Investor Presentaiton

Track Record of Asset Size Growth Daiwa House REIT Investment Corporation Total Acquisition Price of Properties Acquired since the Merger 57 properties/272.9 Bn yen Growth of Asset Size since the Merger +52.8% Increase in asset size after the merger 259.2 Bn yen Acquisitions from Pipeline of Daiwa House Group since the Merger 96.8% (55 properties/57 properties) (acquisition price basis) Acquisitions Developed by Daiwa House Group since the Merger 94.5% (53 properties/57 properties) (acquisition price basis) (Bn yen) Asset Size (acquisition price) Acquired from pipeline of Daiwa House Group Acquired externally from third parties Ratio of acquisitions from pipeline of Daiwa House Group 71.8% 800 Bn yen 800 750.5 Bn yen Ratio of acquisitions from 671.7 Bn yen 683.4 Bn yen 700 pipeline of Daiwa House Group 55.9% 600 577.7 Bn yen 577.7 Bn yen 513.7 Bn yen 500 491.3 Bn yen 400 0 Sep. 1, 2016 (Merger) Feb. 2017 Aug. 2017 Feb. 2018 Aug. 2018 Feb. 2019 Apr. 10, 2019 NOI yield 5.2% 5.3% 5.4% 5.4% 5.3% 5.3% 5.3% * Adjusted for property taxes NOI yield after depreciation 3.8% 4.0% 4.0% 4.1 % 4.0% 4.0% 4.0% * Adjusted for property taxes (Note) NOI yield and NOI yield after depreciation are based on annualized NOI adjusted for property taxes to be expensed and excluding the properties sold during the period. NOI as of Sep. 1, 2016 (Merger) is based on NOI of Daiwa House Residential and former Daiwa House REIT for the period ended Aug. 31, 2016 preceding the merger. NOI as of Apr. 10, 2019 is based on NOI for the period ended Feb. 2019 and appraisal NOI of the acquisitions in Mar. and Apr. 2019. 9

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