NEWS RELEASE

Japan Real Estate Investment Corporation

April 22, 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
Toru Kimura, General Manager, Planning Department
Phone: +81-3-3211-7921

Notice concerning New Loan and Pre-payment of Loan
Announcement is hereby made that on April 22, 2008, Japan Real Estate Investment Corporation
decided to procure funds through the following loans and make the pre-payment of the following
existing loans prior to the principal repayment date, and that regarding the new loans announced onMarch 14, 2008, the interest rate for the period on and after April 24, 2008 on the remainder ofshort-term loans based on overdraft agreements after the above pre-payment of loans was alsodecided as follows:

1. New loan
(1) Reason for drawing down of the loan
To apply the funds toward the repayment of loan mentioned in Item 2. and the partial
redemption (¥9,000 million) of the 2nd Investment corporation bond scheduled to be refunded
as of April 30, 2008 (¥10,000 million).
(2) Details of loan
1) Total amount of loan:¥13,000 million

2)

Lender:3)

Interest rate:

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Shinkin Central Bank
Mizuho Corporate Bank, Ltd.
1.42375% (fixed)

4)

Start of the loan period:

April 24, 2008

5)

Borrowing method:

6)

Interest payment date:

7)

Repayment of principal:

Loan Agreements concluded separately withrespective lenders on April 22, 2008
Unsecured/non-guaranteed loan
24th of April and October of every year until
the principal repayment date
Payment in full on the principal repayment date8)

Principal repayment date:

April 24, 2013

¥5,000 million¥5,000 million¥3,000 million

2. Pre-payment of loan
(1) Pre-payment date
April 24, 2008
(2) Amount of pre-payment ¥4,000 million(3) Details of loan to be pre-paid before the due date1) Start of the loan period: March 24, 2008
2)
3)

Total amount of loan:¥12,500 million

Lender, amount of loan, amount of pre-payment, balance after the pre-payment of loan andprincipal repayment date:
The Bank ofMitsubishi UFJ Trust
The Sumitomo Trust
LenderTokyo-Mitsubishi
and Banking& Banking Co., Ltd.
UFJ, Ltd.
Corporation
Amount of loan

¥4,500 million¥4,000 million¥4,000 million

Amount of pre-payment¥2,000 million¥1,000 million¥1,000 million

Balance¥2,500 million¥3,000 million¥3,000 million

September 24, 2008

September 24, 2008

September 24, 2008

Principal repayment date4)5)Interest rate:
Borrowing method:6)

Interest payment date:

0.9575% (From March 24, 2008 to April 23, 2008)
Loan based on overdraft agreements concluded separately withrespective lenders
Unsecured/non-guaranteed loan24th of every month until the principal repayment date

7)

Repayment of principal:

Payment in full on the principal repayment date

3. Interest rate applied to short-tem loans of ¥17,000 million based on overdraft agreements asof March 24, 2008 after the pre-payment of loan mentioned above
1) Start of the loan period: March 24, 2008
2)

Interest rate:

0.8216% (from April 24, 2008 to May 25, 2008)

3)

Lender, amount of loan and principal repayment dateAmount of loanPrincipal repayment date(pre-payment possible)

Mizuho Corporate Bank, Ltd.

¥4,500 million

March 24, 2009

Mitsubishi UFJ Trust and Banking Corporation¥3,000 million

September 24, 2008

The Sumitomo Trust & Banking Co., Ltd.

¥3,000 million

September 24, 2008

Shinsei Bank, Limited¥3,000 million

March 24, 2009

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

¥2,500 million

September 24, 2008

The Gunma Bank, Ltd.

¥1,000 million

March 24, 2009

Lender

We will inform you of the interest rates of the loans on and after May 26, 2008 once they have been
determined.

4. Balance of interest-bearing debts after the new loan and the pre-payment of the loan (as ofApril 24, 2008)(Units: millions of yen)
Before new loan/
After new
Increase/Decreasepre-payment
loan/pre-payment
Short-term loans
Current portion of long-termloansLong-term loans
Total loans
Current portion of investment
corporation bonds (Note)
Investment corporation bonds(except for current portion)
Total investment corporation
bonds
Total interest-bearing debts

23,00019,000-4,000

7,000

7,000

±0

93,500106,500+13,000

123,500

132,500+9,00010,00010,000±045,000

45,000±055,000

55,000±0178,500

187,500+9,000(Note) The 2nd Investment corporation bond (¥10,000 million) is scheduled to be refunded as ofApril 30, 2008.

This notice is the English translation of the announcement in Japanese dated April 22, 2008 on ourwebsite. However, no assurance or warranties are given for the completeness or accuracy of thisEnglish translation.