November 17, 2006
JAPAN REAL ESTATE INVESTMENT CORPORATIONANNOUNCEMENT OF TENTH FISCAL PERIOD RESULTS
1. Summary of Financial Results
In the 10th fiscal period (six months ended September 30, 2006), Japan Real Estate
Investment Corporation (“JRE”) recorded operating revenues of 15,570 million yen*, up
11.5% from the previous period. Operating profits rose 11.4% to 7,041 million yen.
After deducting expenses for interest payments on loans and other administrative costs,
recurring profit increased 7.0% to 5,977 million yen, and net income climbed 7.0% to
5,976 million yen.
JRE’s policy with regard to profit appropriation is to distribute dividends ofapproximately 100% of taxable income in order to enjoy the tax benefit available under
Article 67-15 of the Special Taxation Measures Law of Japan applicable to J-REITs. For
the period under review, we declared a cash dividend of 17,302 yen per unit.
Note: *Includes gains from sales of properties totaling 400 million yen

2. Results of Operations(1) Property Management and Acquisition/Sales (Strengthening Portfolio
Quality)During the period under review, the Japanese economy continued on the road to amoderate but steady recovery, supported by increases in capital spending on the backof stronger corporate earnings, and by a more favorable consumer mindset spurred by
improvements in employment conditions.
The market for leased office space received support from a recovery in corporate
earnings performance, leading to marked improvement in vacancy rates and increases
in rents for new tenants, particularly in central Tokyo. In addition, improvements wereseen in the balance of supply and demand in other regional urban centers.
JRE maintained a high occupancy rate of 98.2% (as of September 30, 2006) by (1)acquiring top-level properties and upgrading building facilities through optimalrefurbishment in order to maintain and improve functions; and (2) by developing
finely tuned building management policies from the perspective of tenants, while
undertaking vigorous sales activities. In light of the recovery in the market for leased
office space in central Tokyo, JRE has also undertaken concrete initiatives aimed atfurther increasing revenues and raising the level of rents.
Regarding the property market, the view that land prices have bottomed out, signs

of increasing land prices in central Tokyo and the sound market for leased officespace have supported increased investment in real estate not only by Japanese Real
Estate Investment Trusts (J-REITs), but also by other institutional investors.
Accordingly, competition to acquire prime properties in urban centers has intensified.
In this sort of market environment, JRE made acquisitions of prime properties andadditional share in the properties with a view toward further strengthening the qualityof its portfolio. On June 28, 2006, JRE conducted its first sales of properties from its
portfolio, as detailed below. As a result, JRE’s properties and other assets as of
September 30, 2006 consisted of 49 office buildings with a total acquisition amountof 418,693 million yen. Total leasable floor area was 396,173 m2 (approximately
119,842 tsubo), with a total of 754 tenants.

Property Name

Location

Type of

Sales PriceSpecified Asset(thousand yen)

Trust beneficiary
JAL Sales Building

Meguro-ku, Tokyo

right in trust of

2,593,000

real estateShin-Yokohama

Yokohama City,

First Building

Kanagawa Prefecture

Niigata Ishizuecho
Nishi-Bandaibashi
Building

Niigata City,
Niigata Prefecture

Kanazawa

Kanazawa City,

Minamicho Building

Ishikawa Prefecture

Real property

1,755,277

Trust beneficiaryright in trust of

1,490,000

real estate
Trust beneficiaryright in trust of

1,165,000

real estate(2) Finance Activities
In line with the acquisition of additional share in the Sanno Grand Building on April 3,
2006, JRE secured 10,000 million yen in long-term loans upon the same date. In
contrast, proceeds from the sales of 4 properties on June 28, 2006 were used to repay
4,000 million of short-term loans ahead of schedule on June 30, 2006. In addition, a
portion of short-term loans was converted to long-term loans. As a result, on
September 30, 2006, JRE had total interest-bearing debt of 202,500 million yen,consisting of 70,500 million yen in short-term loans (including the current portion of
long-term loans), 77,000 million yen in long-term loans (not including the current
portion of long-term loans), and outstanding investment corporation bonds with a parvalue of 55,000 million yen.

JRE has received the following credit ratings.
Rating Agency

Issuer Credit RatingStandard & Poor’s

Long-term: A+; Short-term: A-1; Outlook: Stable

Moody’s Investors Service

Rating: A1; Outlook: Stable

Rating and Investment Information, Inc.

Rating: AA

3. Outlook(1) Operating Environment
Despite expectations for a sustained recovery in the Japanese economy, uncertainties
remain overall concerning the impact of the U.S. economy on the Japanese market,
increases in interest rates and the impact of rising crude oil and raw material prices on
corporate earnings performance.
In the office building leasing market, vacancy rates in central Tokyo and certain
other regional urban centers are demonstrating marked improvement. In addition, rent
levels are expected to rise for a portion of office buildings. At the same time, property
selection is evolving in terms of location, building quality and features, and trends
toward a bipolarization of the market are likely to grow stronger.
At the same time, tenants in the office market have increasingly stringent demands
with respect to high-quality building management and value-added services.
Consequently, tenants have become more and more discriminating when selecting
buildings. We anticipate that it will become even more important for suppliers toprovide services that correctly and promptly reflect the needs of tenants and to deliver
added value that differentiates their buildings from the competition.
In the real estate market, JRE expects active real estate investment to be continued
by J-REITs, in addition to such entities as private funds, pension funds andinstitutional investors. Accordingly, we expect that competition to acquire prime
properties in urban centers will become more severe.
①Property Management
In accordance with the aforementioned, JRE operates with an awareness thatconditions in the office building leasing market will remain uncertain, despite somesigns of a full-fledged recovery. JRE adheres to the following management policies inorder to maintain and improve earnings.
(i) Strengthen relationships of trust with existing tenants
As of September 30, 2006, JRE had contracts with 12 property managementcompanies. Most of these companies were already managing their respective

buildings before they were acquired by JRE and so have built relationships of trustwith their tenants. JRE will work to further strengthen these relationships by
anticipating tenants’ needs and providing tailored services in order to increasetenant satisfaction and subsequently uncover additional demand for office spaceand raise rent levels. In addition, we are endeavoring to raise rent levels for thosetenants whose rents are significantly below market value.
(ii) Fill vacancies promptly
In cooperation with the property management companies mentioned above, JRE
actively seeks the most appropriate tenants for each property, based on its locationand features, in order to fill current and anticipated vacancies as rapidly as
possible. We are also working to uncover additional demand for office floor spaceamong our existing tenants.
(iii) Stabilize revenues
For its new agreements, JRE is shifting to fixed-term and long-term leasing
agreements with its large scale tenants with the aim of stabilizing revenues.
(iv) Reduce management costs
JRE has introduced sound competitive principles for its 12 property managementcompanies to follow. These companies are also revamping their management
systems and cost structures. Through these measures, JRE strives to reduce thesum of property management fees and utility expenses by 5% within 3 years ofacquisition.
②Property Acquisitions and Sales
JRE has adopted the following policies for acquiring properties.
(i) To access important information quickly, JRE is enhancing its property
information channels, including strengthening its relationship with building
owners with whom it has previously conducted business. We are also working todevelop new channels.
(ii) In its acquisition activities, JRE will continue to meticulously monitor andexamine economic, physical, and legal factors, including rights-related issues,
while also taking business conditions into account when selecting properties. With
regard to the structure of buildings, we require buildings to meet or exceed newearthquake-resistance standards, and we are targeting properties capable ofmaintaining a competitive edge over the medium to long term.
(iii) JRE’s general target for regional diversity of property ownership, in
accordance with its acquisition policies, is for 70% or more of properties to belocated within the Tokyo metropolitan area, with the remaining 30% or lesslocated in other regional urban centers.
Under these policies, JRE will continue to acquire highly competitive properties,
while also considering suitable timing for the sales of properties in order to further
strengthen its portfolio quality.
The appropriate timing for property acquisition cannot be ascertained in advance,
necessitating a flexible approach to financing acquisitions. When funding property
acquisitions, therefore, JRE mainly takes out short-term loans at the time of purchaseand later selects various options for capital procurement, including corporate bondissues, according to trends in financial markets. When affecting a loan, our policy is tominimize funding costs by negotiating with several qualified institutional investors
before settling on a lender.
(2) Performance Forecasts
For the 11th fiscal period (October 1, 2006 to March 31, 2007), JRE forecasts
operating revenues of 16,430 million yen, recurring profit of 6,780 million yen andnet income of 6,780 million yen. We plan to declare a dividend of 16,530 yen perunit.
Our forecasts for the 12th fiscal period (April 1, 2007 to September 30, 2007) are
operating revenues of 16,540 million yen, recurring profit of 6,820 million yen, net
income of 6,820 million yen, and cash dividends of 16,600 yen per unit.
The above estimates for the 11th and 12th periods are based on conservative
assumptions of the portfolio consisting of 49 properties as of September 30, 2006, andthe acquisition of share in the Nishiki Park Building on October 2, 2006 andNovember 1, 2006. Estimates are subject to change in accordance with the acquisitionor sales of other properties. These estimates are also based on 410,000 investment
units, consisting of 345,400 investment units outstanding as of September 30, 2006
plus the issue of 64,600 new investment units on October 24, 2006.
After September 30, 2006, JRE acquired share of the Nishiki Park Building on two
occasions as detailed below. In addition, JRE plans to make an additional acquisition

of preferred capital contribution certificates, as described below.
1. Nishiki Park Building (acquisition of share and acquisition of additional
share)
Transaction Summary:
Asset acquired:Real estate and land leasehold rights*1
Date of acquisition : (1) October 2, 2006
(2) November 1, 2006
Acquisition price:(1) 3,850 million yen(2) 1,300 million yen
Property Summary:
Location:
2-4-3 Nishiki, Naka-ku, Nagoya City, Aichi Prefecture
Use:
Offices, shops and residence*2
Land area :2,170.45 m2 (total land area for the building site)
Floor area:
25,091.91 m2 (total floor space for the entire building)
Structure:
Steel-framed, steel-framed steel-reinforced concrete, andsteel-reinforced concrete structure with flat roof, 22 floors
above ground and 4 floors below ground
Completion date:August 1995
Type of ownership:
Land: Ownership (partial leasehold rights*3)
Building: Compartmentalized building units*4 (Ownershipshare is subject to building management bylaws.)*5
Tenants:
48
Leasable area:
8,059 m2 *5
Leased area:
7,959 m2 *5
Occupancy rate:
98.8%*5
Notes:*1 In terms of land in acquisition (1), JRE acquired ownership (387,900/1,000,000 co-ownership in 1
lot/1,786.45 m2) and term leasehold rights (272,736/384,380 quasi-co-ownership in 1 lot/384 m2), as
well as compartmentalized co-ownership of the building (share in building: 43.89471%). In acquisition(2), JRE acquired additional ownership (155,589/1,000,000 co-ownership in 1 lot/1,786.45 m2) of theland, and additional compartmentalized co-ownership (additional 13.15180%) of the building.
*2 The land in question includes partial leasehold rights (term leasehold), and the lot area of 384 m2 isthe area shown in the land registry. The area in the term leasehold agreement amounts to 384.38 m2.
*3 Co-ownership in the 1,786.45 m2 lot amounts to 543,489/1,000,000 and co-ownership in the 384 m2
lot amounts to 272,736/384,380 quasi-co-ownership.
*4 In the office and shop spaces on floors 1 through 20 (13,296.06 m2), JRE’s co-ownership amounts to6,093,025/10,000,000. In the residential space on floors 21 and 22 (999.50 m2), JRE’s co-ownershipamounts to 9/10. JRE’s total share in the building is 57.04651%.
*5 Figures related to leasing in the summary for the building are for the 57.04651% of the building
owned by JRE as of November 1, 2006. The figures do not include the residential space of the building.
The tenant for the residential space is Mitsubishi Estate Co., Ltd. (lessee), with whom a master leaseagreement was concluded on November 1, 2006. In the residential space, total leasable area is 954 m2,
total leased area is 954 m2, and the occupancy rate is 100%. According to the terms of the master leaseagreement, the lessee does not guarantee the amount of rent to be paid to JRE. Rather the rent revenue
collected by JRE is based on the rent that the lessee receives from “end-tenants.” The number of“end-tenants” is 14, total leasable area is 954 m2, and the occupancy rate is 100%.

2. Preferred Capital Contribution Certificates*1 (additional purchase) in Harumi
Front Special Purpose Company
Transaction Summary:
Asset to be acquired:
5,360 preferred capital contribution certificates
Scheduled date of acquisition: November 24, 2006
Acquisition price:
268 million yen
Notes:*1 The preferred capital contribution certificates are issued by Harumi Front Special Purpose Company(hereafter “the TMK”), which is undertaking the development of the Harumi Center Building. JRE
concluded an agreement with the TMK on March 24, 2005, in which JRE agreed to underwrite thepreferred capital contribution certificates issued by the TMK on three occasions. The acquisitionsummarized above is the third of these transactions.
*2 The following table is a summary of the TMK’s preferred capital contribution certificates alreadypurchased or planned for purchase by JRE, in accordance with the preferred capital contribution
underwriting agreement.

Issuance Date

NumberIssue Priceof Units

Price per Units (yen)19,12050,000956,000,000

920

50,00046,000,000

November 24, 2006（Planned）

5,360

50,000268,000,000

Total (Planned)

25,40050,0001,270,000,000

March 29, 2005
November 24, 2005

Total Issue (yen)With the underwriting of the preferred capital contribution certificates on the occasions above, JRE
will acquire a total of 25,400 units out of all 50,900 preferred capital contribution certificates issued by

the TMK. JRE’s ownership ratio of the preferred capital contribution will be approximately 49.9%,
accounting for approximately 9.9% of total project costs.
*3 In accordance with the terms of the preferred capital contribution certificates underwriting
agreement, JRE has also acquired preferential purchasing rights granting it with priority to purchaseassets related to the Harumi Center Building upon completion of its construction.
*4 Summary of Harumi Center Building
Location (Residential address):

2-5-24 Harumi, Chuo-ku, Tokyo

Land area:

4,664.63 m2

Total floor area:

27,365.85 m2

Total leasable area:

20,812.35 m2

Structure:

Steel-framed structure

Floors:

10 floors above ground, single-story rooftop machineroom

Intended use:

Office space, retail stores and parking area

Total project cost:

12,821 million yen (planned)

Construction schedule:

Commencement: May 2005
Completion: November 30, 2006 (planned)

Limit on preferential purchasing rights: May 31, 2008
The details of the Harumi Center Building are planned or scheduled and are subject to changes.
*5 The period of the TMK’s asset securitization plan (the interval from the beginning day to the final
day of operations related to the securitization of assets) is the 9 years from March 17, 2005 throughMarch 16, 2014. However, in the event that the Harumi Center Building owned by the TMK is sold,the TMK may be liquated before the completion of the above scheduled period.

In addition, JRE resolved on October 2, 2006 to issue 64,600 new investment units
for public offering, with the objective of raising funds for the repayment of loans andfor the acquisition of specific new properties. Through the issue of these newinvestment units, JRE raised a total of 63,211.1 million yen on October 24, 2006
(Delivery date on investment securities: October 25, 2006).
Capital secured through the issue of these new investment units was used for early
repayment of 4,500 million yen in short-term loans on October 31, 2006. JRE alsoplans to repay 58,000 million yen in short-term loans ahead of schedule on November
24, 2006.

Income Statement for the 10th Period(In millions of yen, except for dividend per unit)
10th Period (183 days)
Item

Existing
properties

New properties andadditional shares ofownership acquired

9th Period

Total(182 days)

Operating Revenues

15,083486

15,57013,962

Rental revenues

14,580486

15,066

13,899

102

0

102

63

Non-rental revenues
Gain on sale of properties
Property-Related Expenses (excluding depreciation)

400

0

400

0

4,744

84

4,829

4,384

Property management fees

1,712

54

1,766

1,684

Utilities expenses

1,174

23

1,198

1,068

Property and other taxes

1,271

0

1,271

1,035

Casualty insurance

38

0

38

35

Repairs and maintenance

507

5

513

528

Other rental expenses

40

0

40

32

NOI （excluding gain on sale of properties）

9,937

401

10,3399,578

Change% Change

1,607

11.5%

444

10.1%

761

8.0%

Depreciation

2,646

36

2,682

2,359

Gross Operating Profits

7,692

365

8,058

7,218

840

11.6%

1,016

898

117

13.1%

653

571

Administrative Expenses
Asset management fees
Other administrative expenses

363

327

7,041

6,319

722

11.4%

Non-Operating Revenues

7

2

4

174.3%

Interest income

4

0
337

45.9%

Operating Profits

32

Non-Operating Expenses

Other non-operating revenues

1,072

735

Interest expense

646

327

Interest expense on investment corporation bonds

376

376

Amortization of investment corporation bond issuance costs

9

9

39

20

Recurring Profits

Other non-operating expenses

5,977

5,586

390

7.0%

Income before Income Taxes

5,977

5,586

390

7.0%

1

1
390

7.0%

712

9.0%

Income taxes, etc.
Net Income

5,976

5,585

Retained Earnings at end of period

5,976

5,585

FFO (Net Income+Depreciation ）

8,658

7,945

Dividend per Unit

17,302

16,172* New properties and additional shares of ownership acquired: Sanno Grand Building (acquisition of additional share of ownership),Sendai Honcho Honma Building (acquisition of additional share of ownership), Hirokoji Tokio Marine Nichido Building
In the above Income Statement, the profits or losses in the 10th period for the properties in which additional shares of ownershiphave been acquired during the 10th period are prorated between “existing properties” and “new properties and additional shares ofownership acquired” based on respective holding periods and shares of ownership. (Provided however, property tax, city
planning tax and tax on depreciable assets are not prorated, but entire amounts are included in “property and other taxes” forexisting properties.)

Balance Sheet for the 10th Period(In millions of yen)
Current Assets

10th Period-end

9th Period-end(Sep 30, 06)(Mar 31, 06)

ChangeReason for change

Current Assets
Cash and entrusted cash

21,102

17,485

3,617

401

1,296

-895

21,504

18,782

2,722

Buildings (including those held in trust)

136,599

137,926-1,327Structures (including those held in trust)

1,530

1,537

-7

2,151

2,219

-68

Land (including that held in trust)

291,407283,232

8,175

Accumulated depreciation-16,023-14,148-1,875

Total Property and Equipment

415,666

410,767

4,899

2,941

2,941

0

2,941

2,941

0

1,004

1,004

0

16

17

-1

1,021

1,021

0

419,628

414,730

4,898

29

39

-10

29

39

-10

441,163433,552

7,611

Other current assets
Total current assets
Fixed Assets
Property and Equipment

Machinery and equipment(including that held in trust)Intangible Assets
Leasehold rights, etc.
(including those held in trust)

Total Intangible Assets
Investments and Others
Investment securities
Long-term prepaid expenses, etc.
Total Investments and Others
Total Fixed Assets
Deferred Assets
Issuance cost of investment
corporation bonds
Total Deferred Assets
Total Assets

Increased due toacquisition of properties
and capital expenditure,and decreased due tosales of properties

(In millions of yen)Item

10th Period-end

9th Period-end(Sep 30, 06)(Mar 31, 06)

ChangeReason for Change

Liabilities
Current Liabilities
Short-term loans

Decreased due to repayment of short-term loans

64,50090,500-26,000 and conversion to long-term loans

6,000

24,000-18,000 Decreased due to refinancing

25,000025,000Rent received in advance

2,425

2,608

-183

Other current liabilities

2,902

2,147

755

Total Current Liabilities

100,827

119,256-18,429

Investment corporation bonds

30,00055,000-25,000

Long-term loans

77,00027,00050,000 loans

Deposits from tenants

25,88625,237

Other long-term liabilities

0

0

0

Total Long-term Liabilities

132,886

107,237

25,649233,714226,493

7,221

Unitholders' Capital

201,472

201,4720Retained Earnings

5,976

5,585

391

Total Unitholders' Equity

207,449

207,058

391

Total Liabilities and Unitholders' Equity

441,163433,552

7,611

Current portion of long-term loans
Current portion of investment corporation bonds

Long-term Liabilities

Total Liabilities

Increased due to conversion from short-term

649 Changed due to property acquisitions and sales

Unitholders' Equity

Property Data
Name

Area

23 WardsTokyo
Metropolitan
Area

10th Period
Appraisal
Value(Sep 30, 06)

9th Period
Appraisal
Value(Mar 31, 06)

10th Period
Book Value

Amount ofDifference(Sep 30, 06)(In millions of yen)

(In thousands of yen)

10th Period
Appraisal
Value-Book
Value

AcquisitionPrice

10th Period
Occupancy
Rates(Sep 30, 06)

Genki Medical Plaza

6,210

6,210

0

5,169

1,040

5,000,000

100.0%

Kitanomaru Square

82,70080,2002,500

81,562

1,137

81,555,500

100.0%MD Kanda Bldg.

9,680

9,080

600

9,238

441

9,520,000

100.0%

Kandabashi Park Bldg.

5,210

5,010

200

4,677

532

4,810,000

100.0%

Mitsubishi Soken Bldg.

33,00031,0002,000

26,876

6,123

27,267,000

100.0%

Nibancho Garden

16,10015,800300

14,584

1,515

14,700,000

100.0%

Burex Kojimachi Bldg.

6,930

6,880

50

7,002

-72

7,000,000

100.0%

Yurakucho Denki Bldg.

7,610

7,350

260

7,623

-13

7,200,000

100.0%

Kodenmacho Shin-Nihonbashi Bldg.

3,420

3,400

20

2,939

480

3,173,000

100.0%

Burex Kyobashi Bldg.

6,240

6,060

180

5,175

1,064

5,250,000

100.0%

Ginza Sanwa Bldg.

17,30017,3000

17,096

203

16,830,000

100.0%Ryoshin Ginza East Mirror Bldg.

4,650

4,650

0

5,478

-828

5,353,500

100.0%

Aoyama Crystal Bldg.

8,770

8,290

480

7,613

1,156

7,680,000

100.0%

Shiba 2Chome Daimon Bldg.

6,930

6,650

280

4,974

1,955

4,859,000

98.9%

Cosmo Kanasugibashi Bldg.

3,470

3,360

110

2,630

839

2,808,000

100.0%
100.0%

Shinwa Bldg.

8,270

8,180

90

7,850

419

7,830,000

Tokyo Opera City Bldg.

11,30010,400

900

9,231

2,068

9,350,000

97.6%

Takanawadai Bldg.

2,730

2,650

80

2,572

157

2,738,000

100.0%

Higashi-Gotanda 1Chome Bldg.

6,700

6,520

180

5,408

1,291

5,500,000

87.2%

Omori-Eki Higashiguchi Bldg.

5,460

5,390

70

4,636

823

5,123,000

100.0%

Nippon Brunswick Bldg.

8,090

7,910

180

6,759

1,330

6,670,000

99.3%

Yoyogi 1Chome Bldg.

10,100

9,620

480

8,504

1,595

8,700,000

100.0%da Vinci Harajuku

6,080

5,900

180

4,964

1,115

4,885,000

100.0%

Jingumae Media Square Bldg.

15,10014,0901,010

12,104

2,995

12,200,000

82.9%

Shibuya Cross Tower

43,30041,6001,700

37,756

5,543

34,600,000

99.7%

Ebisu Neonato

5,370

5,000

370

3,945

1,424

4,100,000

100.0%

Harmony Tower

11,80010,400

1,400

8,732

3,067

8,500,000

100.0%

Otsuka Higashi-Ikebukuro Bldg.

3,480

3,410

70

3,281

198

3,541,000

100.0%

Ikebukuro 2Chome Bldg.

1,540

1,510

30

1,645

-105

1,728,000

100.0%

Ikebukuro YS Bldg.

5,150

5,010

140

4,456

693

4,500,000

100.0%

Hachioji First Square

3,300

3,300

0

3,262

37

3,300,000

98.7%

Excluding 23
Saitama Urawa Bldg.
Wards
Kawasaki Isago Bldg.

2,550

2,420

130

2,439

110

2,574,000

100.0%

3,360

3,290

70

2,999

360

3,375,000

93.4%

1,070

1,060

10

1,029

40

1,000,000

95.3%

Jozenji Park Bldg.

OthersKanazawa Park Bldg.

5,610

5,480

130

4,401

1,208

4,580,000

94.7%

Nagoya Hirokoji Bldg.

15,90015,900014,135

1,764

14,533,000

96.6%

Nagoya Misono Bldg.

1,890

1,890

0

1,690

199

1,865,000

100.0%

Kyoto Shijo Kawaramachi Bldg.

2,140

2,090

50

2,913

-773

2,650,000

100.0%

Sakaisujihonmachi Bldg.

4,610

4,400

210

4,061

548

4,164,000

100.0%

Midosuji Daiwa Bldg.

15,90014,6001,300

13,7182,181

14,314,000

100.0%

Kobe Itomachi Bldg.

951

945

6

1,348

-397

1,436,000

94.3%

Lit City Bldg.

5,220

4,890

330

4,660

559

4,650,000

100.0%NHK Hiroshima Broadcasting Center Bldg.

1,550

1,490

60

1,295

254

1,320,000

97.4%

Tosei Tenjin Bldg.

1,480

1,360

120

1,426

53

1,550,000

92.2%

Tenjin Crystal Bldg.

4,970

4,970

0

5,034

-64

5,000,000

91.5%

Hinode Tenjin Bldg.

3,580

3,490

90

3,449

130

3,657,000

94.0%

436,771

420,405

16,366392,361

44,409392,939,000−

25,10011,400−21,605

3,494

20,900,000

98.7%

3,450

3,150

−

2,936

513

3,174,000

98.7%

1,680

−

−

1,705

-25

1,680,000

81.1%

467,001

434,955−

418,607

48,393

418,693,000

98.2%

Total (46 properties)
Sanno Grand Bldg.

Properties Acquired after
Sendai Honcho Honma Bldg.
the 9th Period
Hirokoji Tokio Marine Nichido Bldg.
Total (49 properties)*10th period appraisal value is determined by an institutional appraiser at the end of the fiscal period.
9th period appraisal value is a survey value determined by an institutional appraiser at the end of the fiscal period.

Area

Name

Properties Acquired after Nishiki Park Bldg.
the 10th Period
Nishiki Park Bldg. (additional share)
Total(In millions of yen)

(In thousands of yen)Appraisal
Value atAcquisition

AcquisitionPrice

Occupancy
Rates atAcquisition

3,850

−

−

−

−

3,850,000

98.8%

1,300

−

−

−

−

1,300,000

98.8%

5,150

−

−

−

−

5,150,000−*The above-mentioned occupancy rates do not include the residential section. The occupancy rates of the residential sections of
Nibancho Garden and Kitanomaru Square as of the end of 10th period (September 30, 2006) were 100.0% and 89.7% respectively.