Daiwa House REIT Investment : Financial Report for the 29th Fiscal Period Ended August 2020

October 16, 2020 at 02:40 am

October 16, 2020

Financial Results for the Fiscal Period Ended August 31, 2020

(March 1, 2020 - August 31, 2020)

Real estate investment trust unit issuer: Daiwa House REIT Investment Corporation ("DHR")

Listing:	Tokyo Stock Exchange
Securities code:	8984
URL:	https://www.daiwahouse-reit.co.jp/en/
Representative:	Toshiharu Asada, Executive Director
Asset manager:	Daiwa House Asset Management Co., Ltd.
Representative:	Koichi Tsuchida, President and CEO
Inquiries:	Yoshikazu Tamura, General Manager, Fund Management Department, Daiwa House REIT
	Division
	TEL: +81-3-3595-1265

Scheduled date of submitting Securities Report:	November 27, 2020
Scheduled date of starting distribution payments:	November 9, 2020
Supplementary materials for the financial results provided: Yes
Results briefing for the period:	Yes (for institutional investors and analysts)

(Amounts are rounded down to the nearest million yen)

1. Financial results for the fiscal period ended August 31, 2020 (March 1, 2020 - August 31, 2020)

(1)

Operating results

(Percentage figures represent period-on-period changes)

Operating revenues

Operating profit

Ordinary profit

Profit

Millions of yen

Fiscal period ended

26,613

6.4

11,574

9.6

9,936

8.9

9,936

8.9

August 31, 2020

Fiscal period ended

25,018

0.6

10,559

(1.3)

9,126

(0.4)

9,125

(0.4)

February 29, 2020

Basic earnings

Return on equity

Ordinary profit to

per unit

(ROE)

total assets ratio

operating revenues ratio

Yen

Fiscal period ended

4,525

2.1

1.1

37.3

August 31, 2020

Fiscal period ended

4,398

2.0

1.1

36.5

February 29, 2020

(Note)

Please refer to "Per Unit Information" on page 26 for the number of investment units used as the basis for calculating

basic earnings per unit.

(2)

Distributions

Total

per unit

Distributions

Total

distributions

(including

(excluding

Distributions

in excess of

(including

(excluding

distributions

Payout ratio

earnings

distributions

in excess of

to net assets

in excess of

per unit

in excess of

earnings

ratio

earnings per

earnings)

unit)

Yen

Millions of

yen

Fiscal period

5,427

5,404

11,917

11,867

119.4

2.4

ended August

31, 2020

Fiscal period

6,040

12,533

137.3

2.7

ended February

29, 2020

(Note)

Total

distributions in

excess of earnings fully relate to allowance for temporary difference adjustments.

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

(3) Financial position
	Total assets	Net assets	Equity ratio	Net assets per unit
	Millions of yen	Millions of yen	%	Yen
As of August 31, 2020	899,579	491,302	54.6	223,725
As of February 29, 2020	839,931	460,341	54.8	221,851

(4) Cash flows

	Net cash provided by	Net cash provided by	Net cash provided by	Cash and
	(used in) operating	(used in) investing	(used in) financing	cash equivalents
	activities	activities	activities	at end of period
	Millions of yen	Millions of yen	Millions of yen	Millions of yen
Fiscal period ended	13,661	(73,052)	48,345	39,382
August 31, 2020

Fiscal period ended	23,072	(7,898)	(12,018)	50,427
February 29, 2020

2. Forecasts of operating results for the fiscal period from September 1, 2020 to February 28, 2021 and for the fiscal period from March 1, 2021 to August 31, 2021

(Percentage figures represent period-on-period changes)

									Distributions	Distributions	Distributions
	Operating	Operating	Ordinary			per unit	per unit
	Profit	(excluding	in excess of	(including
	revenues	profit	profit	distributions in	earnings	distributions in

									excess of earnings	per unit	excess of earnings
									per unit)		per unit)
	Millions	%	Millions	%	Millions	%	Millions	%	Yen	Yen	Yen
Fiscal period	of yen		of yen		of yen		of yen

ending	27,201	2.2	11,690	1.0	10,206	2.7	10,206	2.7	4,648	902	5,550
February 28,
2021
Fiscal period
ending	27,270	0.3	11,516	(1.5)	9,987	(2.1)	9,987	(2.1)	4,552	898	5,450
August 31,

2021

(Reference) Forecasted basic earnings per unit
For the fiscal period ending February 28, 2021:	¥4,647
For the fiscal period ending August 31, 2021:	¥4,547

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

Other

Changes in accounting policies, changes in accounting estimates and retrospective restatement
1. Changes in accounting policies due to amendment of accounting standards and other regulations: None
2. Changes in accounting policies due to reasons other than a. above: None
3. Changes in accounting estimates: None
4. Retrospective restatement: None
Total number of investment units issued

a. Total number of investment units issued at the end of the period (including treasury investment units)

As of August 31, 2020	2,196,000 units
As of February 29, 2020	2,075,000 units

b. Number of treasury investment units at the end of the period

As of August 31, 2020	0 units
As of February 29, 2020	0 units

(Note) Please refer to "Per Unit Information" on page 26 for the number of investment units used as the basis for calculating basic earnings per unit.

Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
Special notes
The forward-looking statements, including operating results forecasts, contained in these materials are based on information currently available to DHR and on certain assumptions deemed reasonable by DHR. The actual operating and other results may differ significantly from those presented herein as a consequence of numerous factors. These forecasts also do not guarantee the amount of distributions. Please refer to "Assumptions for Forecasts of Operating Results for the Fiscal Periods Ending February 28, 2021 and August 31, 2021" on pages 7 to 9 for information on assumptions for the forecasts of operating results.
Disclaimer:
This English translation has been prepared for general reference purposes only. DHR shall not be responsible for any consequence resulting from the use of the English translation in place of the original Japanese text. In any legal matter, readers should refer to and rely upon the original Japanese text released on October 16, 2020.

		Daiwa House REIT Investment Corporation (8984)
		Financial Results for the Fiscal Period Ended August 31, 2020
Index
1. Operating Results........................................................................................................................................	2
(1)	Operating Results ................................................................................................................................	2
(2)	Investment Risk...................................................................................................................................	6
2. Financial Statements .................................................................................................................................	10
(1)	Balance Sheets...................................................................................................................................	10
(2)	Statements of Income ........................................................................................................................	13
(3)	Statements of Unitholders' Equity ....................................................................................................	14
(4)	Statements of Cash Distributions ......................................................................................................	16
(5)	Statements of Cash Flows .................................................................................................................	18
(6)	Notes on Assumption of Going Concern...........................................................................................	20
(7)	Notes on Important Accounting Policies...........................................................................................	20
(8)	Notes to Financial Statements ...........................................................................................................	22
(9)	Changes in Number of Investment Units Issued ...............................................................................	27
3. Reference Information ..............................................................................................................................	28
(1)	Portfolio List .....................................................................................................................................	28
(2)	Summary of Major Tenants...............................................................................................................	40
(3)	Status of Portfolio Diversification...........................	.......................................................................... 40
(4)	Capital Expenditures for Properties Held..........................................................................................	41

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Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

1. Operating Results

Operating Results

Summary of results for the current fiscal period A. Transition of the Investment Corporation

DHR is a real estate investment trust (J-REIT) whose sponsor is Daiwa House Industry Co., Ltd. (hereinafter referred to as "Daiwa House") and whose asset manager is Daiwa House Asset Management Co., Ltd. (hereinafter referred to as the "Asset Manager"), a wholly owned subsidiary of Daiwa House.

DHR was listed on the Real Estate Investment Trust (REIT) Market of the Tokyo Stock Exchange, Inc. (hereinafter referred to as the "Tokyo Stock Exchange") on March 22, 2006, and then later merged with New City Residence Investment Corporation (hereinafter referred to as "NCR") on April 1, 2010 (hereinafter referred to as "the merger with NCR"). Subsequently on December 1, 2011, the corporate name was changed to Daiwa House Residential Investment Corporation (the corporation prior to change of corporate name to "Daiwa House REIT Investment Corporation" is hereinafter referred to as the "former DHI"), and accordingly changed its investment targets to residential properties.

The former Daiwa House REIT Investment Corporation (the Daiwa House REIT Investment Corporation, which was dissolved upon having merged with DHR as of September 1, 2016, is hereinafter referred to as the "former DHR") was established on September 14, 2007, whose asset manager was Daiwa House REIT Management Co., Ltd., a wholly owned subsidiary of Daiwa House. The former DHR was listed on the Tokyo Stock Exchange Real Estate Investment Trust (REIT) Market on November 28, 2012, as a REIT that targets investment in logistics and retail properties.

On September 1, 2016, the former DHI and the former DHR (hereinafter collectively referred to as the "Investment Corporations") conducted an absorption-type merger (hereinafter referred to as the "Merger") whereby the former DHI was the surviving corporation and the former DHR was the absorbed corporation, shifted to a diversified portfolio strategy that targets investment in new asset classes such as hotel and office properties, in addition to those that the Investment Corporations had targeted for investment in the past, and changed its corporate name from Daiwa House Residential Investment Corporation to Daiwa House REIT Investment Corporation.

B. Performance for the current fiscal period

DHR raised ¥34.3 billion of capital in its fourth public offering since the Merger and acquired three properties for a total acquisition price(Note 1) of ¥70.8 billion through the Daiwa House Group(Note 2)'s pipeline in April 2020 by a combination of funds raised through public offering and loans.

Furthermore, DHR acquired one retail property for an acquisition price of ¥2.6 billion in August 2020 using funds in hand. As a result, DHR's portfolio as of the end of the current fiscal period consists of 228 properties with an asset value of ¥819.1 billion(Note 3) (Note 4).

(Note 1) "Acquisition price" is the purchase price stipulated in the respective purchase agreements of assets owned by DHR (not including expenses pertaining to acquisitions, settlement money such as taxes and public dues, consumption taxes, or leasehold guarantee deposits, etc.), except as otherwise noted. However, the acquisition prices of properties previously owned by NCR have been presented as the appraisal values as of February 28, 2010, which were the prices received at the time of the merger with NCR, and the acquisition prices of properties previously owned by the former DHR have been presented as the appraisal values as of August 31, 2016, which were the prices received at the time of the merger with the former DHR. The "total acquisition price" has been rounded down to the nearest unit. The same shall apply hereinafter.

(Note 2) The Daiwa House Group comprises Daiwa House, which is the parent company, 351 consolidated subsidiaries, 61 equity-method affiliates and one non-equity-method affiliate as of June 30, 2020. The Asset Manager is a member of the group. The same shall apply hereinafter.

(Note 3) "Asset value" is the aggregate total of the acquisition prices of respective assets owned by DHR at respective points in time, except as otherwise noted. The same shall apply hereinafter.

(Note 4) "iias Tsukuba" that was acquired in April 2020 (the additional acquisition of 70% quasi co-ownership) is counted independently as one property in the context of the number of properties acquired, but in the context of the number of properties held as of the end of the current fiscal period, the aforementioned together with

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Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

the 30% quasi co-ownership that was acquired on April 5, 2019 is counted as one property. The same shall apply hereinafter.

C. Overview of financing

DHR arranged refinancing at a total amount of ¥7,700 million to provide for part of the funds for the repayment of ¥7,900 million in existing loans due on March 31 and April 1, 2020. Furthermore, DHR conducted debt financing of total amount of ¥28,000 million on April 1 and April 3, 2020, to provide for part of the acquisition costs and the related expenses for the acquisition of properties through the Daiwa House Group's pipeline. Moreover, DHR issued its 10th, 11th, and 12th Unsecured Investment Corporation Bonds (Green Bonds) at a total amount of ¥5,000 million on May 27, 2020 to provide for part of the early repayment of a total of ¥5,000 million in existing loans. As a result, the balance of interest-bearing debt outstanding as of the end of the current fiscal period amounted to ¥376,558 million (loan balance: ¥346,558 million, investment corporation bond balance: ¥30,000 million), which is an increase of ¥27,800 million in comparison with the previous fiscal period. As of the end of the current fiscal period, its LTV (including goodwill)(Note 1) was 41.9%, and its LTV (excluding goodwill)(Note 2) was 45.0%.

(Note 1) "LTV (including goodwill)" is obtained using the following formula. The same shall apply hereinafter.

LTV (including goodwill) = total amount of interest-bearing debt (borrowings + investment corporation bonds) ÷ total assets (including goodwill) × 100

(Note 2) "LTV (excluding goodwill)" is obtained using the following formula. The same shall apply hereinafter.

LTV (excluding goodwill) = total amount of interest-bearing debt (borrowings + investment corporation bonds) ÷ total assets (excluding goodwill) × 100

The credit ratings of DHR as of the date of this financial results report are as follows:

Rating agency	Type	Rating/Outlook

Rating and Investment Information, Inc. (R&I)	Issuer rating	AA- Stable

Japan Credit Rating Agency, Ltd. (JCR)	Long-term issuer rating	AA Stable

D. Difference between real estate appraisal value and book value

The total appraisal value of assets held at the end of the current fiscal period was ¥906,406 million, and the amount of unrealized gain(Note) on the portfolio, which is the difference compared to the book value was ¥119,888 million.

(Note)	"Unrealized gain" is the positive valuation difference when the appraisal value exceeds the book value of
	real estate properties (excluding construction in progress and construction in progress in trust). (Negative
	valuation difference is referred to as unrealized loss.) The same shall apply hereinafter. Please note that
	unrealized gain is not guaranteed to be realized as a result of the sale of real estate.

E. Overview of financial results

As a result of the investment management activities mentioned above, in the current fiscal period, DHR posted operating revenues of ¥26,613 million, operating profit of ¥11,574 million, ordinary profit of ¥9,936 million, and profit of ¥9,936 million. Based on its distribution policy, ¥1,982 million in amortization of goodwill was added to profit. The total amount of distributions is ¥11,917 million (¥5,427 per investment unit) after the fractional parts of amounts less than ¥1 per investment unit for each type of distribution listed in the below breakdown of distributions have been adjusted.

Furthermore, the breakdown of distributions includes profit of ¥11,867 million (¥5,404 per investment unit) as earnings distributions as provided for in Article 136, paragraph 1 of the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended. Hereinafter referred to as the "Investment Trusts Act") and an allowance for temporary difference adjustments of ¥50 million (¥23 per investment unit) as distributions in excess of earnings.

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Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

Outlook for next fiscal period A. Investment environment

During the current fiscal period, the Japanese economy was largely impacted by depressed private consumption, imports and exports, and capital expenditures due to the stay-at-home advisory and other measures with the state of emergency declared by the Japanese government in April 2020 in response to the spread of COVID-19, as well as the disappearance of inbound demand from stagnation in global economic activities. As a result, the real GDP growth rate (the 2nd preliminary) declined by 7.9% compared with the previous quarter (28.1% annualized) from April to June 2020, amounting to large-scale negative growth that exceeded the period following the 2008 global financial crisis.

In the J-REIT market, the Tokyo Stock Exchange REIT Index plunged to 1,145 points on a closing- price base on March 19, 2020 due to concern over deteriorating results from reduced revenues from rent due to COVID-19 and uncertainty over the future. At present, the Tokyo Stock Exchange REIT Index has recovered to 1,747 points at the end of August 2020 with the growing move to reopen economic activities.

Future operating policies and issues to be addressed

Growth strategy

Due to its shift to a diversified portfolio strategy as a result of the Merger, taking advantage of the expanded opportunities to acquire properties from an extensive range of asset classes, DHR aims to steadily grow its asset size while maximizing unitholder value by securing stable income over the long term.

Due to its shift to a diversified portfolio strategy, DHR's portfolio now includes a range of assets with varying risk-return profiles, and as of the date of this financial results report, maintains high occupancy rates for assets held. By investing in various types of assets, DHR deems that it will be able to diversify its portfolio and mitigate the risk of excessive reliance on a limited number of tenants in order to boost portfolio income and generate cash flows that are more consistent.

DHR carefully selects and acquires assets that contribute to increasing unitholder value mainly through the Daiwa House Group's pipeline and plans to maintain its policy of selective investment going forward.

Furthermore, through continuous property replacement, DHR aims to increase the quality of its portfolio and realize increased unitholder value.

(b) ESG initiatives

The Daiwa House Group's basic approach is "Creating Dreams, Building Hearts." As a group that co-creates value for individuals, communities and people's lifestyles, the group aims to build trust relationships with stakeholders and contribute to society through its businesses, and to realize a sustainable society by meeting the challenge of achieving "zero environmental impacts."

The Asset Manager shares the Daiwa House Group's basic approach as DHR's asset manager, and considers that including consideration for the environment, society, and governance in its real estate investment management operations contributes to DHR's basic policy of ensuring stable revenue and steady asset growth over the long term. Therefore, we have established the "Sustainability Policy" to guide our real estate investment management.

The Asset Manager considers efforts such as energy conservation and reducing greenhouse gas emissions in relation to asset management to be of paramount importance. It establishes individual policies for the matter and strives to reduce the burden it puts on the environment. The Asset Manager's reduction targets of energy consumption (long-term targets) are to reduce energy consumption and CO2 emission intensity by 10% over the ten-year period from 2018 to 2027.

- 4 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

DHR changed part of its distribution policy in the fiscal period ended February 28, 2017 and made it a policy to reverse the amount equivalent to amortization of goodwill from the voluntary reserve (reserve for temporary difference adjustments and reserve for distribution; the same shall apply hereinafter)(Note 1) and to distribute this to top up profit. After the voluntary reserve is fully reversed with the distributions paid for the fiscal period ended August 31, 2020, distributions in excess of earnings in the amount equivalent to amortization of goodwill are paid (distribution accounted as an allowance for temporary difference adjustments and other distributions in excess of earnings).

Furthermore, in the case of the occurrence of a difference between excess income associated with sale of properties for accounting and with that for tax purposes that causes a need for DHR to take action to maintain its conduit status, DHR plans to conduct additional distributions in excess of earnings (distribution accounted as an allowance for temporary difference adjustments) to reduce the occurrence of corporate taxes.

However, where there is an occurrence of special gains such as gain on sale of real estate properties, other distributions in excess of earnings, which is a part of the above-mentioned distributions in excess of earnings in the amount equivalent to amortization of goodwill, can be reduced by an amount equivalent to part of the gain on sale of real estate properties.

DHR's policy is to pay distributions in excess of earnings (distribution accounted as an allowance for temporary difference adjustments and other distributions in excess of earnings) to realize stabilization of distributions on a medium- to long-term basis(Note 2) while ensuring the level of distributions not impacted by the amortization of goodwill that accompanied the Merger.

(Note 1) DHR's reversals of voluntary reserve do not fall under distributions in excess of earnings (return of capital).

(Note 2) Under the above distribution policy, DHR has the policy to stabilize distributions. However, it is not intended as a guarantee or promise of the payment of distribution and amounts thereof.

C. Financial strategy

DHR seeks as its basic policy to execute a well-planned and flexible financial strategy with the aim of ensuring sustainable profits on a medium- to long-term basis, contributing to the steady growth and efficient management of its properties and creating management stability.

DHR is also working to improve the stability of its financial base by maintaining and expanding its strong lender formation through initiatives geared toward diversifying methods of raising capital through issuance of investment corporation bonds, and by promoting use of long-term fixed rates on interest-bearing debt and staggering repayment dates.

D. Forecasts of operating results for the fiscal periods ending February 28, 2021 and August 31, 2021

					Distributions	Distributions	Distributions
	Operating	Operating	Ordinary		per unit	per unit
	Profit	(excluding	in excess of	(including
	revenues	profit	profit	distributions in	earnings	distributions in

					excess of	per unit	excess of
					earnings per unit)		earnings per unit)
Fiscal period	Millions of yen	Millions of yen	Millions of yen	Millions of yen	Yen	Yen	Yen
ending February	27,201	11,690	10,206	10,206	4,648	902	5,550
28, 2021

Fiscal period	Millions of yen	Millions of yen	Millions of yen	Millions of yen	Yen	Yen	Yen
ending August	27,270	11,516	9,987	9,987	4,552	898	5,450
31, 2021

For the assumptions for the forecasts above, please refer to "Assumptions for Forecasts of Operating Results for the Fiscal Periods Ending February 28, 2021 and August 31, 2021" on pages 7 to 9. Due to changes in the circumstances surrounding DHR, actual operating revenues, operating profit, ordinary

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Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

profit, profit, distributions per unit and distributions in excess of earnings per unit may change. Furthermore, these forecasts do not guarantee the amount of distributions.

Significant events after balance sheet date A. Acquisition of assets

DHR acquired the following property.

Asset name	Candeo Hotels Nagasaki Shinchi Chinatown
Asset type	Trust beneficiary interest in real estate
Asset class	Hotel
Acquisition price (Note 1)	¥3,140,000 thousand
Seller (Note 2)	Daiwa House Industry Co., Ltd.
Date of acquisition	September 30, 2020

(Note 1) This figure does not include expenses pertaining to acquisitions, settlement money such as taxes and public dues, consumption taxes, etc.

(Note 2) Daiwa House, which is the seller of Candeo Hotels Nagasaki Shinchi Chinatown, is defined as an interested party, etc. in the Investment Trusts Act. Therefore, the Asset Manager has gone through the necessary discussion and resolution procedures in accordance with its regulations on transactions with interested parties.

B. Debt financing

DHR conducted debt financing for acquiring the property mentioned in "A. Acquisition of assets" above, on September 30, 2020, as follows.

	Borrowing
Lender	amount	Interest rate	Borrowing	Repayment	Method of	Collateral
(Millions of	date	date	repayment
	yen)
		0.4629%				Unsecured
		September	September	Bullet	and
Shinsei Bank, Limited	1,000	(Fixed interest
30, 2020	30, 2027	repayment	non-
		rate)
					guaranteed

The Dai-ichi Life Insurance		0.440%				Unsecured
	September	March 31,	Bullet	and
1,000	(Fixed interest
Company, Limited	30, 2020	2026	repayment	non-
	rate)
					guaranteed

Investment Risk
The following changes have occurred in the "Investment Risk" provided in the Securities Report submitted on May 28, 2020. The changes are indicated using underlining.

(1)	Risk factors	(Omitted)
vi)	Other risks	(Omitted)

Risks from the spread of an infectious disease or pandemic, etc.

The prolonged, global spread of an infectious disease or pandemic such as the kind that spreads pneumonia including severe acute respiratory syndrome (SARS), Middle East respiratory syndrome (MERS) and novel coronavirus disease (COVID-19) prevents the normal operations and management of real estate and could have a negative effect on DHR's earnings.

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Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

Assumptions for Forecasts of Operating Results for the Fiscal Periods Ending February 28, 2021 and August 31, 2021

Item	Assumptions

	・ Fiscal period ending February 28, 2021:
Accounting period	(181 days from September 1, 2020 to February 28, 2021)
・ Fiscal period ending August 31, 2021:
	(184 days from March 1, 2021 to August 31, 2021)
	・ DHR has assumed that there will be no changes (meaning acquisition of new
	properties or sale of acquired properties) until August 31, 2021 in 229 properties
Portfolio	(hereinafter referred to as the "composition of the portfolio"), which are real estate
and trust beneficiary interests in real estate held by DHR as of the date of this

	financial results report.
	・ However, changes in the composition of the portfolio may occur.
	・ Operating revenues include revenues from rent, common area charges, parking lot
	usage fees, incidental revenues, utilities charge reimbursements and key money, etc.
Operating	Each of these items is calculated based on past records and future estimate.
・ DHR has assumed no delinquencies or non-payment of rents by tenants.
revenues
・ DHR estimates that the negative effects of COVID-19 on revenues from rent will be

	¥97 million for the fiscal period ending February 28, 2021 and ¥104 million for the
	fiscal period ending August 31, 2021.
	・ Operating expenses mainly comprise rental expenses. Those expenses, excluding
	depreciation of the current properties, are calculated based on past performance,
	making certain adjustments as appropriate considering factors causing changes in
	expenses.
	・ DHR has assumed that DHR will incur depreciation expenses of ¥5,294 million for
	the fiscal period ending February 28, 2021 and ¥5,323 million for the fiscal period
	ending August 31, 2021. These figures are calculated using the straight-line method
	with incidental expenses added to purchase prices of non-current assets.
	・ DHR has estimated property tax, city planning tax and depreciable asset tax at
	¥1,977 million for the fiscal period ending February 28, 2021 and ¥2,207 million for
	the fiscal period ending August 31, 2021. Property tax and city planning tax that will
Operating	be paid by DHR and the former owner (former beneficiary) on a pro rata basis
according to the number of days of ownership due to the acquisition of real estate,
expenses
etc. are included in the acquisition cost of the real estate, etc., and are not booked
(excluding
under expenses. Therefore, DHR expects to record the property tax and city planning
amortization of
tax related to the five properties acquired on April 1, 2020, April 3, 2020, August 31,
goodwill)
2020 and September 30, 2020 as expenses from the fiscal period ending August 31,

	2021, and assumes that figure will be ¥229 million.
	・ DHR has assumed that DHR will incur certain repairs and maintenance expenses in
	each fiscal period based on the medium- to long-term repair and maintenance plan
	prepared by the Asset Manager. However, actual repairs and maintenance expenses
	in each fiscal period may differ substantially from DHR's forecasts, as (i) DHR may
	incur expenses for urgent repairs to properties due to damage caused by
	unforeseeable factors, (ii) generally, there is a substantial difference in expenses
	incurred between each fiscal period, and (iii) expenses are not incurred based on a
	regular schedule.
	・ Selling, general and administrative expenses are estimated based on the actual values
	or rates, etc., of each item individually.
Amortization of	・ Amortization of goodwill is estimated at ¥1,982 million for the fiscal period ending
goodwill	February 28, 2021 and ¥1,982 million for the fiscal period ending August 31, 2021.
Non-operating	・ DHR has assumed interest expenses and other borrowing-related expenses, etc. of
¥1,497 million for the fiscal period ending February 28, 2021 and ¥1,543 million for
expenses
the fiscal period ending August 31, 2021.

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Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

Item	Assumptions

As of the date of this financial results report, the balance of interest-bearing debt was ¥378,558 million.
DHR has assumed that the long-term loans of ¥3,500 million that become due by the end of the fiscal period ending February 28, 2021 will be fully refinanced, and that

Interest-bearing	investment corporation bonds will be issued to provide for the full amount of the
¥3,000 million in redemptions of investment corporation bonds maturing by the end
debt
of the fiscal period ending February 28, 2021.

DHR has assumed the total long-term loans of ¥12,500 million that become due by the end of the fiscal period ending August 31, 2021 will be fully refinanced.
DHR has assumed the balance of outstanding interest-bearing debt will be unchanged until August 31, 2021.
The total number of investment units is based on DHR's assumption of 2,196,000

units, which is the number of investment units issued as of the date of this financial

Investment units results report. DHR has assumed there will be no change in the number of units outstanding resulting from the issuance of additional investment units, etc. until August 31, 2021.

	・ DHR has assumed that changes in fair value of interest rate swaps will not affect the
	amount of distributions per unit for the fiscal periods ending February 28, 2021 and
Distributions	August 31, 2021.
per unit	・ Changes in DHR's portfolio, fluctuations in rent income due to changes in tenants
	and other factors, unforeseen repairs and maintenance expenses and other factors
	may lead to changes in the amount of distributions per unit.

DHR has assumed that, for distributions in excess of earnings after the reversal of voluntary reserve, the total of differences between profit for accounting purposes and income for tax purposes derived from a difference in treatment of amortization of goodwill, etc. for accounting and tax purposes (the "Difference for Tax and Accounting Purposes") and an amount equivalent to valuation and translation adjustments that will be deducted from the distributable amount would be distributed as distribution accounted as an allowance for temporary difference adjustments, for the purpose of reducing the taxable amount subject to income taxes. DHR has also assumed that, for the purpose of ensuring that the distributions are not impacted by amortization of goodwill, if the total amount of the Differences for Tax and Accounting Purposes in other items than amortization of goodwill that will be generated during the relevant fiscal period is less than the amount of amortization of goodwill, distributions in excess of earnings would be paid as distribution accounted

	as an allowance for temporary difference adjustments and other distributions in
Distributions	excess of earnings (return of capital), within the scope specified by the rules of The
in excess of	Investment Trusts Association, Japan (an amount equivalent to 60% of the amount of
earnings per unit	total accumulated depreciation recorded as of the end of the accounting period after
	deducting the total accumulated depreciation recorded as of the end of the previous
	accounting period), up to the amount of amortization of goodwill. It is assumed that
	the total of distributions in excess of earnings would be ¥1,980 million (¥902 per
	unit) for the fiscal periods ending February 28, 2021, consisting of the allowance for
	temporary difference adjustments and other distributions in excess of earnings
	(return of capital) of ¥1,807 million (¥823 per unit) and ¥173 million (¥79 per unit),
	respectively, and it is assumed that the total of distributions in excess of earnings
	would be ¥1,972 million (¥898 per unit) for the fiscal periods ending August 31,
	2021, consisting of the allowance for temporary difference adjustments and other
	distributions in excess of earnings (return of capital) of ¥1,811 million (¥825 per
	unit) and ¥160 million (¥73 per unit), respectively.

DHR has assumed that changes in fair value of interest rate swaps will not affect the amount of distributions in excess of earnings per unit for the fiscal periods ending February 28, 2021 and August 31, 2021.

- 8 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

Item	Assumptions

DHR has assumed no enforcement of such revisions to laws and regulations, tax

	systems, accounting standards, securities listing regulations and rules of The
Others	Investment Trusts Association, Japan, etc. that may affect the above forecasts.

DHR's forecasts assume no unforeseen significant changes in general economic trends or conditions in the real estate market.

- 9 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

2. Financial Statements

(1) Balance Sheets

			(Unit: Thousands of yen)
		Previous fiscal period	Current fiscal period
		(As of February 29, 2020)	(As of August 31, 2020)

Assets
Current assets
Cash and deposits	35,249,345	21,071,169
Cash and deposits in trust	15,177,967	18,311,263
Operating accounts receivable	157,160	313,256
Prepaid expenses	633,947	682,002
Consumption taxes receivable	-	3,156,408
Other	1,120,663	5,334
Allowance for doubtful accounts	(996)	(1,061)
Total current assets	52,338,089	43,538,373
Non-current assets
Property, plant and equipment
Buildings	26,483,438	26,599,067
Accumulated depreciation	(5,144,627)	(5,413,936)
Buildings, net	21,338,810	21,185,130
Structures	248,426	249,240
Accumulated depreciation	(51,006)	(53,848)
Structures, net	197,419	195,392
Machinery and equipment	490,934	494,771
Accumulated depreciation	(160,912)	(172,287)
Machinery and equipment, net	330,021	322,484
Tools, furniture and fixtures	728,750	748,522
Accumulated depreciation	(426,339)	(455,107)
Tools, furniture and fixtures, net	302,411	293,414
Land	22,345,895	22,350,209
Buildings in trust	347,339,442	383,510,185
Accumulated depreciation	(39,166,299)	(43,610,290)
Buildings in trust, net	308,173,142	339,899,895
Structures in trust	8,323,696	9,339,802
Accumulated depreciation	(991,617)	(1,171,751)
Structures in trust, net	7,332,078	8,168,051
Machinery and equipment in trust	2,550,564	2,722,078
Accumulated depreciation	(1,192,094)	(1,285,302)
Machinery and equipment in trust, net	1,358,470	1,436,775
Tools, furniture and fixtures in trust	1,271,176	1,470,419
Accumulated depreciation	(532,144)	(615,802)
Tools, furniture and fixtures in trust, net	739,032	854,617
Land in trust	348,200,560	385,966,267
Construction in progress in trust	52,988	170,792
Total property, plant and equipment	710,370,832	780,843,030
Intangible assets
Goodwill	65,413,477	63,431,250
Leasehold rights in trust	5,893,101	5,845,688
Trademark rights	1,502	1,224
Total intangible assets		71,308,081	69,278,163

- 10 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

(Unit: Thousands of yen)

		Previous fiscal period	Current fiscal period
		(As of February 29, 2020)	(As of August 31, 2020)

Investments and other assets
Investment securities	*3	9,394	*3	9,411
Long-term prepaid expenses		2,307,557		2,282,730
Guarantee deposits		99		99
Lease and guarantee deposits in trust		3,488,978		3,488,978
Total investments and other assets		5,806,029		5,781,220
Total non-current assets		787,484,943		855,902,414
Deferred assets
Investment corporation bond issuance costs		108,702		138,915
Total deferred assets		108,702		138,915
Total assets		839,931,735		899,579,703
Liabilities
Current liabilities
Operating accounts payable		2,203,758		2,143,668
Current portion of investment corporation bonds		3,000,000		3,000,000
Current portion of long-term loans		11,400,000		16,000,000
Accounts payable - other		74,604		156,568
Accrued expenses		1,546,716		1,704,215
Income taxes payable		605		605
Accrued consumption taxes		949,604		-
Advances received		3,064,259		3,209,021
Unearned revenue		221,735		214,721
Deposits received		374,359		211,758
Other		92,516		82,101
Total current liabilities		22,928,159		26,722,660
Non-current liabilities
Investment corporation bonds		22,000,000		27,000,000
Long-term loans		312,358,000		330,558,000
Long-term unearned revenue		596,544		491,779
Tenant leasehold and security deposits		337,990		347,135
Tenant leasehold and security deposits in trust		19,661,156		21,727,786
Asset retirement obligations		646,062		652,172
Derivatives liabilities		1,062,506		777,986
Total non-current liabilities		356,662,260		381,554,861
Total liabilities		379,590,420		408,277,521
Net assets
Unitholders' equity
Unitholders' capital		198,492,847		231,766,153
Surplus
Capital surplus		247,667,563		247,667,563
Voluntary reserve
Reserve for temporary difference	*4	3,903,449	*4	496,382
adjustments

Reserve for distribution		2,214,027		2,214,027
Total voluntary reserve		6,117,477		2,710,410
Unappropriated retained earnings (undisposed		9,125,933		9,936,041
loss)

Total surplus		262,910,973		260,314,014
Total unitholders' equity			461,403,821		492,080,168

- 11 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

(Unit: Thousands of yen)

	Previous fiscal period	Current fiscal period
	(As of February 29, 2020)	(As of August 31, 2020)

Valuation and translation adjustments
Deferred gains or losses on hedges		(1,062,506)		(777,986)
Total valuation and translation adjustments		(1,062,506)		(777,986)
Total net assets	*2	460,341,315	*2	491,302,181
Total liabilities and net assets		839,931,735		899,579,703

- 12 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

(2) Statements of Income

	(Unit: Thousands of yen)
Previous fiscal period	Current fiscal period
(From September 1, 2019	(From March 1, 2020
to February 29, 2020)	to August 31, 2020)

Operating revenues

Rental revenues

Other rental revenues

Gain on sale of real estate properties

Total operating revenues

Operating expenses

Rental expenses

Asset management fees

Asset custody fees

Administrative service fees

Directors' remuneration

Amortization of goodwill

Provision of allowance for doubtful accounts Bad debts expenses

Other operating expenses

Total operating expenses

Operating profit

Non-operating income

Interest income

Gain on forfeiture of unclaimed distributions Gain on adjustment of liabilities

Gain on donation of non-current assets

Settlement money for property tax, etc.

Interest on tax refund

Subsidy income

Other

Total non-operating income

Non-operating expenses

Interest expenses

Interest expenses on investment corporation bonds Amortization of investment corporation bond issuance costs

Investment unit issuance expenses

Borrowing related expenses

Other

*1	23,655,798	*1	25,499,339
*1	1,056,601	*1	1,114,193
*2	306,069			-
		25,018,469			26,613,533
*1	10,278,793	*1	10,737,121
		1,638,098			1,764,808
		36,572			38,860
		96,539			95,528
		6,600			6,600
		1,982,226			1,982,226
		653			213
		750			-
		419,175			414,127
		14,459,409			15,039,486
		10,559,060			11,574,046
		212			198
		4,160			4,428
		10,662			10,740
		2,306			-
		350			-
		1,685			-
		2,550			-
		21			17
		21,948			15,384
		1,090,310			1,100,321
		59,740			75,787

		9,551			11,895
		-			159,202
		292,793			303,424
		2,075			2,154

Total non-operating expenses	1,454,470	1,652,785
Ordinary profit	9,126,538	9,936,646
Profit before income taxes	9,126,538	9,936,646
Income taxes - current	605	605
Total income taxes	605	605
Profit	9,125,933	9,936,041
Unappropriated retained earnings (undisposed loss)	9,125,933	9,936,041

- 13 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

(3) Statements of Unitholders' Equity

Previous fiscal period (From September 1, 2019 to February 29, 2020)

								(Unit: Thousands of yen)
				Unitholders' equity

				Surplus

	Unitholders'		Voluntary reserve		Unappropriated		Total
						retained		unitholders'
	capital	Capital surplus	Reserve for			Total	earnings	Total surplus	equity
		temporary	Reserve for
				voluntary	(undisposed
			difference	distribution
				reserve	loss)
			adjustments

Balance at beginning	198,492,847	247,667,563	6,823,576	2,106,789		8,930,366	9,166,085	265,764,015	464,256,863
of period

Changes of items
during period
Reversal of
reserve for
temporary			(2,920,127)			(2,920,127)	2,920,127	-	-
difference
adjustments
Accumulation of
reserve for				107,238		107,238	(107,238)	-	-
distribution
Distributions							(11,978,975)	(11,978,975)	(11,978,975)
from surplus

Profit							9,125,933	9,125,933	9,125,933

Net changes of
items other than
unitholders'
equity
Total changes of	-	-	(2,920,127)	107,238		(2,812,889)	(40,152)	(2,853,041)	(2,853,041)
items during period

Balance at end of	* 198,492,847	247,667,563	3,903,449	2,214,027		6,117,477	9,125,933	262,910,973	461,403,821
period

		(Unit: Thousands of yen)
	Valuation and translation
	adjustments
	Deferred gains	Total	Total net
	valuation and	assets
	or losses on	translation
	hedges
	adjustments


Balance at beginning	(1,085,876)	(1,085,876)	463,170,986
of period

Changes of items
during period
Reversal of
reserve for
temporary			-
difference
adjustments
Accumulation of
reserve for			-
distribution
Distributions			(11,978,975)
from surplus

Profit			9,125,933

Net changes of
items other than	23,370	23,370	23,370
unitholders'
equity
Total changes of	23,370	23,370	(2,829,671)
items during period

Balance at end of	(1,062,506)	(1,062,506)	460,341,315
period

- 14 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

Current fiscal period (From March 1, 2020 to August 31, 2020)

								(Unit: Thousands of yen)
				Unitholders' equity

				Surplus

	Unitholders'		Voluntary reserve		Unappropriated		Total
						retained		unitholders'
	capital	Capital surplus	Reserve for			Total	earnings	Total surplus	equity
		temporary	Reserve for
				voluntary	(undisposed
			difference	distribution
				reserve	loss)
			adjustments

Balance at beginning	198,492,847	247,667,563	3,903,449	2,214,027		6,117,477	9,125,933	262,910,973	461,403,821
of period

Changes of items
during period
Issuance of new	33,273,306								33,273,306
investment units

Reversal of
reserve for
temporary			(3,407,066)			(3,407,066)	3,407,066	-	-
difference
adjustments
Distributions							(12,533,000)	(12,533,000)	(12,533,000)
from surplus

Profit							9,936,041	9,936,041	9,936,041

Net changes of
items other than
unitholders'
equity
Total changes of	33,273,306	-	(3,407,066)	-		(3,407,066)	810,107	(2,596,958)	30,676,347
items during period

Balance at end of	* 231,766,153	247,667,563	496,382	2,214,027		2,710,410	9,936,041	260,314,014	492,080,168
period

		(Unit: Thousands of yen)
	Valuation and translation
	adjustments
	Deferred gains	Total	Total net
	valuation and	assets
	or losses on	translation
	hedges
	adjustments


Balance at beginning	(1,062,506)	(1,062,506)	460,341,315
of period

Changes of items
during period
Issuance of new			33,273,306
investment units

Reversal of
reserve for
temporary			-
difference
adjustments
Distributions			(12,533,000)
from surplus

Profit			9,936,041

Net changes of
items other than	284,519	284,519	284,519
unitholders'
equity
Total changes of	284,519	284,519	30,960,866
items during period

Balance at end of	(777,986)	(777,986)	491,302,181
period

- 15 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

(4) Statements of Cash Distributions

	Item	Fiscal period ended February 29, 2020	Fiscal period ended August 31, 2020
	Amount (Yen)	Amount (Yen)

I	Unappropriated retained earnings	9,125,933,145	9,936,041,002
II Reversal of voluntary reserve
	Reversal of reserve for temporary	* 3,407,066,855	* 496,382,622
	difference adjustments

	Reversal of reserve for distribution	-	2,214,027,723
III	Amount added to distributions in
	excess of earnings
	Allowance for temporary difference	-	50,508,000
	adjustments

IV	Distributions	12,533,000,000	11,917,692,000
	[Distributions per investment unit]	[6,040]	[5,427]
	Of the above, earnings distributions	12,533,000,000	11,867,184,000
	[of the above, earnings distributions	[6,040]	[5,404]
	per unit]

	Of the above, allowance for	-	50,508,000
	temporary difference adjustments

	[of the above, distributions in excess
	of earnings per unit associated with	[-]	[23]
	the allowance for temporary

	difference adjustments]
V Retained earnings carried forward	-	779,267,347

Calculation method for distributions	Based on the cash distribution policy	Based on the cash distribution policy
		set forth in Article 37, paragraph 1,	set forth in Article 37, paragraph 1,
		item 1 of the Articles of Incorporation	item 1 of the Articles of Incorporation
		of DHR, distributions shall be limited	of DHR, distributions shall be limited
		to the amount of earnings and in excess	to the amount of earnings and in excess
		of an amount equivalent to ninety-	of an amount equivalent to ninety-
		hundredths (90/100) of distributable	hundredths (90/100) of distributable
		earnings, as stipulated in Article 67-15	earnings, as stipulated in Article 67-15
		of the Act on Special Measures	of the Act on Special Measures
		Concerning Taxation.	Concerning Taxation.
		Furthermore, in accordance with the	Furthermore, in accordance with the
		cash distribution policy set forth in the	cash distribution policy set forth in the
		Articles of Incorporation, DHR makes	Articles of Incorporation, DHR makes
		a distribution by reversing the amount	a distribution by reversing the amount
		equivalent to amortization of goodwill	equivalent to amortization of goodwill
		from reserve for temporary difference	from voluntary reserve (reserve for
		adjustments and by adding this to	temporary difference adjustments and
		unappropriated retained earnings.	reserve for distribution) and by adding
		Based on the above policy, for the	this to profit. After the reversal of the
		relevant fiscal period, DHR decided to	full amount of the voluntary reserve,
		reverse the sum of the amount of	distributions in excess of earnings in
		amortization of goodwill, difference of	the amount equivalent to amortization
		income from sale of properties for	of goodwill are paid (distributions
		accounting and tax purposes, and part	accounted as an allowance for
		of the amount of damages to D Project	temporary difference adjustments and
		Urayasu II from typhoons of	other distributions in excess of
		¥3,407,066,855 from reserve for	earnings).
		temporary difference adjustments and	Based on the above policy, for the
		add the reversal to unappropriated	relevant period, of the total amount of
		retained earnings of ¥9,125,933,145 to	¥11,918,267,588 when combining
		distribute ¥12,533,000,000 as earnings	profit of ¥9,936,041,002 and
		distributions (¥6,040 per unit);	amortization of goodwill of
		provided, however, that DHR does not	¥1,982,226,586, DHR decided to pay a
		pay the portion of amount that exceeds	total of ¥11,917,692,000 in
		the earnings defined in Article 37,	distributions (¥5,427 per unit) after
		paragraph 2 of the Articles of	adjusting the fractional parts of
		Incorporation of DHR.	amounts less than ¥1 per investment
			unit for each type of distribution listed
			in the breakdown of distributions
			below.
		- 16 -

Daiwa House REIT Investment Corporation (8984) Financial Results for the Fiscal Period Ended August 31, 2020

The breakdown of distributions was ¥11,867,184,000 as earnings distributions (¥5,404 per unit) and ¥50,508,000 in allowance for temporary difference adjustments as distributions in excess of earnings (¥23 per unit).

- 17 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

(5) Statements of Cash Flows

				(Unit: Thousands of yen)
		Previous fiscal period		Current fiscal period
		(From September 1, 2019		(From March 1, 2020
		to February 29, 2020)		to August 31, 2020)

Cash flows from operating activities
Profit before income taxes	9,126,538	9,936,646
Depreciation	4,806,206	5,174,575
Amortization of goodwill	1,982,226	1,982,226
Amortization of investment corporation bond	9,551		11,895
issuance costs

Amortization of trademark rights	278	278
Amortization of software	71		-
Loss on retirement of non-current assets	18,036	20,862
Investment unit issuance expenses	-	159,202
Interest income	(212)	(198)
Interest expenses	1,150,050	1,176,108
Decrease (increase) in operating accounts receivable	18,390	(156,095)
Decrease (increase) in accounts receivable	(1,118,200)	1,119,232
Decrease (increase) in consumption taxes receivable	2,149,113	(4,106,012)
Decrease (increase) in prepaid expenses	(6,633)	(48,054)
Increase (decrease) in operating accounts payable	588,626	(461,682)
Increase (decrease) in accounts payable - other	(3,601)	(9,962)
Increase (decrease) in accrued expenses	(2,045)	155,316
Increase (decrease) in deposits received	31,116	(162,600)
Increase (decrease) in advances received	75,883	144,761
Decrease (increase) in long-term prepaid expenses	(123,413)	24,826
Increase (decrease) in allowance for doubtful	6	65
accounts

Decrease in property, plant and equipment in trust	5,638,212		-
due to sales

Decrease (increase) in lease and guarantee deposits	314		-
in trust

Other, net		(10,525)	(13,495)
Subtotal		24,329,993	14,947,894
Interest income received	212	198
Interest expenses paid	(1,256,628)	(1,285,704)
Income taxes paid		(607)	(602)
Net cash provided by (used in) operating activities		23,072,970	13,661,786
Cash flows from investing activities
Purchase of property, plant and equipment	(1,547,069)	(194,613)
Purchase of property, plant and equipment in trust	(6,207,046)	(74,938,798)
Proceeds from tenant leasehold and security deposits	85,923	36,856
Repayments of tenant leasehold and security	(17,784)		(11,348)
deposits

Proceeds from tenant leasehold and security deposits	355,788	2,305,688
in trust

Repayments of tenant leasehold and security	(568,795)		(250,154)
deposits in trust

Net cash provided by (used in) investing activities		(7,898,983)	(73,052,370)
Cash flows from financing activities
Proceeds from short-term loans	-	5,000,000
Repayment of short-term loans	-	(5,000,000)
Proceeds from long-term loans	28,900,000	30,700,000
Repayments of long-term loans	(34,910,000)	(7,900,000)
Proceeds from issuance of investment corporation	5,964,210	4,957,891
bonds

Proceeds from issuance of investment units	-	33,114,103

- 18 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

(Unit: Thousands of yen)

	Previous fiscal period	Current fiscal period
	(From September 1, 2019	(From March 1, 2020
	to February 29, 2020)	to August 31, 2020)

Distributions paid		(11,972,804)		(12,526,291)
Net cash provided by (used in) financing activities		(12,018,593)		48,345,703
Net increase (decrease) in cash and cash equivalents		3,155,392		(11,044,880)
Cash and cash equivalents at beginning of period		47,271,920		50,427,313
Cash and cash equivalents at end of period	*	50,427,313	*	39,382,433

- 19 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

Notes on Assumption of Going Concern Not applicable.
Notes on Important Accounting Policies

1.	Valuation basis and	Securities
	accounting methods for		Held-to-maturity bonds
	assets		The amortized cost method (straight-line method) is used.


2.	Method of depreciation	(1) Property, plant and equipment (including assets in trust)
	of non-current assets		The straight-line method is used.
			The useful lives of major property, plant and equipment are listed below.
			Buildings	2 to 69 years
			Structures	3 to 63 years
			Machinery and equipment	7 to 28 years
			Tools, furniture and fixtures	2 to 28 years
		(2) Intangible assets (including assets in trust)
			The straight-line method is used.
			The useful lives of major intangible assets are listed below.
			Goodwill	20 years
			Leasehold rights (fixed-term land lease rights in general) are amortized on a straight-
			line basis over the life of each contract.

3.	Accounting method for	(1) Investment corporation bond issuance costs
	deferred assets		Costs are amortized by the straight-line method over the redemption period.
		(2) Investment unit issuance expenses
			The full amount is recorded as expenses at the time of expenditure.

4.	Recognition of	Allowance for doubtful accounts
	allowance		The allowance for doubtful accounts consists of the individually estimated
			uncollectible amounts with respect to certain identified doubtful receivables and the
			amounts calculated using the rate of actual collection losses with respect to the other
			receivables.

5.	Recognition of revenues	Property-related taxes
	and expenses		For property tax, city planning tax, depreciable asset tax and other tax for real
			properties held, etc., the amount of tax levied corresponding to the fiscal period is
			recorded as real estate rental expenses.
			The settlement money for property-related taxes for the year including the acquisition
			date that is paid to the transferor for acquisition of real estate, etc. is not recorded as
			real estate rental expenses but included in the acquisition costs for the related
			properties.

6.	Method of hedge	(1)	Method of hedge accounting
	accounting		The deferral hedge accounting is used; provided, however, that special treatment is
			applied for interest rate swaps when the swaps satisfy the requirements for special
			treatment.
		(2) Hedging instruments and hedged items
			Hedging instruments: Interest rate swaps
			Hedged items: Interest on borrowings
		(3)	Hedging policy
			DHR conducts derivative transactions for the purpose of hedging risks provided for in
			the Articles of Incorporation of DHR pursuant to the basic policy of risk management.
		(4) Method of assessing hedge effectiveness
			Assessment of hedging effectiveness is omitted when the material conditions for the
			notional principal of hedging instruments and those for hedged items are the same, and
			changes in cash flows of hedged items can be expected to be offset in full at the
			commencement of a hedge and continuously thereafter.
			In addition, the assessment of hedging effectiveness is omitted for interest rate swaps
			to which special treatment is applied.

- 20 -

		Daiwa House REIT Investment Corporation (8984)
		Financial Results for the Fiscal Period Ended August 31, 2020

7. Scope of cash in the	Cash in the statements of cash flows (cash and cash equivalents) includes cash on hand,
statements of cash flows	cash in trust, demand deposits, deposits in trust, and highly liquid short-term investments
(cash and cash	that are readily convertible, carry little risk in price fluctuations, and mature within three
equivalents)	months of the date of acquisition.

8. Other significant matters	(1) Accounting method for trust beneficiary interests in real estate
forming the basis of	With regard to trust beneficiary interests in real estate, all assets and liabilities as well
preparing the financial	as all revenues and expense items associated with all trust assets are accounted for
statements	under the respective account items of the balance sheets and statements of income.
	Of the trust assets accounted for under the respective account items, the following
	items with significance are separately indicated on the balance sheets.
	i)	Cash and deposits in trust
	ii) Buildings in trust, structures in trust, machinery and equipment in trust, tools,
		furniture and fixtures in trust, land in trust and construction in progress in trust
	iii) Leasehold rights in trust
	iv) Lease and guarantee deposits in trust
	v) Tenant leasehold and security deposits in trust
	(2) Accounting method for consumption tax and local consumption tax
	Consumption tax and local consumption tax are accounted for by the tax-exclusion
	method.
	Non-deductible consumption taxes for acquisition of assets are added on to the
	acquisition cost of each asset.

Additional Information

Notes on provision and reversal of allowances for temporary difference adjustments

Previous fiscal period (From September 1, 2019 to February 29, 2020)

Not applicable.

Current fiscal period (From March 1, 2020 to August 31, 2020)

1. Reason for provision, related assets, etc., and amount of provision

		(Unit: Thousands of yen)
Related assets, etc.	Reason for provision	Allowance for temporary
difference adjustments

Goodwill	Amortization of goodwill	50,508

2. Specific method of reversal

Amortization of goodwill

In principal, no reversals are made.

- 21 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

Notes to Financial Statements Notes to Balance Sheets

1. Commitment line contracts

DHR has commitment line contracts with four banks with which it has transaction.

		(Unit: Thousands of yen)
	Previous fiscal period	Current fiscal period
	(As of February 29, 2020)	(As of August 31, 2020)
Total amount specified in commitment line contracts	25,000,000	25,000,000
Loans executed and outstanding	-	-
Unused credit lines	25,000,000	25,000,000

*2. Minimum net assets stipulated in Article 67, paragraph 4 of the Act on Investment Trusts and Investment Corporations

	(Unit: Thousands of yen)
Previous fiscal period	Current fiscal period
(As of February 29, 2020)	(As of August 31, 2020)
50,000	50,000

*3. Government bonds have been deposited with the Tokyo Legal Affairs Bureau as business security deposits in accordance with the Building Lots and Building Transaction Business Act.

		(Unit: Thousands of yen)
	Previous fiscal period	Current fiscal period
	(As of February 29, 2020)	(As of August 31, 2020)
Investment securities	9,394	9,411

*4. Matters regarding accumulation and reversal of reserve for temporary difference adjustments

(Unit: Thousands of yen)

- 22 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

Notes to Statements of Income

*1. Breakdown of income (loss) from real estate rental business

				(Unit: Thousands of yen)
		Previous fiscal period	Current fiscal period
		(From September 1, 2019	(From March 1, 2020
		to February 29, 2020)	to August 31, 2020)
A.	Real estate rental revenues
	Rental revenues
	Rent	23,160,308		24,961,747
	Common area charges	495,490	23,655,798	537,592	25,499,339
	Other rental revenues
	Facility charges	393,687		424,316
	Incidental revenues	264,610		266,029
	Other	398,303	1,056,601	423,847	1,114,193
	Total real estate rental revenues		24,712,400		26,613,533
B.	Real estate rental expenses
	Rental expenses
	Management fees	1,308,420		1,414,808
	Utilities	319,454		299,940
	Taxes and public dues	1,774,783		1,978,238
	Repairs and maintenance expenses	1,121,106		862,949
	Restoration costs	254,194		301,527
	Insurance	29,784		32,211
	Custodian fees	64,083		57,050
	Depreciation	4,806,206		5,174,575
	Other operating expenses	600,760	10,278,793	615,819	10,737,121
	Total real estate rental expenses		10,278,793		10,737,121
C. Income (loss) from real estate rental business (A - B)	14,433,606		15,876,411

- 23 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

*2. Breakdown of gain (loss) on sale of real estate properties Previous fiscal period (From September 1, 2019 to February 29, 2020)

	(Unit: Thousands of yen)
D Project Gifu
Proceeds from sale of real estate properties	1,171,000
Cost of real estate properties sold	1,065,888
Other sales expenses	4,227
Gain (loss) on sale of real estate properties	100,883
D Project Sapporo Minami
Proceeds from sale of real estate properties	863,000
Cost of real estate properties sold	781,613
Other sales expenses	3,457
Gain (loss) on sale of real estate properties	77,929
D Project Sendai Minami
Proceeds from sale of real estate properties	1,581,000
Cost of real estate properties sold	1,509,983
Other sales expenses	5,252
Gain (loss) on sale of real estate properties	65,763
D Project Gotenba
Proceeds from sale of real estate properties	1,141,000
Cost of real estate properties sold	1,107,701
Other sales expenses	4,152
Gain (loss) on sale of real estate properties	29,146
D Project Nishi-Hiroshima
Proceeds from sale of real estate properties	1,211,000
Cost of real estate properties sold	1,173,026
Other sales expenses	5,627
Gain (loss) on sale of real estate properties	32,346

Current fiscal period (From March 1, 2020 to August 31, 2020)

Not applicable.

Notes to Statements of Unitholders' Equity

Total number of authorized investment units and total number of investment units issued

	Previous fiscal period	Current fiscal period
	(From September 1, 2019	(From March 1, 2020
	to February 29, 2020)	to August 31, 2020)
Total number of authorized investment units	8,000,000 units	8,000,000 units
Total number of investment units issued	2,075,000 units	2,196,000 units

- 24 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

Notes to Statements of Cash Distributions

Reserve for temporary difference adjustments

Previous fiscal period	Current fiscal period
(From September 1, 2019	(From March 1, 2020
to February 29, 2020)	to August 31, 2020)

DHR has applied the transitional measures of Supplementary Provision, paragraph 3 of the "Regulations on Accounting of Investment Corporations" (Cabinet Office Order No. 27 of 2015) and accumulated ¥14,748,347,148, which is the balance of the portion of the amount corresponding to gain on negative goodwill recorded in prior years, in reserve for temporary difference adjustments in the statements of cash distributions for the fiscal period ended February 28, 2017. Reversal of this reserve at not less than the amount equivalent to 1%, which equals the fifty-year-uniform amount (¥147,483,472 or more), shall be performed beginning from the fiscal period ended August 31, 2017. However, DHR intends to reverse the amount equivalent to amortization of goodwill from reserve for temporary difference adjustments for distribution.

DHR conducted reversal of the amount of amortization of goodwill, difference of income from sale of properties for accounting and tax purposes, and part of the amount of damages to D Project Urayasu II from typhoons of ¥3,407,066,855 in the fiscal period ended February 29, 2020.

DHR has applied the transitional measures of Supplementary Provision, paragraph 3 of the "Regulations on Accounting of Investment Corporations" (Cabinet Office Order No. 27 of 2015) and accumulated ¥14,748,347,148, which is the balance of the portion of the amount corresponding to gain on negative goodwill recorded in prior years, in reserve for temporary difference adjustments in the statements of cash distributions for the fiscal period ended February 28, 2017. Reversal of this reserve at not less than the amount equivalent to 1%, which equals the fifty-year-uniform amount (¥147,483,472 or more), shall be performed beginning from the fiscal period ended August 31, 2017. However, DHR intends to reverse part of the amount equivalent to amortization of goodwill from reserve for temporary difference adjustments for distribution.

DHR conducted reversal of part of the amount of amortization of goodwill of ¥496,382,622 in the fiscal period ended August 31, 2020.

Notes to Statements of Cash Flows

Reconciliation between cash and cash equivalents at end of period and relevant amount on the balance sheets

		(Unit: Thousands of yen)
	Previous fiscal period	Current fiscal period
	(From September 1, 2019	(From March 1, 2020
	to February 29, 2020)	to August 31, 2020)
Cash and deposits	35,249,345	21,071,169
Cash and deposits in trust	15,177,967	18,311,263
Cash and cash equivalents	50,427,313	39,382,433

- 25 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

Investment and Rental Properties

DHR holds rental logistics, residential, retail, and other properties in the greater Tokyo area and other areas for rental revenues. The balance sheet carrying amounts, changes during the fiscal period, and fair values of these properties are as follows:

			(Unit: Thousands of yen)
		Previous fiscal period	Current fiscal period
		(From September 1, 2019	(From March 1, 2020
		to February 29, 2020)	to August 31, 2020)
Balance sheet carrying amount
	Balance at beginning of period	718,796,927	716,263,934
	Changes during period	(2,532,993)	70,424,785
	Balance at end of period	716,263,934	786,688,719
Fair value at end of period	830,171,000	906,406,000

(Note 1) The balance sheet carrying amount is the acquisition cost less accumulated depreciation.

(Note 2) In changes during period, the increase in the previous fiscal period is mainly due to the acquisitions of two properties including AGORA Kanazawa (¥6,689,535 thousand), while the decrease is mainly due to the sales of five properties including D Project Sendai Minami (¥5,638,212 thousand) and depreciation. The increase in the current fiscal period is mainly due to the acquisitions of four properties including DPL Nagareyama I (¥74,081,988 thousand), while the decrease is mainly due to depreciation.

(Note 3) The fair value at end of period is the appraisal value provided by external real estate appraisers.

The profit or loss concerning investment and rental properties is indicated under "Notes to Statements of Income."

Per Unit Information

	Previous fiscal period	Current fiscal period
	(From September 1, 2019	(From March 1, 2020
	to February 29, 2020)	to August 31, 2020)

Net assets per unit	¥221,851	¥223,725
Basic earnings per unit	¥4,398	¥4,525

(Note 1) Basic earnings per unit is calculated by dividing profit by the day-weighted average number of investment units for the period. Fully diluted earnings per investment unit is not stated, as there is no potential investment unit.

(Note 2) The basis for calculating basic earnings per unit is as follows:

		Previous fiscal period	Current fiscal period
		(From September 1, 2019	(From March 1, 2020
		to February 29, 2020)	to August 31, 2020)

Profit	(Thousands of yen)	9,125,933	9,936,041
Amount not attributable to common	-	-
unitholders	(Thousands of yen)

Profit attributable to common	9,125,933	9,936,041
investment units	(Thousands of yen)

Average number of investment units	2,075,000	2,195,342
for the period	(Units)

Major Subsequent Events

Not applicable.

Omission of Disclosure

Disclosure is omitted for items for notes including lease transactions, financial instruments, securities, derivative transactions, related party transactions, tax effect accounting, retirement benefits, asset retirement obligations, segment information, equity in earnings or losses of equity-method investments, since necessity for their disclosure in the financial results report is not deemed significant.

- 26 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

(9) Changes in Number of Investment Units Issued

DHR's total number of investment units issued and changes in unitholders' capital for the most recent five years until August 31, 2020 are as follows:

		Total number of	Unitholders' capital
		investment units issued
Date	Event	(Millions of yen)	Remark
(Units)

		Change	Balance	Change	Balance
September 1,	Delivery by allotment	771,540	1,519,280	-	61,703	(Note 1)
2016	due to merger

March 21, 2017	Capital increase through	156,720	1,676,000	42,625	104,328	(Note 2)
public offering

April 14, 2017	Capital increase through	14,000	1,690,000	3,807	108,136	(Note 3)
third-party allotment

March 19, 2018	Capital increase through	222,000	1,912,000	51,607	159,743	(Note 4)
public offering

April 13, 2018	Capital increase through	15,000	1,927,000	3,486	163,230	(Note 5)
third-party allotment

March 1, 2019	Capital increase through	138,000	2,065,000	32,879	196,110	(Note 6)
public offering

March 26, 2019	Capital increase through	10,000	2,075,000	2,382	198,492	(Note 7)
third-party allotment

March 2, 2020	Capital increase through	121,000	2,196,000	33,273	231,766	(Note 8)
public offering

(Note 1) At the time of the Merger, which became effective as of September 1, 2016, DHR allotted 2.2 units of DHR per unit of the former DHR, and as a result, 771,540 new investment units were issued.

(Note 2) Investment units were issued by public offering with an issue price of ¥280,868 per unit (paid-in amount: ¥271,983) in order to raise funds for the acquisition of new properties, etc.

(Note 3) Additional investment units were issued with a paid-in amount of ¥271,983 per unit in order to raise funds for the acquisition of new properties, etc.

(Note 4) Investment units were issued by public offering with an issue price of ¥239,806 per unit (paid-in amount: ¥232,465) in order to raise funds for the acquisition of new properties, etc.

(Note 5) Additional investment units were issued with a paid-in amount of ¥232,465 per unit in order to raise funds for the acquisition of new properties, etc.

(Note 6) Investment units were issued by public offering with an issue price of ¥245,784 per unit (paid-in amount: ¥238,260) in order to raise funds for the acquisition of new properties, etc.

(Note 7) Additional investment units were issued with a paid-in amount of ¥238,260 per unit in order to raise funds for the acquisition of new properties, etc.

(Note 8) Investment units were issued by public offering with an issue price of ¥283,670 per unit (paid-in amount: ¥274,986) in order to raise funds for the acquisition of new properties, etc.

- 27 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

3. Reference Information

Status of DHR's Investment

(1) Portfolio List

Status of investment

The status of DHR's investment as of August 31, 2020 is shown below.

Type of assets	Asset class		Area	Total amount held	Percentage
	(Millions of yen)	to total assets
(Note 1)
		(Note 2)	(%) (Note 3)

		Three major	Greater Tokyo area	23,648	2.6
	Residential	metropolitan	Greater Nagoya area	897	0.1
Real estate	properties	areas of Japan	Greater Osaka area	13,134	1.5
		Other	5,194	0.6
	Retail		Other	1,471	0.2
	properties

		Subtotal		44,346	4.9
		Three major	Greater Tokyo area	270,449	30.1
	Logistics	metropolitan	Greater Nagoya area	15,573	1.7
	properties	areas of Japan	Greater Osaka area	22,621	2.5
			Other	88,114	9.8
		Three major	Greater Tokyo area	165,579	18.4
	Residential	metropolitan	Greater Nagoya area	5,868	0.7
	properties	areas of Japan	Greater Osaka area	5,979	0.7
			Other	4,822	0.5
		Three major	Greater Tokyo area	32,305	3.6
Trust beneficiary	Retail	metropolitan	Greater Nagoya area	2,390	0.3
properties	areas of Japan	Greater Osaka area	22,981	2.6
interest in real estate
			Other	63,042	7.0
		Three major	Greater Tokyo area	4,735	0.5
	Hotel	metropolitan	Greater Nagoya area	4,516	0.5
	properties	areas of Japan	Greater Osaka area	1,450	0.2
			Other	5,167	0.6
		Three major
	Other assets	metropolitan	Greater Tokyo area	3,241	0.4
	areas of Japan

			Other	23,499	2.6
		Subtotal		742,342	82.5
Deposits and other assets			112,890	12.5
Total assets				899,579	100.0

				Amount	Percentage
				to total assets
				(Millions of yen)
				(%) (Note 3)

Total liabilities				408,277	45.4
Total net assets				491,302	54.6

(Note 1) Three major metropolitan areas of Japan in "Area" are the Greater Tokyo area (Tokyo, Kanagawa, Saitama and Chiba), the Greater Nagoya area (Aichi, Gifu and Mie) and the Greater Osaka area (Osaka, Kyoto, Hyogo, Nara and Shiga). The same shall apply hereinafter.

(Note 2) "Total amount held" represents the amount recorded on the balance sheets as of August 31, 2020, which is rounded down to the nearest million yen. For real estate and trust beneficiary interest in real estate, the amounts are their acquisition prices (including expenses associated with the acquisition) less accumulated depreciation.

(Note 3) "Percentage to total assets" is rounded to the nearest tenth.

- 28 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

ii) Major investment securities

The status of investment securities held by DHR as of August 31, 2020 is shown below.

(Unit: Thousands of yen)

Type	Issue name	Total face	Book	Interest	Maturity	Accrued	Prepaid		Valuation	Investment
accrued	Fair value	gain or	Remark
		value	value	rate		interest	interest		loss	ratio

Government	30-year principal-										Deposited
		-	September	-	-				as business
stripped government	10,000	9,411	9,317	(94)	0.0%
bonds	bonds (Series 27)				20, 2037						security
										deposit

	Total	10,000	9,411	-	-	-	-	9,317	(94)	0.0%

Summary of assets held
1. The summary of real estate or trust beneficiary interest in real estate (or referred as "real estate in trust") held by DHR as of August 31, 2020 is shown below.

					Acquisition price		Assessed
					Book value	value at the
Asset	Property		Location	Acquisition	(Note 3)	end of
number	Property name	date			(Millions of	period
class	(city or county, prefecture)			yen)
(Note 1)		(Note 2)	Price	Investment	(Millions of
			(Note 5)
					(Millions of	ratio (%)	yen)

					yen)	(Note 4)		(Note 6)
	LB-001	D Project Machida	Machida City, Tokyo	September 1, 2016	9,200	1.1	9,119	9,860
	LB-002	D Project Hachioji	Hachioji City, Tokyo	September 1, 2016	15,400	1.9	15,040	17,100
	LB-003	D Project Aikawa-Machi	Aiko District, Kanagawa	September 1, 2016	3,390	0.4	3,723	4,470
	LB-005	D Project Urayasu I	Urayasu City, Chiba	September 1, 2016	9,280	1.1	9,060	9,730
	LB-006	D Project Urayasu II	Urayasu City, Chiba	September 1, 2016	26,000	3.2	25,383	28,100

	LB-007	D Project Akanehama	Narashino City, Chiba	September 1, 2016	2,950	0.4	2,849	3,080
	LB-008	D Project Noda	Noda City, Chiba	September 1, 2016	6,210	0.8	5,972	6,550
	LB-009	D Project Inuyama (Note 7)	Inuyama City, Aichi	September 1, 2016	10,790	1.3	10,325	11,760
	LB-011	D Project Neyagawa	Neyagawa City, Osaka	September 1, 2016	5,980	0.7	5,786	6,320
	LB-013	D Project Morioka	Takizawa City, Iwate	September 1, 2016	1,200	0.1	1,158	1,210
	LB-015	D Project Tsuchiura	Tsuchiura City, Ibaraki	September 1, 2016	3,390	0.4	3,191	3,560
	LB-018	D Project Fukuoka Umi	Kasuya District, Fukuoka	September 1, 2016	4,240	0.5	4,079	4,850

	LB-019	D Project Tosu	Tosu City, Saga	September 1, 2016	5,740	0.7	5,378	6,130
	LB-020	D Project Kuki I	Kuki City, Saitama	September 1, 2016	3,900	0.5	3,744	4,220

	LB-021	D Project Kuki II	Kuki City, Saitama	September 1, 2016	8,120	1.0	7,670	8,830
	LB-022	D Project Kawagoe I	Kawagoe City, Saitama	September 1, 2016	3,530	0.4	3,401	3,880
	LB-023	D Project Kawagoe II	Kawagoe City, Saitama	September 1, 2016	4,850	0.6	4,687	5,380
	LB-024	DPL Inuyama	Inuyama City, Aichi	September 1, 2016	3,940	0.5	3,764	4,240
	LB-025	D Project Fukuoka Hakozaki	Fukuoka City, Fukuoka	September 1, 2016	4,340	0.5	4,191	4,610

Logistics	LB-026	D Project Kuki III	Kuki City, Saitama	September 1, 2016	7,630	0.9	7,270	8,420

LB-027	D Project Kuki IV	Kuki City, Saitama	September 1, 2016	5,520	0.7	5,266	6,080
properties
LB-028	D Project Kuki V	Kuki City, Saitama	September 1, 2016	8,280	1.0	7,937	9,020

	LB-029	D Project Kuki VI	Kuki City, Saitama	September 1, 2016	5,140	0.6	4,894	5,590
	LB-030	D Project Yashio	Yashio City, Saitama	September 1, 2016	6,400	0.8	6,154	6,750
	LB-031	D Project Nishiyodogawa	Osaka City, Osaka	September 1, 2016	10,300	1.3	9,813	10,900
	LB-032	D Project Matsudo	Matsudo City, Chiba	September 1, 2016	7,370	0.9	7,126	7,740
	LB-033	D Project Hibiki Nada	Kitakyushu City, Fukuoka	September 28, 2016	2,080	0.3	1,963	2,190

	LB-034	D Project Morioka II	Takizawa City, Iwate	September 28, 2016	1,280	0.2	1,223	1,320

	LB-035	D Project Kawagoe III	Kawagoe City, Saitama	April 11, 2017	7,200	0.9	6,951	7,860
	LB-036	D Project Kazo	Kazo City, Saitama	April 11, 2017	3,300	0.4	3,183	3,610
	LB-037	D Project Urayasu III	Urayasu City, Chiba	April 11, 2017	8,500	1.0	8,570	9,750
	LB-038	D Project Tomisato	Tomisato City, Chiba	April 11, 2017	5,000	0.6	4,785	5,300
	LB-039	D Project Kyotanabe	Kyotanabe City, Kyoto	April 11, 2017	3,520	0.4	3,428	3,790
	LB-040	D Project Sendai Izumi	Sendai City, Miyagi	April 11, 2017	1,510	0.2	1,449	1,590

	LB-041	D Project Oyama	Oyama City, Tochigi	April 11, 2017	2,000	0.2	1,923	2,050

	LB-042	D Project Sano	Sano City, Tochigi	April 11, 2017	1,780	0.2	1,698	1,830

	LB-043	D Project Tatebayashi	Tatebayashi City, Gunma	April 11, 2017	3,100	0.4	2,971	3,220
	LB-044	D Project Kakegawa	Kakegawa City, Shizuoka	April 11, 2017	6,000	0.7	5,809	6,150
	LB-045	D Project Hiroshima Seifu	Hiroshima City, Hiroshima	April 11, 2017	3,820	0.5	3,689	4,050
	LB-046	D Project Tosu II	Tosu City, Saga	April 11, 2017	1,700	0.2	1,624	1,910
	LB-047	D Project Kawagoe IV	Kawagoe City, Saitama	April 10, 2018	5,600	0.7	5,509	5,930

- 29 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

					Acquisition price		Assessed
					Book value	value at the
Asset	Property		Location	Acquisition	(Note 3)	end of
number	Property name	date			(Millions of	period
class	(Note 1)		(city or county, prefecture)	(Note 2)	Price	Investment	yen)	(Millions of
			(Note 5)
					(Millions of	ratio (%)	yen)

					yen)	(Note 4)		(Note 6)
	LB-048	D Project Kuki VII	Kuki City, Saitama	April 10, 2018	1,040	0.1	1,031	1,150
	LB-049	D Project Chibakita	Chiba City, Chiba	April 10, 2018	7,640	0.9	7,554	8,300
	LB-050	D Project Matsudo II	Matsudo City, Chiba	April 10, 2018	8,200	1.0	8,053	8,490
	LB-051	D Project Tomisato II	Tomisato City, Chiba	April 10, 2018	6,900	0.8	6,721	7,100
	LB-052	D Project Osaka Hirabayashi	Osaka City, Osaka	April 10, 2018	3,600	0.4	3,594	4,250
	LB-053	D Project Sendai Izumi II	Sendai City, Miyagi	April 10, 2018	7,300	0.9	7,071	7,520

	LB-054	D Project Kaminokawa	Kawachi District, Tochigi	April 10, 2018	7,900	1.0	7,699	8,070
	LB-055	D Project Fuji	Fuji City, Shizuoka	April 10, 2018	3,600	0.4	3,499	3,640

	LB-056	D Project Tosu III	Tosu City, Saga	April 10, 2018	9,200	1.1	8,939	9,470
Logistics	LB-057	D Project Kitahachioji I	Hachioji City, Tokyo	April 5, 2019	4,300	0.5	4,274	4,450
LB-058	D Project Kitahachioji II	Hachioji City, Tokyo	April 5, 2019	5,700	0.7	5,681	5,870
properties
LB-059	D Project Kitahachioji III	Hachioji City, Tokyo	April 5, 2019	7,300	0.9	7,272	7,570

	LB-060	D Project Itabashi Shingashi	Itabashi Ward, Tokyo	April 10, 2019	12,300	1.5	12,254	12,400

	LB-061	D Project Sagamihara	Sagamihara City, Tokyo	April 10, 2019	3,900	0.5	3,871	3,990
	LB-062	D Project Kuki VIII	Kuki City, Saitama	April 10, 2019	6,100	0.7	6,043	6,240

	LB-063	D Project Yokkaichi	Yokkaichi City, Mie	April 10, 2019	1,490	0.2	1,482	1,500
	LB-064	D Project Ibaraki Ishioka	Ishioka City, Ibaraki	April 10, 2019	4,050	0.5	4,012	4,130
	LM-001	DPL Misato	Misato City, Saitama	April 11, 2017	16,831	2.1	16,506	18,000
	LM-002	DPL Fukuoka Kasuya	Kasuya District, Fukuoka	April 10, 2018	13,300	1.6	13,124	13,600
	LM-003	DPL Kitakyushu	Kitakyushu City, Fukuoka	September 27, 2018	3,510	0.4	3,414	3,580
	LM-004	DPL Nagareyama I	Nagareyama City, Chiba	April 3, 2020	32,600	4.0	32,728	33,000
		Total of 62 Logistics properties		406,241	49.6	396,608	431,250

	RE-001	Qiz Ebisu	Shibuya Ward, Tokyo	March 22, 2006	7,650	0.9	7,407	9,420
	RE-002	Castalia Azabujuban	Minato Ward, Tokyo	March 22, 2006	4,500	0.5	4,110	4,510
	Shichimenzaka
	RE-003	Castalia Shibakoen	Minato Ward, Tokyo	March 22, 2006	2,630	0.3	2,382	2,460

	RE-004	Castalia Ginza	Chuo Ward, Tokyo	March 22, 2006	2,520	0.3	2,297	2,350
	RE-005	Castalia Hiroo	Minato Ward, Tokyo	March 22, 2006	2,220	0.3	2,043	2,030
	RE-006	Castalia Nihonbashi	Chuo Ward, Tokyo	March 22, 2006	1,200	0.1	1,070	1,230
	RE-007	Castalia Hacchobori	Chuo Ward, Tokyo	March 7, 2007	2,300	0.3	2,036	2,360
	RE-008	Castalia Azabujuban	Minato Ward, Tokyo	June 21, 2007	2,910	0.4	2,729	2,780

	RE-009	Castalia Azabujuban II	Minato Ward, Tokyo	June 21, 2007	2,690	0.3	2,517	2,670
	RE-010	Castalia Shinjuku Natsumezaka	Shinjuku Ward, Tokyo	June 21, 2007	1,865	0.2	1,768	1,660
	RE-011	Castalia Ginza II	Chuo Ward, Tokyo	June 21, 2007	1,800	0.2	1,627	1,790
	RE-012	Castalia Shibuya Sakuragaoka	Shibuya Ward, Tokyo	June 21, 2007	1,400	0.2	1,323	1,210
	RE-013	Castalia Nishi Azabu	Minato Ward, Tokyo	April 1, 2010	2,143	0.3	2,316	2,590
		Kasumicho
	RE-014	Castalia Ochanomizu	Chiyoda Ward, Tokyo	April 1, 2010	1,770	0.2	1,668	2,380
	RE-015	Castalia Sangubashi	Shibuya Ward, Tokyo	April 1, 2010	1,393	0.2	1,465	1,660

Residential	RE-016	Castalia Suitengu	Chuo Ward, Tokyo	April 1, 2010	1,279	0.2	1,194	1,590
properties	RE-017	Castalia Suitengu II	Chuo Ward, Tokyo	April 1, 2010	1,138	0.1	1,075	1,410
	RE-018	Castalia Shintomicho	Chuo Ward, Tokyo	April 1, 2010	932	0.1	890	1,150
	RE-019	Castalia Shintomicho II	Chuo Ward, Tokyo	April 1, 2010	825	0.1	801	1,010
	RE-020	Castalia Harajuku	Shibuya Ward, Tokyo	April 1, 2010	887	0.1	847	1,020
	RE-021	Castalia Yoyogi Uehara	Shibuya Ward, Tokyo	April 1, 2010	608	0.1	643	776
	RE-022	Castalia Sendagaya	Shibuya Ward, Tokyo	April 1, 2010	555	0.1	546	683
	RE-023	Castalia Shinjuku 7 chome	Shinjuku Ward, Tokyo	April 1, 2010	464	0.1	432	568
	RE-024	Castalia Ningyocho	Chuo Ward, Tokyo	April 1, 2010	947	0.1	874	1,420

	RE-025	Castalia Ningyocho II	Chuo Ward, Tokyo	April 1, 2010	1,070	0.1	968	1,520
	RE-026	Castalia Shin-Ochanomizu	Chiyoda Ward, Tokyo	April 1, 2010	914	0.1	836	1,150

	RE-027	Castalia Higashi Nihonbashi II	Chuo Ward, Tokyo	April 1, 2010	1,370	0.2	1,223	1,820

	RE-028	Castalia Jinbocho	Chiyoda Ward, Tokyo	April 1, 2010	1,160	0.1	1,061	1,580
	RE-029	Castalia Shintomicho III	Chuo Ward, Tokyo	April 1, 2010	675	0.1	598	823
	RE-030	Castalia Shinjuku Gyoen	Shinjuku Ward, Tokyo	April 1, 2010	2,720	0.3	2,557	3,400
	RE-031	Castalia Takanawadai	Minato Ward, Tokyo	April 1, 2010	860	0.1	804	1,110
	RE-032	Castalia Higashi Nihonbashi	Chuo Ward, Tokyo	April 1, 2010	666	0.1	593	870
		III
	RE-033	Castalia Shinjuku Gyoen II	Shinjuku Ward, Tokyo	April 1, 2010	486	0.1	461	564

- 30 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

					Acquisition price		Assessed
					Book value	value at the
Asset	Property		Location	Acquisition	(Note 3)	end of
number	Property name	date			(Millions of	period
class	(Note 1)		(city or county, prefecture)	(Note 2)	Price	Investment	yen)	(Millions of
			(Note 5)
					(Millions of	ratio (%)	yen)

					yen)	(Note 4)		(Note 6)
	RE-034	Castalia Shintomicho IV	Chuo Ward, Tokyo	April 1, 2010	400	0.0	386	538

	RE-035	Castalia Takanawadai II	Minato Ward, Tokyo	April 1, 2010	1,190	0.1	1,137	1,460
	RE-036	Castalia Minami Azabu	Minato Ward, Tokyo	April 1, 2010	642	0.1	607	794
	RE-037	Castalia Ginza III	Chuo Ward, Tokyo	April 1, 2010	2,880	0.4	2,704	3,160
	RE-038	Castalia Kayabacho	Chuo Ward, Tokyo	April 1, 2010	2,707	0.3	2,476	3,380
	RE-039	Castalia Takanawa	Minato Ward, Tokyo	April 1, 2010	7,430	0.9	7,304	8,960
	RE-040	Castalia Higashi Nihonbashi	Chuo Ward, Tokyo	April 1, 2010	3,520	0.4	3,241	4,210
	RE-041	Castalia Shinjuku	Shinjuku Ward, Tokyo	April 1, 2010	2,950	0.4	2,796	3,540

	RE-042	Castalia Ichigaya	Shinjuku Ward, Tokyo	June 29, 2010	940	0.1	867	1,400
	RE-043	Shibaura Island Bloom Tower	Minato Ward, Tokyo	October 18, 2011	7,580	0.9	6,401	9,260
	RE-044	Castalia Hatsudai	Shibuya Ward, Tokyo	December 19, 2011	2,030	0.2	1,987	2,510
	RE-045	Castalia Hatsudai II	Shibuya Ward, Tokyo	September 27, 2013	1,900	0.2	1,834	2,290
	RE-046	Castalia Ebisu	Shibuya Ward, Tokyo	September 27, 2013	1,420	0.2	1,383	1,720
	RE-047	Castalia Meguro Kamurozaka	Shinagawa Ward, Tokyo	December 20, 2005	4,500	0.5	3,949	4,830
	RE-048	Castalia Toritsudaigaku	Meguro Ward, Tokyo	March 22, 2006	648	0.1	570	538

	RE-049	Castalia Yukigaya	Ota Ward, Tokyo	March 7, 2007	1,110	0.1	991	1,180
	RE-050	Castalia Yutenji	Meguro Ward, Tokyo	June 21, 2007	1,450	0.2	1,303	1,350

	RE-051	Castalia Otsuka	Toshima Ward, Tokyo	June 21, 2007	1,480	0.2	1,281	1,690
	RE-052	Castalia Kikukawa	Sumida Ward, Tokyo	June 21, 2007	817	0.1	696	852
	RE-053	Castalia Meguro	Meguro Ward, Tokyo	April 1, 2010	844	0.1	865	1,190
	RE-054	Castalia Otsuka II	Toshima Ward, Tokyo	April 1, 2010	1,040	0.1	958	1,370
	RE-055	Castalia Jiyugaoka	Meguro Ward, Tokyo	April 1, 2010	1,200	0.1	1,145	1,480
	RE-056	Castalia Mejiro	Toshima Ward, Tokyo	April 1, 2010	988	0.1	911	1,130
	RE-057	Castalia Ikebukuro	Toshima Ward, Tokyo	April 1, 2010	2,570	0.3	2,391	3,090

	RE-058	Castalia Kaname-cho	Toshima Ward, Tokyo	April 1, 2010	1,140	0.1	1,080	1,310
	RE-059	Castalia Tower Shinagawa	Shinagawa Ward, Tokyo	April 1, 2010	7,380	0.9	6,728	9,320
	Seaside
	RE-060	Castalia Yakumo	Meguro Ward, Tokyo	April 1, 2010	857	0.1	817	854
Residential	RE-061	Castalia Togoshiekimae	Shinagawa Ward, Tokyo	April 1, 2010	1,560	0.2	1,436	2,220
properties	RE-062	Castalia Honjo Azumabashi	Sumida Ward, Tokyo	April 1, 2010	996	0.1	964	1,250
	RE-063	Castalia Kitazawa	Setagaya Ward, Tokyo	April 1, 2010	742	0.1	745	890
	RE-064	Castalia Monzennakacho	Koto Ward, Tokyo	April 1, 2010	503	0.1	466	616
	RE-065	Castalia Kamiikedai	Ota Ward, Tokyo	April 1, 2010	198	0.0	177	231

	RE-066	Castalia Morishita	Koto Ward, Tokyo	April 1, 2010	832	0.1	778	1,110
	RE-067	Castalia Wakabayashikoen	Setagaya Ward, Tokyo	April 1, 2010	776	0.1	738	907

	RE-068	Castalia Asakusabashi	Taito Ward, Tokyo	April 1, 2010	792	0.1	717	1,010
	RE-069	Castalia Iriya	Taito Ward, Tokyo	April 1, 2010	546	0.1	508	685
	RE-070	Castalia Kita Ueno	Taito Ward, Tokyo	April 1, 2010	2,641	0.3	2,343	2,990
	RE-071	Castalia Morishita II	Koto Ward, Tokyo	April 1, 2010	686	0.1	598	874
	RE-072	Castalia Minowa	Taito Ward, Tokyo	April 1, 2010	1,430	0.2	1,265	1,630
	RE-073	Castalia Oyamadai	Setagaya Ward, Tokyo	April 1, 2010	533	0.1	511	612
	RE-074	Castalia Nakano	Nakano Ward, Tokyo	April 1, 2010	1,060	0.1	985	1,330

	RE-075	Castalia Yoga	Setagaya Ward, Tokyo	April 1, 2010	923	0.1	854	1,170
	RE-076	Castalia Sumiyoshi	Koto Ward, Tokyo	April 1, 2010	948	0.1	823	1,030
	RE-077	Castalia Monzennakacho II	Koto Ward, Tokyo	April 1, 2010	2,160	0.3	1,941	2,870
	RE-078	Castalia Oshiage	Sumida Ward, Tokyo	April 1, 2010	1,100	0.1	959	1,200
	RE-079	Castalia Kuramae	Taito Ward, Tokyo	April 1, 2010	1,260	0.2	1,110	1,540
	RE-080	Castalia Nakanobu	Shinagawa Ward, Tokyo	June 29, 2010	1,790	0.2	1,657	2,470
	RE-081	Royal Parks Toyosu	Koto Ward, Tokyo	November 1, 2010	7,360	0.9	5,830	10,400

	RE-082	Castalia Togoshi	Shinagawa Ward, Tokyo	November 1, 2010	1,770	0.2	1,546	2,490
	RE-083	Castalia Ooimachi	Shinagawa Ward, Tokyo	June 30, 2011	1,181	0.1	1,123	1,650
	RE-084	Castalia Omori	Ota Ward, Tokyo	August 2, 2011	1,500	0.2	1,376	1,830
	RE-085	Castalia Mishuku	Setagaya Ward, Tokyo	October 7, 2011	1,900	0.2	1,793	2,360
	RE-086	Castalia Arakawa	Arakawa Ward, Tokyo	March 28, 2012	1,660	0.2	1,537	2,280
	RE-087	Castalia Omori II	Ota Ward, Tokyo	March 29, 2012	2,370	0.3	2,219	3,040
	RE-088	Castalia Nakameguro	Meguro Ward, Tokyo	November 29, 2012	3,800	0.5	3,750	4,810

	RE-089	Castalia Meguro Chojyamaru	Shinagawa Ward, Tokyo	September 27, 2013	2,030	0.2	1,973	2,510

	RE-090	Castalia Meguro Takaban	Meguro Ward, Tokyo	September 27, 2013	1,750	0.2	1,730	1,950

- 31 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

					Acquisition price		Assessed
					Book value	value at the
Asset	Property		Location	Acquisition	(Note 3)	end of
number	Property name	date			(Millions of	period
class	(Note 1)		(city or county, prefecture)	(Note 2)	Price	Investment	yen)	(Millions of
			(Note 5)
					(Millions of	ratio (%)	yen)

					yen)	(Note 4)		(Note 6)
	RE-091	Castalia Omori III	Shinagawa Ward, Tokyo	September 27, 2013	1,520	0.2	1,443	1,820
	RE-093	Castalia Meguro Tairamachi	Meguro Ward, Tokyo	September 26, 2014	1,165	0.1	1,186	1,400
	RE-094	Royal Parks SEASIR	Adachi Ward, Tokyo	May 1, 2015	4,350	0.5	3,863	5,150
	RE-095	Castalia Honkomagome	Bunkyo Ward, Tokyo	May 1, 2015	1,520	0.2	1,488	1,880
	RE-096	Cosmo Heim Musashikosugi	Kawasaki City, Kanagawa	March 22, 2006	1,674	0.2	1,651	2,110
	RE-097	Castalia Tsurumi	Yokohama City, Kanagawa	June 21, 2007	666	0.1	578	774

	RE-098	Castalia Funabashi	Funabashi City, Chiba	April 1, 2010	704	0.1	676	815
	RE-099	Castalia Nishi Funabashi	Funabashi City, Chiba	April 1, 2010	783	0.1	727	998

	RE-105	Castalia Nogeyama	Yokohama City, Kanagawa	April 1, 2010	325	0.0	291	329
	RE-106	Castalia Ichikawa	Ichikawa City, Chiba	April 1, 2010	461	0.1	413	561
	RE-107	Royal Parks Hanakoganei	Kodaira City, Tokyo	October 7, 2011	5,300	0.6	4,715	6,620
	RE-108	Castalia Musashikosugi	Kawasaki City, Kanagawa	September 27, 2013	1,680	0.2	1,614	1,970
	RE-109	Royal Parks Wakabadai	Inagi City, Tokyo	March 28, 2014	4,360	0.5	3,689	4,830

	RE-110	Pacific Royal Court	Yokohama City, Kanagawa	May 1, 2015	9,100	1.1	7,951	11,500
		Minatomirai Urban Tower
	RE-111	L-Place Shinkoyasu	Yokohama City, Kanagawa	May 1, 2015	1,720	0.2	1,648	2,150
	RE-112	Royal Parks Musashikosugi	Kawasaki City, Kanagawa	May 1, 2015	1,060	0.1	951	1,360

	RE-116	Castalia Sakaisuji Honmachi	Osaka City, Osaka	April 1, 2010	1,490	0.2	1,277	1,850
	RE-117	Castalia Shin-Umeda	Osaka City, Osaka	April 1, 2010	1,376	0.2	1,213	1,660
	RE-118	Castalia Abeno	Osaka City, Osaka	April 1, 2010	4,368	0.5	3,951	5,430
	RE-119	Castalia Sakae	Nagoya City, Aichi	April 1, 2010	1,010	0.1	897	1,260
Residential	RE-121	Castalia Maruyama Urasando	Sapporo City, Hokkaido	April 1, 2010	411	0.1	352	511
RE-122	Castalia Maruyama	Sapporo City, Hokkaido	April 1, 2010	1,740	0.2	1,500	2,000
properties
Omotesando
	RE-123	Castalia Higashi Hie	Fukuoka City, Fukuoka	April 1, 2010	960	0.1	820	1,060
	RE-124	Castalia Tower Nagahoribashi	Osaka City, Osaka	April 1, 2010	3,400	0.4	2,864	4,700
	RE-125	Castalia Sannomiya	Kobe City, Hyogo	April 1, 2010	1,230	0.2	1,037	1,560

	RE-126	Castalia Kotodaikoen	Sendai City, Miyagi	April 1, 2010	481	0.1	401	581

	RE-127	Castalia Ichibancho	Sendai City, Miyagi	April 1, 2010	783	0.1	678	967

	RE-128	Castalia Omachi	Sendai City, Miyagi	April 1, 2010	656	0.1	584	847
	RE-129	Castalia Uemachidai	Osaka City, Osaka	April 1, 2010	2,190	0.3	1,981	2,860
	RE-130	Castalia Tower Higobashi	Osaka City, Osaka	April 1, 2010	2,670	0.3	2,316	3,580
	RE-131	Big Tower Minami Sanjo	Sapporo City, Hokkaido	November 1, 2010	1,740	0.2	1,217	2,760
	RE-132	Castalia Fushimi	Nagoya City, Aichi	January 14, 2011	2,260	0.3	1,896	3,250
	RE-133	Castalia Meieki Minami	Nagoya City, Aichi	August 1, 2011	720	0.1	638	982

	RE-134	Castalia Yakuin	Fukuoka City, Fukuoka	September 26, 2011	930	0.1	857	1,210

	RE-135	Castalia Mibu	Kyoto City, Kyoto	December 22, 2011	1,193	0.1	1,066	1,530
	RE-136	Castalia Tsutsujigaoka	Sendai City, Miyagi	September 3, 2012	1,208	0.1	1,136	1,820
	RE-137	Castalia Ohori Bay Tower	Fukuoka City, Fukuoka	March 25, 2013	2,910	0.4	2,468	3,740
	RE-138	Royal Parks Namba	Osaka City, Osaka	March 29, 2013	2,830	0.3	2,421	3,050
	RE-139	Castalia Shigahondori	Nagoya City, Aichi	June 26, 2013	1,730	0.2	1,533	2,160
	RE-140	Castalia Kyoto Nishioji	Kyoto City, Kyoto	November 2, 2015	973	0.1	982	1,070

	RE-141	Castalia Ningyocho III	Chuo Ward, Tokyo	September 28, 2016	2,000	0.2	1,963	2,640

	RE-142	Royal Parks Umejima	Adachi Ward, Tokyo	September 28, 2016	2,020	0.2	1,902	2,170

	RE-143	Castalia Shinsakae II	Nagoya City, Aichi	April 11, 2017	1,800	0.2	1,801	2,030
		Total of 133 Residential properties		246,424	30.1	225,126	298,470
	RM-001	ACROSSMALL	Kamagaya City, Chiba	September 1, 2016	7,770	0.9	7,432	8,660
		Shinkamagaya
	RM-002	FOLEO Hirakata	Hirakata City, Osaka	September 1, 2016	4,580	0.6	4,410	4,670
	RM-003	QiZ GATE URAWA	Saitama City, Saitama	September 1, 2016	4,270	0.5	4,158	4,450
	RM-004	UNICUS Takasaki	Takasaki City, Gunma	September 1, 2016	3,000	0.4	2,917	3,220
Retail	RM-005	ACROSSPLAZA Miyoshi	Iruma District, Saitama	September 1, 2016	3,740	0.5	3,740	3,970
properties	(Land)
	RM-006	DREAM TOWN ALi	Aomori City, Aomori	September 1, 2016	8,100	1.0	7,884	8,250
	RM-007	ASOBOX (Land)	Kitakyushu City, Fukuoka	August 29, 2017	1,600	0.2	1,617	1,950
	RM-008	FOLEO Ome Imai	Ome City, Tokyo	August 29, 2017	3,800	0.5	3,720	3,950

	RM-009	FOLEO Otsu Ichiriyama	Otsu City, Shiga	April 3, 2018	8,100	1.0	7,931	8,770

	RM-010	FOLEO Hakata	Fukuoka City, Fukuoka	April 3, 2018	3,200	0.4	3,129	3,700

- 32 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

					Acquisition price		Assessed
					Book value	value at the
Asset	Property		Location	Acquisition	(Note 3)	end of
number	Property name	date			(Millions of	period
class	(Note 1)		(city or county, prefecture)	(Note 2)	Price	Investment	yen)	(Millions of
			(Note 5)
					(Millions of	ratio (%)	yen)

					yen)	(Note 4)		(Note 6)
	RM-011	ACROSSMALL Semboku	Sakai City, Osaka	December 7, 2018	3,250	0.4	3,383	3,880
	(Land)
	RM-012	iias Tsukuba (Note 7)	Tsukuba City, Ibaraki	April 5, 2019	34,120	4.2	34,165	34,400

	RR-001	LIFE Sagamihara Wakamatsu	Sagamihara City, Kanagawa	September 1, 2016	1,670	0.2	1,646	1,850
	RR-002	FOLEO Sendai Miyanomori	Sendai City, Miyagi	September 1, 2016	6,960	0.8	6,818	7,490
	RR-003	ACROSSPLAZA Inazawa	Inazawa City, Aichi	September 1, 2016	2,390	0.3	2,390	2,600
		(Land)
	RR-004	Sports Depo and GOLF5	Kitakyushu City, Fukuoka	September 28, 2016	2,230	0.3	2,143	2,400
Retail	Kokurahigashi IC Store
RR-005	Hiratsuka Retail Property	Hiratsuka City, Kanagawa	January 31, 2017	5,620	0.7	5,857	6,680
properties
		(Land)
	RR-006	Royal Home Center	Osaka City, Osaka	March 27, 2018	4,500	0.5	4,541	5,280
		Morinomiya (Land)
	RR-007	Aoyama Tailor Bunkyo	Bunkyo Ward, Tokyo	April 5, 2019	750	0.1	768	766
	Sengoku Ekimae Store
	RR-008	FOLEO Shobu	Kuki City, Saitama	April 5, 2019	5,000	0.6	4,981	5,150

	RR-009	Hapias Kaita (Land)	Aki District, Hiroshima	December 13, 2019	1,400	0.2	1,471	1,520

	RU-001	COMBOX310	Mito City, Ibaraki	December 7, 2018	4,480	0.5	4,367	4,680

	RU-002	Sports Plaza Ibaraki	Ibaraki City, Osaka	August 31, 2020	2,689	0.3	2,714	2,720
		Total of 23 Retail properties		123,219	15.0	122,190	131,006
	HO-001	Daiwa Roynet Hotel	Yokohama City, Kanagawa	April 3, 2018	4,800	0.6	4,735	5,030
		Yokohama Kannai
Hotel	HO-002	Super Hotel JR Nara Station	Nara City, Nara	December 6, 2018	1,470	0.2	1,450	1,500
Sanjo Street
properties
HO-003	Daiwa Roynet Hotel Nagoya	Nagoya City, Aichi	April 5, 2019	4,500	0.5	4,516	4,420

	Shinkansenguchi

	HO-004	AGORA Kanazawa	Kanazawa City, Ishikawa	November 29, 2019	5,200	0.6	5,167	5,490
		Total of 4 Hotel properties		15,970	1.9	15,870	16,440
	OT-001	Urban Living Inage	Chiba City, Chiba	June 24, 2013	930	0.1	816	1,280
	OT-002	Aburatsubo Marina HILLS	Miura City, Kanagawa	September 1, 2014	1,100	0.1	1,037	1,230
		Naha Shin-Toshin Center
	OT-003	Building (Daiwa Roynet Hotel	Naha City, Okinawa	September 28, 2016	7,600	0.9	7,223	8,150
Other		Naha-Omoromachi)
assets	OT-004	Sharp Hiroshima Building	Hiroshima City, Hiroshima	April 11, 2017	1,850	0.2	1,814	1,950
		Nursery Room Berry Bear
	OT-005	Omori Nishi Welcia Ota	Ota Ward, Tokyo	March 12, 2019	1,380	0.2	1,387	1,380
		Omori Nishi Store
	OT-006	GRANODE Hiroshima	Hiroshima City, Hiroshima	April 3, 2020	14,400	1.8	14,442	15,250

		Total of 6 Other assets		27,260	3.3	26,721	29,240
		Portfolio Total of 228 Properties		819,114	100.0	786,517	906,406

(Note 1) "Property number" is assigned for each property according to the use categories; L represents logistics properties, RE represents residential properties, R represents retail properties, HO represents hotel properties and OT represents other properties, which are further classified into LB (Built-to-Suit (BTS) type), LM (multi-tenant type), RR (roadside type), RM (mall type) and RU (urban type). The same shall apply hereinafter.

(Note 2) With regard to the properties acquired through past mergers, "Acquisition date" represents the effective date of the merger.

(Note 3) "Acquisition price" represents the purchase price stipulated in the respective purchase agreements of assets held by DHR (excluding expenses pertaining to acquisitions, settlement money such as taxes and public dues, consumption taxes etc., or guarantee deposits on leased land, etc.). However, the acquisition prices of properties previously owned by NCR have been presented as the appraisal values as of February 28, 2010, which were the prices received at the time of the merger with NCR, and the acquisition prices of properties previously owned by the former DHR have been presented as the appraisal values as of August 31, 2016, the prices received at the time of the merger with the former DHR.

(Note 4) "Investment ratio" represents the percentage of the acquisition price for each property to the total acquisition price of assets held, which is rounded to the nearest tenth.

(Note 5) "Book value" represents the amount recorded on the balance sheets as of August 31, 2020, which is rounded down to the nearest million yen. Construction in progress and construction in progress in trust are excluded.

(Note 6) "Assessed value at the end of period" is the appraisal value as of August 31, 2020 provided by real estate appraisers (Daiwa Real Estate Appraisal Co., Ltd., Chuo Real Estate Appraisal Co., Ltd., The Tanizawa Sōgō Appraisal Co., Ltd., Japan Real Estate Institute and JLL Morii Valuation & Advisory K.K.) in accordance with the Articles of Incorporation of DHR as well as "Regulations on Accounting of Investment Corporations" (Cabinet Office Order No. 47 of 2006, as amended). The amounts are rounded down to the nearest million yen.

- 33 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

(Note 7) Regarding "D Project Inuyama," DHR made an additional acquisition on April 10, 2018 (acquisition price ¥2,100 million). The "acquisition price" represents the total price for the existing building and additionally acquired building, and the "acquisition date" represents the acquisition date for the existing building.

Furthermore, regarding "iias Tsukuba," because we acquired 30% quasi co-ownership on April 5, 2019 and made an additional acquisition of 70% quasi co-ownership on April 1, 2020 (acquisition price ¥23,800 million), we have listed the total of each acquisition price for the "acquisition price" and the acquisition date of the initially acquired 30% co-ownership as the "acquisition date."

- 34 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

The leasable area, leased area, occupancy rate, number of tenants and annual rent of real estate or real estate in trust held by DHR as of August 31, 2020 are as follows:

			Leasable	Leased			Annual rent
Property		Location	Occupancy rate	Number of	(excluding
	area	area	consumption
Property name	(%)	tenants
number	(city or county, prefecture)	(m2)	(m2)	tax) (Millions
			(Note 1)	(Note 2)	(Note 3)	(Note 4)	of yen)
							(Note 5)

LB-001	D Project Machida	Machida City, Tokyo	50,490.39	50,490.39	100.0	1	(Note 6)
LB-002	D Project Hachioji	Hachioji City, Tokyo	62,394.17	62,394.17	100.0	2	(Note 6)

LB-003	D Project Aikawa-Machi	Aiko District, Kanagawa	14,240.84	14,240.84	100.0	1	(Note 6)
LB-005	D Project Urayasu I	Urayasu City, Chiba	36,515.81	36,515.81	100.0	1	(Note 6)
LB-006	D Project Urayasu II	Urayasu City, Chiba	72,320.01	72,320.01	100.0	1	(Note 6)
LB-007	D Project Akanehama	Narashino City, Chiba	11,663.39	11,663.39	100.0	1	(Note 6)
LB-008	D Project Noda	Noda City, Chiba	29,232.53	29,232.53	100.0	1	(Note 6)
LB-009	D Project Inuyama	Inuyama City, Aichi	54,197.80	54,197.80	100.0	2	(Note 6)
LB-011	D Project Neyagawa	Neyagawa City, Osaka	11,151.51	11,151.51	100.0	1	(Note 6)

LB-013	D Project Morioka	Takizawa City, Iwate	9,558.32	9,558.32	100.0	1	(Note 6)
LB-015	D Project Tsuchiura	Tsuchiura City, Ibaraki	17,448.86	17,448.86	100.0	1	(Note 6)

LB-018	D Project Fukuoka Umi	Kasuya District, Fukuoka	24,729.56	24,729.56	100.0	4	257
LB-019	D Project Tosu	Tosu City, Saga	17,858.01	17,858.01	100.0	2	(Note 6)

LB-020	D Project Kuki I	Kuki City, Saitama	22,708.72	22,708.72	100.0	1	(Note 6)
LB-021	D Project Kuki II	Kuki City, Saitama	50,490.00	50,490.00	100.0	1	(Note 6)

LB-022	D Project Kawagoe I	Kawagoe City, Saitama	16,150.88	16,150.88	100.0	1	205
LB-023	D Project Kawagoe II	Kawagoe City, Saitama	19,872.00	19,872.00	100.0	1	285

LB-024	DPL Inuyama	Inuyama City, Aichi	21,628.50	21,628.50	100.0	1	(Note 6)
LB-025	D Project Fukuoka Hakozaki	Fukuoka City, Fukuoka	34,710.80	34,710.80	100.0	1	(Note 6)
LB-026	D Project Kuki III	Kuki City, Saitama	26,937.41	26,937.41	100.0	1	(Note 6)
LB-027	D Project Kuki IV	Kuki City, Saitama	26,460.00	26,460.00	100.0	1	(Note 6)
LB-028	D Project Kuki V	Kuki City, Saitama	47,320.89	47,320.89	100.0	1	(Note 6)

LB-029	D Project Kuki VI	Kuki City, Saitama	29,244.66	29,244.66	100.0	1	(Note 6)
LB-030	D Project Yashio	Yashio City, Saitama	21,965.04	21,965.04	100.0	2	(Note 6)
LB-031	D Project Nishiyodogawa	Osaka City, Osaka	39,584.80	39,584.80	100.0	1	(Note 6)
LB-032	D Project Matsudo	Matsudo City, Chiba	26,776.67	26,776.67	100.0	1	(Note 6)

LB-033	D Project Hibiki Nada	Kitakyushu City, Fukuoka	23,933.75	23,933.75	100.0	1	(Note 6)
LB-034	D Project Morioka II	Takizawa City, Iwate	4,481.00	4,481.00	100.0	1	(Note 6)

LB-035	D Project Kawagoe III	Kawagoe City, Saitama	39,572.32	39,572.32	100.0	1	(Note 6)
LB-036	D Project Kazo	Kazo City, Saitama	18,371.10	18,371.10	100.0	1	(Note 6)
LB-037	D Project Urayasu III	Urayasu City, Chiba	39,441.32	39,441.32	100.0	1	(Note 6)
LB-038	D Project Tomisato	Tomisato City, Chiba	36,113.25	36,113.25	100.0	1	(Note 6)

LB-039	D Project Kyotanabe	Kyotanabe City, Kyoto	10,965.68	10,965.68	100.0	1	(Note 6)
LB-040	D Project Sendai Izumi	Sendai City, Miyagi	10,764.05	10,764.05	100.0	1	(Note 6)
LB-041	D Project Oyama	Oyama City, Tochigi	14,106.91	14,106.91	100.0	1	(Note 6)
LB-042	D Project Sano	Sano City, Tochigi	15,668.44	15,668.44	100.0	1	(Note 6)
LB-043	D Project Tatebayashi	Tatebayashi City, Gunma	13,521.56	13,521.56	100.0	1	(Note 6)

LB-044	D Project Kakegawa	Kakegawa City, Shizuoka	39,341.44	39,341.44	100.0	1	(Note 6)
LB-045	D Project Hiroshima Seifu	Hiroshima City, Hiroshima	19,004.72	19,004.72	100.0	1	(Note 6)
LB-046	D Project Tosu II	Tosu City, Saga	13,012.50	13,012.50	100.0	1	(Note 6)
LB-047	D Project Kawagoe IV	Kawagoe City, Saitama	24,684.47	24,684.47	100.0	1	320
LB-048	D Project Kuki VII	Kuki City, Saitama	3,225.46	3,225.46	100.0	1	(Note 6)

LB-049	D Project Chibakita	Chiba City, Chiba	24,368.86	24,368.86	100.0	1	(Note 6)
LB-050	D Project Matsudo II	Matsudo City, Chiba	25,305.82	25,305.82	100.0	1	(Note 6)
LB-051	D Project Tomisato II	Tomisato City, Chiba	40,870.56	40,870.56	100.0	1	(Note 6)

LB-052	D Project Osaka Hirabayashi	Osaka City, Osaka	22,485.08	22,485.08	100.0	1	(Note 6)

LB-053	D Project Sendai Izumi II	Sendai City, Miyagi	39,580.46	39,580.46	100.0	1	(Note 6)
LB-054	D Project Kaminokawa	Kawachi District, Tochigi	52,239.75	52,239.75	100.0	1	(Note 6)
LB-055	D Project Fuji	Fuji City, Shizuoka	23,795.40	23,795.40	100.0	1	(Note 6)
LB-056	D Project Tosu III	Tosu City, Saga	65,215.07	65,215.07	100.0	1	(Note 6)
LB-057	D Project Kitahachioji I	Hachioji City, Tokyo	16,523.82	16,523.82	100.0	1	(Note 6)
LB-058	D Project Kitahachioji II	Hachioji City, Tokyo	21,402.20	21,402.20	100.0	1	(Note 6)
LB-059	D Project Kitahachioji III	Hachioji City, Tokyo	26,275.05	26,275.05	100.0	2	(Note 6)

- 35 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

			Leasable	Leased			Annual rent
			Occupancy rate	Number of	(excluding
Property		Location	area	area	consumption
Property name	(%)	tenants
number	(city or county, prefecture)	(m2)	(m2)	tax) (Millions
			(Note 1)	(Note 2)	(Note 3)	(Note 4)	of yen)
							(Note 5)
LB-060	D Project Itabashi Shingashi	Itabashi Ward, Tokyo	33,763.46	33,763.46	100.0	1	(Note 6)
LB-061	D Project Sagamihara	Sagamihara City,	16,599.30	16,599.30	100.0	1	205
Kanagawa

LB-062	D Project Kuki VIII	Kuki City, Saitama	29,410.54	29,410.54	100.0	1	(Note 6)
LB-063	D Project Yokkaichi	Yokkaichi City, Mie	6,185.46	6,185.46	100.0	1	(Note 6)

LB-064	D Project Ibaraki Ishioka	Ishioka City, Ibaraki	24,493.54	24,493.54	100.0	1	(Note 6)
LM-001	DPL Misato	Misato City, Saitama	55,864.47	55,864.47	100.0	1	(Note 6)
LM-002	DPL Fukuoka Kasuya	Kasuya District, Fukuoka	73,754.20	73,754.20	100.0	1	(Note 6)
LM-003	DPL Kitakyushu	Kitakyushu City, Fukuoka	26,672.98	26,672.98	100.0	1	(Note 6)
LM-004	DPL Nagareyama I	Nagareyama City, Chiba	124,489.93	124,489.93	100.0	1	(Note 6)
	Total of 62 Logistics properties	1,871,155.49	1,871,155.49	100.0	70	23,224
RE-001	Qiz Ebisu	Shibuya Ward, Tokyo	5,230.39	4,853.17	92.8	1	455
RE-002	Castalia Azabujuban Shichimenzaka	Minato Ward, Tokyo	3,492.93	3,302.43	94.5	1	225

RE-003	Castalia Shibakoen	Minato Ward, Tokyo	2,707.51	2,536.96	93.7	1	135
RE-004	Castalia Ginza	Chuo Ward, Tokyo	2,226.42	2,116.79	95.1	1	126
RE-005	Castalia Hiroo	Minato Ward, Tokyo	1,621.59	1,582.67	97.6	1	102
RE-006	Castalia Nihonbashi	Chuo Ward, Tokyo	1,458.73	1,409.97	96.7	1	77

RE-007	Castalia Hacchobori	Chuo Ward, Tokyo	2,969.57	2,812.78	94.7	1	129
RE-008	Castalia Azabujuban	Minato Ward, Tokyo	2,400.00	2,400.00	100.0	1	145

RE-009	Castalia Azabujuban II	Minato Ward, Tokyo	2,094.58	1,863.05	88.9	1	124
RE-010	Castalia Shinjuku Natsumezaka	Shinjuku Ward, Tokyo	1,917.62	1,917.62	100.0	1	94
RE-011	Castalia Ginza II	Chuo Ward, Tokyo	1,817.56	1,743.83	95.9	1	99
RE-012	Castalia Shibuya Sakuragaoka	Shibuya Ward, Tokyo	1,123.80	989.11	88.0	1	65
RE-013	Castalia Nishi Azabu Kasumicho	Minato Ward, Tokyo	2,779.77	2,779.77	100.0	1	145
RE-014	Castalia Ochanomizu	Chiyoda Ward, Tokyo	2,559.21	2,504.49	97.9	1	115
RE-015	Castalia Sangubashi	Shibuya Ward, Tokyo	1,898.47	1,898.47	100.0	1	83
RE-016	Castalia Suitengu	Chuo Ward, Tokyo	1,940.94	1,910.58	98.4	1	90
RE-017	Castalia Suitengu II	Chuo Ward, Tokyo	1,858.34	1,784.78	96.0	1	80

RE-018	Castalia Shintomicho	Chuo Ward, Tokyo	1,444.52	1,421.37	98.4	1	65
RE-019	Castalia Shintomicho II	Chuo Ward, Tokyo	1,244.54	1,208.95	97.1	1	57
RE-020	Castalia Harajuku	Shibuya Ward, Tokyo	1,225.26	1,164.69	95.1	1	49
RE-021	Castalia Yoyogi Uehara	Shibuya Ward, Tokyo	811.95	749.43	92.3	1	42

RE-022	Castalia Sendagaya	Shibuya Ward, Tokyo	803.03	803.03	100.0	1	40
RE-023	Castalia Shinjuku 7 chome	Shinjuku Ward, Tokyo	957.60	957.60	100.0	1	37

RE-024	Castalia Ningyocho	Chuo Ward, Tokyo	1,747.90	1,659.64	95.0	1	71
RE-025	Castalia Ningyocho II	Chuo Ward, Tokyo	1,826.80	1,778.99	97.4	1	79
RE-026	Castalia Shin-Ochanomizu	Chiyoda Ward, Tokyo	1,308.38	1,308.38	100.0	1	65
RE-027	Castalia Higashi Nihonbashi II	Chuo Ward, Tokyo	2,117.46	2,084.08	98.4	1	99
RE-028	Castalia Jinbocho	Chiyoda Ward, Tokyo	1,628.80	1,628.80	100.0	1	84

RE-029	Castalia Shintomicho III	Chuo Ward, Tokyo	972.51	950.05	97.7	1	49
RE-030	Castalia Shinjuku Gyoen	Shinjuku Ward, Tokyo	3,594.16	3,594.16	100.0	1	163
RE-031	Castalia Takanawadai	Minato Ward, Tokyo	1,147.44	1,147.44	100.0	1	58
RE-032	Castalia Higashi Nihonbashi III	Chuo Ward, Tokyo	1,105.20	1,105.20	100.0	1	48

RE-033	Castalia Shinjuku Gyoen II	Shinjuku Ward, Tokyo	668.79	644.02	96.3	1	31
RE-034	Castalia Shintomicho IV	Chuo Ward, Tokyo	681.00	544.50	80.0	1	27

RE-035	Castalia Takanawadai II	Minato Ward, Tokyo	1,567.84	1,567.84	100.0	1	77
RE-036	Castalia Minami Azabu	Minato Ward, Tokyo	882.67	803.42	91.0	1	39

RE-037	Castalia Ginza III	Chuo Ward, Tokyo	3,494.42	3,431.13	98.2	1	171
RE-038	Castalia Kayabacho	Chuo Ward, Tokyo	4,602.95	4,467.70	97.1	1	190

RE-039	Castalia Takanawa	Minato Ward, Tokyo	10,408.26	10,187.07	97.9	1	474
RE-040	Castalia Higashi Nihonbashi	Chuo Ward, Tokyo	6,442.28	6,301.56	97.8	1	267
RE-041	Castalia Shinjuku	Shinjuku Ward, Tokyo	3,150.80	3,150.80	100.0	1	179
RE-042	Castalia Ichigaya	Shinjuku Ward, Tokyo	1,546.34	1,491.65	96.5	1	82
RE-043	Shibaura Island Bloom Tower	Minato Ward, Tokyo	16,849.50	16,205.58	96.2	2	736

RE-044	Castalia Hatsudai	Shibuya Ward, Tokyo	3,077.05	3,038.14	98.7	1	139
RE-045	Castalia Hatsudai II	Shibuya Ward, Tokyo	2,339.42	2,233.23	95.5	1	115
RE-046	Castalia Ebisu	Shibuya Ward, Tokyo	1,659.71	1,659.71	100.0	1	87

- 36 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

			Leasable	Leased			Annual rent
			Occupancy rate	Number of	(excluding
Property		Location	area	area	consumption
Property name	(%)	tenants
number	(city or county, prefecture)	(m2)	(m2)	tax) (Millions
			(Note 1)	(Note 2)	(Note 3)	(Note 4)	of yen)
							(Note 5)
RE-047	Castalia Meguro Kamurozaka	Shinagawa Ward, Tokyo	4,967.97	4,890.47	98.4	1	255

RE-048	Castalia Toritsudaigaku	Meguro Ward, Tokyo	863.70	863.70	100.0	1	39
RE-049	Castalia Yukigaya	Ota Ward, Tokyo	1,542.30	1,520.17	98.6	1	70
RE-050	Castalia Yutenji	Meguro Ward, Tokyo	1,380.35	1,349.90	97.8	1	73
RE-051	Castalia Otsuka	Toshima Ward, Tokyo	1,871.70	1,763.98	94.2	1	88

RE-052	Castalia Kikukawa	Sumida Ward, Tokyo	1,168.18	1,145.12	98.0	1	53
RE-053	Castalia Meguro	Meguro Ward, Tokyo	1,414.73	1,414.73	100.0	1	64

RE-054	Castalia Otsuka II	Toshima Ward, Tokyo	1,784.50	1,754.28	98.3	1	74
RE-055	Castalia Jiyugaoka	Meguro Ward, Tokyo	1,472.47	1,332.71	90.5	1	76
RE-056	Castalia Mejiro	Toshima Ward, Tokyo	1,658.90	1,658.90	100.0	1	66
RE-057	Castalia Ikebukuro	Toshima Ward, Tokyo	3,644.35	3,599.47	98.8	1	167

RE-058	Castalia Kaname-cho	Toshima Ward, Tokyo	1,624.06	1,557.16	95.9	1	75
RE-059	Castalia Tower Shinagawa Seaside	Shinagawa Ward, Tokyo	12,732.35	12,546.54	98.5	1	538
RE-060	Castalia Yakumo	Meguro Ward, Tokyo	1,276.91	1,206.90	94.5	1	48
RE-061	Castalia Togoshiekimae	Shinagawa Ward, Tokyo	2,014.12	2,014.12	100.0	1	106
RE-062	Castalia Honjo Azumabashi	Sumida Ward, Tokyo	2,255.88	2,255.88	100.0	1	74

RE-063	Castalia Kitazawa	Setagaya Ward, Tokyo	1,220.16	1,144.17	93.8	1	48
RE-064	Castalia Monzennakacho	Koto Ward, Tokyo	887.94	887.94	100.0	1	34
RE-065	Castalia Kamiikedai	Ota Ward, Tokyo	414.45	414.45	100.0	1	15
RE-066	Castalia Morishita	Koto Ward, Tokyo	1,383.90	1,313.11	94.9	1	64

RE-067	Castalia Wakabayashikoen	Setagaya Ward, Tokyo	1,425.43	1,359.97	95.4	1	54
RE-068	Castalia Asakusabashi	Taito Ward, Tokyo	1,537.84	1,537.84	100.0	1	64

RE-069	Castalia Iriya	Taito Ward, Tokyo	1,415.15	1,415.15	100.0	1	47
RE-070	Castalia Kita Ueno	Taito Ward, Tokyo	4,197.66	3,935.72	93.8	1	168

RE-071	Castalia Morishita II	Koto Ward, Tokyo	1,275.60	1,150.76	90.2	1	50
RE-072	Castalia Minowa	Taito Ward, Tokyo	2,406.41	2,342.02	97.3	1	98

RE-073	Castalia Oyamadai	Setagaya Ward, Tokyo	857.32	857.32	100.0	1	37
RE-074	Castalia Nakano	Nakano Ward, Tokyo	1,613.86	1,536.76	95.2	1	68
RE-075	Castalia Yoga	Setagaya Ward, Tokyo	1,472.38	1,447.37	98.3	1	65
RE-076	Castalia Sumiyoshi	Koto Ward, Tokyo	1,362.60	1,341.34	98.4	1	66
RE-077	Castalia Monzennakacho II	Koto Ward, Tokyo	3,038.98	3,038.98	100.0	1	135

RE-078	Castalia Oshiage	Sumida Ward, Tokyo	1,785.24	1,719.57	96.3	1	71
RE-079	Castalia Kuramae	Taito Ward, Tokyo	1,994.93	1,994.93	100.0	1	86

RE-080	Castalia Nakanobu	Shinagawa Ward, Tokyo	2,421.82	2,369.70	97.8	1	137
RE-081	Royal Parks Toyosu	Koto Ward, Tokyo	18,112.03	18,112.03	100.0	1	658
RE-082	Castalia Togoshi	Shinagawa Ward, Tokyo	2,629.59	2,542.39	96.7	1	148
RE-083	Castalia Ooimachi	Shinagawa Ward, Tokyo	1,413.75	1,370.25	96.9	1	79

RE-084	Castalia Omori	Ota Ward, Tokyo	2,046.36	2,004.98	98.0	1	100
RE-085	Castalia Mishuku	Setagaya Ward, Tokyo	2,640.86	2,640.86	100.0	1	136

RE-086	Castalia Arakawa	Arakawa Ward, Tokyo	3,797.92	3,797.92	100.0	1	131
RE-087	Castalia Omori II	Ota Ward, Tokyo	2,818.70	2,760.93	98.0	1	156
RE-088	Castalia Nakameguro	Meguro Ward, Tokyo	3,166.71	3,004.12	94.9	1	222
RE-089	Castalia Meguro Chojyamaru	Shinagawa Ward, Tokyo	2,123.77	2,049.62	96.5	1	124
RE-090	Castalia Meguro Takaban	Meguro Ward, Tokyo	1,961.52	1,867.29	95.2	1	97
RE-091	Castalia Omori III	Shinagawa Ward, Tokyo	2,004.80	1,899.16	94.7	1	95
RE-093	Castalia Meguro Tairamachi	Meguro Ward, Tokyo	1,278.52	1,253.04	98.0	1	63

RE-094	Royal Parks SEASIR	Adachi Ward, Tokyo	17,269.74	17,269.74	100.0	1	458
RE-095	Castalia Honkomagome	Bunkyo Ward, Tokyo	2,224.41	2,116.56	95.2	1	100

RE-096	Cosmo Heim Musashikosugi	Kawasaki City, Kanagawa	4,208.83	4,208.83	100.0	1	113
RE-097	Castalia Tsurumi	Yokohama City, Kanagawa	1,452.09	1,407.40	96.9	1	53
RE-098	Castalia Funabashi	Funabashi City, Chiba	1,552.01	1,482.41	95.5	1	59
RE-099	Castalia Nishi Funabashi	Funabashi City, Chiba	1,597.32	1,538.16	96.3	1	64

RE-105	Castalia Nogeyama	Yokohama City, Kanagawa	744.90	744.90	100.0	1	27
RE-106	Castalia Ichikawa	Ichikawa City, Chiba	876.89	876.89	100.0	1	39

RE-107	Royal Parks Hanakoganei	Kodaira City, Tokyo	18,153.57	18,153.57	100.0	1	458
RE-108	Castalia Musashikosugi	Kawasaki City, Kanagawa	2,179.80	2,080.64	95.5	1	110
RE-109	Royal Parks Wakabadai	Inagi City, Tokyo	21,367.93	21,367.93	100.0	2	488

- 37 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

			Leasable	Leased			Annual rent
			Occupancy rate	Number of	(excluding
Property		Location	area	area	consumption
Property name	(%)	tenants
number	(city or county, prefecture)	(m2)	(m2)	tax) (Millions
			(Note 1)	(Note 2)	(Note 3)	(Note 4)	of yen)
							(Note 5)
RE-110	Pacific Royal Court Minatomirai	Yokohama City, Kanagawa	26,294.49	26,294.49	100.0	1	1,003
Urban Tower
RE-111	L-Place Shinkoyasu	Yokohama City, Kanagawa	3,009.74	3,009.74	100.0	1	111
RE-112	Royal Parks Musashikosugi	Kawasaki City, Kanagawa	3,808.97	3,808.97	100.0	1	133

RE-116	Castalia Sakaisuji Honmachi	Osaka City, Osaka	3,471.39	3,378.75	97.3	1	119
RE-117	Castalia Shin-Umeda	Osaka City, Osaka	3,279.90	3,209.02	97.8	1	107
RE-118	Castalia Abeno	Osaka City, Osaka	10,920.75	10,528.69	96.4	1	330
RE-119	Castalia Sakae	Nagoya City, Aichi	2,836.00	2,517.92	88.8	1	79

RE-121	Castalia Maruyama Urasando	Sapporo City, Hokkaido	1,522.89	1,354.89	89.0	1	37
RE-122	Castalia Maruyama Omotesando	Sapporo City, Hokkaido	6,100.31	5,724.29	93.8	1	137
RE-123	Castalia Higashi Hie	Fukuoka City, Fukuoka	3,061.60	2,950.60	96.4	1	85
RE-124	Castalia Tower Nagahoribashi	Osaka City, Osaka	8,747.40	7,934.61	90.7	1	291
RE-125	Castalia Sannomiya	Kobe City, Hyogo	3,071.60	3,015.32	98.2	1	106

RE-126	Castalia Kotodaikoen	Sendai City, Miyagi	1,684.10	1,644.08	97.6	1	45
RE-127	Castalia Ichibancho	Sendai City, Miyagi	2,800.32	2,756.51	98.4	1	72

RE-128	Castalia Omachi	Sendai City, Miyagi	2,149.08	2,089.42	97.2	1	62
RE-129	Castalia Uemachidai	Osaka City, Osaka	5,415.39	5,182.09	95.7	1	166
RE-130	Castalia Tower Higobashi	Osaka City, Osaka	6,230.20	5,931.47	95.2	1	248
RE-131	Big Tower Minami Sanjo	Sapporo City, Hokkaido	8,661.19	8,346.84	96.4	1	199

RE-132	Castalia Fushimi	Nagoya City, Aichi	7,022.69	6,717.33	95.7	1	201
RE-133	Castalia Meieki Minami	Nagoya City, Aichi	1,822.10	1,621.45	89.0	1	57
RE-134	Castalia Yakuin	Fukuoka City, Fukuoka	2,784.83	2,761.41	99.2	1	81
RE-135	Castalia Mibu	Kyoto City, Kyoto	2,828.39	2,759.05	97.5	1	88
RE-136	Castalia Tsutsujigaoka	Sendai City, Miyagi	4,471.11	4,386.57	98.1	1	108
RE-137	Castalia Ohori Bay Tower	Fukuoka City, Fukuoka	11,089.75	4,945.92	44.6	1	131
RE-138	Royal Parks Namba	Osaka City, Osaka	10,354.15	10,354.15	100.0	1	260
RE-139	Castalia Shigahondori	Nagoya City, Aichi	5,086.69	4,879.69	95.9	1	138
RE-140	Castalia Kyoto Nishioji	Kyoto City, Kyoto	2,035.37	1,985.36	97.5	1	64

RE-141	Castalia Ningyocho III	Chuo Ward, Tokyo	2,897.06	2,897.06	100.0	1	136
RE-142	Royal Parks Umejima	Adachi Ward, Tokyo	6,828.78	6,828.78	100.0	1	191

RE-143	Castalia Shinsakae II	Nagoya City, Aichi	4,425.46	4,425.46	100.0	1	114
	Total of 133 Residential properties	472,121.87	455,165.31	96.4	135	18,021
RM-001	ACROSSMALL Shinkamagaya	Kamagaya City, Chiba	41,742.84	41,742.84	100.0	1	561
RM-002	FOLEO Hirakata	Hirakata City, Osaka	16,390.96	15,212.29	92.8	1	340

RM-003	QiZ GATE URAWA	Saitama City, Saitama	9,720.49	9,720.49	100.0	11	334
RM-004	UNICUS Takasaki	Takasaki City, Gunma	9,277.08	9,277.08	100.0	1	259
RM-005	ACROSSPLAZA Miyoshi (Land)	Iruma District, Saitama	24,018.00	24,018.00	100.0	1	188
RM-006	DREAM TOWN ALi	Aomori City, Aomori	22,196.81	22,196.81	100.0	1	591
RM-007	ASOBOX (Land)	Kitakyushu City, Fukuoka	11,207.90	11,207.90	100.0	1	94
RM-008	FOLEO Ome Imai	Ome City, Tokyo	8,637.91	8,637.91	100.0	1	257
RM-009	FOLEO Otsu Ichiriyama	Otsu City, Shiga	62,917.73	62,917.73	100.0	1	645
RM-010	FOLEO Hakata	Fukuoka City, Fukuoka	23,230.77	23,230.77	100.0	1	252
(Note 7)	(Note 7)

RM-011	ACROSSMALL Semboku (Land)	Sakai City, Osaka	30,824.72	30,824.72	100.0	1	181

RM-012	iias Tsukuba	Tsukuba City, Ibaraki	138,900.39	138,900.39	100.0	1	2,150
RR-001	LIFE Sagamihara Wakamatsu	Sagamihara City, Kanagawa	2,973.44	2,973.44	100.0	1	(Note 6)
RR-002	FOLEO Sendai Miyanomori	Sendai City, Miyagi	19,845.72	19,845.72	100.0	1	477
RR-003	ACROSSPLAZA Inazawa (Land)	Inazawa City, Aichi	31,981.70	31,981.70	100.0	1	139
RR-004	Sports Depo and GOLF5	Kitakyushu City, Fukuoka	8,899.89	8,899.89	100.0	1	(Note 6)
Kokurahigashi IC Store
RR-005	Hiratsuka Retail Property (Land)	Hiratsuka City, Kanagawa	28,002.92	28,002.92	100.0	1	(Note 6)
RR-006	Royal Home Center Morinomiya	Osaka City, Osaka	6,669.74	6,669.74	100.0	1	208
	(Land)
RR-007	Aoyama Tailor Bunkyo Sengoku	Bunkyo Ward, Tokyo	1,066.95	1,066.95	100.0	1	(Note 6)
Ekimae Store
RR-008	FOLEO Shobu	Kuki City, Saitama	19,104.17	19,104.17	100.0	1	314
RR-009	Hapias Kaita (Land)	Aki District, Hiroshima	13,415.52	13,415.52	100.0	1	76
RU-001	COMBOX310	Mito City, Ibaraki	30,517.69	30,517.69	100.0	1	297

- 38 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

			Leasable	Leased			Annual rent
			Occupancy rate	Number of	(excluding
Property		Location	area	area	consumption
Property name	(%)	tenants
number	(city or county, prefecture)	(m2)	(m2)	tax) (Millions
			(Note 1)	(Note 2)	(Note 3)	(Note 4)	of yen)
							(Note 5)
RU-002	Sports Plaza Ibaraki	Ibaraki City, Osaka	9,470.27	9,470.27	100.0	1	165

	Total of 23 Retail properties	571,013.61	569,834.94	99.8	33	8,111
HO-001	Daiwa Roynet Hotel Yokohama	Yokohama City, Kanagawa	7,932.37	7,932.37	100.0	1	257
	Kannai
HO-002	Super Hotel JR Nara Station Sanjo	Nara City, Nara	2,637.18	2,637.18	100.0	1	72
Street
HO-003	Daiwa Roynet Hotel Nagoya	Nagoya City, Aichi	7,605.41	7,605.41	100.0	1	252
Shinkansenguchi
HO-004	AGORA Kanazawa	Kanazawa City, Ishikawa	7,011.58	7,011.58	100.0	1	(Note 6)
	Total of 4 Hotel properties	25,186.54	25,186.54	100.0	4	822
OT-001	Urban Living Inage	Chiba City, Chiba	4,177.52	4,177.52	100.0	1	78
OT-002	Aburatsubo Marina HILLS	Miura City, Kanagawa	3,901.14	3,901.14	100.0	1	87

	Naha Shin-Toshin Center Building
OT-003	(Daiwa Roynet Hotel Naha-	Naha City, Okinawa	13,480.00	13,480.00	100.0	1	531
	Omoromachi)
OT-004	Sharp Hiroshima Building	Hiroshima City, Hiroshima	3,064.89	3,064.89	100.0	1	(Note 6)
OT-005	Nursery Room Berry Bear Omori	Ota Ward, Tokyo	1,345.60	1,345.60	100.0	1	(Note 6)
Nishi Welcia Ota Omori Nishi Store
OT-006	GRANODE Hiroshima	Hiroshima City, Hiroshima	14,962.23	14,734.08	98.5	1	852
	Total of 6 Other assets	40,931.38	40,703.23	99.4	6	1,737
	Portfolio Total of 228 Properties	2,980,408.89	2,962,045.51	99.4	248	51,917

(Note 1) "Leasable area" means the leasable area of the building (or land in the case of land properties) in relation to each real estate or each real estate in trust and the figures stated refer to the area DHR believes is leasable as indicated in the relevant lease agreement or drawing of the building, etc. in relation to each real estate or each real estate in trust as of August 31, 2020. In the cases of each co-owned real estate or quasi co-owned trust beneficiary interests, the leasable area of the entire real estate multiplied by the ratio of co-ownership of the real estate or quasi co-ownership of the trust beneficiary interests in real estate held by DHR is provided.

(Note 2) "Leased area" represents the leased area in the leasable area as indicated in the lease agreement, etc. in relation to each real estate or each real estate in trust as of August 31, 2020. However, in the case of a pass-through type master lease agreement entered into with the master lease company, the leased area to end-tenants indicated in each sublease agreement entered into between the master lease company and end-tenants for each real estate or each real estate in trust as of August 31, 2020 is provided. As some lease agreements for each real estate or each real estate in trust may indicate leased area that includes portions not included in the gross floor area, the leased area may exceed the gross floor area. In particular, at logistics properties, when eaves are included in the leased area, the leased area may significantly exceed the gross floor area. In the cases of each co-owned real estate or quasi co-owned trust beneficiary interests, the leased area of the entire real estate multiplied by the ratio of co- ownership of the real estate or quasi co-ownership of the trust beneficiary interests in real estate held by DHR is provided.

(Note 3) "Occupancy rate" represents occupancy rate (the percentage of leased area to the leasable area) of each property as of August 31, 2020, which is rounded to the nearest tenth.

(Note 4) "Number of tenants" is equal to the number of tenants per property based upon the lease agreement in relation to each real estate or each real estate in trust as of August 31, 2020. However, the number of tenants is indicated as 1 (one) in the case of a property subject to a master lease agreement with the master lease company.

(Note 5) "Annual rent" represents the amount calculated by multiplying the monthly rent (not including consumption taxes, etc.) as indicated in the lease agreement in relation to each real estate or each real estate in trust as of August 31, 2020 by 12 (as to real estate or real estate in trust for which multiple lease agreements are entered into, the total amount indicated in such lease agreements). Annual rent for residential properties includes common area charges. However, in the case of a pass-through type master lease agreement entered into with the master lease company, the annual rent represents the amount calculated by multiplying the monthly rent (not including consumption taxes, etc.) indicated in each sublease agreement entered into between the master lease company and end-tenants for each real estate or each real estate in trust as of August 31, 2020 by 12 (as to real estate or each real estate in trust for which multiple sublease agreements are entered into, the total amount indicated in such sublease agreements). For revenue-based rent, a monthly amount linked to sales in August 2020 is used. Therefore, the sums of the "Annual rent" of each property may not add up to the total for the portfolio. Furthermore, in the cases of each co-owned real estate or quasi co-owned trust beneficiary interests, the annual rent of the entire real estate multiplied by the ratio of co-ownership of the real estate or quasi co- ownership of the trust beneficiary interests in real estate held by DHR is provided.

(Note 6) Undisclosed as consent for disclosure has not been obtained from the lessee.

(Note 7) Separately from the building of this property, a part of the land of this property is leased to the lessee for the purpose of subleasing to Fukuoka Prefecture and other third parties as land for a police station, etc. Therefore, the area of such leased land is not included in the leasable area and leased area.

- 39 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

(2) Summary of Major Tenants

Not applicable.

(Note) "A major tenant" is a tenant for which leased area accounts for 10% or more of the leased areas in the entire portfolio.

(3) Status of Portfolio Diversification (As of August 31, 2020)

Investment ratio by area

	Area (Note 1)	Number of properties	Acquisition price	Investment ratio (%)
	(Millions of yen)		(Note 2)


Three major		Greater Tokyo area	154	521,776	63.7
metropolitan		Greater Nagoya area	10	30,630	3.7		75.9
areas of Japan
	Greater Osaka area	20	69,709	8.5

Other			44	196,999		24.1
		Total	228	819,114		100.0

(Note 1) For details of "Area," please refer to "(1) Portfolio List, i) Status of investment (Note 1)" above.

(Note 2) "Investment ratio" is calculated based on the acquisition price, rounded to the nearest tenth. The same shall apply hereinafter.

ii) Investment ratio by asset class

	Asset class	Number of properties	Acquisition price	Investment ratio (%)
	(Millions of yen)


		Logistics properties	62	406,241	49.6
Core assets		Residential properties	133	246,424	30.1	96.7
	Retail properties	23	123,219	15.0

		Hotel properties	4	15,970	1.9
Other assets			6	27,260		3.3
		Total	228	819,114		100.0

iii) Diversification by age of property

Age of property	Number of properties	Acquisition price	Investment ratio (%)
(Millions of yen)


Less than 5 years	16	100,050	12.6
5 years or more but less than 10 years	42	230,387	28.9
10 years or more	163	466,177	58.5
Total	221	796,614	100.0

iv) Average age of property by asset class

Asset class	Average age (year)

Logistics properties	8.5
Residential properties	14.5
Retail properties	12.5
Hotel properties	9.6
Other assets	4.6
Total	10.7

(Note) "Average age" is the weighted average age of owned properties as of August 31, 2020 based on the acquisition price, rounded to the nearest tenth.

- 40 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

(4) Capital Expenditures for Properties Held

Schedule of capital expenditures
The following table shows major scheduled capital expenditures for planned renovation work, etc. for owned properties (real estate, real estate in trust, etc.) as of August 31, 2020. The estimated construction cost includes the portion charged to expenses.

			Estimated construction cost
Property name (Location)	Purpose	Scheduled period	(Thousands of yen)
	Payment	Total amount
			Total amount	during the
				period	paid

D Project Machida	Large-scale renovations	From September 2020	104,159	31,247	31,247
(Machida City, Tokyo)	to February 2021

D Project Urayasu I	Large-scale renovations	From November 2020	215,490	64,647	64,647
(Urayasu City, Chiba)	to February 2021

D Project Inuyama	Large-scale renovations	From June 2020	122,100	-	-
(Inuyama City, Aichi)	to November 2020

D Project Kazo	Construction to build	From June 2020	64,900	32,450	32,450
(Kazo City, Saitama)	hazardous materials storage	to September 2020

Castalia Shibuya Sakuragaoka	Large-scale renovations	From October 2020	38,907	-	-
(Shibuya Ward, Tokyo)	to February 2021

Castalia Harajuku	Large-scale renovations	From October 2020	38,104	-	-
(Shibuya Ward, Tokyo)	to February 2021

Castalia Higashi Nihonbashi II	Large-scale renovations	From May 2020	59,697	-	-
(Chuo Ward, Tokyo)	to September 2020

Castalia Kikukawa	Large-scale renovations	From October 2020	50,600	-	-
(Sumida Ward, Tokyo)	to February 2021

Castalia Kita Ueno	Large-scale renovations	From September 2020	105,380	-	-
(Taito Ward, Tokyo)	to February 2021

Castalia Sumiyoshi	Large-scale renovations	From August 2020	54,450	-	-
(Koto Ward, Tokyo)	to January 2021

Castalia Shin-Umeda	Intercom facilities renewal	From December 2020	19,580	-	-
(Osaka City, Osaka)	to December 2020

Castalia Abeno	Large-scale renovations	From July 2020	208,670	-	-
(Osaka City, Osaka)	to February 2021

	HVAC renewal	From November 2020	61,413	-	-
FOLEO Otsu Ichiriyama	to November 2020

(Otsu City, Shiga)	Repair work of exterior	From March 2020	212,663	-	-
	walls (second phase)	to April 2021

	Repair work of exterior	From March 2020	142,220	-	-
iias Tsukuba	walls, etc.	to January 2021

(Tsukuba City, Ibaraki)	Waterproofing renovations	From March 2020	95,917	-	-
	to January 2021

- 41 -

Daiwa House REIT Investment Corporation (8984)

Financial Results for the Fiscal Period Ended August 31, 2020

Capital expenditures during the period
For owned properties (real estate, real estate in trust, etc.), an overview of major construction work conducted during the current fiscal period that falls into DHR's capital expenditures is as follows. Capital expenditures during the current fiscal period were ¥1,416,116 thousand together with ¥862,949 thousand in repairs and maintenance expenses and ¥301,527 thousand in restoration costs classified as expenses for the current fiscal period, making a total of ¥2,580,593 thousand in construction work.

Property name (Location)	Purpose	Period	Construction cost
(Thousands of yen)

	Rooftop waterproofing renovations	From April 2020	93,872
D Project Urayasu III	to August 2020

(Urayasu City, Chiba)	Repair work of exterior walls	From June 2020	94,610
	to August 2020

Castalia Shinjuku Natsumezaka	Large-scale renovations	From November 2019	37,439
(Shinjuku Ward, Tokyo)	to March 2020

Castalia Takanawa	Large-scale renovations	From December 2019	203,762
(Minato Ward, Tokyo)	to August 2020

Castalia Higashi Nihonbashi	Large-scale renovations	From February 2020	73,446
(Chuo Ward, Tokyo)	to August 2020

Castalia Yukigaya	Large-scale renovations	From April 2020	30,036
(Ota Ward, Tokyo)	to August 2020

Castalia Kaname-cho	Large-scale renovations	From April 2020	46,853
(Toshima Ward, Tokyo)	to August 2020

Castalia Nakanobu	Large-scale renovations	From April 2020	30,073
(Shinagawa Ward, Tokyo)	to August 2020

Castalia Ichikawa	Large-scale renovations	From November 2019	14,452
(Ichikawa City, Chiba)	to March 2020

Castalia Shin-Umeda	Large-scale renovations	From April 2020	34,879
(Osaka City, Osaka)	to August 2020

- 42 -

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Daiwa House REIT Investment Corporation published this content on 16 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 October 2020 06:39:04 UTC

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