Daiwa House REIT Investment : Investor Presentation for the Fiscal Period Ended August 31, 2021

1. Financial Results

Page

 Financial Highlights for August 2021 Period

4

 Financial Impact of COVID-19

5

 Statement of Income for August 2021 Period

6

 Balance Sheet for August 2021 Period

7

 Financial Forecasts for Feb. 2022 & Aug. 2022 Periods

8



Breakdown of DPU

9

2. Initiatives to Pursue Growth

 Overview of Equity Offering in August 2021

11

 Acquisitions in Sep. and Oct. 2021

12-14

 Progress in Mid-Term Growth Strategy

15



New Growth Strategy

16

 Pipeline of Daiwa House Group

17

3. Operation Status

 Portfolio Summary (as of October 1, 2021)

19

 Operation Status of Logistics Properties

20

 Operation Status of Residential Properties

21

 Operation Status of Retail and Hotel Properties

22

 ESG Initiatives

23

 Financial Status

25-26

Appendix

Page

 Track Record of Asset Size Growth

28

 Leveraging Value Chain of Daiwa House Group

29



Key Financial Indicators

30



Historical Financial Data

31



Historical Portfolio Data

32



Balance Sheets

33



Statements of Income

34



ESG Initiatives - Environmental Initiatives

35



ESG Initiatives - Social Initiatives

36



ESG Initiatives - Governance Initiatives

37

 Introduction of Sustainability Index-linked Fee

38

 ESG Initiatives - Daiwa House Group Initiatives

39

 Market Environment for Logistics Properties

40

 Market Environment for Residential Properties

41

 Market Environment for Retail and Hotel Properties

42



Portfolio List

43-46

 Rent Revision Schedule of Logistics Properties

47-49

 Rent Revision Schedule of Retail Properties

50



Appraisal Value Comparison

51-58



Unitholder Status

59



Unit Price Performance

60



REIT Structure

61

DPU

Operation Status

 Acquisition

1 logistics property

5.9 Bn yen

6,118 yen

Sale

1 residential property

3.5 Bn yen

 NOI yield

5.0 %

(-0.2 p.p. vs Feb. 2021)

+68 yen vs Forecast

 NOI yield after depreciation

3.7 %

+262 yen vs Feb. 2021

(-0.2 p.p. vs Feb. 2021)

 Occupancy rate

99.3 %

(-0.1 p.p. vs Feb. 2021)

 Refinancing of loans

8.5 Bn yen

 Issuance of green bonds

4.0 Bn yen

(Repayment of loans)

 NAV per unit

287,831 yen

(+7,801 yen vs Feb. 2021)

 LTV (excluding goodwill)

45.0 %

Asset class

NOI

Acquisition price

NOI yield

NOI yield after

(mil yen)

(mil yen)

depreciation

Logistics

10,265

412,171

5.0 %

3.8 %

Residential

5,918

242,533

4.8 %

3.2 %

Retail

3,244

123,219

5.2 %

4.2 %

Hotel

380

19,110

4.0 %

2.9 %

Other

749

27,260

5.5 %

4.0 %

Total

20,560

824,293

5.0 %

3.7

%

Asset class

Feb. 2021

Aug. 2021

Change

Logistics

100.0 %

100.0 %

－

Residential

96.5 %

95.6 %

-0.9p.p.

Retail

99.8 %

99.8 %

－

Hotel

100.0 %

100.0 %

－

Other

99.8 %

99.8 %

－

Total

99.4 %

99.3 %

-0.1p.p.

Asset class

Investment ratio

Logistics

50.0 %

79.4 %

No impact

Residential

29.4 %

Retail

14.9 %

Hotel

2.3 %

20.6 %

Limited impact

Other assets

3.3 %