Investor Presentaiton

Track Record of Financial Data Daiwa House REIT Investment Corporation Equity offerings and increase in unrealized gain on properties contributed to growth of NAV per unit LTV (excluding goodwill) within 40% to 50% range and maintain stable financial operation // NAV per Unit Average Financing Period / (yen) 300,000 Unitholders' capital and capital surplus per unit NAV per unit Average Remaining Maturity / Average Interest Rate (years) 12 0.9% 261,610 260,220 245,689 248,003 250,000 234,683 210,534 210,534 213,231 203,629 200,000 254,168 0.78% 0.77% 0.77% 0.76% 0.76% 10 213,231 215,017 8 0.74% 0.8% 0.7% 7.6 7.8 7.9 7.9 7.9 6 0.6% 6.9 5.6 5.7 5.5 4 5.1 5.3 0.5% 4.7 2 0.4% 0 Feb. 2017 Aug. 2017 Feb. 2018 Aug. 2018 Feb. 2019 Apr. 10, 2019 0 0.3% Mar. 2017 Equity Offering Financed 47.9 Bn yen Mar. 2018 Equity Offering Feb. 2019 Equity Offering Financed 56.8 Bn yen Financed 36.3 Bn yen Sep. 2016 Oct. 2017 Aug. 2018 JCR Rating JCR Rating AA- (Stable) AA- (Positive) R&I Rating A+ (Stable) Feb. 2017 Aug. 2017 Feb. 2018 Aug. 2018 Feb. 2019 Apr. 10, 2019 Average financing period (LHS) Average remaining maturity (LHS) Average interest rate (RHS) AA- (Positive) AA (Stable) A+ (Positive) LTV /Fixed Interest Ratio LTV (Excluding goodwill) LTV (Including goodwill) 50% 100% 48% 95% 46% 48.1% 95.4% 95.5% 95.2% 46.5% 46.4% 44% 93.8% 93.8% 45.4% 44.9% 45.2% 90% 42% 90.3% 40% 41.9% 41.4% 41.4% 41.3% 41.5% 85% 40.7% 38% 36% 80% Feb. 2017 Aug. 2017 Feb. 2018 Aug. 2018 Feb. 2019 Apr. 10, 2019 Feb. 2017 Aug. 2017 Feb. 2018 Aug. 2018 Feb. 2019 Apr. 10, 2019 12

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