NEWS RELEASE

Japan Real Estate Investment CorporationMay 2, 2018
For Immediate Release<Investment Corporation>
Japan Real Estate Investment Corporation
Hiroshi Nakajima, Executive Director(TSE code: 8952)<Asset Management Company>
Japan Real Estate Asset Management Co., Ltd.
Naoki Umeda, President & CEO
Contact: Ryuta Yoshida
Director, Senior Executive Officer &General Manager, Planning Department
Phone: +81-3-3211-7951

Announcement of Determination of Number of Units for
Issuance of New Investment Units by Third-party Allocation
Announcement is hereby made that Japan Real Estate Investment Corporation (“JRE”) received anotification today from the allottee that it will subscribe for the whole of the units planned to be issued withrespect to the issuance of new investment units by third party allocation in accordance with the resolution at
the Board of Directors’ meetings held on March 28, 2018 and April 9, 2018 with respect to the issuance of
new investment units by public offering and the secondary offering of units.
(1) Number of units to be
newly issued(2) Total Amount to be paidin (issue value)(3) Subscription period(subscription date)(4) Payment date(5) Allottee:

6,900 units (number of units planned to be issued 6,900 units):¥3,565,920,000 (¥516,800 per unit):

Tuesday, May 8, 2018::

Wednesday, May 9, 2018
SMBC Nikko Securities Inc.

<Reference>
1. The issuance of new investment units by third-party allocation was resolved with the issuance of newinvestment units by public offering and the secondary offering by over-allotment at the Board ofDirectors’ meetings held on March 28, 2018 and April 9, 2018.
For the summary of the third-party allocation, etc., please refer to the release, “Announcement ofIssuance of New Investment Units and Secondary Offering of Investment Units” issued on March 28,
2018 and “Announcement of the Pricing for the Issuance of New Investment Units and Secondary
Offering of Investment Units” issued on April 9, 2018.
1

Disclaimer: This document is intended to serve as a press statement to make available the information on the Determination of Number of Units for
Issuance of New Investment Units by Third-party Allocation of Japan Real Estate Investment Corporation (“JRE”), and does not constituteand should not be construed as an offer to sell or solicitation of an offer to purchase any unit or other investment of JRE. Prospectiveinvestors are advised to read the JRE's prospectus for new investment unit issuance and secondary offering (and its amendments, if any)
and make any investment decisions at their own risk and responsibility.

2. Change of number of investment units issued and outstanding upon the third-party allocation
Number of investment units outstanding before third-party allocation
1,378,310 units
Number of newly issued investment units by third-party allocation
6,900 units
Number of investment units outstanding after third-party allocation
1,385,210 units
3. Use of the proceeds
The net proceeds raised through this third-party allocation of new investment units (¥3,565,920,000)
will be applied toward the repayment of a part of the short-term loans. Any remaining proceeds will beused as cash reserves for the acquisition of specified assets or the repayment of loans.
The details for the repayment of short-term loans will be informed as soon as it is decided.

This is the English translation of the announcement in Japanese dated May 2, 2018.
However, 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 statement to make available the information on the Determination of Number of Units for
Issuance of New Investment Units by Third-party Allocation of Japan Real Estate Investment Corporation (“JRE”), and does not constituteand should not be construed as an offer to sell or solicitation of an offer to purchase any unit or other investment of JRE. Prospective
investors are advised to read the JRE's prospectus for new investment unit issuance and secondary offering (and its amendments, if any)
and make any investment decisions at their own risk and responsibility.