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Investor Presentation for the Merger

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Investor Presentation for the Merger 250 0 70 255 117 145 255 219 105 82 129 164 91 169 165 198 217 241 189 161 57 166 181 53 215 228 189 Investor Presentation for the Merger April 18, 2016 0 Rationale of the Merger Enhanced external growth potential and further internal growth opportunities 250 1 0 through the shift to a “diversified REIT” 70 255 117 Improvement of the position in the J-REIT market and more flexible asset management 145 2 through “scale enhancement” 255 219 105 3 Acceleration of growth leveraging the value chain of “Daiwa House Group’s 82 129 integrated capabilities” 164 91 169 165 198 217 241 189 161 57 "Creating Dreams, Building Hearts" 166 181 53 215 228 189 Maximizing unitholder value based on secured cash flow and improved and stable distribution through solid growth of portfolio 1 Merger scheme and Schedule Merger Overview The Merged REIT: 250 Merger 0 Daiwa House Residential Investment Corporation 70 REIT re-named as: 255 Daiwa House REIT Investment Corporation 117 145 Asset management Asset management Asset management 255 agreement agreement agreement 219 New asset manager: 105 Merger 82 Asset 129 Daiwa House Asset Management Co., Ltd. 164 manager 91 169 165 Merger scheme (REIT) Merger schedule 198 217 The merger will be an absorption-type merger wherein Execution of the merger agreements April 15, 2016 241 Merger Daiwa House Residential is to be the surviving (between corresponding REITs and the asset managers) method corporation; 189 Daiwa House REIT is to be the absorbed corporation. 161 Daiwa House REIT Investment Corporation May 27 57 unitholders’ meeting (planned) 166 Merger 181 1 : 2.2 Daiwa House Residential Investment 53 ratio June 17 Corporation unitholders’ meeting (planned) 215 228 (Note 2) Daiwa House REIT Investment Corporation 189 Requirement: Approval (by extraordinary August 29 Unitholders' resolution (Note 1)) of the merger agreement at unitholders’ delisting date (planned) meetings of the respective REITs meeting resolution (The unitholders’ meeting resolutions of Daiwa House Residential and Daiwa House REIT, respectively, are required for the merger to be effective.) Effective date of the merger (planned) September 1 (Note 1) Attendance by the unitholders who hold a majority of the issued units and approval by two-thirds or more of (Note 3) Approval by a majority of the voting rights represented by the unitholders present at the meeting. the voting rights represented by the unitholders present at the meeting are required. (Note 1)When there is no contradictory agenda item, the unitholder will be deemed to have approved the proposals (Note 1)When there is no contradictory agenda item, the unitholder will be deemed to have approved the proposals submitted to the general meeting of unitholders. submitted to the general meeting of unitholders. (Note 4) The unitholders’ meeting record date for Daiwa House REIT Investment Corporation is Feb. 29, 2016. (Note 2) For the surviving corporation, approval of the agenda item regarding the article changes (Note 4) The unitholders’ meeting record date for Daiwa House Residential Investment Corporation is scheduled (Note 2) (extraordinary resolution) shall be required; for the absorbed corporation, approval of the agenda item (Note 4) on May 6, 2016. (Note 2) regarding termination of the asset management agreement (ordinary resolution (Note 3)) shall be required. 2 Positioning in the J-REIT market in terms of asset size Daiwa House Residential (Note) Daiwa House REIT (Note) 250 (Bn yen) 0 (Bn yen) No. 3 of 9 residential J-REITs No. 4 of 5 logistics J-REITs 70 500 433.6 500 447.1 384.6 400 400 255 298.7 117 (Bn yen) 300 256.3 300 220.2 200.7 212.6 206.3 145 161.4 1,200 200 200 255 100 100 219 1,101.9 0 0 105 Advance Nippon Daiwa Japan Sekisui Nippon GLP Japan Daiwa House LaSalle Residence Accommodations House Rental House Prologis Logistics Fund REIT LOGIPORT 82 1,000 Fund Residentiaｌ Housing SI Residential REIT 129 923.6 164 859.0 91 169 807.3 165 800 198 217 241 No.7 600 575.4 574.8 189 506.8 161 57 447.1 166 400 181 No.19 53 256.3 No. 27 215 206.3 228 200 189 0 Nippon Japan Japan Retail Nomura Real United ORIX The Merged REIT Nippon Prologis Daiwa Daiwa Building Fund Real Estate Fund Estate Master Urban JREIT REIT House House REIT Fund Residential (Note) The total value of acquisition prices as of Mar. 31, 2016 for each corporation’s portfolio (including properties for anticipated acquisition or disposition) is presented. The figure for Daiwa House REIT includes anticipated acquisition of D Project Tosu extension in Jun. 2016. (Note) The Merged REIT’s asset size is the sum of “Daiwa House Residential’s acquisition price as of the end of the period ending Feb. 2016” , “Daiwa House REIT’s appraisal value as of the end of the period ending Feb. 2016” and “anticipated acquisition price of six anticipated acquisitions” Digits below one hundred million yen are truncated for the amounts of each corporation’s asset size. 3 Growth record and future target 250 Mainly acquire properties developed by Daiwa House Group, and aim 800 billion yen in asset size 0 70 Further 255 117 Stand-alone growth of the investment corporations accelerated growth 145 as the Merged REIT 255 219 Merger of the 105 Asset size (acquisition price) IPO of Daiwa House REIT investment 800 (Bn yen) corporations Bn yen 82 BLife 129 800 164 Daiwa House Residential Daiwa House REIT 91 169 165 600 Renamed to Daiwa House Residential Steady growth 198 506.8 217 241 451.3 460.1 462.7 189 Merger of BLife and 385.1 400 379.5 161 New City Residence 338.1 348.9 57 327.1 195.9 203.7 206.3 144.1 147.5 166 119.0 114.5 117.0 181 210.2 211.0 53 192.6 192.1 192.1 200 215 255.3 256.3 256.3 228 212.6 221.0 229.9 235.3 237.6 189 51.1 32.0 0 end of end of end of end of end of end of end of end of end of end of end of end of end of end of end of after Nov. 2006 Nov.2009 Aug. 2010 Feb. 2011 Aug. 2011 Feb. 2012 Aug. 2012 Feb. 2013 Aug. 2013 Feb. 2014 Aug. 2014 Feb. 2015 Aug. 2015 Feb. 2016 Aug. 2016 acquisition of six new (planned) properties (planned) (Note) Since digits below one hundred million yen are truncated for the asset size of Daiwa House Residential and Daiwa House REIT, the total amount of each total asset size displayed may not fit in the sum of above figures. The Merged REIT’s asset size is the sum of “Daiwa House Residential’s acquisition price as of the end of the period ending Feb. 2016”, “Daiwa House REIT’s appraisal value as of the end of Feb. 2016” and “anticipated acquisition price of six anticipated acquisitions” 4 Enlarged opportunities of property acquisitions and more flexible asset management The Merged REIT will expand its target asset types in line with Daiwa House Group’s broad-based development initiatives 250 0 Furthermore, it will be able to take various measures to improve portfolio quality such as asset reshuffle, etc. 70 <Example of new investment targets> (Note) 255 <Existing investment targets> 117 Ariake Central Tower 145 255 219 105 82 129 164 91 169 165 R&D properties 198 217 Daiwa Royal Ariake Project 241 189 Residential Factories 161 Healthcare 57 properties facilities 166 Office 181 buildings 53 215 Hiroshima Futaba no Sato Project 228 Commercial 189 properties Enlarged opportunities to Hotels Logistics acquire multi-use complex properties properties whose components are hotels, office buildings, commercial properties, etc. (Note) As of the date of this documentation, neither Daiwa House Residential nor Daiwa House REIT is in specific negotiations with Daiwa House Group, etc., regarding the above assets in example of new investment targets. Currently, there are no planned acquisitions. 5 Investment policies of the Merged REIT Investment targets Portfolio post merger (Note) 250 Asset type diversity (acquisition price basis) 0 70 Core assets Logistics properties Logistics properties (BTS type and multi-tenant type) 255 (34 properties) 117 Residential properties (compact / family) 194,108 mil yen 145 80% or more 38.3% Commercial properties (mall / roadside / urban) 255 Residential properties 219 Hotels Core Assets (142 properties) 105 258,339 mil yen 82 98.1% 51.0% 129 Other assets Commercial properties 164 Office buildings (10 properties) 91 44,810 mil yen 169 20% or less Healthcare facilities, etc. 8.8% 165 Others 198 (3 properties) 217 9,630 mil yen 241 Investment areas 1.9% 189 Portfolio post merger 161 Area diversity (acquisition price basis) (Note) 57 The three major 166 181 metropolitan areas 53 Greater Tokyo area The three 72.4% 215 major 228 70% or more Greater Nagoya area 189 metropolitan Areas 4.6% Greater Osaka area 86.9% 9.9% Others 13.1% The three major metropolitan areas: Greater Tokyo area, Greater Nagoya area and Greater Osaka area Greater Tokyo area: Tokyo, Kanagawa, Saitama and Chiba Prefecture (Note) Pro Forma figures in consideration of the six anticipated acquisitions announced on April 15, 2016 Greater Nagoya area: Aichi, Gifu and Mie Prefecture Greater Osaka area: Osaka, Kyoto, Hyogo, Nara and Shiga Prefecture 6 Overview of new anticipated acquisitions The Merged REIT plans to acquire six properties consisting of logistics, residential, commercial facilities and hotel, etc. (Note 1) 250 , from Daiwa House Group 0 70 Naha Shin-Toshin Center Building Sports Depo and GOLF5 Total anticipated Property name D Project Hibiki Nada D Project Morioka II Castalia Ningyocho III Royal Parks Umejima 255 (Daiwa Roynet Hotel Kokurahigashi IC Store acquisition price 117 Naha-Omoromachi) 145 Multi-use complex (Note 1) mil yen Use Logistics Logistics Residential Residential Commercial 17,210 (office/hotel/commercial) 255 Anticipated 219 7,600 mil yen 2,080 mil yen 1,280 mil yen 2,000 mil yen 2,020 mil yen 2,230 mil yen acquisition price Total appraisal value 105 Appraisal value 7,600 mil yen 2,100 mil yen 1,300 mil yen 2,170 mil yen 2,150 mil yen 2,260 mil yen 82 Acquisition date (planned) Sep.
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