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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 25th Fiscal Period, DOI posted operating revenues of 13,440 million yen and operating income of 6,678 million yen. Our distribution per unit for the 25th Fiscal Period is 11,150 yen, an increase of 193 yen from the 24th Fiscal Period.

Average contract rent at the end of the 25th Fiscal Period was 19,295 yen. Rent revisions contributed to an 8 million yen increase in monthly contracted rents from the end of the previous fiscal period, which was a 4.2% rate of increase for average monthly rent. Furthermore, the rate of increase for average monthly rent stood at 14.9% due to replacement of tenants, and the occupancy rate was 99.0%.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 25th Fiscal Period, DOI acquired two properties (total acquisition price: 42,300 million yen), CONCURRED Yokohama (75% of quasi co-ownership) and Daiwa Kanda East (former name Nippon Manpower Building), and sold two properties (total sale price: 70,800 million yen), Shinjuku Maynds Tower (3/7 of co-ownership interest) and Daiwa Meieki Building. During the 26th Fiscal Period, DOI acquired Prime Kanda Building (acquisition price: 1,800 million yen) and plans to acquire Kita-Shinagawa Gotenyama Building (acquisition price: 2,500 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 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
Motoi Takahashi