February 13, 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: Toru Kimura, General Manager, Planning Department
Phone: +81-3-3211-7921

Notice of Revision of Forecast Results for the 21st Period (March 31, 2012)
Japan Real Estate Investment Corporation (the “Company”) has revised its forecast results as shown below for
the 21st Period (October 1, 2011 through March 31, 2012), which had been announced on November 21, 2011
on the occasion of announcement of business results for the 20th Period (April 1, 2011 through September 30,2011). Please note, however, that as of today, there is no revision of the performance forecasts for the 22nd fiscal
period (April 1, 2012 to September 30, 2012) that was concurrently announced on the same date.
1. Revision of Forecast Results for the 21st Period (October 1, 2011 through March 31, 2012)
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

Previouslyannounced forecast(A)million yen
24,140

million yen
10,590

million yen
8,630

million yen
8,620

15,700

Revised forecast(B)million yen
24,040

million yen
10,740

million yen
8,770

million yen
8,830

16,000

Amount ofincrease/decrease(B−A)

million yen−100

million yen+150

million yen+140

million yen
+210

+300

Rate ofincrease/decrease−0.4+1.4+1.6+2.4+1.9(Reference period)the 20th Period(Actual)million yen
22,829million yen
10,380

million yen
8,603

million yen
8,268

15,850

%

%

%

%

yen

yen
–

units
549,040

yen

yen–

units
549,040

yen

yen
–

±0–

±0

units

%

yen%

yen–

units
489,200(Note1) The number of units outstanding is under the assumption that the 549,040 units are comprised of the current
outstanding and issued 489,200 units as of February 13, 2012, plus 54,400 units to be issued through public offeringand 5,440 units to be issued through a third-party allotment offering available as determined by resolution at theBoard of Directors meeting held on February 13, 2012. In addition, the number of issuance units by a third-party
allotment is under the assumption that all of maximum 5,440 units are issued.
(Note2) Numbers in percentages have been rounded to the nearest one tenth.
(Note3) Figures in operating revenues, operating income, ordinary income and net income for the fiscal period ending March31, 2012, have been rounded down to the nearest 10 million yen.
(Note4) The amounts under minimum units appearing in the operating revenues, operating income, ordinary income and netincome for the 20th Period (September 30, 2011) have been disregarded.
Disclaimer: This document is intended to serve as a press statement to make available the information on Forecast Results for the 21st Period(March 31, 2012) 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 and secondary offering (and its amendments, if any) and make any investment
decisions at their own risk and responsibility.

2. Reasons for the Revision
The above revisions are made on the basis of the latest performance on the existing properties. However, thefundamentals used for the revised performance forecasts have not been modified from those used for theprevious forecasts announced on November 21, 2011, when the results for the 20th fiscal period were announced,
as the related changes are insignificant.
(Note) However, the actual operating revenues, operating income, ordinary income, net income and dividend
per unit may fluctuate depending on future additional acquisitions or sales of properties and themarket environment. In addition, these forecasts do not guarantee the actual results or dividend.

This notice is the English translation of the announcement in Japanese dated February 13, 2012 on our website.
However, no assurance or warranties are given for the completeness or accuracy of this English translation.

Disclaimer: This document is intended to serve as a press statement to make available the information on Forecast Results for the 21st Period(March 31, 2012) 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 and secondary offering (and its amendments, if any) and make any investment
decisions at their own risk and responsibility.