Investor Presentaiton

Period ended Aug. 2018 Period ended Feb. 2019 Result Result Period-on- period change 22,211 23,127 915 22,211 23,013 801 Statement of Income for February 2019 Period O Daiwa House REIT Investment Corporation Increase in rental revenue for 12 consecutive periods led to 5,427 yen of DPU Contributions from new acquisitions, and gain on sale of properties retained as reserve for distribution Operating Revenue Rental revenue (mil yen) Period ended Feb. 2019 // Major Variation Factors (vs Forecast) [Contribution to income] Increase in operating revenue 374 mil yen ⚫ Contribution of 3 properties acquired in Dec. 2018 •Favorable occupancy at residential properties •Recording of gain on sale of properties Forecast Result vs as of 2018/10/17 Forecast 22,752 374 22,752 260 Gain on sale of properties 113 113 113 ◉ Increase in property operating expenses -52 mil yen Operating Expenses 12,942 13,166 224 13,142 24 Property operating expenses 8,944 9,184 240 9,131 52 • Expenses for 3 properties acquired in Dec. 2018 • Increase in repairs and maintenance expenses ⚫Decrease in restoration costs Property operating expenses 4,647 4,729 82 4,706 22 Increase in non-operating income 10 mil yen (excluding depreciation) Depreciation 4,296 4,454 158 4,424 29 Other operating expenses 3,998 3,982 -15 4,010 -28 Amortization of goodwill 1,982 1,982 1,982 221 ⚫Recording of refunded consumption taxes Decrease in non-operating expenses 5 mil yen • Decrease in interest and borrowing related expenses Loss on sale of properties 99 -99 I ☐ Accumulation of reserve for distribution 120 mil yen Operating Income 9,269 9,960 690 9,610 349 Non-operating income 39 14 -24 4 10 Non-operating expenses 1,538 1,377 -161 1,382 15 ⚫Gain on sale of properties as reserve for distribution ⚫Refunded consumption taxes as reserve for distribution -5 Interest and borrowing related 1,345 1,375 29 1,380 -5 //Capex, Repairs and Restoration Costs expenses (mil yen) Ordinary Income 7,770 8,597 827 8,232 365 Aug. 2018 Feb. 2019 Extraordinary losses 4 -4 Net Income 7,765 8,597 831 8,231 365 Capex 919 944 Reversal of reserve for temporary 1,980 1,980 0 1,982 -1 difference adjustments Repairs and 568 746 Accumulation of reserve for 22 120 40 97 - 120 maintenance expenses distribution Restoration costs 311 230 Total distribution 9,723 10,457 734 10,213 244 DPU 5,046 yen 5,427 yen 381 yen 5,300 yen 127 yen Total 1,799 1,921 5

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