May 25, 2007
JOINT REIT Investment Corporati on
Financi al Report for the Fiscal Period ended March 31, 2007

Head Office:Stock Exchange Listing:
URL:
Inquiries:

Name:

Title:TEL:
Date of Approval of Financial Resultsby the Board of Directors:
Co mmencement Date of CashDistribution:

Tokyo
Tokyo Stock Exchange (code number 8973)
http://www.joint-reit.co.jp/
Makoto Asamoto
Joint Capital Partners Co., Ltd. (Asset Management Co mpany)
Director & General Manager, Ad min istration+81-3-5759-8848
May 25, 2007
June 20, 2007 (schedule)

Performance for the Fiscal Period ended March 31, 2007
(Note: A mounts less than one million yen have been omitted.)(1) Operating Results

M illions of yen, unless otherwise statedOperating Revenue

Operating Income

Ordinary Income

Net Income

3rd Fiscal period ended
March 31, 2007

2,662

33.8％

1,465

48.9％

1,122

54.1％

1,120

54.0％

2nd Fiscal period ended
September 30, 2006

1,990

△12.4％

984△26.6％

728△24.8％

727△24.8％

3rd Fiscal period ended
March 31, 2007
2nd Fiscal period ended
September 30, 2006

Net Incomeper Unit(Yen)

Return on
Unitholders’Equity (ROE)<Reference>(Annualized)

OrdinaryIncome on
Total Assets<Reference>(Annualized)

Ordinary Incomeon Operating
Revenue

13,5133.1％(6.2)%

1.4%(2.9)%

42.2%

12,9952.5％(4.9)%

1.2%(2.4)%

36.6%

Notes:
1. The 3rd fiscal period is fro m October 1, 2006 through March 31, 2007, a period of 182 days. The 2nd
fiscal period is fro m April 1, 2006 through September 30, 2006, a period of 183 days.
2. Net inco me per unit is calculated utilizing the average number of investment units for the period. Theaverage number of investment units for the 2nd fiscal period was 56,000 units and the 3rd fiscal
period was 82,959 units.
3. Changes in accounting policies : None
4. Percentage changes for operating revenue, operating income, ordinary inco me and net income arecalculated being co mpared with the previous fiscal period. The figures less than second decimal
places have been rounded to the nearest tenth.
5. Annualized percentage figures for the 3rd fiscal period = Percentage figures for the 3rd fiscal period /Actual number of asset management days (182 days) x 365 days.
Annualized percentage figures for the 2nd fiscal period = Percentage figures fo r the 2nd fiscal period/ Actual number of asset management days (183 days) x 365 days.
6. Return on unitholders’ equity and ord inary income on total assets are calcu lated utilizing the averageof the each fiscal period beginning balances and ending balances for unitholders’ equity and totalassets.

1(2) Distributions

Millions of yen, unless otherwise statedDistribution
per Unit(Yen)

Total
Distributions

Distribution in
Excess ofEarnings perUnit (Yen)

3rd Fiscal period ended
March 31, 2007

13,0351,121−−

100.0%

2.6%

2nd Fiscal period ended
September 30, 2006

12,995

727

−−

99.9%

2.5%

Total Distributions
in Excess ofEarnings

PayoutRatio

Distribution Ratio
to Unitholders’EquityNote: The payout ratio is rounded down to the first decimal p lace.
(3) Financi al Position

M illions of yen, unless otherwise statedTotal Assets

3rd Fiscal period ended
March 31, 2007
2nd Fiscal period ended
September 30, 2006

Total Unitholders’EquityUnitholders’ Equity to
Total Assets

Unitholders’ Equity perInvestment Unit (Yen)89,55343,41848.5%

504,866

67,181

29,21843.5%

521,764

Note: The nu mber of investment units outstanding: 86,000 units as of March 31, 2007
56,000 units as of September 30, 2006
Forecast of Results for the Next Fiscal Period (April 1, 2007 through September 30, 2007)(Note: A mounts less than one million yen have been omitted.)
Millions of yen, unless otherwise statedOperatingRevenue
Fiscal Period ending
September 30, 2007

2,879

Ordinary
Income1,102

Net Income

Distributionper Unit (Yen)Distribution in Excess ofEarnings per Unit (Yen)

1,101

12,800−Reference: Estimated net inco me per unit for the next fiscal period ending September 30, 2007: ¥12,800
Note: Forecasts presented in this document are based on certain assumptions. Forecasts for operating
revenue, ordinary revenue, net inco me, distribution per unit and distribution in excess of earnings per unit
may d iffer significantly fro m actual results due to additional acquisition and selling of properties, changes
in real estate market, changes in operating conditions, and a variety of factors surrounding JOINT REIT
Investment Corporation. Accordingly, the JOINT REIT Investment Corporation does not guarantee actual
results and the payment of the forecast distribution amount.

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