Investor Presentaiton

Balance Sheets Period ended Aug. 2018 (thousand yen) Period ended Feb. 2019 Daiwa House REIT Investment Corporation Period ended (thousand yen) Period ended Aug. 2018 Feb. 2019 Assets Current assets Cash and deposits Cash and deposits in trust Operating accounts receivable Prepaid expenses Consumption taxes receivable Other 26,954,525 10,505,983 176,748 618,449 3,551,655 31,274,515 9,976,462 275,683 609,658 Accrued expenses Liabilities Current liabilities Operating accounts payable Current portion of long-term loans Accounts payable - other Income taxes payable 227 25 Accrued consumption taxes Allowance for doubtful accounts (2,137) Total current assets 41,805,452 (1,225) 42,135,120 Advances received Unearned revenue 1,336,266 11,600,000 306,108 1,390,790 605 1,297,062 40,510,000 66,683 1,418,415 605 398,538 Non-current assets Investment properties Buildings, net Structures, net Deposits received 2,675,485 221,735 327,234 2,757,226 222,342 345,273 22,191,122 21,695,476 205,733 200,072 Machinery and equipment, net 325,726 333,314 Tools, furniture and fixtures, net Land 314,943 21,637,530 298,398 Other Total current liabilities Non-current liabilities Investment corporation bonds Long-term loans 90,429 91,929 17,948,655 47,108,077 19,000,000 19,000,000 283,668,000 261,758,000 20,879,124 Long-term unearned revenue Buildings in trust, net 290,036,867 292,521,677 Tenant leasehold and security deposits 928,843 280,916 818,279 276,389 Structures in trust, net 6,506,624 6,613,525 Machinery and equipment in trust, net 1,428,829 1,399,830 Tenant leasehold and security deposits in trust Asset retirement obligations 17,422,350 17,854,492 Tools, furniture and fixtures in trust, net 519,530 565,623 Derivatives liabilities 620,349 816,561 626,251 1,063,056 Land in trust Total investment properties Intangible assets Goodwill Leasehold rights in trust Software Trademark rights Total intangible assets Investments and other assets Investment securities 302,954,257 310,001,420 Total non-current liabilities 322,737,022 301,396,469 Construction in progress in trust 73,774 646,194,941 15,228 654,523,691 Total liabilities 340,685,677 348,504,547 71,360,157 6,035,339 69,377,930 5,987,926 Net assets Unitholders' equity 569 Unitholders' capital 163,230,367 163,230,367 2,337 77,398,403 9,342 Long-term prepaid expenses 2,284,919 Guarantee deposits 261 Lease and guarantee deposits in trust Total investments and other assets 3,489,293 5,783,816 Total non-current assets 729,377,161 276 2,059 75,368,193 9,360 2,110,873 3,489,293 5,609,787 735,501,672 Surplus Capital surplus 247,667,563 247,667,563 Voluntary reserve Reserve for temporary difference 10,785,218 8,804,571 adjustments Reserve for distribution 261 Total voluntary reserve Unappropriated retained earnings Total surplus 1,964,241 12,749,459 7,765,290 268,182,313 1,986,536 10,791,107 8,597,087 267,055,758 Total unitholders' equity 431,412,680 430,286,126 Deferred assets Deferred gains or losses on hedges (816,561) (1,063,056) Investment corporation bond issuance costs Total deferred assets 99,182 99,182 Total assets 771,281,796 90,823 90,823 777,727,616 Total net assets 430,596,119 429,223,069 Total liabilities and net assets 771,281,796 777,727,616 35

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