NEWS RELEASE
April 27, 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 Determination of the Number of New Investment Units
to be issued through the Third‐party Allotment
Announcement is hereby made that Japan Real Estate Investment Corporation received a notification
today from the allottee that it will subscribe for a portion of the units to be issued through the third‐party
allotment, which was resolved concurrently with the issuance of new investment units through the publicoffering and the secondary offering of investment units through the over‐allotment at the Board of
Directors’ meetings held on March 28, 2023 and April 3, 2023.
The number of investment units to be issued thereof will be below the upper limit of 2,464 units; however,that will likely have only a marginal effect on performance and there are no revisions to the operating
performance forecasts for the fiscal periods ending September 2023 (from April 1, 2023 to September 30,2023) and March 2024 (from October 1, 2023 to March 31, 2024) announced on March 28, 2023.
(1) Number of units to be newlyissued(2) Total Amount to be paid in(total subscription price)(3) Subscription period(subscription date)(4) Payment date(5) Allottee:

2,454 units (number of units offered: 2,464 units):

JPY 1,270,558,500 (JPY 517,750 per unit):

Friday, April 28, 2023::

Monday, May 1, 2023
SMBC Nikko Securities Inc.

1
Disclaimer: This document is intended to serve as a press release to make available to the public the information on Determination of the Number of New
Investment Units to be issued through the Third‐party Allotment of Japan Real Estate Investment Corporation (“JRE”), and does not constitute andshould not be construed as an offer to sell or solicitation of an offer to purchase any investment unit or other investment in JRE.

<Reference>
1. The issuance of new investment units through the third‐party allotment was resolved concurrently with
the issuance of new investment units through the public offering and the secondary offering ofinvestment units through the over‐allotment at the Board of Directors’ meetings held on March 28,2023 and April 3, 2023.
For details of the third‐party allotment, please refer to the press release titled “Announcement ofIssuance of New Investment Units and Secondary Offering of Investment Units” dated March 28, 2023
and “Announcement of the Pricing for the Issuance of New Investment Units and Secondary Offering ofInvestment Units” dated April 3, 2023.
2. Change of number of investment units issued and outstanding upon the third‐party allotment
Number of investment units outstanding before third‐party allotment
1,420,410 units
Number of newly issued investment units by third‐party allotment
2,454 units
Number of investment units outstanding after third‐party allotment
1,422,864 units
3. Use of the proceeds
The proceeds (JPY 1,270,558,500) raised through the third‐party allotment will be applied toward therepayment of a part of the short‐term loan (Note 1) as of May 8, 2023.
(Note 1) This short‐term loan (the “Short‐term Loan after Refinancing”) refers to the refinancing, asof March 27, 2023, of the short‐term loan (with a principal amount of JPY 29 billion) (the"Short‐term Loan before Refinancing"), which was used together with cash on hand towards
the acquisition of the two properties acquired as of February 27, 2023 (the ARGYLE aoyamaand Toyosu Foresia for an aggregate acquisition price of JPY 32.0 billion). The Short‐term
Loan before Refinancing is as described in the "Announcement of Debt Financing" dated
February 22, 2023. The Short‐term Loan after Refinancing is as described in the“Announcement of Loan Prepayment and Debt Financing“ dated March 23, 2023.
(Note 2) The amount of proceeds raised will be deposited with financial institutions until the time ofexpenditure.

This is the English translation of the announcement in Japanese dated April 27, 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 Determination of the Number of New
Investment Units to be issued through the Third‐party Allotment of Japan Real Estate Investment Corporation (“JRE”), and does not constitute andshould not be construed as an offer to sell or solicitation of an offer to purchase any investment unit or other investment in JRE.