NEWS RELEASE

Japan Real Estate Investment Corporation
July 14, 2010

To whom it may concern:<Investment Corporation>
Japan Real Estate Investment Corporation
Taketo Yamazaki, 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 concerning Issuance of Investment Corporation Bonds
Announcement is hereby made that Japan Real Estate Investment Corporation decided to issue
investment corporation bonds in accordance with the Act on Book-Entry Transfer of Company Bonds,Shares, etc. (“Bonds Transfer Act”), based on the comprehensive resolution adopted at the board ofdirectors’ meeting held on July 7, 2010, as follows:
1. Summary of Investment Corporation Bonds(1) Name of the bonds
Japan Real Estate Investment Corporation Eighth Unsecured Bond
(No finance-related special covenants, such as negative pledge)(2) Total amount of the bond issue¥10 billion(3) Form of bond certificate
The Bonds Transfer Act is applicable to the bonds, thus investment corporation bondcertificates will not be issued.
(4) Payment amount¥100 per face value of ¥100
(5) Redemption price¥100 per face value of ¥100
(6) Yield on the bonds
1.05% per annum(7) Denomination of each bond¥100 million(8) Subscription method
Public offering(9) Offering period
July 14, 2010

(10) Payment due dateJuly 23, 2010(11) Collateral
There is no secured mortgage or guarantee on the bonds. There are no assets reserved assecurity for the bonds.
(12) Redemption method and date(1) Final redemption dateJuly 23, 2015
(2) Redemption by purchase may be accomplished anytime from the date following the payment
date unless otherwise specified by Japan Securities Depository Center, Inc.
(13) Interest payment dates
January 23 and July 23 of every year(14) Finance-related special covenants
No finance-related special covenants are attached to the bonds.
(15) Ratings
AA-: Standard & Poor’s Ratings Services
A1: Moody’s Investors Service, Inc.
AA: Rating and Investment Information, Inc.
(16) Fiscal agent/Issuing and payment agent
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
(17) UnderwriterMizuho Securities Co., Ltd.
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
(18)Use of the fundRepayment of the existing loans
2. Reason for the issuance of the bondTo rise the ratio of long-term debt and investment corporation bonds to total interest-bearing
debt though the issuance of the bonds
3. Total amount to be procured, specific use of proceeds and scheduled outlay period(1) Total amount to be procured (approximate net balance)¥9,941,000,000(2)Specific use of proceeds and scheduled outlay period
To apply the funds toward the pre-payment of the short-term loans (¥ 10 billion) on July 26, 2010
*Own funds will be allocated to cover any difference between the total amount to be procured and funds
required for the repayment of the short-term loans (¥ 10 billion).

4. Balance of interest-bearing debt after the issuance of the bonds (as of July 26, 2010) (Note)(Units: millions of yen)
Before the issuance

After the issuance

Increase/Decrease

Short-term loans

39,00029,000-10,000

Current portion of long-term loans

59,10059,100±0Long-term loans

119,400

119,400±0

Total loans

217,500

207,500-10,000

Current portion of investment
corporation bonds
Investment corporation bonds(except for current portion)
Total investment corporation
bonds

00±0

45,00055,000+10,000

45,00055,000+10,000

Total interest-bearing debt

262,500

262,500±0(Note)Balance after the repayment of the above- mentioned short-term loans under 3.
5. Others
Regarding the loan repayment risk, there is no important change to the “Investment risks”
description in the latest securities report submitted on June 25, 2010.

This notice is the English translation of the July 14, 2010, announcement in Japanese on our website.
However, no assurance or warranties are given for the completeness or accuracy of this English
translation.