Announcement • Apr 29
Daiwa Office Investment Corporation to Report Q2, 2026 Results on Jul 17, 2026 Daiwa Office Investment Corporation announced that they will report Q2, 2026 results on Jul 17, 2026 Declared Dividend • Feb 14
First half dividend of JP¥7,250 announced Shareholders will receive a dividend of JP¥7,250. Ex-date: 28th May 2026 Payment date: 14th August 2026 Dividend yield will be 4.2%, which is about the same as the industry average. Announcement • Jan 23
Daiwa Office Investment Corporation announces Semi-Annual dividend, payable on August 14, 2026 Daiwa Office Investment Corporation announced Semi-Annual dividend of JPY 7250.0000 per share payable on August 14, 2026, ex-date on May 28, 2026 and record date on May 31, 2026. Reported Earnings • Jan 23
First half 2026 earnings released: EPS: JP¥7,996 (vs JP¥7,545 in 1H 2025) First half 2026 results: EPS: JP¥7,996 (up from JP¥7,545 in 1H 2025). Revenue: JP¥16.1b (up 5.5% from 1H 2025). Net income: JP¥7.50b (up 4.6% from 1H 2025). Profit margin: 47% (in line with 1H 2025). Revenue is expected to fall by 6.1% p.a. on average during the next 3 years compared to a 2.6% decline forecast for the Office REITs industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. New Risk • Jan 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Upcoming Dividend • Nov 20
Upcoming dividend of JP¥7,900 per share Eligible shareholders must have bought the stock before 27 November 2025. Payment date: 16 February 2026. Trailing yield: 3.6%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (3.9%). Announcement • Nov 06
Daiwa Office Investment Corporation to Report Fiscal Year 2025 Results on Jan 22, 2026 Daiwa Office Investment Corporation announced that they will report fiscal year 2025 results on Jan 22, 2026 Announcement • Oct 12
An undisclosed buyer agreed to acquire Daiwa Sarugakucho Property in Chiyoda-ku, Tokyo from Daiwa Office Investment Corporation (TSE:8976) for ¥5.1 billion. An undisclosed buyer agreed to acquire Daiwa Sarugakucho Property in Chiyoda-ku, Tokyo from Daiwa Office Investment Corporation (TSE:8976) for ¥5.1 billion on October 10, 2025. The consideration will be paid on cash. The transaction will be executed in two phases to stabilize returns to unitholders. In first phase, Daiwa Office Investment Corporation will sell 50% stake in Daiwa Sarugakucho Property in Chiyoda-ku, Tokyo for a payment of ¥2.6 billion and remaining 50% will be sold for ¥2.6 billion in second phase.
For the period ending December 31, 2024, Daiwa Sarugakucho Property in Chiyoda-ku, Tokyo reported total revenue of ¥195 million. The first phase of transaction is expected to close on November 28, 2025 and the second phase of transaction is expected to close on May 29, 2026. Declared Dividend • Sep 08
Final dividend increased to JP¥7,000 Dividend of JP¥7,000 is 1.2% higher than last year. Ex-date: 27th November 2025 Payment date: 16th February 2026 Dividend yield will be 3.8%, which is lower than the industry average of 4.3%. Announcement • Sep 06
Daiwa Office Investment Corporation announces Semi-Annual dividend, payable on February 16, 2026 Daiwa Office Investment Corporation announced Semi-Annual dividend of JPY 7000.0000 per share payable on February 16, 2026, ex-date on November 27, 2025 and record date on November 30, 2025. New Risk • Sep 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Reported Earnings • Aug 10
Full year 2025 earnings released: EPS: JP¥14,937 (vs JP¥12,970 in FY 2024) Full year 2025 results: EPS: JP¥14,937 (up from JP¥12,970 in FY 2024). Revenue: JP¥30.4b (up 12% from FY 2024). Net income: JP¥14.1b (up 14% from FY 2024). Profit margin: 46% (in line with FY 2024). Revenue is expected to fall by 2.1% p.a. on average during the next 3 years compared to a 1.0% decline forecast for the Office REITs industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 2% per year. Upcoming Dividend • May 22
Upcoming dividend of JP¥6,920 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 15 August 2025. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (4.0%). In line with average of industry peers (4.4%). Announcement • May 01
Daiwa Office Investment Corporation to Report Q2, 2025 Results on Jul 18, 2025 Daiwa Office Investment Corporation announced that they will report Q2, 2025 results on Jul 18, 2025 Announcement • Apr 23
Daiwa Office Investment Corporation (TSE:8976) announces an Equity Buyback for 5,000 shares, representing 0.53% for ¥1,000 million. Daiwa Office Investment Corporation (TSE:8976) announces a share repurchase program. Under the program, the company will repurchase up to 5,000 shares, representing 0.53% of its issued share capital, for ¥1,000 million. The purpose of the buyback is to improve capital efficiency and return value to investors. All acquired investment units are scheduled to be cancelled during the fiscal period ending May 2025. The program will expire on May 19, 2025. As of April 23, 2025, the company had 946,439 shares in issue(excluding treasury units) and no shares in treasury. Declared Dividend • Feb 15
First half dividend of JP¥6,920 announced Shareholders will receive a dividend of JP¥6,920. Ex-date: 29th May 2025 Payment date: 15th August 2025 Dividend yield will be 4.7%, which is higher than the industry average of 4.3%. Reported Earnings • Jan 23
First half 2025 earnings released: EPS: JP¥7,545 (vs JP¥6,474 in 1H 2024) First half 2025 results: EPS: JP¥7,545 (up from JP¥6,474 in 1H 2024). Revenue: JP¥15.2b (up 12% from 1H 2024). Net income: JP¥7.16b (up 16% from 1H 2024). Profit margin: 47% (up from 45% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 2.8% decline forecast for the Office REITs industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 8% per year. Announcement • Dec 27
Daiwa Office Investment Corporation to Report Fiscal Year 2024 Results on Jan 22, 2025 Daiwa Office Investment Corporation announced that they will report fiscal year 2024 results on Jan 22, 2025 Upcoming Dividend • Nov 21
Upcoming dividend of JP¥6,850 per share Eligible shareholders must have bought the stock before 28 November 2024. Payment date: 17 February 2025. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (4.5%). Declared Dividend • Nov 03
Final dividend of JP¥6,850 announced Shareholders will receive a dividend of JP¥6,850. Ex-date: 28th November 2024 Payment date: 17th February 2025 Dividend yield will be 6.7%, which is higher than the industry average of 4.3%. Reported Earnings • Sep 01
Full year 2024 earnings released: EPS: JP¥12,970 (vs JP¥14,231 in FY 2023) Full year 2024 results: EPS: JP¥12,970 (down from JP¥14,231 in FY 2023). Revenue: JP¥27.2b (down 6.0% from FY 2023). Net income: JP¥12.4b (down 8.9% from FY 2023). Profit margin: 46% (down from 47% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 8% per year. Announcement • Jul 20
Daiwa Office Investment Corporation (TSE:8976) announces an Equity Buyback for 14,000 shares, representing 1.46% for ¥3,000 million. Daiwa Office Investment Corporation (TSE:8976) announces a share repurchase program. Under the program, the company will repurchase up to 14,000 units, representing 1.46% of its investment units outstanding (excluding treasury investment units), for ¥3,000 million. All the repurchased investment units will be cancelled. The acquisition of investment units will lead to the enhancement of unitholder value over the medium to long term. The program will expire on November 14, 2024. As of July 19, 2024, the company has 956,516 investment units outstanding (excluding treasury investment units) and 0 units in treasury. Announcement • Jun 14
Daiwa Office Investment Corporation to Report First Half, 2024 Results on Jul 19, 2024 Daiwa Office Investment Corporation announced that they will report first half, 2024 results on Jul 19, 2024 New Risk • May 29
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 116% Dividend yield: 9.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (116% cash payout ratio). Buy Or Sell Opportunity • Apr 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to JP¥587,000. The fair value is estimated to be JP¥737,125, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 1.3% per annum. Earnings are also forecast to grow by 3.2% per annum over the same time period. Buy Or Sell Opportunity • Feb 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to JP¥594,000. The fair value is estimated to be JP¥748,679, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 1.3% per annum. Earnings are also forecast to grow by 3.9% per annum over the same time period. Buy Or Sell Opportunity • Feb 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to JP¥607,000. The fair value is estimated to be JP¥766,539, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 1.3% per annum. Earnings are also forecast to grow by 3.9% per annum over the same time period. Price Target Changed • Jan 24
Price target increased by 15% to JP¥759,800 Up from JP¥660,400, the current price target is an average from 5 analysts. New target price is 20% above last closing price of JP¥632,000. Stock is up 1.0% over the past year. The company posted earnings per share of JP¥28,461 last year. Reported Earnings • Jan 23
First half 2024 earnings released: EPS: JP¥12,947 (vs JP¥13,561 in 1H 2023) First half 2024 results: EPS: JP¥12,947 (down from JP¥13,561 in 1H 2023). Revenue: JP¥13.6b (down 1.8% from 1H 2023). Net income: JP¥6.19b (down 4.9% from 1H 2023). Profit margin: 45% (down from 47% in 1H 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.4% decline forecast for the Office REITs industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Buy Or Sell Opportunity • Jan 19
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at JP¥650,000. The fair value is estimated to be JP¥541,526, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to decline by 2.2% in 2 years. Earnings are forecast to decline by 1.0% in the next 2 years. Announcement • Dec 29
Daiwa Office Investment Corporation to Report Fiscal Year 2023 Results on Jan 22, 2024 Daiwa Office Investment Corporation announced that they will report fiscal year 2023 results on Jan 22, 2024 Upcoming Dividend • Nov 22
Upcoming dividend of JP¥13,700 per share at 4.0% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 14 February 2024. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (4.2%). Reported Earnings • Sep 09
Full year 2023 earnings released: EPS: JP¥28,402 (vs JP¥30,887 in FY 2022) Full year 2023 results: EPS: JP¥28,402 (down from JP¥30,887 in FY 2022). Revenue: JP¥28.9b (flat on FY 2022). Net income: JP¥13.6b (down 9.2% from FY 2022). Profit margin: 47% (down from 52% in FY 2022). Revenue is expected to fall by 2.5% p.a. on average during the next 3 years compared to a 1.7% decline forecast for the Office REITs industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Jul 27
Full year 2023 earnings released: EPS: JP¥28,403 (vs JP¥30,887 in FY 2022) Full year 2023 results: EPS: JP¥28,403 (down from JP¥30,887 in FY 2022). Revenue: JP¥28.9b (flat on FY 2022). Net income: JP¥13.6b (down 9.2% from FY 2022). Profit margin: 47% (down from 52% in FY 2022). Revenue is expected to fall by 3.4% p.a. on average during the next 3 years compared to a 2.5% decline forecast for the Office REITs industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. New Risk • Jul 24
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 111% Dividend yield: 4.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.1% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (111% cash payout ratio). Announcement • Jun 23
Daiwa Office Investment Corporation Announces Executive Changes Daiwa Office Investment Corporation at the board meeting held on June 22, 2023, announced change in Responsibilities of Yukiko Takeuchi as Vice President and Representative Director and Head of Private Fund Management Division and Deputy General Manager of Corporate Division and Head of Private Fund Management Dept. and Head of Sustainability Promotion Office from Vice President and Representative Director and Head of Private Fund Management Division and Deputy General Manager of Corporate Division and Head of Sustainability Promotion Office. The effective from July 1, 2023. The company announced Change of Key Employee: Seiji Kimoto - Former title: Deputy General Manager of Private Fund Management Division and Head of Private Fund Management Dept. and Deputy General Manager of Corporate Division. Announcement • Jun 13
Daiwa Office Investment Corporation to Report Q2, 2023 Results on Jul 21, 2023 Daiwa Office Investment Corporation announced that they will report Q2, 2023 results on Jul 21, 2023 Upcoming Dividend • May 23
Upcoming dividend of JP¥13,700 per share at 4.7% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 14 August 2023. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (4.5%). Board Change • Mar 28
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. 4 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Auditor of Daiwa Real Estate Asset Management Co. Ltd Tamaki Shibayama is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Dec 01
Daiwa Office Investment Corporation (TSE:8976) acquired Daiwa Office Investment Corporation (TSE:8976) for ¥5.7 billion. Daiwa Office Investment Corporation (TSE:8976) acquired Daiwa Office Investment Corporation (TSE:8976) for ¥5.7 billion on November 30, 2022.
Daiwa Office Investment Corporation (TSE:8976) completed the acquisition of Daiwa Office Investment Corporation (TSE:8976) on November 30, 2022. Announcement • Nov 22
An unknown buyer agreed to acquire Daiwa SHIBUYA EDGE from Daiwa Office Investment Corporation (TSE:8976) for ¥7.3 billion. An unknown buyer agreed to acquire Daiwa SHIBUYA EDGE from Daiwa Office Investment Corporation (TSE:8976) for ¥7.3 billion on November 21, 2022. The total purchase price is ¥7,313 million which is excluding settlement amounts of fixed asset tax and city planning tax and consumption tax. The transaction is expected to close on December 21, 2022. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥13,600 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 15 February 2023. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (3.7%). Board Change • Nov 16
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. 4 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Auditor of Daiwa Real Estate Asset Management Co. Ltd Tamaki Shibayama is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Aug 25
Daiwa Office Investment Corporation (TSE:8976) announces an Equity Buyback for 6,000 shares, representing 1.24% for ¥3,000 million. Daiwa Office Investment Corporation (TSE:8976) announces a share repurchase program. Under the program, the company will repurchase up to 6,000 units, representing 1.24% of its investment units outstanding (excluding treasury investment units), for ¥3,000 million. All the repurchased investment units will be cancelled. The acquisition of investment units will lead to the enhancement of unitholder value over the medium to long term. The program will expire on November 14, 2022. As of August 24, 2022, the company has 482,529 investment units outstanding (excluding treasury investment units) and 0 units in treasury. Announcement • Jul 22
Daiwa Office Investment Corporation, Annual General Meeting, Aug 26, 2022 Daiwa Office Investment Corporation, Annual General Meeting, Aug 26, 2022, at 10:00 Tokyo Standard Time. Location: 18th Floor, GranTokyo North Tower 1-9-1 Marunouchi Chiyoda-ku Tokyo Japan Agenda: To consider amendments to the Articles of Incorporation; to consider appointment of One Executive Director; to consider appointment of One Substitute Executive Director; and to consider appointment of Two Supervisory Directors. Announcement • Jul 20
Daiwa Office Investment Corporation to Report Q2, 2022 Results on Jul 21, 2022 Daiwa Office Investment Corporation announced that they will report Q2, 2022 results on Jul 21, 2022 Upcoming Dividend • May 23
Upcoming dividend of JP¥14,000 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 15 August 2022. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (3.7%). Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Executive Director Seiya Miyamoto was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 02
Daiwa Office Investment Corporation Announces Board Changes Daiwa Office Investment Corporation hereby gives notice that Daiwa Real Estate Asset management Co. Ltd. (the Asset Manager), to which the Investment Corporation entrusts the management of its assets, has decided to appoint the President and Representative Director of the Asset Manager at the board of directors held on March 1, 2022. In addition, following the resignation of one current director on April 1, 2022, the Asset Manager has resolved to propose the appointment of two directors to the board of directors on April 1, 2022 in order to make a written resolution of the General Meeting of Shareholders in accordance with Paragraph 1 of Article 319 of the Companies Act. In addition, Akira Yamanouchi and Yukiko Takeuchi, who are scheduled to assume the Director of the Asset Manager are scheduled to be proposed as candidates for the Chairman of the Board and Vice President and Representative Director, respectively, at the board of directors held on April 1, 2022, after the above written resolution of the General Meeting of Shareholders is obtained on the same day. New President and Representative Director (as of April 1, 2022) Yoshiki Nishigaki. New Chairman of the Board (as of April 1, 2022) Akira Yamanouchi. New Vice President and Representative Director (as of April 1, 2022) Yukiko Takeuchi. Retiring President and Representative Director (as of April 1, 2022) Toshio Fukushima. Reported Earnings • Jan 21
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: JP¥13,930 (down from JP¥14,484 in 1H 2021). Revenue: JP¥13.9b (down 6.5% from 1H 2021). Net income: JP¥6.80b (down 4.6% from 1H 2021). Profit margin: 49% (up from 48% in 1H 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥14,000 per share Eligible shareholders must have bought the stock before 29 November 2021. Payment date: 15 February 2022. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (3.5%). Reported Earnings • Jul 23
Full year 2021 earnings released: EPS JP¥29,895 (vs JP¥26,734 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥29.9b (up 5.4% from FY 2020). Net income: JP¥14.7b (up 12% from FY 2020). Profit margin: 49% (up from 46% in FY 2020). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • May 21
Upcoming dividend of JP¥13,900 per share Eligible shareholders must have bought the stock before 28 May 2021. Payment date: 14 August 2021. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.0%). In line with average of industry peers (3.4%). Is New 90 Day High Low • Feb 15
New 90-day high: JP¥697,000 The company is up 9.0% from its price of JP¥642,000 on 17 November 2020. The Japanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 27
New 90-day high: JP¥657,000 The company is up 13% from its price of JP¥584,000 on 29 October 2020. The Japanese market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is up 9.0% over the same period. Reported Earnings • Jan 21
First half 2021 earnings released: EPS JP¥14,483 The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: JP¥14.8b (up 5.4% from 1H 2020). Net income: JP¥7.12b (up 10% from 1H 2020). Profit margin: 48% (up from 46% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Dec 29
New 90-day high: JP¥654,000 The company is up 8.0% from its price of JP¥604,000 on 30 September 2020. The Japanese market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the REITs industry, which is up 1.0% over the same period. Announcement • Nov 10
An unknown domestic corporation signed an agreement to acquire Daiwa Shimbashi 510 from Daiwa Office Investment Corporation (TSE:8976) for ¥2.5 billion. An unknown domestic corporation signed an agreement to acquire Daiwa Shimbashi 510 from Daiwa Office Investment Corporation (TSE:8976) for ¥2.5 billion on November 9, 2020. The consideration will be paid in lump-sum at the time of delivery. In a related transaction, Daiwa Office Investment Corporation agreed to acquire Nihonbashi-Bakurocho 1-Chome Development Project on November 9, 2020. Transaction is expected to close on November 12, 2020. The proceeds from the transaction are scheduled to be allocated in part to fund the acquisition of the land for the development of Nihonbashi-Bakurocho 1-Chome. Announcement • Jul 18
Daiwa Office Investment Corporation to Report First Half, 2020 Results on Aug 13, 2020 Daiwa Office Investment Corporation announced that they will report first half, 2020 results on Aug 13, 2020 
