Daiwa House Reit Investment Corporation · TSE:8984
Daiwa House Reit Investment — Investor Presentation (October 2026)
62 slides from Daiwa House Reit Investment's investor presentation, Oct 19, 2026
Slide 1: Investor Presentation Fiscal Period Ended August 31, 2026
(TSE code: 8984) Investor Presentation Fiscal Period Ended August 31, 2026 October 19, 2026
Slide 2: Table of Contents
Table of Contents 1. Financial Highlights and Our Strategy Page 5. ESG Initiatives Page ◆ Financial Highlights for August 2026 Period 3 ◆ ESG External Evaluations 30 ◆ Operation Highlights for August 2026 Period 4 ◆ Environmental and Social Initiatives 31 ◆ Property Replacement and Future Outlook 5
Slide 3: 1. Financial Highlights and Our Strategy
1. Financial Highlights and Our Strategy
Slide 4: Financial Highlights for August 2026 Period
Financial Highlights for August 2026 Period DPU +193 yen vs initial forecast driven by internal growth on top of gain on sale of properties DPU (adjusted for unit split) NAV per unit (excluding goodwill) (adjusted for unit split) Financial Highlights (yen) (yen) 3,500 180,000 3,113 yen 160,882 yen 3
Slide 5: Operation Highlights for August 2026 Period
Operation Highlights for August 2026 Period Continued stable portfolio performance through property replacement Asset Class Breakdown Core Assets Portfolio Operation Status 95.6％ Logistics Residential Acquisition price (mil yen) Investment ratio Acquisition price (mil yen) Investment ratio AUM (tota
Slide 6: Property Replacement and Future Outlook
Property Replacement and Future Outlook ◆ Enhance portfolio inflation resistance through property replacement ◆ Accelerate property sales and drive DPU growth through internal growth and gain on sale Aug. 2025 Feb. 2026 Aug. 2026 Feb. 2027 Aug. 2027 Feb. 2028 Aug. 2028 Property sale proceeds 19.4 bn
Slide 7: Further Improving Unitholder Value Through Property Replacement
Further Improving Unitholder Value Through Property Replacement ◆ Acquiring a hotel in central Tokyo with high growth potential and a newly built retail property at attractive yields ◆ Increase distribution through returning gain on sales of properties, including the phased sale over five fiscal per
Slide 8: Distributions of Gain on Sale and Forecast DPU
Distributions of Gain on Sale and Forecast DPU ◆ Raised forecast DPU through internal growth and distributions of gain on sales ◆ Continue to unlock unrealized gain through property replacement and return gain to unitholders Forecast Distribution per Unit (DPU) D Project Inuyama D Project Tosu III D
Slide 9: New Acquisitions (September 2026)
New Acquisitions (September 2026) ◆ Acquired a hotel in a prime location in Ikebukuro from the sponsor pipeline ◆ Acquiring a portion of the retail facility within a newly built, station-front large-scale mixed-use complex, developed as part of an urban redevelopment project Urawa CulE (Bic Camera A
Slide 10: External Growth Strategy
External Growth Strategy ◆ Abundant sponsor pipeline of quality properties with internal growth potential ◆ Enhance portfolio quality and strengthen inflation resistance of the portfolio through property replacement Pipeline of Daiwa House Group (Excerpt) Hotel Residential Logistics Retail ✓ Pursuin
Slide 11: Initiatives to Achieve Growth Targets and Market Environment Perspectives
Initiatives to Achieve Growth Targets and Market Environment Perspectives ◆ Achieving strong internal growth and accretive acquisitions to support DPU growth ◆ Revising growth targets to reflect the broad impact of accelerating interest rates across all strategic pillars Initiatives to Achieve Growt
Slide 12: Setting Further Growth Targets
Setting Further Growth Targets ◆ Continue stabilized forecast DPU increase driven by strong internal growth ◆ Accelerate property sales and pursue continued growth in DPU through realized gains Setting Additional Targets to Address Growth Challenges Forecast Stabilized DPU (Aug. 2028 target) (yen) 3
Slide 13: 2. Operation Status
2. Operation Status
Slide 14: Operation Status of Logistics Properties (1)
Operation Status of Logistics Properties (1) Change in Rent of Tenants Subject to Contract Expiry Operation Status (Based on Contract Expiry Date) ◆ Sale of 3 BTS type properties improved portfolio quality and contributed to (thousand m2) 250 9.3% 10% DPU growth Aim for rent increases of Date of sal
Slide 15: Operation Status of Logistics Properties (2)
Operation Status of Logistics Properties (2) ◆ Steady internal growth achieved even within the BTS type properties ◆ Further strengthening inflation resistance through the introduction of CPI clauses and the conversion of regular lease contracts to fixed-term lease contracts Conversion to Fixed-term
Slide 16: Operation Status of Logistics Properties (3)
Operation Status of Logistics Properties (3) Type (annual rent basis) Market Vacancy Rate and Average Monthly Rent Level per Tsubo of Logistics Properties Owned in Greater Tokyo Area * Greater Tokyo area * ⚫ Area multi-tenant type DHR properties Average monthly rent level per are located tsubo of DH
Slide 17: Operation Status of Residential Properties (1)
Operation Status of Residential Properties (1) Monthly Occupancy Rate Record-high rent increases, both in amount and percentage, at tenant 99% replacement and contract renewal 98% Operation Status ◆ Average occupancy at 97.0% (-0.5 p.p.) vs forecast of 97.5% 97% ◆ Maintain a strong leasing stance to
Slide 18: Operation Status of Residential Properties (2)
Operation Status of Residential Properties (2) Change in Monthly Rent at Tenant Replacement Monthly Rent at Tenant Replacement (Ratio of the number of tenant replacement) (mil yen) 20 Record high 20% ◼ Rent increase ◼ Unchanged ◼ Rent decrease 16.6% 16.6% 100% 3.8% 1.1% 1.6% 2.7% 13.6% 3.0% 1.1% 5.4
Slide 19: Operation Status of Residential Properties (3)
Operation Status of Residential Properties (3) Change in Monthly Rent at Contract Renewal Rent Increase Negotiations at Contract Renewal (mil yen) (unit) 7 Record high 3.5% 2,500 100% 2.1% 87.4% 6 3.0% 98.5% 97.1% 98.7% 2,000 Units subject 80% 5 2.0% 2.5% to renewal 1,420 1,382 1.7% 1,500 1,171 1,26
Slide 20: Operation Status of Residential Properties (4)
Operation Status of Residential Properties (4) Value-add Renovations for Affluent Tenants (Lease signed during the fiscal period ended Aug. 2026) ◆ Selectively perform high-quality Property C in Shibuya Ward value-add construction tailored to (2LDK 64.6 m2） Target units per period: 4 to 6 meet needs
Slide 21: Operation Status of Retail Properties
Operation Status of Retail Properties Operation Status of Retail Properties Initiatives for Sustainability ◆ Acquired 1 property in Sep. 2026 at 4,750 mil yen ◆ Completed LED lighting upgrades in the food court ◆ Sold 1 land leasehold property at iias Tsukuba, which are expected to reduce annual ele
Slide 22: Operation Status of Hotel Properties and Other Assets
Operation Status of Hotel Properties and Other Assets Operation Status of Hotel Properties Operation Status of Other Assets (Including Hotel Tenants of Retail Properties and Other Assets) ◆ Announced the sale of Naha Shin-Toshin Center Building in Aug. 2026 ◆ Acquired 1 property in Sep. 2026 at 11,5
Slide 23: 3. Financial Results
3. Financial Results
Slide 24: Statement of Income for August 2026 Period
Statement of Income for August 2026 Period ◆ DPU of 3,113 yen achieved through internal growth driven by rent increases across all asset classes ◆ Despite lower gain on sales, NOI increased supported by the normalization of repair expenses brought forward in the previous period (mil yen) Major Varia
Slide 25: Balance Sheet for August 2026 Period
Balance Sheet for August 2026 Period ◆ LTV (excluding goodwill) is 45.6% (+0.1 p.p. vs Feb. 2026) ◆ Unrealized gain (+9.1 bn yen) mainly due to increase in rents (mil yen) Period-on-period Trend of Unrealized Gain Feb. 2026 Aug. 2026 change (mil yen) Total assets 937,407 933,635 -3,772 350,000 281,5
Slide 26: Financial Forecasts for February 2027 & August 2027 Periods
Financial Forecasts for February 2027 & August 2027 Periods ◆ Enhance unitholder returns through distributions of gain on sale ◆ Forecast DPU of 3,460 yen for Feb. 2027 and 3,650 yen for Aug. 2027 a] (mil yen) vs Aug. vs. Feb. Major Variation Factors for Feb. 2027 Forecast Aug. 2026 Feb. 2027 Aug. 2
Slide 27: 4. Financial Status
4. Financial Status
Slide 28: Financial Status (1)
Financial Status (1) ◆ Controlling LTV (excluding goodwill) at around 45% Financial Status (as of Sep. 30, 2026) Credit Rating Interest-bearing debt Of debt, Average Sustainable finance Long-term debt ratio LTV (excl. goodwill) JCR interest rate 406,950 mil yen 45.6 % (Breakdown) 60,900 mil yen 87.0
Slide 29: Financial Status (2)
Financial Status (2) ◆ Controlling financing costs by utilizing variable rate loans and partially repaying loans ◆ Issued bonds as part of redemption funds for bonds to mature in Dec. 2026, considering the interest rate environment Debt Financing in Aug. 2026 Period Debt Financing in Feb. 2027 Perio
Slide 30: 5. ESG Initiatives
5. ESG Initiatives
Slide 31: ESG External Evaluations
ESG External Evaluations CDP Climate Change Program GRESB Real Estate Assessment S&P Global ESG Score ⚫ Awarded the highest score of “A” for five consecutive years and named on ⚫ Selected as “Sustainability Yearbook the Climate Change “A List” in 2025 CDP ⚫ Awarded “4 Stars” in 2026 GRESB Member” fo
Slide 32: Environmental and Social Initiatives
Environmental and Social Initiatives Environmental Initiatives (As of Sep. 30, 2026) Social Initiatives (As of Sep. 30, 2026) ◆ Promotion of Environmental Certification ◆ Promotion of Green Lease ◆ Obtainment of Universal ➢ Target for FY2030 Environmental certification: More than 75% Agreement Manne
Slide 33: Governance Initiatives
Governance Initiatives Sustainability Index-linked Fees Same Boat Investment (as of Aug. 31, 2026) ◆ Asset Management Fee (applied from Mar. 2022) ◆ Daiwa House ◆ Investment Unit Ownership Program ➢ Linked to (1) GHG emissions reduction ratio, (2) GRESB rating, for Directors and Employees and (3) CD
Slide 34: Sustainability Report 2026 and Update of ESG Website
Sustainability Report 2026 and Update of ESG Website For details, please visit our ESG website. Sustainability Report 2026: https://www.daiwahouse-reit.co.jp/file/en-esg_reports-941567da57c235b29352fe2e963fac7c4afda31d.pdf ESG website URL: https://www.daiwahouse-reit.co.jp/en/sustainability/ 33
Slide 35: Appendix
Appendix 34
Slide 36: Leveraging Value Chain of Daiwa House Group
Leveraging Value Chain of Daiwa House Group ◆ Fully utilizing various support from Daiwa House Group such as granting preferential negotiation rights ◆ DHR has the first priority negotiation rights within major funds sponsored by Daiwa House Various Pipeline Support from Daiwa House Investment Plan
Slide 37: Asset Size and DPU
Asset Size and DPU 5th (bn yen) 4th Offering 1,000 ◼ Asset Size 3rd Offering 922.8 914.1 915.4 913.9 895.1 895.1 895.1 897.5 905.7 909.9 2nd Offering 819.1 820.1 824.2 1st Offering 800 744.8 745.6 Offering 671.7 683.4 577.7 577.7 600 513.7 491.3 400 200 0 Sep. 2016 Feb. Aug. Feb. Aug. Feb. Aug. Feb.
Slide 38: Key Financial Indicators
Key Financial Indicators NAV per Unit Average Debt Maturity / Average Remaining Maturity / Average Interest Rate (yen) (years) 200,000 15 1.2% 154,413 155,954 159,205 160,882 151,721 153,289 0.96% 150,000 0.87% 0.78% 0.82% 0.73% 0.75% 111,099 110,338 110,266 109,998 109,048 108,263 10 0.8% 100,000 8
Slide 39: Historical Financial Data
Historical Financial Data Aug. 2024 Feb. 2025 Aug. 2025 Feb. 2026 Aug. 2026 Change (A) (B) (B-A) Operating days 184 days 181 days 184 days 181 days 184 days 3 days Operating revenue 32,253 mil yen 32,412 mil yen 34,308 mil yen 32,063 mil yen 31,249 mil yen -813 mil yen Operating profit 11,923 mil ye
Slide 40: Historical Portfolio Data
Historical Portfolio Data Aug. 2024 Feb. 2025 Aug. 2025 Feb. 2026 Feb. 2026 Change (A) (B) (B-A) Number of properties 231 properties 229 properties 230 properties 231 properties 231 properties - properties Total acquisition price 922,879 mil yen 914,111 mil yen 909,957 mil yen 915,434 mil yen 913,91
Slide 41: Balance Sheets
Balance Sheets (thousand yen) (thousand yen) Period ended Period ended Period ended Period ended Feb. 2026 Aug. 2026 Feb. 2026 Aug. 2026 Assets Liabilities Current assets Current liabilities Cash and deposits 21,224,933 23,812,996 Operating accounts payable 3,001,306 1,928,318 Cash and deposits in t
Slide 42: Statements of Income
Statements of Income (thousand yen) Statements of Cash Distributions (yen) Period ended Period ended Period ended Feb. 2026 Period ended Aug. 2026 科目 Feb. 2026 Aug. 2026 Operating revenue (Per unit) (Per unit) Rental revenue 28,553,048 29,036,779 I Unappropriated retained earnings 12,214,088,938 12,
Slide 43: Market Environment for Logistics Properties
Market Environment for Logistics Properties Supply and Demand of Medium-to Large-scale Development of Medium-to Large-scale Logistics Properties Logistics Properties in the Three Major Metropolitan Areas (thousand m2) (thousand m2) 6,000 9% 7,000 5,000 6,000 5,000 4,000 6% 4,000 3,000 3,000 2,000 3%
Slide 44: Market Environment for Residential and Retail Properties
Market Environment for Residential and Retail Properties Population and Number of Households in Tokyo Net Population Inflow of All Nationalities by Area (million) (people per household) (thousand people) 14.0 14.2 80 15 13.2 13.5 2.2 12.6 12 2.1 60 9 7.2 7.6 2.0 6.4 6.7 40 5.9 6 1.9 20 3 1.8 0 1.7 0
Slide 45: Market Environment for Hotel Properties
Market Environment for Hotel Properties Total Number of Overnight Guests by Accommodation Type Guest Room Occupancy Rate (million guest nights) 90% 700 617 659 653 Corporate / group lodging 80% 600 Simple lodging 500 450 70% City Hotel 400 351 Business Hotel 60% 300 Resort Hotel 50% 200 27.2% 27.5%
Slide 46: Portfolio Summary (as of September 29, 2026)
Portfolio Summary (as of September 29, 2026) Portfolio Logistics Residential Retail Hotel Other Acquisition price 925,146 mil yen 470,919 mil yen 244,602 mil yen 121,989 mil yen 49,016 mil yen 38,620 mil yen Number of properties 232 properties 64 properties 131 properties 22 properties 9 properties
Slide 47: Portfolio List (1)
Portfolio List (1) Acquisition Invest Occupa Acquisition Invest Occupa Property Leasable Property Leasable Property name Location price ment ncy rate Property name Location price ment ncy rate number area (m2) number area (m2) (mil yen) ratio (Note) (mil yen) ratio (Note) LB-002 D Project Hachioji H
Slide 48: Portfolio List (2)
Portfolio List (2) Acquisition Invest Occupa Acquisition Invest Occupa Property Leasable Property Leasable Property name Location price ment ncy rate Property name Location price ment ncy rate number area (m2) number area (m2) (mil yen) ratio (Note) (mil yen) ratio (Note) RE-001 Qiz Ebisu Shibuya Wa
Slide 49: Portfolio List (3)
Portfolio List (3) Acquisition Invest Occupa Acquisition Invest Occupa Property Leasable Property Leasable Property name Location price ment ncy rate Property name Location price ment ncy rate number area (m2) number area (m2) (mil yen) ratio (Note) (mil yen) ratio (Note) RE-074 Castalia Nakano Naka
Slide 50: Portfolio List (4)
Portfolio List (4) Acquisition Invest Occupa Acquisition Property Leasable Number of Investment Leasable area Occupancy Property name Location price ment ncy rate Asset class price number area (m2) properties ratio (m2) rate (Note) (mil yen) ratio (Note) (mil yen) Sagamihara City, Logistics Properti
Slide 51: Appraisal Value Comparison (1)
Appraisal Value Comparison (1) (mil yen) (%) Appraisal value Feb. 2026 Aug. 2026 Change Property Acquisition Book value Unrealized Property name Direct cap DCF Direct cap DCF Direct cap DCF number price Aug. 2026 gain (loss) Feb. 2026 Aug. 2026 Change CR DR TCR CR DR TCR CR DR TCR LB-002 D Project H
Slide 52: Appraisal Value Comparison (2)
Appraisal Value Comparison (2) (mil yen) (%) Appraisal value Feb. 2026 Aug. 2026 Change Property Acquisition Book value Unrealized Property name Direct cap DCF Direct cap DCF Direct cap DCF number price Aug. 2026 gain (loss) Feb. 2026 Aug. 2026 Change CR DR TCR CR DR TCR CR DR TCR LB-043 D Project T
Slide 53: Appraisal Value Comparison (3)
Appraisal Value Comparison (3) (mil yen) (%) Appraisal value Feb. 2026 Aug. 2026 Change Property Acquisition Book value Unrealized Property name Direct cap DCF Direct cap DCF Direct cap DCF number price Aug. 2026 gain (loss) Feb. 2026 Aug. 2026 Change CR DR TCR CR DR TCR CR DR TCR RE-001 Qiz Ebisu 7
Slide 54: Appraisal Value Comparison (4)
Appraisal Value Comparison (4) (mil yen) (%) Appraisal value Feb. 2026 Aug. 2026 Change Property Acquisition Book value Unrealized Property name Direct cap DCF Direct cap DCF Direct cap DCF number price Aug. 2026 gain (loss) Feb. 2026 Aug. 2026 Change CR DR TCR CR DR TCR CR DR TCR RE-033 Castalia Sh
Slide 55: Appraisal Value Comparison (5)
Appraisal Value Comparison (5) (mil yen) (%) Appraisal value Feb. 2026 Aug. 2026 Change Property Acquisition Book value Unrealized Property name Direct cap DCF Direct cap DCF Direct cap DCF number price Aug. 2026 gain (loss) Feb. 2026 Aug. 2026 Change CR DR TCR CR DR TCR CR DR TCR RE-067 Castalia Wa
Slide 56: Appraisal Value Comparison (6)
Appraisal Value Comparison (6) (mil yen) (%) Appraisal value Feb. 2026 Aug. 2026 Change Property Acquisition Book value Unrealized Property name Direct cap DCF Direct cap DCF Direct cap DCF number price Aug. 2026 gain (loss) Feb. 2026 Aug. 2026 Change CR DR TCR CR DR TCR CR DR TCR RE-106 Castalia Ic
Slide 57: Appraisal Value Comparison (7)
Appraisal Value Comparison (7) (mil yen) (%) Appraisal value Feb. 2026 Aug. 2026 Change Property Acquisition Book value Unrealized Property name Direct cap DCF Direct cap DCF Direct cap DCF number price Aug. 2026 gain (loss) Feb. 2026 Aug. 2026 Change CR DR TCR CR DR TCR CR DR TCR RE-147 Castalia Ky
Slide 58: Appraisal Value Comparison (8)
Appraisal Value Comparison (8) (mil yen) (%) Appraisal value Feb. 2026 Aug. 2026 Change (Anticipated) Property Book value Unrealized Property name acquisition Direct cap DCF Direct cap DCF Direct cap DCF number Aug. 2026 gain (loss) Feb. 2026 Aug. 2026 Change price CR DR TCR CR DR TCR CR DR TCR CAND
Slide 59: Unitholder Status
Unitholder Status Number of Unitholders and Units by Unitholder Type Major Unitholders Period ended Feb. 2026 Period ended Aug. 2026 Period ended Aug. 2026 Number of Number of Unitholder type Number of units Number of units Name unitholders unitholders Number of Ownership Unitholders (%) Units (%) U
Slide 60: Unit Price Performance
Unit Price Performance Unit Price and Trading Volume (yen) (units) 200,000 400,000 150,000 300,000 100,000 200,000 50,000 100,000 0 0 Trading volume (RHS) Investment unit (closing) price (LHS) (Note) Investment unit price since Sep. 1, 2016 (effective date of the merger) is shown and adjusted for th
Slide 61: REIT Structure
REIT Structure Parent Company of Investment Corporation Asset Custodian, Asset Manager General Administrator, Sponsor (4) Daiwa House REIT (2) Transfer Agent and Investment Corporation Special Account Administrator Daiwa House Industry Co., Ltd. Unitholders' Meeting Sumitomo Mitsui Trust Bank, Limit
Slide 62: Disclaimer
Disclaimer ⚫ This document is provided for information purposes only and is not intended as a solicitation to invest or a recommendation to trade in a specific security. Please contact a financial product brokerage company if you are interested in purchasing the investment units of Daiwa House REIT
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