NEWS RELEASE

Japan Real Estate Investment CorporationApril 8, 2014
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: Ryuta Yoshida,
Executive officer, General Manager, Planning Department
Phone: +81-3-3211-7921

Notice Regarding Determination of Offer Prices for
Issuance of New units and Secondary Offering of Units
Announcement is hereby made that Japan Real Estate Investment Corporation determined the offer prices
and other conditions as given below at the Board of Directors meeting held on April 8, 2014, regarding theissuance of new units and the secondary offering of units resolved by the Board of Directors meeting heldon March 27, 2014:
1. Public offering of new units(1) Offer price (subscription price)¥501,760 per unit

(2) Aggregate amount of offer price(subscription price)¥28,851,200,000(3) Issue price¥486,400 per unit

(4) Aggregate amount of issue price¥27,968,000,000(5) Subscription period

April 9, 2014 (Wed)through April 10, 2014 (Thu)(6) Payment date

April 15, 2014 (Tue)(7) Delivery date

April 16, 2014 (Wed)(Note) Underwriters (SMBC Nikko Securities Inc. [lead manager and sole book runner]; MizuhoSecurities Co., Ltd.; Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.; Nomura Securities Co.,
Ltd. and Daiwa Securities Co. Ltd.) shall buy and underwrite the aggregate amount of issue priceand offer and place such amount to investors at the offer price (subscription price).

Disclaimer: This press release is not an offer to sell or a solicitation of any offer to buy the securities of Japan Real Estate Investment Corporation (the“Company”) in the United States or elsewhere. Investment units may not be offered or sold in the United States without registration or anexemption from registration under the United States Securities Act of 1933 (the “Securities Act”). Any public offering of investment units to bemade in the United States will be made by means of an English language prospectus prepared in accordance with the Securities Act that may beobtained from the Company and that will contain detailed information about the Company and its management, as well as the Company’sfinancial statements. However, the Company will not undertake a public offering and sale of investment units in the United States, and theinvestment units have not been and will not be registered under the Securities Act.

2. Secondary Offering (Over-allotment)(1) Number of units to be offered
5,750 units(2) Offer price¥501,760 per unit

(3) Gross Proceeds¥2,885,120,000(4) Subscription period

April 9, 2014 (Wed)through April 10, 2014 (Thu)(5) Delivery date

April 16, 2014 (Wed)

3. Issuance of new units by third-party allocation(1) Issue price¥486,400 per unit
(2) Aggregate amountof issue price¥2,796,800,000(3) Subscription period(subscription date)

May 13, 2014 (Tue)(4) Payment date

May 14, 2014 (Wed)[Reference]
1. Computation of offer prices(1) Price determination date

April 8, 2014 (Tue)(2) Closing price of unit as of pricedetermination date

¥512,000 per unit

(3) Discount rate

2.00%

2. Syndicate cover transaction period
April 11, 2014 (Fri) through May 9, 2014 (Fri)

3. Use of the proceeds
The net proceeds (¥27,968,000,000) raised through the public offering will be applied toward therepayment of short-term loans until April 2014. The remaining proceeds will be used as cash reserves
toward the acquisition of new specified assets or the repayment of loans. Also, the maximum net
proceeds (¥ 2,796,800,000) raised through the issuance of new units by third-party allocation on thesame day of the resolution of the public offering will be applied to cash reserves until May 2014 to makeup for their decrease, as the part of the cash reserves will be applied toward the repayment of short-termloans.

This notice is the English translation of the announcement in Japanese dated April 8, 2014.
However, no assurance or warranties are given for the completeness or accuracy of this English translation.

Disclaimer: This press release is not an offer to sell or a solicitation of any offer to buy the securities of Japan Real Estate Investment Corporation (the“Company”) in the United States or elsewhere. Investment units may not be offered or sold in the United States without registration or anexemption from registration under the United States Securities Act of 1933 (the “Securities Act”). Any public offering of investment units to bemade in the United States will be made by means of an English language prospectus prepared in accordance with the Securities Act that may beobtained from the Company and that will contain detailed information about the Company and its management, as well as the Company’s
financial statements. However, the Company will not undertake a public offering and sale of investment units in the United States, and theinvestment units have not been and will not be registered under the Securities Act.