Investor Presentaiton
Appraisal Value Changes Comparison (6)
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
Direct cap
DCF
Direct cap
DCF
Direct cap
DCF
Appraiser
(Note 2)
Change
CR
DR
TCR
CR
DR
TCR
CR
DR
TCR
RE-128 Castalia Omachi
656
625
113
726
739
13
5.5
5.5
5.7
5.4
5.4
5.6
-0.1
-0.1
-0.1
Daiwa
RE-129 Castalia Uemachidai
2,190
2,000
629
2,590
2,630
40
4.9
4.7
5.1
4.8
4.6
5.0
-0.1
-0.1
-0.1 Daiwa
RE-130 Castalia Tower Higobashi
2,670
2,443
1,086
3,490
3,530
40
4.9
4.7
5.1
4.8
4.6
5.0
-0.1
-0.1
-0.1 Chuo
RE-131 Big Tower Minami Sanjo
1,740
1,410
1,159
2,490
2,570
80
5.4
5.2
5.6
5.3
5.1
5.5
-0.1
-0.1
-0.1 Daiwa
RE-132
Castalia Fushimi
2,260
2,055
954
2,980
3,010
30
5.0
4.8
5.2
4.9
4.7
5.1
-0.1
-0.1
-0.1 JREI
RE-133 Castalia Meieki Minami
720
684
212
897
897
0
4.7
4.5
4.9
4.7
4.5
4.9
0.0
0.0
0.0 Morii
RE-134 Castalia Yakuin
930
910
209
1,110
1,120
10
4.8
4.6
5.0
4.8
4.6
5.0
0.0
0.0
0.0
Morii
RE-135 Castalia Mibu
1,193
1,147
292
1,440
1,440
0
5.0
4.8
5.2
5.0
4.8
5.2
0.0
0.0
0.0
JREI
RE-136 Castalia Tsutsujigaoka
1,208
1,187
472
1,690
1,660
-30
5.1
4.9
5.3
5.1
4.9
5.3
0.0
0.0
0.0 Morii
RE-137 Castalia Ohori Bay Tower
2,910
2,756
993
3,750
3,750
0
5.3
5.1
5.5
5.3
5.1
5.5
0.0
0.0
0.0 Morii
RE-138 Royal Parks Namba
2,830
2,667
262
3,080
2,930
-150
5.7
5.6/6.0
--
5.6
5.5/5.9
-
-0.1
-0.1
-
Daiwa
RE-139 Castalia Shigahondori
1,730
1,667
402
2,140
2,070
-70
5.2
5.0
5.4
5.1
4.9
5.3
-0.1
-0.1
-0.1
JREI
RE-140 Castalia Kyoto Nishioji
973
1,037
2
1,030
1,040
10
4.9
4.7
5.1
4.8
4.6
5.0
-0.1
-0.1
-0.1
Morii
RE-141 Castalia Ningyocho III
2,000
2,042
207
2,180
2,250
70
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1
JREI
RE-142 Royal Parks Umejima
2,020
2,084
75
2,150
2,160
10
5.6
5.4/5.8
5.6
5.4/5.8
0.0
0.0
Morii
Residential Properties Total
257,954
245,129
40,608
281,329
285,738
4,409
RM-001 ACROSSMALL Shinkamagaya
7,770
7,716
93
7,770
7,810
40
6.0
5.7
6.2
5.9
5.6
6.1
-0.1
-0.1
-0.1
JREI
RM-002 FOLEO Hirakata
4,580
4,552
27
4,580
4,580
0
6.4
5.8
6.4
6.2
5.7
6.3
-0.2
-0.1
-0.1
JREI
RM-003 QIZ GATE URAWA
4,270
4,300
-30
4,270
4,270
0
5.6
5.2
5.7
5.5
5.1
5.6
-0.1
-0.1
-0.1
JREI
RM-004
UNICUS Takasaki
3,000
2,989
30
3,000
3,020
20
6.5
6.2
6.7
6.4
6.1
6.6
-0.1
-0.1
-0.1
JREI
RM-005 ACROSSPLAZA Miyoshi (Land)
3,740
3,740
60
3,740
3,800
60
-
4.6
4.5
-
-0.1
Tanizawa
RM-006 DREAM TOWN ALI
8,100
8,061
38
8,100
8,100
0
6.0
5.8
6.3
RR-001 LIFE Sagamihara Wakamatsu
1,670
1,667
22
1,670
1,690
20
5.2
4.8
5.3
RR-002 FOLEO Sendai Miyanomori
6,960
6,938
101
6,960
7,040
80
6.0
5.7
6.2
555
5.9
5.7
6.2
-0.1
-0.1
-0.1 JREI
5.1
4.7
5.2
-0.1
-0.1
-0.1
JREI
5.9
5.6
6.1
-0.1
-0.1
-0.1
JREI
RR-003 ACROSSPLAZA Inazawa (Land)
Sports Depo and GOLF5
2,390
2,390
20
2,390
2,410
RR-004
2,230
2,231
68
2,280
2,300
Kokurahigashi IC Store
RR-005 Hiratsuka Retail Property (Land)
5,620
5,857
772
6,630
6,630
220
5.5
-
5.4
-
-0.1
JREI
6.4
6.4/6.5
6.6
6.3
6.3/6.4
6.5
-0.1
-0.1
-0.1 Tanizawa
4.0
4.0
0.0
-
Tanizawa
Retail Properties Total
50,330
50,445
1,204
51,390
51,650
260
OT-001 Urban Living Inage
930
897
382
1,260
1,280
20
5.4
5.2
5.6
5.3
5.1
5.5
-0.1
-0.1
-0.1 Daiwa
OT-002
Aburatsubo Marina HILLS
1,100
1,106
153
1,250
1,260
10
6.2
6.0
6.4
6.1
5.9
6.3
-0.1
-0.1
-0.1
JREI
Naha Shin-Toshin Center Building
OT-003
7,600
7,586
123
7,630
7,710
80
5.8
5.6
6.0
5.7
5.5
5.9
-0.1
-0.1
-0.1 Daiwa
(Daiwa Roynet Hotel Naha-Omoromachi)
Other Assets Total
9,630
9,590
659
10,140
10,250
110
T
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