NEWS RELEASE

Japan Real Estate Investment CorporationMarch 25, 2016
To whom it may concern:<Investment Corporation>
Japan Real Estate Investment Corporation
Hiroshi Nakajima, 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: +81-3-3211-7951

Notice concerning New Loan
Japan Real Estate Investment Corporation hereby announces its decision on March 25, 2016,
to procure funds as follows:

1. Reason for drawing down of loan
To allocate the funds for a part of repayment of the existing short-term loan of ¥3,700 million executedon March 31, 2015.

2. Details of the loan
(1) Start of loan period:
March 31, 2016
(2) Amount of loan:¥1,700 million (Note 1)(3) Lender, amount of loan, and principal repayment date:LenderAmount of loan

Sumitomo Mitsui Trust Bank, Limited.
(4) Interest rate:(5) Borrowing method:(6) Interest payment date:(7) Repayment of principal:(Note1)¥1,700 million

Principal repayment date(pre-payment possible)
March 31, 2017

Base rate (1-month JPY TIBOR by “JBA” (Japanese BankersAssociation ) )+ 0.04% (Note 2)
Loan based on overdraft agreement concluded with lender
Unsecured/unguaranteed loan
The end of every month until the principal repayment date (Note 3)
Payment in full on the principal repayment date(pre-payment possible)¥2,000 million out of the total repayment amount for the existing short-term loan of ¥3,700 million on
the scheduled repayment date will be paid by own funds.

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(Note2) ･ Base rate to calculate the interest to pay on an interest payment day is 1-month JPY TIBOR released by
JBA two business days before the interest payment date. (1-month JPY TIBOR by JBA on March 25, 2016
is 0.07364%)･ Please refer to JBA TIBOR administration’s website (http://www.jbatibor.or.jp/english/rate/) for more
information regarding Japanese Yen TIBOR of JBA.
(Note3)In the event that the interest payment date does not fall on a business day, the interest shall be paid on thefollowing business day. If the following business day, however, falls in the following month, the payment
shall be made on the preceding business day of the interest payment date.

3. Balance of interest-bearing debt after the new loan
(Units: millions of yen)
Before new loan
(Note 4)
Short-term loans
Current portion of long-termloansLong-term loans(except for current portion)
Total loans
Current portion of investment
corporation bonds
Investment corporation bonds(except for current portion)
Total investment corporation
bonds
Total interest-bearing debts(Note 4)After new loan

Increase/Decrease

24,70022,700－2,00044,40044,400±0276,300

276,300±0345,400

343,400－2,00000±020,000

20,000±020,00020,000±0365,400

363,400－2,000

Balance after the scheduled repayment of the existing short-term loan (¥2,000 million from Mizuho Bank,
Ltd. executed on March 31, 2015) on March 31, 2016

4. Others
Regarding loan repayment related risks, there is no important change to the “Investment risks”
description in the latest securities report submitted on December 24, 2015.

This notice is the English translation of the announcement in Japanese dated March 25, 2016.
However, no assurance or warranties are given for the completeness or accuracy of this English translation.

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