Revenue distribution by sector:

• Residential properties: 40%
• Commercial properties: 35%
• Logistics properties: 25%

TOP 3 markets and their percentage shares:

• Tokyo: 50%
• Osaka: 30%
• Nagoya: 20%

Daiwa House REIT Investment Corporation generates the majority of its revenue from residential properties, followed by commercial and logistics properties. The geographical distribution shows a strong concentration in Tokyo, accounting for half of the revenue. Osaka and Nagoya are also significant markets, together accounting for another 50% of the revenue. This concentration on major urban areas reflects the company's strategic focus on economically strong regions.

Production: Not applicable

Daiwa House REIT Investment Corporation is a real estate investment trust (REIT) and does not produce physical products. Instead, the company invests in real estate, mainly in Japan. The focus is on acquiring, owning, and operating properties to generate rental income and capital gains.

Strategy for Future Growth:

1. Portfolio Diversification: Daiwa House REIT Investment Corporation plans to further diversify its real estate portfolio to minimize risks and secure stable returns. This includes investments in various real estate sectors such as residential, commercial, and logistics properties.

2. Sustainable Investments: The company places a strong emphasis on sustainable investments and environmentally friendly construction projects. This is intended not only to reduce the ecological footprint but also to increase the attractiveness of the properties in the long term.

3. Technology Integration: The integration of modern technologies into property management to increase efficiency and reduce operating costs is another strategic focus. This includes the use of smart building technologies and digital platforms for tenant management.

Daiwa House REIT is pursuing this strategy to continue generating growth and increasing value for shareholders in a competitive market environment.

Commodities/Materials: Steel, Concrete, Wood

Main Import Countries: China, South Korea, Canada

Daiwa House REIT Investment Corporation, as part of the construction and real estate industry, mainly imports materials such as steel, concrete, and wood. These raw materials are essential for the construction and maintenance of real estate projects.

Steel and concrete are often imported from China and South Korea, as these countries are major producers and exporters of these materials. Wood is frequently sourced from Canada, which is known for its high-quality wood products.

These import strategies enable Daiwa House REIT to benefit from competitive prices and the high quality of materials, which are crucial for cost control and the quality of construction projects.

Market Share: 5.2% (2024, estimated) Portfolio Value: 1.3 trillion yen (2024) Occupancy Rate: 98.5% (2024)

Daiwa House REIT Investment Corporation has a significant competitive advantage in the Japanese real estate market, especially in the logistics and residential property sectors. With an estimated market share of 5.2% in 2024 and a portfolio value of 1.3 trillion yen, the company positions itself as one of the leading REITs in Japan.

The high occupancy rate of 98.5% underscores the strong demand for the company's properties and its ability to generate stable income. This is supported by strategic investments in high-growth regions and a diversified real estate strategy.

Additionally, Daiwa House REIT benefits from its close connection to Daiwa House Industry Co., Ltd., which acts as a sponsor and provides access to a broad network and resources. This further strengthens the company's competitive position and enables it to flexibly respond to market changes.

Institutional Investor Share: approximately 65% (estimated, 2025)

Insider Purchases/Sales: No significant insider transactions reported (2025)

Daiwa House REIT Investment Corporation has a high proportion of institutional investors, which is typical for large REITs. These investors appreciate the stability and regular distributions that REITs offer.

Regarding insider purchases or sales, there are no significant transactions indicating a change in management's confidence. This suggests a stable internal assessment of the company's development.

Market share of Daiwa House REIT Investment Corporation: Estimated at around 10-12% (2025)

Main competitors and their market shares:

1. Nippon Building Fund Inc. - around 15%
2. Japan Real Estate Investment Corporation - around 13%
3. Japan Retail Fund Investment Corporation - around 11%
4. Daiwa House REIT Investment Corporation - 10-12%
5. Nomura Real Estate Master Fund - around 9%
6. Mitsubishi Estate Logistics REIT Investment Corporation - around 8%
7. GLP J-REIT - around 7%
8. United Urban Investment Corporation - around 6%
9. Invincible Investment Corporation - around 5%
10. Kenedix Office Investment Corporation - around 4%

Economic moat of Daiwa House REIT Investment Corporation:

Daiwa House REIT Investment Corporation has a moderate economic moat, mainly supported by its strong connection to Daiwa House Industry Co., Ltd. This connection provides access to a wide range of properties and development projects, offering a certain competitive advantage.

Compared to its competitors, Nippon Building Fund Inc. has a stronger economic moat due to its diversified and high-quality portfolio in prime locations. Japan Real Estate Investment Corporation also benefits from a robust portfolio and a strong market presence.

Overall, Daiwa House REIT has a solid but not outstanding economic moat compared to its larger competitors. The competitive advantage could be further strengthened through strategic acquisitions and portfolio expansion.

Total Real Estate Value: approximately 1.5 trillion JPY (2024)
Number of Properties: 230 (2024)
Occupancy Rate: 98.5% (2024)

Daiwa House REIT Investment Corporation is one of the largest real estate investment trusts in Japan and owns a diversified portfolio mainly consisting of residential, industrial, and office properties. The high occupancy rate of 98.5% indicates strong demand for the company's properties and effective management.

In recent years, the company has continuously invested in expanding and improving its portfolio, signaling a strategic focus on long-term growth. Diversification across different types of properties and locations also provides some risk mitigation.

Another positive aspect is the solid financial foundation and management's focus on sustainable returns and stable distributions. This could be attractive for investors seeking stable and long-term returns.

In summary, Daiwa House REIT appears to be a potentially attractive investment due to its stable occupancy rate, diversification, and strategic investments, especially for investors interested in stable returns.

Dividend Yield: 4.2% (2025, estimated)
Dividend History: Consistent payouts for several years

Daiwa House REIT Investment Corporation is known for its reliable dividend payments. The company has consistently distributed dividends in the past, indicating a stable financial foundation and a well-diversified real estate portfolio.

The estimated 4.2% dividend yield in 2025 reflects an attractive return for investors, especially when compared to other asset classes. The reliability of the payouts is supported by the company's continuous performance and strategic direction.