Investor Presentaiton

Financial Results (Balance Sheets) O Daiwa House REIT Investment Corporation Increase in assets due to the merger and acquisition of 7 properties (acquisition price 257,808 mil yen) Recognition of goodwill of 79,289 mil yen due to the merger Balance Sheets for the Period ended Feb. 2017 Major Variation Factors (period-on-period) Period ended Aug. 2016 Period ended Feb. 2017 (million yen) Period-on-period change Total Assets 258,266 604,142 345,875 Current assets 9,753 21,630 11,876 Non-current assets 248,478 582,418 333,940 Period-on- period Increase in total assets •Assets acquired at the merger •Acquisition of 7 properties • Recognition of goodwill +345,875 mil yen Increase in interest-bearing debt +111,500 mil yen Investment properties 239,518 494,701 255,182 change ⚫Liabilities assumed at the merger Intangible assets 5,284 82,811 77,526 - New loans Goodwill 77,306 77,306 ■Increase in net assets +219,262 mil yen Total Liabilities 147,223 273,837 126,613 Current liabilities 75,081 57,428 -17,653 • Increase in capital surplus due to the merger Interest-bearing debt 72,295 52,495 -19,800 Non-current liabilities 72,142 216,409 144,267 Interest-bearing debt 69,368 200,668 131,300 Net Assets 111,042 330,304 219,262 Unrealized Gain by Asset Class Increase in appraisal value on compression in the cap rate Reserve for distribution (Note 1) 17,884 17,705 -178 Asset class Book value Appraisal value (million yen) Unrealized gain LTV (including goodwill) 54.9 % 41.9 % -13.0 p.p. Logistics 195,030 199,738 4,707 LTV (excluding goodwill) 48.1% Residential 245,129 285,738 40,608 Number of investment units issued 747,740 units Net Assets per unit NAV per unit (Note 2) 148,504 yen 195,377 yen 1,519,280 units 217,408 yen 248,462 yen 771,540 units Retail 50,445 51,650 1,204 68,904 yen Other 9,590 10,250 659 53,085 yen Total 500,196 547,376 47,179 (Note 1) Reserve for distribution for the period ended Feb. 2017 represents the amount before a reversal and the amount after a reversal is 14,806 mil yen. (Note 2) NAV per unit: (Net Assets + unrealized gain or loss) / number of investment units issued 6

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