March 22, 2012
To whom it may concern:<Investment Corporation>
Japan Real Estate Investment Corporation
Noritada Terasawa, Executive Director(TSE code: 8952)<Asset Management Company>
Japan Real Estate Asset Management Co., Ltd.
Hiroshi Katayama, CEO & President
Contact: Toru Kimura, General Manager, Planning Department
Phone: +81-3-3211-7921

Notice regarding Determination of Number of Units forIssuance of New units by Third-party Allocation
Announcement is hereby made that Japan Real Estate Investment Corporation (the “Company”)
received a notification today from the allottee that it will subscribe for the whole of the units planned tobe issued with respect to the issuance of new units by third party allocation in accordance with theresolution at the Board of Directors meetings held on February 13 and 21, 2012 with respect to theissuance of new units by public offering and the secondary offering of units by over-allotment.
(1) Number of units tobe newly issued(2) Aggregate amountof issue price(3) Subscription period(subscription date)(4) Payment date(5) Allottee:

5,440units (number of units planned to be issued 5,440 units):¥3,547,152,000 (¥652,050 per unit):

March 26, 2012 (Mon)::March 27, 2012 (Tue)SMBC Nikko Securities Inc.

<Reference>
1. The issuance of new units by third-party allocation was resolved with the issuance of new units by
public offering and the secondary offering of units by over-allotment resolution at the Board ofDirectors meetings held on February 13 and 21, 2012.
For the summary of the third-party allocation, etc., please refer to “Notice Concerning Issuance ofNew Investment Units and Secondary Offering of Investment Units, and Cancellation of Shelf
Registration” announced on February13, 2012 and “Notice Regarding Determination of Offer Pricesfor Issuance of New units and Secondary Offering of Units” announced on February 21, 2012.

Disclaimer: This document is intended to serve as a press statement to make available the information on the issuance of new units ofJapan Real Estate Investment Corporation (the “Company”) by third-party allocation, and does not constitute and should not
be construed as an offer to sell or solicitation of an offer to purchase any unit or other investment of the Company.

2. Change of number of units issued and outstanding upon the third-party allocation
Number of units outstanding before third-party allocation
543,600
Number of newly issued units by third-party allocation
5,440
Number of units outstanding after third-party allocation
549,040
3. Use of the proceeds
The net proceeds raised through this third-party allocation of new investment units (¥3,547,152,000),
together with those raised through the public offering (¥35,471,520,000) will be used for therepayment of ¥37 billion short-term loans (Note1) out of ¥54 billion long and short-term loans in totalborrowed for the acquisition of Akasaka Park Building (Note2). In addition, if the residual funds haveoccurred, the Company plans to use it for the repayment of other existing loans.
(Note1) please refer to our News Release “Notice concerning New Loan” released on November 14, 2011 withrespect to this short-term loan. In addition, please refer to our News Release “Notice concerning Pre-payment ofLoan” released on February 22, 2012 with respect to the early repayment of this short-term loan.
(Note2) Please refer to our News Release “Notice on Acquisition of Domestic Real Estate” released on November 14,
2011 for the summary of the acquisition of Akasaka Park Building,This notice is the English translation of the announcement in Japanese dated March 22, 2012 on ourwebsite. However, no assurance or warranties are given for the completeness or accuracy of this English
translation.

Disclaimer: This document is intended to serve as a press statement to make available the information on the issuance of new units ofJapan Real Estate Investment Corporation (the “Company”) by third-party allocation, and does not constitute and should not
be construed as an offer to sell or solicitation of an offer to purchase any unit or other investment of the Company.