NEWS RELEASE
April 3, 2023
For Immediate Release

Investment Corporation
Japan Real Estate Investment Corporation
Jo Kato, Executive Director(TSE code: 8952)
Asset Management Company
Japan Real Estate Asset Management Co., Ltd.
Shojiro Kojima , President & CEO
Contact: Masaru Motooka
Executive Officer & General Manager,
Strategic Planning Department
Phone: +81‐3‐3211‐7951

Announcement of the Pricing for the Issuance of New Investment Unitsand Secondary Offering of Investment UnitsJapan Real Estate Investment Corporation (“JRE”) hereby announces its decision on the offering price andthe selling price and other conditions as set forth below at its Board of Directors’ meeting of today
regarding the issuance of new investment units and the secondary offering of investment units resolved at
the Board of Directors’ meeting held on March 28, 2023:
1. Issuance of New Investment Units through Public Offering(1) Offering price
JPY 534,100 per unit
(2) Total amount of offering price

JPY 18,800,320,000(3) Amount to be paid in(subscription price)

JPY 517,750 per unit

(4) Total amount to be paid in(total subscription price)

JPY 18,224,800,000(5) Subscription period

Tuesday, April 4, 2023

(6) Subscription deposit
payment period

From Tuesday, April 4, 2023 to Wednesday, April 5, 2023

(7) Payment date

Friday, April 7, 2023

(8) Delivery date

Monday, April 10, 2023

(Note) Underwriters shall underwrite and purchase the investment units at the amount to be paid in(subscription price) and offer them at the offering price.
1
Disclaimer: This document is intended to serve as a press release to make available to the public the information on the Pricing for the Issuance of New
Investment Units and Secondary Offering of Investment Units of Japan Real Estate Investment Corporation (“JRE”), and does not constitute andshould not be construed as an offer to sell or solicitation of an offer to purchase any investment unit or other investment in JRE. Prospective
investors are advised to read the JRE's prospectus for issuance of new investment units and secondary offering (and its amendments, if any)
and make any investment decisions at their own risk and responsibility.

2. Secondary Offering of Investment Units through Over‐Allotment(1) Number of investment units to2,464 units
be sold(2) Selling price

JPY 534,100 per unit

(3) Total selling price

JPY 1,316,022,400(4) Subscription period

Tuesday, April 4, 2023

(5) Subscription deposit
payment period

From Tuesday, April 4, 2023 to Wednesday, April 5, 2023

(6) Delivery date

Monday, April 10, 2023

3. Issuance of New Investment Units through Third‐Party Allotment(1) Amount to be paid in
JPY 517,750 per unit
(subscription price)(2) Total amount to be paid in(total subscription price)(upper limit)

JPY 1,275,736,000(3) Subscription period(subscription date)

Friday, April 28, 2023

(4) Payment date

Monday, May 1, 2023(Reference)
1. Computation of Offering Price and Selling Price(1) Reference date of calculation

Monday, April 3, 2023

(2) Closing price of investment unit
as of reference date of calculation

JPY 545,000 per unit

(3) Discount rate

2.00%

2. Syndicate Cover Transaction Period
From Wednesday, April 5, 2023 to Thursday, April 27, 2023
3. Use of the Proceeds
The proceeds (JPY 18,224,800,000) raised through the public offering will be applied toward the repaymentof a part of the short‐term loan (with a principal amount of JPY 29 billion) (Note 1) as of the payment dateof the public offering. Also, the maximum proceeds (JPY 1,275,736,000) raised through the issuance of new
investment units by third‐party allotment resolved on the same day of the resolution of the public offering
will be applied toward the repayment of a part of the short‐term loan (with a principal amount of JPY 29billion) (Note 1) as of May 8, 2023.
(Note 1) This short‐term loan (the “Short‐term Loan after Refinancing”) refers to the refinancing, as ofMarch 27, 2023, of the short‐term loan (with a principal amount of JPY 29 billion) (the "Short‐term
Loan before Refinancing"), which was used together with cash on hand towards the acquisition of2Disclaimer: This document is intended to serve as a press release to make available to the public the information on the Pricing for the Issuance of New
Investment Units and Secondary Offering of Investment Units of Japan Real Estate Investment Corporation (“JRE”), and does not constitute andshould not be construed as an offer to sell or solicitation of an offer to purchase any investment unit or other investment in JRE. Prospective
investors are advised to read the JRE's prospectus for issuance of new investment units and secondary offering (and its amendments, if any)
and make any investment decisions at their own risk and responsibility.

the two properties acquired as of February 27, 2023 (the ARGYLE aoyama and Toyosu Foresia for anaggregate acquisition price of JPY 32.0 billion). The Short‐term Loan before Refinancing is as
described in the "Announcement of Debt Financing" dated February 22, 2023. The Short‐term Loan
after Refinancing is as described in the “Announcement of Loan Prepayment and Debt
Financing“ dated March 23, 2023.
(Note 2) The amount of proceeds raised will be deposited with financial institutions until the time ofexpenditure.

This is the English translation of the announcement in Japanese dated April 3, 2023.
No assurance or warranties are given for the completeness or accuracy of this English translation.
3Disclaimer: This document is intended to serve as a press release to make available to the public the information on the Pricing for the Issuance of New
Investment Units and Secondary Offering of Investment Units of Japan Real Estate Investment Corporation (“JRE”), and does not constitute andshould not be construed as an offer to sell or solicitation of an offer to purchase any investment unit or other investment in JRE. Prospective
investors are advised to read the JRE's prospectus for issuance of new investment units and secondary offering (and its amendments, if any)
and make any investment decisions at their own risk and responsibility.