NEWS RELEASE

Japan Real Estate Investment CorporationOctober 12, 2012

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, General Manager, Planning Department
Phone: +81-3-3211-7921

Notice of Revision of Forecast Results for the 23rd Period (March 31, 2013)
and Forecast Results for the 24th Period (September 30, 2013)
Japan Real Estate Investment Corporation (the “Company”) revised its forecast results as shown below for the 23rdPeriod (October 1, 2012 through March 31, 2013), which was announced on May 17, 2012 during the notification ofbusiness results for the 21st Period (October 1, 2011 through March 31, 2012), and also announced its forecast results asshown below for the 24th Period (April 1, 2013 through September 30, 2013).
Please note, however, that no revision of the forecast results for the 22nd fiscal period (April 1, 2012 to September 30,2012) was made on that same date.

1. Revision of Forecast Results for the 23rd Period (October 1, 2012 through March 31, 2013)
Dividend perunit

Number of units
Dividend inoutstanding at theexcess of(Excluding
end of period
dividend in excess earnings per unit
(Note 1)of earnings)

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

Previously
announced forecast(A)million yen
24,370

million yen
10,240

million yen
8,330

million yen
8,310

15,140

Revised forecast(B)million yen
25,250

million yen
10,540

million yen
8,610

million yen
8,730

15,140

Amount ofincrease/decrease(B−A)

million yen
880

million yen
300

million yen
280

million yen
4200Rate ofincrease/decrease

3.6%%
2.9%
3.4%
5.1

yen

yen–

units
549,040

yen

yen–

units
594,140

yenyen–units
45,100%0%–8.2(Note) Dividends per unit in the revised forecast results are computed based on the premise of reversal of internal reserves amounting to393 million yen. For details of the internal reserves, please refer to Attachment 1, titled “Assumptions for Revision of Forecast
Results for the 23rd Period (March 31, 2013) and Forecast Results for the 24th Period (September 30, 2013).”Disclaimer: This document is intended to serve as a press statement to make available the information on Revision of Forecast Results for the23rd Period (March 31,2013) and Forecast Results for the 24th Period (September 30, 2013) of Japan Real Estate Investment Corporation(the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer to purchase any unit
or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit issuance andsecondary offering (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

2. Reasons for the Revision

Following a resolution adopted at the board meeting held on October 12, 2012 concerning issuance of new units for thepurpose of acquisition of new specified assets (please refer to the October 12, 2012, News Release, “Announcement ofIssuance of New Units and Secondary Offering of Units ” ) and the acquisition of “Harumi Front” and “Higashi Nibancho
Square” as the new specified assets (please refer to the October 12, 2012, News Release, “Notice on Acqusition ofDomestic Real Estate ” ), the forecast results for the six-month periods ending March 2013 (the 23rd Period) announced
on May 17, 2012 on “Announcement of Twentyfirst Fiscal Period Results” have been revised according to the fluctuationof preconditions used as the basis of its computation.

3. Forecast Results for the 24th Period (September 30, 2013)

Forecast Results forthe 24th Period(September 30, 2013)

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

million yen
26,050

million yen
10,920

million yen
9,070

million yen
9,060

Dividend perunit

Number of units
Dividend inoutstanding atexcess of(Excluding
the end of period
dividend in excess earnings per unit
(Note1)of earnings)
yen15,250

yen–units594,140(Note1) The number of units outstanding is under the assumption that the 594,140 units are comprised of the current outstanding and issued
549,040 units as of October 12, 2012, plus 41,000 units to be issued through public offering and 4,100 units to be issued through athird-party allotment offering available as determined by resolution at the Board of Directors meeting held on October 12, 2012. Inaddition, the number of issuance units by a third-party allotment is under the assumption that all of maximum 4,100 units are issued.
(Note2) The above forecast figures are computed as of October 12, 2012, under the assumption described in Attachment 1, titled “Assumptionsfor Revision of Forecast Results for the 23rd Period (March 31, 2013) and Forecast Results for the 24th Period (September 30, 2013)”.
However, the actual operating revenues, operating income, ordinary income, net income and dividend per unit may fluctuate
depending on future acquisitions or sales of properties and the market environment. In addition, these forecasts do not guarantee theactual results or dividend.
(Note3) Figures in operating revenues, operating income, ordinary income and net income have been rounded down to the nearest 10 millionyen.

Please refer to Attachment 2 for the details of the forecasts for the each period.

Disclaimer: This document is intended to serve as a press statement to make available the information on Revision of Forecast Results for the23rd Period (March 31,2013) and Forecast Results for the 24th Period (September 30, 2013) of Japan Real Estate Investment Corporation(the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer to purchase any unit
or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit issuance andsecondary offering (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

[Attachment 1]

Assumptions for Revision of Forecast Results for the 23rd Period (March 31, 2013)
and Forecast Results for the 24th Period (September 30, 2013)
Computation period

The 23rd Period: October 1, 2012 through March 31, 2013 (182 days)
The 24th Period: April 1, 2013 through September 30, 2013 (183 days)

Number ofproperties held bythe Company• The Company assumes its holding as of October 12, 2012 to be 58 properties, plus the scheduledacquisitions of Harumi Front and Higashi Nibancho Square on January 7, 2013 (Scheduled)would remain during the period (a total of 60 properties).
However, the actual number will vary depending on additional acquisitions or sales of properties.
• The Company, as of October 12, 2012, does not have any of the forward commitments describedin the “Guideline for Financial Instruments Business Supervision”.

Number of units
outstanding• The number of units outstanding is under the assumption that the 594,140 units are comprised of
the current outstanding and issued 549,040 units as of October 12, 2012, plus 41,000 units to
be issued through public offering and 4,100 units to be issued through a third-party allotment
offering available as determined by resolution at the board meeting held on October 12, 2012.
• In addition, the number of issuance units by a third-party allotment is under the assumption that
all of maximum 4,100 units are issued.

Interest-bearing debt

Operating revenues• The Company assumes an operational guideline of interest-bearing debt ratio over total assets tobe in the 30% to 40% range.
• The Company assumes that it will appropriate ¥15.5 billion to repay a portion of its existingloans and use the remainder for part of a fund for the scheduled acquisition of new specified
assets out of the proceeds raised through the issuance of new units through public offerings asdetermined by resolution at the board of directors’ meeting held on October 12, 2012.
In addition, the Company intends to use the full amount of the proceeds from the issuance of
new units by third-party allotment as determined by resolution at the board of directors’ meeting, for a part of the fund to be used for the acquisition of new specified assets, and parts of theacquisition fund for new specified assets that are insufficient will be newly procured from thelong-term loan or the short-term loan. As a result, the interest-bearing debt amount is expected to
be around ¥312.2 billion. However, the above interest-bearing debt amount may vary dependingon the final number of units to be issued and the issue price of units to be issued, etc.
• In the 23rd Period (March 31, 2013), the short-term loan balance of ¥13.5 billion (Repayment
date: November 1, 2012, February 1, 2013, March 1, 2013, March 4, 2013 and March 26, 2013)
and the long-term loan balance of ¥ 49 billion (Repayment date: October 29, 2012, December 20,2012, December 21, 2012, January 15, 2013 and March 25, 2013) are assumed to be refinanced,excluding the repayment of a portion of those loans by proceeds from the issuance of new units
by above mentioned public offering. There are no investment corporate bonds to mature in
the 23rd Period (March 31, 2013).
• In the 24th Period (September 30, 2013), the long-term loan balance of ¥ 21 billion (Repayment
date: April 24, 2013 and September 2, 2013) are assumed to be refinanced. There are no
investment corporate bonds to mature in the 24th Period (September 30, 2013).
• Revenues from properties held by the Company are calculated by taking the finalized newcontract conclusions and cancellations as of October 12, 2012 into consideration, as well as
potential variables, rent reductions to levels that assume the recent market rent trends for office spaceand revenue that is at risk of decreasing due to returned space. Revenues from the property to be
newly acquired (the acquisition of Harumi Front and Higashi Nibancho Square) are calculated
based on information that is projected as of October 12, 2012 such as the lease agreements on orafter the scheduled acquisition date of the property.

Disclaimer: This document is intended to serve as a press statement to make available the information on Revision of Forecast Results for the23rd Period (March 31,2013) and Forecast Results for the 24th Period (September 30, 2013) of Japan Real Estate Investment Corporation(the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer to purchase any unit
or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit issuance andsecondary offering (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

Operating expenses

Non-operating expenses

Amount of dividend• Property taxes, city planning taxes and depreciable property taxes levied on properties held by
the Company will be booked in the property-related expenses in proportion to the duration ofeach computation period. However, when an adjustment amount of property taxes, etc.
(so-called “amount equivalent to fixed asset tax”) arises between the Company and a transferor
in the acquisition of new property in a calendar year covering the relevant computation period,
such adjustment amount of property taxes, etc. will not be expensed in the relevant computation
period and booked at acquisition cost of such new property. Property taxes, city planning taxes
and depreciable property taxes levied on Higashi Nibancho Square are ¥83 million for 2012 andproperty taxes, city planning taxes and depreciable property taxes levied on Harumi Front are
estimated at ¥211 million for 2013.
• Property and Other Taxes have been estimated at ¥2,300 million for the 23rd Period (March31, 2013) and at ¥2,350 million for the 24th Period (September 30, 2013).
• Depreciation has been estimated at ¥5,230 million for the 23rd Period (March 31, 2013) andat ¥5,460 million for the 24th Period (September 30, 2013).
• Repairing Expenses may, however, differ significantly from estimated amounts because there
is significant difference between fiscal periods and it is no regular expense, etc.
• Non-operating expenses (Interest Expense and Interest Expense on Investment CorporationBonds, etc.) has been estimated at ¥1,940 million for the 23rd Period (March 31, 2013) and at¥1,870 million for the 24th Period (September 30, 2013).
• The Company assumes that it will not make a dividend in excess of earnings. Accordingly, theenvisaged dividend policy is to make cash dividends to the extent of accounting profits or atleast the amount equivalent to 90% of the taxable income, pursuant to the provisions stipulated
in the Articles of Incorporation.
• Dividend for the 23rd Period (March 31, 2013) is computed based on the premise of reversalof internal reserves(*) amounting to 393 million yen.
If the Company pays out dividends by reversing the reserve for reduction entry, deferred
tax liability will also decrease in line, and this will be a factor for the net income to increase(income taxes deferred) in the amount of the reduction.
• Dividends for the 24th Period (September 30, 2013) are based on the premise that there will be
no reversal of internal reserves.
* Internal reserves refers to the remaining balance after a partial reversal for the dividend payout

for the 22nd Period (September 30, 2012) out of the total of 909 million yen consisting of theamount portioned to internal reserves from the gain on the sale of the Takanawadai Building asof April 1, 2011 under the application of the Special Provisions for Taxation in the case ofAdvanced Acquisition of Land, etc. in 2009 and 2010 (total of 878 million yen which consistsof reserve for reduction entry and associated income taxes deferred) and retained earnings of 30
million yen.

Other

• Forecasts are based on the assumption that there will be no amendments to the law, taxation
system, accounting standards, listing rules or regulations of the Investment Trust Association,
Japan, which affect aforementioned forecast figures.
• Forecasts are based on the assumption that there will be no unexpected significant change in
general economic trends and real estate market trends and other conditions.
• Taxes such as income taxes are computed in consideration of the above mentioned deferredincome taxes, and taxes such as income taxes levied on amortized term leasehold interest ofbuildings with a term leasehold interest and asset retirement obligations.

Disclaimer: This document is intended to serve as a press statement to make available the information on Revision of Forecast Results for the23rd Period (March 31,2013) and Forecast Results for the 24th Period (September 30, 2013) of Japan Real Estate Investment Corporation(the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer to purchase any unitor other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit issuance andsecondary offering (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

[Attachment 2]

Forecast Results(In millions of yen [excluding items where the unit is specified])Fiscal Period

Previous Forecast/(Revised) Forecast

Number of Properties at the End of Period
Number of Days

23rd Period

23rd Period

24th Period(EndingMarch 31, 2013)(Ending
March 31, 2013)(EndingSeptember 30, 2013)

Previous Forecast→ Change →Revised Forecast→ Change →Forecast

58buildings

60buildings

60buildings

182days

182days183days

Operating Revenues

24,370+880

25,250+800

26,050Operating Expenses

14,120+580

14,700+420

15,120Property-related Expenses(excluding Depreciation)

8,260

+290

8,550+180

8,730

Depreciation

4,940

+280

5,220+240

5,460

910

+10920+10930(570)+10(580)+30(610)

NOI

16,100+590

16,690+620

17,310Property-related Profits and Losses

11,160+300

11,460+390

11,850Gross Operating Income

11,160+300

11,460+390

11,850Operating Income

10,240+300

10,540+380

10,920Non-Operating Profits or Losses

ᇞ1,910ᇞ20

ᇞ1,930+90

ᇞ1,840(Interest Expense)(ᇞ1,880)+40(ᇞ1,840)+10(ᇞ1,830)

Ordinary Income

8,330+280

8,610+460

9,070

Net Income

8,310+420

8,730+330

9,060

549,040 units+45,100

594,140 units-594,140 units

Distribution Amount (*2)

8,310+680

8,990

+70

9,060

Dividend per Unit (*2)

¥15,140-¥15,140+110¥15,250

Adminstrative Expenses(Asset management Fees (*1))

Units Outstanding*1 Term fee and Incentive fee*2 Dividend per unit in the revised forecast for the 23rd Period is based on the premise of reversal of internal reserves amounting to 393 million yen.
*3 Figures above have been rounded down to the nearest 10 million yen [excluding items where the unit is specified].

Disclaimer: This document is intended to serve as a press statement to make available the information on Revision of Forecast Results for the23rd Period (March 31,2013) and Forecast Results for the 24th Period (September 30, 2013) of Japan Real Estate Investment Corporation(the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer to purchase any unit
or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit issuance andsecondary offering (and its amendments, if any) and make any investment decisions at their own risk and responsibility.