Investor Presentaiton

Operation Status of Residential Properties Daiwa House REIT Investment Corporation Operation Status Period average occupancy at 96.4%, above forecast of 95.0% Performed major renovations for 5 properties Rents Monthly rents at tenant replacement increased for 4 consecutive periods Performed upgrade work for 21 residence units of 13 properties → Contracts were signed for 17 residence units at end of period with 8.1% increase in rents Monthly Rent at Tenant Replacement (Ratio of number of tenant replacement) ■Rent increase No change Period ended Rent decrease 40.2% 33.1% 26.7% Feb. 2017 Period ended 37.2% Aug. 2016 43.4% 19.4% Period ended 46.8% 26.7% 26.6% 51.5% 21.2% 27.3% 46.7% 23.7% 29.6% 0% 20% 40% 60% 80% 100% Feb. 2016 Period ended Aug. 2015 Period ended Feb. 2015 // Performing Upgrade Work Performed upgrade work considering the characteristics of each property in order to maintain competitiveness Before After Amount of Monthly Rent Increase and Decrease (thousand yen) 4,000 3,000 2,000 1,000 0 (1,000) (2,000) ■Rent increase amount ■Rent decrease amount (3,000) Net amount Period ended Period ended Period ended Period ended Period ended Feb. 2015 (50) Aug. 2015 +1,580 Feb. 2016 +764 Aug. 2016 +1,421 Feb. 2017 +856 Monthly Occupancy Rate Residential Properties 100% 99% 98% 97.0% 96.5% 97% 96.4% 96.5% 95.8% 95.6% 95.7% 95.8% 96.0% 96.2% 96.2% 96.1% 96% 95% 16/3 16/4 16/5 16/6 16/7 16/8 16/9 16/1016/1116/12 17/1 17/2 18

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