NEWS RELEASE
March 7, 2024
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 Forecast Revisions for the September 2024 Period
Japan Real Estate Investment Corporation (“JRE”) hereby announces that it has revised its performance
forecasts for the fiscal period ending September 30, 2024 (from April 1, 2024 to September 30, 2024),
published in “Financial Results for the Fiscal Period Ended September 2023 (REIT)” dated November 15,2023.
For the forecasts for the fiscal period ending March 31, 2024 (October 1, 2023 to March 31, 2024)
announced on November 15, 2023, there are no revisions to them as of today.
1. Forecast revisions for the September 2024 period (from April 1, 2024 to September 30, 2024)

Previously
announced forecasts(A)
Revised forecasts(B)
Amount ofincrease/decrease(B−A)

Dividend perunit (excluding Dividend per unit
dividend inin excess ofexcess ofearningsearnings)

Operating
Revenues

Operating
ProfitOrdinary
ProfitNet Profit

JPY million
34,980

JPY million
14,280

JPY million
13,180

JPY million
14,170JPY
11,300JPY
0

JPY million
42,190

JPY million
20,330

JPY million
19,130

JPY million
18,460JPY
12,100JPY
0

JPY million
7,210

JPY million
6,050

JPY million
5,950

JPY million
4,290

JPY800JPY
0%%%%%%
20.6
42.4
45.1
30.3
7.1
‐(Note1) The above forecast figures are estimates as of today, which are calculated based on “Assumptions UnderlyingForecast Revisions for the September 2024 period” attached below; the actual operating revenues, operating
profits, ordinary profits, net profits, and DPUs are subject to change due to future acquisition or disposition ofreal estate properties, changes in the asset management environment, and other factors. Moreover, theforecast should not be construed as a guarantee of the actual financial results and dividend amount. The same
shall apply hereinafter.
(Note2) Figures in the columns of Operating Revenues, Operating Profit, Ordinary Profit, and Net Profit are rounded down
to the nearest ten million Japanese yen.
Rate ofincrease/decrease

12. Reason for the revisions
Japan Real Estate Asset Management Co., Ltd., the asset management company to which JRE entrusts
asset investment has decided today to acquire domestic real estate and dispose of trust beneficiaryinterest in domestic real estate. For details of the properties, please refer to “Announcement ofAcquisition of Domestic Real Estate and Disposition of Trust Beneficiary Interest in Domestic Real
Estate” dated today.
JRE, therefore, decided to revise its performance forecasts for the September 2024 period published in“Financial Results for the Fiscal Period Ended September 2023 (REIT)” dated November 15, 2023.

This is the English translation of the announcement in Japanese dated March 7, 2024.
No assurance or warranties are given for the completeness or accuracy of this English translation.

2Attachment
Assumptions Underlying Forecast Revisions for the September 2024 period
Item
Accounting period
Number ofproperties held byJRE
Number of units
outstanding

Interest‐bearing
debt

Operatingrevenues

OperatingexpensesNon‐operating
expensesDividend amount

OtherAssumption
・The September 2024 period: April 1, 2024 through September 30, 2024 (183 days)
・JRE assumes 77 properties, taking into account the current number of 76, the acquisition ofinterest in 3rd MINAMI AOYAMA scheduled for March 8, 2024, and the disposition of a
51% interest in JRE Dojima Tower scheduled for April 1, 2024.
・The assumption however, is subject to change due to future acquisition or disposition ofreal estate properties.
・JRE assumes the total number of investment units outstanding to be 1,422,864 units as ofMarch 7, 2024.
・JRE will borrow short‐term loans and a long‐term loan for the acquisition of interest in 3rd
MINAMI AOYAMA, and will repay part of the short‐term loans on April 1, 2024 with cash
proceeds from the first of two transfers of JRE Dojima Tower. The balance ofinterest‐bearing debt, accordingly, will be JPY 468.1 billion.
・Other than the above loans, JRE intends to refinance all of the long‐term loans due during
the period (Maturity: May 29, 2024; June 17, 2024; September 2, 2024; and September
26, 2024), which total JPY 26.3 billion, and all of the short‐term loans due during theperiod (Maturity: April 22, 2024; May 20, 2024; and July 10, 2024), which total 15 billion.
There are no investment corporation bonds to mature in the September 2024 period.
・Revenues from the properties held by JRE are calculated by taking into consideration thenew leasing and the tenancy termination confirmed as of today, and other factors
reflecting the recent office leasing market landscape. For revenues pertaining to theinterest to be acquired in 3rd MINAMI AOYAMA, they are estimates based on the terms
and conditions of lease contracts and other data available as of today.
・For the property tax, city planning tax, and depreciable property tax pertaining to theproperties held by JRE, it reports the amount corresponding to an accounting period outof the tax amount payable, which has been determined by the assessment anddetermination, as property‐related expenses. In the event, however, that a property tax
adjustment is incurred by JRE regarding a property that is acquired within the calendar
year that the first day of an accounting period belongs to, the said adjustment is includedin the acquisition cost and therefore not reported as an expense for the accounting
period. JRE assumes the property taxes, city planning taxes, and depreciable property
taxes in the September 2025 period, pertaining to properties acquired and to be acquiredin 2024 to be as follows:
・ Toyosu Foresia (additional acquisition): JPY 48 million
・ 3rd MINAMI AOYAMA: JPY 71 million
・The property and other taxes will be JPY 3,820 million.
・The depreciation will be JPY 6,020 million.
・Repair expenses may vastly differ from the forecast because such costs fluctuatesignificantly from one fiscal period to another, and these costs are not regularly incurred.
・Non‐operating expenses, such as interest expenses on loans and investment corporation
bonds, will be JPY 1,210 million.
・The gain on the disposition of JRE Dojima Tower, whose transfer period is split up into two
fiscal periods, is assumed to be JPY 6,670 million for the September 2024 period. As topart of the gain of JPY 6,670 million for the September 2024 period, JRE will make aprovision of reserve for reduction entry in application of “Special Provisions for Taxation inCases of Repurchase of Specified Assets” stipulated in Article 65‐7 of the Act on Special
Measures Concerning Taxation.
・JRE shall not distribute dividends in excess of earnings to its unitholders. Therefore, JRE
shall make cash distribution pursuant to its Articles of Incorporation, up to a ceiling of theearnings including reserve for tax purpose reduction entry, and more than the equivalentof 90% of the distributable profit.
・It is assumed that any revisions that affect the above forecasted figures will not be made tolaws and regulations, tax systems, accounting standards, listing rules, and regulations ofthe Investment Trusts Association, Japan, and so on.

3・It is assumed that an unexpected and grave change will not occur to the general economic
trends or real estate market landscape or other factors.
・As for the corporate tax, etc., they are calculated taking into account the leasehold
amortization and asset retirement obligations for buildings with the fixed term land leaseright as well as the income taxes‐deferred related to the above reserve for reduction
entry.

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