Investor Presentaiton

Operation Status of Retail and Hotel Properties Daiwa House REIT Investment Corporation Operation Status of Retail Properties ■Period end occupancy remained at a high level of 99.7% Move-ins: 2 units, Move-outs: 4 units Monthly rent as of Feb. 2019 +375 thousand yen, or +0.1% vs as of Aug. 2018 Rent Revision / Lease Contract Renewal of Major Tenants Rent revision: FOLEO Hirakata, ACROSSPLAZA Miyoshi (Land), and ASOBOX (Land) → Revised rent on equal terms Royal Home Center Morinomiya (Land) → Revised rent with rent increase along with an increase in property taxes //Lease Contract Type (annual rent basis) Sublease type master lease 49.5%, 7 properties Pass-through type master lease 18.8%, 3 properties Direct lease contract 15.0%, 5 properties Land (land with leasehold interest) 16.7%, 6 properties Remaining Lease Term (annual rent basis) / Rent Type (leased area basis) Average Remaining Lease Term 13.0 years Fixed rent 97.6% Fixed rent + 15 years or more 10 to less than 15 43.8% 6.6% years 5 to less than 10 33.6% Ratio of Fixed Rent variable rent years 2.3% Less than 5 years 16.0% 99.9% Average Lease Term Variable rent 0.1% 16.5 years As of April 10, 2019 Operation Status of Hotel Properties Period end occupancy 100.0% Rent Revision / Lease Contract Renewal of Hotel Space Rent revision/lease contract renewal: None Remaining Lease Term of Hotel Space (annual rent basis) Average Remaining Lease Term 8.4 years 15 years or more 7.6% 10 to less than 15 years 39.1% 5 to less than 10 years 53.3% Average Lease Term 12.0 years Rent Type of Hotel Space (leased area basis) Ratio of Fixed Rent 100.0% Fixed rent 100.0% As of April 10, 2019 20

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