Sustainability Report 2022
Issued on July 21, 2022

Sustainability Report 2022

About thisSustainability
ReportContents
 Policy Regarding Sustainability

 Governance Initiatives

and Sustainability Promotion System

Investment Corporation Institutions/

Policy Regarding Sustainability and Sustainability

Management Structure ……………….………............ 21

Promotion System ……………………………….……… 1

Compliance Structure ……………............................... 23

 Environmental Initiatives

 Acquisition of External Assessments/

Climate Change Initiatives ..……………….………….…. 3

Certifications

Environmental Targets and Performance .………….…. 9Participation in External Assessments ………............. 26

Implementing Eco-Friendly Initiatives via Real Estate

Acquired External Certifications .................................. 27

Investment ………………………………….……………. 10
Eco-Friendly Initiatives with Stakeholders ……………. 12

In recent years, interest in ESG (environment, socialand governance) has been growing since then among
companies and investors.
Daiwa Office Investment Corporation (the “Investment

 Green FinanceGreen Finance ………………..………….................... 31

 Social Initiatives
Efforts for Tenants ……………………………............... 13
Efforts for Community ………………………….…...… 14
Disaster Prevention Efforts ….…………………......... 16
Efforts for Employees ……………………………….... 17

Corporation”) has, together with Daiwa Real Estate
Asset Management Co. Ltd. (the “Asset Manager”) to
which the Investment Corporation entrusts asset
management, taken ESG into consideration throughits business activities.
Through this Sustainability Report, we hope that you
will deepen your understanding of the ideas andefforts of the Investment Corporation and the AssetManager toward sustainability.

Sustainability Report 2022

Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Policy Regarding Sustainability and Sustainability Promotion System

Top Message

Recognizing that emphasizing ESG, which are environmental consideration, social
contribution and stronger organizational governance, upon promoting asset managementbusiness contributes to the enhancement of investment corporations’ corporate value overthe medium to long term, the Asset Manager has established a system to promote ESG
through company-wide efforts.
The Asset Manager established the “Sustainability Promotion Committee” in 2014 and the“Policy Regarding ESG” in March 2019. Furthermore, through establishment of the
Sustainability Promotion Office at the Asset Manager in June 2021 for further strengtheningof initiatives on sustainability, sustainability initiatives have been promoted on anorganizational basis, including strengthening of the authority of the Sustainability Promotion
Committee.
The Investment Corporation has continuously participated in GRESB Real Estate
Assessment since 2011 and acquired several environmental certifications and ratings byexternal evaluation organizations. It has been working to lower the environmental burden at

Daiwa Office
Investment Corporation

Daiwa Real Estate
Asset Management Co. Ltd.

Executive Director

President and Representative Director

Keiichi Sakai

Yoshiki Nishigaki

its portfolio properties through effective utilization of limited resources, including energy
saving, reduction of greenhouse gas emissions, water saving and such. Furthermore, theInvestment Corporation is determined to further enhance its corporate value while aiming torealize sustainable society by coordinating and working together with all stakeholders
involved in the portfolio properties (investors, tenants, local communities, employee, etc.) byforming favorable relationships with them.

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Policy Regarding Sustainability and Sustainability Promotion System

Policy Regarding ESG
The Investment Corporation will focus on the following items in the asset management for
the Investment Corporation judging that emphasizing ESG (Environment, Social andGovernance) contributes to the enhancement of the Investment Corporation’s medium-to
long-term corporate value.
•

SFDR Principal Adverse Impact Statement•

Summary of SFDR Pre-Contractual Disclosure

1. Initiatives on Environmental Protection (Environment)
We will proactively promote initiatives on environmental protection including resource andenergy-saving measures such as the introduction of facilities and equipment contributing toenvironmental protection at the properties owned.

2. Connection to Society (Social)

Sustainability Promotion System
The Asset Manager has established the following organizational structure in order toimplement the Policy Regarding ESG and continuously promote initiatives on sustainability.

Sustainability Promotion Committee(Members)
 President and Representative Director (Chief Executive Officer for Sustainability
Promotion)
 Executive Managing Director
 General Managers of DOI Investment Management Dept., DLI Investment Management
Dept., Private REIT Investment Management Dept., and Private Fund Management Dept.
(Chief Sustainability Officers) Head of Sustainable Promotion Office Compliance Officer Others who are appointed by the Chief Executive Officer(Contents of deliberation/reports, frequency, consideration process)We will proactively disclose information and fulfill our accountability to all stakeholders
through IR activities, etc. We will accomplish the social mission of an asset manager by
providing high-quality and comfortable residential spaces for tenants.
Moreover, in order to contribute to society through superior asset management, we strive tocreate a comfortable work environment that respects the work-life balance of executives andemployees and at the same time endeavor to develop human resources through internal

The Sustainability Promotion Committee is held regularly (once a month, in principle) inorder to realize the policy and targets for sustainability. The committee deliberates matterssuch as management policies on sustainability, target setting, and their revision andabolition, and reports on the progress of the targets, etc.

Establishment of Sustainable Promotion Office

3. Corporate Governance (Governance)

The Sustainable Promotion Office was newly established at the Asset Manager on June 1,
2021, to further strengthen initiatives on sustainability. Matters concerning ESG and SDGs
of all investment corporations whose assets are managed by the Asset Manager and of theAsset Manager will be planned, drafted and executed organizationally by the office.

We will make highly transparent and reasonable decisions under laws and regulations andEstablishment of Sustainability Promotion Policy

and external training.

various rules while being aware of the importance of corporate ethics and compliance. In
addition, the Asset Manager will work to strengthen internal control systems including
avoidance of conflicts of interest and risk management and to train officers and employees
in order to fulfill the duty of care and fiduciary duty.

To enhance the effectiveness of our sustainability activities, we have established (1) Energy
Conservation Policy, (2) Greenhouse Gas Emissions Reduction Policy, (3) Water Saving
Policy, and (4) Sustainable Procurement Policy, and a cooperative framework with each of
our stakeholders.
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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Climate Change Initiatives

Our Approach to Climate Change

Support for TCFD Recommendations

Governance Related to Climate Change

The world has been accelerating the transition to a carbon-

The Task Force on Climate-related Financial Disclosures

The Asset Manager has established the Climate Change

neutral society. This trend is found in the global long-term(TCFD) is an international initiative established by theand Resilience Policy, the policy for responding to risks andgoal set in the Paris Agreement, an international framework

Financial Stability Board (FSB), at the request of the G20.

opportunities related to climate change and working to makesince 2020 to address global warming. The goal in the

The purpose of the TCFD is to discuss disclosure of climate-business and strategy resilient to climate-related issues.

agreement is to hold the increase in the global averagerelated financial information and the responses by financial

temperature to well below 2°C above pre-industrial levels

institutions. The TCFD Consortium is a group of companies,

In accordance with the policy, Chief Climate-Related Issues

and pursue efforts to limit the temperature increase to 1.5°C

financial institutions, and other organizations that support the

Officers (general managers of departments engaged inabove pre-industrial levels, and Japan has declared its

TCFD recommendations. The consortium was establishedsustainability promotion) make regular reports to the Chief

intention to achieve carbon neutrality by 2050.

with a view to further discussing effective corporate

Executive Officer for Climate-Related Issues (President anddisclosure of climate-related information and initiatives to link

Representative

The Investment Corporation and the Asset Manager view

disclosed information to appropriate investment decisions on

Committee meetings. The reports cover matters related toclimate change as an important issue that changes thethe part of financial institutions and other organizations.

responses to climate change, including identification andnatural environment and social structures dramatically andDirector)at

Sustainability

Promotion

evaluation of impacts of climate change, management of

has a significant impact on real estate management.

To clarify the policy and system for addressing climate-risks and opportunities, progress of initiatives for adaptation

Contribution to the achievement of a carbon-neutral society

related issues and expand the disclosure of informationand mitigation, and indicator and target setting. The

is considered as a social mission.

about relevant initiatives, the Asset Manager established theSustainability

Climate Change and Resilience Policy and announced its

discusses issues related to climate change, after which the

In accordance with the TCFD recommendations, we will

support for the TCFD recommendations in December 2021.

Chief Executive Officer for Climate-Related Issues makes

identify and analyze risks and opportunities related to

In January 2022, the Asset Manager joined the TCFD

final decisions. Under this system, climate-related issues are

climate change and proceed with step-by-step disclosure ofConsortium, a group of domestic companies that support thesupervised by the President and Representative Director.

information related to climate change. We will continuously

TCFD recommendations.

work to reduce the environmental impact of business

Promotion

Committee

deliberates

andClick here for Sustainability Promotion System.

activities as we understand social needs and expectations

Click here for TCFD.

for us through active dialogue with external stakeholders.

Click here for TCFD Consortium.

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Climate Change Initiatives

Strategy
To factor climate-related risks and opportunities into the Investment Corporation’s real estate management business, the Asset Manager conducted a scenario analysis of the Investment
Corporation’s portfolio. The Asset Manager referred to climate outlooks published by international organizations and other entities, in order to identify risks and opportunities of climate changebrought to the Investment Corporation and assess financial impacts on the Investment Corporation's business. Using a 1.5°C/2°C scenario and a 4°C scenario, a qualitative analysis was
conducted as described below.

Target of Analysis and Prerequisites

Key Scenarios Adopted in the Analysis

Target: All properties owned by the Investment Corporation
Scope: Overall real estate investment and management business

1.5°C/2°C scenario

4°C scenario

Target period: From 2022 to 2050, with short-term, medium-term, and long-term timeframes(Short term: 2022–2025, Medium term: 2026–2030, Long term: 2031–2050)

Transition Risks

IEA World Energy
Outlook2020 NZE2050

IEA World Energy
Outlook2020 STEPS

Analysis Procedure

Physical Risks

IPCC Fifth Assessment Report
RCP4.5IPCC Fifth Assessment Report
RCP8.5(1) In accordance with the TCFD framework, the Asset Manager discussed climate-relatedrisks and opportunities and identified factors that may have a significant impact on theInvestment Corporation’s business domain.
(2) Concerning the risks and opportunities identified in (1), the Asset Manager summarized
and grasped what the world would look like under the 1.5°C/2°C and 4°C scenarios,
based on the parameters (forecasts) of the adopted scenarios.
(3) Based on the forecasts in (2), the Asset Manager conducted a qualitative analysis for theInvestment Corporation, calculated financial impacts in the scenario analysis, andworked out countermeasures.

Sustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Acquisition of External
Assessments/Certifications

Governance Initiatives

Green Finance

Climate Change Initiatives

Strategy
Expected Future in Each Scenario
1.5°C/2°C Scenario

4°C Scenario
The 4°C scenario forecasts a future where greenhouse gas emissions are on an

The 1.5°C/2°C scenario forecasts a future where greenhouse gas emissions are on aincreasing trend due to insufficient climate change mitigation, without new regulations,decreasing trend, with the advancement of social policy, emission regulations, technology

taxation, or other measures to achieve a carbon-neutral society. The scenario involves

investment, and other measures to achieve a carbon-neutral society. The scenario

high relative physical risks from climate disasters and low transition risks.

involves low relative physical risks from climate disasters and high transition risks.

Government

Stricter legal
regulations related
to resilience

Tenants

Increased needs
for measuresagainst storm andflood damage,heatstroke, etc.

Investors

Higher importanceof physical risk
assessment inmaking investment
decisions

Financial
Institutions

Climate/Weather

Increased needs
for physical risk
assessment inmaking lending
decisions

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

Government

Tenants

Stricter regulations
against GHG
Increased needs
emissions due to an for environmental
performance
introduction ofcarbon tax

Investors

Financial
Institutions

Climate/Weather

Increased needs
for theassessment ofcompliance withenvironmental
regulations andenvironmental
certifications inmaking investment
decisions

Increased needs
for theassessment ofcompliance withenvironmental
regulations andenvironmental
certifications inmaking lending
decisions

A certain degreeof advancementof chronic
climate change,such asincreased storm
and flood
damageSustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Acquisition of External
Assessments/Certifications

Governance Initiatives

Green Finance

Climate Change Initiatives

Financial Impacts in the Scenario Analysis
For each scenario, the Asset Manager classified the financial impacts of identified risks and opportunities into short-term, medium-term and long-term impacts and examined relative scales ofimpacts on the Investment Corporation. Shown below are medium-term and long-term risks from climate change that have a certain degree of financial impacts.
1. Transition risks: Policy and legal risks, technology risk, market risk, and reputation risk
2. Acute physical risks: Event-driven climate risks, including typhoons and floods
3. Chronic physical risks: Climate risks caused by long-term shifts in climate patterns, including sustained higher temperatures and sea level riseClassification

Risk and Opportunity Factors inReal Estate Management

Policy and Legal

Stricter regulations against GHG
emissions due to an introduction ofcarbon tax
Stricter energy-saving standards,
obligation to report emissions
Enhanced competitiveness ofproperties that comply with legal
regulations

Technology

Fluctuations in properties’ asset
value depending on
environmental performanceMarketTransition Risks and Opportunities

Advancement and spread ofenergy-saving and renewableenergy technologies

Changes in the stances ofinvestors/lenders/tenants on
investing and lending

Reputation

Decline in reputation frominvestors and customers* GHG refers to greenhouse gas.

Potential Financial Impacts- Increased tax burden due to the introductionof carbon tax, depending on the volume of
GHG emissions from properties- Increased renovation costs due to raisedenergy-saving standards- Increased business expenses related toemissions reporting- Increased rent income from portfolio properties
with high environmental performance- Decreased utility bills thanks to improved
energy efficiency- Increased renovation costs due to theintroduction of new technologies- Decreased utility bills thanks to better energysaving performance- Fluctuations in portfolio properties’ asset
value depending on environmental certificationacquisition rates- Fluctuations in rent income depending on the
proportion of portfolio properties with highenvironmental performance- Decreased utility bills thanks to better energysaving performance-Fluctuations in reputation from ESGconscious investors and lenders- Fluctuations in ESG-conscious tenants’demand for moving in and out- Better/Worse terms and conditions infinancing from financial institutions, etc.
- Decreased investment unit prices/Lower ESG
ratings- Decreased profitability of properties with low
environmental performance/resilience

Category

Financial Impacts
4°C
1.5°C/2°C
MediumLong
Medium
Long
Term
Term
Term
Term

Risk

Small

Small

Medium

Risk

Small

Small

Large

Opportunity

Small

Small

Medium

Risk

Small

Small

Large

Opportunity

Small

Small

MediumCountermeasures

Large- Introduction of energy management systems andrenewable energy- Planned reduction of energy consumption/GHG
Large emissions at portfolio properties- Improvement in GHG emissions through strategic
replacement/renovation of properties- Increase in environmental certification acquisition
Medium rates- Introduction of cutting-edge technologies- Planned renovation works- Promotion of transition to power from renewable
Medium energy
Large

Risk

Small

Small

Large

Large

Opportunity

Small

Small

MediumMedium

Risk

Small

Small

Large

Large

Opportunity

Small

Small

MediumMedium

Risk

Small

Small

MediumLarge- Increase in environmental certification acquisition
rates- Promotion of transition to power from renewableenergy- Sufficient information disclosure about portfolio
properties’ environmental performance- Appropriate disclosure of ESG-related information,
including that on climate change- Higher ratings in ESG assessments by external
institution- Reduction of financing costs through the use ofsustainability finance- Appropriate disclosure of ESG-related information,
including that on climate change- Stronger stakeholder engagement in the ESG
area- Continuous improvement of environmental
performance/ Continuous acquisition ofenvironmental certifications

Sustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Acquisition of External
Assessments/Certifications

Governance Initiatives

Green Finance

Climate Change Initiatives

Financial Impacts in the Scenario Analysis
Financial Impacts
Classification

Risk and Opportunity Factors inReal Estate Management

Acute
Chronic

Physical Risks

Increased loss due to severerstorm and flood damage

Increased damage from rise inaverage temperature/sea level

Potential Financial Impacts

Category- Increased repair costs and insurance
premiums- Decreased rent income due to lower
occupancy rates- Loss of business opportunities/Increased
business continuity risks- Increased renovation costs to protect portfolio
properties from water intrusion, damage,destruction, etc.

4°C

1.5°C/2°C

Medium
Term

Long
Term

Medium
Term

Long
Term

Risk

Small

Medium

Small

Small

Risk

Small

Small

Small

Small

Countermeasures- Risk comprehension using hazard maps, etc.
- Portfolio of highly resilient properties- Upgrading of facilities to install high-efficiency air
conditioning systems, introduction of energy
management systems- Collaborative energy saving initiatives with tenants,
including green leases- Enhancement of BCP measures- Promotion of greening at portfolio properties

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Climate Change Initiatives

Initiatives to Address Climate Change
To address the above climate change risks, the Investment Corporation takes various
measures to improve energy efficiency and reduce GHG emissions.
Click here for Implementing Eco-Friendly Initiatives via Real Estate Investment.

Risk Management
The Investment Corporation’s Climate Change and Resilience Policy sets out processes to
identify, assess, and manage the impacts of climate change risks and opportunities on thecorporation’s management activities, strategies, financial plans, etc.
 Chief Climate-Related Issues Officers summarize climate-related risks and opportunities

Indicators and Targets
The Investment Corporation regards the transition to a carbon-neutral society as anopportunity. As a key monitoring indicator (KPI) in the management process of climatechange risks and opportunities, it has set a medium- to long-term target in July 2022 forCO2 emissions reduction, which aims for a reduction of 46% in CO2 emissions on an
intensity basis across the portfolio by FY2030 (compared with FY2013).

Improvement of Environmental Performance(Target (KPI))
FY2030 Targer (KPI) :Reduction of 46% in CO2 emissions on an intensity basis across the portfolio by FY2030(compared with FY2013)

and report the progress to the Sustainability Promotion Committee, in principle, once a

FY2050 Targer (KPI) :year.

Achieved carbon neutrality in CO2 emissions on an intensity basis across the portfolio by FY

 The Sustainability Promotion Committee continuously identifies, assesses, and manages

2050.

climate change risks and opportunities that are important to the business and financial
plans and affect the asset management operations of the Investment Corporation. Basedon the above reports, the committee prioritizes issues of strategic importance to thebusiness.
 The Chief Executive Officer for Climate-Related Issues instructs to factor important
climate-related risks with high priority, which have been deliberated by the Sustainability
Promotion Committee, into the existing company-wide risk management program. The
risk identification, assessment, and management processes are thus integrated.

Sustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Environmental Targets and Performance
The Investment Corporation is striving to improve environmental performance by establishing environmental targets for the reduction of energy consumption, CO2 emissions, and water
consumption across the entire portfolio and monitoring its performance with respect to achieving them.

Performance

Environmental Targets
Energy Consumption

In conjunction with the medium- to long-term targets formulated for its ESG initiatives, theReduction of 5% in energy consumption across the entire portfolio on an intensity basis by

Investment Corporation is working to keep track of energy consumption, CO2 emissions,

FY2024 (compared with FY2019)

water consumption, and so forth at real estate that it owns.

CO2 Emissions

Item

Reduction of 5% in CO2 emissions across the entire portfolio on an intensity basis by
FY2024 (compared with FY2019)
Reduction of 46% in CO2 emissions on an intensity basis across the portfolio by FY2030(compared with FY2013)

Reduction of
5%on an intensity
Energybasis comparedwith base year

Achieved carbon neutrality in CO2 emissions on an intensity basis across the portfolio by FY
CO2Reduction of
5%on an intensity
basis comparedwith base year

Water

Maintain thecurrent level

2050.
Water Consumption
Maintaining the same level of water usage across the entire portfolio by FY2024 (comparedwith FY2019)

Reduction target(Medium- to longterm target)* The coverage rate within the portfolio when calculating the above data is 100%.

Environmental Management System

Waste

In order to pursue energy-saving, CO2 emissions reduction, and efficient use of water
resources, the Investment Corporation has established an environmental management
system. Focusing on energy consumption, CO2 emissions, and water usage, it sets targets,tracks performance, manages budgets, and executes countermeasures (PDCA cycle),
contributing to the realization of a sustainable society through the reduction of its
environmental footprint.

－

Actual reduction
Unit

FY2019Rate of
Change from
FY2019

(base
year)

FY2020

FY2021

104,219

91,237

87,245-16.29%

0.207

0.181

0.178

-14.06％44,771

38,25037,063-17.22％

0.089

0.076

0.076

-15.02％396,297

290,167

284,367-28.24%

0.787

0.575

0.580

-26.34%

Consumption
(t)

4,388

3,594

3,373

－

Amount ofrecycled waste
(t)

2,502

2,092

1,862

－

Recycling (%)

57.03

58.20

55.21

－

Consumption(MWh)Consumption
intensity(MWh/㎡)
Emission(t-CO2)Emission
intensity(t-CO2/㎡)
Consumption(㎥)
Consumption
intensity
(㎥/㎡)

*1

Reduction target (Medium- to long-term target): The following targets are established for all properties[Energy and CO2] 5% reduction compared to base year over 5 years (from FY2019 (base year) to FY2024) on an intensity basis[Water] Maintain current level over 5 years (from FY2019 (base year) to FY2024)*2

Aggregation method: Intensity is calculated by dividing each consumption/emission for each fiscal year by intensity denominator (sumof the total floor areas (㎡) in accordance with the period of ownership of each building).
The recycling rate is calculated by dividing consumption for each fiscal year by the amount of recycled waste.

*3

CO2 emissions from Scope 1 (city gas) and Scope 2 (indirect emissions from the use of electricity, heat and steam provided by othercompanies). The figure includes CO2 emissions derived from energy consumption by tenant activities for the tenant space.

*4

Figures for FY2020 and earlier have been revised retrospectively after careful examination of the data.

*5

SOMPO Risk Management Co., Ltd. conducts a third-party review of the environmental performance data (energy, CO2, water, andwaste) for FY2021 for all five portfolios.

Sustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Implementing Eco-Friendly Initiatives via Real Estate Investment

Introduction and Upgrading of LED Lighting, Etc.

Introduction of High-Efficiency Heat Source
Equipment/Upgrading of Air-Conditioning Equipment

The Investment Corporation is steadily moving forward with conversion to LED (installationof LED lighting and lighting equipment with human-detecting sensors) in the common and

In conjunction with updating of heat source and air-conditioning equipment at properties it

private areas of all office properties it owns, with a target of 100% LED conversion by theowns, the Investment Corporation is introducing high-efficiency heat source equipment withclose of the fiscal year ending in May 2026 (41st FP.) (Assuming this target is achieved, thesuperior energy efficiency and upgrading to air-conditioning equipment with excellent

estimated effect between the fiscal period ended May 2021 (31st FP) and the fiscal period

energy-saving performance. (The estimated effect between the fiscal period ended May

ending May 2026 (41st FP) is forecast to be equivalent to an approximately 11% reduction in

2021 (31st FP) and the fiscal period ending May 2026 (41st FP) is forecast to be equivalent

power and an approximately 4,400t reduction in CO2 emissions.)

to an approximately 1.4% reduction in power and an approximately 570t reduction in CO2

Reduction in power (Left)100

emissions.)

Planned (Right)

Actual (Right)

100%

100%

100.0

94.3%
83.7%

88.7%

77.7%

95

75.0

Upgrading of air-conditioning
equipment（Daiwa Akasaka）

68.1%
58.9%
49.3%

90

85

89%

50.0

42.6%

37.0%
27.4%

51.8%

Upgrading of air-conditioning
equipment（Daiwa Ginza）

Introduction and Upgrading of Water-Efficient Equipment

34.0%
27.3%

31st FP

Base year

32nd FP

33rd FP

34th FP

35th FP

36th FP

37th FP

38th FP

39th FP

40th FP

41st FP

25.0

At properties that it owns, theInvestment Corporation is
improving water conservation
through measures such as
upgrading to sanitary equipmentwith excellent water-saving

Construction work for toilets(Daiwa Sasazuka)

performance and using
rainwater and reclaimed waterfor general service water inbuildings.
Introduction of LED in line with renovation of common areas on each floor（Daiwa Sasazuka Tower）（CONCURRED Yokohama）

Construction work for toilets(Daiwa Shinagawa Gotenyama)

Sustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Implementing Eco-Friendly Initiatives via Real Estate Investment

Installation of Solar-Wind Streetlights

Promoting Greening of Walls and Rooftops/Conserving
Biodiversity

The Investment Corporation has installed solar-wind streetlights at one of the properties it
owns, Daiwa River Gate. This property facing the Sumida River is leveraging its location

The Investment Corporation is promoting the greening of properties in its possession as partcharacteristics (i.e., strong winds, ample sunlight) to use natural renewable energy in orderof its efforts to address climate change and biodiversity.

to improve illumination of nearby buildings while also addressing crime prevention.

One of the properties owned by the Investment Corporation, Daiwa Azabu Terrace, isnotable for its stylish design with greenery on multiple levels. The rooftop level and the roof
areas of the third to sixth floors, which have a terraced structure due to height restrictions
based on shadow control regulations, form a rooftop garden (approx. 1,523 ㎡) with adifferent concept on each level. With a planting plan that takes the ecosystem network into
account by using many plants native to the region, it is a green office building that leverages
the appeal of the rooftop garden while also addressing the conservation of biodiversity.

Installation of solar-wind streetlights(Daiwa River Gate)

Rooftop garden(CONCURRED Yokohama)

Entrance planting(Daiwa Shibuya Shinsen)

Environmental Pollution Countermeasures
When acquiring new properties, the Investment Corporation strives to avoid risks bychecking in advance for environmental and social risks to ensure there are no problems,
including hazardous substances (PCB, asbestos, etc.) and soil contamination, in addition to
conducting site inspections and surveys. If hazardous substances or the like are present at aproperty that it owns, it will implement appropriate countermeasures, management, anddisposal in compliance with the laws and regulations.

A green office building that leverages the appeal of its rooftop garden(Daiwa Azabu Terrace)(Reference)Awards received by Daiwa Azabu Terrace:
Selected among the 100 Corporate Green Initiatives Preserving Biodiversity in 2010, winner of the 9th Environmental and Equipment
Design Award and 2011 Good Design Award, etc.
Click here for details.

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Eco-Friendly Initiatives with Stakeholders

Introduction of Green Leases
At Shinjuku Maynds Tower, a property owned by the Investment Corporation, the promotionof LED lighting fixtures has been ongoing since 2012. It has been possible for both thetenants and the owner to enjoy the benefits since 2014 due to the use of a green leasesystem for tenants' private areas. With the conversion to LED, tenants have been able toreduce their electricity fees to about half of the level prior to the implementation of LED
upgrading work, while the building's owner has been able to reduce its investment burden
and improve the property’s value by receiving green lease fees.

Supply Chain Management

Urban Development/Revitalization
The Investment Corporation conducts an urban development project to develop new officeproperties after acquiring land for development. In the ongoing Nihonbashi Bakurocho 1chome Development Project (scheduled for completion in November 2022) andKandasudacho 2-chome Development Project (scheduled for completion in June 2024), we
have concluded project management contracts, construction subcontracting contracts, anddesign management contracts with specialist contractors who have a lot of experience indevelopment and construction, and are working on urban development and urban
renaissance with consideration for the environment while reducing risks. The Kandasudacho
2-Chome Depelopment Project uses a TASMO construction method to ensure business
continuity (BCPs).

In order to promote environmental and social initiatives in its supply chain, the Investment
Corporation has established a Sustainable Procurement Policy. When selecting newproperty management companies, suppliers, etc. or evaluating existing counterparties, thestatus of their sustainability-related initiatives is included in the criteria, along with theirfacilities management services, lease operation and management services, leasing services,

Nihonbashi Bakurocho 1-Chome
Development Projectetc., and they are required to understand and cooperate with the Investment Corporation's

Kandasudacho 2-Chome
Development Projectenvironmental and social initiatives.

Energy-Saving Efforts through Tenants
As an initiative aimed at tenants, the Investment Corporation is implementing awarenessraising activities to reduce energy consumption in our properties. For some properties, digital
signage is installed in common areas such as EV halls to indicate energy consumption. In
addition, Shinjuku Maynds Tower makes use of its website to visualize electricity
consumption for each tenant.

Installation of digital signage(Daiwa Ginza)

Website to visualize electricity consumption(Shinjuku Maynds Tower)(Reference) About Taisei Corporation’s TASMO construction method
The TASMO (TAisei Smart MOnitoring system) construction method
is a damping structure system that imparts necessary rigidity andfocuses the absorption of seismic energy from a major earthquake tosteel dampers, by connecting wall pillars having wall foundation
rotation performance with steel dampers, in order to mitigate damage
to the building body. It can be counted on not only to save human
lives in the aftermath of a major earthquake, but also to sustain thebuilding performance by preventing damage to nonstructuralcomponents.
Furthermore, by constructing a frame system made up of wall pillars
as the outer shell structure, which is situated along the perimeter, it
becomes possible for the building to realize areas that have no pillar
forms, and create very spacious and highly innovative office space.
Click here for details.

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Acquisition of External
Assessments/Certifications

Governance Initiatives

Green FinanceEfforts for Tenants

Tenant Satisfaction Surveys

Tenant Comfort Improvement

Tenant Safety & Security

We implement questionnaire surveys for tenants of our

We are renovating the common areas to improve comfort for

In its facility operation, the Investment Corporation works toproperties regularly (generally at least once every two years)

our property tenants and facility users.

ensure the safety and security of its property tenants, facility

and share the results (requests, issues, etc.) with property

users and visitors.

management companies for application to operational

Countermeasures Against COVID-19

improvement in an effort to improve tenant satisfaction.

 Displaying notices on safety measures

Example of tenant satisfaction survey
At the E SPACE TOWER, we renewed air conditioning Installing disinfectants, air cleaners, etc.
Renovated Entrance Hall
（Daiwa Shibuya Miyamasuzaka）

 Making sure that employees of building management
and building cleaning companies thoroughly follow

facilities and renewed toilets (new small containers) inhygienic measures (face masks, hand-washing,

response to requests from tenants. As a result, we weredisinfection, etc.).

able to confirm the increase in the satisfaction level of Disinfecting common areas on a daily basis andtenants in the survey after the measures were taken.

establishing system for implementing disinfection incooperation with administrative bodies when a COVID-19
case arises, etc.
Renovated Entrance Hall
（Daiwa Tsukishima）

Introducing VR previews of properties



Providing a vaccination site for tenants (Daiwa River
Gate, Daiwa Ginza Annex)

 Introducing Whiz, a disinfection and cleaning robot using
AI technology

Installation of small containers in women's toilets(E SPACE TOWER)

Installation of Automatic
sanitizer dispenser（Daiwa Hatchobori ekimae）

Provision of
COVID-19
vaccination site
for tenants(Daiwa River Gate)

Introduced VR
viewing service(you can view
Daiwa Ginzafrom the code above)
Installation ofcleaning robot“Whiz”

Sustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green FinanceEfforts for Community

Introduction of Sharing service

Participation/Collaboration in Local Events

We installed a cycle port for cycle sharing and an e-scooter port on the building’s site andTo coexist with and stimulate the areas around our properties, we contribute to theintroduced car sharing, contributing to convenience for tenant employees, local residents

sustainable development of local communities by participating in and collaborating with theand others.

following community events organized by urban development councils and private sector
groups.

Installation of cycle sharing port
(Shinjuku Maynds Tower)

Installation of e-scooter port
(Daiwa Tsukishima)

Participated in Shinjuku Minami Lumi (Shinjuku Maynds Tower)

Yokohama Portside District Collaborated inan urban development council’s event “Hikari no
Machizukuri”(CONCURRED Yokohama)

Installation of car sharing port
（E SPACE TOWER）

Contribution to Local

Kitchen Car Attraction
We attract kitchen cars to our property

The Asset Manager contributes to the improvement ofsites to improve office worker and local

convenience and area revitalization of tenant

resident satisfaction and produce theemployees and local residents by participating inarea’s weekday lunchtime outdoor lively

various councils on urban development, contributing toscene.

local events, and utilizing vacant land held by the AssetManager.
Attracted kitchen cars
(Daiwa Nakano-Sakaue)Award for traffic safety（Shinjuku Maynds Tower）

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Policy Regarding Sustainability
and Sustainability Promotion System

Social Initiatives

Environmental Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green FinanceEfforts for Community

Charity & Volunteer Activities
Implement Jeans Day
The Asset Manager does “Jeans Day,” an initiative of thesponsor Daiwa Securities Group Inc. Since June 2021,
employees can come to the office in casual wear such aspolo shirts and jeans on Fridays, and a charity drive is held
to aid those impacted by COVID-19 (on third Fridays).

Providing Comfortable Office Environment

Engagement with investors

In June 2022, we opened a workspace for employees of

The Investment Corporation strives to proactively disclose

Daiwa Securities Realty Co., Ltd., a Group company, in our

information and be accountable to all stakeholders throughowned property, Daiwa Ginza Building. As a next-

IR activities. In order to promote understanding of thegeneration office, we have a variety of free address spaces

Investment Corporation, we hold individual meetings withand private room booths that can be flexibly used.

domestic and foreign institutional investors, and hold

Going forward, the Investment Corporation will continue toseminars for individual investors.

aim to provide a comfortable office environment that

The IR activities results from FY2020 to FY2021 are as

combines design and functionality in order to create newfollows.

ways of working that lead to employee motivation andresults.

Implement Jeans Day

Donation of surplus calendar / notebook
The Asset Manager conducts

Number of meetings and seminars

For institutional investors

Domestic
investors

Foreigninvestors

Number of IR meetings
in FY2020

88

59

Number of IR meetings
in FY2021

116

54

For individual investors

Seminars(Including online meetings)

Number of seminars held
in FY2020

1

Number of seminars held
in FY2021

3

activities to donate calendars that are
no longer needed in the company toorganizations that are conducting
activities to support disaster recovery
and contribute to local communities.

Donation of irregular postcards and used stamps

Workspaces established for Daiwa Securities Realty employees(Daiwa Ginza)

The Asset Manager collects irregularpostcards and used stamps, andconducts donation activities throughNPOs and other organizations that
conduct volunteer activities forinternational cooperation.

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Policy Regarding Sustainability
and Sustainability Promotion System

Social Initiatives

Environmental Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green FinanceDisaster Prevention Efforts

Disaster Prevention Efforts
We have established BCP measures to ensure the safety of tenants, employees, and facility
users and to enable them to continue important business operations in the event of an
emergency, such as a disaster, in the property in our possession. In cooperation withproperty management companies and building management companies, we distributedisaster prevention and crime prevention booklets when tenants move in, post evacuationroutes through digital signage in common areas, and conduct regular disaster prevention
drills. In addition, AEDs, disaster relief vending machines, and emergency storage boxes in
EVs have been installed on properties that can be installed.
Moreover, some of the properties in our possession are equipped with vibration isolation andvibration damping structures with superior earthquake resistance.

Distribution of bookmarks for disaster prevention
and crime prevention

Display of evacuation routes by digital signage

Installation of disaster relief vending machines(Daiwa Kitahama)

Elevator emergency goods box(Daiwa Azabu Terrace)

Sustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Social Initiatives

Environmental Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green FinanceEfforts for Employees

Efforts for Employees

Personnel Hiring/Training Strategy

The Act on Investment Trusts and Investment Corporations prevents investment

The Asset Manager has signed a sponsor support agreement for cooperation in personnel

corporations from hiring employees, so the asset manager’s employees are responsible forhiring with Daiwa Securities Group Inc. It receives seconded employees from Daiwa

operation in practice. The Asset Manager to which the Investment Corporation entrusts

Securities Group and promotes sharing and succession of real estate asset management

asset management cultivates its human resources through initiatives like the following toexpertise to increase the entire organization’s sustainability.

achieve high-level asset management.
Secondments from sponsor

End of FY2019

End of FY2020

End of FY2021

26

28

28

Promotion of Active Participation of Diverse Personnel
Believing that promotion of active participation of diverse personnel improves theorganization, the Asset Manager monitors employee diversity. Daiwa Securities Group
proactively promotes talented employees regardless of gender and endorsed the declarationof the Cabinet Office Gender Equality Bureau’s Male Leaders Coalition for Empowerment of
Women in 2015.

End of FY2020

End of FY2021

113

127

132

37

39

38

Ratio of female employees

32.7％

30.7％

28.8%

Directors (including part-time)

6

7

6

0

0

0

Managerial positions

84

91

99

Female managers

18

18

17

21.4％

19.8％

17.2%

1

3

3

Female employees

Female directors (including part-time)

Ratio of female managers
Employees over 60

The Asset Manager supports employees in obtaining qualifications to improve their abilities
by offering training, testing and renewal fee payment for real estate and various otherqualifications with which they can demonstrate a high level of expertise.

End of FY2019
Employees

Qualification Acquisition Support

Qualification Holders
End of March 2022
Real Estate Transaction Specialist

83

ARES Certified Master

43

Certified Building Administrator

13

First-Class Architect

9Real Estate Consulting Master

7

Real Estate Appraiser

1Chartered Member of The Security Analysts Association of Japan

9

Certified Public Tax Accountant

1

Sustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green FinanceEfforts for Employees

Employee Health & Comfort
Working Environment Improvement

Benefits Data

 Developing remote work system (lending laptops and

The Asset Manager developed the office environment for

FY2019FY2020

FY2021Childcare leave
takers3

4(including
1 male)4

Return rate fromchildcare leave

100％

100％

100%

Childcare Support
Leave takers

2

2

6

Childcare Support
leave usage rate

50％

100％

100%

Nursing care leave
takers0

employee health, work style flexibility and productivity, forexample establishing a cafeteria space where employees
can work comfortably, installing free vending machines,
developing the communication environment including Wi-Fi
at office area and meeting rooms andutilizing free space for remote work.

Benefits
The Asset Manager offers the following benefit programs tobuild a diverse, flexible working environment and ensure thatlife events like birth, childrearing and elderly care do not

Countermeasures Against COVID-1900subsidizing costs such as medical checkups and flu

Consecutive holiday, flextime, medical checkups, Lifevaccination and ensuring thorough health examinations.

Daiwa ELLE Plan

Nursing care leave, Nursing caresupport leave Staggering working hours
 Offering workplace vaccination (Daiwa Securities Groupaffiliate companies, and their families)

owned by Daiwa Hotel Private Investment Corporation
whose management is entrusted to the Asset Manager. In
July 2022, and are implementing trials of various work
locations and working styles.

FY2019FY2020

FY2021

Percentage of
employees who took
the stress check

97％

94％

94％

Paid holiday usage
rate

78％

72％

77%

Yearly paid holidays
taken per person

17.9

leave for male employees, Short working hours system,

Nursing Care

 Ensuring physical distance in offices

addition, we plan to introduce free addresses for offices in

Employee Health Data

Childcare leave, Childcare Support Leave, Pre-childcare

Female Employees

 Promoting IT use such as online meetings

We granted subsidies for remote work plans at hotels

Childrearing

employees looking for nursery schools

 Installing disinfectant in offices, etc.

ABW Trial

All Employees

Daycare subsidy, Babysitter system, Support desk forhome) Subsidizing home PCR tests

Health Management
The Asset Manager manages employee health by

Exemption/restriction on overtime work, Nursing care leave,

workers, subsidizing monitors costs, etc. for working atoffered workplace vaccination to all employees, including

force employees to give up working.

Support paid holiday, The telecommuting system

mobile phones to all employees, including temporary

16.6

17.8

The remote work plan at hotels
owned by Daiwa Hotel Private
Investment Corporation

Using free space

Sustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green FinanceEfforts for Employees

Fulfilling Workplace Creation
Employee Satisfaction Surveys

HR DataBelieving in the importance of reflecting employee feedback in various measures to build a

FY2019FY2020

FY2021

Employees

113

127

132

Men

76

88

94

Women

37

39

38

113

127

132

better working environment, the Asset Manager regularly conducts employee satisfaction
surveys and uses the results to improve the in-house environment.

Evaluation System
The Asset manager conducts performance reviews of all employees every six months andpays bonuses commensurate with their achievement of half-year targets. The regular

Permanent employees

evaluation and feedback help employees in their career development and forms a

Men

76

88

94

transparent HR evaluation system.

Women

37

39

38

0

0

0

Men

0

0

0

Women

0

0

0

5

5

5

Men

0

0

0

Women

5

5

5

New hires

11

15

10

In accordance with the Law for Act on Advancement of Measures to Support Raising Next-

Men

6

13

9

Generation Children and the Act of Promotion of Women's Participation and Advancement in

Women

4

2

1

Directors (including part-time)

6

7

6

Average Years Employed *

4.7

5.1

5.2

Contract employees

Ongoing Anti-Harassment Training
The Asset Manager increases employee sensitivity to and awareness of harassment by
instructing employees on their first day (or secondment) about harassment, thewhistleblowing system and other internal controls, conducting regular anti-harassment
training thereafter and ensuring thorough awareness of the compliance consultation process.
It also asks about harassment when employees submit their career plans twice a year.

General Business Owner Action Plans

the Workplace, the Asset Manager has formulated General Business Owner Action Plans withthe aim of creating a pleasant working environment and a work environment in which female
employees can work for a long time.

(Ref.) Temporary employees

For those who have taken childcare leave, we encourage to

Men

4.9

5.4

5.2

provide them with a place to discuss about the balance of

Women

4.4

4.6

5.2

Departures

4

3

3

3.8％

2.7％

2.4%

childcare and work such as follow-up lunches when returning
to work.
For details, please click here.

Rate of departure
Follow-up lunches* Excluding secondments from sponsor.

Sustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Social Initiatives

Environmental Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green FinanceEfforts for Employees

Productivity Improvement & Overtime Monitoring

Labor Standard Infractions

The Asset Manager has signed a labor-management agreement (Article 36 of the Labor

The Asset Manager had no serious labor standard infractions between April 1, 2021, andStandards Act) on overtime with an employee representative. It also calculates each

March 31, 2022.

employee's health management time and monitors properly their working time to improve
productivity and maintain employee health.

Human Rights Efforts
Labor Data

Daiwa Securities Group states in its corporate principles that “the Group will strive tomaintain a high sense of morality and duty, endeavoring to continue contributing to the
FY2019FY2020

FY2021sustainable growth of the societies in which we operate.” To improve a corporate culture
rooted in the basic principles of respect for human rights, we are further strengthening ourefforts to educate and enlighten our employees about human rights. See below for details

Annual regular working hours

1807.51837.5

1,830.0

Average monthly overtime hours
per person

20.3

24.6

23.1

Rate of labor-related death0

about Daiwa Securities Group's human rights efforts.
Click here for details.

Complaint Collection00

As a member of Daiwa Securities Group, the Asset Manager has an anonymous
whistleblowing system to quickly detect and correct any infraction of the law or regulations.
The report recipient is the Daiwa Securities Group Inc.'s corporate ethics officer ordesignated advisory legal firm attorney. When necessary, the internal control supervisor
implements corrective and preventive measures based on the instructions of the president.

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Acquisition of External
Assessments/Certifications

Governance Initiatives

Green Finance

Investment Corporation Institutions/Management Structure

Investment Corporation Institutions（c）Accounting Auditor
The Investment Corporation has appointed KPMG AZSA LLC as its accounting auditor. The

In addition to the General Meeting of Unitholders composed of investment unitholders, the

Accounting Auditor shall audit the Investment Corporation's financial statements, report toInvestment Corporation’s institutions include a Board of Directors, composed of one

the supervisory directors any wrongful act or material fact in violation of the law or articles ofexecutive director and two supervisory directors, and an Accounting Auditor.

incorporation it discovers in connection with the executive director's execution of duties, andperform other legally stipulated duties.

Institutions
Structure（a）General Meeting of Unitholders
Certain resolutions, which are stipulated in the Act on Investment Trusts and Investment
Corporations or the articles of incorporation, are adopted at the General Meeting ofUnitholders.
Unless otherwise stipulated in the law or articles of incorporation, resolutions of the General
Meeting of Unitholders shall be adopted by a majority of the voting rights of the unitholders

Asset Manager
General Administrator
related to the operation of
the administrative
instruments
Daiwa Real Estate AssetManagement Co. Ltd.

present. However, for certain important matters such as amendments to the articles of①

Investment Corporation②

Sumitomo Mitsui Trust
Bank, Limited
General Meeting ofUnitholders③

incorporation, resolutions (special resolutions) must be adopted by two-thirds or more of the④

Board of Directors⑤（b）Executive Director, Supervisory Directors & Board of Directors
The executive director has the authority to execute the business of the Investment
Corporation and to represent the Investment Corporation in all judicial or extrajudicial acts
related to its business. The supervisory directors have the authority to supervise theAdministrator ofUnitholders Register
Sumitomo Mitsui Trust
Bank, Limited

voting rights of the unitholders present at a meeting where unitholders holding a majority of
the investment units issued and outstanding are present.

General Administrator
Asset Custodian

Supporting Company

Accounting Auditor

Daiwa Securities Group Inc.

KPMG AZSA LLC

General Administrator(Investment Corporation
Bonds)
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Trust
Bank, Limited
MUFG Bank, Ltd.

executive director's execution of duties. The Board of Directors, which is composed of all
executive directors and supervisory directors, has the authority to approve the execution ofcertain duties, the authority stipulated in the Investment Trust Act and the articles ofincorporation and the authority to supervise the executive director's execution of duties.

① Asset management contract / General administrative contract related② General administrative affairs contract / Asset custodian contract③ Unitholders register, etc. management contract / Special account management contract④ Sponsor support agreement⑤ Fiscal agency agreement

Sustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Governance Initiatives

Social Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Investment Corporation Institutions/Management Structure

Performance-Based Management Compensation

Investment Corporation Management Structure
The Investment Corporation entrusts its asset management to Daiwa Real Estate Asset

Basis of the calculation

Management Co. Ltd. The Asset Manager's organizational structure is as follows.
Management Fee Ⅰ(based on assets undermanagement)

Total appraisal value of assets undermanagement (based on market value)

0.05％

Corporate Auditors

Management Fee Ⅱ(rent revenue standard)

Rent revenue

5.5%

Investment Committee

Management Fee Ⅲ(based on distributable amount)

Distributable amount

3.5%

Management Fee Ⅳ(asset acquisition standard)

Acquisition price of target real estate

0.75%

Management Fee Ⅴ(asset sale standard)

Transfer price of target real estate

0.5%

Shareholders' Meeting

Board of Directors
Compliance Committee

DOI Investment Committee
DLI Investment Committee
DRP Investment Committee
DHP Investment Committee
DLP Investment Committee
Private Fund Investment Committee

Valuation Committee
DRP Valuation Committee
DHP Valuation Committee
DLP Valuation Committee
Sustainability Promotion
Committee

Fee rate

Compliance Officer
President andRepresentative Director

Sustainability Promotion
OfficeInternal Control OfficeAcquisition and AssetManagement Division

DOI
Investment
Management
Dept.

DLI
Investment
Management
Dept.

Private Fund Division

Private REIT
Investment
Management
Dept.

Investment
Planning
Dept.

Private FundManagement
Dept.

Corporate Division

REIT
Planning
Dept.

Finance
Dept.

Administration
Dept.

DOI
Investment
Management
Team

DLI
Investment
Management
Team

DRP
Investment
Management
Team

InfrastructureManagement
Team

FinanceTeam

Construction
ManagementTeam

DLI Portfolio
System TeamDHP
Investment
Management
Team

Infrastructure
Planning
Team

Accounting
Team

Construction
Management
Team

DLP
Investment
Management
Team

Management
Team

Construction
Management
Team

Overseas
Business
Preparation
Team

Corporate
Planning
Dept.
Compliance &Risk Management
Dept.

Finance &Accounting
Team

Sustainability Report 2022

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green FinanceCompliance Structure

Compliance Structure
The Asset Manager is committed to honest and fair corporate activities, not only in strict

1) Asset Acquisition

compliance with all laws and regulations related to its operations, various regulations,

In case of acquiring real estate or real estate trust beneficiary rights from interested parties,

bylaws and market rules but also in full awareness of social norms.

the acquisition price shall be at 100% or less of the appraisal value as appraised by a realestate appraiser. In the case of other assets, the acquisition shall be made at fair value price.
However, if the fair value measurement is not applicable, the acquisition shall be at thevalue reasonably estimated by an expert independent from the asset management company.

Board of Directors
 Decision on basic mattersconcerning compliance2) OtherIn cases other than asset acquisition, such as asset sale, asset leasing, entrustment ofCompliance Officer

Role Design, planning and promotionof all aspects of compliance Centralized management ofcompliance issues

Compliance Committee Deliberation and resolution oncompliance matters, ets.

Internal Control Officeproperty management operations, entrustment of intermediation operations for real estate
acquisition, sale or leasing and placement of construction orders, where such involves

 Implementation of internal
auditsinterested persons, the transaction shall be implemented in line with the rules on measures Management of process ofacquiring appraisal reports

against conflicts of interest.

 Supporting auditors

Investment decision-making system
Points Implementation of information
maintenance and management
as concurrently Chief
Information Security Officer

 Deliberations include two
external committee members
who are experts in compliance Resolutions unanimous Implementation of audits froman independent and fair/
impartial standpoint providing
sufficient

As an asset management company under the Act on Investment Trusts and Investment
Corporations that is entrusted with asset management by the Investment Corporation, theAsset Manager prepares, in line with the Articles of Incorporation, asset management
guidelines to stipulate basic approaches to investment management, such as the investment

Appropriate Management of Conflicts of Interest

policy, rules on transactions with interested parties regarding acquisition and sale of assets,etc. and the disclosure policy.

In cases where transactions may be at risk of conflicts of interest concerning the financial
instruments business or other related operations, the Asset Manager shall comply with the
Financial Instruments and Exchange Act, the Act on Investment Trusts and Investment
Corporations and other related laws and regulations, and the separately provided rules on
measures against conflicts of interest. The rules on prevention of conflicts of interest provide
the following terms and conditions individually for each of the following transactions:Sustainability Report 2022

23

Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green FinanceCompliance Structure
Decision-making process

Each relevant
department

Compliance
Officer

Establishment of Tax Policy
DOI Investment
Committee

Compliance
Committee

Board of Directors
Board of Directors(the Asset(the Investment
Manager)
Corporation)(Note)

Daiwa Securities Group has enacted "Daiwa Securities Group Tax Policy" in aiming todevelop corporate tax governance, and describes our code of conduct and standard of
judgments in taxation.

ProposalExamination
and approval

Deliberation
andresolution

Deliberation
andresolution

Deliberation
andresolution orreportFor details, please click here.
Approval(Note)

Prevention of corruption
Returned to the proposing department when not approved.
(Note) When transacting (acquiring or transferring real estate or securities, or leasing) with interested persons under the Act on
Investment Trusts and Investment Corporations, approval by the Board of Directors of the Investment Corporation is required
except for certain cases.

Note that a proposal shall be returned to the proposing department when examination by theCompliance Officer or deliberation by the DOI Investment Committee, Compliance
Committee or Board of Directors results in approval not being obtained. In addition, foragenda resolved at a meeting of the DOI Investment Committee, Compliance Committee orBoard of Directors, parties having special vested interest shall not be eligible to exercise
voting rights on the concerned resolved agenda.

Prevention of Conflicts of Interest among Funds
In case of competition over a property acquisition opportunity among the Investment
Corporation and other funds, etc. managed by the Asset Manager, conflicts of interest
among the Investment Corporations and other funds, etc. shall be prevented by first
granting the Investment Corporation the preferential right to consider 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.

In line with the principles of the United Nations Global Compact, Daiwa Securities Group
works to prevent corruption. The Code of Ethics and Conduct, which guides the actions ofofficers and employees, stipulates that if corporate ethics and interests conflict with eachother, corporate ethics should be prioritized and acts contrary to corporate ethics should
never be performed. In addition, payment of any money or provision of convenience that isagainst the law is prohibited. Moreover, we prohibit the provision and receipt of economic
benefits that may not be valid in the light of common wisdom, such as cash rewards andexcessive entertainment. For entertainment, we apply and manage in accordance withmanagement rules on entertainment, and we have set special precautions especially forentertainment with government officials including those from foreign governments. In orderto thoroughly prevent corruption, we carry out educational activities for employees, such as
conducting ethics training based on the Code of Ethics and Conduct every year, and monitor
the status of entertainment. In FY2020, Daiwa Securities Group did not have any serious
matters of note such as violations of laws and regulations related to the prevention ofcorruption.
For details, please click here.

Furthermore, in the case of rental residences, the Asset Manager shall prevent arbitrary
distribution of property information and avoid conflicts of interest among Daiwa Residential
Private Investment Corporation, Daiwa Securities Living Investment Corporation and otherfunds, etc. by establishing the "Rotation Rule."

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green FinanceCompliance Structure

Officers

Title

Executive
Director

Supervisory
Director

Protection of information assets

Name

Concurrent Positions

Total
Compensationfor
Position inThis Period(thousands ofyen)

The Asset Manager has established Rules for the Protection of Information Assets with the－ (Note)maintenance of information systems and education and audits related to information system－

Keiichi Sakai

aim of properly utilizing corporate information and preventing unauthorized access and loss
or leakage of corporate information.
The regulations ensure thorough information management by stipulating the management ofconfidential information, access restrictions for outsiders, prevention of information leaks,
management.

Daisuke Eki

Ishii Law Office

Koichiro Ito

Ito International Accounting and Taxation
OfficeVISITS Technologies Inc.
ACT Holdings, Inc.
Jibannet Holdings
moi Corporation
e-Seikatsu Co., Ltd.

－ (Note)Regular Compliance Training
The Asset Manager regularly conducts training for all employees (part-time, contract,
seconded from other companies and temporary) to raise compliance awareness.

(Note) There is no recent compensation due to their appointments on August 26, 2022.

Click here for career summaries.

Same-Boat Investment

Accounting Auditor
Title

Name

Concurrent Positions

Total Compensation for Positionin This Period(thousands of yen)Accounting
Auditor

KPMG AZSA LLC－

15,000* As of end of period ended November 2021

Whistleblowing System
The Asset Manager has established a whistleblowing system for all employees (part-time,
contract, seconded from other companies and temporary).
This system enables anonymous reporting and, in compliance with the Whistleblower
Protection Act, prohibits firing, disciplining, retaliating against or subjecting the whistleblower

Number ofunits

Holdingratio

Daiwa Investment Management Inc.

128,905
units

26.71％

Daiwa Securities Group Inc.

67,321
units

13.95％

Sponsor group

Holding ratio of
Daiwa Securities
Group:

40.7％* As of end of period ended May 2022

Major Investors
Click here for List of Top 10 Investors

to any other disadvantageous treatment on account of their report.
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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green FinanceParticipation in External Assessments

GRESB Real Estate Assessment
The Investment Corporation has continuously participated in the GRESB Real Estate

MSCI ESG Rating
The Investment Corporation has obtained an MSCI ESG rating of “BB” (as of July 2022).

Assessment since 2011, and in the 2021 Assessment, it obtained a “Green Star” rating
recognizing outstanding achievement for the tenth consecutive year in both theUsing an ESG evaluation framework created by MSCI ESG Research LLC, the MSCI ESGManagement Component, which evaluates policies, organizational systems, etc. forrating assigns a rating on a seven-tiered scale, ranging from “AAA” to “CCC,” based on

promoting ESG, and the Performance Component, which evaluates environmental

exposure to industry-specific ESG risks and management capabilities for handling those

performance, initiatives with tenants, etc., at buildings in the portfolio. Moreover, in therisks in comparison with other companies in the same industry. The MSCI ESG rating is one

GRESB Rating, which assigns a rating out of five stars based on where the participant'sof the parameters for listing companies on the MSCI Japan ESG Select Leaders Index,

overall score ranks globally, the Investment Corporation earned a rating of “4 Star.”which is used by the Government Pension Investment Fund as an ESG index for passive

Furthermore, in the 2021 GRESB Public Disclosure assessment, which measures thecomprehensiveness of ESG information disclosure, the Investment Corporation was

management, as well as being used by over 1,300 institutional investors around the world
and in the creation of over 1,000 investment indexes.

assessed as providing outstanding information disclosure relating to environmental andsustainability initiatives, receiving the top rating of “A” on the five-tiered evaluation scale.
Click here for more details about the GRESB Real Estate Assessment

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Acquired External Certifications
As of the end of June 2022, the total number of properties that have acquired environmental certification meeting the requirements for green-qualified assets is 31. The acquisition ratio (basedon the total floor area of owned properties) is 61.3%. The breakdown (number of properties, acquisition ratio) by rank for each certification is as follows.

CASBEE Certification
Rank S
Acquisition ratio
Rank A
Acquisition ratio
Rank B+
Acquisition ratio
Total number of properties
Total

BELS Evaluation
★★

3
11.9%

1

Acquisition ratio

1.1%

★

22
33.6％

1
1.8％

Acquisition ratio

4

Total number of properties

5.2％

2
2.9％

Total

29
50.7％

DBJ Green Building Certification★★★★
Acquisition ratio★★★
Acquisition ratio
Total number of properties
Total

1
8.2%
1
7.8％
2
16.0％

Green-qualified assets

31

properties

The acquisition ratio(based on the total floor area of owned properties)

61.3

％

(note1) Shinjuku Maynds Tower, which has acquired multiple environmental certifications is treated as a property, inorder not to overlap when calculating the total value and acquisition ratio of the properties that have acquired
environmental certification.
(note2) As for the sectionally owned buildings, the total floor area is calculated based on the ownership ratio of theInvestment Corporation.

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Acquired External Certifications

CASBEE for Real Estate Certification

Property Name

Certification
Level

Location

Daiwa River Gate

36-2 Nihonbashi Hakozakicho, Chuo-ku, Tokyo

Kirin Nihonbashi Building

2-5 Nihonbashi Koami-cho,Chuo-ku, Tokyo

been developed in Japan and whose use is becoming more

Daiwa Daikanyama

8-7 Daikanyamacho, Shibuya-ku, Tokyo

widespread there. It rates buildings on a five-tiered scale from

Daiwa Ogikubo

5-26-13 Ogikubo, Suginami-ku, Tokyo

Daiwa Shinagawa Gotenyama

3-3-5 Kita-Shinagawa, Shinagawa-ku, Tokyo

Daiwa Misakicho

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

Daiwa Nihonbashi Horidomecho

2-9-8 Nihombashi-Horidomecho, Chuo-ku, Tokyo

Click here for more details about the CASBEE for Real Estate

Daiwa Nishi-Shimbashi

3-2-1 Nishi-Shimbashi, Minato-ku, Tokyo

certification system

Daiwa Jinbocho 3-chome

3-2-3 other Kanda Jimbocho, Chiyoda-ku, Tokyo

Daiwa Nihonbashi Hongokucho

4-2-16 Nihombashi Hongokucho, Chuo-ku, Tokyo

Daiwa Kitahama

2-2-14 Awajicho, Chuo-ku, Osaka City, Osaka

Daiwa Shibuya Shinsen

9-1 Shinsen-cho, Shibuya-ku, Tokyo

Daiwa Hatchobori ekimae

3-25-7 Hatchobori, Chuo-ku, Tokyo

Daiwa Hatchobori ekimae West3-25-9 Hatchobori, Chuo-ku, Tokyo

Daiwa Kanda Mikuracho Building

5-1 Kanda Mikura-cho, Chiyoda-ku, Tokyo

CASBEE for Real Estate certification is a system for evaluating
the overall environmental performance of buildings which have

Year

2020

“S Rank” (superior) to “C Rank” (lacking) based on
environmental measures such as the use of energy-efficientequipment and equipment with a small environmental footprint,
as well as building quality, including consideration of interior
comfort, the view, etc.

Among the buildings owned by the Investment Corporation, theRank A

following have acquired certification.
2021

Property Name

Location

Certification
Level

Year

Daiwa Sarugakucho

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

Shinjuku Maynds Tower

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

Daiwa Harumi

3-10-1 Harumi, Chuo-ku, Tokyo

Daiwa Mita 2-Chome

2-10-4 Mita, Minato-ku, Tokyo

Daiwa Tsukiji

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

Nihonbashi Central Square

2-16-11 Nihombashi, Chuo-ku, Tokyo

Daiwa Tsukishima

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

Daiwa Shibadaimon

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

Daiwa Kayabacho Building

1-1-11 Nihonbashi Kayabacho, Chuo-ku, Tokyo

Daiwa Tsukijiekimae

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

E SPACE TOWER

3-6 Maruyamacho, Shibuya-ku, Tokyo

Daiwa Shinagawa North

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

Daiwa Shibuya Square

16-28 Nanpeidai, Shibuya-ku, Tokyo

Daiwa Nishi-Shinjuku

1-14-11 Nishishinjuku, Shinjuku-ku, Tokyo

Rank S

Rank A

2021

2020

Rank B+

2021

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Acquisition of External
Assessments/Certifications

Governance Initiatives

Green Finance

Acquired External Certifications

DBJ Green Building Certification

BELS Certification

DBJ Green Building certification is a system created by

BELS certification is a third-party certification system that rates

Development Bank of Japan (DBJ) to support environmentally

housing and other buildings based on their commitment toand socially responsible real estate. Based on an overall

disclosing energy-saving performance based on the Act on theassessment including the environmental performance of the

Improvement of Energy Consumption Performance of Buildings

property as well as measures for various stakeholders (disasterby means of a BEI value calculated using primary energy

prevention, community engagement, etc.), it evaluates andconsumption, in accordance with building energy consumption

certifies socially and economically necessary real estate on a

performance standards stipulated by the national government.

five-tiered scale, from five stars (the highest rating) to one star

Evaluation and disclosure based on this system is performed by(the lowest rating).

member organizations (registered housing quality assessment

Click here for more details about the DBJ Green Building

organizations, designated confirmation and inspection agencies,

certification system

registered building survey organizations, etc.) of theassessment association who have notified of performing BELS-

Among the buildings owned by the Investment Corporation, therelated duties. Buildings are assessed on a five-tiered scale,following have acquired certification.
Property Namefrom five stars (the highest rating) to one star (the lowest rating).
Location

Certification
Level

Year

Shinjuku Maynds Tower

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

★★★★

2021

CONCURRED Yokohama

3-1 Kinko-cho Kanagawa-ku, Yokohama-shi,
Kanagawa

★★★

2020

Click here for more details about the BELS certification system
Among the buildings owned by the Investment Corporation, thefollowing have acquired certification.
Address

Evaluation(Note)

Acquisition
Date of
Evaluation

Daiwa Kayabacho Building

1-1-11 Nihombashi-Kayabacho, Chuo-ku, Tokyo

★★

2016

shinyon curumu

4-2-23 Shinjuku, Shinjuku-ku, Tokyo

★

2016

Property Name

(Note) Evaluator: The Building Center of Japan

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green Finance

Acquired External Certifications

MUFG ESG Rating Certificate for J-REITs Supported by
JCR
The MUFG ESG Rating Certificate for J-REITs Supported by JCR is a system that assesses
companies' ESG-related initiatives based on original ESG-related check items, with
Mitsubishi UFJ Research & Consulting Co., Ltd. (MURC) as the service provider and theJapan Credit Rating Agency (JCR) as the support company. It is a specialized product for JREITs that, in addition to assigning a score, provides feedback on the assessment results,
current issues, etc.
The Investment Corporation and the Asset Manager have acquired “S Rank” for the MUFG
ESG Rating Certificate for J-REITs Supported by JCR.
Click here for more details about the MUFG ESG Rating Certificate for J-REITs Supported
by JCR system

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Governance Initiatives

Acquisition of External
Assessments/Certifications

Green FinanceGreen Finance
The Investment Corporation has established the Green Finance Framework under the belief

2.Evaluation/selection Process of Projects

that providing investment opportunities for investors who are active in ESG investment
through green financing is of social significance.
The Investment Corporation has received Green 1(F), the highest rating in “JCR Green
Finance Framework Evaluation” from Japan Credit Rating Agency, Ltd. as a third-party
evaluation for the Green Finance Framework.

Under the advice of the asset manager of the Asset Manager, the Finance Department willconsider the suitability for eligible criteria, and then evaluate and select the projects.
Raising funds through green financing for the project is examined by the Asset Manager’s
Sustainability Promotion Committee, deliberated by the DOI Investment Committee and theBoard of Directors, and approved by the Board of Directors of the Investment Corporation.

(Note) JCR Green Finance Framework Evaluations related to the Investment Corporation are described on the JCR
website below. https://www.jcr.co.jp/en/greenfinance/green/

Green Finance Framework【Selection process of projects】

Finance Dept.

Evaluation / Selection

Sustainability Promotion Committee

Consideration

DOI Investment Committee

Deliberation / Approval

Board of Directors (the Asset Manager)

Deliberation / Approval

Board of Directors (the Investment Corporation)

Approval

1.Use of Procured Funds
Funds raised through green bonds or green loans will be used to acquire properties thatmeet the following eligible criteria or to refinance the funds.
【Eligible criteria】
Properties which have received or will receive any of the following certifications from thirdparty certification bodies

DBJ Green Building Certification

3 Stars, 4 Stars or 5 Stars

CASBEE for Buildings (New Construction)

B+ Rating, A Rating or S Rating

BELS Certification

3 Stars, 4 Stars or 5 Stars

LEED Certification

Silver, Gold or Platinum

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Policy Regarding Sustainability
and Sustainability Promotion System

Environmental Initiatives

Social Initiatives

Acquisition of External
Assessments/Certifications

Governance Initiatives

Green FinanceGreen Finance
3.Management of Procured Funds

Total issue
amount(million yen)

Setting the total acquisition price of eligible green assets as the maximum issuance amountof green bonds, the Investment Corporation manages so that, as long as there is anunredeemed balance of the relevant green bonds, the total amount of the outstanding green

Seventh Series ofUnsecured
Investment
Corporation Bonds

Interest
rate

Issue date

Redemption
date

Issue
period0.310％

September11, 2020

September11, 2025

5
years

Allocation status

Fully allocated to
1,500

part of therepayment funds
for short-term(Green bond)bonds does not exceed the total acquisition price of eligible green assets.
each portfolio asset as long as there is an unredeemed balance of the relevant green bonds.

Eighth Series ofUnsecured
Investment
Corporation Bonds

In the case where all or part of the net proceeds of the green bond is not immediately(Green bond)In addition, the Investment Corporation internally tracks and manages the allocated funds forallocated to eligible green assets, the Investment Corporation first identifies such
unallocated funds, and then manages all or part of the funds in cash and cash equivalent
until such is allocated to eligible green assets.

Totalborrowings for theacquisition of
2,400

September11, 2020

0.600％

September11, 2030

Daiwa Harumi,

10
years

one of the eligible
green assets

3,900

－

－

－

－

－

(Impact Reporting) The number of the buildings, the total amount of the floor area of eligible green assets
Environmental certification

4.Impact Reporting
As long as there is an unredeemed balance of the relevant green bonds, the Investment
Corporation will annually disclose allocation, the number of the buildings of eligible green
assets and environmental performance indices on its website. The reporting as of May 31,
2022, is as follows.

The Investment Corporation confirmed that the net proceeds of the green bonds are fully
allocated to eligible green assets in accordance with its Green Bond Framework, and thatthe total amount of the outstanding green bonds does not exceed the total acquisition priceof eligible green assets.

Number of properties

FY2021

Total floor area

Number of properties

29

260,801.22㎡

29

260,801.22㎡

DBJ Green Building
Certification

282,282.76㎡

282,282.76㎡

LEED

1

15,012.46㎡030

301,093.10㎡

30

3,900 million yen

Total acquisition price of eligible green assets

286,073 million yen

301,093.10㎡(Note 1) When several certifications have been obtained for the same property, it is counted as one property so as tocalculate the total value without any duplication.
(Note 2) For sectional ownership buildings, the total floor area is calculated based on the ownership ratio of theInvestment Corporation.

 Quantitative indicators regarding eligible green assets
FY2020Total amount of the outstanding green bonds

Total floor area

CASBEE for Real Estate

Portfolio Total(Allocation Reporting)

FY2020

FY2021

Energy Consumption

52,679 MWh

50,540 MWh

CO2 emissions

21,381 t-CO2

20,799 t-CO2

142,262 m³

141,939 m³

Water consumption(Note) Calculated based on data of eligible green assets for which the Investment Corporation has energy
management authority from April 2020 to March 2022.
(Note) Figures for FY2020 have been revised retrospectively after careful examination of the data.

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Sustainability Report 2022