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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 23rd Fiscal Period, DOI posted operating revenues of 12,547 million yen and operating income of 6,133 million yen. Our distribution per unit for the 23rd Fiscal Period is 10,764 yen, an increase of 69 yen from the 22nd Fiscal Period.

Average contract rent at the end of the 23rd Fiscal Period increased 218 yen from the end of the previous fiscal period to 19,437 yen, indicating an increase for the fifth consecutive fiscal period. Rent revisions contributed to an 18 million yen increase in monthly contracted rents from the end of the previous fiscal period, which was an 8.1% rate of increase for average monthly rent. Furthermore, the rate of increase for average monthly rent stood at 9.6% 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 23rd Fiscal Period, DOI acquired Shin Kanda Mikuracho Building on December 21, 2016 (acquisition price: 1,592 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
Yoshimi Murakami