Investor Presentaiton
Appraisal Value Changes Comparison (2)
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 Change
Direct cap
DCF
Direct cap
DCF
Direct cap
DCF
Appraiser
(Note 2)
CR
DR
TCR
CR
DR
TCR
CR
DR
TCR
LB-033 D Project Hibiki Nada
LB-034 D Project Morioka II
2,080
1,280
2,083
66
1,283
36
2,110
1,300
2,150
40
6.0
5.9/6.1
6.2
5.9 5.8/6.0
6.1
-0.1
-0.1
-0.1 Tanizawa
1,320
20
6.1
5.8/5.9
6.3
6.0
5.7/5.8
6.2
-0.1
-0.1
-0.1 Tanizawa
Logistics Properties Total
195,858
195,030
4,707
195,908
199,738
3,830
RE-001 Qiz Ebisu
7,650
7,263
1,026
8,170
8,290
120
4.1
4.3
4.3
4.0
4.2
4.2
-0.1
-0.1
-0.1 Tanizawa
RE-002
Castalia Azabujuban
Shichimenzaka
4,500
4,193
16
4,140
4,210
70
00
4.3
4.1
4.5
4.2
4.0
4.4
-0.1
-0.1
-0.1 Chuo
RE-003 Castalia Shibakoen
2,630
2,423
-283
2,090
2,140
50
4.5
4.6
4.7
4.4
4.5
4.6
-0.1
-0.1
-0.1 Tanizawa
RE-004 Castalia Ginza
2,520
2,364
-194
2,120
2,170
50
4.4
4.5
4.6
4.3
4.4
4.5
-0.1
-0.1
-0.1 Tanizawa
RE-005 Castalia Hiroo
2,220
2,089
-289
1,810
1,800
-10
4.3
4.4
4.5
4.2
4.3
4.4
-0.1
-0.1
-0.1 Tanizawa
RE-006 Castalia Nihonbashi
1,200
1,080
59
1,120
1,140
20
4.5
4.6
4.7
4.4
4.5
4.6
-0.1
-0.1
-0.1 Tanizawa
RE-007 Castalia Hacchobori
2,300
2,127
62
2,150
2,190
40
4.5
4.6
4.7
4.4
4.5
4.6
-0.1
-0.1
-0.1 Tanizawa
RE-008 Castalia Azabujuban
2,910
2,803
-153
2,620
2,650
30
4.3
4.1
4.5
4.2
4.0
4.4
-0.1
-0.1
-0.1 Chuo
RE-009 Castalia Azabujuban II
2,690
2,542
-52
2,450
2,490
40
4.2
4.0
4.4
4.1
3.9
4.3
-0.1
-0.1
-0.1 Chuo
RE-010 Castalia Shinjuku Natsumezaka
1,865
1,777
-107
1,650
1,670
20
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1
Chuo
RE-011 Castalia Ginza II
1,800
1,676
-6
1,640
1,670
30
4.4
4.5
4.6
4.3
4.4
4.5
-0.1
-0.1
-0.1 Tanizawa
RE-012 Castalia Shibuya Sakuragaoka
1,400
1,343
-263
1,130
1,080
-50
4.2
4.4
4.4
4.2
4.4
4.4
0.0
0.0
0.0 Tanizawa
RE-013 Castalia Nishi Azabu Kasumicho
2,143
2,307
-97
2,150
2,210
60
4.4
4.5
4.6
4.3
4.4
4.5
-0.1
-0.1
-0.1 Tanizawa
RE-014 Castalia Ochanomizu
1,770
1,712
337
2,050
2,050
0
4.4
4.2
4.6
4.4
4.2
4.6
0.0
0.0
0.0 JREI
RE-015 Castalia Sangubashi
1,393
1,475
44
1,470
1,520
50
4.4
4.6
4.6
4.3
4.5
4.5
-0.1
-0.1
-0.1 Tanizawa
RE-016 Castalia Suitengu
1,279
1,205
154
1,330
1,360
30
4.6
4.6
4.8
4.5
4.5
4.7
-0.1
-0.1
-0.1 Tanizawa
RE-017 Castalia Suitengu II
1,138
1,071
148
1,190
1,220
30
4.5
4.6
4.7
4.4
4.5
4.6
-0.1
-0.1
-0.1 Tanizawa
RE-018 Castalia Shintomicho
932
885
112
981
998
17
4.6
4.6
4.8
4.5
4.5
4.7
-0.1
-0.1
-0.1 Tanizawa
RE-019 Castalia Shintomicho II
825
781
100
866
882
16
4.6
4.6
4.8
4.5
4.5
4.7
-0.1
-0.1
-0.1 Tanizawa
RE-020 Castalia Harajuku
887
861
48
888
910
22
4.3
4.1
4.5
4.2
4.0
4.4
-0.1
-0.1
-0.1
JREI
RE-021 Castalia Yoyogi Uehara
608
642
52
685
695
10
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1 JREI
RE-022 Castalia Sendagaya
555
560
35
580
596
16
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1 JREI
RE-023 Castalia Shinjuku 7 chome
464
442
75
503
518
15
4.7
4.5
4.9
4.6
4.4
4.8
-0.1
-0.1
-0.1 JREI
RE-024 Castalia Ningyocho
947
870
319
1,160
1,190
30
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1 JREI
RE-025 Castalia Ningyocho II
1,070
986
343
1,310
1,330
20
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1 JREI
RE-026 Castalia Shin-Ochanomizu
914
862
197
1,030
1,060
30
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1 JREI
RE-027 Castalia Higashi Nihonbashi II
1,370
1,271
388
1,610
1,660
50
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1 JREI
RE-028 Castalia Jinbocho
1,160
1,089
330
1,390
1,420
30
4.4
4.2
4.6
4.3
4.1
4.5
-0.1
-0.1
-0.1
JREI
RE-029 Castalia Shintomicho III
675
620
118
728
739
11
4.5
4.2
4.8
4.4
4.1
4.7
-0.1
-0.1
-0.1
JREI
RE-030 Castalia Shinjuku Gyoen
2,720
2,633
396
2,950
3,030
80
4.5
4.7
4.7
4.4
4.6
4.6
-0.1
-0.1
-0.1 Tanizawa
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