NEWS RELEASE

Japan Real Estate Investment CorporationMarch 14, 2008
To whom it may concern:
Japan Real Estate Investment Corporation
Taketo Yamazaki, Executive Director(TSE code: 8952)
Contact: (Asset Management Company)
Japan Real Estate Asset Management Co., Ltd.
Kazuhiko Arahata, CEO & President
Haruhiko Araki, General Manager, Planning Department
Phone: +81-3-3211-7921

Notice concerning New Loan
Announcement is hereby made that on March 14, 2008, Japan Real Estate Investment Corporation
will procure funds through the following loans:
1. Reason for drawing down of the loan
To apply the funds toward the purchase of real properties (MM Park Building and Musashi
Kosugi STM Building)
2. Details of loan
<Short-term loan (i)>(1) Start of the loan period:
March 24, 2008
(2) Total amount of loan:¥21,000 million(3) Lender, amount of loan, and principal repayment date:Lender

(4)
(5)

(6)
(7)

Amount of loan

Principal repayment date(pre-payment possible)
March 24, 2009
September 24, 2008
September 24, 2008
September 24, 2008
March 24, 2009
March 24, 2009

Mizuho Corporate Bank, Ltd.
¥4,500 million
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
¥4,500 millionMitsubishi UFJ Trust and Banking Corporation¥4,000 million
The Sumitomo Trust & Banking, Co., Ltd.
¥4,000 million
Shinsei Bank, Limited.
¥3,000 million
The Gunma Bank, Ltd.
¥1,000 million
Interest rate:
To be determined
Borrowing method:
Loan based on overdraft agreements to be concluded separately withrespective lenders
Unsecured/non-guaranteed loan
Interest payment date:
24th of every month until the principal repayment date
Repayment of principal:
Payment in full on the principal repayment date<Short-term loan (ii)>(1) Start of the loan period:(2) Total amount of loan:(3) Lender:(4) Interest rate:(5) Borrowing method:(6) Interest payment date:(7) Repayment of principal:(8) Principal repayment date:<Long-term loan>(1) Start of the loan period:(2) Total amount of loan:(3) Lender:(4) Interest rate:(5) Borrowing method:(6) Interest payment date:(7) Repayment of principal:(8) Principal repayment date:

March 24, 2008
¥2,000 million
Shinkin Central Bank
To be determined
Loan agreement concluded on March 14, 2008
Unsecured/non-guaranteed loan
24th of June, September and December, and the principal repayment
date
Payment in full on the principal repayment date
March 24, 2009 (pre-payment possible)

March 24, 2008
¥6,000 million
Resona Bank, Ltd.
¥3,000 million
The Hiroshima Bank, Ltd.
¥2,000 million
The Hachijuni Bank, Ltd.
¥1,000 million
To be determined
Individual loan agreements concluded on March 14, 2008 withrespective lenders
Unsecured/non-guaranteed loan
24th of March and September of every year until the principalrepayment date
Payment in full on the principal repayment date
March 24, 2010

We will inform you of the interest rates once they have been decided.
This notice is the English translation of the announcement in Japanese dated March 14, 2008 on ourwebsite. However, no assurance or warranties are given for the completeness or accuracy of thisEnglish translation.

[Reference]• Balance of interest-bearing debt after the new loan agreements (as of March 24, 2008)(Units: millions of yen)
Before new loans

After new loans

Increase/Decrease–

23,000+23,000

Current portion of long-term loans

2,000

2,000

±0Long-term loans

91,50097,500+6,000Total loans

93,500122,500+29,000

10,00010,000±045,000

45,000±055,000

55,000±0148,500

177,500+29,000

Short-term loans

Current portion of investment
corporation bonds
Investment corporation bonds(except for current portion)
Total investment corporation
bonds
Total interest-bearing debt