Unitholder's Capital

(As of April 18, 2018)

Total Unitholders' Capital (yen)	163,230,367,360
Number of investment units authorized (units)	8,000,000
Number of investment units issued and outstanding (units)	1,927,000

Changes in the number of investment units issued and outstanding and total unitholders' capital in the past five years are shown in the table below.

Date	Event	Number of investment units issued and outstanding (units)		Total unitholders' capital (thousand yen)		Remarks
		Amount of increase	Balance	Amount of increase	Balance
October 28, 2013	Capital increase through public offering	20,000	371,870	7,817	60,921	（Note 1）
November 19, 2013	Capital increase through third-party allotment	2,000	373,870	781	61,703	（Note 2）
March 1, 2015	Investment unit split	373,870	747,740	-	61,703	（Note 3）
September 1, 2016	Merger	771,540	1,519,280	-	61,703	（Note 4）
March 21, 2017	Capital increase through public offering	156,720	1,676,000	42,625	104,328	（Note 5）
April 14, 2017	Capital increase through third-party allotment	14,000	1,690,000	3,807	108,136	（Note 6）
March 19, 2018	Capital increase through public offering	222,000	1,912,000	51,607	159,743	（Note 7）
April 13, 2018	Capital increase through third-party allotment	15,000	1,927,000	3,486	163,230	（Note 8）

(Note 1)	Investment units were issued by public offering with an issue price of \404,137 per unit (issue value: \390,873) in order to raise funds for repayments of short-term loans payable for the acquisition of new properties, etc.
(Note 2)	Additional investment units were issued with an issue value of \390,873 per unit in order to raise funds for repayments of short-term loans payable for the acquisition of new properties, etc.
(Note 3)	A 2-for-1 split of investment units was implemented with an effective date of March 1, 2015.
(Note 4)	As of September 1, 2016, DHR merged the former Daiwa House REIT Investment Corporation.
(Note 5)	Investment units were issued by public offering with an issue price of \280,868 per unit (issue value: \271,983) in order to raise funds for the acquisition of new properties, etc.
(Note 6)	Additional investment units were issued with an issue value of \271,983 per unit in order to raise funds for the acquisition of new properties, etc.
(Note 7)	Investment units were issued by public offering with an issue price of \239,806 per unit (issue value: \232,465) in order to raise funds for the acquisition of new properties, etc.
(Note 8)	Additional investment units were issued with an issue value of \232,465 per unit in order to raise funds for the acquisition of new properties, etc.

Major Unitholders