Daiwa Securities Living Investment : Financial Report

Financial Results for the 34th Fiscal Period

Code：8986

May 23, 2023

Gran Casa Kuramae

(Acquired on Mar 6, 2023)

Topics

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

	(Refer page from 9 to 11)
Monthly rent at tenant turnover continues to increase	Maintain high occupancy rate
34th FP : +1.9％	34th FP Term End : 98.7%
(+JPY 2,544 thousand)	34th FP Average : 98.6%

• Realization of External Growth

In addition to the 7 properties acquired at the time of public offering,

acquired following 2 rental housing properties located in the 23 wards of Tokyo.

Gran Casa Kuramae (Taito-ku, Tokyo, JPY 1,505 million, on March 6, 2023) Gran Casa Kinshicho (Note) (Sumida-ku, Tokyo, JPY 850 million, on April 3, 2023)

(Refer page 19)

* acquired in the 35th FP (September 2023)

(Note: The property name was changed from "Splendide Kinshicho I" to "Gran Casa Kinshicho" on May 1, 2023. The same applies hereinafter.)

• Rating

(Refer page 23)

R&I's rating evaluation improved from "A+ Stable" to "A+ Positive".

(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 34th (March 2023) Fiscal Period
Forecast for the 35th (September 2023) and the 36th (March 2024) Fiscal Periods	P 3
Section 2
Operation Status of Rental Housing	P 8
Section 3
Operation Status of Healthcare Facility	P 14
Section 4
Summary of External Growth	P 18
Section 5
Financial Strategy and Status	P 22
Section 6
Strategy	P 26

Section 7

Initiatives for ESG

Appendices

1. 29 P 35

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 34th (March 2023) Fiscal Period

Forecast for the 35th (September 2023) and the 36th (March 2024) Fiscal Periods

Results for the 33rd Fiscal Period vs. the 34th Fiscal Period

(JPY million)	(1) 33rd FP	(2) 34th FP	Difference	Key Factors of the Difference
	Results	Results	(2) - (1)
Operating Revenues	11,436	11,898	+461	Increase in rent, common benefit, etc.
due to property acquisition through public offering
Operating Expenses	6,094	6,326	+232	Increase in depreciation expense, AM fee, etc.
due to property acquisition through public offering
Non-operating	(688)	(742)	(53)	Increase in expenses due to higher interest expenses and amortization
Gain or Loss				of investment unit issuance expenses, etc.
Net Income	4,652	4,828	+175
Reversal of Temporary	153	145	(8)
Difference Adjustment /	－	－	－
Distribution Reserve
Total Distribution Amount	4,806	4,973	+167

(JPY per unit)

33rd FP

Results

Distribution

2,180

Operating	Operating	Non-operating
Revenue	Expense		Gain or Loss
+204	+102		(23)
Rent +184	Restoration (12)	AM Fee2 +6	Non-op income	(2)
Common Benefit +11	PM Fee +8 Other Expense (2)
Key Money +5	Utility Expense +25	Tax Expense +9	Interest Expense	+8
Restoration Income (6)	Advertise Expense +11		Issuance Expense +10
Other Income +13	Depreciation +36

34th FP

Results

Distribution Distribution

2,200 +20

Issued

2,204,890 units

Temporary

Difference

Adjustment

69

Net Income

2,110

Diluted

due to PO

52

	90
204	12
	23

※Minus expenses are added to distribution ※Only the major difference factors are listed

Temporary

Difference

Adjustment

64

Net Income

2,135

Issued

2,260,890 units

4