NEWS RELEASE

Japan Real Estate Investment Corporation
April 16, 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 Bond
Announcement is hereby made that Japan Real Estate Investment Corporation (the “Corporation”)
decided to issue investment corporation bonds in accordance with the Act on Book-Entry Transfer ofCompany Bonds, Shares, etc. (“Bonds Transfer Act”) at the board of directors’ meeting held on
April 16, 2010.
1. Summary of Investment Corporation Bonds(1) Name of the bonds
Japan Real Estate Investment Corporation Seventh 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
1.26% per annum(7) Denomination of each bond¥100 million(8) Subscription method
Public offering(9) Offering period
April 16, 2010

(10) Payment due date
April 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 date
April 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
April 23 and October 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.
(18) Use of the fund
Scheduled future redemptions of investment corporation bonds
2. Reason for the issuance of the bondTo maintain 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
Specific useAmounts(millions of yen)
Scheduled outlay period
Redemption of Japan Real
Estate Investment Corporation
9,941
April 2010
Third Unsecured Bond (the “ThirdBond”)
Own funds will be allocated to cover any difference between the total amount to be procured andfunds required for the redemption of the Third Bond (¥10 billion).

4. Balance of interest-bearing debt after the issuance of the bonds (Note)(as of May 1, 2010)(Units: millions of yen)
Before the issuance

After the issuance

Increase/Decrease

Short-term loans

39,00039,000±0

Current portion of long-term loans

19,00019,000±0Long-term loans

159,500

159,500±0

Total loans

217,500

217,500±010,000

0-10,000

35,00045,000+10,000

45,00045,000±0262,500

262,500±0Current portion of investment
corporation bonds
Investment corporation bonds(except for current portion)
Total investment corporation
bonds
Total interest-bearing debt(Note)Balance after the redemption of the Third Bond
5. Others
Regarding the loan repayment risk, there is no important change to the “Investment risks”
description in the latest securities report submitted on December 25, 2009.

This notice is the English translation of the April 16, 2010, announcement in Japanese on ourwebsite. However, no assurance or warranties are given for the completeness or accuracy of thisEnglish translation.