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Daiwa Office Investment Corporation As of January 21, 2020 Daiwa Office Investment Corporation Earnings Announcement for the 28th Fiscal Period (Fiscal Period Ended November 2019) Securities Code: 8976 Contents Section 3 External Growth Topics of the Fiscal Period Ended November 2019 (28th FP) 3 Acquisition/Sale Policy and Status of Deliberation for Property Acquisitions 21 Newly Acquired Properties in the Fiscal Period Ended May 2020 22 Section 1 Properties Acquired and Transferred through Exchange in the Fiscal Period Ended November 2019 23 Fiscal Period Ended November 2019 (28th Fiscal Period) Performance Highlights and Forecasts Change in Asset Size and Acquisition Performance 24 Highlights of the Fiscal Period Ended November 2019 (28th FP) 5 Highlights of Forecasts for the Fiscal Periods Ending May 2020 and November 2020 (29th and 30th FP) 6 Section 4 Change in Dividends 7 Financial Strategy Status of Interest-Bearing Liabilities 26 Section 2 Unitholders as of the End of the November 2019 (28th) Fiscal Period 29 Internal Growth Leasing Market of Tokyo Office Buildings 10 Analysis of Leasing Business 11 Section 5 Portfolio Map: Increase and Decrease in Unit Contract Rent Efforts on ESG Compared with Previous Fiscal Period 15 Efforts on ESG | Sustainable Development Goals (SDGs) 31 Internal Growth Strategies 16 Efforts on ESG | Environment 32 Portfolio Breakdown by Region and Status in Shinjuku and Shibuya Areas 17 Efforts on ESG | Social / Governance 33 Highlights of Leasing for the Fiscal Period Ended November 2019 (28th FP) 19 Appendix This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 1 Disclaimer This material is solely for the purpose of providing information and is not intended to offer or solicit investment nor function as a recommendation to purchase or sell any specific product. Please refer any inquiries on potential purchases of the investment units of Daiwa Office Investment Corporation to a securities dealer. This document is not intended to provide information to meet the requirements of Japan’s Financial Instruments and Exchange Act or Act on Investment Trusts and Investment Corporations, or any associated cabinet orders, cabinet office ordinances, rules, or any rules governing companies listed on the Tokyo Stock Exchange, or any other applicable rules, nor is it a disclosure document or statement of financial performance prepared in accordance with the provisions of any of the foregoing. This document contains forward-looking statements. However, these forward-looking statements are based on certain assumptions and judgments made using currently available information, and there are a number of unknown risks and uncertainties. These forward-looking statements are not a guarantee of future performance or management results of Daiwa Office Investment Corporation, and actual results may materially differ from any explicit or implicit forecasts contained herein. Although the information contained in this document is the best available at the time of publication, no assurances can be given regarding the accuracy and certainty of this information. The content of this document may be modified or withdrawn without prior notice. Reproduction or use of the contents included in this document without prior approval is prohibited. This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 2 Topics of the Fiscal Period Ended November 2019 (28th FP) Matters relating to internal growth n Occupancy rate as of the end of the 28th FP was 99.1% (End of the 27th FP: 97.1%). n Monthly rent continued to increase with contract renewal and tenant replacement. n Dividends growth at annual rate of 4.3% is forecast (from actual dividends of 13,139 yen for the 28th FP to forecast dividends of 13,700 yen for the 29th FP). Percentage of rent increase Rent increase/decrease rate Rent increase/decrease rate Growth rate of dividend upon contract renewal upon contract renewal upon tenant replacement resource (annualized) 53.4% +7.3% +23.0% 5.1% For details, For details, For details, please refer to page 13 please refer to page 14 please refer to page 12 Matters relating to external growth n Exchanged Daiwa Osaki 3-chome Building (transfer price: 2,685 million yen) for Daiwa Mita 2-Chome Building (acquisition price: 2,635 million yen) in the 28th FP. Compression of book value utilizing the exchange scheme: Allotted part of gain on sale to the reduction of book value of newly acquired property and contributed to the increase in unrealized gain. n Acquired Daiwa Nakano-Sakaue (Acquisition price: 2,750 million yen) in the 29th FP. Financial information, matters relating to ESG n Issuance of investment corporation bonds (September 2019): 1.7 billion yen (5-year bond, 0.220%), 1.3 billion yen (12-year bond, 0.660%) n Credit rating: Japan Credit Rating Agency, Ltd. (JCR): AA (stable) Rating and Investment Information, Inc. (R&I): AA- (stable) (Upgraded from A+ in September 2019) n GRESB Real Estate Assessment: Earned Green Star (4 stars). This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 3 Section 1 Fiscal Period Ended November 2019 (28th Fiscal Period) Performance Highlights and Forecasts Highlights of the Fiscal Period Ended November 2019 (28th FP) Results of the 28th Fiscal Period Factor Item 27th Fiscal Period 28th Fiscal Period n Revenue (rents and common area fees) from 56 existing properties (Note 4) +197 million yen Difference (ended May 2019) (ended Nov. 2019) n Utilities revenue +136 million yen n Other operating revenue +97 million yen Increase n Revenue (rents and common area fees) from property acquired during period +63 million yen Operating Revenue 13,833 million yen 14,094 million yen +261 million yen (1 property) n Full contribution of revenue (rents and common area fees) from 2 properties +61 million yen Operating Expenses 6,853 million yen 6,980 million yen +126 million yen acquired in the previous period n Gain on exchange of real estate properties from property sold during period +18 million yen Operation Income 6,979 million yen 7,114 million yen +134 million yen (1 property) Non-Operating Expense 662 million yen 659 million yen -3 million yen n Gain on sale of property sold in the previous period (1 property) -142 million yen Decrease n Revenue (rents and common area fees) from property sold in the previous period -134 million yen Net Income 6,320 million yen 6,462 million yen +142 million yen (1 property) n Revenue (rents and common area fees) from property sold during period -49 million yen Dividend per Unit 12,559 yen 13,139 yen +580 yen (1 property) NAV per Unit (Note 1) 697,220 yen 727,729 yen +30,509 yen n Tax and public due (rent-business related expenses) +90 million yen Period End Occupancy Rate 97.1% 99.1% +2.0% Increase n Repair cost +79 million yen Period Average Occupancy Rate n Asset management fee +28 million yen (Note 2) 98.0% 98.3% +0.3% NOI Yield (annualized) (Note 3) 4.4% 4.6% +0.2% n Outsourcing expenses -52 million yen Decrease n Utilities charges -25 million yen (Note 1) NAV per unit = (Unitholders’ capital +Total appraisal value at the end of fiscal period − Total property book value at the end of fiscal period) / Number of investment units issued and outstanding.* (Note 2) Period average occupancy rate is calculated based on occupancies at the end of months during each fiscal period. Dividends per unit for the 27th FP is calculated by dividing the amount obtained by subtracting provision (Note 3) NOI Yield (annualized) is calculated based on book value. NOI annualizes properties owned at the end of the period. for reserve for reduction entry (142 million yen) from unappropriated retained earnings by the total (Note 4) Existing properties (56 properties) are the 59 properties as of the end of the 28th FP less 2 properties acquired during the 27th FP and 1 property acquired during the 28th FP. number of investment units issued and outstanding. (Reference) Comparison of Forecasts with Results of 28th Fiscal Period 28th Fiscal Period 28th Fiscal Period Forecast Difference (ended Nov. 2019) (announced Jul. 2019) Increase n Revenue (rents and common area fees) from 58 existing properties (Note 5) +79 million yen Operating Revenue 14,024 million yen 14,094 million yen +69 million yen Operating Expense 6,966 million yen 6,980 million yen +14 million yen Net Income 6,394 million yen 6,462 million yen +68 million yen Dividend per Unit 13,000 yen 13,139 yen +139 yen Occupancy Rate 99.0% 99.1% +0.1% (Note 5) 58 existing properties are the 59 properties as of the end of the 28th FP less 1 property (Daiwa Mita 2-Chome) acquired in the 28th FP. This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.
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