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Operation Status of Residential Properties Daiwa House REIT Investment Corporation Operation Status Period average occupancy at 97.3%, above forecast of 96.5% Performed major renovations for 5 properties Rents Monthly rent at tenant replacement increased for 8 consecutive periods Monthly rent +2,529 thousand yen, or +2.4% vs before replacement Performed upgrade work for 11 units of 6 properties → Contracts signed for 6 units at end of period with 11.7% increase in rents Monthly Rent at Tenant Replacement (Ratio of the number of tenant replacement) Rent increase No change Rent decrease 100% 26.7% 17.3% 20.8% 21.2% 21.4% 80% 60% 39.5% 29.0% 25.5% 15.0% 33.1% 40% 20% 40.2% 43.2% 50.1% 53.4% 63.6% 0% Aug. 2017 Period ended Period ended Period ended Period ended Period ended Feb. 2017 Feb. 2018 Unit Type (number of units basis) Master Lease Type (annual rent basis) Change in rent (thousand yen) Change in rent Number of replacement +856 +0.6 % +1,667 +1,689 +1.3 % +1.6 % Aug. 2018 +2,598 +1.9 % Feb. 2019 +2,529 +2.4 % 1,055 units 1,110 units 806 units 990 units 748 units Average Monthly Rent Compact type Sublease type (yen/tsubo) (60m² or less) 20.8% 12,000 79.3% 11,500 Family type Pass-through 11,509 11,558 11,564 11,614 11,655 ■5 central wards of Tokyo 38.2% (more than 60m²) 20.7% Area (acquisition price basis) Monthly Rent (number of units basis) 11,000 type 10,500 79.2% 10,352 10,439 10,642 10,672 10,453 10,000 23 Wards of Tokyo 72.0% 23 wards other than 5 central wards of Tokyo 33.8% Greater Tokyo area excluding 23 wards of Tokyo 11.3% Monthly Rent Less than 200,000 yen 86.0% Less than 10k yen 30.1% Less than 15k yen 32.2% Less than 20k yen 23.6% Less than 25k yen 9.2% Less than 30k yen 2.8% / Upgrade Work Before Less than 50k yen 1.9% 50k yen or more 0.1% Period ended Period ended Period ended Period ended Period ended Feb. 2017 Feb. 2019 Aug. 2017 Feb. 2018 Aug. 2018 Average monthly rent of the properties held through Sep. 2016 to Feb. 2019 (pass-through type only) Average monthly rent ⚫ Changed room plan (removed partitions and changed Installed a new kitchen unit and moved space for flooring materials) a washing machine After After Before Other 16.7% As of February 28, 2019 19
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