NEWS RELEASE
March 28, 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 Forecast Revisions for the September 2023 Period
and Forecasts for the March 2024 Period
Japan Real Estate Investment Corporation (“JRE”) hereby announces that it has revised its performance
forecasts for the fiscal period ending September 30, 2023 (from April 1, 2023 to September 30, 2023),
published in “Financial Results for the Fiscal Period Ended September 2022 (REIT)” dated November 15,2022, and also released the forecasts for the fiscal period ending March 31, 2024 (from October 1, 2023
to March 31, 2024).
For the forecasts for the fiscal period ending March 31, 2023 (October 1, 2022 to March 31, 2023)
announced on November 15, 2022, there are no revisions to them as of today.
1. Forecast revisions for the September 2023 period (from April 1, 2023 to September 30, 2023)
Dividend perunit (excluding Dividend per
dividend in unit in excess ofexcess ofearningsearnings)

Operating
Revenues

Operating
ProfitOrdinary
ProfitNet Profit

Previouslyannounced forecasts(A)
Revised forecasts(B)
Amount ofincrease/decrease(B−A)

JPY million
37,180

JPY million
16,570

JPY million
15,670

JPY million
15,660JPY
11,300

JPY0

JPY million
38,380

JPY million
17,360

JPY million
16,380

JPY million
16,370JPY
11,500

JPY0

JPY million
1,200

JPY million
790

JPY million
710

JPY million
710

JPY200JPY0Rate ofincrease/decrease%
3.2%
4.8%
4.5%
4.5%
1.8%
‐1Disclaimer: This document is intended to serve as a press release to make available to the public the information on Forecast Revisions
for the September 2023 Period and Forecasts for the March 2024 Period of Japan Real Estate Investment Corporation (“JRE”),
and does not constitute and should 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 thereto, if any) and make any investment decisions at theirown risk and responsibility.

(Note1) It is assumed that the number of investment units outstanding is 1,422,874, which is determined by adding to
1,385,210, the number of units outstanding as of today, 35,200 and 2,464, the respective numbers of units to be
newly issued through a public offering and a third‐party allocation that have been resolved at the board ofdirectors’ meeting held today. As for the number of units to be issued through the third‐party allocation, it isdetermined under the assumption that all the maximum 2,464 units are to be subscribed for and issued. The
same shall apply hereinafter.
(Note2) The above forecast figures are estimates as of today, which are calculated based on “Assumptions Underlying
Forecast Revisions for the September 2023 period and Forecasts for the March 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 of real estate properties, changes in the asset management environment,and other factors. Moreover, the forecast should not be construed as a guarantee of the actual financial results
and dividend amount. The same shall apply hereinafter.
(Note3) Figures in the columns of Operating Revenues, Operating Profit, Ordinary Profit, and Net Profit are rounded down
to the nearest ten million Japanese yen. The same shall apply hereinafter.

2. Reason for the revisions
JRE has resolved at its board of directors’ meeting held today to issue new investment units and conduct
a secondary offering. During the March 2023 period, JRE also has acquired “the ARGYLE aoyama” and“Toyosu Foresia,” and will acquire “Shinjuku Eastside Square (additional acquisition)” and “CIRCLESHirakawacho.” For details of the properties already acquired and to be acquired, please refer to“Announcement of Acquisition of Trust Beneficiary Interests in Domestic Real Estate” dated February 16,
2023 and “Announcement of Acquisition of Domestic Real Estate and Trust Beneficiary Interest inDomestic Real Estate” dated today, respectively.
JRE, therefore, decided to revise its performance forecasts for the September 2023 period published in“Financial Results for the Fiscal Period Ended September 2022 (REIT)” dated November 15, 2022 due tothe changes in the assumptions on which the forecasts were based.
3. Forecasts for the March 2024 period (from October 1, 2023 to March 31, 2024)

Forecasts for
March 2024 period

Operating
Revenues

Operating
ProfitOrdinary
ProfitNet Profit

JPY million
40,770

JPY million
19,270

JPY million
18,260

JPY million
17,620

Dividend perunit (excluding Dividend per
dividend in unit in excess ofexcess ofearningsearnings)
JPY
11,550JPY0This is the English translation of the announcement in Japanese dated March 28, 2023.
No assurance or warranties are given for the completeness or accuracy of this English translation.
2Disclaimer: This document is intended to serve as a press release to make available to the public the information on Forecast Revisions
for the September 2023 Period and Forecasts for the March 2024 Period of Japan Real Estate Investment Corporation (“JRE”),
and does not constitute and should 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 thereto, if any) and make any investment decisions at theirown risk and responsibility.

Attachment
Assumptions Underlying Forecast Revisions for the September 2023 period
and Forecasts for the March 2024 period
Item
Accounting period

Number ofproperties held byJRE

Number of units
outstanding

Interest‐bearing
debt

Operatingrevenues

OperatingexpensesAssumption
・The September 2023 period: April 1, 2023 through September 30, 2023 (183 days)
・The March 2024 period: October 1, 2023 through March 31, 2024 (183 days)・For the September 2023 period, JRE assumes 76 properties, taking into account the current
number of 75, the acquisition of interests in Shinjuku Eastside Square and CIRCLES
Hirakawacho scheduled for March 30, 2023, and the disposition of a 30% interest inHarumi Front scheduled for April 3, 2023.
・For the March 2024 period, JRE assumes 75 properties, taking into account the dispositionof the remaining 45% interest in Harumi Front scheduled for January 12, 2024.
・The assumption, however, is subject to change due to future acquisition or disposition ofreal estate properties.
・It is assumed that the number of investment units outstanding is 1,422,874, which isdetermined by adding to 1,385,210, the number of units outstanding as of today, 35,200
and 2,464, the respective numbers of units to be newly issued through a public offeringand a third‐party allocation that have been resolved at the board of directors’ meeting
held today. As for the number of units to be issued through the third‐party allocation, it isdetermined under the assumption that all the maximum 2,464 units are to be subscribedfor and issued
・The fund raised through the public offering and third‐party allocation resolved today atJRE’s board of directors’ meeting will be applied to part of repayment of a short‐term loan
with which JRE refinanced a short‐term loan for the acquisition fund of the ARGYLE
aoyama and Toyosu Foresia. JRE will also borrow a long‐term loan and a short‐term loan
for the acquisition of interests in Shinjuku Eastside Square and CIRCLES Hirakawacho, andwill repay the said short‐term loan on April 6, 2023 with cash proceeds from the second of
three transfers of Harumi Front and cash on hand. The balance of interest‐bearing debt,
accordingly, will be JPY 432.1 billion. However, the balance may vary according to the final
number of units to be issued and the final issue value related to the above public offeringand third‐party allocation.
・As for the September 2023 period, other than the above loans, JRE intends to refinance allof the long‐term loans due during the period (Maturity: May 29, 2023; June 1, 2023; andJune 15, 2023), which total JPY 23.5 billion, and all of the short‐term loans due during theperiod (Maturity: April 20, 2023; May 18, 2023; and July 10, 2023), which total 15 billion.
There are no investment corporation bonds to mature in the September 2023 period.
・As for the March 2024 period, JRE intends to refinance all of the long‐term loans due during
the period (Maturity: December 19, 2023 and March 26, 2024), which total JPY 16 billion.
As to investment corporation bonds of JPY 10 billion due on November 1, 2023, they will
be redeemed with bond issuance or borrowing.
・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 theinterests to be acquired in Shinjuku Eastside Square and CIRCLES Hirakawacho, they are
estimates based on the terms and conditions of lease contracts and other data available asof 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

3
Disclaimer: This document is intended to serve as a press release to make available to the public the information on Forecast Revisionsfor the September 2023 Period and Forecasts for the March 2024 Period of Japan Real Estate Investment Corporation (“JRE”),
and does not constitute and should 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 thereto, if any) and make any investment decisions at theirown risk and responsibility.

Non‐operating
expensesDividend amount

Otherperiod. JRE assumes the 2024 property taxes, city planning taxes, and depreciable
property taxes pertaining to properties acquired and to be acquired in 2023 to be as
follows:
the ARGYLE aoyama: JPY 118 million, Toyosu Foresia: JPY 38 million, Shinjuku Eastside
Square (additional acquisition): JPY 30 million, and CIRCLES Hirakawacho: JPY 7 million
・The property and other taxes will be JPY 3,640 million for the September 2023 period andJPY 3,650 million for the March 2024 period.
・The depreciation will be JPY 6,210 million for the September 2023 period and JPY 6,050
million for the March 2024 period.
・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 990 million for the September 2023 period and JPY 1,000 million for theMarch 2024 period.
・The gain on the disposition of Harumi Front, whose transfer period is split up into threefiscal periods, is assumed to be JPY 4,120 million and JPY 6,470 million for the September
2023 period and the March 2024 period, respectively. As to part of the gain of JPY 6,470
million for the March 2024 period, JRE will make a provision of reserve for reduction entry
in application of “Special Provisions for Taxation in Cases of Repurchase of SpecifiedAssets” 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 of
the Investment Trusts Association, Japan, and so on.
・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.

4Disclaimer: This document is intended to serve as a press release to make available to the public the information on Forecast Revisions
for the September 2023 Period and Forecasts for the March 2024 Period of Japan Real Estate Investment Corporation (“JRE”),
and does not constitute and should 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 thereto, if any) and make any investment decisions at theirown risk and responsibility.