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To Our Investors

We would like to express our deep gratitude to all our unitholders for your support of Daiwa Office Investment Corporation (DOI).

In the 22nd Fiscal Period, DOI posted operating revenues of 12,853 million yen and operating income of 6,143 million yen. Our distribution per unit for the 22nd Fiscal Period is 10,695 yen, an increase by 187 yen from the 21st Fiscal Period.

Average contract rent at the end of the 22nd Fiscal Period increased 114 yen from the end of the previous fiscal period to 19,219 yen, indicating an increase for the fourth consecutive fiscal period. Rent revisions contributed to 8.7 million yen increase in monthly contracted rents from the end of the previous fiscal period, which was a 6.1% rate of increase for average monthly rent. Furthermore, the rate of increase for average monthly rent stood at 7.2% due to replacement of tenants, and the occupancy rate was 97.7%. We will realize sustainable internal growth through the thorough implementation of the hands-on approach that continuously applies "Bonji-Tettei" as the code of conduct.

During the 22nd Fiscal Period, DOI acquired Heiwa Higashi-nihonbashi Building on June 1, 2016, Square Daikanyama Building on June 29, 2016, Shinjuku West Building and Ogikubo TM Building on July 21, 2016 (total acquisition price: 13,392 million yen) using funds obtained through the public offering announced in July 2016. DOI will continue to selectively acquire office properties centering on the five central wards of Tokyo in an effort to further improve the value of its portfolio.

In financial matters, DOI promoted diversification of repayment dates by taking out long-term borrowings. DOI will continue striving to further strengthen financial structure while working to reduce future refinancing risks.

DOI will continue to increase the competitiveness of its properties and aim to achieve its medium- to long-term goal of continuous growth through the utilization of investment capacity from capital increase, etc., while increasing long-term EPS (net income after deducting gain on sales of properties). We wish for the continued success of our unitholders and ask for your continued support of DOI.

Executive Director of Daiwa Office Investment Corporation
Yoshimi Murakami