Investor Presentaiton
Appraisal Value Changes Comparison (4)
Daiwa House REIT Investment Corporation
(million yen)
(%)
Appraisal value (Note 1)
Aug. 2016
Feb. 2017
Change
Property
number
Property name
Acquisition Book value Unrealized
price
Feb. 2017 gain/loss Aug. 2016 Feb. 2017 Change
Direct cap
DCF
Direct cap
DCF
Direct cap
DCF
Appraiser
(Note 2)
CR
DR
TCR
CR
DR
TCR
CR
DR
TCR
RE-063 Castalia Kitazawa
742
764
32
796
797
1
4.4
4.2
4.6
4.4
4.2
4.6
0.0
0.0
0.0
JREI
RE-064 Castalia Monzennakacho
503
462
62
510
525
15
4.9
5.0
5.1
4.8
4.9
5.0
-0.1
-0.1
-0.1 Tanizawa
RE-065 Castalia Kamiikedai
198
183
28
212
212
0
5.1
4.7
5.3
5.1
4.7
5.3
0.0
0.0
0.0 JREI
RE-066 Castalia Morishita
832
810
187
985
998
13
4.5
4.3
4.7
4.4
4.2
4.6
-0.1
-0.1
-0.1
JREI
RE-067 Castalia Wakabayashi koen
776
751
78
809
830
21
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1 Daiwa
RE-068 Castalia Asakusabashi
792
740
191
913
932
19
4.6
4.4
4.8
4.5
4.3
4.7
-0.1
-0.1
-0.1 Chuo
RE-069 Castalia Iriya
546
508
144
641
653
12
5.0
4.8
5.2
4.9
4.7
5.1
-0.1
-0.1
-0.1
Chuo
RE-070 Castalia Kita Ueno
2,641
2,434
235
2,590
2,670
80
4.7
4.8
4.9
4.6
4.7
4.8
-0.1
-0.1
-0.1 Tanizawa
RE-071 Castalia Morishita II
686
627
146
771
774
3
4.6
4.7
4.8
4.6
4.7
4.8
0.0
0.0
0.0 Tanizawa
RE-072 Castalia Minowa
1,430
1,309
200
1,510
1,510
0
4.6
4.7
4.8
4.6
4.7
4.8
0.0
0.0
0.0 Tanizawa
RE-073 Castalia Oyamadai
533
504
78
583
583
0
4.5
4.6
4.7
4.5
4.6
4.7
0.0
0.0
0.0 Tanizawa
RE-074 Castalia Nakano
1,060
983
216
1,200
1,200
0
4.4
4.2
4.6
4.4
4.2
4.6
0.0
0.0
0.0 JREI
RE-075 Castalia Yoga
923
875
234
1,110
1,110
0
4.4
4.6
4.6
4.4
4.6
4.6
0.0
0.0
0.0 Tanizawa
RE-076 Castalia Sumiyoshi
948
863
146
983
1,010
27
4.6
4.7
4.8
4.5
4.6
4.7
-0.1
-0.1
-0.1 Tanizawa
RE-077 Castalia Monzennakacho II
2,160
2,010
599
2,600
2,610
10
4.4
4.2
4.6
4.4
4.2
4.6
0.0
0.0
0.0 JREI
RE-078 Castalia Oshiage
1,100
1,003
96
1,100
1,100
0
4.7
5.0/4.8
4.9
4.7
5.0/4.8
4.9
0.0
0.0
0.0 Tanizawa
RE-079 Castalia Kuramae
1,260
1,158
301
1,430
1,460
30
4.6
4.8/4.7
4.8
4.5
4.7/4.6
4.7
-0.1
-0.1
-0.1 Tanizawa
RE-080 Castalia Nakanobu
1,790
1,686
893
2,560
2,580
20
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1 Chuo
RE-081 Royal Parks Toyosu
7,360
6,506
3,203
9,190
9,710
520
4.8
4.5
5.1
4.7
4.4
5.0
-0.1
-0.1
-0.1 Chuo
RE-082 Castalia Togoshi
1,770
1,632
877
2,500
2,510
10
4.5
4.3
4.7
4.4
4.2
4.6
-0.1
-0.1
-0.1 Chuo
RE-083 Castalia Ooimachi
1,181
1,178
271
1,450
1,450
0
4.2
4.1
4.4
4.2
4.1
4.4
0.0
0.0
0.0 Morii
RE-084 Castalia Omori
1,500
1,459
320
1,760
1,780
20
4.5
4.3
4.7
4.4
4.2
4.6
-0.1
-0.1
-0.1 Chuo
RE-085 Castalia Mishuku
1,900
1,867
422
2,280
2,290
10
4.5
4.3
4.7
4.4
4.2
4.6
-0.1
-0.1
-0.1
Chuo
RE-086 Castalia Arakawa
1,660
1,590
549
2,100
2,140
40
4.7
4.5
4.9
4.6
4.4
4.8
-0.1
-0.1
-0.1 Chuo
RE-087 Castalia Omori II
2,370
2,306
453
2,760
2,760
0
4.3
4.1
4.5
4.3
4.1
4.5
0.0
0.0
0.0
Morii
RE-088 Castalia Nakameguro
3,800
3,797
472
4,400
4,270
-130
4.1
3.9
4.3
4.1
3.9
4.3
0.0
0.0
0.0 Morii
RE-089 Castalia Meguro Chojyamaru
2,030
2,027
272
2,300
2,300
0
4.1
3.9
4.3
4.1
3.9
4.3
0.0
0.0
0.0
Morii
RE-090 Castalia Meguro Takaban
1,750
1,767
112
1,880
1,880
0
4.4
4.2
4.6
4.4
4.2
4.6
0.0
0.0
0.0
Morii
RE-091 Castalia Omori III
1,520
1,504
185
1,690
1,690
4.3
4.1
4.5
4.3
4.1
4.5
0.0
0.0
0.0
Morii
RE-092 Morino Tonari
1,020
1,061
108
1,170
1,170
0
4.3
4.1
4.5
4.3
4.1
4.5
0.0
0.0
0.0 JREI
RE-093 Castalia Meguro Tairamachi
1,165
1,220
19
1,240
1,240
0
4.1
3.9
4.3
4.1
3.9
4.3
0.0
0.0
0.0 Morii
RE-094 Royal Parks SEASIR
4,350
4,387
492
4,830
4,880
50
5.6
5.4/5.8
5.6
5.4/5.8
-
0.0
0.0
Morii
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