February 21, 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 of Revision of Forecast Results for the 13th Period (March 31, 2008)
and the 14th Period (September 30, 2008)
Japan Real Estate Investment Corporation (the “Company”) has revised its forecast results as shown below for
the 13th Period (October 1, 2007 through March 31, 2008) and the 14th Period (April 1, 2008 through September 30,2008), which had been announced on November 14, 2007 on the occasion of announcement of business results forthe 12th Period (April 1, 2007 through September 30, 2007).
1. Revision of Forecast Results for the 13th Period (October 1, 2007 through March 31, 2008)
Dividend per
unit

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

Previously
announced forecast(A)million yen
25,430

million yen
13,510

million yen
12,190

million yen
12,19029,730

Revised forecast(B)million yen
25,650

million yen
14,050million yen
12,730

million yen
12,73028,750

Amount ofincrease/decrease(B−A)

million yen+220

million yen+540

million yen+540

million yen
+540

−980

Rate ofincrease/decrease

+0.9%

%
+4.0%
+4.4%
+4.4

Number of units

Dividend inoutstanding at theexcess of(Excluding
dividend in excess earnings per unit end of periodof earnings)
yen

yen
–

units
410,000

yen

yen
–

units
443,000

yen

yen
–

units
+33,000

%
−3.3%
–

+8.0

(Note) Numbers in percentages have been rounded to the nearest one tenth.
million yen
million yen
million yen
million yenyenyen(Reference period)
the 12th Period
17,530
8,739
7,586
7,585
18,500–(Actual)(Note) All amounts under minimum units appearing in the actual results for the 12th Period have been disregarded.

units
410,000

Disclaimer: This document is intended to serve as a press statement to make available the information on Revision of Forecast Results for the 13thPeriod (March 31, 2008) and the 14th Period (September 30, 2008) of Japan Real Estate Investment Corporation (the “Company”), anddoes not constitute and should not be construed as an offer to sell or solicitation of an offer to purchase any unit or other investment ofthe Company. Prospective investors are advised to read the Company's prospectus for new unit issuance (and its amendments, if any)
and make any investment decisions at their own risk and responsibility.

2. Revision of Forecast Results for the 14th Period (April 1, 2008 through September 30, 2008)
Dividend perunit

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

Previously
announced forecast(A)million yen
18,050

million yen
8,940

million yen
7,460

million yen
7,460

18,210

Revised forecast(B)million yen
19,550

million yen
9,490

million yen
8,090

million yen
8,090

18,260

Amount ofincrease/decrease(B−A)

million yen+1,500

million yen+550

million yen+630

million yen
+630

+50

Rate ofincrease/decrease

+8.3

%

%
+6.2

%
+8.4

Dividend inexcess of
earnings perunit

Number of unit
outstanding at theend of period

yen

yen
–

units
410,000

yen

yen
–

units
443,000

yen

yen
–

units
+33,000(Excluding
dividend in excessof earnings)%%+8.4%+0.3–+8.0(Note) Numbers in percentages have been rounded to the nearest one tenth.
3. Reasons for the Revision
Following a resolution adopted at the board meeting held on February 21, 2008 concerning issuance of new units
for the purpose of acquisition of new specified assets and repayment of borrowings, both forecasts for the results
for the six-month periods ending March 2008 and September 2008 have been revised. This was done taking into
account the newly planned acquisitions of four properties (two of which were of additional interests in existing
properties) that were decided after November 14, 2007, the date on which the previous forecasts for the six-month
periods ending March 2008 and September 2008 were announced. Also taken into account was the recent
performance of existing properties, among other things.
Please refer to Attachment 3 titled “Preconditions for Revision of Forecast Results for the 13th Period (March31, 2008) and the 14th Period (September 30, 2008)” for the assumptions adopted in revising the forecasts for thesix-month periods ending March 2008 and September 2008.
However, the actual operating revenues, operating income, ordinary income, net income and dividend per unit
may fluctuate depending on future additional acquisitions or sales of properties and the market environment. In
addition, these forecasts do not guarantee the actual results or dividend.
<Reference> The comparative table of the revised forecast results for each period is as shown below:

Forecast Results forthe 13th Period(March 31, 2008)
Forecast Results forthe 14th Period(September 30, 2008)

Dividend perunit

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

million yen
25,650

million yen
14,050

million yen
12,730

million yen12,730

28,750

million yen
19,550

million yen
9,490

million yen
8,090

million yen
8,090

18,260

Dividend inexcess ofearnings perunit

Number of unit
outstanding at theend of period

yen

yen
–

units
443,000

yen

yen
–

units
443,000(Excluding
dividend inexcess of earnings)

Please refer to Attachments 1 and 2 for the details of revision forecasts of performance for the both six-month
periods and the comparisons between the original forecast and the revised forecast.
This notice is the English translation of the announcement in Japanese dated February 21, 2008 on our website.
However, no assurance or warranties are given for the completeness or accuracy of this English translation.
Disclaimer: This document is intended to serve as a press statement to make available the information on Revision of Forecast Results for the 13thPeriod (March 31, 2008) and the 14th Period (September 30, 2008) of Japan Real Estate Investment Corporation (the “Company”), anddoes not constitute and should not be construed as an offer to sell or solicitation of an offer to purchase any unit or other investment ofthe Company. Prospective investors are advised to read the Company's prospectus for new unit issuance (and its amendments, if any)
and make any investment decisions at their own risk and responsibility.

Performane Forecast (Revised Forecast)[Attachment 1](Unit: Millions of Yen (excluding other units indicated) )Fiscal Period

Actual/Forecast
Number of Properties at the End of Period
Operating Revenues

12 Period

13th Period

14th Period(Ended September 2007)(Ending Marh 2008)(Ending September 2008)

Actual→ Change →50 buildings

Revised Forecast→ Change →53 buildings

Revised Forecast

53 buildings

17,530+8,11925,650−6,10019,55017,132+617

17,750+1,80019,550397−397--+7,900

7,900−7,900-8,791+2,808

11,600−1,54010,060Property-related Expenses(excluding Depreciation)

5,059

+660

5,720

+40

5,760

Depreciation

2,835

+234

3,070

+430

3,500

Adminstrative Expenses

896+1,9132,810−2,020790(Asset Management Fees (*1))(661)(+1,828)(2,490)(−1,980)(510)

NOI(*2)

12,073−43

12,030+1,76013,790Property-related Profits and Losses (*2)

9,237

−277

8,960

+1,32010,280Gross Operating Income

9,635+7,224

16,860−6,58010,280Operating Income

8,739+5,31014,050−4,5609,490

Non-operating Profits or Losses−1,152−157−1,310−80−1,390(Interest Expense)(−1,109)(−110)(−1,220)(−160)(−1,380)

Ordinary Income

7,586+5,143

12,730−4,6408,090

Net Income

7,585+5,144

12,730−4,640

8,090

Units Outstanding

410,000 units+33,000 units

443,000 units

Dividend per Unit

¥18,500+¥10,250¥28,750

Property-related Revenues
Gain on Transfer of Properties
Dividends Earned
Operating Expenses-443,000 units−¥10,490¥18,260*1 Term fee and Incentive fee*2 Excluding Gain on transfer of properties and Dividends earned

Disclaimer: This document is intended to serve as a press statement to make available the information on Revision of Forecast Results for the 13thPeriod (March 31, 2008) and the 14th Period (September 30, 2008) of Japan Real Estate Investment Corporation (the “Company”), anddoes not constitute and should not be construed as an offer to sell or solicitation of an offer to purchase any unit or other investment ofthe Company. Prospective investors are advised to read the Company's prospectus for new unit issuance (and its amendments, if any)
and make any investment decisions at their own risk and responsibility.

Performance Forecasts(Comparison of Original Forecast and Revised Forecast)[Attachment 2](Original Forecast: Announced on November 14, 2007)(Unit: Millions of Yen (excluding other units indicated) )Fiscal Period

13th Period

13th Period

14th Period

14th PeriodEnding March 2008

(Ending Marh 2008)

Ending September 2008

(Ending September 2008)

Revised Forecast

Orignial Forecast

53 buildings

51 buildings

Original Forecast/Revisied Forecast Orignial Forecast → Change→
Number of Properties at the End of Period 51 buildings
Operating Revenues→ Change→

Revised Forecast

53 buildings

25,430+220

25,65018,050+1,50019,550Property-related Revenues

17,630+120

17,75018,050+1,50019,550

Dividends Earned

7,800

+100

7,900

-

11,920−320

11,600

9,110

+950

10,060Property-related Expenses(excluding Depreciation)

6,070

−350

5,720

5,260

+500

5,760

Depreciation

3,000

+70

3,070

3,090

+410

3,500

Adminstrative Expenses

2,830

−20

2,810

750

+40

790

(Asset Management Fees (*1))(2,530)(−40)(2,490)

(480)

(+30)

(510)

NOI(*2)

11,560+470

12,03012,790+1,00013,790

Property-related Profits and Losses (*2)

8,550+410

8,960

9,690+590

10,280Gross Operating Income

16,350+510

16,8609,690+590

10,280Operating Income

13,510+540

14,050

8,940

+550

9,490

Non-operating Profits or Losses−1,320+10−1,310−1,470+80−1,390(Interest Expense)(−1,300)(+80)(−1,220)(−1,460)(+80)(−1,380)

Ordinary Income

12,190+540

12,7307,460+630

8,090

Net Income

12,190+540

12,7307,460+630

8,090

Operating Expenses

Units OutstandingDividend per Unit

410,000 units +33,000 units 443,000 units¥29,730−¥980¥28,750-410,000 units +33,000 units 443,000 units¥18,210+¥50¥18,260*1 Term fee and Incentive fee*2 Excluding Dividends earned

Disclaimer: This document is intended to serve as a press statement to make available the information on Revision of Forecast Results for the 13thPeriod (March 31, 2008) and the 14th Period (September 30, 2008) of Japan Real Estate Investment Corporation (the “Company”), anddoes not constitute and should not be construed as an offer to sell or solicitation of an offer to purchase any unit or other investment ofthe Company. Prospective investors are advised to read the Company's prospectus for new unit issuance (and its amendments, if any)
and make any investment decisions at their own risk and responsibility.

[Attachment 3]

Preconditions for Revision of Forecast Results for the 13th Period (March 31, 2008)
and the 14th Period (September 30, 2008)
Computation period

The 13th Period: October 1, 2007 through March 31, 2008 (183 days)
The 14th Period: April 1, 2008 through September 30, 2008 (183 days)

Number ofproperties held bythe Company

The Company set the precondition that the Company’s holding of 51 properties as of February
21, 2008 plus the additional shares in NHK Hiroshima Broadcasting Center Building to beacquired on March 3, 2008, and in Hachioji First Square to be acquired on March 19, 2008, andthe scheduled acquisitions of MM Park Building on March 24, 2008 and of Musashi Kosugi
STM Building on March 25, 2008 would remain during the period (a total of 53 properties).
However, the actual number will vary depending on additional acquisitions or sales of properties.

Operating revenues• Revenue from properties held by the Company is calculated by taking the finalized newcontract conclusions and cancellations as of today into consideration, as well as potentialvariables, such as revenue that is at risk of decreasing due to returned spaces. Revenue fromproperties to be newly acquired is calculated based on information such as the lease agreements
as of the scheduled acquisition date of the respective properties.
• In the 13th Period, the Company expects to record approximately ¥7.9 billion in revenue ofdividend income in connection with the preferred capital contribution to Harumi Front Special
Purpose Company.

Operating expenses• Expenses arising from properties owned by the Company are calculated based on past actual
data, taking variables into account. Expenses arising from the properties to be newly acquired
are calculated based on data provided by the present owners of the properties, taking variables
into consideration.
• Property taxes, city planning taxes and depreciable property taxes levied on properties held by
the Company will be booked in the property-related expenses in proportion to the duration ofeach computation period. However, when an adjustment amount of property taxes, etc. arises
between the Company and a transferor in the acquisition of new property in a calendar year
covering the relevant computation period, such adjustment amount of property taxes, etc. will
not be expensed in the relevant computation period and booked at acquisition cost of such newproperty.

Interest-bearing debt
ratio(=Interest-bearingdebt/Total assets)

The Company assumes an operational guideline of interest-bearing debt ratio over total assets to
be in the 30% range. When the Company acquires all properties scheduled for acquisition listed
under the section “Number of properties held by the Company” during the 13th Period by way ofincurring interest-bearing debts, the ratio would normally rise above 40%.
However, the Company intends to use the approximately ¥37,600 million to be raised throughthe issuance of 33,000 units, as determined by resolution at the board meeting held on February
21, 2008, to repay a portion of the existing borrowings and for the scheduled purchase ofadditional properties. As a result, the interest-bearing debt ratio (=interest-bearing debt/totalassets) as of March 31, 2008 is expected to be around the mid-30% level.
However, the above interest-bearing debt ratio may vary depending on the final issue price ofunits to be issued by the Company.

Number of units
outstanding

The Company assumes that the number of units outstanding would be 443,000 units, which arecomprised of the current outstanding and issued 410,000 units as of February 21, 2008, plus
33,000 units to be issued as determined by resolution at the board meeting held on February 21,
2008.

Amount of dividend

The Company assumes that it will not make a dividend in excess of earnings. Accordingly, theenvisaged dividend policy is to make cash dividends to the extent of accounting profits or at least
the amount equivalent to 90% of the taxable income, pursuant to the provisions stipulated in theArticles of Incorporation.

Disclaimer: This document is intended to serve as a press statement to make available the information on Revision of Forecast Results for the 13thPeriod (March 31, 2008) and the 14th Period (September 30, 2008) of Japan Real Estate Investment Corporation (the “Company”), anddoes not constitute and should not be construed as an offer to sell or solicitation of an offer to purchase any unit or other investment ofthe Company. Prospective investors are advised to read the Company's prospectus for new unit issuance (and its amendments, if any)
and make any investment decisions at their own risk and responsibility.