Investor Presentaiton
Appraisal Value Changes Comparison (4)
O Daiwa House REIT Investment Corporation
(mil yen)
(%)
Appraisal value (Note 1)
Aug. 2018
Feb. 2019
Change
Property
number
Property name
Acquisition Book value Unrealized
price
Feb. 2019 gain (loss) Aug. 2018 Feb. 2019 Change
Direct cap
DCF
Direct cap
DCF
Direct cap
DCF
Appraiser
(Note 2)
CR
DR
TCR
CR
DR
TCR
CR
DR
TCR
RE-037 Castalia Ginza III
2,880
2,712
357
3,050
3,070
20
4.1
4.2
4.3
4.1
4.1
4.3
0.0
-0.1
0.0 Tanizawa
RE-038 Castalia Kayabacho
2,707
2,506
733
3,170
3,240
70
4.3
4.3
4.5
4.2
4.2
4.4
-0.1
-0.1
-0.1 Tanizawa
RE-039 Castalia Takanawa
7,430
7,111
1,128
8,010
8,240
230
4.2
4.5
4.4
4.1
4.4
4.3
-0.1
-0.1
-0.1 Tanizawa
RE-040 Castalia Higashi Nihonbashi
3,520
3,217
862
4,070
4,080
10
4.4
4.2
4.6
4.4
4.2
4.6
0.0
0.0
0.0 Chuo
RE-041 Castalia Shinjuku
2,950
2,823
676
3,420
3,500
80
4.2
4.4
4.4
4.1
4.3
4.3
-0.1
-0.1
-0.1 Tanizawa
RE-042 Castalia Ichigaya
940
863
486
1,340
1,350
10
4.3
4.1
4.5
4.3
4.1
4.5
0.0
0.0
0.0 Chuo
RE-043 Shibaura Island Bloom Tower
7,580
6,656
2,693
9,170
9,350
180
-
3.9
6.0
3.9
5.9
0.0
-0.1 JREI
RE-044 Castalia Hatsudai
2,030
1,953
436
2,360
2,390
30
4.2
4.0
4.4
4.1
3.9
4.3
-0.1
-0.1
-0.1
Daiwa
RE-045 Castalia Hatsudai II
1,900
1,861
318
2,140
2,180
40
4.0
3.8
4.2
3.9
3.7
4.1
-0.1
-0.1
-0.1
Morii
RE-046 Castalia Ebisu
1,420
1,401
238
1,590
1,640
50
3.9
3.7
4.1
3.8
3.6
4.0
-0.1
-0.1
-0.1
Morii
RE-047 Castalia Meguro Kamurozaka
4,500
4,016
453
4,350
4,470
120
4.1
3.9
4.3
4.0
3.8
4.2
-0.1
-0.1
-0.1 Daiwa
RE-048 Castalia Toritsudaigaku
648
583
-47
535
536
1
5.0
4.8
5.3
5.0
4.8
5.3
0.0
0.0
0.0 Chuo
RE-049 Castalia Yukigaya
1,110
983
166
1,120
1,150
30
4.3
4.4
4.5
4.2
4.3
4.4
-0.1
-0.1
-0.1 Tanizawa
RE-050 Castalia Yutenji
RE-051 Castalia Otsuka
RE-052 Castalia Kikukawa
RE-053 Castalia Meguro
1,450
1,328
-8
1,310
1,320
10
4.1
3.9
4.3
4.1
3.9
4.3
0.0
0.0
0.0 Chuo
1,480
1,303
346
1,650
1,650
0
4.2
4.0
4.4
4.2
4.0
4.4
0.0
0.0
0.0 Chuo
817
713
95
790
809
19
4.4
4.5
4.6
4.3
4.4
4.5
-0.1
-0.1
-0.1 Tanizawa
844
862
207
1,050
1,070
20
4.3
4.0
4.5
4.2
3.9
4.4
-0.1
-0.1
-0.1
JREI
RE-054 Castalia Otsuka II
1,040
972
317
1,260
1,290
30
4.2
4.0
4.4
4.2
4.0
4.4
0.0
0.0
0.0 JREI
RE-055 Castalia Jiyugaoka
1,200
1,157
242
1,390
1,400
10
4.1
3.9
4.3
4.0
3.8
4.2
-0.1
-0.1
-0.1
JREI
RE-056 Castalia Mejiro
988
924
175
1,090
1,100
10
4.5
4.3
4.7
4.5
4.3
4.7
0.0
0.0
0.0 Chuo
RE-057 Castalia Ikebukuro
2,570
2,426
523
2,820
2,950
130
4.2
4.0
4.4
4.1
3.9
4.3
-0.1
-0.1
-0.1 Daiwa
RE-058 Castalia Kaname-cho
1,140
1,049
230
1,250
1,280
30
4.3
4.5
4.5
4.2
4.4
4.4
-0.1
-0.1
-0.1 Tanizawa
RE-059 Castalia Tower Shinagawa Seaside
7,380
6,725
2,404
8,920
9,130
210
4.3
4.3
4.5
4.2
4.2
4.4
-0.1
-0.1
-0.1 Tanizawa
RE-060 Castalia Yakumo
857
824
-5
798
819
21
4.2
4.4
4.4
4.1
4.3
4.3
-0.1
-0.1
-0.1 Tanizawa
RE-061 Castalia Togoshiekimae
1,560
1,454
595
2,000
2,050
50
4.3
4.1
4.5
4.2
4.0
4.4
-0.1
-0.1
-0.1 JREI
RE-062 Castalia Honjo Azumabashi
996
982
247
1,190
1,230
40
4.5
4.6
4.7
4.4
4.5
4.6
-0.1
-0.1
-0.1 Tanizawa
RE-063 Castalia Kitazawa
742
757
91
827
849
22
4.2
4.0
4.4
4.1
3.9
4.3
-0.1
-0.1
-0.1 JREI
RE-064 Castalia Monzennakacho
503
473
129
588
603
15
4.5
4.6
4.7
4.4
4.5
4.6
-0.1
-0.1
-0.1 Tanizawa
RE-065 Castalia Kamiikedai
198
179
42
217
222
5
4.9
4.5
5.1
4.8
4.4
5.0
-0.1
-0.1
-0.1 JREI
RE-066 Castalia Morishita
832
792
257
1,040
1,050
10
4.2
4.0
4.4
4.2
4.0
4.4
0.0
0.0
0.0 JREI
RE-067 Castalia Wakabayashikoen
776
740
123
850
864
14
4.2
4.0
4.4
4.1
3.9
4.3
-0.1
-0.1
-0.1 Daiwa
RE-068 Castalia Asakusabashi
792
728
255
963
984
21
4.4
4.2
4.6
4.4
4.2
4.6
0.0
0.0
0.0 Chuo
RE-069 Castalia Iriya
546
517
153
665
671
6
4.8
4.6
5.0
4.8
4.6
5.0
0.0
0.0
0.0 Chuo
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