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Investor Presentaiton

Historical Financial Data Daiwa House REIT Investment Corporation Feb. 2017 Aug. 2017 Feb. 2018 Aug. 2018 (A) Feb. 2019 (B) Change (B-A) Operating days 181 days 184 days 181 days 184 days 181 days -3 days Operating Revenue 17,531 mil yen 21,015 mil yen 19,700 mil yen 22,211 milyen 23,127 mil yen 915 mil yen Operating Income 5,567 mil yen 9,392 mil yen 8,012 mil yen 9,269 mil yen 9,960 mil yen 690 mil yen Gain (loss) on sale of properties -4 mil yen 1,536 mil yen -99 mil yen 113 mil yen 212 mil yen Ordinary Income 4,474 mil yen 7,974 mil yen 7,146 mil yen 7,770 mil yen 8,597 mil yen 827 mil yen Net Income 4,393 mil yen 7,968 mil yen 7,142 mil yen 7,765 mil yen 8,597 mil yen 831 mil yen DPU 4,800 yen Number of investment units issued 1,519,280 units 4,964 yen 1,690,000 units 5,194 yen 1,690,000 units 5,046 yen 1,927,000 units 5,427 yen 1,927,000 units 381 yen Payout ratio 166.0% 104.0% 122.9% 123.6% 121.7% -1.9 p.p. Total Assets 604,142 mil yen 682,359 mil yen 681,192 mil yen 771,281 mil yen 777,727 mil yen 6,445 mil yen Net Assets 330,304 mil yen 377,321 mil yen 376,300 mil yen 430,596 mil yen 429,223 mil yen -1,373 mil yen Unitholders' Capital 61,703 mil yen 108,136 mil yen 108,136 mil yen 163,230 mil yen 163,230 mil yen Capital Surplus 247,667 mil yen 247,667 mil yen 247,667 mil yen 247,667 mil yen 247,667 mil yen Interest-bearing debt 253,163 mil yen 282,268 mil yen 282,268 mil yen 314,268 mil yen 321,268 mil yen 7,000 mil yen LTV (Excluding goodwill) 48.1% 46.5% 46.4% 44.9% 45.4% 0.5 p.p. LTV (Including goodwill) 41.9% 41.4% 41.4% 40.7% 41.3% 0.6 p.p. Net Assets per unit 217,408 yen 223,267 yen 222,663 yen 223,454 yen 222,741 yen -713 yen NAV per unit (Note 1) 234,683 yen 245,689 yen 248,003 yen 254,168 yen 261,610 yen 7,442 yen FFO per unit (Note 2) 6,469 yen 7,184 yen 7,625 yen 7,346 yen 7,747 yen 401 yen (Note 1) NAV per unit: (Unitholders' capital + capital surplus + appraisal value of properties - book value of properties) / number of investment units issued (Note 2) FFO per unit: (Net income + depreciation + amortization + amortization of investment corporation bond issuance costs + amortization of trademark rights + amortization of software +/- loss or gain on sale of properties +/- extraordinary loss or gain) / number of investment units issued 33
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