8th Fiscal PeriodBusiness Report(Statement of Financial Performance)
June 1, 2009 ~ November 30, 2009

6-2-1 Ginza, Chuo Ward, Tokyo

http://www.da-office.co.jp

Tokyo Upper Middle Office

Ⅰ. Overview of Investment Corporation
Greeting …………………………………………………………………… 2
Financial Highlights …………………………………………………… 2
Top Message……………………………………………………………

Characteristics of DA Office………………………………………

3
6

Collaboration with the Daiwa Securities Group …………… 7
Internal Growth Measures……………………………………

9

External Growth Measures ………………………………………… 10
Investment Growth Measures …………………………………… 11
Status of Portfolio ……………………………………………………… 12
Portfolio List ……………………………………………………………… 13
Overview of Portfolio ………………………………………………… 15
Portfolio Distribution………………………………………………… 17

Description of Related Companies of DA Officeand Daiwa Real Estate Asset Management ………………… 18

Ⅱ. Investor Information …………………………………… 19
Ⅲ. Asset Management Report
Overview of Asset Management ………………………………… 20

Ⅳ. Balance Sheet ………………………………………………… 21
Ⅴ. Profit and Loss Statement ………………………… 23

ⅠOverview of Investment Corporation
We thank our investors for their extraordinary support of DA
Office Investment Corporation (DA Office) and Daiwa Real
Estate Asset Management.
This Business Report provides a report on the operating
conditions and performance of DA Office during its 8th Fiscal
Period. This fiscal period, DA Office posted operating revenueof 7,744 million yen, ordinary income of 2,710 million yen andnet income of 2,709 million yen.
As a result, the dividend per investment unit will be 6,847 yen.
We remain committed to working earnestly to improve investor
value in DA Office over the medium to long term.
We wish for the continued success of our investors and ask fortheir continued support of DA Office.

Yoshiki Nishigaki
Executive Director
DA Office Investment Corporation
President and Representative Director
Daiwa Real Estate Asset Management Co., Ltd.

Results forthe 6th Period

Results forthe 7th Period

Results forthe 8th Period(ended November 2008)(ended May 2009)(ended November 2009)(ending May 2010)(ending November 2010)

Operating revenue (mm yen)

15,393

8,177

7,744

6,592

6,091

Net income (mm yen)

9,342

3,156

2,709

1,545

1,125

Total assets (mm yen)

272,104

275,769

286,901--

576,098

558,112509,075

506,131505,071

27,165

9,179

6,847

3,903

2,843

Financial Highlights

Net assets per unit (yen)(Notes 1 and 2)

Dividend per unit (yen)(Notes 1 and 2)

Forecasts for Forecasts forthe 9th Period the 10th Period

Notes:
1. The forecast values are based on the content published in the January 6, 2010 release entitled “Notice concerning Revisions to the Forecast ofDistribution Amount for the Fiscal Period Ended November 2009 (8th Fiscal Period) and Investment Status for the Fiscal Period Ending May 2010
(9th Fiscal Period)” and the January 15, 2010 release entitled “Kessan Tanshin (Performance Bulletin) for the Period Ended November 2009 (8thFiscal Period).”
2. Calculations were made using 343,905 units as the end-of-period number of investment units for the 6th and 7th periods and 395,798 units forthe end-of-period number of investment units for the 8th, 9th and 10th periods.

2

Ⅰ

Overview of Investment Corporation

TOP MESSAGE
Greeting
We thank our investors for their continued strong
support of DA Office and wish for their continued
success in their business endeavors.

Reflecting on the 8th Fiscal Period(ended November 2009)

The asset manager of DA Office became thewholly-owned subsidiary of Daiwa Securities
Group, Inc. as of July 1, 2009 and changed its
trade name to Daiwa Real Estate Asset Management Co., Ltd. (Daiwa RE). The inclusion of the
Daiwa Securities Group – with its tremendous
credit in the market – as our sponsor has made it
possible to raise capital smoothly, a significant
issue that DA Office had previously faced.
Additionally, this new sponsorship brings to theasset manager and DA Office as resources theexpertise cultivated by the Daiwa Securities
Group over many years in the field of asset
management as well as its expansive information
network. Clearly, we have taken a significant
new step towards future growth in the portfolio
of DA Office.
On the other hand, the slump in rental officeneeds triggered by the economic recession has
had a large impact on the performance of DA
Office. Even in the case of office buildings in thefive central wards of Tokyo, on which DA Officefocuses its investments, there has been a drop in
rental revenue compared to the 7th Fiscal
Period. This is due to tenants’ canceling
contracts as they seek to consolidate offices andsuch to reduce costs, decreases in rent levels
and other factors.

Yoshiki Nishigaki
Executive Director
DA Office Investment Corporation
President and Representative Director
Daiwa Real Estate Asset Management Co., Ltd.
3

Ⅰ

Overview of Investment Corporation

TOP MESSAGE
Investment Environment

vacancy rates of office buildings have begun todrop as of November 2009.

Although reports maintain that the Japanese
economy will continue to be in a recession, there
are steadily emerging signs of changes in thecorporate mindset and asset and capital markets.
According to the Bank of Japan’s Short-Term
Economic Survey of Enterprises in Japanannounced in December, large companies andsmall and medium enterprises alike indicatedthere were signs of improvement in their analysis
of business conditions, particularly in the manufacturing industry. As if aligning itself with thesechanges, the Japanese stock market’s Nikkei
Stock Average surpassed the symbolic 10,000
yen mark around the end of the year.

As mentioned earlier, the office market environment has become favorable for purchasing
properties as concerns over where the floor wil
be have been generally eliminated. In addition,in the rental market, although there is still astrong probability that rents will continue todecline, there are signs that the drop in
occupancy level has begun to stop. Thiscan be interpreted to mean that there are
emerging signs that the existing rental
revenue trend for office buildings is about toturn.

Even in the case of the Tokyo real estate market,
which is DA Office’s geographic focus, signs of asolid floor in the office market are appearing.
The expected return sought by investors in theoffice market has stagnated between 4.5% and4.8% over the last six months (from a questionnaire conducted by CB Richard Ellis ResearchInstitute on A Class buildings in Otemachi,
Tokyo). When it is hypothesized that rental
revenue is steady, then it can be inferred that the
downward trend in prices for income-generating
properties is slowing down.

Moreover, in the office building market,
there is presently a gap between the implied
cap rate of office REITs and the expected
return for the actual real estate market, as
indicated on the next page. Presently, it ismore attractive to invest in the REIT market
than in actual real estate.

Of course, the transaction market is not active
because lenders remain cautious concerning
financing for the acquisition of real estate.
Nonetheless, the mega banks’ increasing of
capital to reinforce their capital reserves has leftthem with more room to provide loans, and we
expect that this will invigorate property transactions and further stabilize the pricing of incomegenerating properties. In the case of the stillslumping office rental market, the rapid anddramatic drop in market rents has begun tocause the latent needs of tenants to emerge, andeven in some parts of key Tokyo areas, the4

Ⅰ

Overview of Investment Corporation

Future Policy
B. Recover occupancy of Shinjyuku Maynds
Tower
A major tenant will be leaving the Shinjyuku
Maynds Tower at the end of January, leaving
eight floors vacant. Daiwa RE will proactively
lease these vacant areas to recover revenues.

As a result of the impact from the continuing
recession in the office rental market, the forecast
earnings per share (EPS, which is nearly equal tothe dividend) of DA Office for the 9th Fiscal
Period is less than 4,000 yen. Our primaryobjective is to first raise this level. We plan toraise the EPS level through the following types ofmeasures.

C. Leasing policy / Deepening relationships
with tenants
As for our leasing policy, the greatest priority will
be placed on raising the occupancy of the overall
portfolio through flexible pricing of rents. Daiwa
RE has also further recognized that building
long-term relationships with tenants as an asset
management company leads to long-term
income of DA Office, and we are working
sincerely to establish relationships with tenants
through leasing activities and daily property
management.

A. Raise revenues by acquiring properties
We do not want to miss an excellent property
acquisition opportunity given the present
environment already described and will continue
checking for a strong property at an attractive
return level to be incorporated into our portfolio,
centering on the five central wards of Tokyo. DA
office is suppressing its interest-bearing liabilities
ratio to a low level and holds a relatively strong
position for using liabilities to make a newproperty purchase.

Implied Cap Rates of Office J-REITs and NOI Returns in Tokyo (Otemachi)（％）
7.0

Implied cap rates for overall J-REIT market
Implied cap rates for office REITs
Changes in NOI returns in Tokyo (Otemachi)

6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
July 2007

Oct. 2007

Jan. 2008

Apr. 2008

July 2008

Oct. 2008

Jan. 2009

Apr. 2009

July 2009

Oct. 2009[Changes in NOI returns in Tokyo (Otemachi)](Source: CB Richard Ellis Research Institute’s Results from CBRE Quarterly Survey: Japanese Real Estate Investment)[Implied cap rates for overall J-REIT market and implied cap rates for office REITs]
Office J-REITs: Used a total of 15 listed J-REITs whose portfolios are comprised of at least 70% offices to calculate (Nippon Building Fund,Japan Real Estate, ORIX REIT, Japan Prime Realty, Global One, Nomura Real Estate Office Fund, MORI TRUST Sogo Reit, Kenedix Realty, DA
Office, Top REIT, JAPAN OFFICE, Japan Excellent, Mori Hills REIT, Nippon Commercial and MID REIT).
Implied cap rate calculation formula: NOI / (Total market value – Total investment + Real estate book value).
(Source: Prepared by the Financial Research Center of Daiwa Securities Capital Markets Co., Ltd.)

5

Ⅰ

Overview of Investment Corporation

Characteristics of DA Office
DA Office concluded a sponsor support agreement with Daiwa Securities Group Inc. on July 1, 2009.

SponsorInvestment concentrated on the five central wards of Tokyo
Portfolio

1. Largest office building market
2. Large number of offices and tenant demand is deep
3. Office occupancy rates fluctuate steadily at a relatively high level

Investment Strategies of DA Office

DA Office is aiming for medium- to long-term growth of operational EPS (*)(*) Operational EPS is EPS excluding gains from the sale of properties (net income per investment unit).

Internal growth

Emphasize high occupancy
Suppress operating and management expenses

External growth

Select properties based on profitability
Improve the quality of the portfolio

Ample growth room due to low leverage

Financial strategy

Diffusion of due dates and repayment dates
Diversification of lenders centering on domestic financial institutions

6

Ⅰ

Overview of Investment Corporation

Collaboration with the Daiwa Securities Group
Overview of Sponsor Support Agreement

1.

2.

Sourcing of properties using theinformation network of the
Daiwa Securities Group

Cooperation in providing personnel in line with the growth of DA
Office and Daiwa RE

Positive Effects from Series of Measures■ Strengthened Our Management Base
Obtained opportunities to access information
on real estate, etc. held by the sponsor
group

Deepened relationships with tenants andenhanced management with the improvement increditworthiness

External growth
Expansion of property sourcing pipeline

Internal growth
Maintain the occupancy rate

■ Reinforced Our Financial Base
(1) Reinforced our financial base by implementing a third-party allotment and issuing subordinated investment
corporation bonds[Diversification of financing methods]

Implementation of Third-Party Allotment
Item

Description

New investment units issued

51,893 units (total investment units issued: 395,798 units)

Issue price and total issue price

192,705 yen per unit (total issue price: 10,000,040,565 yen)

Subscriber and number of units

Daiwa Securities Group, Inc. (number of units allotted: 51,893 units)

Payment dateJuly 1, 2009

Issuance of Subordinated Investment Corporation Bonds
Name of Bond

Balance(million yen)Interest Rate

Date of Issuance

Repayment Date

No. 1 Unsecured
Investment Corporation
Bond (Callable Bonds)

3,500

3.05364% per annum

September 17, 2009

September 17, 20197

Ⅰ

Overview of Investment Corporation(2) Conducted borrowings by utilizing the network of the sponsor group with financial institutions[Expanded domestic financial institution contacts]

Financing between End of 7th Fiscal Period and End of 8th Fiscal Period
Drawdown Date

Description

September 17, 2009

Issuance of 3,500 million yen in No. 1 Unsecured Investment Corporation Bond (Callable
Bonds)

September 18, 2009

Borrowings of 13,900 million yen from syndicate of Sumitomo Mitsui Banking Corporationand four other financial institutions
Repayment of 13,822.5 million yen in borrowings from GE Japan and five other financial
institutions

November 30, 2009

Borrowings of 4,000 million yen from syndicate of Chuo Mitsui Trust and Banking and twoother financial institutions
Repayment of 5,000 million yen to Shinsei Bank

(3) Ratings changed with improvement in creditworthiness
The rating of DA Office was raised on September 15, 2009.

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

Issuer rating

A- A

Outlook: Stable

Future Measures to Improve Investor Value■ Review of Brand Strategy

Change the names ofbuildings, etc.

Formulate a brand strategy to spreadrecognition of the Daiwa name8

Ⅰ

Overview of Investment Corporation

Internal Growth Measures
Improving the Occupancy of Shinjyuku Maynds Tower
In July 2009, we received a cancellation notice from the main tenant (one entity). As a result, about 4,000 tsubos ofvacant space, or 24.1% of the leasable floor area of Shinjyuku Maynds Tower, is expected to become available
from February 2010. However, DA Office will implement various measures such as renovating common areas andimproving leasing activities to lease up the space as soon as possible.
（％）
100

Received a cancellation notice from a tenant.
The departure will result in about 4,000 tsubos
of vacant space, and thus the occupancy rateis expected to drop.

95
90
85
80

Plan to renovate common
areas of the vacant areas

Average occupancy of Nishi-Shinjuku area office buildings (*)
Shinjyuku Maynds Tower

75
70

Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. May Nov.
2008 2008 2008 2008 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2010 2010 2010 2010(*) This graph was prepared by Daiwa RE using data obtained from CB Richard Ellis Research Institute K.K.

Based on the management policy of DA Office, Daiwa RE is planning to renovate the common areas of the vacantareas according to the policy of “emphasizing higher occupancy rates.” Even while implementing “suppression ofoperating and management expenses,” we will strategically make investments when necessary.

Description of Common Area Renovations(1) Relaxing space(2) Elevator hallAfter renovation

After renovation

Current state

Current state

The color tone will be changed to brown tones
to create a high-class, relaxing atmosphere andto produce a high-quality feeling for the office.

The carpets, ceiling and lighting will be changed tocreate a modern, high-quality office to increasetenant demand.

(*) The above is an image and may be changed in the future.

Reinforce Leasing Activities Based on Four Appealing Points
We are promoting leasing activities by leveraging the competitiveness of Shinjyuku Maynds Tower in the
Nishi-Shinjuku area.

Connected to the station▶ Directly connected to

Shinjuku Station on the Toei
Oedo Subway Line▶ Connected to JR Shinjuku

Station’s Southern Terrace
Exit by deck

Leasable floor area

Building age▶ Large spaces comprised of▶ Strong building specs as aconnected floors are veryrare and their market
demand is highresult of being relatively
younger than rival buildings▶ Need to discern needs, etc.
for using it as a head office9

Redevelopment▶ Possibility that thesurrounding area will be
revitalized due to the planned
redevelopment at JR
Shinjuku Station’s South Exit
(to be completed by 2015)

Ⅰ

Overview of Investment Corporation

External Growth Measures
Current Portfolio and Acquisition Policy■ Distribution of Portfolio Properties(Total floor area: m2)

Properties owned by DA Office120,000

Current Status of Portfolio

A Class buildings■ Investment is focused on the five central wardsof Tokyo■ Portfolio is comprised of A Class buildings(Shinjyuku Maynds Tower) and B Classbuildings■ Many owned B Class buildings are old (②)

Shinjyuku Maynds Tower

100,000

Acquisition Policy and Sourcing
80,000Acquisition Policy■ DA Office will continue to focus its investment

on the five central wards of Tokyo.

Investment Breakdown
60,000Zone of focused investment
for the time being

❶

Area

Investment
Share

Five Central
Wards of Tokyo

90.9%

Tokyo Metropolitan
Area

7.3%

Regional Cities

1.8%■ For the time being, investments will focus on A

Class buildings and B Class buildings (①) thatare less than 20 years old.
■ DA Office is also considering the replacementof properties in the portfolio by selling those inzone ② and buying properties that would fit inzone ①.

(*) The investment share is calculated
based on acquisition price.

40,000Sourcing■ DA office will conduct dynamic and flexible

B Class buildings

20,000sourcing activities built around the broker
departments of trust banks and brokers but
also exchanging information with financial
institutions (including lender institutions),
companies, servicers and other REITs.

❷

0

10

20

30

40

50

(Age: years)

Reinforce Leasing Activities Based on Three Appealing Points

Expansive information
network of the Daiwa
Securities Group

Capacity to raise acquisition
funds with abundant cash on
hand and by raising theleverage level

10

Presence of professionals
with a wealth of experiencein Daiwa RE

Ⅰ

Overview of Investment Corporation

Investment Growth Measures
Changes in Interest-Bearing Liabilities
Balance of interest-bearing liabilities (mm yen)
100,000
Balance of interest-bearing liabilities

Subordinated investment corporation bonds

80,00060,00040,000Interest-bearing liabilities ratio (%)
50.0Interest-bearing liabilities ratio

70,02270,022

26.4%

26.4%

70,02270,02273,60072,530

27.8%

27.4%

70,10069,030

40.0

30.0

20.0

10.0

20,000

3,500

3,500
0

May 21, 2009

July 1, 2009

September 30, 2009

November 30, 2009

0.0

(Note) Interest-bearing liabilities ratios are based on acquisition prices.

Diffusion of Repayment Dates(mm yen)30,000■ Loans from Aozora Bank

Lenders after refinancing loans
maturing in November 2009
Chuo-Mitsui Trust & Banking
2,000
Gunma Bank
1,000
Taiyo Life Insurance
1,000

25,000■ Loans from Shinsei Bank
■ Loans from other financial institutions■ New loans executed in Sept. 2009
■ New loans executed in Nov. 2009
■ Subordinated investment corporation bonds

20,000

Lenders after refinancing loans
maturing in September 2009
Sumitomo Mitsui Banking Corporation 5,000
Sumitomo Trust and Banking
3,500
Development Bank of Japan
3,000
Mizuho Bank
1,400
77 Bank
1,000

15,00010,00019,600

4,000

3,500
13,9003,000

13,822
5,000

5,000

5,500

5,500

7,100

5,000

2,000
0

Sept. 30,
2009

Nov. 2009(8th period)

May 2010 Nov. 2010 May 2011 Nov 2011
May 2012
Nov 2012
May 2013
Nov 2013(9th period) (10th period) (11th period) (12th period) (13th period) (14th period) (15th period) (16th period)

11

3,500
Nov 2019(28th period)

Ⅰ

Overview of Investment Corporation

Ratio of Long- to Short-Term Borrowings and Fixed- to Floating-Rate Borrowings
The volume of the current portion of long-term borrowings decreased due to refinancing, etc. and the extension ofborrowing periods is proceeding.
End of 7th Fiscal Period Total interest-bearing liabilities: 70,022.5 mm yen⇒<Ratio of Long- to Short-Term Borrowings>
End of 7th Fiscal Period<Ratio of Fixed- to Floating-Rate Borrowings>

End of 8th Fiscal Period

4.8%

End of 7th Fiscal Period

End of 8th Fiscal Period

7.6%

3,500 mm yen

5,751.25 mm yen

22.1%
15,500 mm yen

34.7%
65.3%

End of 8th Fiscal Period Total interest-bearing liabilities: 72,530.625 mm yen

24,322.5 mm yen

87.6%

70,022.5 mm yen

48.0%

47.6%

33,600 mm yen

34,500 mm yen

63,279.375 mm yen

22.1%

42.6%
30,930.625 mm yen

15,500 mm yen

9.8%
7,100 mm yen

Long-term borrowings (current

Long-term

Subordinated investment

portion of long-term borrowings)

borrowings

corporation bonds

Fixed interest

Floating interest (capped)

Floating interest

Status of Portfolio
Changes in Portfolio Size and Occupancy(bn yen)350

Total acquisition price at end of fiscal period

99.0

97.4

97.0

300

(%)
100.0

Occupancy

250

98.2

98.3

2,870

2,835

97.6

97.7

2,650

2,650

92.8

80.0

200
150
100
50
0

90.0

2,650

1,108

70.0

1,384

1,305

60.0

795
IPO

End of 1st
End of 2nd
End of 3rd
End of 4th
End of 5th
End of 6th
End of 7th
End of 8th
PeriodPeriodPeriodPeriodPeriodPeriodPeriodPeriodNote: The values entered for occupancy are the values obtained by dividing the leased area by the leasable floor area and rounding down to thenearest first decimal point.

50.0

Distribution of Tenants by Leased Floor Area
Tenants to which we lease 3,000m2 or more account for 4.22% of all tenants.
<Distribution Rate>

4.22% (10 tenants)
9.70% (23 tenants)

8.02% (19 tenants)

13.50%

17.30%

No. of Tenants as of End of 8th Fiscal Period: 237(41 tenants)(32 tenants)

11.39%

4.64% (11 tenants)
10.13%(24 tenants)(27 tenants)

21.10%(50 tenants)

Less than 100m2

500m2 to less than 600m2

100m2 to less than 200m2

600m2 to less than 1,000m2

200m2 to less than 300m2

1,000m2 to less than 3,000m2

300m2 to less than 400m2

3,000m2 or more

400m2 to less than 500m2

12

Ⅰ

Overview of Investment Corporation

Portfolio List

The DA Office Portfolio Stood at 30 Properties as of November 30, 2009
Property Name

Address

Lot Size (m2)

Total Floor
Area (m2)(Notes 2 and 3)

Appraisal
Execution Acquisition Price
Leasable Structure andValue atFloor Area No. of Floors Completion of Major
End of Period
2
(mm
yen)
Repairs mm yen Share(m ) (Note 4)(Note 5)(Note 6)

Ownership TypeLand

PML (%)

Building(Notes 7
and 8)

Five Central Wards of Tokyo (Note 1)
daVinci Ginza

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

1,147.33

12,660.06

8,273.84

SRC
B3/12F

July
1963

2003

14,1005.3

15,700Fee simple,
leasehold Fee simple

12.5

daVinci Ginza Annex

6-2-3 Ginza, Chuo-ku,
Tokyo

345.053,214.33

2,031.79

SRC
B3/8F

August
1972

2003

3,050

1.2

3,180

Fee simple

Fee simple

12.7

daVinci Shibaura

1-12-3 Shibaura,
Minato-ku, Tokyo

2,592.67

13,344.91

9,626.16

SRC
B1/12F

October
1987

8,265

3.1

8,050

Fee simple

Fee simple

14.5

daVinci Minami-Aoyama

2-31-8 Minami Aoyama,
Minato-ku, Tokyo

963.12

4,379.34

2,715.54

S・SRC
B2/5F

September
1990

4,550

1.7

4,490

Fee simple

Fee simple

13.8

daVinci Sarugakucho

2-6-10 Sarugakucho,
Chiyoda-ku, Tokyo

858.474,303.97

3,657.43

SRC
8F

June
1985

3,000

1.1

3,320

LeaseholdFee simple

14.6

daVinci A Hamamatsucho

1-9-10 Hamamatsucho,
Minato-ku, Tokyo

725.895,379.09

3,671.24

SRC
B2/10F

July
1993

2,865

1.1

3,022

Fee simple

Sectional
ownership

14.6

daVinci Jingumae

2-4-11 Jingumae,
Shibuya-ku, Tokyo

887.692,673.88

2,388.22

RC
B1/4F

December
1997

2,800

1.1

2,640

Fee simple

Fee simple

13.9

daVinci Shibadaimon

2-9-16 Shibadaimon,
Minato-ku, Tokyo

532.31

3,524.42

2,384.70

SRC・RC
B1/7F

November
1996

2,578

1.0

2,830

Fee simple

Fee simple

12.5

daVinci Misakicho

2-2-15 Misakicho,
Chiyoda-ku, Tokyo

610.023,060.44

2,137.53

S
8F

July
1996

2,346

0.9

2,399

Fee simple

Fee simple

13.1

daVinci Shimbashi 510

5-10-5 Shinbashi,
Minato-ku, Tokyo

626.183,653.19

2,792.99

SRC
B1/8F

April
1974

2,080

0.8

2,570

Fee simple

Fee simple

13.4

BPS Square

2-10-6 Tsukiji, Chuo-ku,
Tokyo

464.81

2,902.92

2,852.97

SRC
10F

January
1996

1,560

0.6

1,640

Fee simple Fee simple

12.5

daVinci Tsukiji

2-14-17 Tsukiji,
Chuo-ku, Tokyo

284.91

1,748.08

1,487.82

SRC
B1/7F

January
1990

1,240

0.5

1,460

Fee simple

Fee simple

14.0

daVinci Tsukiji 616

6-16-1 Tsukiji, Chuo-ku,
Tokyo509.61

3,972.78

2,932.65

SRC
B1/9F

March
1994

2,440

0.9

2,670

Fee simple

Fee simple

13.0

Shuwa Tsukishima Bldg.

4-16-13 Tsukishima,
Chuo-ku, Tokyo

3,157.62

9,416.34

8,426.85

S
5F

July
1996

7,840

3.0

7,760

Fee simple

Fee simple

14.4

592.71

3,813.23

3,126.68

SRC
B2/7F

April
1993

2,520

1.0

2,580

Fee simple

Fee simple

11.8

323.892,099.23

1,716.11

SRC
B2/9F

April
1984

1,600

0.6

1,810

Fee simple

Fee simple

13.7

533.173,805.94

3,024.25

SRC・S
B1/9F

July
1977

2003

3,930

1.5

4,180

Fee simple

Sectional
ownership(100%)

14.7

2-9-8 NihonbashiHoridomecho, Chuo-ku,
Tokyo
2-3-3 Azabudai,
Minato-ku, Tokyo

Nihonbashi MS Bldg.
Atlantic Bldg.

2006

Shibuya SS Bldg.

2-14-17 Shibuya,
Shibuya-ku, Tokyo

daVinci Nihonbashi Honcho

1-9-4 Nihonbashi\
Honcho, Chuo-ku, Tokyo

1,057.71

9,869.38

7,419.77

SRC
B1/10F

January
1964

2006

7,420

2.8

8,850

Fee simple

Fee simple

12.0

daVinci Ginza 1-chome

1-13-1 Ginza, Chuo-ku,
Tokyo495.92

4,771.31

3,757.77

SRC
B2/11F

January
1962

2005

4,620

1.7

4,980

Fee simple

Fee simple

13.6

daVinci Kyobashi

4-3-3 Hatchobori,Chuo-ku, Tokyo

596.194,069.15

3,220.47

SRC
B1/8F

October
1974

2005

3,460

1.3

3,610

Fee simple

Sectional
ownership(100%)

13.4

Sunline Building No. 7

4-7-2 Kojimachi,
Chiyoda-ku, Tokyo

608.42

3,942.61

2,405.16

SRC
B2/9F

October
1987

2,680

1.0

2,440

Fee simple(common)Sectional
ownership

14.1
14.8

13,8605.2

14,900Fee simple

Sectional
ownership(100%)

September
1995

133,800

50.5

108,000

Fee simple(common)Fee simple(common)

9.4

RC
B1/9F

August
2006

5,900

2.2

4,780

Fee simple

Fee simple

11.2

SRC
8F

March
1985

2,460

0.9

2,090

Fee simple,
leasehold Fee simple

14.7

daVinci Onarimon

6-1-11 Shinbashi,
Minato-ku, Tokyo

1,990.40

13,805.18

11,615.40

SRC
9F

April
1973

Shinjyuku Maynds Tower

2-1-1 Yoyogi,
Shibuya-ku, Tokyo

11,500.48

97,978.74

45,556.74

S・SRC
B3/34FSHIBUYA EDGE

10-3 Udagawacho,
Shibuya-ku, Tokyo

527.653,022.33

2,480.65

daVinci Kodemmacho

3-2 Odenmacho,
Chuo-ku, Tokyo

486.862,882.28

2,379.23

32,419.08

224,286.87

142,081.96(Note 9)Subtotal

13

2003

240,964

219,951

Ⅰ

Overview of Investment Corporation

Property Name

Address

Lot Size (m2)

Total Floor
Area (m2)(Notes 2 and 3)

Appraisal
Execution Acquisition Price
Leasable Structure andValue atFloor Area No. of Floors Completion of Major
End of Period
2
(mm
yen)
Repairs mm yen Share(m ) (Note 4)(Note 5)(Note 6)

Ownership TypeLand

PML (%)

Building(Notes 7
and 8)

Tokyo Metropolitan Area (Note 1)
2,046.62

6,996.51

5,468.85

S
B1/5F

January
1992

3,653

1.4

3,672

Fee simple Fee simple

14.9

1,235.45

6,251.01

4,630.94

SRC・S
B1/9F

June
1993

2,958

1.1

3,612

Fee simple

Fee simple

13.9

Benex S-3

3-20-8 Shin-Yokohama,
Kohoku-ku, Yokohama City,
Kanagawa Prefecture

1,424.00

10,918.02

7,472.10

S・SRC
B1/12F

February
1994

4,950

1.9

4,190

Fee simple Fee simple

12.9

daVinci Shinagawa II

1-8-11 Kita-Shinagawa,Shinagawa-ku, Tokyo

2,345.20

10,200.29

6,550.79

SRC
B1/11F

July
1991

7,710

2.9

6,500

Fee simple Fee simple

11.9

7,051.27

34,365.83

24,122.68

1,405.74

7,738.47

5,747.12

Fee simple

12.5

Subtotal

1,405.74

7,738.47

5,747.12

4,810

3,570

Grand Total

40,876.09

266,391.17

171,951.76

265,045

241,495

1-4-2 Kameido, Koto-ku,
TokyodaVinci Kinshicho

3-23-5 Higashi-Ikebukuro,

daVinci Higashi-Ikebukuro Toshima-ku, Tokyo

Subtotal

19,271

17,974

Regional Cities (Note 1)
daVinci Minami-Senba

4-11-28 Minami-Senba,
Chuo-ku, Osaka City, Osaka

SRC
B1/8F

September
1986

4,810

1.8

3,570

Fee simple

9.7(Note 7)

Notes:
1. The Five Central Wards of Tokyo are Chiyoda Ward, Chuo Ward, Minato Ward, Shinjuku Ward and Shibuya Ward. The Tokyo Metropolitan Area is Tokyo (excluding
the five central wards), Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture. Regional Cities are the Osaka area (Osaka Prefecture, Kyoto Prefectureand Hyogo Prefecture), Nagoya area (Aichi Prefecture and Mie Prefecture), ordinance designated cities (Sapporo, Sendai, Niigata, Shizuoka, Hamamatsu,
Okayama, Hiroshima, Kitakyushu and Fukuoka), Hakodate, Asahikawa, Aomori, Morioka, Akita, Koriyama, Iwaki, Utsunomiya, Toyama, Kanazawa, Nagano, Gifu,
Nara, Wakayama, Kurashiki, Fukuyama, Shimonoseki, Takamatsu, Matsuyama, Kochi, Kurume, Nagasaki, Kumamoto, Oita, Miyazaki and Kagoshima cities.
2. Total Floor Area represents the area of the entire building, even for sectional ownership and common ownership properties.
3. Of the entries for Total Floor Area, the areas of attached buildings are included for daVinci Shibaura, Shibuya SS and daVinci Kinshicho.
4. The entries for Leasable Floor Area are as of November 30, 2009 (end of the 8th Fiscal Period).
5. The Structure acronyms are S for steel frame, RC for reinforced concrete and SRC for steel-reinforced concrete.
6. The values entered for the Appraisal Value at End of Period are the appraisal values entered in the real estate appraisal report with a pricing point of November 30,
2009 (end of the 8th Fiscal Period).
7. The figures entered for PML are the figures entered in the Portfolio Earthquake PML Assessment Report prepared by Maeda Corporation rounded to the firstdecimal place.
8. The Grand Total space for PML shows the portfolio PML.
9. Real estate in trust concerning the trust beneficiary interests DA Office owns for Shinjyuku Maynds Tower is the common inte rest equivalent to 6/7 of the entire
property. DA Office acquired 3/7 of the common interest on July 13, 2007 for 65.1 billion yen and 3/7 of the common interest on November 26, 2007 for 68.7
billion yen. The figure shown for the Leasable Floor Area is an amount equal to 6/7 of the total leasable floor area for the entire building.

14

Ⅰ

Overview of Investment Corporation

Overview of Portfolio

daVinci Ginza

daVinci Ginza Annex

daVinci Shibaura

daVinci Sarugakucho

daVinci A Hamamatsucho

daVinci Higashi-Ikebukuro

daVinci Jingumae

daVinci Shibadaimon

daVinci MisakichodaVinci Shimbashi 510

BPS Square

daVinci Tsukiji

daVinci Tsukiji 616

daVinci Kyobashi

Nihonbashi MS Building

daVinci Ginza 1-chome

Atlantic Building

Benex S-3

Shibuya SS Building

daVinci Shinagawa II

Sunline Building No. 7

daVinci Kodemmacho

15

Ⅰ

Overview of Investment Corporation

daVinci Onarimon

daVinci KinshichodaVinci Minami-Aoyama

daVinci Minami-Senba

daVinci Nihonbashi Honcho

SHIBUYA EDGE

Shinjyuku Maynds Tower
16

Shuwa Tsukishima Building

Ⅰ

Overview of Investment Corporation

Portfolio Distribution (as of November 30, 2009)● Main investment area: Five Central Wards of Tokyo● Focused investment area: Tokyo Metropolitan Area
● daVinci Higashi-Ikebukuro
Ikebukuro Stn.

Toshima Ward

Shinjuku WarddaVinci Misakicho ●● daVinci Sarugakucho

Kinshicho Stn.

Kameido Stn.

Shinjuku Stn.
● daVinci Kodemmacho

Shinjyuku Maynds Tower ●Chiyoda Ward

● Nihonbashi MS Bldg.

● Sunline Building No. 7

daVinci Tsukiji

Shibuya Ward

BPS Square● daVinci Nihonbashi Honcho

Tokyo Stn.

Chuo Ward● daVinci Jingumae

daVinci Ginza Annex●●● daVinci Minami-Aoyama

daVinci Shimbashi 510
SHIBUYA EDGE ●Shibuya SS Bldg.
●

Shibuya Stn.

● daVinci Kinshicho

Koto Ward● ●daVinci Kyobashi●●

daVinci Ginza 1-chomedaVinci Ginza● daVinci Tsukiji 616● Shuwa Tsukishima Bldg.

●

daVinci Onarimon ● Shinbashi Stn.
daVinci A Hamamatsucho ●●Atlantic Bldg.●
daVinci Shibadaimon● daVinci Shibaura

Minato WardTokyo
JR Yamanote Line
JR Saikyo Line

Shinagawa Stn.

JR Chuo Line● daVinci Shinagawa II

JR Yokosuka Lineand Sobu Line
(Rapid Service)

Shinagawa Ward

● Focused investment area: Tokyo Metropolitan Area
● Potential investment area: Key Regional Cities

daVinci Minami-Senba
●

17

●

Benex S-3

Ⅰ

Overview of Investment Corporation

Description of Related Companies of DA Office and Daiwa Real Estate Asset Management
General Administrator
Asset Custodian①

DA Office Investment Corporation

Tokyo Stock Exchange
Investor

The Sumitomo Trust and Banking

Transaction⑥

Manager of Investor Registry, etc.

Investor②

The Chuo Mitsui Trust and Banking

Transaction

Investor

General Meeting of Investors③

Real Estate Manager

Board of Directors⑦

Financial Institutions
Accounting Auditor

Instructions④

Supporting Company

Asset Manager⑤

Daiwa Real Estate AssetManagement

Daiwa Securities Group, Inc.

Grant Thornton Taiyo ASG① General administrative affairs contract, asset custodian
contract② Investor registry, etc. management contract③ Management contract④ Asset management contract⑤ Sponsor support agreement⑥ Dividends and investment⑦ Borrowings and repayment of principal and interest

Description of Asset Manager
Name
Address
Established
Capitalization
Representative Director
Directors
Employees
Registered Financial Instruments Firm
Building Lots and Buildings Transaction
Business License
Discretionary Agent forReal Estate Transaction Approval

Daiwa Real Estate Asset Management Co., Ltd.
6-2-1 Ginza, Chuo-ku, Tokyo
October 21, 2004
200 million yen
Yoshiki Nishigaki
9 (5 executive, 3 non-executive and 1 auditor)
26 (including 3 concurrent directors, as of November 30, 2009)
No. 355 (Financial Instruments), Director, Kanto Local Finance Bureau
No. (2)-83920, Governor of Tokyo
No. 34, Minister of Land, Infrastructure, Transport and Tourism
Member of the Investment Trusts Association, Japan

Organization of Asset Manager
Shareholders’ Meeting

Directors and Auditors

Auditors

President and Representative Director
Vice President and Representative Director
Director
Director
Director
Director (non-executive)
Director (non-executive)
Director (non-executive)
AuditorBoard of Directors
Compliance Committee
Investment Committee
Compliance Officer
Representative Director
Internal Control Office

Yoshiki Nishigaki
Yuji Shinozuka (Head of Business Planning Dept.)
Atsuko Takahashi (Head of Investment Management Dept.)
Naoyuki Owa (Head of Administrative Dept.)
Yoji Ueda (Head of Finance Dept.)
Seiji Nakata
Toshihiro Matsui
Hikaru Sakagami
Shigeharu Tominaga

Investment Management Department

Administrative Department

Business Planning Department

Acquisitions Team● Matters relating to the operation of the● Analysis of real estate market and retail● Matters relating to the acquisition anddisposal of assets● Formulation of investment policies
Asset Management Team● Matters relating to the leasing andmanagement of assets● Formulation of policies on leasing andmanagement of assets

Investment Planning Team
● Budget and performance management of
the portfolio

General Meeting of Investors and theBoard of Directors● Matters relating to the operation of theGeneral Meeting of Shareholders, theBoard of Directors and committees● Matters relating to human resources
and labor service● Submission of applications for various
permits, licenses, approvals,
registrations, etc. stipulated by laws
and regulationsindustry trends● Research and analysis of the realestate investment trust market● Matters relating to the development ofannual asset management plans andmedium-term asset management plans● Development and revision of theInvestment Guidelines

Finance Department
Finance and IR Team● Matters relating to financing and asset

liability management● Matters relating to formulation of the IR

strategy

Accounting Team
● Budget and performance

management● Matters relating to financial results andaccounting

18

ⅡInvestor Information
IR Calendar■ Announcement of financial results for■ Announcement of financial results forperiod ending in November

January

period ending in May

February

July

May

NovemberAugustEnd of fiscal period

End of fiscal period■ Sending of semi-annual report for period■ Sending of semi-annual report for period

ending in November■ Start paying dividends for period ending inNovemberending in May■ Start paying dividends for period ending inMay

Provision of Information via Website
The DA Office website provides a diverse array of content, including thebasic organization and investment strategy of DA Office, an overview ofthe portfolio, press releases, information on financial results, anddividends. DA Office is committed to improving the content andcontinuing to provide information in a timely manner.

http://www.da-office.co.jp/en/
Investor Memo
End of fiscal period
General Meeting of Investors
Date for finalizing investors with voting rights for the
General Meeting of Investors
Reference date for finalizing payment of dividends
Listed financial product exchange
Newspaper in which notice is posted
Manager of investor registry, etc.
Office handling administrative affairs
Service counterMay 31 and November 30 of each year
Held at least once every two years
Date publicly announced beforehand
May 31 and November 30 of each year (dividends are paid within three months of this reference date)Tokyo Stock Exchange (securities code: 8976)
Nihon Keizai Shimbun
The Chuo Mitsui Trust and Banking Co., Ltd., 3-33-1 Shiba, Minato-ku, Tokyo 105-8574
Transfer Agency Department of The Chuo Mitsui Trust and Banking Co., Ltd., 2-8-4 Izumi, Suginami-ku,
Tokyo 168-0063 Phone 0120-78-2031 (toll-free)
All branches of The Chuo Mitsui Trust and Banking nationwide and the head office and branches
nationwide of Japan Securities Agents, Ltd.

Changing Your Address and Other Information
The securities depository system, etc. is used when changing one’s address, name, registered seal and such. Pleasecontact the securities firm you use when you have no investment securities on hand. Individuals who are in possession of
an investment security should contact the Transfer Agency Department of The Chuo Mitsui Trust and Banking.

Dividends
Dividends can be retrieved by taking the dividend receipt to your nearest Japan Post Bank. When the period for receiving
the dividend has passed, designate your receipt method on the back side of the dividend receipt and mail it to the Transfer
Agency Department of The Chuo Mitsui Trust and Banking, or go to one of the branches of said bank and receive thedividend directly. Also, individuals desiring to have their future dividends deposited into their bank accounts should directly
contact the Transfer Agency Department of The Chuo Mitsui Trust and Banking.

NoticeDividend Calculation Sheet
The Dividend Calculation Sheet that is mailed when paying dividends also serves as a Payment Notice based on theregulations of the Act on Special Measures Concerning Taxation. This document can be attached to your tax declarations.
For investors that receive their dividends using the dividend receipt, the Dividend Calculation Sheet is also enclosed in theenvelope. However, please confirm with the securities firm you use in the event that you are an investor that has specified
use of the distribution method in line with share proportion.
19

ⅢAsset Management Report
Overview of Asset Management
History of DA Office Management
Settlement Periods(1) Operating Performance
Operating revenues
Of which, rental revenues
Operating expenses
Of which, rental expenses
Operating income
Ordinary income
Net income(2) Property Conditions (as of end of period)
Total assets(year-on-year comparison)Interest-bearing liabilities
Net assets(year-on-year comparison)Unit

5th Period(December 1,2007 ~May 31, 2008)

6th Period(June 1, 2008 ~November 30, 2008)

7th Period(December 1, 2008 ~May 31, 2009)8th Period(June 1, 2009 ~November 30, 2009)

Mm yenMm yenMm yenMm yenMm yenMm yenMm yen

8,553
6,562
3,336
2,556
5,217
4,214
4,355

10,230
8,610
3,994
3,058
6,235
3,952
3,951

15,393
8,348
4,351
3,269
11,041
9,343
9,342

8,177
8,063
3,899
3,025
4,278
2,998
3,156

7,744
7,651
3,841
3,009
3,903
2,710
2,709

Mm yen(%)
Mm yenMm yen(%)
Mm yen302,392(107.5)
154,949
133,136(152.9)128,781

296,142(-2.1)
147,895.5
132,732(-0.3)
128,781272,104(-8.1)
59,770.5
198,123(49.3)
188,780

275,769(1.3)
70,022.5
191,937(-3.1)
188,780

286,901(4.0)
72,530.6
201,491(5.0)
198,780

4,355
100.0

3,951
100.0

9,342
100.0

3,156
100.0

2,710
100.0

205,000
649,445
21,245
21,245–205,000
647,477
19,277
19,277–

343,905
576,098
27,165
27,165–343,905
558,112
9,179
9,179
–

395,798
509,075
6,847
6,847
–

%
Mm yen1.9 (3.8)
4.7 (9.4)
44.0
(7.9)
51.2
5,062

1.3 (2.6)
3.0 (5.9)
44.8
(0.8)
49.9
6,827

3.3 (6.6)
5.6 (11.3)
72.8(28.0)
22.0
6,304

1.1 (2.2)
1.6 (3.2)
69.6(-3.2)
25.4
6,220

1.0 (1.9)
1.4 (2.7)
70.2
(0.6)
25.3
5,822

m2
%
Mm yenMm yen35
344
194,995.50
98.2
1,056
217

33
321
187,220.97
98.3
1,275
815

30
295
172,429.29
97.6
1,225
441

30
295
172,135.2
97.7
1,182
537

30
289
171,951.76
92.8
1,180
302

Total investment(3) Dividend Conditions
Mm yenTotal dividends%
Dividend payout(4) Data per Unit
Units
Investment units issued and outstanding
Yen
Net assets per unit
Yen
Dividend per unit
Yen
Of which, profit dividend per unit
Of which, distribution amount in excess of earnings per unit Yen(5) Financial Indicators%
Return on assets (Notes 1 and 2)%
Return on equity (Notes 2 and 3)%
Capital adequacy ratio(year-on-year variation)
Loan-to-value (LTV) at end of period
Leasing cash flow (NOI)(6) Other Reference Information
No. of investment properties
Number of tenants (Note 5)
Total leasable floor area
Occupancy rate at end of period (Note 6)
Current depreciation and amortization
Current capital expenses

4th Period(June 1 ~November 30, 2007)

Notes:
1. Return on assets = Ordinary income / ((Total assets at beginning of period + Total assets at end of period) / 2) x 100
2. Figures for the 4th Fiscal Period are calculated by converting the 183 days of management into annual figures.
Figures for the 5th Fiscal Period are calculated by converting the 183 days of management into annual figures.
Figures for the 6th Fiscal Period are calculated by converting the 183 days of management into annual figures.
Figures for the 7th Fiscal Period are calculated by converting the 182 days of management into annual figures.
Figures for the 8th Fiscal Period are calculated by converting the 183 days of management into annual figures.
3. Return on equity = Net income / ((Net assets at beginning of period + Net assets at end of period) / 2) x 100
4. Leasing cash flow (NOI) = Rental revenues – Rental expenses + Current depreciation and amortization
5. The number of end tenants is entered for the number of tenants. In the event that a tenant is spread out among multiple buildings, the tenant is counted
as one for each building it occupies.
6. End of period occupancy ratio = Leased area / Total leasable floor area

20

ⅣBalance Sheet(Unit: 1,000 yen)
7th Fiscal Period (reference)(May 31, 2009)ASSETS
Current Assets
Cash and Deposits
Cash and Deposits in Trust
Operating Accounts Receivable
Consumption Taxes Receivable
Prepaid Expenses
Deferred Tax Assets
Other
Total Current Assets
Fixed Assets
Tangible Fixed Assets
Tools, Furnishings and Fixtures
Accumulated Depreciation and Amortization
Tools, Furnishings and Fixtures (net)Other
Accumulated Depreciation and Amortization
Other (net)
Buildings Held in Trust
Accumulated Depreciation and Amortization
Buildings Held in Trust (net)
Structures Held in Trust
Accumulated Depreciation and Amortization
Structures Held in Trust (net)
Machinery and Equipment Held in Trust
Accumulated Depreciation and Amortization
Machinery and Equipment Held in Trust (net)
Tools, Furnishings and Fixtures Held in Trust
Accumulated Depreciation and Amortization
Tools, Furnishings and Fixtures Held in Trust (net)Other: Trust
Accumulated Depreciation and Amortization
Other: Trust (net)Land Held in Trust
Temporary Account for Buildings Held in Trust
Total Tangible Fixed Assets
Intangible Fixed Assets
Trademarks
Leasehold Rights Held in Trust
Other
Total Intangible Fixed Assets
Investments and Other Assets
Leasehold and Security Deposits Paid and Held in Trust
Long-Term Prepaid Expenses
Other
Total Investments and Other Assets
Total Fixed Assets
Deferred Assets
Investment Corporation Bond Issuance Costs
Total Deferred Assets
Total Assets

*1

*1

*1

*1

*1
*1
*1

3,134,712
6,921,686
161,518
162,295
736,84219
231,557
11,348,632

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

1,875-1,238636
3,456-3,261
194
53,588,351-5,806,420
47,781,931
747,416-40,222
707,194393,266-142,581
250,685
35,544-7,01828,526
6,302-5,752
549
209,399,114
2,610
258,171,444

1,875-1,407468
3,456-3,456–
53,846,910-6,950,081
46,896,828
748,265-49,886
698,379
431,805-166,131
265,674
39,752-9,92029,831
6,302-6,302–
209,399,114
5,102
257,295,399

1,785
4,970,290
3,725
4,975,802*1

21

8th Fiscal Period(November 30, 2009)

*1

*1

*1

*1

*1
*1
*1

*1

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

113,684
1,123,668
35,835
1,273,188
264,420,435

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

275,769,068

27,606
27,606286,901,370

Ⅳ

Balance Sheet(Unit: 1,000 yen)
7th Fiscal Period (reference)(May 31, 2009)

LIABILITIESCurrent Liabilities
Trade Payable
Current Portion of Long-Term Borrowings
Other Payable
Income Taxes, etc. Payable
Consumption Taxes, etc. Payable
Advances Received
Other
Total Current Liabilities
Fixed Liabilities
Investment Corporation Bonds Issued
Long-Term Borrowings
Leasehold and Security Deposits Received
Leasehold and Security Deposits Received in Trust
Other
Total Fixed Liabilities
Total Liabilities
NET ASSETS
Shareholder Capital
Paid-in Capital
Retained Earnings
Unappropriated Income or Losses for Period (-)
Total Retained Earnings
Total Shareholder Capital
Total Net Assets
Total Liabilities and Net Assets

918,495
24,322,500
284,825653
46,472766,605
239,717
26,579,270*1–
45,700,000
5,429,805
6,108,420
13,87257,252,098
83,831,369

*1

*2

22

8th Fiscal Period(November 30, 2009)*1*1

699,617
5,751,250
280,927
788
114,112706,815
102,756
7,656,266
3,500,000
63,279,375
5,038,392
5,924,911
11,41977,754,098
85,410,365

188,780,910

198,780,951

3,156,788
3,156,788
191,937,699
191,937,699
275,769,068

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

ⅤProfit and Loss Statement(Unit: 1,000 yen)
7th Fiscal Period (reference)(December 1, 2008 ~ May 31, 2009)

Operating Revenues
Rental Revenues
Other Leasing Income
Total Operating Revenues
Operating Expenses
Rental Expenses
Asset Management Fees
Asset Custodian Fees
General Administrative Fees
Trust Fees
Director Fees
Other Operating Expenses
Total Operating Expenses
Operating Income
Non-Operating Income
Interest Income
Returned Unpaid Dividends
Miscellaneous Income
Total Non-Operating Revenues
Non-Operating Expenses
Interest Expenses
Investment Unit Issuance Expenses
Loan Fees
Other
Total Non-Operating Expenses
Ordinary Income
Extraordinary Income
Settlements Received
Total Extraordinary Income
Net Income before Income Taxes
Income, Inhabitant and Business Taxes
Income Tax Adjustment Amount
Total Income Taxes
Net Income
Income Carried Forward from Last Period
Unappropriated Income or Losses for Period (-)

8th Fiscal Period(June 1, 2009 ~ November 30, 2009)*1*1

8,063,436
114,246
8,177,682*1*1

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

3,025,104
646,735
13,697
79,292
26,032
4,200
103,957
3,899,021
4,278,661*1

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

23

7,031
–
1,355
8,387

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

576,235–
669,250
43,051
1,288,537
2,998,511

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

159,191
159,191
3,157,703
997
0997
3,156,705
82
3,156,788––
2,710,927
955
2
957
2,709,969
84
2,710,053