November 14, 2008

JOINT REIT Investment Corporation
Financial Report for the Fiscal Period ended September 30, 2008

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 Company)
Director & General Manager, Administration+81-3-5759-8848

Name:
Title:
TEL:

Planned date of submissionof the Securities Report:
Planned commencement date ofdistribution payment:

December 12, 2008
December 15, 2008
(Note: Amounts less than one million yen have been omitted.)

1. Performance for the Fiscal Period ended September 30, 2008 (April 1, 2008 through September 30, 2008)(1) Operating Results*Percentages indicate changes over the previous fiscal period.
Operating Revenue

Operating Income

Ordinary Income

Million yen％*

Million yen％*

Million yen％*

Fiscal period ended
September 30, 2008

3,362

△3.6

1,694

△13.8

1,167

△22.6

Fiscal period ended
March 31, 2008

3,486

17.3

1,965

25.4

1,508

34.6

Return on
Unitholders’Equity (ROE)

Ordinary Incomeon Total Assets

Ordinary Income
on OperatingRevenue

Net Incomeper Unit

Net Income
Million yen％*Yen％％％Fiscal period ended
September 30, 2008

1,166

△22.6

11,147

2.3

1.1

34.7

Fiscal period ended
March 31, 2008

1,507

34.6

14,759

3.2

1.6

43.3

Distribution in
Excess ofEarnings per Unit

Total
Distributions in
Excess ofEarnings(2) Distributions
Distributionper Unit

TotalDistributions

Distribution
Ratio to
Net Assets

Payout Ratio

YenMillion yen

Yen

Yen％％

Fiscal period ended
September 30, 2008

11,1471,1660099.92.3

Fiscal period ended
March 31, 2008

14,402

1,507

0099.93.0

Note: The payout ratio is rounded down to the first decimal place.

1(3) Financial Position
Total Assets

Unitholders’ Equity toTotal Assets

Net Assets

Net Assets per Unit

Million yen

Million yen%Yen

Fiscal period ended
September 30, 2008

105,848

49,87047.1

476,458

Fiscal period ended
March 31, 2008

98,56950,211

50.9

479,713

Reference: Unitholders’ equity for the fiscal period ended September 30, 2008: 49,870 million yen
And for the fiscal period ended March 31, 2008: 50,211 million yen(4) Cash Flow Position
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash and CashEquivalents at the End ofthe Period

Cash Flows fromFinancing Activities

Million yen

Million yen

Million yen

Million yen

Fiscal period ended
September 30, 2008

1,678

△7,810

6,295

6,041

Fiscal period ended
March 31, 2008

2,982

△11,868

6,858

5,877

2. Forecast of Results for the Next Fiscal Period (October 1, 2008 through March 31, 2009)*Percentages indicate changes over the previous fiscal period.
OperatingRevenue
Millionyen

Fiscal period ending
March 31, 2009

3,485

Operating
Income％*

3.7

Millionyen

1,722

Ordinary
Income％*

1.7

Millionyen

1,152NetIncome％*△1.3Million

Distribution in
Excess ofEarnings per Unit％*YenYen△1.3

11,0000yen

1,151

Distributionper Unit

Reference: Estimated net income per unit for the next fiscal period ending March 31, 2009: 11,000 yen

Explanation concerning the Proper Use of the Forecast of Results and Other Issues to be Noted
Descriptions with regard to future issues including the forecast of operating results are based on the current information
held by the Joint Reit Investment Corporation and certain assumptions deemed reasonable.
may materially differ from the forecast for various reasons.
distributions to investors.

2

The actual operating results

The forecast is not intended to assure the amount of