Investor Presentaiton
Appraisal Value Changes Comparison (2)
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
5.7/5.8
5.7/5.8
LB-034 D Project Morioka II
1,280
1,249
80
1,330
1,330
0
6.0
6.2
6.0
6.2
0.0
0.0
0.0 Tanizawa
/5.9
/5.9
LB-035 D Project Kawagoe III
7,200
7,089
740
7,660
7,830
170
4.6
4.6/4.7
4.8
4.5
4.5/4.6
4.7
-0.1
-0.1
-0.1 Tanizawa
LB-036 D Project Kazo
3,300
3,249
210
3,460
3,460
0
4.8
4.8/4.9
5.0
4.8
4.8/4.9
5.0
0.0
0.0
0.0 Tanizawa
3.9/4.0
3.8/3.9
LB-037 D Project Urayasu III
8,500
8,512
1,247
9,520
9,760
240
4.0
4.2
3.9
4.1
-0.1
-0.1
-0.1 Tanizawa
/4.1
/4.0
LB-038 D Project Tomisato
5,000
4,900
379
5,170
5,280
110
4.9
4.9/5.0
5.1
4.8
4.8/4.9
5.0
-0.1
-0.1
-0.1 Tanizawa
LB-039 D Project Kyotanabe
3,520
3,494
215
3,640
3,710
70
5.6
5.2
5.9
5.5
5.1
5.8
-0.1
-0.1
-0.1 JREI
LB-040 D Project Sendai Izumi
1,510
1,485
124
1,580
1,610
30
5.4
5.1
5.6
5.3
5.0
5.5
-0.1
-0.1
-0.1 JREI
LB-041 D Project Oyama
2,000
1,965
74
2,040
2,040
0
5.5
5.6
5.7
5.5
5.6
5.7
0.0
0.0
0.0 Tanizawa
LB-042 D Project Sano
1,780
1,744
55
1,790
1,800
10
5.5
5.5
5.7
5.5
5.5/5.6
5.7
0.0
0.0
0.0 Tanizawa
LB-043 D Project Tatebayashi
3,100
3,041
168
3,220
3,210
-10
5.5
5.5
5.7
5.5
5.5
5.7
0.0
0.0
0.0 Tanizawa
LB-044 D Project Kakegawa
6,000
5,936
193
6,140
6,130
-10
5.7
5.5
5.9
5.7
5.5
5.9
0.0
0.0
0.0 JREI
LB-045 D Project Hiroshima Seifu
3,820
3,763
286
4,050
4,050
0
5.4
4.9
5.8
5.4
4.9
5.8
0.0
0.0
0.0 JREI
LB-046
D Project Tosu II
1,700
1,667
222
1,860
1,890
30
5.1
5.1/5.2
5.3
5.0
5.0/5.1
5.2
-0.1
-0.1
-0.1 Tanizawa
LB-047
D Project Kawagoe IV
5,600
5,589
340
5,830
5,930
100
4.7
4.7/4.8
4.9
4.6
4.6/4.7
4.8
-0.1
-0.1
-0.1 Tanizawa
LB-048
LB-049 D Project Chibakita
LB-050
D Project Kuki VII
1,040
1,042
67
1,100
1,110
10
4.8
4.8
5.0
4.8
4.8
5.0
0.0
0.0
0.0 Tanizawa
7,640
7,624
395
7,840
8,020
180
4.5
4.3
4.7
4.4
4.2
4.6
-0.1
-0.1
-0.1 Daiwa
D Project Matsudo II
8,200
8,181
188
8,290
8,370
80
4.5
4.3
4.7
4.5
4.2
4.6
0.0
-0.1
-0.1 JREI
LB-051
D Project Tomisato II
6,900
6,866
283
7,000
7,150
150
4.9
4.9/5.0
5.1
4.8
4.8/4.9
5.0
-0.1
-0.1
-0.1 Tanizawa
LB-052 D Project Osaka Hirabayashi
3,600
3,728
621
4,370
4,350
-20
4.7
4.6/4.9
4.7
4.6/4.9
0.0
0.0
-
Tanizawa
LB-053 D Project Sendai Izumi II
7,300
7,249
290
7,390
7,540
150
5.3
5.1
5.5
5.2
5.0
5.4
-0.1
-0.1
-0.1 JREI
LB-054 D Project Kaminokawa
7,900
7,859
190
8,050
8,050
0
5.5
5.5/5.6
5.7
5.5
5.5/5.6
5.7
0.0
0.0
0.0 Tanizawa
LB-055 D Project Fuji
3,600
3,582
97
3,680
3,680
0
5.6
5.4
5.9
5.6
5.4
5.9
0.0
0.0
0.0 JREI
LB-056 D Project Tosu III
9,200
9,141
238
9,380
9,380
0
5.1
5.0/5.2
5.3
5.1
5.0/5.2
5.3
0.0
0.0
0.0 Tanizawa
LM-001 DPL Misato
16,831
16,691
1,108
17,800
17,800
0
4.1
4.1/4.2
4.3
4.1
4.1/4.2
4.3
0.0
0.0
0.0 Tanizawa
LM-002 DPL Fukuoka Kaseya
13,300
13,261
38
13,300
13,300
0
4.6
4.4
4.8
4.6
4.4
4.8
0.0
0.0
0.0 JREI
5.5/5.6
5.4/5.5
LM-003 DPL Kitakyushu
3,510
3,506
73
3,560
3,580
20
5.6
5.8
5.5
5.7
-0.1
-0.1
-0.1 Tanizawa
/5.7
/5.6
Logistics Properties Total
340,009
335,395
26,206 357,049
361,602
4,553
-
-
-
-
-
-
I
-
-
RE-001 Qiz Ebisu
7,650
7,165
1,644
8,660
8,810
150
3.8
4.0
4.0
3.7
3.9
3.9
-0.1
-0.1
-0.1 Tanizawa
Castalia Azabujuban
RE-002
4,500
4,176
173
4,290
4,350
60
4.1
3.9
4.3
4.1
3.9
4.3
0.0
0.0
0.0 Chuo
Shichimenzaka
RE-003 Castalia Shibakoen
2,630
2,424
-114
2,230
2,310
80
4.2
4.3
4.4
4.1
4.2
4.3
-0.1
-0.1
-0.1 Tanizawa
RE-004 Castalia Ginza
2,520
2,320
-60
2,230
2,260
30
4.1
4.2
4.3
4.1
4.1
4.3
0.0
-0.1
0.0 Tanizawa
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