November 16, 2010
JAPAN REAL ESTATE INVESTMENT CORPORATIONANNOUNCEMENT OF EIGHTEENTH FISCAL PERIOD RESULTS
1. Summary of Financial Results
In the 18th fiscal period (April 1, 2010 to September 30, 2010), Japan Real Estate Investment
Corporation (“JRE”) recorded operating revenues totaling 22,112 million yen, up 2.1% compared withthe previous period. On the earnings front, operating income decreased 5.7% to 9,939 million yen.
After deducting expenses for interest payments on loans and other costs, ordinary income fell 8.3% to8,135 million yen, and net income dropped 8.4% to 8,134 million yen.
Turning to dividends, in accordance with stipulations under Article 67-15 of the Special
Taxation Measures Law of Japan, JRE has determined to pay out cash dividends in an amount that
does not exceed the amount of retained earnings at period-end, less the same amount of the internal
reserve recorded in the 17th fiscal period, which is the maximum integral multiple of 489,200—thenumber of units outstanding as of September 30, 2010. Accordingly, the amount of cash dividends forthe period under review totaled 8,134,417,600 yen, for a per-unit cash dividend of 16,628 yen.
2. Results of Operations(1) Property Management and Acquisition
During the period under review, the Japanese economy showed signs of recovery primarily due toimprovements in corporate earnings owing to increased exports and a rebound in production. However,given the slow pace of recovery, as well as the strength of the yen and ineffectiveness of government
policies through to September 30, 2010, the economy weakened further and continued to face severe
conditions, including high unemployment throughout the period.
In the market for leased office space, there were signs that the decline in occupancy rates inlarge and new buildings in central Tokyo has ceased. Nevertheless, overall vacancy rates continued toincrease, reflecting such factors as ongoing high vacancy rates in regional business areas and in
less-competitive mid- and small-sized buildings. Consequently, overall rent levels continued to fall
amid these high vacancy rates.
In the property market, there was a recovery in the willingness of purchasers to invest due toimprovement in the fund raising environment and progress made regarding adjustments in property
prices. As a result, the transaction volume is on an upward trend.
Amid this environment, JRE endeavored to maintain the upward trajectory in occupancy rates
by promoting aggressive leasing activities based on market trends. In addition, JRE worked to further
bolster the quality of its portfolio properties by maintaining and improving the competitiveness of theproperties it holds. Particular initiatives included an expansion in leasable floor space through thecompletion of a building extension of the Ryoshin Ginza East Mirror Building, and the upgrading ofbuilding and facility specifications through appropriate renovations.
As a result of these activities, JRE’s portfolio as of September 30, 2010 consisted of 55 officebuildings with a total acquisition price of 643,891 million yen. Total leasable space stood at 567,612
m2 (approximately 171,703 tsubo), with a total of 992 tenants.

1(2) Finance Activities
In conjunction with the redemption of the Third Investment Corporation Bond worth 10.0 billion yen
on April 30, 2010, JRE issued the Seventh Investment Corporation Bond on April 23, 2010 totaling
10.0 billion yen.


Overview of the Seventh Investment Corporation BondJapan Real Estate Investment
Corporation Seventh Unsecured Bond
Name of investment corporation bond(No finance-related special covenants,
such as negative pledge)
Total amount issued
10.0 billion yen
Issue date
April 23, 2010
Maturity date
April 23, 2015
Interest rate
1.26% per year
In order to improve the ratio of long-term debt and investment corporation bonds, both of which areaccounted for by interest-bearing debt, JRE issued the Eighth Investment Corporation Bond totaling
10.0 billion yen on July 23, 2010.
Overview of the Eighth Investment Corporation BondJapan Real Estate Investment
Corporation Eighth Unsecured Bond
Name of investment corporation bond(No finance-related special covenants,
such as negative pledge)
Total amount issued
10.0 billion yen
Issue dateJuly 23, 2010
Maturity dateJuly 23, 2015
Interest rate
1.05% per year
In conjunction with securing of cash on hand through the issuing of the Eighth Investment Corporation
Bond, JRE repaid short-term loans totaling 10,000 million yen prior to their maturity dates on July 26,
2010.
In addition to the above actions, JRE undertook loans totaling 2,000 million yen on June 1,
2010, 3,000 million yen on June 14, 2010, 3,000 million yen on June 15, 2010 and 3,500 million yen
on September 1, 2010 in order to repay existing loans. Furthermore, JRE redeemed long-term loans
totaling 50 million yen, establishing a schedule for repayment installments on September 24, 2010.
As a result of these financing activities, as of September 30, 2010, JRE’s total interest-bearing
debt amounted to 262,450 million yen. This amount consisted of long-term loans totaling 178,450
million yen, which includes a current portion totaling 64,100 million yen, in addition to short-termloans totaling 29,000 million yen and investment corporation bonds totaling 55,000 million yen.
As of September 30, 2010, JRE’s long-term, fixed-interest debt ratio (ratio of long-term,
fixed-interest debt, including the current portion of long-term loans and investment corporation bonds,
to total interest-bearing debt) stood at 89.0%, and the LTV ratio (ratio of interest-bearing debt to total
assets) was 41.3%. As these figures indicate, JRE has been able to maintain a sound and conservative
financial standing.

2

JRE’s credit ratings as of September 30, 2010 were as follows.
Rating agency
Credit ratingStandard & Poor’s Ratings Services*Long-term: AA-; Short-term: A-1+; Outlook: Negative
Moody’s Investors Service Inc.*
Rating: A1; Outlook: Stable
Rating and Investment Information, Inc. Rating: AA; Outlook: Stable*The above rating agencies have changed their names to Standard & Poor’s Ratings Japan K.K. andMoody’s Japan K.K., respectively.

3. Outlook(1) Operating Environment
Although economic trends are expected to weaken temporarily, the Japanese economy is anticipated togradually recover amid an improvement in overseas economies, the impact of various government
policies now being implemented and other factors. Nevertheless, there is a risk of various factors
placing downward pressure on the domestic economy, including a possible slowdown in overseas
economies as well as fluctuations in currency exchange rates and share prices. At the same time, due
to the risks posed by persistent deflation and the potential of further deterioration in employment
conditions, great care and attention are required when making forecasts.
In the market for leased office space, the increase in the vacancy rate is showing signs ofstopping and a reversal in rent levels is expected with regard to some prime properties in central Tokyo.
However, reflecting the still weak business sentiment pervading the corporate sector, it is difficult tobe optimistic that demand for office space, which is relatively sensitive to economic conditions, willrapidly increase. In addition, there are concerns that the balance of supply and demand will worsen
due to an increase in the supply of office buildings from 2011 onward.
In the property market, the volume of real estate transactions is anticipated to gradually
expand, buoyed by an improvement in the fund raising environment. As it moves to take fulladvantage of opportunities for acquiring prime properties amid an uncertain leasing market, JRE
believes that the soundness of its financial standing, its ability to collect property information and its
superior analytical capabilities will be of critical importance.
a. Property Management
As stated above, the market for leased office space in central Tokyo is expected to experience an
improvement in the vacancy rate although the downward pressure on rent levels remains strong. In theTokyo metropolitan area, excluding central Tokyo, and regional cities, market conditions are expected
to remain extremely severe. In line with this expectation, JRE will adhere to the following
management policies in order to keep improving profitability.
(i) Strengthen relationships of trust with existing tenants
As of September 30, 2010, JRE had contracts with 11 property management companies. Most ofthese companies were already managing their respective buildings before JRE acquired themand have thus built relationships of trust with their tenants. JRE will work to further strengthen
these relationships by anticipating tenants’ needs and providing tailored services to increasetenant satisfaction and subsequently maintain occupancy rates and restrain rent reduction
requests.

3

(ii) Fill vacancies promptly
In cooperation with the property management companies mentioned above, JRE will actively
seek the most appropriate tenants for each property, based on location and features, in order tofill current and anticipated vacancies as rapidly as possible. Furthermore, JRE will work to
uncover additional needs for floor space among existing tenants.
(iii) Stabilize revenues and earnings
With the aim of stabilizing revenues and earnings, JRE will endeavor to apply fixed- andlong-term leasing agreements with its large-scale tenants.
(iv) Reduce management costs
JRE has introduced sound competitive principles for its multiple property managementcompanies to follow. These companies are revamping their management systems and cost
structures on an ongoing basis.
b. Property Acquisitions and Sales
JRE has adopted the following policies for acquiring properties.
(i) To access important information quickly, JRE continues to enhance its property information
channels while working to develop new channels.
(ii) In its acquisition activities, JRE continues to meticulously monitor and examine economic,
physical and legal factors, including rights-related issues, when selecting properties. In
particular, with regard to the structure of buildings, JRE requires buildings to meet or exceed
new earthquake-resistance standards and exclusively targets properties capable of maintaining
a competitive edge in terms of the facilities they offer over the medium to long term.
(iii) In accordance with its acquisition policies, JRE shall maintain its portfolio so that 70% ormore of the portfolio properties are located within the Tokyo metropolitan area, with theremaining 30% or fewer located in other major cities.
Under these policies, JRE will continue to acquire highly competitive properties. At the same time, inorder to further enhance the quality of its portfolio, JRE will remain open to the replacement of
portfolio properties with due consideration given to the timing.
c. Financial Strategy
In principle, JRE shall maintain an LTV ratio that does not exceed 65%. To ensure an even lower
interest-bearing debt ratio, JRE adopts the conservative target level of 30% to 40%. Concerning thefinancing of property acquisitions, JRE shall use, in a flexible manner, a variety of funding
schemes—including the issue of investment corporation bonds—while maintaining a sound andconservative financial standing and closely monitoring trends in financial markets. When obtaining aloan, JRE shall strictly adhere to its financial policies. More specifically, with the aim of minimizing
funding costs, JRE shall negotiate with several qualified institutional investors (limited to thosedefined under the Special Taxation Measures Law of Japan) before executing a loan agreement.

4(2) Performance Forecasts
For the 19th fiscal period, (October 1, 2010 to March 31, 2011), JRE forecasts operating revenues
totaling 21,690 million yen, operating income totaling 9,430 million yen, ordinary income totaling
7,540 million yen and net income totaling 7,540 million yen. JRE plans to declare a cash dividend
totaling 15,430 yen per unit.
For the 20th fiscal period (April 1, 2011 to September 30, 2011), JRE forecasts operating
revenues totaling 21,530 million yen, operating income totaling 9,530 million yen, ordinary income
totaling 7,670 million yen and net income totaling 7,670 million yen. JRE plans to declare a cash
dividend totaling 15,690 yen per unit.
The above estimates for the 19th and 20th fiscal periods are based on the following
assumptions.
JRE assumes that its property portfolio will consist of the 55 properties that it held as of November 16,
2010. The actual portfolio may differ from this assumption due to additional property acquisitions andsales.
JRE assumes that the number of its units outstanding as of November 16, 2010, 489,200, will remainunchanged over the two fiscal periods.
JRE assumes as an operational guideline, an LTV ratio in the 30% range.
JRE assumes that it will refinance the remainder of short-term loans totaling 23,500 million
yen (repayment dates: December 21, 2010, January 17, 2011 and March 24, 2011) and long-term loans
totaling 3,000 million yen (repayment dates: December 20, 2010 and March 30, 2011) during the 19th
fiscal period ending March 31, 2011. There are no investment corporation bonds set to mature in the
19th fiscal period.
JRE assumes that it will refinance the remainder of short-term loans totaling 5,500 million
yen (repayment dates: June 1, 2011 and September 1, 2011) and long-term loans totaling 61,000
million yen (repayment dates: April 4, 2011, June 1, 2011, June 23, 2011 and August 31, 2011) during
the 20th fiscal period ending September 30, 2011. There are no investment corporation bonds set tomature in the 20th fiscal period.
Revenues from portfolio properties held by JRE are calculated by taking into consideration newcontract conclusions and existing contract cancellations fixed as of November 16, 2010 and byfactoring in potential variables, such as a risk of decrease in revenues due to returned space andreduced rent levels, taking into account recent market conditions for leased office space.
JRE presumes that revisions that could impact the above mentioned forecasts will not be made in suchareas as laws, tax systems, accounting standards and listing rules as well as regulations of theInvestment Trusts Association, Japan.
JRE presumes that major unforeseen changes in areas that include general market trends and realestate market conditions will not occur.

5

Income Statement for the 18th Period(In millions of yen; Dividend per unit in yen)
Term 17th Period(Mar 31, 2010)
Actual/Forecast

Actual18th Period→ change →(amount)

Operating Revenues
Property-related Revenues
Rental Revenues
Non-rental Revenues
Gain on Transfer of Properties
Compensation for the Property Transfer
Operating Expenses
Property-related Expenses (*2)
Property Management Expenses
Property Management Costs
Brokerage Fees, etc.
Utilities Expenses
Property and Other Taxes
Casualty Insurance
Repairing Expenses
Other Expenses
NOI (*3)
Depreciation
Property-related Profits and Losses (*3)
Gross Operating Income
Administrative Expenses
Asset Management Fees
Other Administrative Expenses
Operating Income
Non-operating Revenues
Interest Income
Other Non-operating Revenues
Non-operating Expenses
Interest Expense
Interest Expense on Investment Corporation Bonds
Amortization of Investment Corporation Bond Issuance Cos
Other Non-operating Expenses
Ordinary Income
Income before Income Taxes
Income Taxes
Net Income
Retained Earnings at Period-end

21,66520,75820,635123885
21
11,127
6,344
2,364
2,300
64
1,358
1,770
45
756
49
14,414
3,945
10,468
11,375837
529
307
10,538
19
19
0
1,681
1,196
403
10
70
8,876
8,876
0
8,875
8,875

446
1,353

FFO (*4)
Dividend per Unit

(%)
2.1%
6.5%

-885 -100.0%-21 -100.0%
1,046
9.4%
676 10.7%186
7.9%(Sep 30, 2010)
Actual22,112
22,112
21,946
166
12,173
7,020
2,551
2,467
83
1,736
1,844
49
790
48
15,091
4,218
10,873
10,873
933
542
391
9,939
46
11
35
1,850
1,373
438
17
19
8,135
8,135
1
8,134
8,183

378
73
4
34
0
677
273
404
-502
96
13

27.9%
4.1%
9.4%
4.5%
-1.7%
4.7%
6.9%
3.9%
-4.4%
11.5%
2.5%

-599

-5.7%

177
34

14.8%
8.6%

-740

-8.3%

-741

-8.4%

11,914438

3.7%

12,35318,043-1,415-7.8%

16,62818th Period← change ←(Sep 30, 2010)(%)

Initial Forecast(*1)(amount)

12
12

0.1%
0.1%

22,10022,100

-66
-139

-0.5%
-1.9%

12,240
7,160

161
-1
173
173
83
12

1.1%
0.0%
1.6%
1.6%
9.9%
2.3%

14,9304,220
10,70010,700
850
530

89

0.9%

9,850

-27

-1.5%

1,840

135

1.7%

8,000

134

1.7%

8,000

268

1.6%

16,360*1 The initial forecast means the 18th Period performance forecast announced on May 17, 2010.
*2 Excluding Depreciation*3 Excluding Gain on transfer of properties and Compensation for the property transfer*4 Net income＋Depreciation – Gain on transfer of properties – Compensation for the property transfer

6Balance Sheet for the 18th Period(In millions of yen)
17th Period

18th Period(Mar 31, 2010)(Sep 30, 2010)

Cash and Bank Deposits

18,753

19,312Other Current Assets

1,153

280

19,907

19,592-314

Buildings (including those held in trust)

220,655

222,610

1,955

Structures (including those held in trust)

2,458

2,478

19

Machinery and Equipment (including that held in trust)

3,132

3,135

3

Land (including that held in trust)

423,030

423,146

116

Accumulated Depreciation-38,693-42,912-4,218

Total Property and Equipment

610,583

608,458-2,124

6,134

6,134

0

6,134

6,134

0

Investment Securities

577

577

-

Long-term Prepaid Expenses, etc.

53

48

-4

Total Investments and Other Assets

630

625

-4

617,348615,219-2,129

70

162

91

70

162

91

637,326

634,974-2,352

Item

ChangeReason for change

AssetsⅠ Current Assets

Total Current Assets

558-873 Decreased due to refundable consumption taxes, etc.

Ⅱ Fixed Assets
Property and Equipment

Increased due to capital expenditure andthe property acquisition (building extension work)

Increased as a result of the full-period operation of the properties
acquired during the 17th Period

Intangible Assets
Leasehold rights, etc. (including those held in trust)
Total Intangible Assets
Investments and Other Assets

Total Fixed Assets
Ⅲ Deferred Assets
Deferred Investment Corporation Bond Issuance Costs
Total Deferred Assets
Total Assets

7

(In millions of yen)
17th Period

18th Period(Mar 31, 2010)(Sep 30, 2010)

Short-term Loans

39,00029,000Current Portion of Long-term Loans

9,100

64,100Current Portion of Investment Corporation Bonds

10,000-Rent Received in Advance

2,393

2,324

-69

Other Current Liabilities

2,685

2,768

82

63,17998,19235,013

Investment Corporation Bonds

35,00055,000Long-term Loans

169,400

114,350

Deposits Received from Tenants

36,51734,894240,917204,244-36,673304,097

302,437-1,660Unitholders' Capital

324,353

324,353-

Retained Earnings

8,875

8,183

-692

Total Net Assets

333,228

332,536-692

Total Liabilities and Net Assets

637,326

634,974-2,352

Item

ChangeReason for change

Liabilities
Ⅰ Current Liabilities

Total Current Liabilities

Decreased due to loan repayment by net proceeds from issuance ofinvestment corporation bonds, etc.
Increased due to decrease of remaining period of loans, decreased
55,000due to refinancing to long-term loans, etc.

-10,000-10,000 Decreased due to redemption at maturity

Ⅱ Long-term Liabilities

Total Long-term Liabilities
Total Liabilities

Increased due to issuance of the 7th and 8th investment corporation
bonds
Decreased due to the transfer to the current portion of long-term-55,050loans, increased long-term loans by refinancing, etc.
Decreased due to the return of deposits received from tenants-1,623following lease cancellation or price reduction, etc.
20,000Net Assets

8Property Data
(In millions of yen)
Area

Name

18th Period

17th Period

Appraisal
Value

Appraisal
Value

Amount ofDifference(Sep 30, 10) (Mar 31, 10)

18th Period

18th Period

Book Value

Appraisal
Value －

Acquisition
Price(Sep 30, 10)

Book Value

6,050
70,3009,170
4,790
16,10046,5006,220
28,400
7,810
3,600
6,170
14,90021,4007,970
79,600
6,310
2,930
6,890
33,100
2,050
5,650
5,410
7,520
10,3006,090
10,70040,800
2,880
9,990
3,820
1,600
4,430
4,460
2,080
36,000
2,870
3,540
6,630
922
2,660
5,330
3,990
1,510
13,4001,130
1,720
17,0003,850
14,500
4,720
2,980
1,320
2,500
3,720

6,050
71,9009,320
5,480
16,20046,5006,570
28,400
7,910
3,730
6,500
15,30021,4008,340
79,600
6,310
3,090
7,460
33,500
2,150
6,030
5,410
7,550
10,8006,370
11,90041,6003,330
10,700
3,820
1,600
4,480
4,730
2,080
36,200
2,950
3,590
6,630
979
2,920
5,410
4,240
1,510
14,0001,210
1,860
18,2004,120
15,200
4,810
3,020
1,320
2,830
3,720

0
-1,600
-150
-690
-100
0
-350
0
-100
-130
-330
-400
0
-370
0
0
-160
-570
-400
-100
-380
0
-30
-500
-280
-1,200
-800
-450
-710
0
0
-50
-270
0
-200
-80
-50
0
-57
-260
-80
-250
0
-600
-80
-140
-1,200
-270
-700
-90
-40
0
-330
0

5,015
78,246
8,908
4,586
13,75029,9586,471
21,483
7,770
2,780
4,883
17,00725,646
7,415
75,754
4,841
2,522
7,652
31,180
2,602
5,039
4,597
6,879
7,889
4,965
11,11238,459
3,634
8,071
3,556
1,628
4,497
5,332
2,391
36,327
2,860
3,918
6,941
995
2,790
4,170
4,794
1,706
14,642
1,501
2,749
23,524
3,772
13,481
4,088
2,566
1,347
4,475
3,508

1,034
-7,946
261
203
2,349
16,541
-251
6,916
39
819
1,286
-2,107-4,246
554
3,845
1,468
407
-762
1,919
-552
610
812
640
2,410
1,124
-412
2,340
-754
1,918
263
-28
-67
-872
-311
-327
9
-378
-311
-73
-130
1,159
-804
-196
-1,242-371-1,029-6,524
77
1,018
631
413
-27
-1,975211

5,000
81,555
9,520
4,810
14,70044,7007,000
20,900
7,200
3,173
5,250
16,83026,8007,680
75,850
4,859
2,808
7,830
31,776
2,738
5,500
5,123
6,670
8,700
4,885
12,20034,600
4,100
8,500
3,541
1,728
4,500
5,679
2,574
37,400
3,375
4,000
7,100
1,000
3,174
4,580
5,150
1,680
14,5331,865
2,650
24,0004,164
14,314
4,650
2,770
1,550
5,000
3,657

489,450499,300-9,850458,81230,637

481,027

136,832

141,529-4,697

147,887-11,055

154,865

626,282

640,829-14,547

606,700

19,581

635,892

Ryoshin Ginza EM

5,830

－

－

7,893

-2,063

7,999

55 properties held as of the end of the 18th PeriodTokyo 23 Wards
Other Areas
Total (55 properties)

495,280
136,832
632,112

－
－
－

－
－
－

466,705
147,887
614,593

28,574-11,055
17,518489,026
154,865
643,891

Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas

ChiyodaChiyodaChiyodaChiyodaChiyodaChiyodaChiyodaChiyodaChiyoda
Chuo
Chuo
Chuo
Chuo
MinatoMinatoMinatoMinatoShinjuku
Shinjuku
ShinagawaShinagawa
Ota
ShibuyaShibuyaShibuyaShibuyaShibuyaShibuyaNakanoToshimaToshimaToshimaHachioji
Saitama
Yokohama
Kawasaki
Kawasaki
SapporoSendaiSendaiKanazawa
NagoyaNagoyaNagoyaNagoya
Kyoto
Osaka
Osaka
Osaka
Okayama
Hiroshima
Fukuoka
Fukuoka
Fukuoka

Genki Medical Plaza
Kitanomaru Square
MD Kanda
Kandabashi Park
Nibancho Garden
Mitsubishi UFJ Trust
Burex Kojimachi
Sanno Grand
Yurakucho Denki
Kodenmacho
Burex Kyobashi
Ginza Sanwa
Harumi Center
Aoyama Crystal
Shiodome
Shiba 2Chome Daimon
Cosmo Kanasugibashi
ShinwaTokyo Opera City
Takanawadai
Higashi-Gotanda 1Chome
Omori-Eki Higashiguchi
Nippon Brunswick
Yoyogi 1Chomeda Vinci Harajuku
Jingumae MS
Shibuya Cross Tower
Ebisu Neonato
Harmony Tower
Otsuka Higashi-Ikebukuro
Ikebukuro 2Chome
Ikebukuro YS
Hachioji First
Saitama Urawa
MM Park
Kawasaki Isago
Musashi Kosugi STM
8･3 Square Kita
Jozenji Park
Sendai Honma
Kanazawa Park
Nishiki Park
Hirokoji Sakae
Nagoya Hirokoji
Nagoya Misono
Kyoto Kawaramachi
Shin-Fujita
Sakaisujihonmachi
Midosuji Daiwa
Lit City
NHK Hiroshima
Tosei Tenjin
Tenjin Crystal
Hinode Tenjin

Properties held as of the end Tokyo 23 Wardsof the 17th and 18th Periods
Other Areas
during which the shares ofownership remain unchanged Total (54 properties)
Property acquired during the 18th PeriodTokyo 23 Wards Chuo

* Of the properties held as of the end of the 17th Period, Ryoshin Ginza East Mirror Building, the extension of which was completed and delivered during the 18th Period,
is listed in “Property acquired during the 18th Period” (The appraisal value of the building at the end of the 17th Period is not listed).
* The figures for Ryoshin Ginza East Mirror Building listed in “Property acquired during the 18th Period” are those after the completion of the extension.

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