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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 26th Fiscal Period, DOI posted operating revenues of 13,193 million yen and operating income of 6,535 million yen. Our distribution per unit for the 26th Fiscal Period is 11,997 yen, an increase of 847 yen from the 25th Fiscal Period.

Average contract rent at the end of the 26th Fiscal Period was 19,237 yen. Rent revisions contributed to a 19 million yen increase in monthly contracted rents from the end of the previous fiscal period, which was a 9.9% rate of increase for average monthly rent. Furthermore, the rate of increase for average monthly rent stood at 16.0% due to replacement of tenants, and the occupancy rate was 98.9%. 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 26th Fiscal Period, DOI acquired three properties (total acquisition price: 20,295 million yen), Kita-Shinagawa Gotenyama Building, Sasazuka NA Building and Prime Kanda Building.
During the 27th Fiscal Period, DOI acquired Sasazuka South Building (acquisition price: 3,000 million yen).
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 its 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 leveraging borrowing capacity backed by robust financial base, 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
Motoi Takahashi