Investor Presentaiton

Statements of Income Daiwa House REIT Investment Corporation Operating revenue Rental revenue Other rental revenue Gain on sale of real estate properties 21,160,720 1,050,855 Total operating revenue 22,211,576 21,984,957 1,028,600 113,532 23,127,090 | II Reversal of voluntary reserve Operating expenses Rental expenses 8,944,104 9,184,698 Loss on sale of real estate properties 99,380 Asset management fees 1,452,834 Asset custody fees 32,882 Administrative service fees 83,859 Directors' remuneration 6,600 Amortization of goodwill 1,982,226 1,519,464 33,727 89,196 6,600 1,982,226 Unappropriated retained earnings Reversal of reserve for temporary difference adjustments III Distributions [Distributions per unit] IV Accumulation of voluntary reserve Period ended Aug. 2018 (thousand yen) Period ended Feb. 2019 Statements of Cash Distributions Period ended Aug. 2018 7,765,290,290 (yen) Period ended Feb. 2019 8,597,087,441 V Accumulation of reserve for distribution Retained earnings carried forward 1,980,646,890 1,980,994,520 9,723,642,000 [5,046] 10,457,829,000 [5,427] 22,295,180 120,252,961 Provision of allowance for doubtful accounts 561 Other operating expenses 339,658 Total operating expenses 12,942,107 351,000 13,166,914 Operating Income Non-operating income Interest income 9,269,468 9,960,176 /Rental Revenue and Expenses Period ended Aug. 2018 (thousand yen) Period ended Feb. 2019 178 166 Gain on forfeiture of unclaimed distributions 4,168 4,436 Settlement received 10,070 Reversal of allowance for doubtful accounts 266 Settlement money for property tax, etc. 1,564 A. Real estate rental revenue Rental revenue Rent Common area charges Total rental revenue Other rental revenue 20,695,802 464,918 21,160,720 21,511,590 473,366 21,984,957 Refunded consumption taxes 22,295 6,720 Facility charges 365,832 382,753 Interest on tax refund 1,518 Incidental revenue 295,306 283,633 Other 2,573 1 Other 389,716 362,213 Total non-operating income 39,287 14,674 Total other rental revenue 1,050,855 1,028,600 Non-operating expenses Interest expenses 1,019,240 Interest expenses on investment corporation bonds 42,392 Amortization of investment corporation bond 7,709 1,036,887 51,092 8,358 Total real estate rental revenue B. Real estate rental expenses Rental expenses 22,211,576 23,013,558 Management fees 1,303,367 1,283,640 Utilities 342,082 349,856 issuance costs Investment unit issuance expenses 191,068 Taxes and public dues 1,440,930 1,432,107 Borrowing related expenses Other Total non-operating expenses Ordinary Income Extraordinary losses Income before income taxes Total income taxes Net income Unappropriated retained earnings 275,881 278,819 Repairs and maintenance expenses 568,311 746,985 2,056 2,000 Restoration costs 311,974 230,219 1,538,348 1,377,157 Insurance expenses 26,911 27,558 7,770,407 8,597,692 4,512 Depreciation 7,765,895 8,597,692 605 605 7,765,290 7,765,290 8,597,087 8,597,087 Custodian fees Other operating expenses Total real estate rental expenses C. Income from real estate rental business (A-B) 68,447 58,202 4,296,514 4,454,820 585,563 601,307 8,944,104 13,267,472 9,184,698 13,828,859 36

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