Daiwa Securities Living Investment : Financial Report

Financial Results for the 32nd Fiscal Period

Code：8986

May 18, 2022

Gran Casa Tennoji EAST (Acquired on Feb 1, 2022)

Topics

• Increase Rent at Tenant Turnover and Maintain High Occupancy Rate (Rental Housing)

(Refer page 9 and 11)

Monthly rent at tenant turnover continues to increase	Maintain high occupancy rate
32nd FP : +0.6％	32nd FP Term End : 98.5%
(+JPY 752 thousand)	32nd FP Average : 97.7%

 Acquired 8 Properties and Strengthened Cooperation with Daiwa Securities Realty

In addition to the 6 properties acquired at the time of the public offering in October 2021, 2 properties located in Tokyo 23 Wards and Osaka city were acquired.

(Refer page 21 and 23)

Gran Casa Tennoji EAST	(Osaka, Osaka, JPY 846 million, Acquired on February 1, 2022)
Gran Casa Kiyosumishirakawa	(Koto-ku, Tokyo, JPY 1,775 million, Acquired on April 1, 2022)

Improving DLI's external growth potential by strengthening the acquisition function of Daiwa Securities Realty

• Promotion of ESG Efforts

(Refer page 33 and 34)

Agreement with TCFD and Participation in the TCFD Consortium by Asset Manager (December 2021, January 2022)

Newly acquiring DBJ Green Building certification for 2 properties

The Residence Honmoku Yokohama Bayside and Granpark Tenjin (May 2022)

(Note) "DLI" used in this document refers to Daiwa Securities Living Investment Corporation, and "Asset Management Company" refers to Daiwa Real Estate Asset Management,	1
which is the asset management company of Daiwa Securities Living Investment Corporation.

Table of Contents

Section 1
Financial Results for the 32nd (March 2022) Fiscal Period
Forecast for the 33rd (September 2022) and the 34th (March 2023) Fiscal Periods	P 3
Section 2
Operation Status of Rental Housing	P 8
Section 3
Operation Status of Healthcare Facility	P14
Section 4
Summary of External Growth	P19
Section 5
Financial Strategy and Status	P25
Section 6
Strategy	P29

Section 7

Initiatives for ESG

Appendices

P32

P38

Unless otherwise noted in this document, amounts are rounded down to the nearest whole number, percentage and average.

2

Section 1

Financial Results for the 32nd (March 2022) Fiscal Period

Forecast for the 33rd (September 2022) and the 34th (March 2023) Fiscal Periods

Results for the 31st Fiscal Period vs. the 32nd Fiscal Period

(JPY million)

(1) 31st FP

(2) 32nd FP

Difference

Key Factors of the Difference

Results

Results

(2) - (1)

Operating Revenues

10,811

11,263

+451

Increase in rent, common benefit, etc.

due to property acquisition by public offering.

Operating Expenses

5,721

5,938

+217

Increase in depreciation, asset management fee, etc.

due to property acquisition by public offering.

Non-operating

(657)

(702)

(44)

Increase in expense due to amortization of unit issuance costs.

Gain or Loss

Net Income

4,432

4,621

+189

Reversal of Temporary

171

185

+13

Difference Adjustment /

－

－

－

Distribution Reserve

Total Distribution Amount

4,604

4,806

+202

(JPY per unit)

Operating

Operating

Non-operating

Revenue

Expense

Gain or Loss

31st FP

+204

+98

(20)

32nd FP

Rent +196

Depreciation +40

AM Fee2 +7

Non-op income +3

Results

Common Benefit +11

Repair Expense +24

Tax Expense +6

Results

Distribution

Distribution

Distribution

Restoration Income (6)

Restoration (20)

AM Fee1 +4

Issuance Cost +13

+20

2,160

Parking Rent +5

Utility Expense +12

Interest Expense +7

2,180

Temporary

PM Fee +8

Temporary

Difference

Difference

Adjustment

Adjustment

Diluted

78

20

83

80

204

20

due to PO

69

Net Income

Net Income

2,079

2,096

※Minus expenses are added to distribution

Issued

※Only the major difference factors are listed

Issued

2,131,546 units

2,204,890 units

4