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Investor Presentaiton

Historical Financial Data Daiwa House REIT Investment Corporation Feb. 2015 Aug. 2015 Feb. 2016 Aug. 2016 (A) Feb. 2017 Operating days 181 days 184 days 182 days 184 days (B) 181 days Change (B-A) -3 days Operating Revenue 8,693 mil yen 9,356 mil yen 9,662 mil yen 9,691 mil yen 17,531 mil yen 7,840 mil yen Operating Income 3,881 mil yen 3,925 mil yen 3,947 mil yen 3,959 mil yen 5,567 mil yen 1,607 mil yen -4 mil yen Gain/loss on sale of property Ordinary Income 3,081 mil yen 3,146 mil yen 3,177 mil yen 3,214 mil yen 4,474 mil yen -4 mil yen 1,259 mil yen Net Income 3,080 mil yen 3,145 mil yen 3,177 mil yen 3,213 mil yen 4,393 mil yen 1,179 mil yen DPU 8,691 yen Number of investment units issued 373,870 units 4,460 yen 747,740 units 4,501 yen 747,740 units 4,537 yen 747,740 units 4,800 yen 1,519,280 units Payout ratio 105.5% 106.0% 106.0% 105.6% 166.0% 263 yen 771,540 units 60.4 p.p. Total Assets 238,730 mil yen 258,400 mil yen 258,590 mil yen 258,266 mil yen 604,142 mil yen 345,875 mil yen Net Assets 111,455 mil yen 111,352 mil yen 111,194 mil yen 111,042 mil yen 330,304 mil yen 219,262 mil yen Unitholders' Capital 61,703 mil yen 61,703 mil yen 61,703 mil yen 61,703 mil yen 61,703 mil yen Capital Surplus 28,241 mil yen 28,241 mil yen 28,241 mil yen 28,241 mil yen Interest-bearing debt 122,463 mil yen 141,663 mil yen 141,663 mil yen 141,663 mil yen 247,667 mil yen 253,163 mil yen 219,425 mil yen 111,500 mil yen LTV (Including goodwill) 51.3% 54.8% 54.8% 54.9% 41.9% -13.0 p.p. 48.1% LTV (Excluding goodwill) Net Assets per unit (Note 1) 149,056 yen 148,918 yen 148,707 yen 148,504 yen 217,408 yen 68,904 yen NAV per unit (Note 1) 177,581 yen 185,450 yen 191,454 yen 195,377 yen 248,462 yen 53,085 yen FFO per unit (Note 1) (Note 2) 6,385 yen 6,752 yen 6,948 yen 7,024 yen 6,469 yen -555 yen (Note 1) "Net Assets per unit", "NAV per unit" and "FFO per unit" for the period ended February 2015 are stated using the per unit figures divided by two, factoring the impact of two-for-one unit split effective as of March 1, 2015. (Note 2) FFO per unit: (Net income + depreciation + amortization + amortization of investment corporation bond issuance costs + amortization of trademark rights + amortization of software +/- loss or gain on sale of property +/- extraordinary loss or gain) / number of investment units issued 31
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