NEWS RELEASE

Japan Real Estate Investment CorporationMay 1, 2015
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 Number of Units for
Issuance of New units by Third-party Allocation
Announcement is hereby made that Japan Real Estate Investment Corporation (the “Company”) 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 units by third party allocation in accordance with the resolution at the Boardof Directors’ meetings held on March 18, 2015 and March 30, 2015 with respect to the issuance of newunits by public offering and the secondary offering of units.
(1) Number of units tobe newly issued(2) Aggregate amountof issue price(3) Subscription period(subscription date)(4) Payment date(5) Allottee:

3,780 units (number of units planned to be issued 3,780 units):¥2,043,279,000 (¥540,550 per unit):May 8, 2015 (Fri)::May 11, 2015 (Mon)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, the secondary offering through purchase and the secondary offering by over-allotment at theBoard of Directors’ meetings held on March 18, 2015 and March 30, 2015.
For the summary of the third-party allocation, etc., please refer to the release, “Announcement ofIssuance of New Units and Secondary Offering of Units” issued on March 18, 2015 and “NoticeRegarding Determination of Offer Prices for Issuance of New units and Secondary Offering of Units”
issued on March 30, 2015.
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 an
exemption from registration under the United States Securities Act of 1933 (the “Securities Act”). Any public offering of investment units
to be made in the United States will be made by means of an English language prospectus prepared in accordance with the Securities Act
that may be obtained from the Company and that will contain detailed information about the Company and its management, as well as theCompany’s financial statements. However, the Company will not undertake a public offering and sale of investment units in the UnitedStates, and the investment units have not been and will not be registered under the Securities Act.

2. Change of number of units issued and outstanding upon the third-party allocation
Number of units outstanding before third-party allocation
1,305,530 units
Number of newly issued units by third-party allocation
3,780 units
Number of units outstanding after third-party allocation
1,309,310 units
3. Use of the proceeds
The net proceeds raised through this third-party allocation of new investment units (¥ 2,043,279,000)
will be applied toward funds to repay a part of short-term loans, the remaining proceeds will be used as
cash reserves for acquisition of specified assets or for repayment of loans.
The details for repayment a part of short-term loans will be informed as soon as it is decided.

This notice is the English translation of the announcement in Japanese dated May 1, 2015.
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 an
exemption from registration under the United States Securities Act of 1933 (the “Securities Act”). Any public offering of investment units
to be made in the United States will be made by means of an English language prospectus prepared in accordance with the Securities Act
that may be obtained from the Company and that will contain detailed information about the Company and its management, as well as theCompany’s financial statements. However, the Company will not undertake a public offering and sale of investment units in the UnitedStates, and the investment units have not been and will not be registered under the Securities Act.