Investor Presentaiton

Portfolio Summary (as of April 10, 2019) O Daiwa House REIT Investment Corporation Portfolio Logistics Residential Retail Hotel Other Acquisition price 750,533 mil yen 385,149 mil yen 246,424 mil yen 95,330 mil yen 10,770 mil yen 12,860 mil yen Number of properties 229 properties 67 properties 133 properties 21 properties 3 properties 5 properties NOI yield 5.3 % 5.1 % 5.6 % 5.4 % 4.9 % 6.3 % (adjusted for property taxes) NOI yield after depreciation 4.0 % 3.9 % 4.0 % 4.4 % 4.0 % 4.8 % (adjusted for property taxes) Average property age 9.8 years 7.7 years 13.1 years 10.3 years 12.3 years 6.7 years Occupancy rate 99.5% 100.0 % 97.4 % 99.7 % 100.0 % 100.0 % Area breakdown Greater Tokyo Greater Nagoya Greater Osaka Other 65.9% 4.2% 8.9% 20.9% Greater Tokyo 64.6% Greater Nagoya 4.5% Greater Osaka 6.1% Other 24.9% Greater Tokyo Greater Nagoya Greater Osaka Other 83.3 % 3.1% 8.8% 4.8% Greater Tokyo Greater Nagoya Greater Osaka Other 34.2% 2.5% 21.4% 41.8% Greater Tokyo 44.6% Greater Nagoya 41.8% Greater Osaka 13.6% Greater Tokyo Other 26.5% 73.5% (Note) NOI yield and NOI yield after depreciation are based on annualized NOI (adjusted for property taxes to be expensed) for the period ended Feb. 2019 and appraisal NOI for the properties acquired in Mar. and Apr. 2019. Occupancy rate is as of February 28, 2019. // Portfolio by Asset Class / Portfolio by Area Portfolio by Property Age Logistics 51.3% Greater Tokyo area 65.9% ■Less than 5 years 17.1% Residential Core Three Greater Nagoya area 32.8% major metropolitan Assets 4.2% Retail areas 98.3% 12.7% Greater Osaka area Hotel 79.1% Less than 10 years 46.0% 5 to less than 10 1.4% Other 1.7% 8.9% Other areas 20.9% years 29.0% 10 years or more 54.0% (acquisition price basis) 17

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