November 24, 2006
JOINT REIT Investment Corporati on
Financi al Report for the Fiscal Period ended September 30, 2006

Head Office:Stock Exchange Listing:
URL:
Inquiries:

Tokyo
Tokyo Stock Exchange (code number 8973)
http://www.joint-reit.co.jp/
Makoto Asamoto
Joint Capital Partners Co., Ltd. (Asset Management Co mpany)
General Manager, Administration+81-3-5759-8848

Name:

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

November 24, 2006
December 25, 2006 (schedule)

Performance for the Fiscal Period ended September 30, 2006
(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

2nd Fiscal period ended
September 30, 2006

1,990

△12.4％

984△26.6％

728△24.8％

727△24.8％

1st Fiscal period ended
March 31, 2006

2,271−％

1,341−％

969−％

967−％

2nd Fiscal period ended
September 30, 2006
1st Fiscal period ended
March 31, 2006

Net Income
per Unit(Yen)

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

Ordinary
Income on
Total Assets<Reference>(Annualized)

Ordinary Incomeon Operating
Revenue

12,9952.5％(4.9)%

1.2%(2.4)%

36.6%

24,185

3.4％(5.0)%

2.3%(3.4)%

42.7%

Notes:
1. The 2nd fiscal period is fro m April 1, 2006 through September 30, 2006, a period of 183 days. The
1st fiscal period is fro m April 20, 2005 through March 31, 2006, a period of 346 days. The effect ive
fiscal period is fro m Ju ly 28, 2005, the date on which actual asset management co mmenced, throughMarch 31, 2006, a period of 247 days.
2. Net inco me per unit is calculated utilizing the average number of investment units for the period. The
average number of investment units for the 1st fiscal period was 40,005 units and the 2nd fiscal
period was 56,000 units.
3. Accounting policies have been changed.
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 2nd fiscal period = Percentage figures for the 2nd fiscal period/ Actual number of asset management days (183 days) x 365 days.
Annualized percentage figures for the 1st fiscal period = Percentage figures for the 1st fiscal period /Actual number of asset management days (247 days) x 365 days.

1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. For the 1st fiscal period, figures are calculated utilizing the beginning balances of the effective
fiscal period.

(2) Distributions

Millions of yen, unless otherwise statedDistributi
onper Unit(Yen)

2nd Fiscal Period ended
September 30, 2006
1st Fiscal Period ended
March 31, 2006

Total
Distributions

Distribution in
Excess ofEarnings perUnit (Yen)

Total Distributions
in Excess ofEarnings

PayoutRatio

Distribution Ratio
to Unitholders’Equity12,995

727

−−

99.9%

2.5%

17,277

967

−−

99.9%

3.3%

Note: The payout ratio is rounded down to the first decimal p lace.
(3) Financi al Position

M illions of yen, unless otherwise statedTotal Assets

2nd Fiscal Period ended
September 30, 2006
1st Fiscal Period ended
March 31, 2006

Total Unitholders’EquityUnitholders’ Equity toTotal Assets

Unitholders’ Equity per
Investment Unit (Yen)

67,181

29,21843.5%

521,764

55,59929,45853.0%

526,046

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

2,574

Ordinary
Income1,100

Net Income

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

1,100

12,900−

Reference: Estimated net inco me per unit for the next fiscal period ending March 31, 2007: ¥ 12,900
Note: Forecasts presented in this document are based on certain assumptions. Forecasts for net inco me,
distribution per unit and other financial indicators may d iffer significantly fro m actual results due toadditional acquisition and selling of p roperties, changes in real estate market, changes in operating
conditions, and a variety of factors surrounding JOINT REIT Investment Corporation. Accordingly, theJOINT REIT Investment Corporation does not guarantee actual results and the payment of the fo recast
distribution amount.

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