As of January 22, 2024

Daiwa Office Investment Corporation
Earnings Announcement for the 36th Fiscal Period(Fiscal Period Ended November 2023)

Securities Code: 8976

Contents

Section 3
Earnings Summary for the Fiscal Period Ended November 2023
3

Section 1

External Growth
Progress of May 2024 Scheduled Property Acquisition
Progress of Daiwa Akihabara

Fiscal Period Ended November 2023 (36th Fiscal
Period) Performance Highlights and Forecasts
Highlights of the Fiscal Period Ended November 2023 (36th FP)

5

Highlights of Forecasts for the Fiscal Periods Ending May 2024 and6November 2024 (37th and 38th FP)
7
Factors of Change in Dividend per Unit
Change in Dividends per Unit and Policy for utilizing Internal
Reserves
Change in Dividends over the Past Decade89Section 2

21
22

Efforts to Improve Portfolio Quality
Acquisition/Sale Policy and Status of Deliberation for Property
Acquisitions

23

Change in Asset Size and Acquisition Performance

25

24

Section 4
Financial Strategy
Status of Interest-Bearing Liabilities

27

Unitholders as of the End of November 2023

30

Section 5

Internal Growth
Leasing Market of Tokyo Office Buildings

11

Analysis of Leasing Business

12

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

16
Occupancy Status of Properties Subject to Leasing Improvement in
the Fiscal Period ended November 2023 (36th FP)
17
Properties Subject to Leasing Improvementin the Fiscal Period Ending May 2024 (37th FP)
18
Internal Growth Strategy
19

Efforts on ESG
Efforts on Sustainability

33

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

Earnings Highlights
Results of the 36th FP
End of FP
occupancy rate
Rate of change at
renewalInternal
GrowthRate of change at
replacement••

External
Growth36th FP
97.7%
+7.2%
-3.9%

Future Initiatives

Difference from 35th FP
Unchanged
+2.0%
-8.2%

Occupancy rate remained at the same level as previous fiscal period
The decline at replacement was due to refilling of properties subject
to leasing improvement for the previous fiscal period

S-GATE FIT Nihonbashi Bakurocho (to be acquired in March 2024)• Occupancy rate of 100% based on reservation contracts andapplications• Expected NOI yield improved 30 basis points from 3.5% expected atacquisition to 3.8% as rent unit price exceeded expectations on
multiple floors

 Prioritize occupancy rate improvement by offering flexible
terms to quickly refill large sections
 Aim for full occupancy at acquisition of development andforward commitment properties Increase rent of large sections that have large rent gaps (atreplacement) Continue to consider replacement and achieve enhancementof portfolio quality

Daiwa Akihabara (to be completed and delivered in June 2024)• At present, concluded reservation contracts for 2 floors, which isequivalent to occupancy rate of 17%

Financial
Strategy
Other

LTV
Average maturity••

Sustainability••

36th FP

Difference from 35th FP

43.1%

Unchanged

4.1 years

Unchanged

Implemented first fundraising utilizing the BOJ’s Funds-Supplying
Operations to Support Financing for Climate Change Responses
Scheduled to implement a 2-for-1 investment unit split to broaden theinvestor base and increase investment unit liquidity
Acquired 4 stars in GRESB Real Estate Assessment 2023
Introduced investment unit ownership program for officers andemployees of the Asset Manager

 Remain aware of total debt cost and implement efforts todynamically fix interest expense Diversification of repayment deadlines

 Maintain and raise ratio of properties that acquired external
evaluation and external environmental certification
 EcoAction 21 initiatives

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。

3Section 1
Fiscal Period Ended November 2023 (36th Fiscal Period)
Performance Highlights and Forecasts

Highlights of the Fiscal Period Ended November 2023 (36th FP)
Results of the 36th Fiscal Period
35th Fiscal Period(ended May 2023)

36th Fiscal Period(ended Nov. 2023)

FactorDifference

Increase

15,050 million yen

13,646 million yen-1,404 million yen

Operating Expenses

7,384 million yen

6,898 million yen-486 million yen

Operating Income

7,665 million yen

6,747 million yen-917 million yen

580 million yen

597 million yen+17 million yen

7,099 million yen

6,192 million yen-907 million yen

Earnings per Unit(Note 1)

14,845 yen

12,947 yen-1,898 yen

Dividend per Unit(Note 2)

13,700 yen

13,700 yen- yen(Note 3)(Note 4)(Note 5)

Operating Revenues

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

NAV per Unit (Note 3)
Period End Occupancy Rate
Period Average Occupancy RateNOI Yield (annualized)(Note 1)
(Note 2)

(Note 4)(Note 5)( - yen)(839 yen)(+ 839 yen)

788,121 yen

790,552 yen+2,431 yen

97.7%

97.7%

-

97.0%

97.1%

+0.1%

4.3%

4.5%

+0.2%

 Utilities revenue+77 million yen

 Revenue (rents and common area fees) from 57 existing properties (Note 6)
 Gain on sale of property sold in the previous FP (1 property)

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

FP (1 property)

 Repair cost

Decrease(Note 6)+36 million yen-1,519 million yen-12 million yen-255 million yen Utilities charges-147 million yen

 Outsourcing expenses-72 million yen

NAV per Unit = (Unitholders’ capital +Total appraisal value at the end of fiscal period − Total property book value
at the end of fiscal period) / Number of investment units issued and outstanding.
Period Average Occupancy Rate is calculated based on end-of-month occupancy during each fiscal period.
NOI Yield (annualized) is calculated based on book value. NOI is annualized based on properties owned at the endof the fiscal period.
57 existing properties is the number at the end of the 36th FP (58 properties) less 1 development project property.

Earnings per Unit is calculated by dividing net income by the average number of investment units during the period.
The same applies in the table below.
Dividend per Unit for the 35th FP is calculated by dividing the entire amount remaining after deducting provision forreserve for reduction entry (547 million yen) from unappropriated retained earnings by the total number of investment
units issued and outstanding. Dividend per Unit for the 36th FP is calculated by dividing 6,552 million yen, the total
dividend amount considering reversal of part of internal reserves of 401 million yen (the sum of reserve for reduction
entry of 359 million yen and deferred tax liabilities of 41 million yen), by the total number of investment units issued
and outstanding. Dividend per unit before the reversal is 12,861 yen. The same applies in the table below.

(Reference) Comparison of Forecasts with Results of 36th Fiscal Period
36th Fiscal Period
Forecast(announced Jul. 2023)

36th Fiscal Period(ended Nov. 2023)

Difference

Operating Revenues

13,853 million yen

13,646 million yen- 207 million yen

Operating Expenses

7,133 million yen

6,898 million yen- 234 million yen

Net Incom e6,107 million yen

6,192 million yen+ 84 million yen

12,770 yen

12,947 yen+177 yen

13,700 yen

13,700 yen- yen(930 yen)(839 yen)( - 91 yen)

97.3%

97.7%

+0.4%

Earnings per Unit

Dividend per Unit (Note 7)(Reversal of reserve)(Note 7)

Period End Occupancy Rate

(Note 7)

Decrease

Item

FactorItem

Increase Revenue (rents and common area fees) from 57 existing properties (Note 8)

Decrease  Utilities revenue

Increase
Decrease(Note 8)+9 million yen-219 million yen Repair cost+133 million yen Utilities charges-288 million yen-56 million yen

 Outsourcing expenses

57 existing properties is the number at the end of the 36th FP (58 properties) less 1 development project property.

Dividend per Unit for the 36th FP (announced in Jul. 2023) is calculated on the assumption that the amount after
adding reversal of reserve for reduction entry (444 million yen) to unappropriated retained earnings will be
distributed. Dividend per Unit before the reversal is 12,770 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.

5

Highlights of Forecasts for the Fiscal Periods Ending May and November
2024 (37th and 38th FP)
37th Fiscal Period (Forecast)
37th FP Forecast
Ending May 2024

FactorDifference from36th FP

13,614 million yen-31 million yen

Operating Expenses

6,796 million yen-102 million yen

Operating Income

6,818 million yen+70 million yen

647 million yen+50 million yen

6,169 million yen-22 million yen

12,900 yen-47 yen

Non-Operating Expenses
Net Income
Earnings per Unit

Increase
Decrease(Note 1)

13,700 yen- yen( 800 yen)

( - 39 yen)

(Note 2)

Expected Period End Occupancy Rate

96.6%

-1.1%

(Note 3)(Note 2)

96.5%

-0.6%

(Note 4)

4.5%-

(Note 1)Dividend per Unit

(Reversal of reserve) (Note 1)

Expected Period Average Occupancy Rate

Expected NOI Yield (annualized) (Note 3)

38th Fiscal Period (Forecast)
38th FP Forecast
Ending Nov 2024

Difference from37th FP

13,876 million yen+261 million yen

Operating Expenses

7,212 million yen+415 million yen

Operating Income

6,664 million yen-153 million yen

732 million yen+84 million yen

5,930 million yen-238 million yen

Earnings per Unit

6,200 yen

-6,700 yen

Dividend per Unit (Note 5,6)

6,850 yen

-6,850 yen

Net Income+36 million yen+5 million yen-39 million yen-36 million yen Depreciation+37 million yen

 Outsourcing expenses+21 million yen Repair cost-161 million yen

Dividend per Unit for the 37th FP is calculated on the assumption that the amount after adding reversal of reserve
for reduction entry (382 million yen) to unappropriated retained earnings will be distributed. Dividend per unit
before the reversal is 12,900 yen. Moreover, reversal of reserve for reduction entry may change depending on
the operational status.
Expected Period Average Occupancy Rate is calculated based on end-of-month occupancy during each fiscal
period.
Expected NOI Yield (annualized) is calculated by taking into account the properties based on the book value forthe 36th FP (excluding 1 development project property) plus 1 property to be acquired in the 37th FP.
57 existing properties is the number at the end of the 36th FP (58 properties) less 1 development projectproperty.

FactorOperating Revenues

Non-Operating Expenses

 Revenue (rents and common area fees) from property acquired

during the FP period (1 property)
 Revenue (rents and common area fees) from 57 existing properties (Note 4)
 Utilities revenue
Decrease  Other operating revenue
Increase

Operating Revenues

Item

Increase

Decrease

Item Utilities revenue+183 million yen

property acquired in the previous FP
 Revenue (rents and common area fees) from property acquired
during the FP period (1 property)
 Revenue (rents and common area fees) from 57 existing properties (Note 10)+91 million yen Full contribution of revenue (rents and common area fees) from 1 Utilities charges

Increase+23 million yen-40 million yen Depreciation+186 million yen+100 million yen Tax and public due (rental expenses)+60 million yen

 Outsourcing expenses+20 million yen(Note 5)

As a 2-for-1 split of investment units is scheduled to take place on June 1, 2024, Dividend per Unit for the 38th
FP take into account the split.
Dividend per Unit for the 38th FP is calculated on the assumption that the amount after adding reversal ofreserve for reduction entry (621 million yen) to unappropriated retained earnings will be distributed. Dividend per(Note 5,6)
(Reversal of reserve)
unit before the reversal is 6,200 yen. Moreover, reversal of reserve for reduction entry may change depending on(650 yen)(-150 yen)
the operational status.
(Note 7) Expected Period Average Occupancy Rate is calculated based on end-of-month occupancy during each fiscal
Expected Period End Occupancy Rate（※）96.6%
period.
(Note 8) Expected NOI Yield (annualized) is calculated by taking into account the properties based on the book value for(Note 7)the 36th FP plus one property to be acquired in the 37th FP and one development property to be completed andExpected Period Average Occupancy Rate
94.3%
-2.2%
delivered in the 38th FP. However, construction costs are estimated for development project buildings.
(Note 9) The property acquired during the period refers to Daiwa Akihabara, which is scheduled to be completed anddelivered in the 38th FP.
Expected NOI Yield (annualized) (Note 8)
4.3%
-0.2%
(Note 10) 57 existing properties is the number at the end of the 36th FP (58 properties) less 1 development projectproperty.
*Expected Period End Occupancy Rate is 97.3% excluding Daiwa Akihabara, whichscheduled is
to notbe completed
Thisisdocument
material anddisclosed 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.
delivered in June 2024.
(Note 6)6

Factors of Change in Dividend per Unit
Realized EPU of 13,700 yen due to early normal operations of newly acquired properties and development projects and rent
contributions from large properties with issues
 Aim to raise ongoing EPU further through property replacement and various initiatives
Comparison of Forecasts with
Results of 36th Fiscal Period

13,70013,700

Income-458
Charges +602

930

S-GATE FIT Nihonbashi
Bakurocho+76
Existing properties +11

13,700839

Repaircost+19+143-278 +204
Utilities

income andOtherscharges
Revenue(rents andOutsourcing
commonarea fees)
expenses+117
Existing
properties +19

Outsourcing
expenses +152
Income +161
Charges +307

Revenue(rents andRevenueand839 (rents
common

+138

2,031

13,70013,700

Others800 common+338 -324+87 -61 Repair Others

area fees)

Interest expense-88
Depreciation-77
Other operating revenue
-76

+49

area fees)

Revenue(rents andcommonarea fees)(Yen)

13,700

Repaircost Others 1,300+153 -7 -18
Utilities
income andcharges

Utilities costincome andcharges

Utilities
income and+534
charges
Repair+469 cost

13,700(6,850)-626
 Normal operation of
Daiwa Akihabara Rent contributions fromlarge properties withissuesS-GATE FIT Nihonbashi
Bakurocho+190
Daiwa Akihabara+48
Existing properties -85

 Aim to raise
further throughproperty
replacement,
etc.

Depreciation-209
Interest expense-151
Tax and public due -126

Existing properties +76
Daiwa SHIBUYA
EDGE
-26

12,770Fiscal Period
ended Nov. 2023
(36th FP)
Forecast from six
months earlier

12,861

Ended
Nov. 2023(36th)
Actual11,66912,861

12,90012,400Ended
May 2023(35th)
ActualEnded
Nov. 2023(36th)
ActualEndingMay 2024(37th)
Forecast

EndingNov. 2024(38th)
Forecast

Image ofnormaloperation
periods■Net income per unit (excluding gain on sale of real estate properties)(Note) Net income per unit for the 36th FP is the figure after deducting provision of Reversal of reserve. A 2-for-1 split of investment
units is scheduled to take place on June 1, 2024, but for ease of comparison, the figures per unit for the 38th FP are converted■Reversal of reserve ■Increase due to gain on sale of real estate
to pre-split figures based on the number of investment units issued and outstanding at the end of the 37th FP. (However, theproperties (after subtracting provision for reserve for reduction entry)
figuresin parentheses
are basedon thenumberof investment
issuedAct
andoroutstanding
afterofthe
split.)
This document is not material
disclosedin compliancewith theFinancial
Instruments
andunits
Exchange
any regulation
similarnature, nor is it■Increase factors ■Decrease factors
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

7

Change in Dividend per Unit and Policy for utilizing Internal Reserves
Change in Dividend per unit
Forecast
Gain
on sale2,104

Gain
on sale683

Reversal
102

Gain
on sale Reversal
1,867
122

Reversal
839
Gain
on sale3,176

Actualdividend
13,817

Actualdividend
14,000

Actualdividend
14,000

Actualdividend
13,700

Actualdividend
14,000

Actualdividend
13,700（650）

Actualdividend
13,700

Forecast
dividend
13,700

Forecast
dividend
13,700（6,850）Change in Internal Reserves（million yen）
4,000

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

Reserve from gain on saleof Daiwa Kyobashi
Reserve from gain on sale
Reversalof Daiwa Shimbashi 510

3,000

1,830

2,000
1,000

0

Reserve fromgain on saleof Daiwa
SHIBUYA EDGE 3,008

Subtracting provision for reserve for reduction entry

▲49

2,518

1,781

2,460

737 Reversal

547

▲58

Expected
Reversal
▲401

2,606
Reversal
▲382

2,224

1,114
328

716

30th

31st

32nd

33rd

34th

35th

36th

37th

3,751yen

3,649yen

5,220yen

5,144yen

6,289yen

5,450yen

4,650yen（Reference）
Internal Reserves 2,265yen
per unit

Reversal
▲621

1,602

38th
3,351yen（1,675yen）<Policy for utilizing internal reserves>The amount of internal reserves at the end of the 38th FP (expected) is approximately 1.6 billion yen.
The policy is to strategically reverse internal reserves to cover the temporary revenue decrease, etc. (those that are expected torecover in the near future) due to property replacements, etc.

(Note) A 2-for-1 split of investment units is scheduled to take place on
June
1, 2024,isbutease ofcomparison,
the figureswith
pertheunitFinancial
for the 38th
FP are converted
to pre-split
based onofthe
numberof investment
This
document
notformaterial
disclosedin compliance
Instruments
and Exchange
Act orfigures
any regulation
similarnature,nor is it
units issued and outstanding at the end of the 37th FP. (However,the forfiguresin parentheses
are basedon thenumberof investment
units issued
outstandingafter
the split.)decisions at their own judgment.
intended
the purposesof solicitation.
Daiwa
OfficeInvestment
Corporation
advisesand
readers
to makeinvestment

8Change in Dividend over the Past Decade
Change in Dividend per Unit (forecast/actual)
(yen)

(yen)

18,00016,00014,000640,587
620,897595,860

12,00010,000900,000

Forecast from a year earlier (left axis)
Forecast from six months earlier (left axis)
Actual dividend (left axis)
NAV per unit (right axis)

545,661
506,681
478,051

569,585
10,508 10,695

10,764

673,841

784,146 788,115
752,347 761,953
744,269 746,455
727,729697,220

12,559653,697
11,997

13,13913,595 13,817

788,121790,552

800,000

14,000 14,000 14,000 13,700 13,700 13,700

700,000

600,000

10,957 11,150

9,688

500,000

9,142
8,000

8,256

400,000

6,000

300,000

4,000

200,000
7,820

8,700

9,350

9,850

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

13,70013,70013,700

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

13,70013,7002,000

0(Note)

18th 19th 20th
FP
FP
FP

21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP

13,70031st 32nd 33rd 34th 35th 36th 37th 38th
FP
FP
FP
FP
FP
FP
FP
FP

100,0000(Note) A 2-for-1 split of investment units is scheduled to take place on June 1, 2024, but for ease of comparison, the figures per unit for the 38th FP are converted to pre-split figures based on the number of investment
units issued and outstanding at the end of the 37th FP. (However, the figures in parentheses are based on the number of investment units issued and outstanding after the split.)
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

9Section 2
Internal Growth

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

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

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

Rent(Yen/Tsubo)
19,584 yen

Feb. 2008

5.32%

Jun. 2020(Vacancy rate)

Dec. 2020
Jun. 2021

Jun. 2019

Jan. 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 2023
Data: Miki Shoji(Rent)

Rental Market Clock(conceptual chart)

Dec. 2021

Jun. 2018
Dec. 2017
Jun. 2017

Jun. 2023
Dec. 2023

Jan. 2004

Office Building Market Medium-Term Forecast
Dec. 2011

Forecast figures(Tsubo)Jun. 2010

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. 2023

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

New supply (Other)

Floor area of new demands

Vacancy rate

Sep. 2007

Jun. 201620162018 2020
2000
2022 2024 2026
2002
2004 2006 2008 2010 2012 2014
2027
2011 20132015 2017 2019 2021 2023 2025
2001
2003
2005 2007 2009

Jan. 2004
Jul. 2012
Vacancy rate

Data: CBRE “Office market medium term forecast 2023-2027”

Data: Sanko Estate, compiled by Daiwa Real Estate Asset Management(Note 1) Forecast figures as of June 2023

(Note 1) Large-scale office buildings: A floor area of 200 tsubos or more.

(Note 2) No information on the breakdown of new supply is available in or before 2004 (only the total amount is available).

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

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

11Analysis of Leasing Business (1)― Change in Occupancy Rate and Ratio of Area Attributable to New Leases/Cancellations as a
Percentage of Total Leasable Area ―Change in New Leases and Cancellations and Their Reasons (Note)

Change in Period End Occupancy Rate

(Cases)(%)*

19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st
FP FP FP FP FP FP FP FP FP FP FP FP FP

32nd 33rd 34th 35th 36th 37th 38th
FP FP FP FP FP FP FP*Expected Period End Occupancy Rate is 97.3% excluding Daiwa Akihabara, which is scheduled to be completed anddelivered in June 2024.

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

19th
FP

20th
FP

36th Period

21st
FP

22nd
FP

23rd
FP

Cost
Reduction

32nd 33rd 34th 35th 36th 37th 38th
FP FP FP FP FP FP FP(Note) Change in ratio of area attributable new leases/cancellations as a percentage of total leasable area. For the expected
figures, if there are partial cancellations, the estimate is calculated based on the current contracted floor area
for the cancellations ratio and the remaining contracted floor area for the new leases ratio.

25th
FP

Space
Expansion

26th
FP

27th
FP

Consolidation
Space

28th
FP

29th 30th
FP FP

Space
Reduction

31st
FP

34th
FP

32nd 33rdFP
FP

BetterLocation

Other

35th 36th
FP FP

Total

New Leases

0

19

1

0

2

7

29

Cancellations

4

1

9

6

1

2

23

The number of cases
In the previous period
19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st
FP FP FP FP FP FP FP FP FP FP FP FP FP

24th
FP

23
The number of cases
In the previous period

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

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

12Analysis of Leasing Business (2) - Post-COVID Tenant Trends The most common reason among incoming tenants was “relocation for expansion” and the reason among outgoing tenants that
“relocation for downsizing” had been decreasing, and the number of tenants with strong performance appears to have been increasing.
In the last four fiscal periods, the number of requests for viewing and floor expansion sections within the property have gradually
increased, showing signs of recovery from COVID-19.

Trend of Reasons Given by Incoming Tenants(based on the number of tenant contracts)(Note 1)

29th FP

Cost
reduction

30th FP

31st FP

32nd FP

Relocation for Relocation for
expansionconsolidation

33rd FP

34th FP

35th FP

Relocation fordownsizing

Improvelocation

Other

Trend of Reasons Given by Outgoing Tenants(based on the number of tenant contracts)(Note 2)

36th FP

29th FP

30th FP

Cost
reduction

31st FP

Relocation for
expansion

32nd FP

Relocation forconsolidation

33rd FP

34th FP

Relocation fordownsizing

35th FP

Improvelocation

36th FP

Other(Note 1) Ratios are calculated by dividing the number of incoming tenant contracts for each reason by the
total number of incoming tenants during the respective fiscal period.

(Note 2) Ratios are calculated by dividing the number of outgoing tenants for each reason by the
total number of outgoing tenants during the respective fiscal period.

Trend of Viewing Requests(Note 3)

Trend of Tenant Requests for Floor Expansion(Note 4)(No. of instances)

29th FP

30th FP(No. of instances)

31st FP

32nd FP

33rd FP

34th FP

35th FP

36th FP(Note 3) The number of instances are the number of viewing requests in each fiscal period divided by the six-month averageof the number of vacant sections as of the end of each month of the period (excluding development project)

29th FP

30th FP

31st FP

32nd FP

33rd FP

34th FP

35th FP

36th FP(Note 4) The number of instances in which an existing tenant as of the end of previous fiscal period
concluded a new contract in the same property during the 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.

13

Analysis of Leasing Business (3)― Changes in Rent Increase/Decrease Rate of Contract Renewal Tenants ―Contract Renewal Tenants in the 36th Fiscal Period*Ratio of area for which contracts were renewed in the 36th FP (ended November 2023) to the total leased
area (349,095.73 m²) as of end of May 2023.

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

(%)

*2

(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 are calculated based on the net value of the increase amount and the decrease amount.

*1

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 36th FP) (Note)*2 The decrease in the 27th FP was due to an agreement on decrease reached by the previous owner.

10% or more but
less than 15%

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

Properties with rent increase

7%

Forecasts

 Daiwa Tsukijiekimae

2% or more but
less than 5%36%

 Daiwa Kamiooka
 Daiwa Hatchobori ekimae

Increase rateof monthly rent

 Daiwa Nishi-Shinjuku
 Daiwa Harumi , etc.

7.2 %(Previous FP: 8.3%)
5% or more but
less than 10%57%(Note) Ratio of leased are scheduled for contract renewal in each period to the total leased area (349,032.92 m2)
as of end of November 2023.

Increased amount of monthly rent
1,067 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 (4)― Status of Contract Rent ―Total Monthly Rent and Increase/Decrease
Rate Due to Tenant Replacement

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

91.46
91.41

89,08487,03775,251
76,23972,94971,39978,80975,55020,501
71,932
74,837

20,53020,50762,21664,042

4.3%
2.4%

2.2%

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

-1.3 %-2.9%

Increase/Decrease in Monthly Contract Rent (Note)
Compared with the End of the Previous Fiscal Period-3.9%(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 Nishi-Shimbashi

 Shinjuku Maynds Tower

 Daiwa Akasaka

 E SPACE TOWER

 Daiwa Kanda East

 Daiwa Azabu Terrace Daiwa Kandabashi, etc.

 Daiwa Aoyama, etc

Decreased amount of monthly rent
-2,905 thousand yen/month

End of 35th FP
Monthly Contract Rent

Decrease byRent Revisions

End of 36th 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

Daiwa Meguro Square

Unit rent unchanged: 37 contracts
Kandasudacho 2-Chome
Daiwa Sarugakucho Development Site
Daiwa Kandasudacho
Daiwa Misakicho
Daiwa Kanda East
Daiwa Jinbocho 3-chome
Daiwa Nishi-Shinjuku
Daiwa Nihonbashi Bakurocho
S-GATE FIT Nihonbashi Bakurocho
ChiyodaWard
Daiwa Kanda
Mikurachoshinyon curumu
Shinjuku Maynds Tower
Daiwa
Higashi-Nihonbashi
Daiwa Nihonbashi Hongokucho
Daiwa Kodenmacho
Daiwa Kandabashi
Daiwa Nihonbashi Horidomecho
2 Nihonbashi Central Square
Shibuya Ward
Chuo WardKirin Nihonbashi Building Koto Ward
Daiwa Kayabacho Building
Daiwa River Gate
Daiwa Jingumae Daiwa Akasaka
Daiwa Sasazuka Tower
5 Daiwa Hatchobori ekimae
Daiwa Sasazuka
Daiwa Hatchobori ekimae West
Daiwa Ginza Annex
Daiwa Aoyama
Daiwa Ginza
Daiwa Tsukijiekimae
Daiwa Tsukiji
Daiwa
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

Daiwa
Shinagawa North
Daiwa
Shinagawa Gotenyama

Unit rent decrease: 6 contracts

LAQUAS
Higashi Shinjuku

Daiwa Higashi-Ikebukuro
Daiwa Nakano-Sakaue

CONCURRED Yokohama 11

Daiwa Kamiooka

Daiwa Shibaura

Daiwa Kitahama

Major Regional Cities

Shinagawa
Ward

As of Nov 30, 2023

(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) S-GATE FIT Nihonbashi Bakurocho and Kandasudacho 2-Chome Development Site are plotted with ●.

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

16

Occupancy Status of Properties Subject to Leasing Improvementin the Fiscal Period Ended November 2023 (36th FP)
Daiwa Tsukishima

Shinjuku Maynds Tower(Acquisition Price: 7,840 million yen)(Acquisition Price: 66,900 million yen)
Location

Location

Yoyogi, Shibuya-ku, Tokyo

Tsukishima, Chuo-ku, Tokyo

Occupancy rate

Occupancy rate

89.3%
(initially expected as of May 31, 2024)⇒ 95.4%(expected as of May 31, 2024)

78.5%(as of Nov. 30, 2023)⇒ 35.0%(expected as of Feb. 29, 2024)

 At the time of announcement of financial results for the previous fiscal

period, the occupancy rate was expected to be 89.3% at the end of May
2024 with the departure of a large tenant, but based on applications it is
now expected to refill to 95.4%. Two of the four sections left by the large
tenant have been refilled. With no downtime, rent will increase dramaticallyby around 10-20% at replacement.
 We will take advantage of the vacancy rate recovery in Shinjuku andShibuya, aiming to quickly conclude contracts for the remaining sections at
higher rent per unit by making flexible proposals tailored to client needs.

Daiwa Shibuya Square(Acquisition Price: 16,000 million yen) Cancellation of two floors was postponed from the end of

October 2023 to the end of January 2024.

 While trying to refill them through fixed-term leases andflexible terms, we are also considering the option of selling.

Daiwa Hatchobori ekimae(Acquisition Price: 2,871 million yen)

Daiwa River Gate
(Acquisition Price: 28,000 million yen)

Location

Location

Location

Nanpeidai-cho, Shibuya-ku,
Tokyo

Hatchobori, Chuo-ku, Tokyo

Nihonbashi Hakozaki-cho,
Chuo-ku, Tokyo

Occupancy rate

Occupancy rate

Occupancy rate

80.8%

(initially expected as of Mar. 31, 2024)⇒ 100.0%(expected as of Mar. 31, 2024)

 Taking advantage of its location of Shibuya, where

office demand is robust, we succeeded in shortening
free-rent periods and refilling without downtime.
 One floor out of every two concluded rents at higher unit
prices than that of the previous contract.

88.7%(as of Nov. 30, 2023)⇒ 100.0%(expected as of Jan. 31, 2024)

87.7%(initially expected as of Sep. 30, 2023)⇒ 91.4%(expected as of Jan. 31, 2024)

 Leveraged the proximity to Hatchobori Station and bright, open- Successfully refilled approximately 375 tsubos or 3.9%
office layout for leasing. Strived to understand marketof the 1,160 tsubos seeking tenants as of the previous
conditions such as area characteristics and amount of demandfiscal period. The upper floors were contracted at thefor sub-100-tsubo sections.
same rent level as that of the previous contract.
 Concluded contracts at higher unit rents than that of the Inquiries are increasing, so taking advantage of the
本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
previous contract,achieving full occupancy from January 2024.
divisibility of the larger sections, we aim for fulloccupancy of the office floors.
17
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。

17

Properties Subject to Leasing Improvement in the Fiscal Period
Ended November 2023 (36th FP)
Daiwa Kitahama(Acquisition Price: 9,481 million yen)

Daiwa Sasazuka Tower(Acquisition Price: 15,500 million yen)

Daiwa Harumi(Acquisition Price: 11,200 million yen)

Location

Location

Location

Awaji-cho, Chuo-ku, Osaka

Sasazuka, Shibuya-ku, Tokyo

Harumi, Chuo-ku, Tokyo

Occupancy rate

Occupancy rate

Occupancy rate

100.0% (as of Nov. 30, 2023)⇒ 93.3% (expected as of Apr. 30, 2024)

100.0% (as of Nov. 30, 2023)⇒ 64.7% (expected as of Jun. 30, 2024)

100.0% (as of Nov. 30, 2023)⇒ 83.0% (expected as of Apr. 30, 2024)

 A 4-minute walk from Kitahama Station on A 4-minute walk from Sasazuka Station on

 A 10-minute walk from Kachidoki Station on the

the Osaka Municipal Subway Sakaisuji Line.
 Located in the Sakaisuji-Honmachi Zone,
which is full of office buildings, especiallyalong Sakaisuji and Honmachi-dori streets,
and adjacent to the Yodoyabashi Zone, one
of Osaka’s top-class business areas, it enjoys
strong demand from tenants who prefer large
business clusters and good accessibility.
 Taking advantage of the good location andbuilding grade, we will set appropriate rents
and focus on attracting tenants.
 About 263 tsubos per floor.

the Keio and Keio New Lines.
 The Sasazuka area has the headquarters
and laboratories of many IT-related startups,
so back-office demand from Shinjukuheadquartered companies can be expected.
 We expect a 10% gap with market rent, andplan to focus on increasing rents.
 About 215 tsubos per floor.

Toei Subway Oedo Line.

 The Harumi area is physically close to the city

center, so its appeal to tenants is that they canmove into a midsize to large building with highspec facilities and a level of transportation
convenience for a relatively low price.
 In response to a systems-industry multi-floor
tenant returning two floors, we are looking at
dividing sections for retail stores as theneighborhood is becoming a work-andresidence area through large-scale
developments like HARUMI FLAG.
 About 288 tsubos per floor.
本資料は、金融商品取引法等に基づく開示書類ではありません。また、投資勧誘を目的とするものではありません。
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。

18
18

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

DOI Investment Management Department
DOI Management Team (10 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.

平島副部長

阿部部長

荒井SM

柳澤SM

上村M

 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
 Information gathering from brokers

Activities forinternal growth(21 years, 9 month)(19 years, 4 month)(17 years, 9 month)

金刺M

岩崎AM

関根M

杉村A

(17 years, 11 month)(7 years, 3 month)(8 years, 4 month)(5 years,5 month)(17 years, 7 month)

渡邉A Implementing tenant satisfaction surveys

and proposing improvement measures Periodical property examination

 Maintenance of a stable occupancy rate by

Realization ofinternal growth(21 years, 0 month)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.

阿部部長(21 years, 0 month)Aims to maximize asset value(7 month)(22 years, 10 month)(17 years, 10 month)(3 years, 2 month)(Note2) Only employees whose primary work was with the DOI Investment Management Department werecounted for those who simultaneously serve in other departments.
.
(Note3) The number of years stated in the parenthesis is the number of years engaged in the relevant work
(as of Juｌy 21, 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.

19Section 3External GrowthProgress of May 2024 Scheduled Property Acquisition
S-GATE FIT Nihonbashi Bakurocho (Scheduled) Acquisition Price: 6,300 million yen,
(Scheduled) Acquisition Date: On or before March 29, 2024
Location<Elevator Lobby>• Good location 1-minute walk from Bakurocho
Station• Rare area for newly constructed properties
Leasing• 100.0% occupancy rate based on reservation
contracts and applications<Private Area>

Expected NOI Yield• Due to the conclusion of contracts with rent unit
prices higher than expected at acquisition, theexpected NOI yield is 3.8%, which is an
improvement of 30 basis points from that at thetime of acquisition and is expected to exceed theappraised NOI yield of 3.6%.

Outline of the property
Scheduled acquisition dateOn or before March 29, 2024

Location/Distance from
StationNihombashi-Bakurocho, Chuo-ku, Tokyo
1-minute walk from Bakurocho Station / 4-minute walkfrom Shin-Nihombashi Station on the JR Sobu MainLine
4-minute walk from Bakuro-yokoyama Station on the
Toei Subway Shinjuku Line

Scheduled AcquisitionPrice

6,300 million yen

Appraisal Value (Note 1)

6,530 million yen(Note 2)Land Area/Total Floor Area

About 96.9% of 609.50 m2
About 96.9% of 4,818.75 m2

Structure/Floors

Steel / 1 floor underground, 11 stories above groundConstruction Date

April 2023

Expected NOI Yield

3.8%

Efforts on Sustainability• Acquired BELS certification (4 stars)
in April 2023

Aim to reach full occupancy at the time ofacquisition in March 2024 based on experienceof early leasing of Daiwa Nihonbashi Bakurocho(Note 1)
(Note 2)
(Note 3)

NOI Yield
At Acquisition (Note 3)

Midterm (Note 4)

Appraisal (Note 5)

3.5%

3.5%

3.6%

As of February 1, 2023.
Shares are shown for site rights for the land and compartmentalized ownership for the building.
NOI Yield at Acquisition is calculated based on the assumed leasing agreement for the Property on theplanned acquisition date at the time of disclosure of the press release announced on March 22, 2023, bydividing the annual income with the assumption of the occupancy rate being 96.0% by scheduledacquisition price in consideration of taxes and other costs that may be incurred.
(Note 4)
Midterm NOI Yield is calculated based on the assumption that after the property acquisition, DOI will
receive rent under normal occupancy rate for the medium term (96.0%). The estimated figures where theDepreciation Rate
rental business expenses are deducted from the rental revenue are divided by scheduled acquisition price.
(Note 6)(Note 5)
The figure for Appraisal NOI Yield is calculated based on net operating income used for the calculation ofindicated value by direct capitalization method as stipulated by the real property appraisal report anddivided by scheduled acquisition price.
(Note 6)
The figure is the total amount of the six-month depreciation conversion price expected to accrue in the
0.7%
fiscal period of acquisition and the appropriate expected depreciation charge for the next fiscal period (sixmonth period), which are divided by scheduled acquisition price.
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。

21
21

Progress of Daiwa Akihabara*Kandasudacho 2-Chome Development Project

Development Project Schedule

Outline of Daiwa AkihabaraThe property has access 4 stations on 7 lines. It is located near the
Marunouchi-Otemachi area, which is an area in high demand as a base forsmall and medium-sized companies.

Expected NOI Yield in a Normal Operation Period after Completion: 4.0%

32nd FP
Ended Nov. 2021

34th FP
Ended Nov. 2022

35th FP
Ended May 2023

38th FPEnding Nov. 2024

October 2021
Conclusion ofdesign supervision/
construction
contract

October 2022
Construction start of
the new building

March 2023
Concludeconsignment
agreement with PM

June 2024(scheduled)Completion of the
new building<Photo of site as ofDecember 2023><Floor plan ofstandard floor><Image of office
exterior><Image of completed
office space>

Leasing Status

Outline of the property
Acquisition Date of Land

December 16, 2021

Location/Distance from Station

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

Expected Acquisition Price

15,422 million yen
Price of Land: 10,600 million yen
Main Fees Related to Construction (Note): 4,822 million yen

Land Area/Total Floor Area

1,346 m2/11,960 m2

Structure after Building Completion

Steel framed structure flat roof, 12 stories above ground

Completion Date

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

4.0%





Leasing activities started in March 2023.
At present, the property is scheduled toconclude reservation contracts for 2
floors (based on applications), whichis equivalent to occupancy rate of17%.
VR projection events have been held
since November 2023. A total of about
40 companies including brokers andtenants attended. The property hasreceived positive feedback about its
location and floor area size.
The leasing activities will be focused on awide range of industries, including
relocation needs in the neighborhood, sothat the remaining space can be occupied
before the completion..

Efforts on Sustainability
Aim to acquire first“ZEB Oriented” certification


The property adopts
excellent energysaving design that
reduces tenants’ utility
costs to less than
60% of primary energy
consumption whencompared with that ofconventional buildings

Installation of EV chargerIn line with the government's goal ofincreasing the ratio of electric vehicles
in new car sales to 100% by 2035,
electric vehicle (EV) chargers arescheduled to be installed in theproperty’s parking lot.

Access the property website: https://daiwa-akihabara.jp

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。
(Note) Main fees related to construction include the total of construction costs, design and supervision
costs, project management costs (excluding consumption tax, etc.), etc. estimated at the present time.
投資に関する最終決定は、皆様御自身の判断で行ってくださいますようお願い申し上げます。
Subject to change due to future progress of this project.

22
22

Efforts to Improve Portfolio Quality
26th FP
Fiscal period ended Nov. 2018

27th FP
Fiscal period ended May 201928th FP
Fiscal period ended Nov. 201929th FP
Fiscal period ended May 2020

30th FP
Fiscal period ended Nov. 2020

Acquisition

25th FP
Fiscal period ended May 2018

Nihonbashi
Bakurocho
1-ChomeDevelopment
Site

Divestment

CONCURRED
Yokohama

Daiwa
Kanda East

Daiwa
Kandasudacho

Daiwa
Shinagawa
Gotenyama

Replacement

CorporateactionShinjuku Maynds
Tower

Daiwa Meieki* Sale of a portionof co-ownershipinterest

Use of gainon saleDaiwa
Sasazuka Tower

Daiwa
Nakano-Sakaue

Replacement

Nihonbashi
Central Square

Daiwa
Harumi

Daiwa
Mita 2-Chome

Replacement

Exchangetransaction

Replacement

Daiwa
Onarimon

Daiwa
Osaki 3-Chome

Daiwa
Jinbocho

Daiwa
Sasazuka

Daiwa
Shimbashi 510

Buy-back of
own investment units
Repayment of borrowings

31st FP
Fiscal period ended May 2021

32nd FP
Fiscal period
ended Nov. 2021

33rd FP
Fiscal period
ended May 2022

35th FP
Fiscal period ended May
2023

37th FP
Fiscal period ending May
2024 (Scheduled)

38th FP
Fiscal period ending Nov.
2024 (Scheduled)Kandasudacho
2-ChomeDevelopment
Site

Sold an oldproperty
Daiwa
Kyobashi

34th FP
Fiscal period
ended Nov. 2022

Daiwa
Kandabashi

Use of gainon saleDaiwa
MinamiAoyama

Daiwa
Kojimachi
4-chomeDaiwa
Nihonbashi
Bakurocho (Note1)

S-GATE FIT
Nihonbashi
Bakurocho(Tentative name)Daiwa Akihabara(Note 1)

Buy-back of
own investment
units
Internal reserves

Buy-back of
own investment
units

The case of the portfolio before replacement (end of
Nov. 2017) was managed until the end of June 2024

28.5 years

The distance to nearest train station

3.6minutes

Total divestment price
10 properties
113,418 million yen
Buy-back of own
investment units
4 times
13,457 million yen
in total

Use of gainon saleBuy-back of
own investment units
Repayment ofborrowings

The average building age

Total acquisition(scheduled) price14 properties (Note 1)
115,126 million yen

Daiwa
SHIBUYA EDGE Replacement

Replacement

25th ～ 38th FP Total

The portfolio after replacement (Note 2)
as of the end of June 2024

The average building age

24.7 years

The distance to nearest train station

3.8 years
younger

3.6minutes

keeping～we shall maintain the competitiveness of the properties and improve its quality into the future.～(Note 1)
(Note 2)23

For development properties, the acquisition price at the timeacquisition
is statedfor development
land acquisition
andFinancial
building acquisition,
development
and building
countedas noroneisproperty.
Thisofdocument
is notmaterial
disclosed in compliancewith theInstruments andandtheExchange
Act or land
any regulationof aresimilarnature,it“After replacement” refers to the portfolio as of the end ofintended
the 36th for
FPthe
pluspurposes
one property
acquired Daiwa
in the 37th
FPInvestment
and one development
to be completeddeliveredin the 38th
FP. own judgment.
of solicitation.
OfficeCorporation property
advises readers
to make andinvestment
decisionsat theirAcquisition/Sale Policy and Status of Deliberation for Property Acquisitions
Acquisition / Sale Policy

Distribution Chart of Portfolio Properties
Building Age (Year)

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.

consideration

of

65
60

●Property acquired(scheduled) in 37th FP●Properties acquired after the sponsor change●Properties acquired before the sponsor change

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

future50

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

45



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.

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

30

Number of Properties Reviewed for Acquisition
500

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

400

360

326

348

334

339

490

341

100

309

281

300

337

0

80
60

200
100

40

9

13

17
6

8

11

14

35

17
8

20
5

27th FP 28th FP 29th FP 30th FP 31st FP 32nd FP 33rd FP 34th FP 35th FP 36th FP(Note) Number of gross proposals.

0

25
20
15
Average building age

25.3 years

10（Note2）Average station
distance

50

3.6 minutes

S-GATE FIT Nihonbashi Bakurocho

0.0

1.0

2.0

3.0

4.0

5.0

6.0

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

(Note2) Average building age is as of the end of November 2023.

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(billion yen)

(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 acquired the constructed building as ofNovember 30, 2022 upon completion of the development project and changed the name of theproperty to Daiwa Nihonbashi Bakurocho.

550

80%

Aim to Achieve Medium-Term Goal Asset Size of 500 Billion Yen

Total Acquisition Price

LTV (based on total assets)

500.0

500

445.7

450

467.7

458.3

469.3

469.3

459.7 460.0

461.0

463.1

464.8

461.4

463.3

466.5

468.4

462.5

462.5

70%

439.4

413.2

352.7
350

300

364.0
44.3

43.0

50%

43.3

41.7

40.2

40.6

42.3

42.2

42.3

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

250

200

60%

387.5

400

Acquisition Property

0

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• Daiwa Azabu Terrace• Daiwa Kitahama

16th
FP

17th
FP

42.1

42.0

41.8

18th
FP

19th
FP

Acquisition Property

21st
FP

42.6

43.1

43.1

40%

Acquisition Property

30%

Acquisition Property• Nihonbashi Bakurocho
1-Chome Development Site
(Note)
Acquisition Property• Daiwa Higashi-Nihonbashi• Daiwa Daikanyama• Daiwa Shinjuku West
• Daiwa Ogikubo

41.9• Daiwa Kandabashi

Acquisition Property• Daiwa Nishi-Shinjuku• Kirin Nihonbashi Building

20th
FP

42.0

Acquisition Property• Kandasudacho 2-Chome
Development Site

Acquisition Property

Acquisition Property

50

42.1

• CONCURRED Yokohama• Daiwa Kanda East

Acquisition Property

100

41.5

Acquisition Property• Daiwa Kandasudacho• Daiwa Shinagawa Gotenyama• Daiwa Sasazuka Tower• Daiwa Ogikubo Tower• Daiwa Shibuya Dogenzaka
150 Akasaka• Daiwa• Daiwa Shibuya Miyamasuzaka

40.5

42.8

• Daiwa Nakano-Sakaue• Nihonbashi Central Square
Acquisition Property• Daiwa Mita 2-Chome

Acquisition Property• Daiwa Nihonbashi Bakurocho(Note)

20%

10%

Acquisition Property• Daiwa Sasazuka• Daiwa Harumi

0%

22nd
23rd
24th
25th
26th
27th
28th
29th
30th
31st
32nd
33rd
34th
35th
36th
Medium-Term
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
Goal
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

25Section 4
Financial Strategy

Status of Interest-Bearing Liabilities (1)Repayment Schedule
20,00015,200（Note）

Change in Procured Years of Interest-Bearing Liabilities and End of period maturity

 Investment Corporation Bond

(Million Yen)

(Year)(Year)

5.5

18,000

11.0

End of period maturity (left axis)
Average loan term years(excluding short-term loans payable) (right axis)

5.0

10.0

16,000
4.5

9.0

4.1

14,0004.0

8.0

12,0003.5

7.0

10,000

3.0

6.8

6.0

2.5

5.0

2.0

4.0

1.5

3.0

1.0

2.0

2,000

0.5

1.0

0

0.0

0.0

8,000

(Note) The repayment schedule as of the end of November 2023（including early repayment）.

36th FP

35th FP

34th FP

33rd FP

32nd FP

31th FP

30th FP

29th FP

28th FP

27th FP

26th FP

25th FP

24th FP

53rd FP

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

36th FP

4,000

23rd FP

6,000

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

27

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

Status of Interest-Bearing Liabilities(End of 36th 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)

15.2％
200

35.5％

50.0%

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

43.1%

64.5％
160

84.8％

40.0%

120

30.0%

Fixed-interest borrowings

Long-term loans payable, etc.

Floating-interest borrowings

Short-term loans and Current
portion of long-term loans
payable , etc.

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 7, 2023)

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

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(Note) LTV (based on total assets) = Total interest-bearing liabilities / Total assets

0.0%

Issuer rating

Rating outlook: Stable(Assigned on September 15, 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.

28

Status of Interest-Bearing Liabilities (3)As of End of the 35th Fiscal Period
Name of Financial Institutions(Million Yen)

Comparison with
Previous Period

Balance

Balance Ratio

Name of Financial Institutions

Comparison with
Previous Period

Balance

Balance Ratio

Sumitomo Mitsui Banking Corporation

42,400-21.3%

The Hyakugo Bank, Ltd.

1,000

-

0.5%

Sumitomo Mitsui Trust Bank, Limited

24,500-

12.3%

The Yamanashi Chuo Bank, Ltd.

1,000

-

0.5%

Development Bank of Japan Inc.

21,750-

10.9%

Momiji Bank, Ltd.

1,000

-

0.5%

MUFG Bank, Ltd.

20,450-

10.3%

Taiyo Life Insurance Company

300

-

0.2%

Mizuho Bank, Ltd.

19,400-

9.8%

Fukoku Mutual Life Insurance Company

200

-

0.1%

SBI Shinsei Bank, Limited

14,500

-

7.3%

Total

198,800-

100.0%

Resona Bank, Limited.

12,500-

6.3%

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%

(DOI ESG Series Bond I)(DOI ESG Series Bond II)

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 InsuranceCo., Ltd.

2,000

-

1.0%

The Yamaguchi Bank, Ltd.

2,000

-

1.0%

Issuance

1,300

-

0.7%

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
No. 8 Unsecured Investment Corporation
Bond

Green Bond

Total Investment Corporation Bonds

Nippon Life Insurance Company

Comparison with
Previous Period

Balance

Outline of Commitment line
Commitment line provider

Maximum loan
amountTerm of the Agreement

2,500

From March 31, 2023 to January 31, 2024

3,000

From July 31, 2023 to July 31, 2024

Daiwa Next Bank, Ltd.

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 2023
Unitholders’ Share by Investor Type

Investor TypeNum ber ofNum ber of
Units
Units
End of 35th
End of 36th
Fiscal Period Fiscal Period

List of Top 10 Investors

Change in
Units

Rate (Note)
End of 36th
Fiscal Period

No.

Investor Nam e

Num ber ofNum ber of
Units
Units
End of 35th End of 36th
Fiscal Period Fiscal Period

Rate (Note)
End of 36th
Fiscal Period

Change in
Units

Individual･
Others

18,51014,723-3,787

3.08%

1

Daiw a Investm ent Managem ent
Inc.

128,905

128,905-

26.95%

Financial
Institution

168,331

175,682+7,35136.73%

2

Custody Bank of Japan, Ltd.
(Trust Account)

65,707

69,234+3,52714.48%----

3 Daiw a Securities Group Inc.

67,321

67,321-14.08%

RegionalBank

16,183

16,278+95

3.40%

54,00358,470+4,467

12.23%

Trust Bank

136,249

143,508+7,25930.01%

14,921

14,176

-745

2.96%

14,59011,717-2,873

2.45%

7 SMBC Nikko Securities Inc.

8,469

9,020

+551

1.89%

8

SSBTC CLIENT OMNIBUS
ACCOUNT

864

4,940

+4,076

1.03%

9STATE STREET BANK WEST
CLIENT-TREATY 505234

4,716

4,694

-22

0.98%

10

Japan Securities Finance Co.,
Ltd.

3,780

3,550

-230

0.74%

Total

363,276

372,027+8,75177.79%Com m ercial
Bank

Life
Insurance

1,852

Non-life
Insurance

80

80

0

0.02%

13,967

13,404

-563

2.80%

Other
Financial
Institution
Other Dom estic
Corporation

2,412

+560

0.50%

The Master Trust Bank of Japan,
4 Ltd.
(Trust Account)
The Nom ura Trust and Banking
5 Co., Ltd.
(Investm ent Trust Account)6

199,969

199,845-124

41.79%

Foreigner

70,192

69,336-856

14.50%

Securities

21,256

18,672-2,584

3.90%

Total

478,258

478,258-

100.00%(Note) Rounded to the second decimal place

STICHTING PENSIOEN FONDS ZORGEN WELZIJN(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 Sustainability①
Participation in External Evaluation

Environmental Performance Data Results<GRESB Real Estate Assessment 2023>
・ Acquired a “4 Star” rating.
・ Received the top rating of “A” in Public Disclosure for three consecutive
years.
・ Obtained “Green Star” for 12 consecutive years.

<Reduction Target>
Item
EnergyCO2

short-term target

Middle・Long-term target

Average 1%
reduction per year

Reduce by 5% over the 5-year base year

consumption
per unit

46% reduction by FY2030 (compared to FY 2013)－

Achieve carbon neutrality by FY2050

Maintenance ofthe status quo

Water

Maintenance of the status quo<Environmental Performance Data>
Actual reduction
Item

Acquisition of Environmental Certification
・ Number of properties that have acquired environmental certification: 33（all 58
properties owned)
・ Ratio of properties with environmental certifications(based on the total floor area of properties owned): 63.1%
・ Mid- to long-term goal: 70.0% or higher (ratio of environmental certifications in theentire portfolio) by FY2030
2

CASBEE Certification

29
30

Rank S

3

★★★★

1

★★★

1

Rank A

22
23

★★★

1

★★

1
2

Rank B＋

4★

1

BELS Evaluation

FY 2019【base

FY 2020

FY 2021

FY 2022y ear】<Acquisition of Environmental Certification (as of December 31, 2023)>

DBJ Green Building
Certification

Unit

3
4

Initiatives for Acquiring Eco Action 21 Certification

・ Planning to obtain certification under “Eco Action 21,” a third-party certification andregistration system for environmental management systems established by the
Ministry of the Environment, by the end of FY2023.
・ In the future, by complying with the requirements of Eco Action 21, we will ensuretransparency of information through the publication of environmental management
reports and promote further activation of the organization in environmental
management.

EnergyCO2

Water

Rate ofchangeConsumption (MWh)104, 219

91, 237

87, 24583, 902-19. 49%

Consumption
intensity (MWh/m²)

0. 207

0. 181

0. 178

0. 173-16. 43%

Emission (t-CO2)

44, 77138, 25037, 06334, 589-22. 74%

Emission intensity(t-CO2/m²)

0. 0890. 076

0. 076

0. 071-20. 22%

Consumption (m³)

396, 297

290, 167

284, 367

296, 251-25. 25%

Consumption
intensity (m³/m²)

0. 787

0. 575

0. 5800. 610-22. 49%

Consumption (t)4, 3883, 5943, 3733, 478－Amount of recy cled
Waste
waste (t)2, 502

2, 092

1, 862

1, 865－

Recy cling rate (%)

57. 02

58. 2055. 21

53. 63－<Third-Party Review (Verification) of the Environmental Performance
Data>
SOMPO Risk Management, a third-party organization,
conducted third-party evaluation (verification) ofenvironmental performance data (energy consumption,
GHG emissions (Scope 1 and 2), water consumption,
and waste output) of FY 2021 and FY 2022 for the entire
portfolio.

Certificate of implementationof third-party evaluation(SOMPO RISKMANAGEMENT)

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。

33

Efforts on Sustainability②
Examples of Efforts to Reduce Environmental Impact<Examples of Initiatives>

DOI is implementing the following initiatives to reduce its
environmental impact.
・ Installation and upgrading of LED lighting in common areas andprivate areas
 Installation of LED lighting
Number of properties installed with LED lighting: 47
LED installation ratio: 84.0% (as of November 30, 2023)*Based on the number of properties excluding Daiwa Akihabara・ Introduction of high-efficiency heat source equipment andupgrading of air-conditioning equipment
・ Use of reclaimed water, installation and upgrading of watersaving equipment
・ Promoting greening of walls and rooftops/conserving
biodiversity
・ Use of natural energy
・ Installation of satellite offices ZXY BOX
・ Creation and distribution of sustainability guides for tenants・ Introduction of green leasing
Fund Procurement through Green Loans and Green Bonds(as of November 30, 2023)

Procured a total of 21.7 billion yen through green loans andgreen bonds.
In November 2023, Daiwa Shibuya Square was judged to be an
investment and loan that would contribute to Japan’s response to
climate change, and funds were procured utilizing the “FundsSupplying Operations to Support Financing for Climate Change
Responses” by Bank of Japan.
Unredeemed balance ofBalance of green loans
green bonds
17.8 billion yen in total
3.9 billion yen in total

Introduction of LED in linewith renovation of common
areas on each floor(Daiwa Sasazuka Tower)

Promoting greening ofrooftop garden(CONCURRED
Yokohama)

Retrofit of sanitaryequipment(Daiwa Shinagawa
Gotenyama)

Installation of ZXY BOX(Daiwa Ogikubo)

Installation of solarwind streetlights(Daiwa River Gate)

Use of digital signage(Daiwa Ginza)

Distribution ofsustainability guides
for tenants

Visualization of usage
by tenants(Shinjuku Maynds Tower)

Efforts for Enhancing Tenant Satisfaction andEngaging with Local Communities
DOI is implementing the following initiatives for enhancing tenant satisfaction andengaging with local communities.
・ Conducting tenant satisfaction surveys
・ Installation of donation-type vending machines, and support for art activities bypeople with disabilities
・ Contributing to local events such as Shinjuku Minami Lumi

Support for art activities(Daiwa Ginza)

Conducting blood donation
campaign(Shinjuku Maynds Tower)

Participated in Shinjuku
Minami Lumi
(Shinjuku MayndsTower)

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

34

Efforts on Sustainability③
Creating a Rewarding Work Environment<Introduction of Investment Unit Ownership Program>

We introduced DOI investment unit ownership program for the employeesof the Asset Manager.
Name of the investment unit
ownership association
Purpose of establishment
Date of introduction

DOI Investment Unit Ownership Association for Daiwa
Real Estate Asset Management Employees
・ To increase unitholder value over the medium to longterm by matching interests of DOI’s unitholders and theAsset Manager
・ To promote employee welfare
December 2023
(Purchase of investment units to start in July 2024)

Investment Decision-Making System
As an asset management company under the Act on Investment Trusts andInvestment Corporations that is entrusted with asset management by theInvestment 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 ontransactions with interested parties regarding acquisition and sale of assets,etc. and the disclosure policy. The decision-making process is as follows.

<Conducting Survey for Enhanced Engagement>

We conduct surveys to enhance engagement of the organization and employees by“checking for changes with detailed yearly measurement of organization’s status”
and “understanding conditions of employees in real time.”<General Business Owner Action Plans>

Under the “General Business Owner Action Plans based on the Act on
Advancement of Measures to Support Raising Next-Generation Children,” wedrew up actions plans in October 2023 to achieve a 100% childcare leave
usage rate for male employees with 14 days or longer of such leave
period, and to maintain a 70% or higher paid holiday usage rate for all
employees, including those in managerial positions.

<Employee Health Support/Wellness Promotion>

We maintain and promote the health of our employees through periodic healthcheckups and inoculations against influenza at work. In addition, we implement nosmoking on the entire floor during working hours and measures to improve healthawareness, and hold “open office day for families” and “employee get-together” topromote communication within the company.

<Introduction of Next-Generation Learning Platform>

We introduced a next-generation learning platform “ûdemy Business,” which is aself-improvement tool that can be used on a PC, smartphone and such, for all
executives of employees.

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

Same-Boat Investment by the Sponsor Group
Aim to increase unitholder value by matching unitholder interest with thesponsor’s interest
Sponsor group
Daiwa Investment
Management Inc.

Improvement of pleasant
office environment

Open office day
for families

Employee
get-together

Daiwa Securities Group Inc.

Number of units

Holding
ratio

128,905 units

26.95%

67,321 unis

14.08%

Holding ratio
of Daiwa
Securities
Group:
41.0%

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。

35

Daiwa Securities Group’s Efforts to Achieve SDGs
Management Vision “2030 Vision”
Daiwa Securities Group has formulated the management vision “2030 Vision” and set the priority areas toward ”From savings to SDGsRealize the SDGs by creating a sustainable capital cycle-”.
The three-year strategy aimed at achieving that vision is Medium-term Management Plan “Passion for the Best” 2023.
Efforts of Group Company ①「2030Vision」
Materiality

100 years of life

<2030Vision>

Innovation

Green & Social

Diversity &Inclusion

Foundation of
Sustainable
management

Served as co-lead broker for the issuance of privately
placed yen-denominated foreign bonds* (Samurai
bonds) whose proceeds will be used to support Ukraineby the Polish Development Bank (Daiwa Securities Co.,Ltd.)
*Guaranteed by the Government of the Republic of Poland and Japan Bank forInternational Cooperation.
(May 2023) Daiwa Securities Co., Ltd., a subsidiary of Daiwa Securities Group Co.,
Ltd., acted as co-lead broker for the issuance of Samurai bonds by the Polish
Development Bank (Bank Gospodarstwa Krajowego, hereinafter "BGK").
BGK is a government financial institution wholly owned by the Polish government.
In response to Russia's invasion of Ukraine from February 2022 onwards, BGK
established the "Aid Fund" in Poland, the largest refugee receiving country inCentral and Eastern Europe, based on a special law to deal with the humanitariancrisis in Ukraine. . BGK funds social security for Ukrainian refugees, as well as
humanitarian aid, including medical, educational, and housing facilities.
The bonds are being issued to finance the Aid Funds, which will help support
Ukraine in the aftermath of Russian aggression.

Efforts of Group Company ②
Regarding investment and underwriting of “Blue Bond”
issued by Central American Bank for Economic
Integration (Daiwa Securities Capital Markets America
Inc.)(July 2023) Daiwa Securities Capital Markets America Inc., a subsidiary of Daiwa
Securities Group Inc., served as the sole lead underwriter for the Blue Bond issued
by the Central American Bank for Economic Integration (hereinafter referred to as“CABEI”).
CABEI is an international development bank established by five Central Americancountries (Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua), and has
been providing financing for the sustainable development and regional integrationof countries in the Central American region since 1960.
In December 2022, CABEI is formulating a new blue bond taxonomy based on the"Blue Bond Reference Paper Investments" and "Sustainable Ocean Principles"issued by the United Nations Global Compact, and the funds raised from this bondwill be subject to this taxonomy. It will be used for projects aimed at water
resource protection, sustainable water management, renewable energy, blue
economy, and marine ecosystem protection in the Central American region.

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。

MEMOThis 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 22, 2024)

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.

Stable Dividend

Dividend
per Unit

Fiscal period ended
May 2023(35th FP)
ActualFiscal period ended
Nov. 2023(36th FP)
ActualFiscal period ending
May 2024(37th FP)
Forecast

Fiscal period ending
Nov. 2024(38th FP)
Forecast

13,700 yen

13,700 yen

13,700 yen

13,700 yen(6,850yen)(Note) A 2-for-1 split of investment units is scheduled to take place on June 1, 2024, but for ease of comparison, the figures per unit for the 38th FP are converted to pre-split figures based on the number of investment
units issued and outstanding at the end of the 37th FP. (However, the figures in parentheses are based on the number of investment units issued and outstanding after the split.)
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

39

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

Portfolio Breakdown by Region (%)
Osaka City
2.0％

Yokohama City
8.7％

Shibuya Ward
33.8％

Shibuya Ward/
Shinjuku Ward

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

90.0
80.0
38th FP

37th FP

36th FP

35th FP

34th FP

33rd FP

31st FP

32nd FP

30th FP

29th FP

28th FP

27th FP

26th FP

25th FP

24th FP

23rd FP

0.0

100.0

70.0

(As of November 30, 2023)

E SPACE TOWERE SPACE TOWER Occupancy Rate（％）

100.0 100.0 100.0 100.0
96.4
97.0 92.8
96.8
160.0
92.8 93.3
89.1
100.0 100.0 100.0
100.0
100.0 100.0100.0 100.0 100.0
96.3
89.6
80.0
140.0

100.0
Toranomon Area
850,000 m²

60.0
40.0

38th FP

80.0

37th FP

36th FP

35th FP

34th FP

33rd FP

32nd FP

31st FP

30th FP

29th FP

28th FP

27th FP

26th FP

25th FP

24th FP

23rd FP

0.0

22nd FP

24,000 million yen

20.0

21st FP

Acquisition
price

20th FP

3 Maruyama-cho,Shibuya-ku

19th 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)
18th FP

Nihonbashi,Yaesu
and Kyobashi Area
560,000 m²

120.0

17th FP

Tamachi and
Hamamatsucho Area
700,000 m²

Source: Mori Building

120.0

Rent revenue index (forecast) (right axis)
21st FP

66,900 million yen

4,650,000 m²

Shinagawa Area
530,000 m²

95.4
130.0
100.0

Rent revenue index (right axis)

22nd FP

Acquisition
price

Total from 2023 to 2027

Akasaka andRoppongi Area
290,000 m²
Shibuya Area
370,000 m²

97.6

93.4

Occupancy rate (forecast) (left axis)

20th FP

20.0

2023―2027

Other
1,340,000 m²

95.1

92.5

Occupancy rate at end of period (left axis)

Large-Scale Office Building Supply inthe 23 Wards of Tokyo

Marunouchi,
Otemachi and
Yurakuchi Area
10,000 m²

100.0 98.0

95.1

110.0

19th FP

Shinjuku Ward
7.1％

Location

2-chome, Yoyogi,
Shibuya-ku(Note 1) Based on acquisition price(Note 2) Percentage is rounded to the first decimal place

96.6

100.0 99.6

99.3
99.9

40.0

Five Central Wardsof Tokyo
80.5％

Chuo Ward
23.3%

99.8

96.6

60.0

40.9％

Minato Ward
10.0%

99.2

96.1

94.0

80.0

98.8

98.8

100.0 94.7

18th FP

Chiyoda Ward
6.4％

（％）

Regional Cities
2.0％
Greater Tokyo
17.3％

17th FP

Other 18 Wardsof Tokyo
8.8％

Shinjuku Maynds Tower Occupancy Rate

60.0

(Note) Rent revenue is indexed as the end of the 17th FP = 100.
Ownership interest of Shinjuku Maynds Tower is adjusted from the 25th FP.

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

40

Daiwa Nihonbashi Bakurocho Building Property DetailsThis is the first development project for the Investment Corporation. Completed development project in November 2022, andacquired building portion.
Occupancy rate as of end of November 2023, was 100.0%. NOI Yield Expected in a Normal Operation Period after Completion is
4.2%
Expected Occupancy Rate at theEnd of Nov. 2023
100.0%
10F
9F

Air conditioning
equipment (ducts) for
tenants

8F
7F
6F
5F





The property is located above Bakurocho Station, it is a submarket of the
Nihombashi-Yaesu-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 spacewith no pillars.
Expected NOI Yield in a Normal Operation Period after Completion：4.2%

Office118.20 tsubos(every floor)

4F＜Entrance＞

3F
2F

Building Property Details
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 m2/4,604.87 m2

Structure/Floor

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

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

1F

Shop A
21.21
tsubos

Shop B
27.49
tsubos＜Private Area＞「 3-star rating of BELS certification 」
As a development project, the Property has been
evaluated from the design stage in order toreduce the environmental impact of the portfolioin accordance with the Investment Corporation's
ESG policy and received a 3-star rating of
Building-Housing Energy-efficiency Labeling
System (BELS) certification in 2022.

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

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

Summary of Results for the Fiscal Period Ended November 2023 (36th FP) (1)― Balance Sheet ―Comparison with Results of the 35th Fiscal Period

Cash and Deposits
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
Inv estments and Other Assets
Leasehold and Security Deposits Paid in
TrustLong-term Prepaid Expenses
Other Inv estments and Other Assets

35th Fiscal Period

36th Fiscal Period

Million Yen(%)

Million Yen(%)

Million Yen(%)

Million Yen(%)

31,303

6.5

30,241

6.3

32,6186.8

36,635

7.6

27,02825,875

3,770

3,829

505

535

Inv estment Corporation Bond Issuance
Costs
Total Assets

Current Liabilities
Operating Accounts Pay ables

1,261

1,286

Short-term Loans

2,000

500

25,60027,200Current Portion of Long-term Loans Pay able

451,132

93.5

451,930

93.7

Current Portion of Inv estment Corporation
Bonds

446,53692.6

447,212

92.7

Accounts Pay ables-Other

78,411

77,618367,212367,212

912

2,381

2,713

0.6

2,721

2,705

2,705

8

16

1,882

0.4

1,996

Adv ances Receiv ed
Other Current Liabilities

Inv estment Corporation Bonds

574

2,273

2,307

898

966
41.9

198,042

9,000

5,200

171,200

171,100

Tenant Leasehold and Security Deposits

19,65819,534

Tenant Leasehold and Security Deposits in
Trust

1,987

2,025

Long-term Loans Pay able

0.4

3,800

202,003

Fixed Liabilities

0.6

584

113

113

1,308

1,326

Total Liabilities

234,622460

556

Unitholders’ equity (net amount)

238,093

238,093

Unitholders' capital

251,551

251,551

Deduction f rom unitholders’ capital-13,457-13,457

9,518

9,158

236

270

34

Def erred Assets

Liab

36th Fiscal Period

0.034482,471

29

Other Fixed Liabilities

0.0

29
100.0

482,200

100.0

Net Assets

Current Assets

35th Fiscal Period

Total surplus
Valuation, Translation Adjustments and Others
Total Net Assets
Total Liabilities and Net Assets

157

41.1

183
48.6

234,67748.7

247,84951.4

247,52351.3

482,471100.0

482,200

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

43

Summary of Results for the Fiscal Period Ended November 2023 (36th FP) (2)― Income Statement ―Comparison with Results of the 35th Fiscal Period

Comparison with the 36th Fiscal Period Forecasts(Million Yen)

Effective Number of Days of Investment
Operating Rev enues (A)Gain on sale of real estate properties
Operating Expenses (B)35th
Fiscal Period

36thFiscal Period

182 days

183 days

ChangeEffective Number of Days of Investment

15,05013,646-1,404

1,519--1,519

7,384

6,898

-486

Expenses related to Rental Business(excluding depreciation)

4,190

3,771

-419

Depreciation

1,797

1,787

-9

Gain and Loss f rom Rental Operations(Million Yen)

Operating Rev enues (A)Gain on sale of real estate properties

36th Fiscal Period
Forecast(Announced
Jul. 2023)

36th
Fiscal Period

183 days

183 days

Change13,853

13,646

-207

-

-

+0

7,133

6,898

-234

Expenses related to Rental Business(excluding depreciation)

3,981

3,771

-209

Depreciation

1,795

1,787

-7

(ex cluding gain on sales of real estate properties)

8,077

8,087

+9

Operating Expenses (B)Gain and Loss f rom Rental Operations(ex cluding gain on sales of real estate properties)

7,543

8,087

+543

Operating Income (A-B)

7,665

6,747

-917

Operating Income (A-B)

6,720

6,747

+27

Non-operating Expenses

580

597

+17

Non-operating Expenses

612

597

-14

453

440

-13

6,108

6,151

+42

Interest Expense(including cap amortization)

Interest Expense(including cap amortization)

427

440

+12

7,100

6,151

-949

Extraordinary Income

-

-

-

Extraordinary Income

-

-

-

Extraordinary Expenses

-

-

-

Extraordinary Expenses

-

-

-

Total Income Taxes(Includes income taxes def erred)

1

-40

-41

6,107

6,192

+84

478,258 units

478,258 units-

Ordinary Income

Total Income Taxes(Includes income taxes def erred)

Ordinary Income

0

-40

-41

7,099

6,192

-907

478,258 units

478,258 units-

Earnings per Unit (Note 1)

14,845 yen

12,947 yen-1,898 yen

Earnings per Unit (Note 1)

12,770 yen

12,947 yen+177 yen(Note2)

13,700 yen

13,700 yen-(Note3)

13,700 yen

13,700 yen-(- yen)(839 yen)(+ 839 yen)(930 yen)(839 yen)(- 91 yen)

Net Income
Inv estment Units Issued and Outstanding

Div idend per Unit

(Reversal of reserve)(Note 2)Net Income
Inv estment Units Issued and Outstanding

Div idend per Unit

(Reversal of reserve)(Note 3)(Note 1) Earnings per Unit is calculated by dividing net income by the average number of investment units during the period..
(Note 2) Dividend per Unit for the 35th FP is calculated by dividing the entire amount remaining after deducting provision for reserve for reduction entry (547 million yen) from unappropriated retained earnings by the total number of investment units issued andoutstanding. Dividend per Unit for the 36th FP is calculated by dividing 6,552 million yen, the total dividend amount considering reversal of part of internal reserves of 401 million yen (the sum of reserve for reduction entry of 359 million yen and deferred
tax liabilities of 41 million yen), by the total number of investment units issued and outstanding.
(Note 3) Dividend per Unit for the 36th FP (announced in Jul. 2023) is calculatedon theassumptionthat material
the amountafter adding
reversal of reserve
for reduction(444 millionandyen)Exchange
to unappropriatedearnings ofwillsimilar
be distributed.
This
document
is notdisclosedin compliancewith theFinancialentry
Instruments
Act or retained
any regulation
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Forecasts for the Fiscal Periods Ending May 2024 and November 2024
(37th and 38th FP)
Forecasts for the 37th and 38th Fiscal Periods(Million Yen)

36th Period

Effective Number of Days of Investment
Operating Rev enues (A)Gain on sales of real estate properties (Note)(November 30, 2023)

37th Period
Forecast(May 31, 2024)

38th Period
Forecast(November 30, 2024)

183 days

183 days

183 days

13,646

13,614

13,876

-

-

-

6,898

6,796

7,212

Expenses related to Rental Business(excluding depreciation)

3,771

3,621

3,913

Depreciation

1,787

1,824

1,924

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

8,087

8,168

8,038

Operating Income (A-B)

6,747

6,818

6,664

Non-operating Expenses

597

647

732

440

483

555

6,151

6,170

5,931

Extraordinary Income

-

-

-

Extraordinary Expenses

-

-

-

-40

1

1

6,192

6,169

5,930

Operating Expenses (B)Interest Expense(including cap amortization)
Ordinary Income

Total Income Taxes(Includes income taxes def erred)
Net Income

478,258 units

478,258 units

956,516 units(Note 1,2)

12,947 yen

12,900 yen

6,200 yen

Div idend per Unit (Note 2,3)

13,700 yen

13,700 yen

6,850 yen(839 yen)(800 yen)(650 yen)

Inv estment Units Issued and Outstanding
Earnings per Unit

(Reversal of reserve) (Note 2,3)

(Note 1) Earnings per Unit is calculated using the following average number of investment units during the period.
(Note 2) As a 2-for-1 split of investment units is scheduled to take place on June 1, 2024, the per unit figures for the 38th FP take into account the split.
(Note 3) Dividend per Unit for the 36th FP is calculated by dividing 6,552 million yen, the total dividend amount considering reversal of part of internal reserves of 401 million yen (the sum of reserve for
reduction entry of 359 million yen and deferred tax liabilities of 41 million yen), by the total number of investment units issued and outstanding.
Dividend per Unit for the 37th FP is calculated on the assumption that the amount after adding reversal of reserve for reduction entry (382 million yen) to unappropriated retained earnings will be
distributed. Moreover, reversal of reserve for reduction entry may change depending on the operational status.
Dividend per Unit for the 38th FP is calculated on the assumption that the amount after adding reversal of reserve for reduction entry (621 million yen) to unappropriated retained earnings will beThis document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
distributed. Moreover, reversal of reserve for reduction
entrychange dependingon the operational
status.Investment Corporation advises readers to make investment decisions at their own judgment.
intendedfor may
the purposesof solicitation.
Daiwa Office45

Status of Interest-Bearing Liabilities (1) (as of November 30, 2023)
Borrowings
Lender
MUFG Bank, Ltd.

Current maturities of long-term Loans payable

Total Short-term Loans payable

Sumitomo Mitsui Banking Corporation (*)
Sumitomo Mitsui Trust Bank, Limited (*)
MUFG Bank, Ltd. (*)
SBI Shinsei Bank, Limited (*)
Nishi-Nippon City Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd. (*)
Sumitomo Mitsui Banking Corporation (*)
Sumitomo Mitsui Banking Corporation (*)
MUFG Bank, Ltd. (*)
MUFG Bank, Ltd. (*)
Sumitomo Mitsui Trust Bank, Limited (*)
SBI Shinsei Bank, Limited (*)
Development Bank of Japan Inc.
Sumitomo Mitsui Trust Bank, Limited (*)

Sumitomo Mitsui Trust Bank, Limited
Total Current Portion of Long-term Loans payable
Sumitomo Mitsui Banking Corporation (*)
Mizuho Bank, Ltd. (*)
Fukoku Mutual Life Insurance Company
The Yamaguchi Bank, Ltd.
Sumitomo Mitsui Banking Corporation (*)
Mizuho Trust and Banking Co., Ltd. (*)

Long-term Loans payable

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

Balance(million yen)

500
500
3,000
1,000
1,000
1,000
1,000
3,500
1,900
500
1,000
2,500
1,500
2,000
2,000
3,000
1,300
1,000
27,200
1,500
1,000
200
1,500
2,000
1,500
3,000
2,000
2,550
1,500
1,000
2,000
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

Interest
Type

Interest Rate (%)

Borrowing Date

Due date

Term

Float

T+0.250%

23/11/30

24/11/29

The Bank of Fukuoka, Ltd.

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

0.441%
0.403%
0.403%
0.378%
0.378%
0.437%
0.146%
0.440%
0.440%
0.415%
0.415%
0.421%
0.421%
0.477%
0.208%
T+0.200%

15/5/1
15/9/1115/9/11
16/3/29
16/3/29
17/5/22
21/3/31
15/8/31
15/9/11
16/3/29
16/3/29
16/5/26
16/5/31
17/5/22
19/11/29
22/1/31

24/5/31
24/2/29
24/2/29
24/2/29
24/2/29
24/5/31
24/3/29
24/8/30
24/8/30
24/8/30
24/8/30
24/11/29
24/11/29
24/11/29
24/11/29
24/9/30

The Norinchukin Bank

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

0.460%
0.460%
0.579%
0.450%
0.410%
0.410%
0.452%
0.452%
0.457%
0.513%
0.513%
0.498%
0.489%
0.482%
0.436%
0.335%
0.457%
0.376%
T+0.350%
0.679%
0.472%
T+0.350%
T+0.350%
T+0.350%
T+0.350%
T+0.225%

16/5/26
16/5/26
16/5/31
16/8/31
17/5/31
17/5/31
17/5/31
17/5/31
17/8/31
17/8/31
17/8/31
17/11/30
17/11/30
17/11/30
18/2/28
18/5/31
18/5/31
18/8/31
18/8/31
18/8/31
18/10/30
18/10/30
18/10/30
18/10/30
18/10/30
19/3/29

25/5/30
25/5/30
26/5/29
26/8/31
25/5/30
25/5/30
25/11/28
25/11/28
25/5/30
26/8/31
26/8/31
25/5/30
25/11/28
26/5/29
26/2/27
25/5/30
26/5/29
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

LenderBalance(million yen)

MUFG Bank, Ltd.
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 (*)
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 (*)

Long-term Loans payable

Term

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

3,000
2,000
2,000
1,000
500
1,000
1,500
1,000
2,000
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
2,000
2,000
2,000
1,500
2,400
2,000
1,000
1,000
1,500
1,000
2,000
1,000
1,000
950
500
1,000
1,000

Interest
Type

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

Interest Rate (%) Borrowing Date

Due date

T+0.350%
T+0.350%0.304%
0.304%
T+0.300%
0.540%
T+0.250%0.320%
0.472%
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%
0.279%
0.356%
0.436%
0.436%
0.481%
0.481%
0.552%
0.483%
T+0.350%0.470%
T+0.375%
T+0.375%
T+0.250%
T+0.250%
T+0.250%
1.091%
1.171%

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

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
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
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
22/2/28
22/2/28(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.

46

Status of Interest-Bearing Liabilities (2) (as of November 30, 2023)
Borrowings
Term

LenderInterest
Type

Interest Rate (%)

Borrowing Date

Due date

Issuance

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

0.431%
0.547%
1.119%
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%
0.615%
1.014%
T+0.300%
T+0.300%
0.754%
T+0.313%
T+0.350%
T+0.375%
T+0.375%
0.889%
T+0.300%

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
23/2/28
23/2/28

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
29/2/28
30/2/28

No. 4 Unsecured Inv estment Corporation Bond

Sumitomo Mitsui Banking Corporation

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
1,500
1,500

Mizuho Bank, Ltd.

1,000

Float

T+0.300%

23/2/28

30/2/28

Resona Bank, Limited

2,500

Float

T+0.350%

23/2/28

31/2/28

SBI Shinsei Bank, Limited

1,500

Float

T+0.350%

23/5/31

31/5/30

The Bank of Fukuoka, Ltd.

1,500

Float

T+0.350%

23/5/31

31/5/30

Sumitomo Mitsui Banking Corporation

2,500

Float

T+0.375%

23/5/31

31/11/28

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

Long-term Loans payable

Balance(million yen)

Investment Corporation Bonds

Taiyo Life Insurance Company
Mizuho Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.

SBI Shinsei Bank, Limited

1,000

Float

T+0.375%

23/5/31

31/11/28

Tokio Marine & Nichido Fire Insurance Co., Ltd.

1,000

Fixed

0.906%

23/7/31

28/5/31

Resona Bank, Limited (*)

1,000

Fixed

0.934%

23/8/31

28/8/31

Mizuho Trust and Banking Co., Ltd.

1,000

Float

T+0.350%

23/8/31

31/8/29

Sumitomo Mitsui Banking Corporation

2,000

Float

T+0.350%

23/9/29

31/8/29

Resona Bank, Limited (**)

1,500

Float

Base Int erest Rat e+0.175％

23/11/30

28/5/31Development Bank of Japan Inc.

1,700

Fixed

0.957%

23/11/30

28/11/30

Mizuho Bank, Ltd.

1,000

Float

T+0.200%

23/11/30

28/11/30

Sumitomo Mitsui Trust Bank, Limited

1,500

Float

T+0.350%

23/11/30

31/11/28

Mizuho Bank, Ltd.

2,000

Float

T+0.375%

23/11/30

32/5/31

SBI Shinsei Bank, Limited

1,500

Float

T+0.375%

23/11/30

32/5/31

500

Float

T+0.375%

23/11/30

32/5/31

Mizuho Bank, Ltd.
Total long-term Loans payable

171,100

Total Loans payable

198,800

No. 5 Unsecured Inv estment Corporation BondNo. 6 Unsecured Inv estment Corporation BondNo. 7 Unsecured Inv estment Corporation BondNo. 8 Unsecured Inv estment Corporation Bond
Total inv estment corporation bonds

Balance(million yen)

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

Interest
Type

Fixed
Fixed
Fixed
Fixed
Fixed

Interest Rate (%)

Issuance dateDue date

1.000%
0.220%
0.660%
0.310%
0.600%

14/9/12
19/9/12
19/9/12
20/9/11
20/9/11

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

2,500

From March 31, 2023 to January 31, 2024

3,000

From July 31, 2023 to July 31, 2024

(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.
(**) The base interest rate calculated based on Climate Change Operations during the applicable period is 0.00000%.
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.

47

Analysis of Tenants
Major Tenants (Top 10)

Breakdown of Industries (Note 1) of Tenants (Note 2) (%)

Property Name

Leased Area(m2)

Not disclosed (Note 1)

Daiwa Sasazuka Tower

7,135.30

Not disclosed (Note 1)

Daiwa Kitahama

Tenant Name

6,189.96

Tokio Marine & Nichido Life
Insurance Co., Ltd.

Daiwa Ogikubo Tower

Palsystem Consumers' Co-operativeUnion
Not disclosed (Note 1)
Kirin Brewery Company, Ltd.

% of Total
Leased Area
(Note 2)2.0%

Precision machine
2.9%

1.7%

Foods
2.9%

6,058.41

1.7%

LAQUAS Higashi Shinjuku

5,985.08

1.7%

Daiwa Kayabacho Building

5,899.11

1.6%

Kirin Nihonbashi Building

5,630.17

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%

WeWork Japan G.K.

Daiwa Harumi

3,845.14

1.1%

54,255.06

15.5%

Total

Services
22.8%

Other
16.1%

Information &Communication
22.1%

Insurance
3.2%
Electric Device
4.5%

Information
Services

11.3%

Visual/Voice
Information Production

Wholesale
5.3%
Construction
5.3%
Retail Trade
7.3%

4.2%

Internet-related
Services

4.2%

Communications
Broadcast

Real Estate
7.7%

2.1%

0.2%

(As of November 30, 2023)(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.

48

Appraisal Value Compared With the Previous Fiscal Period (1)(Million Yen)
Property Name
Daiw a Ginza

Appraisal Value

Compared to End of 35th Period

Book Value

Compared to Book Value at End of 36th Period

Cap Rate
Acquisition Price

End of 35th Period

End of 36th Period

Difference

ChangeEnd of 36th Period

Difference

ChangeEnd of 35th Period

End of 36th Period

15,400
3,340

-800

-4.9%

12,664+2,735

21.6%

14,100

3.4%

3.6%

Daiw a Ginza Annex

16,200
3,410

-70

-2.1%

2,754

+585

Daiw a Shibaura

8,640

8,640

-

Daiw a Sarugakucho

4,350

4,350

-

-

7,931
3,026

+708
+1,323

21.2%
8.9%
43.7%

3,050
8,265
3,190

3.5%
3.8%
4.1%

3.6%
3.7%
4.1%

Daiw a A Ham am atsucho

3,980

3,980

-

-

2,645

+1,334

Daiw a Jingum ae

3,260

3,250

-10

Daiw a Shibadaim on

4,140

4,220

+80

-0.3%
+1.9%

2,628
2,309

+621
+1,910

50.4%
23.7%
82.7%

2,865
2,800
2,578

3.6%
3.5%
3.4%

3.5%
3.5%
3.3%

Daiw a Misakicho

3,170
2,420

3,190
2,430

+20
+10

+0.6%
+0.4%

2,058
1,222

+1,131+1,207

55.0%
98.8%

2,346
1,560

3.7%
3.9%

3.6%
3.9%

1,820
11,0001,780
10,200

-40
-800

-2.2%
-7.3%

1,143
6,351

+636

Daiw a Tsukishim a

55.7%
60.6%

1,240
7,840

3.7%
3.9%

3.7%
3.8%

Daiw a Nihonbashi Horidom echo

3,120

3,120

-

-

2,312

+3,848
+807

34.9%

2,520

3.8%

3.8%

Daiw a Azabudai

2,010

2,000

-10

-0.5%

1,466

+533

36.4%

1,600

3.7%

3.7%

Shinjuku Maynds Tow er

64,70064,700Daiw a Kodem m acho

2,460

2,460

-

-

62,6652,340+2,034
+119

3.2%
5.1%

66,900
2,460

3.0%
3.9%

3.0%
3.9%

Daiw a Nishishim bashi

7,380

7,550

+170

+2.3%

4,487

+3,062

68.2%

5,000

3.4%

Daiw a Kayabacho Building

8,530

8,750

+220

+2.6%

4,996

+3,753

75.1%

5,600

3.2%

3.3%
3.1%
3.1%

Daiw a Tsukijiekim ae
Daiw a Tsukiji

Daiw a Jinbocho 3-chom e

5,440

5,550

+110

+2.0%

3,159

+2,390

75.7%

3,550

3.2%

E SPACE TOWER

38,70038,700-23,270+15,42966.3%

24,0002.8%

2.8%

Daiw a Nihonbashi Hongokucho

2,810

2,880

+70

+2.5%

1,449

+1,430

98.7%

1,721

3.8%

3.7%

shinyon curum u

17,20017,500

+300

+1.7%

9,342

+8,157

87.3%

9,650

3.1%

Daiw a Akasaka

15,90016,400

+500

+3.1%

9,886

+6,513

65.9%

9,200

3.1%

3.0%
3.0%

Daiw a Shibuya Miyam asuzaka

13,50013,100

-400

-3.0%

7,150

+5,949

83.2%

7,000

3.1%

3.1%

Daiw a Azabu Terrace

18,90018,900--13,650+5,24938.5%

14,0003.3%

3.3%

Daiw a Ebisu 4-chom e

6,620

6,780

+160

+2.4%

4,122

+2,657

64.5%

4,135

3.5%

3.4%

LAQUAS Higashi Shinjuku

11,60011,900

+300

+2.6%

8,183

+3,716

45.4%

8,450

3.2%

3.1%

Daiw a Aoyam a

12,60012,800

+200

+1.6%

9,900

+2,899

29.3%

9,800

3.1%

3.0%

Daiw a Shibuya Shinsen

6,550

6,680

+130

+2.0%

4,911

+1,768

36.0%

4,800

3.2%

3.1%

Daiw a Shibuya Square

23,10023,500

+400

+1.7%

15,925+7,574

Daiw a River Gate

35,90035,900--27,407+8,492

47.6%
31.0%

16,00028,000

3.1%
3.4%

3.1%
3.4%

Daiw a Hatchobori ekim ae

3,420

3,500

+80

+2.3%

2,872

+627

21.8%

2,871

3.3%

3.2%

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

49

Appraisal Value Compared With the Previous Fiscal Period (2)(Million Yen)
Property Name
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 Building
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 Development Site
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

Compared to End of 35th Period

Book Value

Compared to Book Value at End of 36th Period

Cap Rate
Acquisition Price

End of 35th Period

End of 36th Period

Difference

ChangeEnd of 36th Period

Difference

ChangeEnd of 35th Period

End of 36th Period

2,030
18,1008,470

2,080
17,1008,470+50-1,000
-

+2.5%
-5.5%
-

1,694
13,861
8,236+385+3,238
+233

22.8%
23.4%
2.8%

1,647
13,710
8,180

3.4%
3.2%
3.5%

3.3%
3.1%
3.5%

7,360
3,800
1,320
1,900
5,900
2,960
16,2003,680
13,100

7,540
3,780
1,330
1,900
5,960
2,960
15,0003,750
12,800

+180
-20
+10
+60
-1,200
+70
-300

+2.4%
-0.5%
+0.8%
+1.0%
-7.4%
+1.9%
-2.3%

6,162
2,339
979
1,592
4,326
2,399
15,9003,208
11,105+1,377+1,440+350+307+1,633
+560
-900
+541
+1,694

22.4%
61.6%
35.7%
19.3%
37.8%
23.4%
-5.7%
16.9%
15.3%

6,370
2,280
942
1,592
4,200
2,295
15,5003,000
11,200

3.7%
3.0%
3.7%
3.6%
3.2%
3.4%
3.8%
3.9%
3.5%

3.6%
3.0%
3.6%
3.6%
3.2%
3.4%
3.7%
3.8%
3.5%

4,310
3,940
6,940
2,110
12,000
4,330
6,340
2,920
23,400
7,380
4,970

4,310
3,940
7,040
2,150
12,600
4,370
6,320
2,920
23,900
7,410
5,070

+100
+40
+600
+40
-20
+500
+30
+100

+1.4%
+1.9%
+5.0%
+0.9%
-0.3%
+2.1%
+0.4%
+2.0%

1,555
3,573
5,724
2,040
10,884
2,459
6,830
1,723
15,7685,298
3,944+2,754+366+1,315+109+1,715+1,910-510+1,196+8,131+2,111+1,125177.1%
10.3%
23.0%
5.4%
15.8%
77.7%
-7.5%
69.4%
51.6%
39.8%
28.5%

2,635
3,521
5,733
1,970
10,600
2,958
7,710
2,000
15,220
5,600
3,800

3.5%
3.3%
3.4%
3.3%
4.0%
4.0%
4.4%
3.6%
3.4%
3.8%

3.5%
3.3%
3.4%
3.2%
3.9%
4.0%
4.3%
3.5%
3.3%
3.7%

41,7002,890
2,680
13,600587,160

41,9002,880
2,300
14,300587,530

+200
-10
-380
+700
+370

+0.5%
-0.3%
-14.2%+5.1%
0.1%

37,311
2,610
2,937
8,830
447,535+4,588+269-637+5,469+139,994

12.3%
10.3%
-21.7%
61.9%
31.3%

38,100
2,500
2,750
9,481
462,586

4.1%
3.9%
3.9%
3.6%
-

4.0%
3.8%
3.8%
3.5%
-

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

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

Appraisal
Summary of Appraisal Report (End of 36th Period)
Value atDirect Capitalization Metho
DCF Method
Integrated
End of 36th
Value
Discount Rate Terminal Cap Rate
Cap Rate
Value
Value
PeriodDaiwa Ginza

15,40015,3003.6%

15,400

3.1%

3.8%

Daiwa Ginza Annex

3,340

3,360

3.6%

3,310

3.1%

3.8%

4,270

Daiwa Shibaura

8,640

8,770

3.7%

8,590

3.5%

3.9%

7,670

Daiwa Sarugakucho

4,350

4,420

4.1%

4,280

3.9%

4.3%

1,950

Daiwa A Hamamatsucho

3,980

4,080

3.5%

3,940

3.3%

3.7%

2,490

Daiwa Jingumae

3,250

3,300

3.5%

3,200

3.3%

3.7%

3,120

Daiwa Shibadaimon

4,220

4,280

3.3%

4,190

3.1%

3.5%

2,340

Daiwa Misakicho

3,190

3,250

3.6%

3,170

3.4%

3.8%

1,960

Daiwa Tsukijiekimae

2,430

2,460

3.9%

2,420

3.9%

4.1%

2,260

16,300 Increase in cap rate due to aging of the property

Daiwa Tsukiji

1,780

1,810

3.7%

1,770

3.7%

3.9%

1,730

Daiwa Tsukishima

10,20010,4003.8%

10,100

3.5%

4.0%

6,050

Daiwa Nihonbashi Horidomecho

3,120

3,180

3.8%

3,060

3.6%

4.0%

1,740

Daiwa Azabudai

2,000

2,030

3.7%

1,960

3.5%

3.9%

1,410

64,700157,000

3.0%

148,000

2.8%

3.2%

53,600Daiwa Kodemmacho

2,460

2,500

3.9%

2,410

3.7%

4.1%

1,330

Daiwa Nishishimbashi

7,550

7,720

3.3%

7,480

3.1%

3.5%

5,310

Daiwa Kayabacho Building

8,750

8,930

3.1%

8,670

2.9%

3.3%

6,830

5,550

5,690

3.1%

5,490

2.9%

3.3%

4,250

38,70039,1002.8%

38,2002.6%

2.9%

34,400Shinjuku Maynds Tow er (Note)

Daiwa Jinbocho 3chome
E SPACE TOWER

Major Factors of Change

Decrease in revenue from the property due to increasing vacancy rate reflecting
departures of tenants and reviews of unit rents

2,880

2,920

3.7%

2,860

3.5%

3.9%

1,750

shinyon curumu

17,50017,8003.0%

17,3002.8%

3.2%

16,500Daiwa Akasaka

16,40016,8003.0%

16,2002.8%

3.2%

Daiw a Shibuya Miyamasuzaka

13,10013,200

3.1%

13,0002.9%

3.2%

Daiwa Azabu Terrace

18,90019,1003.3%

18,600

3.1%

3.4%

Daiwa Ebisu 4-chome

6,780

6,810

3.4%

6,770

3.5%

3.6%

5,200

LAQUAS Higashi Shinjuku

11,90012,3003.1%

11,7002.9%

3.3%

11,200Daiwa Aoyama

12,80013,2003.0%

12,6002.8%

3.2%

12,400Daiwa Shibuya Shinsen

6,680

6,910

3.1%

6,580

2.9%

3.3%

5,040

Daiwa Shibuya Square

23,50023,6003.1%

23,3002.9%

3.2%

19,900 Increase in revenue from the property as a result of a rent review

Daiwa River Gate

35,90036,1003.4%

35,600

3.2%

3.5%

34,000

3,500

3,580

3.2%

3,460

3.0%

3.4%

3,820

Daiw a Nihonbashi Hongokucho

Daiwa Hatchobori ekimae

Increase in revenue from the property due to a decrease in repair expenses and capital
expenditures as a result of the reacquisition of ER
Decrease in revenue from the property due to an increase in expenditures for repairs and13,800maintenance as a result of the reacquisition of ER

15,20017,100(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.

51

Appraisal Value at End of Fiscal Period (2)(Million Yen)
Property Name

Appraisal
Summary of Appraisal Report (End of 36th Period)
Value atDirect Capitalization Metho
DCF Method
Integrated
End of 36th
Value
Discount Rate Terminal Cap Rate
PeriodValue
Cap Rate
Value

Major Factors of Change

2,080

2,140

3.3%

2,050

3.1%

3.5%

1,930

Daiwa Nishi-Shinjuku

17,10017,6003.1%

16,9002.9%

3.3%

17,300Kirin Nihonbashi
Building

8,470

8,540

3.5%

8,390

3.3%

3.6%

7,440

Daiwa Higashi-Nihonbashi

7,540

7,710

3.6%

7,460

3.4%

3.8%

5,760

Daiwa Daikanyama

3,780

3,840

3.0%

3,750

3.0%

3.2%

3,530

Daiwa Shinjuku West

1,330

1,350

3.6%

1,320

3.4%

3.8%

1,020

Daiwa Kanda Mikuracho

1,900

1,950

3.6%

1,880

3.6%

3.8%

2,160

Daiwa Kanda East

5,960

6,020

3.2%

5,900

3.0%

3.3%

5,560

Daiwa Kandasudacho

2,960

2,970

3.4%

2,960

3.4%

3.6%

2,600

Daiwa Sasazuka Tower

15,00015,4003.7%

14,8003.5%

3.9%

15,700 departures of tenants and reviews of unit rents, as well as an increase in expenditures for

Daiwa Sasazuka

3,750

3,850

3.8%

3,700

3.6%

4.0%

2,820

Daiwa Harumi

12,80012,9003.5%

12,6003.5%

3.7%

9,170 Decrease in revenue from the property due to a review of unit rent

Daiwa Mita 2-Chome

4,310

4,350

3.5%

4,260

3.3%

3.6%

3,470

Nihonbashi Central Square

3,940

4,100

3.3%

3,870

3.1%

3.5%

1,900

Daiw a Nihonbashi Bakurocho

7,040

7,190

3.4%

6,880

3.2%

3.6%

6,330

Daiwa Kandabashi

2,150

2,230

3.2%

2,120

3.0%

3.4%

1,780

12,600

-

-

-

-

-

-

4,370

4,430

3.9%

4,350

3.7%

4.1%

2,490

Daiwa Shinagawa North

6,320

6,440

4.0%

6,190

3.8%

4.2%

4,810

Daiwa Kamiooka

2,920

2,950

4.3%

2,910

4.1%

4.5%

2,260

Daiwa Ogikubo Tower

23,90024,1003.5%

23,8003.3%

3.7%

16,100Daiwa Meguro Square

7,410

7,620

3.3%

7,320

3.1%

3.5%

7,300

Daiwa Ogikubo

5,070

5,150

3.7%

5,030

3.5%

3.9%

3,860

CONCURRED Yokohama

41,90043,0004.0%41,4003.8%

4.2%

34,200Daiw a Shinagaw a Gotenyama

2,880

2,920

3.8%

2,860

3.6%

4.0%

2,670

Daiwa Nakano-Sakaue

2,300

2,350

3.8%

2,280

3.5%

4.0%

2,660 Decrease in revenue from the property due to a review of unit rent

14,300587,530

14,600675,600

3.5%-

14,100652,690

3.3%
-

3.7%
-

14,600 Increase in revenue from the property due to a review of unit rent
494,340

Daiw a Hatchobori ekimae West

Kandasudacho 2-Chome
Development Site (Note)
Daiwa HigashiIkebukuro

Daiwa Kitahama
Total

Decrease in revenue from the property due to reflection of departures of shop tenants
and reviews of shop rents

Decrease in revenue from the property due to increasing vacancy rate reflecting

repairs and maintenance capital expenditures as a result of the reacquisition of ER

Increase in the appraisal value due to shortening of discounted period for each item as aresult of shortened time from the last evaluation point in time to construction completion(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.

52

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

Amount of unrealized gain/loss (left axis)

140

1,400

Ratio of unrealized gain/loss (right axis)

120

26.0

1,200
1,000

30.0

30.3

21.3

100

25.0

21.0
18.4

80
800
60

13.4

600

12.8
11.6

40
8.0

20

20.0

17.0
14.7
12.5

400
200

35.0
31.0
31.3
28.1
30.5
26.2 27.1

7.2

9.5

15.0

9.8

10.0

4.7

5.5

1.1

1.9

0

5.0

0

0.0

-20

-200

-2.2

-5.0
-10.0

36th FP

35th FP

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

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

8th FP

7th FP

6th FP

5th FP

4th FP

3rd FP

2nd FP-11.0
1st FP

-60
-600

-10.3

-7.9

11th FP

-40

-400

-4.9
-6.9

-3.8

-15.0

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

53

Portfolio Performance Summary (1)Fiscal Period Ended November 2023 (36th FP Results by Property)
Daiwa Ginza

Daiwa Ginza Annex

Daiwa Sarugakucho

Daiwa Shibaura

Daiwa A
Hamamatsucho

Daiwa Jingumae

Daiwa Shibadaimon

Property Name

Acquisition Price (million yen)

14,100

3,050

8,265

3,190

2,865

2,800

2,578

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FPBook Value (million yen)

12,707

12,664

2,764

2,754

7,952

7,931

3,036

3,026

2,658

2,645

2,636

2,628

2,318

2,309

Appraisal Value (million yen)

16,20015,400

3,410

3,340

8,640

8,640

4,350

4,350

3,980

3,980

3,260

3,250

4,140

4,220

99.2

99.2

100.0

87.9

89.8

98.7

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

7.2

7.2

9.0

9.0

6.1

6.1

6.0

6.0

7.0

7.0

7.5

7.5

7.4

7.4

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

Profits from property-related activities(Note 2)

Number of operating days

Best Property

Best Property

XYMAX

Property Partners

Best Property

Best Property

Best Property

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

427,404

432,195

95,11388,437223,081

199,636- (Note5)- (Note5)

139,352

136,840

86,347

85,231

106,127

106,562

Rent (incl. common service fees)

427,404

432,195

95,11388,437

219,809

197,647- (Note5)- (Note5)

139,352

136,840

86,347

85,231

106,127

106,562

0

0

0

0

3,272

1,988

- (Note5)- (Note5)

0

0

0

0

0

0

122,819

116,272

31,06832,64995,882

68,426- (Note5)- (Note5)

61,92259,42452,805

16,554

26,91423,021

Administrative Expenses

20,097

15,379

4,798

4,412

26,72020,409- (Note5)- (Note5)

8,117

8,218

2,854

2,799

5,166

5,493

Utility Charges

32,08527,978

7,530

5,873

19,736

16,395- (Note5)- (Note5)

11,407

8,755

5,231

3,852

8,059

6,861

6,429

6,528

1,429

1,315

3,258

3,019

- (Note5)- (Note5)

2,168

1,982

1,301

1,277

1,594

1,596

35,984

38,697

11,915

12,906

21,291

22,389- (Note5)- (Note5)

9,311

9,743

7,127

7,593

6,852

7,276

647

658

149

152

595

605

- (Note5)- (Note5)

283

288

128

130

185

188

9,772

7,446

5,243

7,989

24,2605,607- (Note5)- (Note5)

1,234

1,034

36,153

894

5,056

1,604

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

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

17,802

19,583

0

0

20

0

- (Note5)- (Note5)

29,40029,4007700(3) NOI (=(1)-(2)) (thousand yen)

304,584

315,923

64,04555,788127,198

131,20978,36985,63877,43077,41633,541

68,676

79,21383,540

Annualized NOI (thousand yen)

610,842

630,119

128,442

111,271

255,095

261,701

157,169

170,809155,285

154,410

67,266

136,977

158,862

166,624

4.8%

5.0%

4.6%

4.0%

3.2%

3.3%

5.2%

5.6%

5.8%

5.8%

2.6%

5.2%

6.9%

7.2%

44,94143,735

8,677

9,436

38,35438,513- (Note5)- (Note5)

15,083

14,442

9,065

9,222

10,663

10,704

0

0

0

0

279

499

- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

0

0

0

- (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 36th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2023).
(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.

54

Portfolio Performance Summary (2)Fiscal Period Ended November 2023 (36th FP Results by Property)
Daiwa Misakicho

Daiwa Tsukijiekimae

Daiwa Nihonbashi
Horidomecho

Daiwa Tsukishima

Daiwa Tsukiji

Daiwa Azabudai

Shinjuku Maynds Tower

Property Name

Acquisition Price (million yen)

2,346

1,560

1,240

7,840

2,520

1,600

66,90035th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FPBook Value (million yen)

2,067

2,058

1,198

1,222

1,148

1,143

6,406

6,351

2,324

2,312

1,470

1,466

62,83462,665

Appraisal Value (million yen)

3,170

3,190

2,420

2,430

1,820

1,780

11,000

10,200

3,120

3,120

2,010

2,000

64,70064,700Occupancy Rate (%)

100.0

100.0

89.6

89.6

100.0

100.0

78.5

78.5

100.0

100.0

100.0

88.4

95.1

97.6

7.2

7.2

6.7

6.7

6.5

6.5

7.9

7.9

6.3

6.3

6.6

6.6

4.6

4.6

PML (%) (Note1)
Property Management Company

Profits from property-related activities(Note 2)

Number of operating days

Best Property

MS Building Support

XYMAX

Property Partners

Best Property

Best Property

36th FP

XYMAX

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

- (Note5)- (Note5)

62,59444,36252,26853,210224,832

222,32289,54890,20757,27453,802

1,268,052

1,333,389

Rent (incl. common service fees)- (Note5)- (Note5)

62,59444,36252,26851,066

224,832

222,32289,54890,20757,27453,802

1,265,336

1,333,389

Other Revenues (Note 3)- (Note5)- (Note5)

0

0

0

2,143

0

0

0

0

0

0

2,715

0

- (Note5)- (Note5)

17,95026,38023,31012,16054,13442,205

48,733

19,953

13,87916,361

397,966

393,512Administrative Expenses- (Note5)- (Note5)

4,012

13,308

2,440

2,571

8,414

8,297

3,562

3,559

2,669

4,163

79,96079,713

Utility Charges- (Note5)- (Note5)

6,215

3,951

4,114

2,750

15,05911,892

7,728

6,013

3,669

2,667

141,745

131,254

Property Management Fee- (Note5)- (Note5)

1,200

1,200

1,464

1,200

3,380

3,330

1,343

1,353

1,200

1,200

8,865

9,411

Tax and Public Due- (Note5)- (Note5)

5,371

5,572

4,226

4,463

15,362

15,965

7,159

7,466

5,207

5,507

137,860

144,490

Non-life Insurance Costs- (Note5)- (Note5)

154

157

94

95

448

455

198

202

115

117

2,914

2,964

Repair Expenses- (Note5)- (Note5)

979

2,173

10,968

1,079

11,4702,264

28,740

1,359

1,017

2,706

24,962

24,151Other Expenses(2) Property-related Expenses (thousand yen)

- (Note5)- (Note5)

18

18

0

0

0

0

0

0

0

0

1,656

1,525

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

56,78963,44244,643

17,982

28,95741,049170,697

180,117

40,81570,25343,39437,440870,085

939,877

Annualized NOI (thousand yen)

113,890

126,538

89,53235,866

58,07481,874342,332

359,250

81,855140,12287,02774,675

1,744,951

1,874,619

5.5%

6.1%

7.5%

2.9%

5.1%

7.2%

5.3%

5.7%

3.5%

6.1%

5.9%

5.1%

2.8%

3.0%

- (Note5)- (Note5)

14,085

14,643

7,061

8,595

57,53057,04814,731

14,281

8,378

8,352

197,232

193,635- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

0

2,304

0

- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

0

0

0

(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 36th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2023).
(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.

55

Portfolio Performance Summary (3)Fiscal Period Ended November 2023 (36th FP Results by Property)
Daiwa SHIBUYA EDGE
（Note5）

Daiwa Kodemmacho

Daiwa Nishishimbashi

Daiwa Kayabacho
Building

Daiwa
Jinbocho 3-chome

Daiwa Nihonbashi
Hongokucho

E SPACE TOWER

Property Name

Acquisition Price (million yen)

5,900
35th FP

2,460

36th FP

5,000

5,600

3,550

24,0001,721

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FPBook Value (million yen)

-

-

2,349

2,340

4,510

4,487

5,025

4,996

3,179

3,159

23,27923,270

1,462

1,449

Appraisal Value (million yen)

-

-

2,460

2,460

7,380

7,550

8,530

8,750

5,440

5,550

38,70038,700

2,810

2,880

Occupancy Rate (%)

-

-

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

96.3

100.0

86.5

86.5

PML (%) (Note1)

-

-

6.9

6.9

6.9

6.9

7.6

7.6

7.1

7.1

1.4

1.4

4.9

4.9

Property Management Company

Profits from property-related activities(Note 2)

Number of operating days

Property Partners

-

XYMAX

Property Partners

MS Building Support

XYMAX

MS Building Support

20

-

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

14,852-

68,411

67,081

190,991

186,540- (Note6)- (Note6)

124,133

111,244

810,982

807,572

77,464

67,952Rent (incl. common service fees)

14,852-

68,411

67,081

190,991

186,540- (Note6)- (Note6)

124,133

111,244

810,982

807,572

77,464

67,952

0

-

0

0

0

0

- (Note6)- (Note6)

0

0

0

0

0

0

11,699-28,82318,71550,88150,977- (Note6)- (Note6)

37,08235,706

204,549

198,293

13,356

15,944

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)

451

-

4,190

4,166

12,83913,963- (Note6)- (Note6)

8,467

10,668

38,111

51,767

2,241

4,498

3,156

-

6,509

4,997

14,562

11,728- (Note6)- (Note6)

10,5299,443

62,80560,220

5,023

4,021

220

-

1,255

1,252

2,555

2,492

- (Note6)- (Note6)

1,827

1,669

8,164

8,089

1,201

1,200

7,853

-

3,935

4,124

16,617

17,591- (Note6)- (Note6)

10,211

10,71964,167

68,265

4,634

4,808

17

-

143

145

375

403

- (Note6)- (Note6)

196

200

998

1,013

121

123

0

-

11,963

3,206

3,932

4,792

- (Note6)- (Note6)

5,850

3,005

30,186

8,864

133

1,294

0

-

822

822

0

6

- (Note6)- (Note6)

0

0

116

72

0

0

3,152

-

39,58848,366140,109

135,562

115,816

142,094

87,05175,537

606,432

609,279

64,10752,007--

79,393

96,468

280,989

270,384

232,268

283,412

174,580

150,662

1,216,196

1,215,230

128,568

103,731

-

-

3.4%

4.1%

6.2%

6.0%

4.6%

5.7%

5.5%

4.8%

5.2%

5.2%

8.8%

7.2%

1,565

-

8,621

9,896

39,08939,215- (Note6)- (Note6)

19,98520,03373,34173,932

13,43813,438

0

-

0

0

0

0

- (Note6)- (Note6)

0

0

0

0

0

0

0

-

0

0

0

0

- (Note6)- (Note6)

0

0

0

0

0

0

QR Code(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 36th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2023).
(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 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(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.

56

Portfolio Performance Summary (4)Fiscal Period Ended November 2023 (36th FP Results by Property)
shinyon curumu

Daiwa Shibuya
Miyamasuzaka

Daiwa Akasaka

Daiwa Azabu Terrace

Daiwa Ebisu 4-chome

LAQUAS Higashi
Shinjuku

Daiwa Aoyama

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

9,650

9,200

7,000

14,000

4,135

8,450

9,800

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

9,376

9,342

9,939

9,886

7,174

7,150

13,632

13,650

4,127

4,122

8,194

8,183

9,912

9,900

17,20017,50015,90016,40013,50013,10018,90018,900

6,620

6,780

11,60011,90012,60012,800

99.7

99.7

100.0

100.0

100.0

100.0

87.5

94.3

100.0

100.0

100.0

100.0

100.0

100.0

6.4

6.4

6.5

6.5

4.4

4.4

6.5

6.5

0.5

0.5

4.8

4.8

6.2

6.2

MS Building Support

XYMAX

Best Property

Best Property

MS Building Support

ITOCHU Urban Community

36th FPMS Building Support

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

379,833

373,350

338,628

366,984

300,641

313,802

390,371409,723- (Note5)- (Note5)

234,856

236,616

262,690

234,414

Rent (incl. common service fees)

379,633

373,350

324,843

363,509

300,641

313,802

390,371405,973- (Note5)- (Note5)

234,856

236,616

262,690

234,414200

013,785

3,474

0

0

0

3,750

- (Note5)- (Note5)

0

0

0

0

109,392

121,289

114,193

104,591

68,217

63,983

158,605

126,875- (Note5)- (Note5)

54,50957,704

40,771

52,581

Administrative Expenses

33,99320,09832,762

23,551

16,521

13,29751,403

26,589- (Note5)- (Note5)

9,313

9,886

9,655

22,501

Utility Charges

30,042

27,87532,01528,25921,563

17,692

54,37748,259- (Note5)- (Note5)

18,49018,607

9,484

8,093

3,752

3,733

3,683

4,031

3,411

3,665

3,485

3,679

- (Note5)- (Note5)

1,200

1,200

3,145

2,593

38,96039,46536,23538,06624,326

26,10834,60936,328- (Note5)- (Note5)

21,55922,566

16,305

17,513

495

504

635

646

470

478

917

932

- (Note5)- (Note5)

459

466

230

234

2,148

29,612

8,860

10,036

1,888

2,716

13,812

11,085- (Note5)- (Note5)

3,328

4,818

1,949

1,644

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

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

0

0

0

0

36

24

0

0

- (Note5)- (Note5)

158

158

0

0

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

270,440

252,060

224,434

262,392

232,423

249,819

231,765

282,847

139,392

109,535

180,346

178,911

221,918

181,832

Annualized NOI (thousand yen)

542,366

502,743

450,102523,350

466,124498,273

464,805

564,149

279,550

218,471361,684

356,845445,056

362,671

5.8%

5.4%

4.5%

5.3%

6.5%

7.0%

3.4%

4.1%

6.8%

5.3%

4.4%

4.4%

4.5%

3.7%

39,03939,10862,96062,64926,563

26,24754,44654,921- (Note5)- (Note5)

34,574

34,97818,957

19,060

0

0

8,730

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

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 36th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2023).
(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.

57

Portfolio Performance Summary (5)Fiscal Period Ended November 2023 (36th FP Results by Property)
Daiwa Shibuya Shinsen

Daiwa Shibuya Square

Daiwa Hatchobori
ekimaeDaiwa River Gate

Daiwa Hatchobori
ekimae West

Kirin Nihonbashi
Building

Daiwa Nishi-Shinjuku

Property Name

Acquisition Price (million yen)

4,800

16,00028,000

2,871

1,647

13,7108,180

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FPBook Value (million yen)

4,915

4,911

15,835

15,92527,481

27,407

2,879

2,872

1,699

1,694

13,88013,861

8,255

8,236

Appraisal Value (million yen)

6,550

6,680

23,10023,50035,90035,900

3,420

3,500

2,030

2,080

18,10017,100

8,470

8,470

Occupancy Rate (%)

100.0

100.0

100.0

100.0

99.0

91.4

100.0

88.7

100.0

99.3

93.7

93.7

100.0

100.0

6.9

6.9

5.1

5.1

4.1

4.1

7.2

7.2

6.7

6.7

5.4

5.4

6.6

6.6

PML (%) (Note1)
Property Management Company

Profits from property-related activities(Note 2)

Number of operating days

MS Building Support

XYMAX

Best Property

ITOCHU Urban Community

ITOCHU Urban Community

MS Building Support

ITOCHU Urban Community

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

76,58598,940448,128452,370

1,066,279

1,014,647

91,58081,632

52,33152,520275,380

342,368- (Note5)- (Note5)

Rent (incl. common service fees)

76,58598,940448,128445,934

1,061,372

990,476

91,58081,632

52,33152,520275,380

342,368- (Note5)- (Note5)

0

0

0

6,436

4,907

24,170

0

0

0

0

0

0

- (Note5)- (Note5)

45,76823,789106,364

99,635

368,787

330,984

39,68937,41921,943

13,20379,00385,382- (Note5)- (Note5)

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

27,445

6,093

20,43012,54571,774

83,9399,644

10,906

3,404

3,326

12,191

15,832- (Note5)- (Note5)

Utility Charges

5,440

6,619

23,85520,326108,293

107,248

8,663

7,713

3,874

3,080

19,591

20,901- (Note5)- (Note5)

Property Management Fee

1,200

1,200

4,749

5,193

10,668

9,720

1,282

1,200

1,200

1,200

2,055

2,399

- (Note5)- (Note5)

Tax and Public Due

8,950

9,238

29,51031,272103,083

105,163

9,460

9,864

4,411

4,693

40,621

43,585- (Note5)- (Note5)

181

183

566

575

2,726

2,772

196

199

101

102

480

486

- (Note5)- (Note5)

2,550

455

27,251

29,722

72,11922,14010,441

7,535

8,951

800

4,062

2,177

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

Administrative Expenses

Non-life Insurance Costs
Repair Expenses

0

0

0

0

120

0

0

0

0

0

0

0

- (Note5)(3) NOI (=(1)-(2)) (thousand yen)

30,81775,150341,764

352,735

697,491

683,663

51,89044,21330,38839,316

196,376

256,985

153,704

158,018

Annualized NOI (thousand yen)

61,803

149,890

685,406

703,542

1,398,816

1,363,590

104,066

88,18560,94478,418393,831512,567

308,252

315,173

1.3%

3.1%

4.3%

4.4%

5.1%

5.0%

3.6%

3.1%

3.6%

4.6%

2.8%

3.7%

3.7%

3.8%

16,775

16,97730,112

32,941

155,760

149,716

9,635

9,990

5,476

5,472

21,582

21,844- (Note5)- (Note5)

0

0

0

0

370

228

0

0

0

0

0

0

- (Note5)- (Note5)

0

0

0

0

0

520

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 36th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2023).
(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.

58

Portfolio Performance Summary (6)Fiscal Period Ended November 2023 (36th FP Results by Property)
Daiwa HigashiNihonbashi

Daiwa Daikanyama

Daiwa Shinjuku West

Daiwa Kanda Mikuracho

Daiwa Kanda East

Daiwa Kandasudacho

Daiwa Sasazuka Tower

Property Name

Acquisition Price (million yen)

6,370

2,280

942

1,592

4,200

2,295

15,50035th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FPBook Value (million yen)

6,163

6,162

2,341

2,339

982

979

1,597

1,592

4,172

4,326

2,404

2,399

15,914

15,900Appraisal Value (million yen)

7,360

7,540

3,800

3,780

1,320

1,330

1,900

1,900

5,900

5,960

2,960

2,960

16,20015,000Occupancy Rate (%)

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

5.8

5.8

7.2

7.2

7.5

7.5

6.8

6.8

7.3

7.3

5.3

5.3

4.6

4.6

PML (%) (Note1)
Property Management Company

Profits from property-related activities(Note 2)

Number of operating days

ITOCHU Urban Community

XYMAX

ITOCHU Urban Community

Best Property

ITOCHU Urban Community

MS Building Support

Jones Lang LaSalle

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

180,739

181,512- (Note5)- (Note5)

39,38438,93844,96850,348

137,529

142,926

60,83764,897498,068

470,734

Rent (incl. common service fees)

180,739

181,512- (Note5)- (Note5)

39,38438,93844,96850,348

137,529

142,926

60,83764,897498,068

470,73400- (Note5)- (Note5)

0

0

0

0

0

0

0

0

0

0

37,29735,747- (Note5)- (Note5)

10,741

10,351

13,678

11,90335,587

37,62330,241

43,893

205,514202,624

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

5,700

5,693

- (Note5)- (Note5)

2,167

2,173

5,794

3,652

9,757

13,73012,157

4,257

48,661

49,117

15,096

12,901- (Note5)- (Note5)

3,144

3,000

2,697

3,000

11,825

9,593

4,418

3,777

89,28474,956

1,807

1,815

- (Note5)- (Note5)

1,200

1,200

1,200

1,200

1,430

1,409

1,200

1,200

4,486

4,233

11,923

12,409- (Note5)- (Note5)

3,227

3,411

3,624

3,845

10,56910,964

4,672

4,949

55,66457,412315

320- (Note5)- (Note5)

65

66

86

87

222

225

105

109

1,170

1,189

2,455

2,607

- (Note5)- (Note5)

935

499

276

118

1,782

1,699

7,686

29,588

6,247

15,71400- (Note5)- (Note5)

0

0

0

0

0

0

0

11

0

0

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

143,442

145,764

64,63763,03028,64328,58731,28938,444

101,941

105,303

30,59521,003

292,553

268,109

Annualized NOI (thousand yen)

287,672

290,732

129,629

125,716

57,44357,01862,751

76,678204,443

210,032

61,35941,892586,714534,754

4.7%

4.7%

5.5%

5.4%

5.8%

5.8%

3.9%

4.8%

4.9%

4.9%

2.6%

1.7%

3.7%

3.4%

28,53329,150- (Note5)- (Note5)

2,428

2,428

5,547

5,577

16,423

17,636

7,194

7,631

43,51044,23300- (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

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 36th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2023).
(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.

59

Portfolio Performance Summary (7)Fiscal Period Ended November 2023 (36th FP Results by Property)
Daiwa Sasazuka

Daiwa Harumi

Daiwa Mita 2-Chome

Nihonbashi Central
Square (Note 6)

Daiwa Nihonbashi
Bakurocho

Kandasudacho 2-Chome Development

Daiwa Kandabashi

Site (land)(Note7)

Property Name

Acquisition Price (million yen)

3,000

11,200

2,635

3,521

5,733

1,970

10,60035th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FPBook Value (million yen)

3,216

3,208

11,084

11,105

1,561

1,555

3,581

3,573

5,752

5,724

2,040

2,040

10,884

10,884

Appraisal Value (million yen)

3,680

3,750

13,10012,800

4,310

4,310

3,940

3,940

6,940

7,040

2,110

2,150

12,00012,600Occupancy Rate (%)

100.0

100.0

100.0

100.0

100.0

100.0

100.0

78.5

98.0

100.0

100.0

100.0

-

-

6.4

6.4

2.6

2.6

5.5

5.5

6.4

6.4

4.8

4.8

6.5

6.5

-

PML (%) (Note1)
Property Management Company

Profits from property-related activities(Note 2)

Number of operating days

Best Property

Best Property

Best Property

XYMAXBest Property-

ITOCHU Urban Community

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

104,804

103,687

365,631360,553- (Note5)- (Note5)

79,21484,54725,15998,471

44,99743,05800

Rent (incl. common service fees)

104,804

103,687

365,631360,553- (Note5)- (Note5)

79,21484,33725,15998,471

44,72743,058

0

0

0

0

0

0

- (Note5)- (Note5)

0

209

0

0

270

0

0

0

41,51530,676

117,637

119,187- (Note5)- (Note5)

21,25018,00020,69533,457

15,871

10,970

0

0

7,564

6,473

27,84929,770- (Note5)- (Note5)

6,699

4,549

15,784

10,489

5,312

2,838

0

0

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

Administrative Expenses

13,002

10,461

29,582

31,557- (Note5)- (Note5)

6,024

5,357

2,567

8,413

3,081

2,630

0

0

Property Management Fee

1,576

1,556

3,656

3,626

- (Note5)- (Note5)

1,071

1,087

1,200

1,677

1,200

1,200

0

0

Tax and Public Due

9,156

9,450

27,835

29,130- (Note5)- (Note5)

5,868

6,131

888

12,516

3,160

3,275

0

0

215

219

664

675

- (Note5)- (Note5)

113

114

202

213

62

63

0

0

10,000

2,515

7,622

3,887

- (Note5)- (Note5)

1,456

741

53

129

2,916

822

0

0

Utility Charges

Non-life Insurance Costs
Repair Expenses

0020,426

20,538- (Note5)- (Note5)

18

18

0

19

138

139

0

0

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

63,28873,011

247,994

241,366

66,156

65,292

57,96366,546

4,464

65,01329,12532,08700Annualized NOI (thousand yen)

126,925

145,623

497,351

481,414132,675

130,228

116,245

132,729

8,952

129,672

58,41164,000

0

0

3.9%

4.5%

4.5%

4.3%

8.5%

8.4%

3.2%

3.7%

0.2%

2.3%

2.9%

3.1%

0.0%

0.0%

12,90913,14336,33336,899- (Note5)- (Note5)

8,446

8,459

27,783

27,666

3,990

4,065

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

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 36th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2023).
(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
occupancy rate indicates the figure for the area subject to the master lease business.
ThisThedocument
is notmaterial
disclosedin compliancewithonthe
Instruments
and Exchange
Act differ
or anyregulation
similar nature, nor is it(Note 7) We are planning the development of a office building on the property.
external view
is anarchitecturalrenderingprepared based
theFinancial
expected building
after development
and may
fromthe actualof
building.

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

60

Portfolio Performance Summary (8)Fiscal Period Ended November 2023 (36th FP Results by Property)
Daiwa HigashiIkebukuro

Daiwa Shinagawa North

Daiwa Ogikubo Tower

Daiwa Kamiooka

Daiwa Meguro Square

CONCURRED
Yokohama

Daiwa Ogikubo

Property Name

Acquisition Price (million yen)

2,958

7,710

2,000

15,220

5,600

3,800

38,10035th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FPBook Value (million yen)

2,480

2,459

6,862

6,830

1,739

1,723

15,80015,768

5,319

5,298

3,954

3,944

37,39937,311

Appraisal Value (million yen)

4,330

4,370

6,340

6,320

2,920

2,920

23,40023,900

7,380

7,410

4,970

5,070

41,70041,900Occupancy Rate (%)

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

96.7

100.0

100.0

100.0

98.1

100.0

4.5

4.5

6.1

6.1

8.6

8.6

2.6

2.6

4.1

4.1

7.5

7.5

1.8

1.8

PML (%) (Note1)
Property Management Company

Profits from property-related activities(Note 2)

Number of operating days

Best Property

Best Property

XYMAX

XYMAX

XYMAX

ITOCHU Urban Community

Jones Lang LaSalle

182

183

182

183

182

183

182

183

182

183

182

183

182

183

(1) Property-related Revenues (thousand yen)

130,020

130,304

204,747

209,21393,80594,538675,299

709,350

156,029

149,311

127,551

133,919

1,064,892

1,097,261

Rent (incl. common service fees)

130,020

130,304

204,747

209,21393,80594,538675,299

709,350

156,029

149,311

127,551

133,919

1,064,892

1,097,261

0

0

0

0

0

0

0

0

0

0

0

0

0

0

48,47434,937

82,39359,806

26,62523,448205,141

189,750

39,85537,41727,262

29,030262,886

232,338

Administrative Expenses

15,442

10,253

14,164

15,294

4,516

4,931

48,572

49,114

12,529

8,381

8,678

7,778

54,07848,003

Utility Charges

17,653

12,591

20,575

16,981

11,6809,789

89,39673,754

9,970

9,589

7,121

7,433

132,442

114,810

Property Management Fee

1,956

1,951

3,093

3,117

1,205

1,302

7,257

7,806

1,946

2,006

1,414

1,473

6,315

6,419

Tax and Public Due

8,439

8,666

19,166

19,814

6,415

6,615

44,46745,40814,065

14,718

8,414

8,816

59,30460,074

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

Non-life Insurance Costs
Repair Expenses

346

351

512

520

178

185

1,306

1,327

256

260

225

229

786

790

4,635

1,123

24,881

4,068

2,629

624

13,96012,158

1,087

2,461

1,407

3,296

9,674

2,238

0

0

0

9

0

0

180

180

0

0

0

3

285

0

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

81,54595,367

122,354

149,406

67,18071,090470,158

519,600

116,174

111,893

100,289

104,889

802,005

864,922

Annualized NOI (thousand yen)

163,539

190,213245,380

297,997

134,729

141,792

942,900

1,036,361

232,987

223,176

201,129

209,205

1,608,418

1,725,118

6.6%

7.7%

3.6%

4.4%

7.7%

8.2%

6.0%

6.6%

4.4%

4.2%

5.1%

5.3%

4.3%

4.6%

21,645

20,62833,70532,552

18,38718,440132,919

130,960

23,76323,907

12,24812,367

119,684

120,760

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

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 36th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2023).
(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
intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

61

Portfolio Performance Summary (9)Fiscal Period Ended November 2023 (36th FP Results by Property)
Daiwa Shinagawa
Gotenyama

Daiwa Nakano-Sakaue

Daiwa Kitahama

Total(Note 5)

Property Name

462,586

462,586

35th FP

36th FP

35th FP

36th FP

35th FP

36th FP

35th FP

36th FPBook Value (million yen)

2,615

2,610

2,947

2,937

8,874

8,830

448,328

447,535

Appraisal Value (million yen)

2,890

2,880

2,680

2,300

13,60014,300587,160

587,530

Occupancy Rate (%)

100.0

100.0

100.0

100.0

100.0

100.0

97.7

97.7

7.3

7.3

6.8

6.8

1.5

1.5

3.4

3.4

183

182

183

Acquisition Price (million yen)

PML (%) (Note1)
Property Management Company

Profits from property-related activities(Note 2)

Number of operating days

2,500

2,750

Best Property

9,481

MS Building Support

Best Property

182

183

182

183

182

(1) Property-related Revenues (thousand yen)

81,98978,69576,213

66,136405,808

401,591 13,531,319 13,646,229

Rent (incl. common service fees)

79,59478,69576,213

66,136405,808

401,591 13,503,773 13,604,055

2,395

0

0

0

0

0

27,54542,173

18,553

16,13883,251

29,888

119,520

112,072

4,187,647

3,768,482

Administrative Expenses

3,440

3,430

12,396

6,175

24,097

20,989925,825

852,985

Utility Charges

5,035

4,036

7,372

5,929

48,54140,825

1,288,850

1,141,646

Property Management Fee

1,238

1,206

1,199

1,200

6,087

6,021

151,055

151,114

Tax and Public Due

5,657

5,925

7,253

7,572

35,28836,9601,150,420

1,205,441

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

Non-life Insurance Costs
Repair Expenses

134

136

182

185

900

915

24,71925,131

3,047

1,402

54,834

8,813

4,551

6,306

575,184

319,560

0

0

12

12

53

53

71,591

72,602(3) NOI (=(1)-(2)) (thousand yen)

63,43662,557-7,03736,248286,288289,518

9,343,671

9,877,746

Annualized NOI (thousand yen)

127,221

124,773-14,114

72,298574,149

577,455 18,732,359 19,701,515

4.9%

4.8%

-0.5%

2.5%

6.5%

6.5%

4.3%

4.5%

6,004

6,195

10,918

11,10958,572

51,535

1,797,518

1,787,700

0

0

0

0

0

0

11,683

727

0

0

0

0

0

0

0

520

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 36th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2023).
(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) Annualized NOI and NOI yield for the 35th FP and 36th FP do not include Daiwa SHIBUYA EDGE and Kandasudacho 2-Chome Development Site (land).
This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it
The portfolio total of (2) Property-related Expenses in the table does
not include
relatedoftosolicitation.
an investment
corporation.
intendedfor expenses
the purposes
Daiwa
Office Investment Corporation advises readers to make investment decisions at their own judgment.

62

Overview of Asset Management Company (1) (As of January 1, 2024)
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 auditor: 110Non-executive director: 1
Non-executive auditors: 2

Number of Employees

117 (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

Tomonori Tsuji

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 377.9 billion yen (245 properties)

Daiwa Residential Private
Investment Corporation

Private REIT focusing on residential properties
Asset size: approximately 170.3 billion yen (104 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.

63

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

DHP・DLP
Investment
Management
Department

DRP 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 TeamDHP
Investment
Management Team

InfrastructureManagement Team

Finance Team

Construction
Management TeamDLI
Portfolio System
Team

Construction
Management TeamDLP
Investment
Management Team

Infrastructure
Planning Team

Accounting Team

Construction
Management Team

Infrastructure
New Project Team

Construction
Management Team

Corporate Planning
Department

Compliance & Risk
Management
Department

Management Team
Overseas BusinessPreparation Team

* Set up separately for each investment corporation

Finance &Accounting Team（As of January 1, 2024）
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

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
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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.