Investor Presentaiton

Financial Highlights for February 2019 Period DPU Operation Status O Daiwa House REIT Investment Corporation Financial Status Acquisition: 4 properties Disposition: 1 property 12.7 Bn yen New loans 7.0 Bn yen 5,427 yen ◆ NOI yield 1.2 Bn yen 5.4 % * Property taxes for the properties acquired in 2018 will be expensed starting from the period ending Aug. 2019 (average borrowing period of 7.1 years) Three life insurance companies joined as new lenders +127 yen vs Forecast NAV per unit 261,610 yen ◆ NOI yield 4.1 % +381 yen vs Aug. 2018 after depreciation ◆ LTV (excluding goodwill) (+7,442 yen vs Aug. 2018) 45.4% Occupancy rate 99.5% (+0.5 p.p. vs Aug. 2018) NOI yield Period end occupancy ΝΟΙ Acquisition price Asset class NOI yield (mil yen) (mil yen) NOI yield after depreciation Asset class Aug. 2018 Feb. 2019 Change Logistics 8,820 340,009 5.2% 4.1% Logistics 100.0% 100.0% Residential 6,824 246,424 5.6% 4.0% Residential 97.4% 97.4% - Retail 2,099 79,260 5.7% 4.7% Retail 99.7% 99.7% Hotel 155 6,270 5.7% 4.7% Hotel 100.0% 100.0% Other 372 11,480 6.5% 4.9% Other 100.0% 100.0% Portfolio 18,271 683,443 5.4% 4.1% Portfolio 99.5% 99.5% || | || (Note 1) Calculated excluding the property sold during the period. (Note 2) NOI yield and NOI yield after depreciation are based on annualized NOI for the period ended Feb. 2019. 4

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