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Sumitomo Fudosan Mita 2-Chome Building) and Divestment (Daiwa Osaki 3-Chome Building) of Assets Through Exchange

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Sumitomo Fudosan Mita 2-Chome Building) and Divestment (Daiwa Osaki 3-Chome Building) of Assets Through Exchange This translation of the original Japanese notice is provided solely for information purposes. Should there be any discrepancy between this translation and the Japanese original, the latter shall prevail. July 1, 2019 REIT Issuer: Daiwa Office Investment Corporation (Stock Code No.: 8976) Representative: Motoi Takahashi, Executive Director Asset Manager: Daiwa Real Estate Asset Management Co. Ltd. Representative: Hisao Fukushima, President and Representative Director Inquiries to: Kentaro Azumi, General Manager, Corporate Division (Tel: +81-3-6215-9649) Notice Concerning Acquisition (Sumitomo Fudosan Mita 2-chome Building) and Divestment (Daiwa Osaki 3-chome Building) of Assets Through Exchange Daiwa Office Investment Corporation (the “Investment Corporation”) hereby announces that Daiwa Real Estate Asset Management Co. Ltd., to which the Investment Corporation entrusts management of its assets (the “Asset Manager”), has determined today to acquire and divest trust beneficial interest of domestic real estate through exchange (the “Acquisition” and the “Divestment.” The Acquisition and Divestment are collectively referred to as the “Exchange”) as follows. Moreover, as for Sumitomo Fudosan Mita 2-chome Building, the property to be acquired, a reduction entry is scheduled to be made by applying the provisions of the “Inclusion in Deductible Expenses of the Amount of Advanced Depreciation of Assets Acquired by Exchange” in Article 50 of the Corporation Tax Act. 1. Summary of the Exchange Date of Conclusion of July 1, 2019 Exchange Agreement Date of Exchange July 1, 2019 The Counterparty of the Sumitomo Realty & Development Co., Ltd. Exchange The Investment Corporation is scheduled to make a reduction entry of 1,067 million yen in total for the land and building of the property to be acquired (provisions of the Reduction Entry “Inclusion in Deductible Expenses of the Amount of Advanced Depreciation of Assets Acquired by Exchange” in Article 50 of the Corporation Tax Act will be applied). The difference from exchange of property (50 million yen), which is the difference between the sale price of Daiwa Osaki 3-chome Building and the acquisition price of Difference from Sumitomo Fudosan Mita 2-chome Building, will be paid to the Investment Exchange of Property Corporation by Sumitomo Realty & Development Co., Ltd., the counterparty of the exchange, on the delivery date. I. Summary of Property to be Acquired Asset Name Sumitomo Fudosan Mita 2-chome Building (the “Property to be Acquired”) Type of Specified Asset Trust beneficial interest in domestic real estate Location 2-10-4 Mita, Minato-ku, Tokyo Acquisition Price (Note) 2,635 million yen (Excluding acquisition costs, consumption tax, etc.) (Note) Acquisition price is the price of trust beneficial interest of the Property to be Acquired indicated in the trust beneficial interest exchange agreement. Note: This press release has been prepared as a public announcement regarding the Investment Corporation’s acquisition and divestment of assets through exchange and has not been prepared with the aim of soliciting investments. 1 II. Summary of Property to be Divested Asset Name Daiwa Osaki 3-chome Building (the “Property to be Divested”) Type of Asset Trust beneficial interest in domestic real estate Sale Price (Note 1) 2,685 million yen (excluding settlement amounts of fixed asset tax and city planning tax, consumption tax, etc.) Book Value 1,594 million yen (November 30, 2018) Difference between the Sale Price and the Book 1,091 million yen (Note 2) Value (Note 1) Sale price is the price of trust beneficial interest of the Property to be Divested indicated in the trust beneficial interest exchange agreement. (Note 2) The figure differs from a capital gain from divestment. It is a simple calculation of difference between the sale price and the book value as of November 30, 2018 for reference. 2. Reason for the Exchange The Investment Corporation decided to conduct the Exchange based on the basic policy for asset management set forth in the Articles of Incorporation and the management policy of the Investment Corporation by taking into account that rejuvenation of the portfolio and improvement in medium- to long-term profitability can be expected with the Exchange. Please refer to the following for further details. I. Acquisition of Sumitomo Fudosan Mita 2-chome Building (1) Location The Property to be Acquired is a 6-minute walk from Akabanebashi Station on the Toei Oedo Subway Line, a 7-minute walk from Mita Station on the Toei Mita and Asakusa Subway Lines and a 10-minute walk from Tamachi Station on the JR Yamanote and Keihin Tohoku Line. With train rides from Tamachi Station taking approximately 9 minutes to reach Tokyo Station and those from Mita Station taking approximately 9 minutes to reach Otemachi Station, etc., the Property to be Acquired enjoys excellent access to major stations in Tokyo. The Shibakoen, Shiba and Mita area where the Property to be Acquired stands is adjacent to newly emerging office districts such as Shiodome and Shinagawa and also offers excellent access to districts with a high concentration of business such as Otemachi and Hibiya. In addition, it is located along Sakurada-dori street on National Route 1 and offers high visibility. (2) Building Facilities: The Property to be Acquired has 8 floors above ground with a gross floor area of 3,003.17 m2 and a leasable area of approximately 90 tsubos per floor is secured. It is equipped with 2,700 mm of typical floor celling height and 100 mm of OA floor. The exterior of the building features black aluminum curtain wall delivering strong presence, and the grade and convenience have been enhanced by having a spacious entrance and multipurpose toilets on the first floor without any rental rooms. Given the building functionality and favorable location of the Property to be Acquired, it should perform competitively and contribute regularly to the profitability of the Investment Corporation’s portfolio. II. Divestment of Daiwa Osaki 3-chome Building The Investment Corporation decided to divest the Property to be Divested in line with its management policy by comprehensively taking into account the characteristics of the Property to be Divested, measures on return of profits to unitholders, current and future portfolio strategy and the trend of the real estate market condition for the improvement of unitholder value. The Property to be Divested will be transacted in exchange of the Property to be Acquired. The Asset Manager judged that the divestment of the Property to be Divested is reasonable as the rejuvenation of the entire portfolio and improvement in NOI can be achieved through the Exchange. Note: This press release has been prepared as a public announcement regarding the Investment Corporation’s acquisition and divestment of assets through exchange and has not been prepared with the aim of soliciting investments. 2 3. Impact of the Exchange (1) Assumed Book Value of the Property to be Acquired The Investment Corporation is scheduled to make a reduction entry for the land and building of the Property to be Acquired by applying the provisions of the “Inclusion in Deductible Expenses of the Amount of Advanced Depreciation of Assets Acquired by Exchange” in Article 50 of the Corporation Tax Act and deduct advanced depreciation amount of 1,067 million yen among the gain on sale of the Property to be Divested from the book value of the Property to be Acquired. As a result, the book value of the Property to be Acquired is expected to be 1,567 million yen before applying the acquisition costs, etc. Price NOI Yield Advanced Assumed Based on Based on Asset Name Acquisition Depreciation Book Value Acquisition Assumed Price (A) Amount (B) (A-B) Price Book Value Sumitomo Fudosan 2,635 million 1,067 million 1,567 million Mita 2-chome 4.7% 7.9% yen yen yen Building (2) Gain on Sale of Real Estate though the Exchange As a result of the Exchange, 20 million yen calculated by deducting the above advanced depreciation amount (1,067 million yen) from of gain on sale of 1,087 million yen, which is calculated by deducting divestment costs, etc. (estimated amount) from the sale price of the Property to be Divested, is scheduled to be recorded as gain on sale of real estate in the fiscal period ending November 2019 (28th fiscal period). (Note) The amounts are estimated amounts as of the date of this document and are subject to change. In addition, there is a possibility that the provisions of reduction entry will not be applied. 4. Details of the Property to be Acquired and Lease Asset Name Sumitomo Fudosan Mita 2-chome Building Type of Specified Asset Trust beneficial interest in real estate Trustee Sumitomo Mitsui Trust Bank, Limited. Trust Period From July 1, 2019 to July 1, 2029 Location (Address) 2-8-2 Mita, Minato-ku, Tokyo and 3 other lots Use Office, parking (Real Property Registry) Ownership Form (i) Land: Ownership (ii) Building: Ownership Site Area 454.37 m2 (Real Property Registry) Total Floor Area 3,003.17 m2 (Real Property Registry) Structure (Real Property Steel framed structure flat roof, 8 stories above ground Registry) Construction Date March 31, 2017 (Real Property Registry) Building Engineer Nishimatsu Construction Co., Ltd. Constructor Nishimatsu Construction Co., Ltd. Structural-design Engineer Nishimatsu Construction Co., Ltd. Floor Height/Ceiling Height 4,110 mm (for standard floor) / 2,700 mm (for standard floor) Air-conditioning System/ OA Each floor individual treatment air-conditioning/OA-capable floor Laying Building Inspection Agency Japan ERI Co., Ltd. Engineering Due Diligence Tokyo Bldg-Tech Center Co., Ltd Company Soil Contamination Risk Earth-Appraisal Co., Ltd. Survey Company Probable Maximum Loss 3.21% (Sompo Risk Management Inc.) Level (Assessor) Acquisition Price 2,635 million yen (Excluding acquisition costs, consumption tax, etc.) Appraisal Value 3,240 million yen (as of May 1, 2019) Note: This press release has been prepared as a public announcement regarding the Investment Corporation’s acquisition and divestment of assets through exchange and has not been prepared with the aim of soliciting investments.
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