Investor Presentaiton
Appraisal Value Changes Comparison (3)
Daiwa House REIT Investment Corporation
(million yen)
(%)
Appraisal value (Note 1)
Aug. 2016
Feb. 2017
Change
Property
number
Property name
Acquisition Book value Unrealized
price
Feb. 2017 gain/loss Aug. 2016 Feb. 2017
Direct cap
DCF
Direct cap
DCF
Direct cap
DCF
Appraiser
(Note 2)
Change
CR
DR
TCR
CR
DR
TCR
CR
DR
TCR
RE-031 Castalia Takanawadai
860
819
190
985
1,010
25
4.3
4.1
4.5
4.2
4.0
4.4
-0.1
-0.1
-0.1
JREI
RE-032 Castalia Higashi Nihonbashi III
RE-033 Castalia Shinjuku Gyoen II
666
616
174
765
791
26
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1
Daiwa
486
478
20
487
499
12
4.5
4.7
4.7
4.4
4.6
4.6
-0.1
-0.1
-0.1 Tanizawa
RE-034 Castalia Shintomicho IV
400
378
80
444
459
15
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1 Daiwa
RE-035 Castalia Takanawadai II
RE-036 Castalia Minami Azabu
1,190
1,166
153
1,300
1,320
20
4.3
4.1
4.5
4.2
4.0
4.4
-0.1
-0.1
-0.1 JREI
642
614
65
671
680
9
4.3
4.1
4.5
4.2
4.0
4.4
-0.1
-0.1
-0.1 JREI
RE-037 Castalia Ginza III
2,880
2,746
153
2,840
2,900
60
4.4
4.5
4.6
4.3
4.4
4.5
-0.1
-0.1
-0.1 Tanizawa
RE-038 Castalia Kayabacho
2,707
2,534
495
2,960
3,030
70
4.6
4.6
4.8
4.5
4.5
4.7
-0.1
-0.1
-0.1 Tanizawa
RE-039 Castalia Takanawa
7,430
7,166
443
7,520
7,610
90
4.5
4.8
4.7
4.4
4.7
4.6
-0.1
-0.1
-0.1 Tanizawa
RE-040 Castalia Higashi Nihonbashi
3,520
3,286
713
3,960
4,000
40
4.6
4.4
4.8
4.5
4.3
4.7
-0.1
-0.1
-0.1 Chuo
RE-041 Castalia Shinjuku
2,950
2,858
511
3,280
3,370
90
4.4
4.6
4.6
4.3
4.5
4.5
-0.1
-0.1
-0.1 Tanizawa
RE-042 Castalia Ichigaya
940
886
443
1,330
1,330
0
4.4
4.2
4.6
4.4
4.2
4.6
0.0
0.0
0.0 Chuo
RE-043 Shibaura Island Bloom Tower
7,580
6,999
1,760
8,540
8,760
220
4.1
6.2
4.0
6.1
-0.1
-0.1
JREI
RE-044 Castalia Hatsudai
2,030
1,999
300
2,240
2,300
60
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1
Daiwa
RE-045 Castalia Hatsudai II
1,900
1,892
177
2,070
2,070
0
4.2
4.0
4.4
4.2
4.0
4.4
0.0
0.0
0.0
Morii
RE-046 Castalia Ebisu
1,420
1,424
175
1,600
1,600
0
4.1
3.9
4.3
4.1
3.9
4.3
0.0
0.0
0.0
Morii
RE-047 Castalia Meguro Kamurozaka
4,500
4,086
143
4,140
4,230
90
4.3
4.1
4.5
4.2
4.0
4.4
-0.1
-0.1
-0.1 Daiwa
RE-048 Castalia Toritsudaigaku
648
601
-43
555
558
3
5.2
5.0
5.5
5.1
4.9
5.4
-0.1
-0.1
-0.1 Chuo
RE-049 Castalia Yukigaya
1,110
1,013
76
1,070
1,090
20
4.6
4.7
4.8
4.5
4.6
4.7
-0.1
-0.1
-0.1 Tanizawa
RE-050 Castalia Yutenji
RE-051 Castalia Otsuka
RE-052 Castalia Kikukawa
1,450
1,341
-81
1,240
1,260
20
4.3
4.1
4.5
4.2
4.0
4.4
-0.1
-0.1
-0.1 Chuo
1,480
1,344
275
1,590
1,620
30
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1 Chuo
817
738
16
737
755
18
4.7
4.8
4.9
4.6
4.7
4.8
-0.1
-0.1
-0.1 Tanizawa
RE-053 Castalia Meguro
844
850
121
932
972
40
4.6
4.3
4.8
4.5
4.2
4.7
-0.1
-0.1
-0.1
JREI
RE-054 Castalia Otsuka II
1,040
997
232
1,200
1,230
30
4.5
4.3
4.7
4.4
4.2
4.6
-0.1
-0.1
-0.1 JREI
RE-055 Castalia Jiyugaoka
1,200
1,171
198
1,340
1,370
30
4.3
4.1
4.5
4.2
4.0
4.4
-0.1
-0.1
-0.1 JREI
RE-056 Castalia Mejiro
988
936
133
1,050
1,070
20
4.7
4.5
4.9
4.6
4.4
4.8
-0.1
-0.1
-0.1 Chuo
RE-057 Castalia Ikebukuro
2,570
2,473
276
2,690
2,750
60
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1 Daiwa
RE-058 Castalia Kaname-cho
1,140
1,071
148
1,200
1,220
20
4.6
4.8
4.8
4.5
4.7
4.7
-0.1
-0.1
-0.1 Tanizawa
RE-059 Castalia Tower Shinagawa Seaside
7,380
6,876
1,663
8,370
8,540
170
4.6
4.6
4.8
4.5
4.5
4.7
-0.1
-0.1
-0.1 Tanizawa
RE-060 Castalia Yakumo
857
835
-74
744
761
17
4.5
4.7
4.7
4.4
4.6
4.6
-0.1
-0.1
-0.1 Tanizawa
RE-061 Castalia Togoshiekimae
1,560
1,478
411
1,890
1,890
0
4.5
4.3
4.7
4.5
4.3
4.7
0.0
0.0
0.0 JREI
RE-062 Castalia Honjo Azumabashi
996
987
102
1,060
1,090
30
4.8
4.9
5.0
4.7
4.8
4.9
-0.1
-0.1
-0.1 Tanizawa
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