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Earnings Announcement for the 11Th Fiscal Period

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Earnings Announcement for the 11Th Fiscal Period July 14, 2011 Earnings Announcement for the 11th Fiscal Period (Fiscal Period Ended May 2011) This document is provided for informational purposes and should not be construed as an offer or solicitation of an offer to buy or sell any specific product, including investment units. We advise you to inquire with each securities company with regards to the purchase of Daiwa Office Investment Corporation’s investment units. This document is not intended to provide information meeting the requirements of Japan’s new Financial Instruments and Exchange Law or Investment Trust and Investment Corporation Law, or by the associated cabinet orders, cabinet office ordinances, or rules, or by the 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 known and unknown risks and uncertainties. These forward-looking statements are not a guarantee of future performance or management results, and actual results may differ materially 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 The content of this document can be modified or withdrawn without prior notice. This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature , nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises reader to make investment decisions at their own judgment. 1 Contents Section 1 Section 4 Performance Highlights and Forecasts Financial Strategy th th th 11 Fiscal Period Topics and 12 & 13 Forecasts 4 Status of Interest-bearing Liabilities 27 th Highlights of the 11 Fiscal Period 5 Efforts for uncollateralized loans 30 th th Highlights of Forecasts for the 12 and 13 Fiscal Period 6 Unitholders 31 Issue and Activities of the Investment Corporation 7 Upside Potential 32 Medium-term Target of Total Acquisition Price 8 Competitive Edges 33 Section 2 Section 5 External Growth Appendix The Real Estate Market and Property Acquisitions 10 Summary of Results for the 11th Fiscal Period 35 Acquisition Policy and Approach 11 Forecasts (12th and 13th Fiscal Periods) 36 Recent Property Acquisition 12 Major Financial Data 38 Appraisal Values at End of Fiscal Period 39 Portfolio Performance Summary 41 Section 3 Organization of the Asset Management Company 46 Internal Growth Positioning of Asset Manager within Daiwa Securities Group 47 Portfolio Map 18 Analyses of Leasing Income 19 Influence of the Great East Japan Earthquake 23 Properties Subject to Leasing Improvement 25 This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature , nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises reader to make investment decisions at their own judgment. 2 Section 1 Performance Highlights and Forecasts 11th Fiscal Period Topics and 12th & 13th Forecasts 11th Fiscal Period Topics Properties Acquisition ¾ Daiwa Kayabacho Building (Date of Delivery: 2011/3/25 Acquisition Price: 5,600 million yen) ¾ Jimbocho Place (Date of Delivery: 2011/3/29 Acquisition Price: 3,550 million yen) Property Management and Management Situation ¾ Occupancy Rate at the end of May 2011 : 95.4% ( at the end of Nov. 2010 : 95.9%) ¾ Average Contract Rent as of end-May 2011 : 19,692 yen (compared to the end of Nov. 2010 : -3.5%) Financial Situation ¾ Interest-bearing liabilities at the end of May 2011 : 86,250 million yen ( LTV (based on acquisition price) at the end of May 2011: 30.0%) ¾ The rate of uncollateralized loans compared to all interest-bearing liabilities at the end of May 2011 : 30.7% ( the rate at the end of Nov.2010 : 16.9%) Forecast of 12th Fiscal Period and 13th Fiscal Period Properties Acquisition ¾ E SPACE TOWER (Date of Delivery : 2011/7/8 Acquisition Price : 24,000 million yen) Property Management and Management Situation ¾ Estimated Occupancy Rate; at the end of Nov. 2011: 90.7%, at the end of May 2012 : 90.4% Financial Situation ¾ Interest-bearing liabilities after acquiring E SPACE TOWER : 111,750 million yen (LTV (based on acquisition price) : 35.9%) ¾ Conducting negotiation with lenders to have all loans collateralized, and then some loans are assumed to be repaid ahead of schedule. This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature , nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises reader to make investment decisions at their own judgment. 4 Highlights of the 11th Fiscal Period Results of the 11th Fiscal Period (million yen) 10th Fiscal Period 11th Fiscal Period (ended Nov. 2010) (ended May 2011) Change Main Reason (33properties) (35 properties) Acquisition of Daiwa Kayabacho Build. & Jimbocho Place(+95mil yen), the lease fee from the properties acquired in 10th Operating Revenue 6,424 6,758 + 334 Fiscal Period (+141mil yen), increasing in the lease fee from other properties Operating Cost 3,942 3,935 -7 Expenses related to rent business (-28mil yen), Asset management fee (+25mil yen) Operating Income 2,481 2,823 + 342 Ordinary Income 1,273 1,587 + 313 Non-operating expenses 1,212 1,245 +32 Net Income 1,282 1,453 + 170 Account for extraordinary expenses (Loss on disaster (70mil yen), Provision for loss on disaster (63mil yen)) Number of Investment Unit 395,798 unit 395,798 unit － Dividend per Unit 3,240 yen 3,671 yen +431yen Occupancy Rate 95.9％ 95.4％ NOI Yield (annualized) 3.2％ 3.5％ (Reference) Previous Forecast *of 11th Fiscal Period 11th Fiscal Period (ended Nov.30, 2010) Change Main Reason (35 properties) (35 properties) Operating Revenue 6,786 6,758 -27 Decrease in utilities income (-73 mil yen), Increase in other lease business revenue (+42mil yen) 4,124 3,935 Decrease in Expenses related to rent business (-149mil yen) and Other operating expenses (-39mil Operating Cost -189 yen) 1,424 1,453 Account for extraordinary expenses (Loss on disaster (70mil yen), Provision for loss on disaster (63mil Net Income +28 yen)) Dividend per Unit 3,600 yen 3,671 yen + 71yen Occupancy Rate 93.4％* 95.4％ * The occupancy rate of 33 existing properties Announced on March 3, 2011 This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature , nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises reader to make investment decisions at their own judgment. 5 Highlights of Forecasts for the 12th and 13th Fiscal Period Forecasts 12th Fiscal Period Forecast (million yen) The rent revenue of Daiwa Kayabacho Building and Jimbocho Place acquired 12th FP 13th FP 11th FP Difference Difference Forecast Forecast during the 11th Fiscal Period will fully contribute. Rent revenue will increase (May 2011) compared to compared to (Nov. 2011) (May 2012) (35 properties) 11th FP 12th FP due to the acquisition of E SPACE TOWER. And rent revenue of existing (36properties) (36properties) properties will remain unchanged but occupancy rates will decrease. Operating Revenue 6,758 7,420 +661 7,207 -213 Rental business expenses will increase due to properties acquired in the 11th Fiscal Period and the acquisition of E SPACE TOWER Operating Cost 3,935 4,238 +303 4,137 -100 Non-operating expenses will temporarily rise significantly as the Investment Operating Income 2,823 3,182 +358 3,069 -112 Corporation aims to attain unsecured status for all borrowings (early repayment costs are anticipated to temporarily arise due to early repayments of Non-Operating expenses 1,245 1,557 +312 1,147 -409 borrowings). Ordinary Income 1,587 1,624 +37 1,921 +296 13th Fiscal Period Forecast Net Income 1,453 1,622 +169 1,919 +296 The rent revenue of E SPACE TOWER acquired in the 12th Fiscal Period will Number of Investment Unit 395,798 unit 395,798 unit 395,798 unit increase but deterioration of operating revenue is forecast due to tenants moving out of existing properties and other factors Dividend per Unit 3,671 yen 4,100 yen +429 yen 4,850 yen +750yen Rental business expenses, asset management fees, etc. will decrease Expected Occupancy Rate 95.4％ 90.7% 90.4% The increase of non-operating expenses anticipated for the 12th Fiscal Period is only temporary, and non-operating expenses for the 13th Fiscal Period and Expected NOI Yield 3.5％ 3.5% 3.4% onwards will significantly decrease This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature , nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises reader to make investment decisions at their own judgment. 6 Issues and Activities of the Investment Corporation BalanceBalance SheetSheet ofof ththee 11th11th FiscalFiscal PeriodPeriod (Fiscal(Fiscal PeriodPeriod endedended May,May, 2011)2011) （ ： ） Asset Issues and Activities Unit million yen Liability Issues and Activities Promoting Property Purchases
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