts to Improve Portfolio

22

Fiscal Period Ended November 2022 (34th Fiscal
Period) Performance Highlights and Forecasts

Progress of Kandasudacho 2-chome Development Project

23

Acquisition/Sale Policy and Status of Deliberation for Property
Acquisitions

24

5

Change in Asset Size and Acquisition Performance

25

6

Section 4

Highlights of the Fiscal Period Ended November 2022 (34th FP)
Highlights of Forecasts for the Fiscal Periods Ending May 2023
and November 2023 (35th and 36th FP)
Factors of Change in Dividends per Unit / Forecast of Utilities
Income and Expenditure
Change in Dividends per Unit and Policy for utilizing Internal
Reserves
Change in Dividends over the Past Decade789Section 2

Financial Strategy
Status of Interest-Bearing Liabilities

27

Unitholders as of the End of November 2022

30

Section 5

Internal Growth
Leasing Market of Tokyo Office Buildings

12

Efforts on ESG

Analysis of Leasing Business

13

Environment

33

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

16

Social35

Internal Growth Strategies

17

Governance

36

Daiwa Nihonbashi Bakurocho Leasing Status

18

Occupancy Status of Properties Subject to Leasing Improvement in
the Fiscal Period ended November 2022 (34th FP)
19
Properties Subject to Leasing Improvement in the Fiscal PeriodEnding May 2023 (35th FP)
20

Appendix

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

1Disclaimer

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

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

2

Topics of the Fiscal Period Ended November 2022 (34th FP)
Matters relating to internal growth please refer to page 12～
 Occupancy rate as of the end of the 34th FP was 97.4% (End of the 33rd FP: 98.4%)
 Monthly rent increase/decrease rate due to contract renewal was +5.6%, monthly rent increase/decrease

rate due to tenant replacement was -2.9%.

 Actual dividends for the 34th FP was 13,700 yen (-300 yen, -2.1% from previous period).
 The reverse margin on utilities income and expenditure is expected to peak in the Fiscal Period Ending May

2023 due to progress in change of the format of billing tenants

Matters relating to external growth please refer to page 22～Transferred Daiwa SHIBUYA EDGE (transfer price: 7,313 million yen; transfer date: December 21, 2022),with approximately 1,000 million yen of the total gain on sale of approximately 1,500 million yen to be
distributed and approximately 500 million yen to be recorded as internal reserves

Financial information, matters relating to ESG
 Share buy-backs: 2.99 billion yen （August 25 to September 28, 2022)
 LTV: 42.8% (end of the 34th FP)

please refer to page 27～

 ESG: Acquired the highest rating of “5 Star” in the GRESB Real Estate Assessment 2022 for the first time

Newly obtained BELS Evaluation (3 Stars) for Daiwa Nihonbashi Bakurocho in the first development projectplease refer to page 33～

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

3Section 1
Fiscal Period Ended November 2022 (34th Fiscal Period)
Performance Highlights and Forecasts

Highlights of the Fiscal Period Ended November 2022 (34th FP)
Results of the 34th Fiscal Period

Factor33rd Fiscal Period(ended May 2022)

34th Fiscal Period(ended Nov. 2022)

Difference

Operating Revenue

14,474 million yen

13,891 million yen-583 million yen

Operating Expenses

6,551 million yen

6,828 million yen+276 million yen

Operation Income

7,923 million yen

7,062 million yen-860 million yen

569 million yen

576 million yen+7 million yen

7,493 million yen

6,512 million yen-980 million yen

15,443 yen

13,561 yen-1,882 yen

14,000 yen

13,700 yen-300 yen( - yen)(122 yen)(-122 yen)

784,146 yen

788,115 yen+3,969 yen

Period End Occupancy Rate

98.4%

97.4%

-1.0%

Period Average Occupancy Rate (Note 4)

97.8%

97.5%

-0.3%

4.7%

4.6%

-0.1%

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

(Note 1)

(Note 2)

(Reversal of reserve)

NAV per Unit

(Note 2)

(Note 3)

NOI Yield (annualized)(Note 5)(Note 1) Net income per unit is calculated using the following average number of investment units during the period.
(Note 2) Dividends per unit for the 33rd FP is calculated by dividing the amount obtained by subtracting provision for reserve for
reduction entry (737 million yen) from unappropriated retained earnings by the total number of investment units(Note 7)
issued and outstanding. Dividends per unit for the 34th FP includes the amount obtained by dividing part (reserve for
reduction entry of 40 million yen and corresponding deferred tax liabilities of 18 million yen amounting to a total of 58
million yen) of the amount retained as internal reserves by the total number of investment units(Note 7) issued andoutstanding. Dividends per unit before the reversal is 13,578 yen. The same applies in the table below.

(Reference) Comparison of Forecasts with Results of 34th Fiscal Period
34th Fiscal Period
Forecast(announced Jul. 2022)

34th Fiscal Period(ended Nov. 2022)

13,727 million yen

13,891 million yen+ 164 million yen

Operating Expense

6,777 million yen

6,828 million yen+ 50 million yen

Net Income

6,369 million yen

6,512 million yen+ 142 million yen

Earnings per Unit

13,200 yen

13,561 yen+361 yen

Dividend per Unit(Note 8)

13,600 yen

13,700 yen+100 yen(Reversal of reserve) (Note 8)(400 yen)(122 yen)(-278 yen)Occupancy Rate

97.1%

97.4%

+0.3%

 Revenue (rents and common area fees) from 58 existing properties (Note 6)+152 million yen Other Operating Revenue+40 million yen

 Gain on sale of property sold in the previous FP (2 properties)-900 million yen

Increase  Utilities revenue

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

FP (2 properties)

Increase Utilities charges+137 million yen-16 million yen+338 million yen

 Outsourcing expenses+49 million yen Repair cost

-91 million yen

Decrease  Tax and public due (general and administrative expenses)
 Asset management fee-23 million yen-16 million yen(Note 3) NAV per unit = (Unitholders’ capital +Total appraisal value at the end of fiscal period − Total property book value atthe end of fiscal period) / Number of investment units issued and outstanding.
(Note 4) Period average occupancy rate is calculated based on end-of-month occupancy during each fiscal period.
(Note 5) NOI Yield (annualized) is calculated based on book value. NOI is annualized based on properties owned at the endof the fiscal period (Excluding Development sites).
(Note 6) 58 existing properties are the 59 properties as of the end of the 34th FP less 1 property(Daiwa Nihonbashi
Bakurocho, which acquired the building on November 30, 2022) acquired in the 34th FP .
(Note 7) In the current period, the number of investment units issued and outstanding is as follows after the acquisition andretirement of treasury investment units.
482,529 units as of the end of the 33rd FP ⇒ 478,258 units as of the end of the 34th FP

FactorDifference

Operating Revenue

Item

Increase

Increase

Item
 Revenue (rents and common area fees) from 59 existing properties (Note 9)+80 million yen Utilities revenue+59 million yen Other Operating Revenue+22 million yen Utilities charges+36 million yen

 Asset management fee
 Outsourcing expenses

Decrease  Repair cost

+15 million yen+9 million yen-7 million yen(Note 9) 59 existing properties are the 59 properties as of the end of the 34th FP (including Daiwa Nihonbashi Bakurocho,(Note 8) Dividends per unit for the 34th FP is calculated by dividing the amount obtained by adding reversal of reserve forwhich acquired the building on November 30, 2022.)
reduction entry (193 million yen) to unappropriated retained earnings by the total number of investment units issued andoutstanding. Dividends per unit before the reversal is 13,200 yen. Moreover, reversal of reserve for reduction entry may
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is itchange depending on the operational status.

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

5

Highlights of Forecasts for the Fiscal Periods Ending May 2023 andNovember 2023 (35th and 36th FP)
35th Fiscal Period (Forecast)
35th FP Forecast
Ending May 2023

FactorDifference from34th FP

Operating Revenue

15,138 million yen+1,246 million yen

Operating Expense

7,481 million yen+653 million yen

Operation Income

7,656 million yen+593 million yen

590 million yen+13 million yen

7,065 million yen+553 million yen

14,772 yen+1,211 yen

13,700 yen- yen( - yen)(-122 yen)

97.1%

-0.3%

96.9%

-0.6%

4.3%

-0.3%

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

(Note 1)

(Reversal of reserve) (Note 1)

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

(Note 3)36th Fiscal Period (Forecast)
36th FP Forecast
Ending Nov. 2023

Difference from35th FP

13,831 million yen-1,306 million yen

Operating Expense

7,233 million yen-248 million yen

Operation Income

6,598 million yen-1,058 million yen

613 million yen+23 million yen

5,983 million yen-1,081 million yen

12,510 yen-2,262 yen

13,700 yen- yen(1,190 yen)(+1,190 yen)

97.3%

+0.2%

96.8%

-0.1%

4.4%

+0.1%

Net Income
Earnings per Unit
Dividend per Unit

(Note 1)

(Reversal of reserve) (Note 1)

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

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

Increase

Decrease

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

acquired in the previous FP+22 million yen+13 million yen

 Revenue (rents and common area fees) from 57 existing properties (Note 4)-171 million yen

 Revenue (rents and common area fees) from property sold during FP (1property) Other Operating Revenue

Increase+1,518 million yen Utilities revenue-95 million yen-44 million yen Utilities charges+300 million yen Repair cost+283 million yen

 Outsourcing expenses+39 million yen Tax and public due (general and administrative expenses)+26 million yen(Note 1) Dividends per unit for the 35th FP is calculated by dividing the amount obtained by subtracting provision for reserve
for reduction entry (513 million yen) from unappropriated retained earnings by the total number of investment units
issued and outstanding. Moreover, provision for reserve for reduction entry may change depending on the operational
status.
(Note 2) Expected period average occupancy rate is calculated based on end-of-month occupancy during each fiscal period.
(Note 3) Expected NOI Yield (annualized) is calculated by taking into account the properties based on the book value for the
34th.
(Note 4) 57 existing properties are the 59 properties as of the end of the 34th FP less 1 property acquired in the 34th FP(Daiwa
Nihonbashi Bakurocho, which acquired the building on November 30, 2022) and 1 property divested in the 35th FP.

FactorOperating Revenue

Non-Operating Expense

Item

Increase

Decrease

Increase

Decrease

Item Utilities revenue

 Revenue (rents and common area fees) from 58 existing properties (Note 4)
 Gain on sale of property sold in the previous FP (1 property)

 Revenue (rents and common area fees) from property sold in the previous+167 million yen+58 million yen-1,518 million yen

FP (1 property)-12 million yen Utilities charges+84 million yen Tax and public due+53 million yen Repair cost

-276 million yen

 Outsourcing expenses

 Tax and public due (general and administrative expenses)-65 million yen-28 million yen(Note 1) Dividends per unit for the 36th FP is calculated by dividing the amount obtained by adding reversal of reserve for
reduction entry (568 million yen) to unappropriated retained earnings by the total number of investment units issued
and outstanding. Dividends per unit before the reversal is 12,510 yen. Moreover, reversal of reserve for reduction
entry may change depending on the operational status.
(Note 2) Expected period average occupancy rate is calculated based on end-of-month occupancy during each fiscal period.
(Note 3) Expected NOI Yield (annualized) is calculated by taking into account the properties based on the book value for the34th FP.
(Note 4) 58 existing properties are the 59 properties as of the end of the 34th FP less 1 property divested in the 35th FP.

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

6Factors of Change in Dividends per Unit /Forecast of Utilities Income and Expenditure
The forecast of utilities income and expenditure due to rising energy prices has been determined, and dividends under normal
operation will be raised from 13,600 yen to 13,700 yen
 The reverse margin on utilities income and expenditure is anticipated to be leveled out at around -250 million yen
Comparison of Forecasts with announced Jul. 2022
of 35th Fiscal Period

13,70013,600600+189 ▲138
Others▲451
utilities
income andexpenditure

Nihonbashi Bakurocho +46
Existing properties▲359
SHIBUYA EDGE
▲200

13,700122

13,700

▲513

1,190
▲600

2,102

Gain
on saleutilities
income andexpenditure ▲592▲623

Repaircost▲34

Others▲273

Repaircost

11,598

Income+284
Charges ▲702

Income+27
Charges ▲627

＜Utilities income＞
・Start of requests to changebilling format (from August
2022)＜Utilities income＞
・Reinitiated changes in thetenant electricity billing format
for properties subject to semipass-through leases andincreases in unit price at theend of the previous fiscal
period (From April 2023)＜Utilities charges＞
・Transition to supplier oflast-resort service
agreement due tocancellation of agreementwith electric powercompany A

35th Fiscal
PeriodForecast

Ended
May 2022(33rd)
ActualIncome+350
Charges ▲175

11,598＜Utilities charges＞
・Cancellation of agreementwith electric power company B

Ended
Nov. 2022(34th)
Actual+65+95

13,57813,662Others

Revenue utilities +578
(rents andincome andcommon expenditurearea fees) +174

Others＜Utilities income＞
・Full contribution due tochange in billing format(from August 2022)＜Utilities charges＞
・Switched to market-linked
system due to unexpectedcancellation of agreementwith electric power company
B・Increased expenditure due
to change of terms ofsupplier of last-resort service
agreement for properties
using former electric powercompany A

13,700Existing properties +121
SHIBUYA EDGE ▲26

Revenue(rents andcommonarea fees)Gain
on saleIncome+273
Charges ▲725

35th Fiscal
PeriodForecast(announced
Jul. 2022)+282 ▲417

2,102

Repaircost

13,000338(rents and utilities
common income and Repair
area fees) expenditure cost

▲294
Revenue(rents andcommonarea fees)

14,000Gain
on sale Revenue

Nihonbashi Bakurocho+4
SHIBUYA EDGE
▲216
Existing properties
▲83

（Yen）

Existing properties+316
Minami Aoyama・Kojimchi ▲33

Ended
May 2023(35th)
Forecast＜Utilities income＞
・Gradual contribution due toreinitiating changes in tenant
electricity billing format

12,510＜Utilities charges＞
・Changed to new plan withTEPCO Energy Partner(Increased expenditure forproperties using inexpensive
former electric power company
B, decreased expenditure forproperties using former electric
power company A)

Ended
Nov. 2023(36th)
Forecast■Net income per unit (excluding gain on sale of real estate properties)■Reversalof reserve■Increase
due withto gainon sale ofreal estate
properties
provisionreserve
This document
is not material
disclosedin compliancethe Financial
Instruments
andExchange(after
Act orsubtracting
any regulationof similarfor
nature,nor foris it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.
reduction entry) ■Increase ■Decrease

7 7Change in Dividends per Unit and Policy for utilizing Internal Reserves
Change in Dividends per unit

Forecast

EPS in a normal operation increased to 13,700 yen
due to（Yen）
16,00015,00014,00013,000

1: normal operation basis for utilities income and expenditure,
2: normal operation basis for revenue from development
projects, and3: measures to utilize transfer proceeds for transferredproperties

Subtracting provision for reserve for reduction entry per unit
Deferred tax liabilities per unit
Reversal per unit
Devidend from gain on sale for property
1,468
1,528
Gain
Gain
Reversal
Reversalon saleon sale
Gain
102
122
2,104
1,867
667
on sale
338
70
635
16
683
32
84
38

12,00011,00010,000
9,000
8,000

1,190

Actualdividends
14,000

Actualdividends
14,000

Actualdividends
14,000

Actualdividends
13,700

Forecast
dividends
13,700

Forecast
dividends
13,700

29th

30th

31st

32nd

33th

34th

35th

36th

3,000

0

Gain
on sale3,175

Actualdividends
13,817（million yen）
4,000
Subtracting provision for reserve for reduction entry

1,000

2,102

Actualdividends
13,595

Change in Internal Reserves

2,000

1,072

Reserve from gain on saleof Daiwa Shimbashi 510

785

29th

（Reference）
Internal Reserves 1,597yen
per unit

Reserve from gain on saleof Daiwa Kyobashi

1,830

Reserve from gain on saleof Daiwa Minami-Aoyama andDaiwa Kojimachi 4-chome

Reversal
▲49

2,518

1,781

737

Reversal▲58

Reserve fromgain on saleof Daiwa
SHIBUYA EDGE

2,460

716

30th

31st

32nd

33th

34th

3,751yen

3,649yen

5,220yen

5,144yen

2,265yen

2,973
513

Reversal
▲568

1,114
328

Expected
2,404

35th

36th

6,217yen

5,027yen<Policy for utilizing internal reserves>The amount of internal reserves at the end of the 36th FP (expected) is approximately 2.4 billion yen (dividends per unit: 5,027 yen)
The policy is to strategically reverse internal reserves to cover the temporary revenue decrease, etc. (those that are expected toThis document
is not material disclosed
recover in the near future) due to property
replacements,
etc. in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

8

Change in Dividends over the Past Decade
Change in Dividends per Unit (forecast/actual)(yen)784,146

14,000700,000

12,55959586011,997620,897545,661
10,95711,150
569,58510,695 10,764
10,50812,000600,000

478,051
9,688
506,6819,142

459,893
467,984

8,000

800,000

13,139640,587

10,000(yen)

788,115

Forecast from a year earlier (left axis)
752,347 761,953
744,269 746,455
Forecast from six months earlier (left axis)
697,220 727,729
Actual dividends (left axis)
595,860
14,000 14,000 14,000 13,700
NAV per unit (right axis)
13,595 13,817
653,697

16,000500,000

8,256
400,000

7,478 7,621

6,000

300,000

4,000

200,000
7,200

7,540

7,820

8,700

9,350

9,850

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

13,7002,000

100,000
6,550

0

7,300

7,570

8,328

9,000

9,750

9,900

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

13,70016th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th 36th
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP

0

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

9

MEMO

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

Section 2
Internal Growth

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

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

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

Rent(Yen/Tsubo)

Feb. 2008

6.21%(Rent)

Jun. 2020

19,952 yen(Vacancy rate)
Dec. 2020
Jun. 2021

Jun. 2019

Dec. 2021
Jun. 2022
Jun. 2017

Jun. 2018
Dec. 2017

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

Dec. 2022

Data: Miki Shoji

Jun. 2010
Jan. 2004

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

Dec. 2011

Predicted figures

Jul. 2012(Note 1)

Vacancy rate

Rent
(Yen/Tsubo)

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

Dec. 2020 Jun. 2021 Jun. 2022

Dec. 2022

Dec. 2021
Sep. 2008
Sep. 2007
Jun. 2018
Dec. 2017
New supply (Grade A, etc.)

New supply (Other)

Floor area of new demands

Vacancy rate

Jun. 2016

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

Jan. 2004
Jul. 2012
Vacancy rate

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

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

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

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

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

Change in New Leases and Cancellations and Their Reasons (Note)(Cases)17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th 36thFP
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP

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

17th
FP

18th
FP

34th Period

19th
FP

20th
FP

21st
FP

Cost
Reduction

22nd
FP

23rd
FP

Space
Expansion(Note) Change in ratio of area attributable new leases/cancellations as a percentage of total leasable area.

25th
FP

Consolidation
Space

26th
FP

27th
FP

Space
Reduction

28th
FP

29th
FP

BetterLocation

30th
FP

31st
FP

Other

32nd 33rd
FP
FP

0

16

2

1

2

4

25

Cancellations

6

2

3

9

0

0

20

Previous numberof leases

2

34th
FP

Total

New Leases

Previous numberof leases
17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th 36th
FP FP FP FP FP
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP

24th
FP

15

Previous numberof leases

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

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

13

Analysis of Leasing Business (2)― Changes in Rent Increase/Decrease Rate of Contract Renewal Tenants ―34th Fiscal Period Contract Renewal Tenants*Ratio of area for which contracts were renewed in the 34th FP (through November 2022) to the total leased
area (350,711.77 m²) as of end of May 2022.

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

(%)

*2
*1

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

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

(Breakdown of upward revision magnitude for monthly rents in the 34th FP) (Note)*2 The decrease in the 27th FP was due to an agreement on decrease reached by the previous owner.

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

0% or more but
less than 2% 10% or more but
less than 15%8%

Forecasts

Properties with rent increase14%

 Daiwa Ginza
 Daiwa Nihonbashi Horidomecho

2% or more but
less than 5%38% Daiwa Kodenmacho

Increase rateof monthly rent

 Daiwa Jinbocho 3-chome Daiwa Hatchobori ekimae, etc.

5.6 %(Previous FP: 10.9%)
5% or more but
less than 10%40%(Note) Ratio of area scheduled for contract renewal in each period to the total leased area (350,492.51 m2)
as of end of November 2022.

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

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

14Analysis of Leasing Business (3)― Status of Contract Rent ―Average Monthly Contract Rent and Unit Rent Index

Total Monthly Rent and Increase/Decrease
Rate Due to Tenant Replacement(Yen/Tsubo)(Total Monthly Rent,
Thousand Yen)

91.26

91.32

91.27

27.9%

20,473

16.7%

51,02739,89389,08487,03775,251
76,23972,94971,39920,45320,501

62,21664,042

46,55739,893(Note 1) Average contract rent is the average of monthly contract rent from tenants at the end of each fiscal period.

2.4%(Note 2) Unit rent index is the earning rates of unit rent of individual properties indexed with the figure at the end of the 7th FP as 100.

2.2%

-1.3 %-2.9%

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

Increase by
New Leases
Increase byRent Revisions

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

Properties with Rent Increase(Note) Comparison of monthly rent due totenant replacement for the sameleasing area.
Ratio is based on total monthly rent.

Decrease by
Tenants’ Cancellations

Properties with Rent Decrease Daiwa Shibadaimon

 Daiwa Nihonbashi Horidomecho

 Shinjuku Maynds Tower

 Daiwa Shinagawa North shinyon curumu

 Daiwa Akasaka Daiwa Ogikubo, etc.

 Daiwa Shibuya Square, etc

Decreased amount of monthly rent
-1,825 thousand yen/month

End of 33rd FP
Monthly Contract Rent

End of 34th FP
Monthly Contract Rent

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

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

15

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

Five Central Wards of Tokyo
Comparison with Previous Fiscal Period
Increase and Decrease of Unit Contract Rent (Note 1)
Unit rent increase: 14 contracts

ToshimaWard

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

Daiwa Ogikubo Tower
Daiwa Ogikubo 10

Daiwa Meguro Square

Unit rent maintained: 36 contracts
Kandasudacho 1-Chome
Daiwa Sarugakucho Development Site
Daiwa Kandasudacho
Daiwa Misakicho
Daiwa Kanda East
Daiwa Jinbocho 3-chome
Daiwa Nishi-Shinjuku
Daiwa Nihonbashi Bakurocho（Note3）
ChiyodaWard
Daiwa Kanda
Mikurachoshinyon curumu
Shinjuku Maynds Tower 14
Daiwa Higashi-Nihonbashi
Daiwa Nihonbashi Hongokucho
2 Daiwa Kodenmacho
Daiwa Kandabashi 2
Daiwa Nihonbashi Horidomecho
Nihonbashi Central Square
Shibuya Ward
Chuo WardKirin Nihonbashi Building Koto Ward
Daiwa Kayabacho Building
Daiwa River Gate
Daiwa Jingumae Daiwa Akasaka
Daiwa Sasazuka Tower
3 Daiwa Hatchobori ekimae
Daiwa Sasazuka
Daiwa Hatchobori ekimae West
Daiwa Ginza Annex
Daiwa Aoyama
Daiwa Ginza 2
Daiwa Tsukijiekimae
Daiwa Tsukiji
Daiwa
Daiwa SHIBUYA EDGE（Note3）
Shibuya Miyamasuzaka
Daiwa Nishi-Shimbashi
Daiwa Tsukishima
E SPACE TOWER
Daiwa Harumi
Daiwa Shibuya Shinsen
Daiwa A Hamamatsucho
Daiwa Shibuya Square
Daiwa Azabudai
Daiwa Shibadaimon
Daiwa Daikanyama

Shinjuku Ward

Daiwa Shinjuku West

Daiwa Ebisu 4-chome

Tokyo

Minato Ward

Daiwa Mita 2-Chome
Daiwa Azabu Terrace 2

Daiwa
Shinagawa North
Daiwa
Shinagawa Gotenyama

Unit rent decrease: 7 contracts

LAQUAS
Higashi Shinjuku

Daiwa Higashi-Ikebukuro
Daiwa Nakano-Sakaue

CONCURRED Yokohama 9

Daiwa Kamiooka

Daiwa Shibaura

Daiwa Kitahama

Major Regional Cities

Shinagawa
Ward

As of November 30, 2022

(Note 1) Unit contract rent of each property is the average unit rent of the entire office section of its standard floor (2F or above) (includes sections other than thosetargeted for replacement and renewal).
(Note 2) Development sites and property acquired in the 34th FP (Daiwa Nihonbashi Bakurocho) are plotted with ●.
(Note 3) Daiwa SHIBUYA EDGE was divested on December 21, 2022.

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

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

DOI Investment Management Department
DOI Management Team (8 members (Note 1) )Aims at maximizing asset value by means of specialist groups headed by personnel assigned to each property
in the Investment Corporation’s portfolio.

 Accurate understanding of the leasing market

Grasp ofpresent
situation

 Grasping of needs and trends of occupying

tenants through regular visits In-depth understanding of property features(16 years, 6 month)(20 years, 9 months)(8 years, 11 months)(16 years, 9 months)(16 years, 7 months)(16 years, 11 months)(4 years, 2 months)(6 years, 3 months)

 Information gathering from brokers

Activities forinternal growth Implementing tenant satisfaction surveys

and proposing improvement measures Periodical property examination

 Maintenance of a stable occupancy rate by

Realization ofinternal growth

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

Construction Management Team (4 members (Note 2))
Engineering: Formulation and implementation of construction planning for assets.

(16 years, 6 months)

Aims to maximize asset value(21 years, 10 month)(16 years, 10 months)(2 years, 2 months)(Note2) Only employees whose primary work was with the DOI Investment Management Department werecounted for those who simultaneously serve in other departments.
.
(Note3) The number of years stated in the parenthesis is the number of years engaged in the relevant work
(as of January 20, 2023) and does not indicate the number of years employed at the asset managementcompany.

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

17

Daiwa Nihonbashi Bakurocho Leasing StatusCompleted development project in November 2022, and acquired building portion. Occupancy rate as of the end of November 2022 was 87.4% (occupancy rate at theprevious time of disclosure in July was approx. 74%)

Of the remaining two floors (part of the first floor and the third floor), negotiations are underway for the third floor.



Leasing with the aim of full occupancy at an early stage by utilizing the strengths as a valuable new property in a good location and area above the station.

Occupancy rate
as of the end of Nov. 2022
Was 87.4%
10F
9F

Air conditioning
equipment (ducts)
for tenants

8F
7F
6F
5F

Facility work reflecting
tenant requests fromthe design stage was
implemented on somefloors As a result,concluded a contract
with a tenantaccounting for
approximately 70% of
the property

Office118.20 tsubos(every floor)

4F＜Entrance＞

3F

Shop A
21.21
tsubos

Shop B
27.49
tsubos＜Private Area＞＜Development Progress＞
30th FP
Ended Nov. 2020
Oct. 2020:
Contract/Payment

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

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



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

2F
1F



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

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

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

Use the QR Code on the right to see a property VR tour of Daiwa Nihonbashi Bakurocho.▶

Date of Acquisition（Note）

November 30, 2022

Location/Distance from Station

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

Acquisition Price

5,733 million yen
Price of Land：3,775 million yen
Main Fees Related to Construction：1,958 million yen

Land Area/Total floor Area

620.93㎡/4,604.87㎡

Structure/Floor

Steel-framed structure with flat roof, 10 stories above ground(Note) The Investment Corporation will own both the Land and the Building and the date ofacquisition of the Building is indicated.

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

18

Occupancy Status of Properties Subject to Leasing Improvement in
the Fiscal Period ended November 2022 (34th FP)
Daiwa Akasaka(Acquisition Price: 9,200 million yen)

Daiwa Shibuya Shinsen(Acquisition Price: 4,800 million yen)
Location

Shinsencho, Shibuya-ku, Tokyo

Location

21.9%(as of the end of July 2022) *Impact of single tenant move-out.
⇒ 67.5%(as of the end of Nov. 2022)
 4 floors have been refilled since the departure of the tenant leasing the entire
building in July 2022, and the occupancy rate at the end of the Fiscal Period
Ended November 2022 exceeded expectations.
 A setup office was established on the fourth floor next to the expressway due tothe anticipation of difficulty in leasing it out The measures were successful, andfull occupancy is anticipated in March 2023 due to an increase in inquiries.
Occupancy Rate(%)

Occupancy Rate

Although the property was refilled, the departure of multiple tenants continued. However,expected departures settled down in the Fiscal Period Ended November 2022.
Following the strong performance of the first floor, a setup office was established on third
floor. A total of four sections including other floors were refilled, and full occupancy was
expected to be reached in the Fiscal Period Ending May 2023, but this is anticipated to
end up being 96.7% because a cancellation for one section was recently received.
Occupancy Rate (%)

Daiwa Shibuya Square

Nihonbashi Central Square(Acquisition Price: 16,000 million yen)Occupancy Rate

(Acquisition Price: 3,521 million yen)

Nanpeidai-cho, Shibuya-ku, Tokyo

Location

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

Nihonbashi, Chuo-ku, Tokyo

85.6％(expected as of the end of Nov. 2022)⇒ 85.6%(as of the end of Nov. 2022)
 Contracts were concluded for two sections made vacant in the Fiscal Period
Ended November 2022. Full occupancy is expected to be reached at the endof the Fiscal Period Ending May 2023 because its contract start date isduring the Fiscal Period Ending May 2023.
 The contracts were each concluded at unit rents higher than the average unit
rent for the standard office floor of the property as of the end of the 34th FP.

Occupancy Rate

 Against the backdrop of the recovery of the Shibuya market, the property

reached full occupancy by capturing the needs of IT and advertising
companies.
 Although the average unit rent of the property as a whole decreased from theprevious fiscal period, there were sections of signing with a higher unit rent
than the previous contract.
Occupancy Rate (%)

82.0%(as of the end of May. 2022)⇒ 95.5%(as of the end of Nov. 2022)

3F: Set-up office

4F: Set-up office

Location

Akasaka, Minato-ku, Tokyo

(%)

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

19

Properties Subject to Leasing Improvementin the Fiscal Period Ending May 2023 (35th FP)
Shinjuku Maynds Tower

Daiwa Kanda Mikuracho Building(Acquisition Price: 66,900 million yen)
Location(Acquisition Price: 1,592 million yen)

Location

Yoyogi, Shibuya-ku, Tokyo

Occupancy Rate

92.5%(as of the end of May. 2022)⇒ 93.4%(as of the end of Nov. 2022)

Occupancy Rate

 Although new tenants were obtained by highlighting the ability to respondto diverse needs such as changing the rent level depending on the floor,
cancellations continued to occur.
 Although multiple negotiations are underway for large sections of almost
300 tsubos per section due to the benefit of seeping demand from the
Shibuya Area, it is a property for which leasing will continue to bestrengthened in the Fiscal Period Ending May 2023.

Occupancy Rate (%)

Daiwa Shibaura

Kanda Mikura-cho, Chiyoda-ku, Tokyo
84.7%(as of the end of Nov. 2022)

The property is a 5-minute walk from Kanda Stationon the JR Yamanote Line, JR Keihin Tohoku Line, JR
Chuo Line and the Tokyo Metro Ginza Line and a 4minute walk from Shin-Nihonbashi Station on the JR
Sobu Rapid Line. It is a 7-minute walk from
Mitsukoshimae Station on the Tokyo Metro Ginza Lineand Tokyo Metro Hanzomon Line, Kodemmacho
Station on the Tokyo Metro Hibiya Line, andIwamotocho Station on the Toei Subway Shinjuku
Line and is located in an area with rare traffic
convenience where five stations and eight lines fallwithin walking distance.
Office buildings in the Uchikanda/Kandasudacho area,
where this property is located, are generally clusteredwith small and medium-sized manufacturing andwholesale companies, with many domestic companies
in terms of location image and environment.

Daiwa Tsukishima

Daiwa Azabu Terrace(Acquisition Price: 14,000 million yen)(Acquisition Price: 8,265 million yen)(Acquisition Price: 7,840 million yen)

Location

Shibaura, Minato-ku, Tokyo

Location

Minami Azabu, Minato-ku, Tokyo

Location

Tsukishima, Chuo-ku, Tokyo

Occupancy
Rate

89.8%(as of the end of Nov. 2022)

Occupancy
Rate

84.2%(as of the end of Nov. 2022)

Occupancy
Rate

78.5%(as of the end of Nov. 2022)

The property is located within a 10minute walk to Tamachi Station on
the JR Yamanote Line, JR Keihin
Tohoku Line, and to Mita Stationon the Toei Subway Asakusa Lineand the Toei Subway Mita Line.
The property is build up with office
and warehouse from 1st floor to
8th floor and residence from 9th
floor to 12th floor.



The property faced on Kyu-Kaigan
Avenue has a nice view.



Approximately 280 tsubos per floor.



The Property is located 8-minute walk from Shirokanetakanawa Station of Tokyo Metro Nanboku Line and Toei
Subway Mita Line.

The access from Shirokane-takanawa Station is very
convenient to various business districts such as Otemachi,
Nagatacho, Roppongi and Meguro.







Recognition of the Property isalso significant as it faces to
Meiji Dori, a major road.

The property is locatedwithin a 2-minute walk to
Kachidoki Station on the
Toei Ooed Line and a 5minute walk to Tsukishima
Station on the Tokyo Metro
Yurakucho Line.



Minimum approximately 370
tsubo to maximum
approximately 760 tsubo per
floor (divisible).

The property is a low-riseand massive office building
around quiet residential
area in Tsukishima.

Approximately 550 tsubo
per floor (divisible).

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

20

Section 3External GrowthProperty Divestment in the Fiscal Period Ending May 2023 and Efforts
to Improve Portfolio Quality【Divestment】 Daiwa SHIBUYA EDGE
Date of Sale

December 21, 2022

Location/
Distance from
StationUdagawacho, Shibuya-ku, Tokyo/
7-minute walk from Shibuya Station

Sale Price

7,313 million yen

Appraised Value

5,490 million yen（34FP）

Gain on Sale（Note2）

1,518 million yen

25th FP
Fiscal period ended May 2018

Site Area/Total Floor Area

527.65㎡ / 3,022.33㎡Structure

Reinforced concrete structure flat
roof, 9 stories above ground and 1
below



Construction Date

August 30, 2006 (16 years old, asof the date of Divestment)

NOI Yield Based on
Sale Price

2.6％（Note2）

26th FP
Fiscal period ended Nov.
2018

27th FP
Fiscal period ended May
2019（Note1）Gain on Sale is expected to be recorded in the 34th FP(Note2）NOI yield is calculated by dividing the actual annualized NOI for the 34th
FP by the sale price28th FP
Fiscal period ended Nov.
201929th FP
Fiscal period ended May
2020

30th FP
Fiscal period ended Nov.
2020
Nihonbashi
Bakurocho 1Chome
Development Site

Acquisition
Divestment

CorporateactionAgainst the backdrop of a strong real estate trading market,
we sold this property for approximately 7.3 billion yen,approximately 1.33 times the appraised value.
Approximately 1,000 million yen of the total gain on sale ofapproximately 1,500 million yen to be distributed andapproximately 500 million yen to be recorded as internal
reserves

CONCURRED
Yokohama

Daiwa
Kanda East

Daiwa
Kandasudacho

Daiwa

Shinagawa Gotenyama

Daiwa
Harumi

Daiwa
SasazukaReplacement
Shinjuku Maynds
Tower

Replacementtransaction

Daiwa
Onarimon

Daiwa
Osaki 3-Chome

Daiwa Meieki* Sale of a
portion of Use of gain
co-ownershipon saleinterest

Buy-back of
own investment units
Repayment ofborrowings
31st FP
Fiscal period ending May 2021

Daiwa
Sasazuka Tower

32nd FP
Fiscal period ending Nov
2021

Replacement

33rd FP
Fiscal period ending May
2022

34th FP
Fiscal period ended Nov.
2022

35th FP
Fiscal period ending May
2023

Daiwa
Kandabashi

Buy-back of
own investment units
Internal reserves

Daiwa
Shimbashi 510

25th ～ 34th FP Total

Total acquisition price13 properties(Note3)
104,004 million yen

９ properties
106,105 million yen

Daiwa
Kojimachi 4-chome

Use of gainon saleReplacement

Total divestment priceReplacement
Daiwa
Minami-Aoyama（Note3）

Daiwa
JinbochoKandasudacho 2-Chome
Development Site

Daiwa
Kyobashi

Buy-back of
own investment units
Repayment ofborrowings

Daiwa
Nakano-Sakaue(Note 3) On November 13, 2020, the Company acquired the Nihonbashi Bakurocho 1-chomedevelopment site. Upon completion of the development project, the Company has alreadyacquired the building constructed on November 30, 2022.

Sold an oldproperty

Use of gainon sale

aaaaa
Daiwa
aaaaa
Mita
2-Chomea
Exchangeaaaaa
Nihonbashi
aaaaa
Central Squarea

Daiwa
Nihonbashi
Bakurocho(Note3)

Buy-back of
own investment units

Daiwa
SHIBUYA EDGE
Divestment date:
December 21, 2022

Share buy-backs
fourth13,457 million yen

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

22

Progress of Kandasudacho 2-chome Development Project
Outline of Kandasudacho 2-chome Development ProjectThis is the second development project of the Investment Corporation. The Asset Manager has created an
in-house real estate development team with expertise. The Asset Manager has created an in-house real estatedevelopment team with expertise. Concluded a design supervision contract and a construction contract with
Taisei Corporation. This project is being promoted while reducing development/completion risk.

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



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

34th FPEnding Nov. 2022
Oct. 2022:
Construction start of
the new building

38th FPEnding Nov. 2024
Jun. 2024:
Completion of the new building＜Main Features＞


Medium-sized office building with 12 floors above ground and a total floor area of over 3,600 tsuboThe standard rental floor area for offices is approximately 240 tsubo, which is highly competitive in theOffice space can be divided into up to three sections for greater layout flexibility and utilization efficiency.

Ceiling height of 2,700mm on standard floor, OA floor 100mm, individual air conditioning

surrounding area where many small buildings with standard floor areas of less than 100 tsubo are located.

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

Outline of the property
Acquisition Date ofLand

December 16, 2021

Location/Distance from
StationKanda Suda-cho, Chiyoda-ku, Tokyo /4-minute walk from Kanda Station on the JR Yamanote
Line and Tokyo Metro Ginza Line,5-minute walk from
Akihabara Station on the JR Yamanote Line and Tokyo
Metro Hibiya Line,4-minute walk from Iwamoto-cho
Station on the Toei Subway Shinjuku Line

Expected AcquisitionPrice

15,422 million yen
Price of Land：10,600 million yen
Main Fees Related to Construction（Note3）：4,822 million
yenLand Area/Gross Floor
Area

1,346㎡/11,960㎡

240tsubo

Photo of the site at the start ofconstruction (as of October 2022)

Standard floor plan

Perspective image example of
Building using this framing system（Note1）The above is based on current plans and does not guarantee the content after development.
Structure after Building
Steel framed structure flat roof, 12 stories above ground(Note2) The TASMO construction method is a vibration-damping structural system in which wall columns with
Completionwall-leg rotation performance are connected with steel-frame vibration-damping beams to provide thenecessary rigidity, and the steel-frame vibration-damping beams absorb the input energy of a major
Completion Date
June 2024
earthquake in a concentrated manner to suppress damage to the building itself.
NOI
Yield
Assumedfor(Note3） Main Fees Related to Construction include the total amount of the current estimates for construction fees,
NormalOperation
4.0%
design supervision fees, and project management fees (excluding
consumption
tax,etc.), but
may in complianceThis document
is notmaterial
disclosedwith the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
Periodafter Completionchange depending on the progress of the Project in the future.
The sameapplieshereafter.
intendedfor thepurposesof solicitation. Daiwa Office
Investment
Corporation advises readers to make investment decisions at their own judgment.

23

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

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



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

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



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

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



Building Age (Year)
60

55

considerationoffuture45

40

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

35

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

30

Number of Properties Reviewed for Acquisition

25
490

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

400
320

329

360

326

348

334

339

120
100

341

80

281

300

60
200

0

20

15
Average building age

10

24.2 years（Note2）

40

29
100

* The distance from station is the distance from thenearest station50

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

500

●Assets acquired in 34th FPs●Properties acquired after the sponsor change●Properties acquired before the sponsor change

14

9

13

17
6

8

11

14

17

25th FP 26th FP 27th FP 28th FP 29th FP 30th FP 31st FP 32nd FP 33rd FP 34th FP(Note) Number of gross proposals.

5

Average station distance

200

3.7 minutes

Daiwa Nihonbashi Bakurocho
0

0.0

1.0

2.0

3.0

4.0

5.0

(Note1) Building Age of Development Site is indicated as 0 year.
(Note2) Average building age is as of the end of November 2022.

6.0

7.0

8.0

9.0

10.0

11.0

Distance from station (minutes)

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

24

Change in Asset Size and Acquisition Performance
Aim to Achieve Medium-Term Goal Asset Size of 500 Billion Yen(billion yen)
550

Total Acquisition Price

445.7

458.3

467.7

469.3

500.0

469.3
459.7

461.0 463.1

460.0

464.8

439.4

364.0

44.3

43.0

43.3

42.3

41.7

40.2

40.6

42.2

42.3

40.5

41.5

42.1

42.1

42.0

42.0

41.8

42.6

41.9

50%

42.8

37.5

250

Acquisition Property

200

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

Acquisition Property• shinyon curumu• Daiwa Meieki• Daiwa Kamiooka• Daiwa Osaki 3-chome

14th
FP

15th
FP

16th
FP

Acquisition Property

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

Acquisition Property

18th
FP

19th
FP

20th
FP

21st
FP

• Daiwa Nakano-Sakaue• Nihombashi Central Square• Daiwa Higashi-Nihonbashi• Daiwa Daikanyama• Daiwa Shinjuku West
• Daiwa Ogikubo• Daiwa Nishi-Shinjuku• Kirin Nihonbashi Building

22nd
FP

20%

Acquisition Property

Acquisition Property

Acquisition Property

30%

Acquisition Property• Daiwa Nihonbashi Bakurocho(Note)

Acquisition Property• Nihonbashi Bakurocho
1-Chome Development Site
(Note)• CONCURRED Yokohama• Daiwa Kanda East

• Daiwa Azabu Terrace• Daiwa Kitahama

17th
FP

Acquisition Property• Daiwa Kandabashi

Acquisition Property

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

40%

Acquisition Property• Kandasudacho 2-Chome
Development Site

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

Acquisition Property

0

70%

60%

34.4

50

462.5

332.0
314.9

300

100

468.4

387.5
352.7

150

466.5

463.3

461.4

413.2

400

350

80%

LTV (Based on Total Asset)

500

450

(Note) Regarding the Nihonbashi Bakurocho 1-chome Development Project, for which DOI acquired
the land for the Nihonbashi Bakurocho 1-chome Development as of November 13, 2020 and wasdeveloping the property as the project operator, DOI will acquire the constructed building as ofNovember 30, 2022 upon completion of the development project. DOI acquired the property andchanged the name of the property to Daiwa Nihonbashi Bakurocho as of the same.

Acquisition Property

10%• Daiwa Mita 2-Chome
Acquisition Property• Daiwa Sasazuka• Daiwa Harumi

23rd
FP

24th
FP

25th
FP

26th
FP

27th
FP

28th
FP

29th
FP

30th
FP

31st
FP

32nd
FP

33nd
FP

34th As of
FP Jan.20,2023

Medium-Term
Goal

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

0%25

Section 4
Financial Strategy

Status of Interest-Bearing Liabilities (1)Change in Procured Years of Interest-Bearing Liabilities(Year)End of period maturity (left axis)

5.5

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

Repayment Schedule(Year)(Million Yen)

11.0

20,000 Investment Corporation Bond

5.0

10.0

18,0004.5

9.0

16,000

4.1

4.0

8.0

7.4

3.5

3.0

7.0

14,00012,000

6.0
10,000

2.5

5.0
8,000

2.0

4.0
6,000

4,000

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

52nd FP

51st FP

50th FP

49th FP

48th FP

47th FP

46th FP

45th FP

44th FP

43rd FP

42nd FP

41st FP

40th FP

39th FP

38th FP

37th FP

036th FP

2,000

35th FP

34th FP

33rd FP

32nd FP

31th FP

30th FP

29th FP

28th FP

0.0

27th FP

0.0

26th FP

1.0

25th FP

0.5

24th FP

2.0

23rd FP

1.0

22nd FP

3.0

21st FP

1.5

27

Status of Interest-Bearing Liabilities (2)Loan to Value Trend

Status of Interest-Bearing Liabilities(End of 34th Fiscal Period)(Billion Yen)

240

60.0%

Interest-bearing liabilities (left axis)

Ratio of Fixed-Interest and FloatingInterest Borrowings

Ratio ofLong and Short-Term Borrowings(Note)LTV (based on total assets) (right axis)

12.7％

29.1％
200

50.0%

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

42.8%

160

70.9％
40.0%

120

87.3％

Fixed-interest borrowings

Long-term loans payable, etc.

Floating-interest borrowings

Current portion of long-termloans payable

30.0%

Status of Rating
80

20.0%

Japan Credit Rating Agency, Ltd. (JCR)

Long-term issuer rating
Rating outlook: Stable

40

10.0%

(Assigned on March 4, 2022)

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

18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP(Note) LTV (based on total assets) = Total interest-bearing liabilities / Total assets

0.0%

Issuer rating

Rating outlook: Stable(Assigned on September 16, 2022)

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

28

Status of Interest-Bearing Liabilities (3)As of End of the 34th Fiscal Period(Million Yen)
Name of Financial Institutions

Comparison with
Previous Period

Balance

Balance Ratio

Name of Financial Institutions

Comparison with
Previous Period

Balance

Balance Ratio

Sumitomo Mitsui Banking
Corporation

40,400-20.5%

The Hyakugo Bank, Ltd.

1,000

-

0.5%

Sumitomo Mitsui Trust Bank, Limited

24,500-

12.4%

The Yamanashi Chuo Bank, Ltd.

1,000

-

0.5%

Development Bank of Japan Inc.

21,750-

11.1%

Momiji Bank, Ltd.

1,000

-

0.5%

MUFG Bank, Ltd.

20,450-

10.4%

Taiyo Life Insurance Company

300

-

0.2%

Mizuho Bank, Ltd.

19,400-9.9%

Fukoku Mutual Life Insurance
Company

200

-

0.1%

SBI Shinsei Bank, Limited

14,500-7.4%

196,800-

100.0%

Resona Bank, Limited.

12,500

-

6.4%

Total

Issuance

Mizuho Trust and Banking Co., Ltd.

9,500

-

4.8%

The Bank of Fukuoka, Ltd.

6,500

-

3.3%

Kansai Mirai Bank, Limited

5,000

-

2.5%

The 77 Bank, Ltd.

3,000

-

1.5%

Nishi-Nippon City Bank, Ltd.

3,000

-

1.5%

The Norinchukin Bank

3,000

-

1.5%

The Gunma Bank, Ltd.

2,500

-

1.3%

The Musashino Bank, Ltd.

2,000

-

1.0%

Tokio Marine & Nichido Fire
Insurance Co., Ltd.

2,000

-

1.0%

The Yamaguchi Bank, Ltd.

2,000

-

1.0%

Nippon Life Insurance Company

1,300

Comparison with
Previous Period

Balance

Duration of
Liabilities

No. 4 Unsecured Investment
Corporation Bond

2,100

-

10 years

No. 5 Unsecured Investment
Corporation Bond

1,700

-

5 years

No. 6 Unsecured Investment
Corporation Bond

1,300

-

12 years

1,500-

5 years

2,400-

10 years

9,000

-

-

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

No. 8 Unsecured Investment
Corporation Bond

Green Bond

(DOI ESG Series Bond II)

Total Investment Corporation Bonds

Outline of Commitment line
Commitment line provider

Maximum loan
amountTerm of the Agreement

3,000

From January 31, 2022 to July 31, 2023

2,500

From April 28, 2022 to February 28, 2023

Daiwa Next Bank, Ltd.

-

0.7%

(Note) Shinsei Bank, Limited changed its corporate name to “SBI Shinsei Bank, Limited” in January 2023.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

29Unitholders as of the End of November 2022
Unitholders’ Share by Investor Type
Number of
Units
End of 33rd
FiscalPeriodNumber of
Units
End of 34th
FiscalPeriodIndividual

13,701

14,961

Financial
Institution

147,578

List of Top 10 Investors
Number of
Units
End of 33rd
FiscalPeriodNumber of
Units
End of 34th
FiscalPeriod128,905

128,905-

26.95%

2 Daiwa Securities Group Inc.

67,321

67,321-14.08%

Custody Bank of Japan, Ltd.
(Trust Account)

49,48559,329+9,84412.41%The Master Trust Bank of Japan,
4 Ltd.
(Trust Account)

53,20652,014-1,192

10.88%

STICHTING PENSIOEN FONDSZORG EN WELZIJN

15,47417,082+1,608

3.57%

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

14,485

13,363-1,122

2.79%

7 SMBC Nikko Securities Inc.

4,873

7,486

+2,613

1.57%

8

BNYM AS AGT/CLTS 10PERCENT

5,379

4,935

-444

1.03%

9

STATE STREET BANK WEST
CLIENT-TREATY 505234

4,530

4,565

+35

0.95%

10

STATE STREET BANK AND
TRUST COMPANY 505103

2,815

4,078

+1,2630.85%

346,473

359,078+12,605

75.08%

Rate (Note)
End of 34th
FiscalPeriodNo.

Investor Name

+1,260

3.13%

1Daiwa Investment Management
Inc.

157,804+10,226

33.00%----

RegionalBank

13,597

16,401+2,804

3.43%

Trust Bank

119,074

126,329+7,25526.41%

Life
Insurance

1,211

1,694

+483

0.35%

Non-life
Insurance

50

Other
Financial
Institution

13,646

Other Domestic
Corporation

200,313

Investor Type

Commercial
Bank

Foreigner

102,740

Change in
Units

+50
13,330200,283
86,1220-316-30-16,618

0.01%

5

2.79%
41.88%
18.01%

Securities

18,197

19,088

+891

3.99%

Total

482,529478,258-4,271100.00%(Note) Rounded to the second decimal place

3

Rate (Note)
End of 34th
FiscalPeriodChange in
Units

Total

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

30

MEMO

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

Section 5
Efforts on ESG

Efforts on ESG | Environment ①
Acquisition of Environmental Certification／Participation in external evaluation＜ Environmental Certification ＞

・Daiwa Nihonbashi Bakurocho Building newly acquired "BELS (3 Star)" certification.
・As of the end of Jan 20 2023, the total number of properties that have acquired
environmental certification is 32.The ratio of properties with environmental certifications(based on total floor area of properties owned) increased to 61.9%.
・As a mid- to long-term goal, we aim to increase the ratio of environmental certificationsin the entire portfolio to 70.0% by FY2030.
DBJ Green Building
Certification

2＜ GRESB Real Estate Assessment 2022 ＞＜ Support for TCFD Recommendations/ Participation in・Acquired the highest rating of “5 Star” for the first time
TCFD Consortium ＞
・the top rating of “A” in Public Disclosure for two consecutive years. ・We endorsed the TCFD recommendations in December 2021 and・Green Star for eleven consecutive years
began disclosing qualitative scenario analysis in July 2022.
（See the document P43～）

CASBEE Certification

29

Rank S

3

★★★★

1

★★★

1

Rank A

22

★★★

1

★★

1

Rank B＋

4★

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

3

BELS Evaluation

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

Item

Unit
Consumption (MWh)Energy

CO 2

Waste

Actual reduction
FY2020

FY2021（B）

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

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

104,219

91,237

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

0.207

0.181

0.178

-14.06%

Emission (t-CO2)

44,771

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

0.089

0.076

0.076

-15.02%396,297

290,167

284,367

Consumption intensity (m³/m²)

0.787

0.575

0.580

-26.34%

Consumption (t)

4,388

3,594

3,373

－

Amount of recycled waste (t)

2,502

2,092

1,862

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

Recycling rate (%)

57.02

58.20

55.21

－

Consumption (m³)
Water

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

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

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

Introduction of LED in line with Renewal of air-conditioning
Retrofit of sanitary equipment
Rooftop gardenrenovation of common areas on
equipment（Daiwa Shinagawa(CONCURRED Yokohama）
This document
is notandmaterial
disclosed in compliance withthefloor
Financial InstrumentsandGinza)
Exchange ActGotenyama)or any regulation of similar nature, nor is it※ After careful review of the data, some actual figures have been adjusted
for FY 2019
FY 2020.
each(Daiwaintended for the purposes of solicitation. Daiwa Office
Investment
advises readers to make investment decisions at their own judgment.
See DOI’s website for details on calculation method.
(DaiwaSasazuka Corporation
Tower)

33
33
33

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

Targets for FY2050 (KPI)

CO2 46% reduction

Carbon Neutrality

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

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

Introduction of renewable energy

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

Base year
100.0 99.6

96.7

105.6

85.6
80.0

Base year
CO2 46％(％)
100.0
reduction 100.0
99.0

95.7

by FY2030

79.3
67.6 67.4(FY2013Comparison)
54.0

60.0

100％

97.7

95.0

85.0
49.3

27.4

(fiscal 60.0
year)

70.0

67.7

60.8

60.0

58.8

50.0

43.3

40.0

34.3

30.0

27.3
31

32

33

90.0
80.0

51.4

37.0

65.0

2030

94.3
88.7

77.7

70.0

2013 2014 2015 2016 2017 2018 2019 2020 2021

100.0

96.5

90.0

75.0

20.0

100.0 (％)

83.7

80.0
40.0

0.0

Targets for the 41st Fiscal Period
LED conversion progress rate

＜ LED lighting installation and retrofit status ＞

34

35

36

37

38

39

40

20.0
41 (FP)

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

34

Efforts on ESG | Social
Efforts for Enhancing Tenant Satisfaction and Engaging with Local Communities<Support for Art Activities by People with Disabilities><Implement Tenant Satisfaction Surveys>
We conducted a survey of office and retail tenants. The results of this survey
In December 2022, the company joined a subscription service forwere shared with the PM company, etc. to improve the operation and management rental art by people with disabilities. Artwork created by people withof the property, and various construction projects, such as updating air conditioning disabilities is displayed in the company’s conference rooms andequipment and renovating women's restrooms, are being implemented to improve
hallways, providing opportunities for communication with visitors andtenant satisfaction.
between employees and promoting understanding of a diverse society,as well as supporting participation in society by people with disabilities<Installation of Digital Signage>
through art activities.
Digital signage is installed in common areas to educate tenants about energy
reduction. The signs are also used for disaster prevention measures, such as＜Providing Comfortable Office Environment＞
visualization of energy usage and posting of evacuation routes.
In June 2022, we opened a workspace for employees of Daiwa
Securities Realty Co., Ltd., a Group company, in our owned property,<Installation of Donation-Type Vending Machines>
Daiwa Ginza Building. As a next-generation office, we have a varietyof free address spaces and private room booths that can be flexibly
In November 2022, donation-type vending machines provided by Coca-Cola wereused.Going forward, the Investment Corporation will continue to aim
installed at multiple properties to support activities by donating a portion of sales toto provide a comfortable office environment that combines design andNPOs, etc. conducting activities to support pediatric care and prevent child abuse.
functionality in order to create new ways of working that lead toemployee motivation and results.

Dispatch of information
through online IR
seminars

Installation ofcleaning robot“Whiz”

Renovated Powder Room Installation of DonationType Vending Machines（Daiwa Shinagawa
Gotenyama）（Daiwa Tsukishima)

Support for Art Activities Workspaces established for Daiwa Securities
Realty employees （Daiwa Ginza)（Daiwa Ginza)＜Installation of Sharing service ＞
We installed a cycle port for cycle sharing and an e-scooter
port on the building’s site and introduced car sharing,
contributing to convenience for tenant employees, local
residents and others.
Contributing to greater convenience for tenant employees
and local residents and regional revitalization by
participating in various urban development councils,
contributing to local events, making use of site at portfolio
buildings, attracting kitchen cars, etc. In the Shinjuku area,
the illumination event "Shinjuku Minami Lumi" was held forthe first time in three years (period: November 14, 2022 February 14, 2023).

Installation of electric
kickboards（Daiwa Jingumae)

Participated in Shinjuku
Minami Lumi
（Shinjuku MayndsTower）

Efforts for Employees<Improving Various Programs><Ratio of Women at the Asset Management＜ Employee Health Support /Promoting Wellness＞<Implementation of Daiwa Travel Support>
Company> *As of March 2022
[Child care-related]
We maintain and promote the health of our employees
Daiwa Securities Group Inc. implemented “Daiwa Travel• Child care leave
Ratio of women among all employees: 28.8%
through periodic health checkups and inoculations
Support” for the purpose of expanding welfare for Groupagainst influenza and new coronas in the workplace.
officers and employees and supporting hotels receiving• Child care support leave (acquisition rate: 100%) Ratio of women in managerial positions
investment and financing from the Group that were
• Short working hours system/Day care subsidy(assistant manager or higher):
14.4%
In addition, Daiwa Securities Group implements
affected by COVID-19 pandemic.
system<Formulation of General Employer Action Plan> measures aimed at improving health awareness, such[Nursing care-related]as the no smoking policy at all places during working< Implementation of Employee Networking Events
Formulattion of general employer action plan
• Nursing care leave
hours.In June 2022, we launched a gingival health(Shuffle Lunch Meetings)>
for the purpose of establishing a comfortablecheckup subsidy system for all insured employees of[Other]Reflecting
the opinions of an employee satisfaction
employment environment pursuant to thethe Daiwa Securities Group.
• Introduction of LEC e-learning courses
survey, DR/DRT Employee Networking Events (Shuffle
Act on Advancement of Measures toIn
November2022,
welaunched
the
"Good
Sleep
(from October 2022)
Lunch Meetings) have been held since November 2022.
Support Raising Next-Generation Children
Daiwa Project" as an initiative to improve employees'• Participation in the Daiwa Securities skills
Expenses are subsidized to promote internal
and act on the Promotion of Female
sleep skills, targeting those who voluntarily wish totraining "Winter Program" will be voluntarycommunication and interest in ESG that had waned
Participation
participate in the project.
during the COVID-19 pandemic.
(from December 2022).
<Implement Jeans Day>
<Development of Office Environment>
Holding “Jeans Day,” an initiative of thesponsor Daiwa Securities Group Inc.,・Café space, free vending machines, etc.
employees can come to office in casual wear
・Active use of ICT.
such as polo shirts and jeans, fundraising
・Introduction of free address system
activities on the third Friday of the month for(from July 2022).
charity.
This document is not material disclosed in compliancewith theInstruments
Exchange ActDaiwa
or anyregulation
nature,Lunchnor isit
Meetings
Started subsidizing
the Financial
TravelSupport of similar ShuffleGood
Sleep Daiwaand
Project
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.
cost of dental checkups(HOTEL SUI AKASAKA by ABEST)

35
35

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

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

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

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

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

Fee rate
0.05%

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

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

Fee rate
3.5%

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

Fee rate

Transfer price of target real estate

0.5%

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

Basis of the calculation

Fee rate

Acquisition price of target real estate

0.75%

Lower the ratio linked to the amountof assets under management
Enhanced incentive to increase
distributable amountManagement fee rate for the 34th FP(Note): 0.49%(Note) Annual rate, based on acquisition priceInvestment Decision-making System

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

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

Number of units

Daiwa Investment
Management Inc.

Holding ratio

128,905 units

26.95%

Daiwa Securities
Group Inc.

67,321 unis

14.08%

Holding ratio of Daiwa
Securities Group:
41.0%

Prevention of Conflicts of Interest among Funds

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

In case of competition over a property acquisition opportunity among the Investment Corporation and other funds,
etc. managed by the Asset Manager, conflicts of interest among the Investment Corporations and other funds,
etc. shall be prevented by first granting the Investment Corporation the preferential right to consider theacquisition. The acquisition opportunity will be available to the other funds, etc. only when the Investment
Corporation decides not to exercise the concerned preferential right.

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

36

MEMO

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

Appendix

Three Characteristics of the Investment Corporation (As of January 20, 2023)

OfficeBuilding

Office Specialized REIT

100％

Greater Tokyo

REIT focused on
the Five Central Wards ofTokyo

Regional Major Cities

17.4％

2.0％

Five Central Wards of Tokyo

80.5％(Note) Based on acquisition price.

Steady Distribution

Dividend
per Unit

Fiscal period ending
May 2022(33rd FP)
ActualFiscal period ending
Nov. 2022(34th FP)
ActualFiscal period ending
May 2023(35th FP)
Forecast

Fiscal period ending
Nov. 2023(36th FP)
Forecast

14,000 yen

13,700 yen

13,700 yen

13,700 yen

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

39

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

Portfolio Breakdown by Region (%)
Osaka City
2.0％

（％）

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

80.0
36th FP

35th FP

34th FP

33rd FP

31st FP

32nd FP

29th FP

30th FP

28th FP

27th FP

26th FP

70.0

60.0

120.0

80.0

36th FP

35th FP

34th FP

33rd FP

31st FP

32nd FP

30th FP

29th FP(Note) Rent revenue is indexed as the end of the 15th FP = 100.

28th FP

0.0

27th FP

24,000 million yen

20.0

23rd FP

Acquisition
price

22nd FP

3 Maruyama-cho,Shibuya-ku

21st FP

Location

100.0

Occupancy rate at end of period (left axis)
Occupancy rate (forecast) (left axis)
Rent revenue index (right axis)
Rent revenue index (forecast) (right axis)

17th FP

Tamachi and
Hamamatsucho Area
550,000 m²

40.0

16th FP

Source: Mori Building

90.0

80.0

26th FPToranomon Area
870,000 m²

Nihombashi,Yaesu
and Kyobashi Area
820,000 m²

Shinagawa Area
370,000 m²

100.0

100.0

15th FP

Akasaka andRoppongi Area
280,000 m²

120.0

100.0 100.0 100.0
100.0 100.0
96.8 92.8 93.3 97.0 92.8
160.0
89.1
100.0 100.0 100.0
100.0 100.0 100.0
100.0
96.3
96.4
89.6
140.0

100.0

25th FP

4,410,000 m²

24th FP

Total from 2022 to 2026

Shibuya Area
250,000 m²

93.4

130.0

E SPACE TOWER Occupancy Rate

2022―2026

Other
1,220,000 m²

98.4

E SPACE TOWER

Large-Scale Office Building Supply inthe 23 Wards of Tokyo

Marunouchi andOtemachi Area
30,000 m²

98.3(As of January 20, 2023)

20th FP(Note 2) Percentage is rounded to the first decimal place

25th FP(Note 1) Based on acquisition price24th FP

0.0

95.1

92.5

Rent revenue index (forecast) (right axis)

23rd FP

66,900 million yen

21st FP

Acquisition
price

96.6

100.0 98.0

Rent revenue index (right axis)

22nd FP

Shinjuku Ward
7.1％

20.0

99.9

100.0 99.6

Occupancy rate (forecast) (left axis)

19th FP

Chuo Ward
23.3%

Location

2-chome, Yoyogi,
Shibuya-ku

99.2

99.3

Occupancy rate at end of period (left axis)

20th FP

40.0

99.8

96.6

110.0

18th FP

40.9％

98.8

96.1

94.0

17th FP

60.0

98.8

94.7

95.7

80.0

Shibuya Ward/
Shinjuku Ward

Five Central Wardsof Tokyo
80.7％

94.9

18th FP

Minato Ward
10.0%

100.0

Shibuya Ward
33.8％

16th FP

Chiyoda Ward
6.4％

（％）

Regional Cities
2.0％
Greater Tokyo
17.3％

15th FP

Other 18 Wardsof Tokyo
8.8％

Shinjuku Maynds Tower Occupancy Rate

19th FP

Yokohama City
8.7％

60.0

Ownership interest of Shinjuku Maynds Tower is adjusted from the 25th FP.

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

40

Analysis of Leasing Business― Improvement in Basic Strength ―Although there was a slight increase in contract renewals in the Fiscal Period Ended November 2022, monthly rents
from new tenants were reduced based on the leasing strategy prioritizing occupancy rate.
Monthly Rent Increase Due to Contract Renewal/Tenant Replacement(Thousand Yen/Month)
40,00035,00030,00025,52821,804 21,309

25,00020,00015,00010,0005,000
037,565Contract Renewal
Tenant Replacement

6,680

14,376 14,246
6,438
7,938
20th FP766

13,47921st FP

11,134

9,137
14,686

21,84917,721

6,663

12,521
18,8478,759
22nd FP

18,441 27,020

7,432

12,747
3,988

28,22532,29523rd FP

14,371

24th FP

6,577
21,161

19,087 19,123
12,334

8,787
25th FP

15,185 3,381
4,369

26th FP

27th FP

28th FP

29th FP

30th FP▲5,0003,613 2,724 ▲865
2,046

1,550

1,566

1,174

31st FP

32nd FP▲988

33rd FP

11,142960
34th FP

Simple▲1,825average forthe 20th FP
onwardIncrease Rate of Dividend Resource Due to Improved Basic Strength
20th FP

21st FP

22nd FP 23rd FP

24th FP

25th FP

26th FP

27th FP

28th FP

29th FP

30th FP

31st FP

32nd FP 33rd FP

34th FP

SimpleSimpleaverageforaverage fortheFP
the 20th
20th FP
onwardonward

1.0%

0.8%

0.7%

1.4%

1.2%

1.2%

1.5%

1.9%

1.3%

1.6%

1.0%

0.2%

0.2%

0.1%

-0.1%

1.0%

d

2.0%

1.7%

1.5%

2.8%

2.4%

2.3%

3.0%

3.9%

2.6%

3.1%

2.0%

0.3%

0.3%

0.3%

-0.1%

2.0%

6 months

2.1%

1.8%

1.5%

2.9%

2.4%

2.3%

2.9%

3.8%

2.6%

3.0%

2.0%

0.3%

0.3%

0.2%

-0.1%

2.0%

Annualize
d

4.3%

3.6%

2.9%

5.8%

4.9%

4.7%

5.8%

7.6%

5.1%

6.0%

3.9%

0.6%

0.6%

0.5%

-0.2%

4.0%

Growth rate of

Growthrevenue
rate of revenue 6 months(rentsand common(rentsandarea fees)
Annualize
common(Note 1)(Note 1)
area fees)

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

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

41

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

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

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

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

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

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

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



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

Kandasudacho
2-ChomeDevelopment
Site(Land)

Daiwa
Kandabashi
Acquisition

Replacement

Kandasudacho
2-Chome Development
Site(Land)
Acquisition

Daiwa
Minami-Aoyama
Transfer

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

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



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

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

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

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

42

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

※ Scenario analysis is based on currently available scenarios and objective forecast data from third-party organizations, and does not necessarily guarantee the accuracy of the information due to theThis document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
inherent uncertainty of known and unknown risks.
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

43

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

Tenants

Investors

Financial Institutions

Climate/Weather

Increased needs for measuresagainst storm and flood damage,

Higher importance of physical risk
assessment in making investment

Increased needs for physical risk
assessment in making lending

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

decisionsdecisionsrising temperatures, etc.

< Future measures >Amidst the increasing risk of natural disasters, we will secure a competitive advantage by implementing planned construction and cost reduction measures based on a medium- to long-term construction plan inorder to respond to physical risks such as severe wind and flood damage and rising average temperatures.
Overview of 1.5°C/2℃ scenario and Expected Future
The 1.5°C/2°C scenario forecasts a future where greenhouse gas emissions are on a decreasing trend, with the advancement of social policy, emission regulations, technology investment, and other measures to achieve a carbonneutral society. The scenario involves low relative physical risks from climate disasters and high transition risks.
Investors

Financial Institutions

Climate/Weather

Stricter regulations against GHG

Government

Increased needs for environmental

Increased needs for the assessment

Increased needs for the assessment

A certain degree of advancement ofemissions due to an introduction of

performanceof compliance with environmentalof compliance with environmental

chronic climate change, such as

regulations and environmental

regulations and environmental

increased storm and flood damage

certifications in making investment

certifications in making lending

decisionsdecisionscarbon tax

Tenants< Future measures >Tenants are becoming increasingly aware of environmental considerations, and we will secure a competitive advantage by actively investing in the introduction of energy-saving and high-efficiency equipment,
and by implementing planned construction and cost reduction measures based on a medium- to long-term construction plan.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

44

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

Efforts of Group Company ①<2030Vision>

8,142 trees planted in 4 locations nationwide “Forest for Tomorrow Together”
started(Daiwa Securities Co. Ltd. and Daiwa Asset Management Co. Ltd.)(June 2022) Daiwa Securities Co. Ltd. and Daiwa Asset Management Co. Ltd. donated part of
the trust fees of “Decarbonization Technology Equity Fund (Carbon ZERO)” to tree planting
activities of the certified NPO Environmental Relations Institute. The tree planting project, “Forest
for Tomorrow Together” was launched to share the thoughts of the realization of decarbonizedsociety with investors who invest in global stocks. The fund can support the planting of 8,142
trees. The seedlings will be managed by the local forestry association for the next 10 years. We
will continue to support tree planting activities while watching over the process of trees growing
and growing into a natural forest together with our customers, aiming to contribute to solving
medium- to long-term environmental issues

Efforts of Group Company ⓶“Shokuiku” Efforts in cooperation with local governments –On-site classes anddonation of Tomatoes at Kusu Municipal Elementary School in Oita Prefecture(Daiwa Food & Agriculture Co. Ltd.)(September 2022) Daiwa Food & Agriculture Co. Ltd. (hereinafter “DFA”), a wholly owned
subsidiary of Daiwa Securities Group Inc. held on-site classes by Mirai no Hata Co. Ltd., a DFA
subsidiary on Vegetable Day (August, 31) at Morichuo Elementary School in Kusu-city, Oita
prefecture. Mirai no Hata collaborated with Kusu –city, where the farm is located to tech about
tomato production and cultivation methods and nutrition through visiting lectures at theelementary school and to promote the production and eating of tomatoes. In addition, DFA
donated approximately 15 kg of the tomatoes to school lunch on the event day. DFA willcontribute to the development of the local economy in cooperation with local governments andcompanies.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

45

Summary of Results for the Fiscal Period Ended November 2022 (34th FP) (1)― Balance Sheet ―Comparison with Results of the 33rd Fiscal Period
33rd Fiscal Period

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

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

34th Fiscal Period

Million Yen(%)

Million Yen(%)

35,391

7.3

31,646

6.6

Million Yen(%)

Million Yen(%)

27,2495.6

23,407

4.9

23,09519,084

Operating Accounts Payables

1,067

1,514

3,677

3,724

Current Portion of Long-term Loans
Payable30,60026,200

476

598

600

607

2,326

2,660

796

664

94.4

457,602

95.1

Advances Received

451,705

93.4

452,763

94.1

Other Current Liabilities

78,61979,543372,235

372,313

850

906

2,716

0.6

2,715

2,705

2,705

11

9

1,746

0.4

2,124
113

Long-term Prepaid Expenses

1,203

1,293

Other Investments and Other
Assets428

717

Investment Corporation Bond
Issuance Costs
Total Assets

Accounts Payables-Other

456,167

113

Deferred Assets

Current Liabilities

44

0.0

39

Liabilities

Cash and Deposits

33rd Fiscal Period

0.6

Fixed Liabilities

0.4

44

39

483,461 100.0

481,049 100.0

40.9

201,9119,000

Long-term Loans Payable

166,200

170,600

Tenant Leasehold and Security
Deposits
Tenant Leasehold and Security
Deposits in Trust

20,192

20,090

1,972

1,984

165

237

Total Liabilities

232,92248.2

233,557

241,093

238,093

Unitholders' capital

251,551

251,551

Deduction from unitholders’ capital-10,458-13,457

9,214

8,971

231

426

Unitholders’ equity (net amount)

0.0

197,530
9,000

Investment Corporation Bonds

Other Fixed Liabilities

Net Assets

Current Assets

34th Fiscal Period

Unappropriated Retained Earnings
Valuation, Translation Adjustments andOthersTotal Net Assets
Total Liabilities and Net Assets

250,53851.8

483,461 100.0

247,491

42.0

48.6

51.4

481,049 100.0

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

46

Summary of Results for the Fiscal Period Ended November 2022 (34th FP) (2)― Income Statement ―Comparison with Results of the 33rd Fiscal Period

Comparison with the 34th Fiscal Period Forecasts(Million Yen)

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

33rd
Fiscal Period

34th
Fiscal Period

182 days

183 days(Million Yen)

ChangeEffective Number of Days of Investment

14,474

13,891

-583

900

-

-900

6,551

6,828

+276

Expenses related to Rental Business(excluding depreciation)

3,359

3,664

+305

Depreciation

1,783

1,788

+5

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

34th Fiscal Period
Forecast(Announced
Jul. 2022)

34th
Fiscal Period

183 days

183 days

Change13,727

13,891

+164

-

-

+0

6,777

6,828

+50

Expenses related to Rental Business(excluding depreciation)

3,627

3,664

+37

Depreciation

Operating Expenses (B)

1,784

1,788

+4

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

8,315

8,437

+122

-860

Operating Income (A-B)

6,949

7,062

+113

576

+7

Non-operating Expenses

578

576

-2

424

421

-3

428

421

-6

7,493

6,494

-999

6,370

6,494

+124

Extraordinary Income

-

-

-

Extraordinary Income

-

-

-

Extraordinary Expenses

-

-

-

Extraordinary Expenses

-

-

-

Total Income Taxes(Includes income taxes deferred)

1

-17

-18

6,369

6,512

+142

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

8,430

8,437

+6

Operating Income (A-B)

7,923

7,062

Non-operating Expenses

569

Interest Expense(including cap amortization)
Ordinary Income

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

(Note 1)Dividend per Unit (Note2)(Reversal of reserve)(Note 2)

0

-17

-18

7,493

6,512

-980

482,529 units

478,258 units-4,271

15,443 yen

13,561 yen-1,882 yen

14,000 yen

13,700 yen(- yen)(122 yen)Interest Expense(including cap amortization)
Ordinary Income

Net Income

482,529 units

478,258 units-4,271(Note 1)

Earnings per Unit

13,200 yen

13,561 yen+361 yen-300 yen

Dividend per Unit (Note3)

13,600 yen

13,700 yen+100 yen(+122 yen)

Dividend per Unit (Note 3)(400 yen)(122 yen)(-278 yen)

Investment Units Issued and Outstanding(Note 1) Net income per unit is calculated using the following average number of investment units during the period.
(Note 2) Dividends per unit for the 33rd FP is calculated by dividing the amount obtained by subtracting provision for reserve for reduction entry (737 million yen) from unappropriated retained earnings by the total number of investment units issued andoutstanding. Dividends per unit for the 34th FP includes the amount obtained by dividing part (reserve for reduction entry of 40 million yen and corresponding deferred tax liabilities of 18 million yen amounting to a total of 58 million yen) of the amountretained as internal reserves by the total number of investment units(Note 7) issued and outstanding. Dividends per unit before the reversal is 13,578 yen. The same applies in the table below.
(Note 3) Dividends per unit for the 34th FP is calculated by dividing the amount obtained by adding reversal of reserve for reduction entry (193 million yen) to unappropriated retained earnings by the total number of investment units issued and outstanding.
Dividends per unit before the reversal is 13,200 yen. Moreover, reversalThisof reserve
for reduction
entry maydisclosed
change dependingon the operational
status.
document
is not material
in compliancewith the Financial
Instruments and Exchange Act or any regulation of similar nature, nor is it

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

47

Forecasts for the Fiscal Periods Ending May 2023 and November 2023
(35th and 36th FP)
Forecasts for the 35th and 36th Fiscal Periods(Million Yen)

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

34th Period(Nov. 30, 2022)

35th Period
Forecast(May 31, 2023)

36th Period
Forecast(November 30, 2023)

183 days

182 days

183 days

13,891

15,138

13,831

-

1,518

-

6,828

7,481

7,233

Expenses related to Rental Business(excluding depreciation)

3,664

4,290

4,087

Depreciation

Operating Expenses (B)

1,788

1,790

1,797

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

8,437

7,538

7,946

Operating Income (A-B)

7,062

7,656

6,598

Non-operating Expenses

576

590

613

421

436

454

6,494

7,066

5,984

Extraordinary Income

-

-

-

Extraordinary Expenses

-

-

-

-17

1

1

6,512

7,065

5,983

478,258 units

478,258 units

478,258 units

Earnings per Unit (Note 1)

13,561 yen

14,772 yen

12,510 yen(Note 2)

13,700 yen

13,700 yen

13,700 yen(122 yen)(- yen)(1,190 yen)Interest Expense(including cap amortization)
Ordinary Income

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

Dividend per Unit

(Reversal of reserve)(Note 2)

(Note 1) Net income per unit is calculated using the following average number of investment units during the period.
(Note 2) Dividends per unit for the 35th FP is calculated by dividing the amount obtained by subtracting provision for reserve for reduction entry (513 million yen) from unappropriated retained earnings by the
total number of investment units issued and outstanding. Moreover, provision for reserve for reduction entry may change depending on the operational status. Dividends per unit for the 36th FP is
calculated by dividing the amount obtained by adding reversal of reserve for reduction entry (568 million yen) to unappropriated retained earnings by the total number of investment units issued andoutstanding. Dividends per unit before the reversal is 12,510 yen. Moreover, reversal of reserve for reduction entry may change depending on the operational status.

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

48

Status of Interest-Bearing Liabilities (1) (as of November 30, 2022)
Borrowings
LenderSumitomo Mitsui Banking Corporation (*)

SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking Corporation (*)

Resona Bank, Limited (*)
SBI Shinsei Bank, Limited
The Bank of Fukuoka, Ltd. (*)
Sumitomo Mitsui Trust Bank, Limited (*)

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

Development Bank of Japan Inc.
Mizuho Bank, Ltd. (*)
Resona Bank, Limited (*)
Mizuho Trust and Banking Co., Ltd. (*)

Development Bank of Japan Inc.
Tokio Marine & Nichido Fire Insurance Co., Ltd.

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

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

SBI Shinsei Bank, Limited (*)

Long-term borrowings

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

Mizuho Bank, Ltd. (*)
SBI Shinsei Bank, Limited (*)
Fukoku Mutual Life Insurance Company

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

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

Mizuho Bank, Ltd. (*)
Development Bank of Japan Inc.

Balance(million y en)

1,000
1,000
1,500
2,500
1,500
1,500
1,500
1,500
1,500
1,500
2,000
500
1,500
1,500
1,000
1,000
1,000
1,700
1,000
26,200
3,000
500
1,000
1,000
1,000
1,000
1,000
2,500
1,500
2,000
1,500
1,000
2,000
200
1,500
3,500
3,000
2,000
1,500
3,000
2,000
2,550
1,500
1,000
2,000

Interest
Type

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

Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed

Interest Rate(%)

Date of
AdvanceDue date

0.458%
L+0.350%
0.458%
0.365%
L+0.325%
0.408%
0.450%
0.450%
L+0.325%0.450%
0.450%
0.450%
0.290%
0.303%
0.290%
0.391%
0.391%
0.387%
0.313%

14/12/1
14/12/1
14/12/3
15/2/27
15/3/31
15/5/1
15/5/1
15/5/1
15/5/1
15/5/1
15/5/29
15/5/29
16/3/29
16/3/29
16/3/29
16/3/29
16/3/29
17/5/10
18/7/31

23/5/31
23/5/31
23/5/31
23/2/28
23/5/31
23/5/31
23/11/30
23/11/30
23/11/30
23/11/30
23/11/30
23/11/30
23/2/28
23/2/28
23/2/28
23/8/31
23/8/31
23/11/30
23/7/310.441%
0.440%
0.403%
0.403%
0.440%
0.378%
0.378%
0.415%
0.415%
0.421%
0.460%
0.460%
0.421%
0.579%
0.450%
0.437%
0.477%
0.410%
0.410%
0.452%
0.452%
0.457%
0.513%
0.513%
0.498%

15/5/1
15/8/31
15/9/1115/9/1115/9/11
16/3/29
16/3/29
16/3/29
16/3/29
16/5/26
16/5/26
16/5/26
16/5/31
16/5/31
16/8/31
17/5/22
17/5/22
17/5/31
17/5/31
17/5/31
17/5/31
17/8/31
17/8/31
17/8/31
17/11/30

24/5/31
24/8/30
24/2/29
24/2/29
24/8/30
24/2/29
24/2/29
24/8/30
24/8/30
24/11/29
25/5/30
25/5/30
24/11/29
26/5/29
26/8/31
24/5/31
24/11/29
25/5/30
25/5/30
25/11/28
25/11/28
25/5/30
26/8/31
26/8/31
25/5/30

Term

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

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

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

MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Gunma Bank, Ltd.
The Bank of Fukuoka, Ltd.
MUFG Bank, Ltd.
The Norinchukin Bank

Long-term borrowings

Current maturities of long-term borrowings

Term

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

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

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

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

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

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

Momiji Bank,Ltd.
Mizuho Bank, Ltd. (*)
Mizuho Bank, Ltd. (*)

Balance(million y en)

500
2,000
5,000
500
500
1,500
2,000
1,000
1,000
4,000
3,000
1,000
1,000
1,000
3,000
2,000
2,000
1,000
500
1,000
1,500
1,000
2,000
1,300
1,200
1,000
1,500
1,000
1,000
2,000
1,000
3,000
2,000
1,600
1,500
2,000
1,000
3,000
2,000
2,000
1,000
1,000
1,000
1,900
2,000

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

Interest
Type

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

Interest Rate(%)

0.489%
0.482%
0.436%
0.335%
0.457%
0.376%
T+0.350%
0.679%
0.472%
T+0.350%
T+0.350%
T+0.350%
T+0.350%
T+0.225%
T+0.350%
T+0.350%0.304%
0.304%
T+0.300%
0.540%
T+0.250%0.320%
0.472%
0.208%
0.322%
0.450%
0.209%
0.319%
0.350%
0.416%
0.211%
0.322%
0.322%
0.326%
0.326%
0.487%
0.487%
0.297%
0.400%
0.400%
0.350%
0.416%
0.546%
0.146%
0.279%

Date of
Advance

17/11/30
17/11/30
18/2/28
18/5/31
18/5/31
18/8/31
18/8/31
18/8/31
18/10/30
18/10/30
18/10/30
18/10/30
18/10/30
19/3/29
19/3/29
19/3/29
19/5/31
19/5/31
19/5/31
19/5/31
19/8/30
19/8/30
19/9/30
19/11/29
19/11/29
19/11/29
20/2/28
20/2/28
20/2/28
20/2/28
20/5/29
20/5/29
20/5/29
20/8/31
20/8/31
20/8/31
20/8/31
20/11/30
20/11/30
20/11/30
20/11/30
21/2/26
21/2/26
21/3/31
21/3/31

Due date

25/11/28
26/5/29
26/2/27
25/5/30
26/5/29
25/8/31
27/8/31
27/8/31
26/10/30
27/10/29
27/10/29
27/10/29
27/10/29
26/3/31
28/3/31
28/3/31
26/5/29
26/5/29
27/5/31
29/5/31
26/8/31
26/8/31
29/9/28
24/11/29
26/11/30
28/11/30
25/2/28
27/2/26
28/2/29
29/2/28
25/5/30
27/5/31
27/5/31
27/8/31
27/8/31
30/8/30
30/8/30
27/5/31
28/11/30
28/11/30
28/11/30
29/2/28
31/2/28
24/3/29
26/3/31This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

49

Status of Interest-Bearing Liabilities (2) (as of November 30, 2022)
Borrowings
Term

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

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

Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation

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

MUFG Bank, Ltd.
SBI Shinsei Bank, Limited

Long-term borrowings

Sumitomo Mitsui Banking Corporation

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

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

MUFG Bank, Ltd.
Nishi-Nippon City Bank, Ltd.
Nippon Life Insurance Company
SBI Shinsei Bank, Limited
The 77 Bank, Ltd.
Tokio Marine & Nichido Fire Insurance Co., Ltd.

Sumitomo Mitsui Trust Bank, Limited
Resona Bank, Limited
Sumitomo Mitsui Banking Corporation

Taiyo Life Insurance Company
Mizuho Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation

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

Balance(million y en)

2,000
2,000
1,500
2,400
2,000
1,000
1,000
1,500
1,000
2,000
1,000
1,000
1,000
950
500
1,000
1,000
2,000
1,500
1,000
2,000
1,000
1,500
1,000
3,400
1,000
2,000
1,300
1,000
1,000
1,000
1,000
1,500
1,000
300
1,000
1,500
4,000
1,000
170,600
196,800

Interest
Type

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

Investment Corporation Bonds
Interest Rate(%)

0.356%
0.436%
0.436%
0.481%
0.481%
0.552%
0.483%
T+0.350%0.470%
T+0.375%
T+0.375%
T+0.200%
T+0.250%
T+0.250%
T+0.250%
T+0.300%
T+0.325%
0.431%
0.547%
T+0.300%
T+0.313%
T+0.338%
T+0.350%
T+0.350%
T+0.375%
T+0.375%
T+0.300%
0.634%
T+0.300%
T+0.300%
T+0.200%
T+0.250%
T+0.300%
T+0.300%
0.754%
T+0.313%
T+0.350%
T+0.375%
T+0.375%

Date of
Advance

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

Due date

Issuance

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

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

Total investment corporation bonds

Balance(million y en)

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

Interest
Type

Fixed
Fixed
Fixed
Fixed
Fixed

Interest Rate(%)

1.000%
0.220%
0.660%
0.310%
0.600%

Date of
Advance

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

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

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

Maximum loan amount(million yen)

Term of the Agreement

3,000

From January 31, 2022 to July 31, 2023

2,500

From April 28, 2022 to February 28, 2023

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

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

50Analysis of Tenants
Major Tenants (Top 10)

Tenant Name

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

Property

Daiwa Sasazuka Tower
Daiwa Kitahama

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

% of Total
Leased Area
(Note 2)

2.0%

Other Finance
3.0%

6,189.96

1.7%

Insurance
3.0%

7,135.30

Tokio Marine & Nichido Anshin
Consulting Co., Ltd.

Daiwa Ogikubo Tower

6,058.41

1.7%

Palsystem Consumers' Co-operative
Union

LAQUAS Higashi Shinjuku

5,985.08

1.7%

Not disclosed (Note 1)

Daiwa Kayabacho Building

Kirin Brewery Company, Ltd.

Kirin Nihonbashi Building

5,899.11
5,630.17

1.6%
1.6%

INES Corporation

Daiwa Harumi

4,770.20

1.3%

Mitsubishi UFJ NICOS Co., Ltd.

Daiwa Kitahama

4,515.35

1.2%

Not disclosed (Note 1)

Daiwa Sasazuka Tower

4,226.34

1.2%

Not disclosed (Note 1)

CONCURRED Yokohama

4,125.00

1.1%

54,534.92

15.5%

Total

Services
23.9%

Other
15.3%

Information &Communication
21.0%

Foods
3.8%
Electric Device
4.4%

Information
Services

11.8%

Visual/Voice
Information Production

Construction
5.4%

3.8%

Internet-related
Services

Wholesale
5.6%
Real Estate
7.0%

3.0%

Communications
Broadcast

Retail Trade
7.5%

2.1%

0.2%

(As of November 30, 2022)(Note 1) Industries are categorized and prepared by the Investment Corporation according to TSE’s 33 industry groups.
(Note 2) The categories in the Information & Communication industry are created/prepared by the Investment.
Corporation in accordance with the Japan Standard Industry Classification of the Ministry of Internal Affairs andCommunications.
(Note 3) The ratio is rounded to the first decimal place.

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

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

51

Appraisal Value Compared With the Previous Fiscal Period (1)(Unit: Million Yen)
Property Name
Daiw a Ginza
Daiw a Ginza Annex
Daiw a Shibaura
Daiw a Sarugakucho
Daiw a A Ham am atsucho
Daiw a Jingum ae
Daiw a Shibadaim on
Daiw a Misakicho
Daiw a Tsukijiekim ae
Daiw a Tsukiji
Daiw a Tsukishim a
Daiw a Nihonbashi Horidom echo
Daiw a Azabudai
Shinjuku Maynds Tow er
Daiw a SHIBUYA EDGE
Daiw a Kodem m acho
Daiw a Nishishim bashi
Daiw a Kayabacho Building
Daiw a Jinbocho 3-chom e
E SPACE TOWER
Daiw a Nihonbashi Hongokucho
shinyon curum u
Daiw a Akasaka
Daiw a Shibuya Miyam asuzaka
Daiw a Azabu Terrace
Daiw a Ebisu 4-chom e
LAQUAS Higashi Shinjuku
Daiw a Aoyam a
Daiw a Shibuya Shinsen
Daiw a Shibuya Square

Appraisal Value

Compared to End of 33rd Period

Book Value

Compared to Book Value at End of 34th Period

Cap Rate
Acquisition Price

End of 33rd Period

End of 34th Period

Difference

ChangeEnd of 34th Period

Difference

End of 33rd Period

ChangeEnd of 34th Period

17,0003,600

16,300
3,410

-700
-190

-4.1%
-5.3%

12,7482,733+3,551
+676

27.9%
24.7%

14,100
3,050

3.3%
3.3%

3.4%
3.5%

8,600
4,360
3,980
3,260

8,600
4,360
3,980
3,260

-

-

7,965
3,051

+634
+1,308

8.0%
42.9%

8,265
3,190

3.8%
4.1%

3.8%
4.1%

-

2,673
2,637

+1,306
+622

48.9%
23.6%

2,865
2,800

3.6%
3.5%

3.6%
3.5%

4,140
3,160

4,140
3,170

+10

+0.3%

2,326
2,077

+1,813+1,092

77.9%
52.6%

2,578
2,346

3.4%
3.7%

3.4%
3.7%

2,360
1,790

2,420
1,820

+60
+30

+2.5%
+1.7%

1,203
1,087

+1,216101.1%

1,560

4.0%

3.9%

11,1003,080

11,000
3,080

-100
-

-0.9%
-

6,460
2,336

+732
+4,539
+743

67.4%
70.3%
31.8%

1,240
7,840
2,520

3.8%
3.9%
3.7%

3.7%
3.9%
3.7%

2,010
64,7002,010
64,700

-

-

+531

5,480
2,430
7,370
8,520

5,490
2,460
7,380
8,530

+10
+30

+0.2%
+1.2%

1,478
63,005
5,537
2,309

+10
+10

+0.1%
+0.1%

4,528
5,055

5,430
39,0005,440
39,000

+10
-

+0.2%
-

3,197
23,263

2,740
17,10015,80013,9002,810
17,20015,80013,900+70+100

19,0006,620
11,60019,0006,620
11,60012,7006,610
23,10012,7006,550
23,200

-

+2.6%
+0.6%
-

-

-60
+100

+1,694-47+150+2,851

35.9%
2.7%

1,600
66,900

3.7%
3.0%

3.7%
3.0%

-0.9%
6.5%
63.0%

5,900
2,460
5,000

+3,474

68.7%

5,600

3.4%
3.9%
3.4%
3.2%

3.4%
3.9%
3.4%
3.2%

+2,242+15,736

70.1%
67.6%

3,550
24,000

3.2%
2.8%

3.2%
2.8%

1,476
9,413
9,998
7,201
13,684+1,333+7,786+5,801+6,698+5,315

90.4%
82.7%
58.0%
93.0%
38.8%

1,721
9,650
9,200
7,000
14,000

3.8%
3.1%
3.1%
3.1%
3.3%

3.8%
3.1%
3.1%
3.1%
3.3%

-

4,144
8,228

+2,475+3,371

59.7%
41.0%

4,135
8,450

3.5%
3.2%

3.5%
3.2%

-0.9%
+0.4%

9,929
4,931
15,733+2,770

27.9%

9,800

3.1%

3.1%

+1,618+7,466

32.8%
47.5%

4,800
16,000

3.2%
3.1%

3.2%
3.1%

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

52

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

Property Name

Compared to End of 33rd Period

End of 33rd Period End of 34th Period

DifferenceBook Value

ChangeCompared to Book Value at End of
34th Period

End of 34th Period

Difference

Cap Rate
Acquisition Price
End of 33rd Period

ChangeEnd of 34th Period

Daiwa River Gate

35,90035,900--27,301+8,59831.5%

28,000

3.4%

3.4%

Daiwa Hatchobori ekimae

3,420

3,420

-

-

2,872

+547

19.1%

2,871

3.3%

3.3%

Daiwa Hatchobori ekimae West

2,030

2,030

-

-

1,704

+325

19.1%

1,647

3.4%

3.4%

Daiwa Nishi-Shinjuku

18,10018,100--13,890+4,20930.3%

13,710

3.2%

3.2%

Kirin Nihonbashi Building

8,500

8,500

-

-

8,250

+249

3.0%

8,180

3.5%

3.5%

Daiwa Higashi-Nihonbashi

7,350

7,360

+10

+0.1%

6,191

+1,168

18.9%

6,370

3.7%

3.7%

Daiwa Daikanyama

3,720

3,800

+80

+2.2%

2,344

+1,455

62.1%

2,280

3.1%

3.0%

Daiwa Shinjuku West

1,320

1,320

-

-

984

+335

34.1%

942

3.7%

3.7%

Daiwa Kanda Mikuracho

1,860

1,900

+40

+2.2%

1,601

+298

18.6%

1,592

3.7%

3.6%

Daiwa Kanda East

5,900

5,900

-

-

4,176

+1,723

41.3%

4,200

3.2%

3.2%

Daiwa Kandasudacho

2,900

2,960

+60

+2.1%

2,372

+587

24.8%

2,295

3.5%

3.4%

Daiwa Sasazuka Tower

16,10016,200

+100

+0.6%

15,947+252

1.6%

15,5003.8%

3.8%

Daiwa Sasazuka

3,660

3,680

+20

+0.5%

3,219

+460

14.3%

3,000

3.9%

3.9%

Daiwa Harumi

13,10013,100--11,116+1,98317.8%

11,2003.5%

3.5%

Daiwa Mita 2-Chome

4,220

4,330

+110

+2.6%

1,565

+2,764176.5%

2,635

3.6%

3.5%

Nihonbashi Central Square

3,920

3,920

-

-

3,589

+330

9.2%

3,521

3.3%

3.3%

Daiwa Nihonbashi Bakurocho(Note1)

4,550

6,730

-

-

5,794

-

-

5,733

-

3.4%

Daiwa Kandabashi

2,110

2,110

-

-

2,042

+67

3.3%

1,970

3.3%

3.3%

Kandasudacho 2-Chome Development Site

11,50011,800

+300

+2.6%

10,884+915

8.4%

10,600--Daiwa Higashi-Ikebukuro

4,420

4,420

-

-

2,488

+1,931

77.6%

2,958

3.9%

3.9%

Daiwa Shinagawa North

6,350

6,370

+20

+0.3%

6,895

-525

-7.6%

7,710

4.0%

4.0%

Daiwa Kamiooka

2,970

2,970

-

-

1,756

+1,213

69.1%

2,000

4.4%

4.4%

Daiwa Ogikubo Tower

23,30023,400

+100

+0.4%

15,930+7,46946.9%15,220

3.6%

3.6%

Daiwa Meguro Square

7,380

7,380

-

-

5,340

+2,039

38.2%

5,600

3.4%

3.4%

Daiwa Ogikubo

4,960

4,970

+10

+0.2%

3,961

+1,008

25.5%

3,800

3.8%

3.8%

CONCURRED Yokohama

41,70041,700--37,478+4,221

11.3%

38,100

4.1%

4.1%

Daiwa Shinagawa Gotenyama

2,880

2,890

+10

+0.3%

2,614

+275

10.5%

2,500

3.9%

3.9%

Daiwa Nakano-Sakaue

2,680

2,700

+20

+0.7%

2,952

-252

-8.6%

2,750

3.9%

3.9%

13,500590,840

13,600593,390

+100
+370

+0.7%
0.1%

8,868
454,561+4,731+138,828

53.4%
30.5%

9,481
468,486

3.6%
-

3.6%
-

Daiwa Kitahama
Total (Note2)(Note 1) The appraisal value represents the combined value of the Land and the Building. The same applies hereinafter.
(Note 2) Difference and change in “Compared to End of 33rd Period” do not include the impact of the properties(Daiwa Nohonbashi Bakurocho) acquired in the 34th Period.

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

53

Appraisal Value at End of Fiscal Period (1)Property Name
Daiw a Ginza

Appraisal Value at
End of 34th Period

Summary of Appraisal Report (End of 34th Period)
Direct Capitalization Method
Value

DCF Method

Cap Rate

Value

Discount Rate

Terminal Cap Rate

Integrated Value

16,3003,410

16,400
3,480

3.4%
3.5%

16,200
3,330

3.1%
3.1%

3.6%
3.7%

16,1004,210

Daiw a Sarugakucho

8,600
4,360

8,670
4,440

3.8%
4.1%

8,570
4,270

3.6%
3.9%

4.0%
4.3%

7,460
1,890

Daiw a A Ham am atsucho

3,980

4,070

3.6%

3,940

3.4%

3.8%

2,450

Daiw a Jingum ae

3,260

3,310

3.5%

3,200

3.3%

3.7%

3,030

Daiw a Shibadaim on

4,140

4,200

3.4%

4,120

3.2%

3.6%

2,300

Daiw a Misakicho

3,170
2,420

3,220
2,430

3.7%
3.9%

3,150
2,410

3.5%
3.9%

3.9%
4.1%

1,860
2,220
1,670

Daiw a Ginza Annex
Daiw a Shibaura

Daiw a Tsukijiekim ae
Daiw a Tsukiji

1,820

1,820

3.7%

1,820

3.7%

3.9%

Daiw a Tsukishim a

11,000

11,2003.9%

10,900

3.6%

4.1%

5,810

Daiw a Nihonbashi Horidom echo
Daiw a Azabudai

3,080
2,010

3,110
2,040

3.7%
3.7%

3,040
1,970

3.5%
3.5%

3.9%
3.9%

1,700
1,340

Shinjuku Maynds Tow er (Note)

64,700157,000

3.0%

149,000

2.8%

3.2%

51,000Daiw a SHIBUYA EDGE

5,490

5,590

3.4%

5,380

3.2%

3.6%

4,080

Daiw a Kodem m acho

2,460

2,500

3.9%

2,410

3.7%

4.1%

1,280

Daiw a Nishishim bashi

7,380

7,520

3.4%

7,320

3.2%

3.6%

5,180

Daiw a Kayabacho Building

8,530

8,680

3.2%

8,470

3.0%

3.4%

6,750

Daiw a Jinbocho 3-chom e

5,440

5,550

3.2%

5,390

3.0%

3.4%

4,160

E SPACE TOWER

39,00039,4002.8%

38,5002.6%

2.9%

34,400Daiw a Nihonbashi Hongokucho

2,810

2,840

3.8%

2,800

3.6%

4.0%

1,700

shinyon curum u
Daiw a Akasaka

17,20015,80017,50016,2003.1%
3.1%

17,00015,600

2.9%
2.9%

3.3%
3.3%

16,50014,800Daiw a Shibuya Miyam asuzaka

13,90014,0003.1%

13,8002.9%

3.2%

13,500Daiw a Azabu Terrace

19,00019,3003.3%

18,7003.1%

3.4%

16,900Daiw a Ebisu 4-chom e

6,620

6,630

3.5%

6,610

3.6%

3.7%

5,010

LAQUAS Higashi Shinjuku

11,60012,0003.2%

11,4003.0%

3.4%

11,100Daiw a Aoyam a

12,70013,0003.1%

12,5002.9%

3.3%

12,200Daiw a Shibuya Shinsen

6,550

6,820

3.2%

6,440

3.0%

3.4%

4,730

Daiw a Shibuya Square

23,20023,2003.1%

23,1002.9%

3.2%

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

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

54

Appraisal Value at End of Fiscal Period (2)(Unit: Million Yen)
Property Name
Daiw a River Gate
Daiw a Hatchobori ekim ae
Daiw a Hatchobori ekim ae West
Daiw a Nishi-Shinjuku
Kirin Nihonbashi Building
Daiw a Higashi-Nihonbashi
Daiw a Daikanyam a
Daiw a Shinjuku West
Daiw a Kanda Mikuracho
Daiw a Kanda East
Daiw a Kandasudacho
Daiw a Sasazuka Tow er
Daiw a Sasazuka
Daiw a Harum i
Daiw a Mita 2-Chom e
Nihonbashi Central Square
Daiw a Nihonbashi Bakurocho
Daiw a Kandabashi
Kandasudacho 2-Chome Dev elopment Site (Note)

Daiw a Higashi-Ikebukuro
Daiw a Shinagaw a North
Daiw a Kam iooka
Daiw a Ogikubo Tow er
Daiw a Meguro Square
Daiw a Ogikubo
CONCURRED Yokoham aDaiw a Shinagaw a Gotenyama

Daiw a Nakano-Sakaue
Daiw a Kitaham a
Total

Appraisal Value at
End of 34th Period

35,9003,420
2,030
18,100
8,500
7,360
3,800
1,320
1,900
5,900
2,960
16,2003,680
13,100
4,330
3,920
6,730
2,110
11,800
4,420
6,370
2,970
23,4007,380
4,970
41,7002,890
2,700
13,600593,390

Summary of Appraisal Report (End of 34th Period)
Direct Capitalization Method
Value

DCF Method

Cap Rate

36,2003,500
2,090
18,600
8,570
7,510
3,830
1,330
1,910
5,960
2,950
16,6003,760
13,200
4,380
4,010
7,070
2,180
4,480
6,500
3,000
23,5007,580
5,030
42,7002,920
2,800
13,700681,980

3.4%
3.3%
3.4%
3.2%
3.5%
3.7%
3.0%
3.7%
3.6%
3.2%
3.4%
3.8%
3.9%
3.5%
3.5%
3.3%
3.4%
3.3%
3.9%
4.0%
4.4%
3.6%
3.4%
3.8%
4.1%
3.9%
3.9%
3.6%
-

Value

Discount Rate

35,6003,390
2,010
17,900
8,420
7,290
3,790
1,310
1,890
5,840
2,970
16,0003,640
12,900
4,270
3,820
6,590
2,080
4,400
6,230
2,960
23,3007,300
4,940
41,2002,870
2,660
13,500660,410

3.2%
3.1%
3.2%
3.0%
3.3%
3.5%
3.0%
3.5%
3.6%
3.0%
3.4%
3.6%
3.7%
3.5%
3.3%
3.1%
3.2%
3.1%
3.7%
3.8%
4.2%
3.4%
3.2%
3.6%
3.9%
3.7%
3.6%
3.4%
-

Terminal Cap Rate

3.5%
3.5%
3.6%
3.4%
3.6%
3.9%
3.2%
3.9%
3.8%
3.3%
3.6%
4.0%
4.1%
3.7%
3.6%
3.5%
3.6%
3.5%
4.1%
4.2%
4.6%
3.8%
3.6%
4.0%
4.3%
4.1%
4.1%
3.8%
-

Integrated Value

33,1003,790
1,920
16,900
7,490
5,650
3,410
987
2,090
5,450
2,540
15,100
2,770
9,120
3,310
1,890
6,380
1,720
2,430
4,690
2,170
15,2006,870
3,580
32,4002,610
2,550
14,200485,547(Note) Appraisal value of Kandabasudacho 2-Chome Development Site is the income approach value (development leasing-type.)This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

55

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

Amount of unrealized gain/loss (left axis)

1,400
140

Ratio of unrealized gain/loss (right axis)
26.0

1,200
120

26.2 27.1 28.1

30.0
25.0

21.0
18.4

800

80
13.4

600
60

8.0

20.0

17.0
14.7
12.5

12.8
11.6

400
40
200
20

30.5

30.3

21.3
1,000
100

35.0

7.2

9.5

15.0

9.8

10.0

4.7

5.5

5.0

1.1

1.9

0.0

00
-200
-20

-2.2

-5.0
-10.0

34th FP

33rd FP

32nd FP

31st FP

30th FP

29th FP

28th FP

27th FP

26th FP

25th FP

24th FP

23rd FP

22nd FP

21st FP

20th FP

19th FP

18th FP

17th FP

16th FP

15th FP-10.3
14th FP

13th FP

12th FP

11th FP

10th FP-11.4 -11.6 -11.0
9th FP

8th FP

7th FP

6th FP

5th FP

4th FP

3rd FP

2nd FP-60-11.0
1st FP

-600

-10.3

-7.9

-400
-40

-4.9
-6.9

-3.8

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

-15.0

56

Portfolio Performance Summary (1)Fiscal Period Ended November 2022 (34th FP Results by Property)
Daiwa Ginza

Daiwa Ginza Annex

Daiwa Minami
Aoyama（Note6）

Daiwa Shibaura

Daiwa Sarugakucho

Daiwa A
Hamamatsucho

Daiwa Jingumae

Property Name

14,100
3,050
8,265
4,550
3,190
2,865
2,800
33th FP 34th FP 33th FP 34th FP 33th FP 34th FP 33th FP 34th FP 33th FP 34th FP 33th FP 34th FP 33th FP 34th FP
Book Value (million yen)
12,797
12,748
2,737
2,733
7,972
7,965
3,067
3,051
2,684
2,673
2,645
2,637
Appraisal Value (million yen)
17,00016,300
3,600
3,410
8,600
8,600
4,360
4,360
3,980
3,980
3,260
3,260
Occupancy Rate (%)
99.8
99.2
100.0
100.0
99.5
89.8
100.0
100.0
100.0
100.0
100.0
100.0
PML (%) (Note1)
7.2
7.2
9.0
9.0
6.1
6.1
6.0
6.0
7.0
7.0
7.5
7.5
Property Management Company
Best Property
Best Property
XYMAXBest Property
Property Partners
Best Property
Best Property
Number of operating days
182
183
182
183
182
183
15
182
183
182
183
182
183
(1) Property-related Revenues (thousand y 444,564
82,337
77,396440,767
86,327
89,771 269,706 252,355
11,062- - (Note5) - (Note5) 136,967 138,189
Rent (incl. common service fees)
82,337
77,396444,564 440,767
82,327
89,771 268,386 250,123
11,062- - (Note5) - (Note5) 136,967 138,189
Other Revenues (Note 3)
0
0
0
0
0
0
4,000
0
1,320
2,231
0
- - (Note5) - (Note5)(2) Property-related Expenses (thousand y 141,691
56,976
62,202
18,676
17,108123,836
29,751
28,18565,22570,75013,519- - (Note5) - (Note5)
Administrative Expenses
8,240
8,133
7,229
2,728
18,42922,686
5,101
4,391
13,505
14,077310- - (Note5) - (Note5)
Utility Charges
7,038
11,4903,035
5,536
21,36633,342
4,666
8,024
14,55924,0341,190- - (Note5) - (Note5)
Property Management Fee
2,139
1,994
1,253
1,263
6,765
6,521
1,285
1,361
3,984
3,763
152
- - (Note5) - (Note5)
Tax and Public Due
9,072
9,316
6,896
7,128
33,89435,988
11,23011,916
20,777
21,28911,829- - (Note5) - (Note5)
Non-life Insurance Costs
237
255
108
116
556
593
127
136
501
539
16
- - (Note5) - (Note5)
Repair Expenses
847
1,611
146
328
44,188
6,900
7,341
1,357
11,8777,046
20- - (Note5) - (Note5)
Other Expenses
29,40029,4007
7
16,48917,8020996
20
00- - (Note5) - (Note5)(3) NOI (=(1)-(2)) (thousand yen)
302,873 316,931
56,57561,586 204,480 181,605-2,456
99,13990,52679,991
75,987
63,66060,288Annualized NOI (thousand yen)
607,410 632,131 113,462 122,835 410,084 362,218- 198,823 180,557 160,422 151,559 127,671 120,246
NOI Yield (Note 4)
4.7%
5.0%
4.1%
4.5%
5.1%
4.5%
6.5%
5.9%
6.0%
5.7%
4.8%
4.6%

(Reference)

Profits from property-related activities (Note 2)

Acquisition Price (million yen)

Depreciation and amortization(thousand yen)
Proceeds from Restoration andRepair Work (thousand yen)
Proceeds from Amortization of
Leasehold and Security Deposits(thousand yen)

QR Code66,66663,536

9,234

9,682

37,54737,5082,429- - (Note5) - (Note5)

15,144

15,143

9,040

9,048

0

0

4,000

0

60

264

0

- - (Note5) - (Note5)

0

0

0

0

0

0

0

0

0

0

0

- - (Note5) - (Note5)

0

0

0

0

(Note6)(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 34th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 6) Not disclosed due to tenant's request.
(Note 5) Property sold in 33rd FP.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it

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

57

Portfolio Performance Summary (2)Fiscal Period Ended November 2022 (34th FP Results by Property)
Daiwa Shibadaimon

Daiwa Misakicho

Daiwa Tsukiji

Daiwa Tsukijiekimae

Daiwa Nihonbashi
Horidomecho

Daiwa Tsukishima

Daiwa Azabudai

Property Name

Acquisition Price (million yen)

2,578

2,346

1,560

1,240

7,840

2,520

1,600

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FPBook Value (million yen)

2,335

2,326

2,085

2,077

1,217

1,203

1,093

1,087

6,508

6,460

2,350

2,336

1,458

1,478

Appraisal Value (million yen)

4,140

4,140

3,160

3,170

2,360

2,420

1,790

1,820

11,10011,000

3,080

3,080

2,010

2,010

84.7

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

78.5

100.0

100.0

100.0

100.0

7.4

7.4

7.2

7.2

6.7

6.7

6.5

6.5

7.9

7.9

6.3

6.3

6.6

6.6

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

Profits from property-related activities (Note 2)

Number of operating days

Best Property

Best Property

MS Building Support

XYMAX

Property Partners

Best Property

34th FPBest Property

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

93,813

96,231- (Note5)- (Note5)

71,32770,89252,49952,426

283,441

275,01192,28189,49456,39057,848Rent (incl. common service fees)

93,813

96,231- (Note5)- (Note5)

71,32770,89252,49952,426

283,441

275,01192,28189,49456,39056,99000- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

857

18,852

25,184- (Note5)- (Note5)

14,084

16,592

11,801

12,84340,89848,18319,89922,997

11,746

13,567

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

Administrative Expenses

4,483

7,619

- (Note5)- (Note5)

2,582

2,572

2,347

2,325

8,254

8,495

3,523

5,445

2,747

2,723

Utility Charges

5,014

8,280

- (Note5)- (Note5)

4,083

6,539

2,552

4,118

10,687

17,108

5,291

7,321

2,474

4,125

Property Management Fee

1,380

1,468

- (Note5)- (Note5)

1,200

1,200

1,465

1,200

4,249

3,988

1,385

1,338

1,200

1,200

Tax and Public Due

6,628

6,853

- (Note5)- (Note5)

5,265

5,371

4,096

4,226

14,92915,362

7,012

7,160

5,060

5,208

153

166

- (Note5)- (Note5)

128

138

78

84

379

407

165

179

96

103

Repair Expenses

1,190

796

- (Note5)- (Note5)

806

752

1,261

888

2,397

2,821

2,520

1,552

168

207

Other Expenses

00- (Note5)- (Note5)

18

18

0

0

0

0

0

0

0

0

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

74,96071,047

66,83863,83357,24254,29940,69839,582

242,543

226,828

72,381

66,49644,64444,280

Annualized NOI (thousand yen)

150,333

141,705

134,043

127,319

114,800

108,30281,61978,949486,419452,417

145,161

132,629

89,53388,319

6.4%

6.1%

6.4%

6.1%

9.4%

9.0%

7.5%

7.3%

7.5%

7.0%

6.2%

5.7%

6.1%

6.0%

10,454

10,685- (Note5)- (Note5)

14,143

14,028

6,864

6,450

57,78557,66815,566

15,078

7,596

8,232

0

0

- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

0

0

0

- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

0

Non-life Insurance Costs(Reference)

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

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 34th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

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

58

Portfolio Performance Summary (3)Fiscal Period Ended November 2022 (34th FP Results by Property)
Daiwa Kojimachi
4-chome（Note5）

Shinjuku Maynds Tower

Daiwa SHIBUYA EDGE

Daiwa Kodemmacho

Daiwa Nishishimbashi

Daiwa Kayabacho
Building

Daiwa
Jinbocho 3-chome

Property Name

Acquisition Price (million yen)

2,910
33th FP

66,90034th FP

5,900

2,460

5,000

5,600

3,550

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP
3,197

Book Value (million yen)--

63,15563,005

5,547

5,537

2,308

2,309

4,562

4,528

5,084

5,055

3,216

Appraisal Value (million yen)--

64,70064,700

5,480

5,490

2,430

2,460

7,370

7,380

8,520

8,530

5,430

5,440

Occupancy Rate (%)

-

-

92.5

93.4

100.0

100.0

86.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

-

-

4.6

4.6

5.5

5.5

6.9

6.9

6.9

6.9

7.6

7.6

7.1

7.1

PML (%) (Note1)
Property Management Company
Profits from property-related activities (Note 2)

Number of operating days

Best Property

XYMAX

XYMAX

Property Partners

XYMAX

Property Partners

Tokyo Capital Management

15

-

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

8,338

-

1,231,847

1,276,082

95,045

120,385

62,662

61,825

183,991

190,330- (Note6)- (Note6)

123,307

126,540

Rent (incl. common service fees)

8,338

-

1,231,847

1,276,082

95,045

120,385

62,662

61,825

183,991

189,790- (Note6)- (Note6)

123,307

126,540

0

-

0

0

0

0

0

0

0

540

- (Note6)- (Note6)0

0

16,676-353,316

388,471

37,31225,304

15,22521,51942,87751,342- (Note6)- (Note6)

24,67632,920

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

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

(Reference)

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

QR Code339-

73,81986,496

21,219

3,996

4,074

6,126

13,02313,023- (Note6)- (Note6)

5,520

6,480

1,245

-

122,704

135,999

5,132

9,696

4,445

6,653

9,408

15,829- (Note6)- (Note6)

6,517

12,870

115

-

8,632

8,969

1,445

1,852

1,202

1,200

2,460

2,518

- (Note6)- (Note6)

1,849

1,899

14,960-134,673

137,869

8,138

8,358

3,829

3,936

16,241

16,617- (Note6)- (Note6)

9,921

10,181

15

-

2,377

2,585

135

145

119

129

311

336

- (Note6)- (Note6)

163

176

0

-

9,630

15,941

1,241

1,255

730

2,651

1,430

3,011

- (Note6)- (Note6)

703

1,312

0

-

1,478

608

0

0

822

822

0

6

- (Note6)- (Note6)00-8,338-878,530

887,61157,732

95,08147,43740,306

141,113

138,988

151,401

146,197

98,63093,620--1,761,888

1,770,372

115,782

189,642

95,13580,393

283,002277,216

303,635

291,596

197,803

186,729

-

-

2.8%

2.8%

2.1%

3.4%

4.1%

3.5%

6.2%

6.1%

6.0%

5.8%

6.1%

5.8%

2,499

-

201,252

202,233

9,934

9,889

8,094

8,238

37,591

38,230- (Note6)- (Note6)

19,90819,949

0

-

0

0

0

0

0

0

0

0

- (Note6)- (Note6)

0

0

0

-

0

0

0

0

0

0

0

0

- (Note6)- (Note6)00(Note5)(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 34th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Property sold in 33rd FP
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it(Note 6) Not disclosed due to tenant's request.

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

59

Portfolio Performance Summary (4)Fiscal Period Ended November 2022 (34th FP Results by Property)
Daiwa Nihonbashi
Hongokucho

E SPACE TOWER

shinyon curumu

Daiwa Shibuya
Miyamasuzaka

Daiwa Akasaka

Daiwa Azabu Terrace

Daiwa Ebisu 4-chome

Property Name

Acquisition Price (million yen)

24,000

1,721

9,650

9,200

7,000

14,0004,135

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FPBook Value (million yen)

23,31723,263

1,489

1,476

9,436

9,413

10,016

9,998

7,220

7,201

13,726

13,684

4,158

4,144

Appraisal Value (million yen)

39,00039,000

2,740

2,810

17,10017,20015,80015,80013,90013,90019,00019,000

6,620

6,620

100.0

100.0

100.0

100.0

100.0

100.0

82.0

95.5

100.0

100.0

93.9

84.2

100.0

100.0

PML (%) (Note1)

1.4

1.4

4.9

4.9

6.4

6.4

6.5

6.5

4.4

4.4

6.5

6.5

0.5

0.5

Property Management Company

XYMAX

Occupancy Rate (%)

Profits from property-related activities (Note 2)

Number of operating days

MS Building Support

MS Building Support

XYMAX

Tokyo Capital Management

Best Property

MS Building Support

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

787,140

816,919

76,69678,062391,854387,311284,430

300,621289,891

322,820

469,097455,803- (Note5)- (Note5)

Rent (incl. common service fees)

787,140

816,919

76,69678,062

388,403387,311284,430

300,621289,891

322,820

469,097447,388- (Note5)- (Note5)

0

0

0

0

3,450

0

0

0

0

0

0

8,415

- (Note5)- (Note5)- (Note5)

Other Revenues (Note 3)

157,841

193,274

11,431

13,33285,014

104,895

91,159122,992

56,961

65,531

103,583

117,031- (Note5)

Administrative Expenses

42,01142,609

2,565

2,245

20,31925,79530,42539,391

14,016

13,322

25,71526,017- (Note5)- (Note5)

Utility Charges

39,35375,602

2,926

5,132

18,741

33,471

18,75633,461

12,074

22,77739,08749,444- (Note5)- (Note5)(2) Property-related Expenses (thousand yen)

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

7,830

8,175

1,200

1,200

3,901

3,863

3,163

3,334

3,529

3,819

4,225

3,808

- (Note5)- (Note5)

62,04464,168

4,549

4,634

37,89838,94135,35536,23323,37724,30633,70334,577- (Note5)- (Note5)

844

906

97

106

417

448

536

575

389

421

762

823

- (Note5)- (Note5)

5,635

1,740

92

13

3,708

2,374

2,922

9,095

3,538

719

89

2,259

- (Note5)- (Note5)

121

72

0

0

25

0

0

900

36

164

0

99

- (Note5)- (Note5)(3) NOI (=(1)-(2)) (thousand yen)629,298

623,644

65,26464,730306,839

282,416

193,271

177,628

232,929

257,288

365,513338,772

114,731

141,100

Annualized NOI (thousand yen)

1,262,055

1,243,880

130,888

129,107615,365

563,289

387,604

354,285

467,139

513,171733,035

675,694

230,092

281,429

5.4%

5.3%

8.8%

8.7%

6.5%

6.0%

3.9%

3.5%

6.5%

7.1%

5.3%

4.9%

5.5%

6.8%

73,70470,222

13,43013,434

38,21338,54960,75362,441

27,46827,24754,06554,319- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

0

0

0

- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

0

0

0

- (Note5)- (Note5)

Other Expenses(Reference)

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

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 34th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

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

60

Portfolio Performance Summary (5)Fiscal Period Ended November 2022 (34th FP Results by Property)
LAQUAS Higashi
Shinjuku

Daiwa Aoyama

Daiwa Shibuya Shinsen

Daiwa Shibuya Square

Daiwa Hatchobori
ekimaeDaiwa River Gate

Daiwa Hatchobori
ekimae West

Property Name

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (%)
PML (%) (Note1)
Property Management Company
Profits from property-related activities (Note 2)

Number of operating days

8,450

9,800

4,800

16,00028,000

2,871

1,647

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

8,254

8,228

9,946

9,929

4,872

4,931

15,75015,73327,36527,301

2,879

2,872

1,709

1,704

11,60011,60012,70012,700

6,610

6,550

23,10023,20035,90035,900

3,420

3,420

2,030

2,030

100.0

100.0

100.0

100.0

100.0

67.5

100.0

100.0

99.4

99.7

100.0

100.0

100.0

100.0

4.8

4.8

6.2

6.2

6.9

6.9

5.1

5.1

4.1

4.1

7.2

7.2

6.7

6.7

ITOCHU Urban Community

MS Building Support

MS Building Support

XYMAX

Best Property

ITOCHU Urban Community

34th FP

ITOCHU Urban Community

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

233,997

236,595

267,995

262,579- (Note5)

40,782

463,331487,692

896,534

1,037,751

83,554

90,84551,807

46,914

Rent (incl. common service fees)

233,954

236,595

267,995

262,579- (Note5)

40,782

463,331450,969

891,648

1,034,497

83,554

90,84551,807

46,914

42

0

0

0

- (Note5)0036,723

4,886

3,253

0

0

0

0

50,06354,76835,46039,455- (Note5)

54,42089,29393,550302,082

298,50925,682

27,18020,52312,804

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

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

9,902

9,280

9,727

9,945

- (Note5)

38,622

16,042

22,46073,75070,762

7,363

7,467

5,082

3,600

13,08018,599

7,005

8,636

- (Note5)

3,231

19,726

28,68197,548105,541

6,225

8,308

2,802

2,999

1,200

1,200

3,139

3,003

- (Note5)

1,200

4,914

5,423

9,066

10,621

1,209

1,276

1,200

1,200

21,114

21,58815,23416,305- (Note5)

8,948

28,63829,499102,276

103,084

9,270

9,459

4,260

4,411

387

416

199

212

- (Note5)

165

481

515

2,238

2,428

164

177

85

91

4,219

3,526

154

1,352

- (Note5)

2,253

19,4896,969

17,051

6,070

1,448

493

7,092

501

158

158

0

0

- (Note5)

0

0

0

150

0

0

0

0

0

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

183,934

181,826

232,534

223,123

123,230-13,638

374,038

394,141

594,452

739,241

57,872

63,66431,284

34,110

Annualized NOI (thousand yen)

368,879

362,658

466,347445,028

247,138-27,202750,131

786,130

1,192,171

1,474,443

116,062

126,980

62,74068,034

4.5%

4.4%

4.7%

4.5%

5.1%

-0.6%

4.8%

5.0%

4.4%

5.4%

4.0%

4.4%

3.7%

4.0%

34,11834,313

18,95918,924- (Note5)

15,902

26,396

26,670139,806

144,557

11,262

10,112

5,353

5,460

0

0

0

0

- (Note5)

0

0

0

439

279

0

0

0

0

0

0

0

0

- (Note5)

0

0

0

577

0

0

0

0

0

Other Expenses(Reference)

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

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 34th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it(Note 5) Not disclosed due to tenant's request.

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

61

Portfolio Performance Summary (6)Fiscal Period Ended November 2022 (34th FP Results by Property)
Kirin Nihonbashi
Building

Daiwa Nishi-Shinjuku

Daiwa HigashiNihonbashi

Daiwa Daikanyama

Daiwa Shinjuku West

Daiwa Kanda Mikuracho

Daiwa Kanda East

Property Name

Acquisition Price (million yen)

13,710

8,180

6,370

2,280

942

1,592

4,200

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FPBook Value (million yen)

13,906

13,890

8,269

8,250

6,215

6,191

2,350

2,344

986

984

1,606

1,601

4,188

4,176

Appraisal Value (million yen)

18,10018,100

8,500

8,500

7,350

7,360

3,720

3,800

1,320

1,320

1,860

1,900

5,900

5,900

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

84.7

100.0

100.0

5.4

5.4

6.6

6.6

5.8

5.8

7.2

7.2

7.5

7.5

6.8

6.8

7.3

7.3

Occupancy Rate (%)
PML (%) (Note1)
Property Management Company
Profits from property-related activities (Note 2)

Number of operating days

MS Building Support

Tokyo Capital Management

ITOCHU Urban Community

XYMAX

ITOCHU Urban Community

Best Property

ITOCHU Urban Community

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

402,567

409,629- (Note5)- (Note5)

180,264

181,154- (Note5)- (Note5)

38,19437,82153,43850,081140,906

146,438

Rent (incl. common service fees)

402,567

409,629- (Note5)- (Note5)

180,264

181,154- (Note5)- (Note5)

38,19437,82153,43847,548140,906

146,43800- (Note5)- (Note5)00- (Note5)- (Note5)

0

0

0

2,532

0

0

69,464

82,843- (Note5)- (Note5)

29,37932,511- (Note5)- (Note5)

10,291

11,161

10,731

11,18031,33733,041Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)

Administrative Expenses

12,334

12,373- (Note5)- (Note5)

5,609

5,623

- (Note5)- (Note5)

3,294

2,101

3,110

3,107

9,639

9,694

Utility Charges

14,55019,516- (Note5)- (Note5)

9,790

12,501- (Note5)- (Note5)

2,354

2,816

2,219

2,783

8,662

10,508

2,843

2,676

- (Note5)- (Note5)

1,802

1,811

- (Note5)- (Note5)

1,200

1,200

1,200

1,200

1,431

1,464

38,90440,658- (Note5)- (Note5)

11,673

11,923- (Note5)- (Note5)

3,128

3,227

3,492

3,624

10,386

10,570Property Management Fee
Tax and Public Due
Non-life Insurance Costs

411

439

- (Note5)- (Note5)

265

285

- (Note5)- (Note5)

52

57

70

76

186

200

Repair Expenses

421

7,180

- (Note5)- (Note5)

238

336

- (Note5)- (Note5)

260

1,758

638

387

1,029

602

0

0

- (Note5)- (Note5)030- (Note5)- (Note5)

0

0

0

0

0

0

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

333,102326,786

158,015

158,298

150,885

148,643

66,05365,39327,90326,65942,70638,901

109,569

113,396

Annualized NOI (thousand yen)

668,034

651,786

316,898

315,732

302,599

296,474

132,469

130,429

55,96053,17485,647

77,589219,740

226,174

4.8%

4.7%

3.8%

3.8%

4.9%

4.8%

5.6%

5.6%

5.7%

5.4%

5.3%

4.8%

5.2%

5.4%

21,137

21,283- (Note5)- (Note5)

28,32228,434- (Note5)- (Note5)

2,414

2,419

5,496

5,517

16,41816,04800- (Note5)- (Note5)00- (Note5)- (Note5)

0

0

0

0

0

0

0

0

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

0

0

0

0

0

0

Other Expenses(Reference)

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

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 34th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.

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

62

Portfolio Performance Summary (7)Fiscal Period Ended November 2022 (34th FP Results by Property)
Daiwa Kandasudacho

Daiwa Sasazuka
Tower

Daiwa Sasazuka

Daiwa Harumi

Daiwa Mita 2-Chome

Nihonbashi Central
Square (Note 6)

Daiwa Nihonbashi
Bakurocho (Note 7)

Property Name

2,295
15,500
11,200
2,635
3,521
5,733
3,000
33th FP 34th FP 33th FP 34th FP 33th FP 34th FP 33th FP 34th FP 33th FP 34th FP 33th FP 34th FP 33th FP 34th FP
Book Value (million yen)
3,803
5,794
11,142
11,116
1,571
1,565
3,597
3,589
2,372
15,926
15,947
3,188
3,219
2,377
Appraisal Value (million yen)
4,550
6,730
2,960
16,10016,2003,660
3,680
13,10013,100
4,220
4,330
3,920
3,920
2,900
Occupancy Rate (%)
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
85.6
87.4
PML (%) (Note1)
4.8
5.5
6.4
6.4
4.6
4.6
6.4
6.4
2.6
2.6
5.5
5.3
5.3
Property Management Company
MS Building Support Jones Lang LaSalleBest Property
Best Property
Best Property
XYMAXBest Property
Number of operating days
183
182
183
182
183
182
183
182
183
182
182
183
182
183
(1) Property-related Revenues (thousand y63,54173,993 477,000 487,773
98,318 100,472 343,570 371,195 - (Note5) - (Note5)
92,007
84,6220
113
Rent (incl. common service fees)
92,007
84,622
0
113
63,54173,993 477,000 487,773
98,318 100,472 343,563 371,195 - (Note5) - (Note5)
Other Revenues (Note 3)000
60 - (Note5) - (Note5)
0
0
0
0
0
0
0
(2) Property-related Expenses (thousand y
15,672 177,421 211,481
29,881
33,565 101,147 111,944 - (Note5) - (Note5)
15,82018,4280
4,080
15,552Administrative Expenses
4,212
0
4,062
4,310
4,379
48,18452,7586,376
6,407
27,80827,895 - (Note5) - (Note5)
4,392
Utility Charges
3,083
5,019
58,73091,057
8,497
13,86820,541
29,675 - (Note5) - (Note5)
4,198
7,091
0
0
Property Management Fee
1,227
1,087
0
6
1,200
1,200
4,326
4,379
1,486
1,508
3,482
3,705 - (Note5) - (Note5)
Tax and Public Due
5,743
5,867
0
11
4,669
54,69955,663
8,975
9,160
27,291
27,868 - (Note5) - (Note5)
4,525
Non-life Insurance Costs
0
1
89
96
991
1,063
183
196
561
602 - (Note5) - (Note5)
96
102
Repair Expenses
47
0
0
2,424
1,035
1,659 - (Note5) - (Note5)
143
2,324
296
10,4886,559
4,362
Other Expenses
1100020,426
20,538 - (Note5) - (Note5)
18
18
0
0
20
0
(3) NOI (=(1)-(2)) (thousand yen)
68,437
66,906 242,422 259,250
80,117
78,84076,187
66,1940-3,96647,98858,321 299,579 276,291
Annualized NOI (thousand yen)
96,240 116,324 600,804 551,072 137,250 133,447 486,176 517,085 160,674 157,250 152,793 132,026
0-7,911NOI Yield (Note 4)
4.0%
4.9%
3.8%
3.5%
4.3%
4.1%
4.4%
4.7%
10.2%
10.0%
4.2%
3.7%
0.0%
-0.1%

(Reference)

Profits from property-related activities (Note 2)

Acquisition Price (million yen)

Depreciation and amortization(thousand yen)
Proceeds from Restoration andRepair Work (thousand yen)
Proceeds from Amortization of
Leasehold and Security Deposits(thousand yen)

QR Code

6,099

6,154

49,69046,19011,421

11,95235,82636,217 - (Note5) - (Note5)

8,425

8,446

0

4,655

0

0

0

0

0

0

0

0 - (Note5) - (Note5)

0

0

0

0

0

0

0

0

0

0

0

0 - (Note5) - (Note5)

0

0

0

0

-

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 34th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Not disclosed due to tenant's request.
(Note 6) Of the rent revenue, the ratio of the Investment Corporation’s ownership interest for revenues (rent, etc.) pertaining to the master lease business is 60.99% based on the agreement, etc. among the compartmentalized co-owners. The
Thislease
document
is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
occupancy rate indicates the figure for the area subject to the masterbusiness.
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.
(Note 7)DOI acquired Land as of November 2020, Building as of November 2022.

63

Portfolio Performance Summary (8)Fiscal Period Ended November 2022 (34th FP Results by Property)
Kandasudacho 2-Chome Development

Daiwa Kandabashi

Site (land)(Note5)

Daiwa HigashiIkebukuro

Daiwa Shinagawa North

Daiwa Kamiooka

Daiwa Ogikubo Tower

Daiwa Meguro Square

Property Name

Acquisition Price (million yen)

1,970

10,600

2,958

7,710

2,000

15,2205,600

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FPBook Value (million yen)

2,045

2,042

10,884

10,884

2,510

2,488

6,922

6,895

1,770

1,756

15,97915,930

5,362

5,340

Appraisal Value (million yen)

2,110

2,110

11,50011,800

4,420

4,420

6,350

6,370

2,970

2,970

23,30023,400

7,380

7,380

89.6

100.0

-

-

100.0

89.7

95.2

100.0

100.0

100.0

100.0

100.0

100.0

100.0

6.5

6.5

-

4.5

4.5

6.1

6.1

8.6

8.6

2.6

2.6

4.1

4.1

Occupancy Rate (%)
PML (%) (Note1)
Property Management Company
Profits from property-related activities (Note 2)

Number of operating days-

ITOCHU Urban Community

Best Property

Best Property

XYMAX

XYMAX

XYMAX

182

183

167

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

33,47639,23500134,909125,846

196,666

201,036

93,29392,682633,969

676,260

162,822164,071

Rent (incl. common service fees)

33,47639,23500134,909125,846

196,602

201,036

93,29392,682633,969

676,260

162,822164,071

0

0

0

0

0

0

63

0

0

0

0

0

0

0

8,456

11,0660034,43836,69450,88063,10920,93325,150172,128

179,694

36,93337,199Administrative Expenses

4,530

2,840

0

0

11,137

9,790

14,127

16,302

4,331

4,503

54,56745,967

10,49910,355

Utility Charges

2,199

3,058

0

0

11,11915,306

12,477

21,6407,520

12,45562,92076,4508,262

10,146

Property Management Fee

1,200

1,200

0

0

2,001

1,878

2,974

3,009

1,200

1,299

6,985

7,491

2,138

2,154

5

3,159

0

0

8,322

8,447

18,814

19,167

6,338

6,415

43,722

44,467

13,78014,072Other Revenues (Note 3)(2) Property-related Expenses (thousand yen)Tax and Public Due

50

55

0

0

287

310

424

458

149

160

1,084

1,171

214

231

Repair Expenses

355

614

0

0

1,569

960

2,062

2,532

1,393

315

2,668

3,966

2,037

239

Other Expenses

115

139

0

0

0

0

0

0

0

0

180

180

0

0

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

25,02028,16800100,470

89,152

145,785

137,926

72,35967,532461,840

496,565

125,888

126,871

Annualized NOI (thousand yen)

50,17756,18300201,493

177,817292,372

275,100

145,117

134,696926,219

990,417

252,469

253,049

2.5%

2.8%

0.0%

0.0%

8.0%

7.1%

4.2%

4.0%

8.2%

7.7%

5.8%

6.2%

4.7%

4.7%

3,935

3,943

0

0

25,22325,07936,68036,55318,18818,217

131,680

131,973

23,671

23,720

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Non-life Insurance Costs(Reference)

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

QR Code-(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 34th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) We are planning the development of office buildings on the property. The external view is an architectural rendering prepared based on the expected building after development and may differ from the actual building.

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

64

Portfolio Performance Summary (9)Fiscal Period Ended November 2022 (34th FP Results by Property)
CONCURRED
Yokohama

Daiwa Ogikubo

Daiwa Shinagawa
Gotenyama

Daiwa Nakano-Sakaue

Daiwa Kitahama

Total（Note5）

Property Name

466,528

468,486

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FP

33th FP

34th FPBook Value (million yen)

3,968

3,961

37,56837,478

2,596

2,614

2,923

2,952

8,921

8,868

453,560

454,561

Appraisal Value (million yen)

4,960

4,970

41,70041,700

2,880

2,890

2,680

2,700

13,50013,600590,840

593,390

Occupancy Rate (%)

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

98.4

97.4

7.5

7.5

1.8

1.8

7.3

7.3

6.8

6.8

1.5

1.5

3.4

3.4

182

183

Acquisition Price (million yen)

PML (%) (Note1)
Property Management Company

Profits from property-related activities(Note 2)

Number of operating days

3,800

38,100ITOCHU Urban Community

2,500

Jones Lang LaSalle

2,750

Best Property

9,481Tokyo Capital Management

Tokyo Capital Management

182

183

182

183

182

183

182

183

182

(1) Property-related Revenues (thousand yen)

122,964

131,217

1,032,127

1,052,219

80,02379,54768,08369,658404,444414,326 13,574,007 13,891,267

Rent (incl. common service fees)

122,964

131,217

1,032,127

1,052,219

80,02379,54768,08369,658404,444414,326 13,560,238 13,836,714

0

0

0

0

0

0

0

0

0

0

13,76954,553

26,713

28,688

216,650

227,419

16,377

18,16838,973

21,400101,107

111,429

3,356,575

3,662,118

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

183

Administrative Expenses

9,793

9,553

56,30349,432

3,561

4,014

7,286

5,964

21,737

21,257823,141

869,777

Utility Charges

5,043

6,282

85,981

107,122

4,069

4,473

5,614

6,321

36,837

46,904924,472

1,263,217

Property Management Fee

1,362

1,435

6,156

6,303

1,206

1,212

1,200

1,200

6,069

6,214

151,320

154,254

Tax and Public Due

8,203

8,414

58,16658,531

5,528

5,660

7,073

7,221

34,45935,2681,144,699

1,149,657

Non-life Insurance Costs
Repair Expenses

180

198

784

936

114

122

155

166

752

811

20,74822,425

2,129

2,795

9,258

5,092

1,898

2,686

17,632

513

1,191

919

222,314130,73853

69,87872,046

0

8

0

0

0

0

12

12

59

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

96,250102,528

815,477

824,800

63,64561,37829,11048,257303,336

302,896 10,217,432 10,229,148

Annualized NOI (thousand yen)

193,030

204,497

1,635,436

1,645,093

127,641

122,422

58,38096,251

608,339

604,137 20,512,652 20,402,400

4.9%

5.2%

4.4%

4.4%

4.9%

4.7%

2.0%

3.3%

6.8%

6.8%

4.7%

4.6%

11,916

12,093

117,841

118,684

4,676

5,334

8,948

11,69957,44357,443

1,783,619

1,788,657

0

0

0

0

0

0

0

0

0

0

4,499

543

0

0

0

0

0

0

0

0

0

0

577

0

Other Expenses(Reference)

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

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 34th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2022).
(Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(Note 3) Other Revenues includes Proceeds from Restoration and Repair Work and Proceeds from Amortization of Leasehold and Security Deposits.
(Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(Note 5) Acquisition price, annualized NOI and NOI yield for the 33rd FP do not include Daiwa Minamiaoyama and Daiwa Kojimachi-4chome which were sold in the 33th FP. Annualized NOI and NOI yield for the 34th FP do not include Daiwa Nihonbashi
documentnotmaterial
with the Financial
Instruments
andSiteExchange
Bakurocho and Kandasudacho 2-Chome Development Site (land).This
Annualized
NOI isandNOIyield fordisclosed
the 35th FPindocompliance
not include Kandasudacho
2-ChomeDevelopment(land). Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.
The portfolio total of (2) Property-related Expenses in the table does not include expenses related to an investment corporation.

65

Overview of Asset Management Company (1) (As of January 20, 2023)
Company Overview
Company Name

Daiwa Real Estate Asset Management Co., Ltd.

Address

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

Established

October 21, 2004

Paid-in Capital

200 million yen

Representative Director

Yoshiki Nishigaki

Board of Directors

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

No. of Employees

119 (excluding dispatched employees)

Registered Financial
Instruments Firm

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

Building Lots and Buildings
Transaction Business License

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

Discretionary Agent for Real
Estate Transaction Approval

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

Association Membership

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

Directors
Chairman of the Board

Akira Yamanouchi

President and Representative Director

Yoshiki Nishigaki

Vice President and Representative Director

Yuji Shinotsuka

Vice President and Representative Director

Yukiko Takeuchi

Director

Hajime Imbe

Director

Tatsui Yanagisawa

Director (non-executive)

Satoru Shibasaki

AuditorYutaka Nishio

Auditor (non-executive)

Hiromasa Kawashima

Auditor (non-executive)

Takuya Numata

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

Listed REIT focusing on office buildings
Asset size: approximately 462.5 billion yen (58 properties)

Daiwa Securities Living
Investment Corporation

Listed residential REIT
Asset size: approximately 361.7 billion yen (247 properties)

Daiwa Residential Private
Investment Corporation

Private REIT focusing on residential properties
Asset size: approximately 149.7 billion yen (92 properties)

Daiwa Hotel Private
Investment Corporation

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

Daiwa Securities Logistics
Private Investment
Corporation

Private REIT focusing on logistics facilities
Asset size: approximately 51.6 billion yen (9 properties)

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

66

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

Investment Committee *Sustainability Promotion
Committee

President andRepresentative Director

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

DLI Investment
Management
Department

Private Fund Division

Private REIT
Investment
Management
Department

Investment Planning
Department

Private FundManagement
Department

Corporate Division

REIT Planning
Department

Finance
Department

Administration
Department

DOI
Investment
Management TeamDLI
Investment
Management TeamDRP
Investment
Management Team

InfrastructureManagement Team

Finance Team

Construction
Management TeamDLI
Portfolio System
Team

DHP
Investment
Management Team

Infrastructure
Planning Team

Accounting Team

Construction
Management TeamDLP
Investment
Management TeamManagement Team

Construction
Management Team

Overseas BusinessPreparation Team

Corporate Planning
Department

Compliance & Risk
Management
Department

Finance &Accounting Team

* Set up separately for each investment corporation（As of January 1, 2023）
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

67

Website Information
Sustainability Initiatives

DOI Website TOP

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

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

IR mail Delivery Service

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

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

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

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

68

MEMO

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

MEMO

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