May 16, 2013

JAPAN REAL ESTATE INVESTMENT CORPORATIONANNOUNCEMENT OF TWENTYTHIRD FISCAL PERIOD RESULTS
1. Summary of Financial Results
In the 23rd fiscal period (six months ended March 31, 2013), Japan Real Estate Investment Corporation(“JRE”) recorded operating revenues totaling 25,357 million yen, up 4.7% compared with the previous
period. On the earnings front, operating income increased 4.1% to 10,631 million yen. After deducting
expenses for interest payments on loans and other costs, ordinary income rose 4.5% to 8,749 million yen
and net income grew 4.5% to 8,824 million yen.
Turning to dividends, JRE applies Article 67-15 of the Special Taxation Measures Law of Japan.
With the aim of maintaining a stable cash dividend level, JRE augmented retained earnings for the period
under review by allocating a 170,569,366 yen reversal from a portion of reserve for reduction entry
accumulated in accordance with the “Special Provisions for Taxation in the case of Advance Acquisition ofland, etc. in 2009 and 2010” under Article 66-2 of said law. Therefore, the total amount of dividends that
JRE has determined to pay out is 8,995,279,600 yen for the period under review, which must be divisible
by 594,140—the number of units outstanding as of March, 2013. Accordingly, the per-unit cash dividend
totaled 15,140 yen.
2. Results of Operations(1) Property Management and Acquisition
During the period under review, in the Japanese economy, due to the large-scale quantitative easing
measures enacted after the changeover of power in the Japanese government, there have been rapidchanges, including a correction in the overvaluation of the yen, a lowering of interest rates and anincrease in capital flowing toward stocks and other risky investments. Thus, although economic
conditions remained severe in the beginning of the fiscal period under review, primarily due to theslowdown of the global economy, there were growing expectations for recovery as, toward the end of
the period, consumer spending picked up and signs of improved corporate earnings began to emerge.
In the market for leased office space, occupancy rates in Tokyo have continued to rebound due
to a decrease in the supply of new buildings. However, overall rent levels remained on a gradual
downward trend amid high vacancy rates, even as advertised rent levels for some highly competitive
buildings appeared to rebound. In regional business areas, although there were signs that occupancy
rates as a whole were gradually improving, high vacancy rates coupled with low rent levels prevailed
amid stagnant demand for office space.
In the property market, potential sellers were encouraged to hold on to their properties in lightof a bottoming out of market conditions for leased office space, gradually increasing expectations of acontraction in real estate risk premiums and an accommodative fund-raising environment. Amid thisenvironment, buying was aggressive from the beginning of the year, with REITs successively listingon stock markets and raising capital thanks to a recovery in investment unit prices while stepping up
their property acquisitions, especially of properties held by their sponsor companies.
Reflecting the circumstances, JRE strived to improve occupancy rates by aggressively
promoting leasing activities that take into account market trends. As a result of these activities, JRE’s
occupancy rate edged up from 95.5% as of September 30, 2012 to 96.7% as of March 31, 2013.
However, rent levels continued to feel downward pressure and property-related revenues, excluding1

those from newly operating properties, declined further compared with the previous period due tosuch factors as high tenant turnover.
At the same time, JRE strives to further strengthen its portfolio through external growth and toraise minimum revenues and earnings, and so in the period under review, JRE acquired Harumi Front(Chuo-ku, Tokyo) on January 7, 2013 and Higashi Nibancho Square (Sendai City) for 31,300 million
yen and 9,950 million yen respectively. JRE also made an additional acquisition of a portion ofHarmony Tower (Nakano-ku, Tokyo) for 520 million yen.
As a result of the above, JRE’s portfolio at the end of the fiscal period under review, March 31,
2013, consisted of 60 office buildings with a total acquisition price of 782,433 million yen. Total
leasable space stood at 700,759 m2, with a total of 1,131 tenants.
(2) Finance Activities
To fund the repayment of existing loans, JRE procured short-term loans totaling 5,000 million yen on
January 15, 2013; as well as long-term loans amounting to 2,000 million yen on October 29, 2012;
1,000 million yen on December 20, 2012; 10,000 million yen on December 21, 2012; 23,000 million
yen on January 15, 2013; and 7,000 million yen on March 25, 2013.
Moreover, JRE procured 9,000 million yen in long-term loans and 13,000 million yen in
short-term loans on January 7, 2013 to partially fund the acquisition of Harumi Front.
At the same time, JRE decided to issue 41,000 new investment units through public offeringand 4,100 new investment units through third-party allocation during the period under review.
Through these new unit issuances, JRE procured 29,678 million yen on October 29, 2012 and 2,967
million on November 28, 2012, respectively. Using these funds, JRE made scheduled repayments ofshort-term loans of 1,000 million yen on November 1, 2012 as well as repayments prior to maturity ofshort-term loans and long-term loans with variable interest rates in the amounts of 12,500 million yen
and 2,000 million yen, respectively, while allocating a portion of funds to acquisition capital for thepurchase of specified assets.
Moreover, JRE made scheduled payments of long-term loans in the amount of 1,000 million
yen on March 25, 2013.
As a result of these financing activities, as of March 31, 2013, JRE’s total interest-bearing debt
amounted to 311,200 million yen. This amount consists of long-term loans totaling 248,200 million
yen (including a current portion totaling 34,100 million yen), short-term loans totaling 18,000 million
yen, and investment corporation bonds totaling 45,000 million yen.
As of March 31, 2013, JRE’s long-term, fixed-interest debt ratio (ratio of long-term,
fixed-interest debt (including the current portion of long-term loans) to total interest-bearing debt)
stood at 94.2%, and the LTV ratio (ratio of interest-bearing debt to total assets) was 40.6%. As thesefigures indicate, JRE has been able to maintain a sound and conservative financial standing.
JRE’s credit ratings as of March 31, 2013 were as follows:
Rating Agency
Credit Rating
Long-term: A+; Short-term: A-1;
Standard & Poor’s Ratings Japan K.K.
Outlook: Stable
Moody’s Japan K.K.
Rating: A1; Outlook: Negative
Rating and Investment Information, Inc.
Rating: AA; Outlook: Stable2

3. Outlook(1) Operating Environment
Forecasts call for the Japanese economy to recover, buoyed mainly by rising exports thanks to thecorrection of the yen’s appreciation along with a turnaround in consumption as the effects ofeconomic policies, starting with monetary policy, take hold and begin to pull the nation out of
deflation. Despite skepticism and wariness regarding the policies—as well as such risk factors as theglobal economic slowdown and international tensions—individuals and corporations have regained
confidence, and Japan is expected to head toward real recovery.
In the market for leased office space, vacancy rates are projected to continue to show moderate
improvement. Having almost bottomed out, market rent levels are set to begin rising, led by highly
competitive properties. The improvement is attributable to the increased affordability for tenants
facilitated by lower rents due to price adjustments made to date as well as a decrease in the supply of
new buildings and vacancy rates.
Regarding property markets, JRE believes that the difficulties encountered in prime property
acquisition will continue to increase due to a fund-raising environment that remains accommodative
along with a strong sense that property prices will rise. In order to continue steadily acquiring prime
properties, JRE considers it important to maintain a framework that allows it to undertake theacquisition of properties based on agile and accurate decision making. This approach is achieved byconducting detailed analyses of leasing markets while acquiring sales information through a variety ofproperty information channels.
a. Property Management
As stated above, conditions in the market for leased office space include the fall in overall market
rent levels having almost but not yet completely bottomed out with some building owners looking
to raise rent levels while others continue to feel pressure to keep levels low. In line with these
expectations, JRE will adhere to the following management policies in order to keep improving
profitability.
(i) Strengthen relationships of trust with existing tenants
As of March 31, 2013, JRE had contracts with 11 property management companies. Mostof these companies were already handling the management of their buildings before JRE
acquired them and had thus built relationships of trust with their tenants. JRE will work tofurther strengthen these relationships by anticipating tenants’ needs and providing tailoredservices to increase tenant satisfaction, thereby maintaining occupancy rates anddisincentivizing rent reduction requests.
(ii) Fill vacancies promptly
In cooperation with the property management companies mentioned above, JRE will
actively seek the most appropriate tenants for each property, based on location andfeatures, in order to fill current and anticipated vacancies as rapidly as possible.
Furthermore, JRE will work to uncover additional needs for floor space among existing
tenants.
(iii) Stabilize revenues and earnings
With the aim of stabilizing revenues and earnings, JRE will endeavor to secure fixed- andlong-term leasing agreements with its large-scale tenants.
(iv) Reduce management costs
JRE has introduced sound competitive principles for its multiple property managementcompanies to follow and is revamping their management systems and cost structures on
an ongoing basis.

3

b. Property Acquisitions and Sales
JRE has adopted the following policies for acquiring properties.
(i) To access information quickly, JRE continues to enhance its property information
channels while working to develop new channels.
(ii) In its acquisition activities, JRE continues to meticulously monitor and examine economic,
physical and legal factors, including rights-related issues, when selecting properties. In
particular, with regard to the structure of buildings, JRE requires buildings to meet or
exceed new earthquake-resistance standards, making appropriate renovations based onengineering reports, and exclusively targets properties capable of maintaining acompetitive edge in terms of the facilities they offer over the medium to long term.
(iii) In accordance with its acquisition policies, JRE shall maintain its portfolio so that 70% ormore of the portfolio properties are located within the Tokyo metropolitan area, with theremaining 30% or fewer located in other major cities.
Under these policies, JRE will continue to acquire highly competitive properties. At the same time,in order to further enhance the quality of its portfolio, JRE will remain open to the replacement of
portfolio properties with due consideration given to timing.
c. Financial Strategy
In principle, JRE shall maintain an LTV ratio that does not exceed 65%. To ensure an even lower
interest-bearing debt ratio, JRE adopts the conservative target level of 30% to 40%. As for thefinancing of property acquisitions, JRE shall use, in a flexible manner, a variety of funding
schemes—including the issue of investment corporation bonds—while maintaining a sound andconservative financial standing and closely monitoring trends in financial markets. Whenobtaining a loan, JRE shall strictly adhere to its financial policies. More specifically, with the aimof minimizing funding costs, JRE shall negotiate with several qualified institutional investors(limited to those defined under the Special Taxation Measures Law of Japan) before executing aloan agreement.
(2) Performance Forecasts
For the 24th fiscal period (April 1, 2013 to September 30, 2013), JRE forecasts operating revenues
totaling 25,980 million yen, operating income totaling 10,770 million yen, ordinary income totaling
9,020 million yen, and net income totaling 9,000 million yen. JRE plans to declare a cash dividend
totaling 15,160 yen per unit.
For the 25th fiscal period (October 1, 2013 to March 31, 2014), JRE forecasts operating
revenues totaling 25,720 million yen, operating income totaling 10,750 million yen, ordinary income
totaling 9,020 million yen, and net income totaling 9,000 million yen. JRE plans to declare a cash
dividend totaling 15,160 yen per unit.

The above estimates for the 24th and 25th fiscal periods are based on the following assumptions.
The computation period is from April 1, 2013 to September 30, 2013, or 183 days, for the 24th fiscal period
and from October 1, 2013 to March 31, 2014, or 182 days for the 25th fiscal period.
JRE assumes that its property portfolio will consist of the 60 properties that it held as of April 1, 2013. The
actual portfolio may differ from this assumption due to additional property acquisitions and dispositions.

4JRE does not have any forward or other commitments, as of May 16, 2013, as set forth in the Financial
Services Agency’s Guidelines for Supervision.
JRE assumes that the number of units outstanding as of May 16, 2013 is 594,140.
JRE assumes as an operational guideline, an LTV ratio in the 30% to 40% range.
In the 24th fiscal period, JRE presumes that, as of May 16, 2013, it will refinance the remainder oflong-term loans totaling 21,000 million yen (repayment dates: April 24, 2013 (already refinanced) and
September 2, 2013). There are no investment corporation bonds set to mature in the 24th fiscal period.
In the 25th fiscal period, JRE presumes that, as of May 16, 2013, it will refinance the remainder oflong-term loans totaling 13,000 million yen (repayment date: March 24, 2014) and short-term loans
totaling 18,000 million yen (repayment dates: October 7, 2013, January 7, 2014 and January 15, 2014).
There are no investment corporation bonds set to mature in the 25th fiscal period.
Revenues from portfolio properties held by JRE are calculated by taking into consideration new contractconclusions and existing contract cancellations fixed as of May 16, 2013, and by factoring in potential
variables, such as a risk of decrease in revenues due to returned space and reduced rent levels, taking into
account recent market conditions for leased office space.
Of the taxes JRE is subject to, property taxes, city planning taxes and depreciable property taxes
corresponding to the relevant fiscal period have been recorded as property-related expenses. However,when a property is acquired at a point during the period used for the calculation of property tax, a property
tax adjustment is levied that takes into account the date of the transfer of the new acquisition. The amountof the adjustment is factored into the acquisition price and therefore not recorded as an expense in therelevant fiscal period. In addition, JRE assumes that the 2013 property taxes, city planning taxes anddepreciable property taxes for Harumi Front and Higashi Nibancho Square will be 211 million yen and 82
million yen respectively.
JRE assumes that property and other taxes will be 2,350 million yen in the 24th fiscal period and in the 25th
fiscal period.
JRE assumes that depreciation will be 5,450 million yen in the 24th fiscal period and 5,350 million yen in
the 25th fiscal period.
Property management expenses are assumed to take past operational results into consideration.
Repairing expenses may vastly differ from the projected amounts as there may be large differences in costs
incurred from one fiscal period to another and because such costs are not recurring.
JRE assumes that non-operating expenses, such as interest expense and interest expense on investment
corporation bonds, will be 1,780 million yen in the 24th fiscal period and 1,740 million yen in the 25th
fiscal period.
JRE presumes that dividends in excess of accounting profits will not be distributed. Reflecting this, under5

JRE’s Articles of Incorporation, JRE assumes that it will make cash distributions using accounting profits,
distributing said profit in an amount in excess of 90% of earnings available for dividends.
JRE assumes that dividend amounts in the 24th and 25th fiscal periods will not be appropriated frominternal reserves. **Internal reserves (projected for the 24th fiscal period) shall comprise the residual amount of 390 million yen, reflecting adividend payout of 519 million yen for the 22nd and 23rd fiscal periods subtracted from the balance of internal reserves atthe end of the 21st fiscal period (as of March 31, 2012), which totaled 909 million yen, comprising retained earnings
brought forward of 30 million yen and the amount apportioned to internal reserves from the gain on sale of land as a resultof the sale of the Takanawadai Building as of April 1, 2011, under the application of the Special Provisions for Taxation in
the case of Advanced Acquisition of Land, etc., in 2009 and 2010 (total of 878 million yen which consists of reserve for
reduction entry and associated income taxes deferred).

JRE presumes that revisions that could impact the abovementioned forecasts will not be made in such areas
as laws, tax systems, accounting standards, and listing rules as well as regulations of the Investment Trusts
Association, Japan.
JRE assumes that there will be no unprecedented significant changes in general market trends or real estatemarket conditions or other factors.
In addition to the abovementioned income taxes deferred, JRE calculates the amount of its corporate andother taxes, taking into consideration asset retirement obligations as well as the amortization of termleasehold interest for buildings.

6

Income Statement for the 23rd PeriodTerm(In millions of yen; Dividend per unit in yen)
23rd Period
23rd Period

22nd Period(Sep 30, 2012)

Actual/Forecast

ActualOperating Revenues→ change →(amount)(%)(Mar 31, 2013)
Actual← change ←(amount)(%)(Mar 31, 2013)
Initial Forecast(*1)

24,222

1,134

4.7%

25,357107

0.4%

25,250Property-related Revenues

24,222

1,134

4.7%

25,357107

0.4%

25,250Rental Revenues

24,130Non-rental Revenues

25,07091

Operating Expenses

287

14,009715

5.1%

14,72525

0.2%

14,700

8,224

363

4.4%

8,588

38

0.4%

8,550

Property Management Expenses

2,876

190

6.6%

3,067

Property Management Costs

2,793

16,690Property-related Expenses (*2)

Brokerage Fees, etc.

2,961

83

105

Utilities Expenses

2,032

46

2.3%

2,079

Property and Other Taxes

2,311

-9

-0.4%

2,302

Casualty Insurance

53

2

3.9%

55

Repairing Expenses

764

122

16.0%

886

Other Expenses

186

10

5.9%

197

NOI

15,997771

4.8%

16,768

78

0.5%

4,908

300

6.1%

5,208

-11

-0.2%

5,220

Property-related Profits and Losses

11,089471

4.2%

11,560100

0.9%

11,460Gross Operating Income

11,089471

4.2%

11,560100

0.9%

11,460

876

52

5.9%

928

8

1.0%

920

Asset Management Fees

571

20

3.7%

592

12

2.1%

580

Other Administrative Expenses

305

91

0.9%

10,540

-34

-1.8%

1,840

139

1.6%

8,610

94

1.1%

8,730

0

0.0%

15,140Depreciation

Administrative Expenses

Operating Income

10,212Non-operating Revenues

336
418

4.1%

35

10,631
14

Interest Income

7

9

Other Non-operating Revenues

27

5

Non-operating Expenses

1,875Interest Expense

1,407

12

0.9%

1,897
1,419

Interest Expense on Investment Corporation Bonds

421

-35

-8.4%

386

Amortization of Investment Corporation Bond Issuance Costs

18

16

Other Non-operating Expenses

27

74

Ordinary Income

8,372

Income before Income Taxes

8,372

Income Taxes

376

4.5%

8,749
8,749

-75

-75

Net Income

8,448

376

Retained Earnings at Period-end

8,479

FFO (*3)

13,356676

5.1%

14,032

Dividend per Unit

15,700

-560

-3.6%

15,140

8,824
8,855

*1 The initial forecast means the 23rd Period performance forecast announced on October 12, 2012.
*2 Excluding Depreciation*3 Net Income+Depreciation

7

4.5%

Balance Sheet for the 23rd Period(In millions of yen)Item22nd Period

23rd Period(Sep 30, 2012)(Mar 31, 2013)

ChangeReason for change

AssetsⅠ Current Assets
Cash and Bank Deposits

22,014

23,276

1,261

Other Current Assets

270

725

455

22,28424,002

1,717 refund, etc.

Buildings (including those held in trust)

263,716

288,062

24,346Structures (including those held in trust)

3,029

3,229

200

Machinery and Equipment (including that held in trust)

3,498

3,793

294

Land (including that held in trust)

483,609503,044

19,435

Accumulated Depreciation

ᇞ60,448

ᇞ65,638

ᇞ5,189Total Property and Equipment

693,405

732,492

39,087

7,424

7,409

ᇞ15

7,424

7,409

ᇞ15

Investment Securities

577

577

-

Long-term Prepaid Expenses, etc.

1,082

1,086

4

Total Investments and Other Assets

1,659

1,663

4

702,489

741,564

39,075

77

61

ᇞ16

77

61

ᇞ16

724,851765,628

40,776

Increase due to rent revenues, etc.

Total Current Assets

Increase due to deposit of consumption taxes

Ⅱ Fixed Assets
Property and Equipment

Intangible Assets
Leasehold rights, etc. (including those held in trust)
Total Intangible Assets
Investments and Other Assets

Total Fixed Assets
Ⅲ Deferred Assets
Deferred Investment Corporation Bond Issuance Costs
Total Deferred Assets
Total Assets

8

Increase due to capital expenditure andthe acquisition of properties

(In millions of yen)Item22nd Period

23rd Period(Sep 30, 2012)(Mar 31, 2013)

ChangeReason for change

Liabilities
Ⅰ Current Liabilities
Short-term Loans

13,50018,0004,500

Current Portion of Long-term Loans

70,10034,100ᇞ36,000

-

-

-

3,151

3,245

94

Current Portion of Investment Corporation Bonds
Rent Received in Advance

Decrease due to prepayment
Increase due to new loan for property
acquisition and refinancing from longterm loans

Decrease due to redemption at maturity
and refinancing to long-term and shortterm loans
Increase due to decrease of remaining
periods of loans
Decrease due to payment of property
taxes and city planning taxes (for thesecond period, 2012), which was accruedin the 22nd period
Increase due to payment of construction
costs and acquisition fee , which was
accrued in the 23rd Period

3,055

2,514

ᇞ541

89,80657,860

ᇞ31,946

Investment Corporation Bonds

45,00045,000-Long-term Loans

177,150

214,100

36,950

Deposits Received from Tenants

39,95042,9583,007 Increase due to property acquisition, etc.

514

429

262,615

302,487

39,872352,422360,347

7,925

363,371

396,018

32,646 Increase due to investment units issuanceReserve for Reduction Entry

578

407

Retained Earnings

8,479

8,855

376

Total Net Assets

372,429405,280

32,851

Total Liabilities and Net Assets

724,851765,628

40,776

Other Current Liabilities
Total Current Liabilities
Ⅱ Long-term Liabilities

Other Long-term Liabilities

Decrease due to the transfer to the current
portion of long-term loans
Increase due to the refinancing of thecurrent portion of long-term loans and the
new loan for property acquisition

Decrease of deferred tax liabilities associated with

ᇞ85 the reversal of reserve for reduction entry, etc. for the
24th Period

Total Long-term Liabilities

Total Liabilities
Net Assets
Unitholders' Capital

9of the reversal of reserve for reduction
ᇞ171 Decrease
entry associated with the dividend payout

Appraisal Values of Properties(In millions of yen)

Area

Name

23rd Period

22nd Period

Appraisal
Value

Appraisal
Value

Amount ofDifference(Mar 31, 2013) (Sep 30, 2012)

23rd Period

23rd Period

Book Value

Appraisal
Value －

(Mar 31, 2013)

Book Value

Acquisition
Price

Tokyo 23 Wards

ChiyodaGenki Medical Plaza

6,330

6,190

140

4,928

1,401

5,000

Tokyo 23 Wards

ChiyodaKitanomaru Square

70,60070,200400

76,053-5,45381,555

Tokyo 23 Wards

ChiyodaMD Kanda

7,540

7,590

-50

8,712

-1,172

9,520

Tokyo 23 Wards

ChiyodaKandabashi Park

4,140

4,150

-10

4,574

-434

4,810

Tokyo 23 Wards

ChiyodaNibancho Garden

16,50016,400100

13,264

3,235

14,700Tokyo 23 Wards

ChiyodaMitsubishi UFJ Trust

45,00045,100-100

29,596

15,40344,700Tokyo 23 Wards

ChiyodaBurex Kojimachi

5,920

6,390

-470

6,148

-228

7,000

Tokyo 23 Wards

ChiyodaSanno Grand

29,20029,000200

21,248

7,951

20,900Tokyo 23 Wards

ChiyodaYurakucho Denki

7,150

7,200

-50

7,844

-694

7,200

Tokyo 23 Wards

Chuo

Kodenmacho

2,950

2,890

60

2,850

99

3,173

Tokyo 23 Wards

Chuo

Kyodo (Kayabacho 2Chome)

4,900

4,790

110

4,357

542

4,410

Tokyo 23 Wards

Chuo

Burex Kyobashi

6,100

6,330

-230

4,701

1,398

5,250

Tokyo 23 Wards

Chuo

Ginza Sanwa

15,10014,600500

17,138-2,038

16,830Tokyo 23 Wards

Chuo

Ryoshin Ginza EM

5,190

5,040

150

7,652

-2,462

7,999

Tokyo 23 Wards

Chuo

Harumi Center

19,80020,000-200

24,351-4,55126,80060,800Tokyo 23 Wards

MinatoAkasaka Park

62,50062,900-400

61,425

1,074

Tokyo 23 Wards

MinatoAoyama Crystal

7,210

7,180

30

7,280

-70

7,680

Tokyo 23 Wards

MinatoShiodome

77,20077,200074,304

2,895

75,850Tokyo 23 Wards

MinatoShiba 2Chome Daimon

5,820

5,850

-30

4,794

1,025

4,859

Tokyo 23 Wards

MinatoCosmo Kanasugibashi

2,770

2,630

140

2,612

157

2,808

Tokyo 23 Wards

Shinjuku

Shinwa

5,780

5,760

20

7,550

-1,7707,830Tokyo 23 Wards

Shinjuku

Tokyo Opera City

29,70030,100-400

29,966-266

31,776

Tokyo 23 Wards

Taito

TIX UENO

23,30022,500800

21,9001,399

22,000Tokyo 23 Wards

Shinagawa

Higashi-Gotanda 1Chome

5,670

5,520

150

4,822

847

5,500

Tokyo 23 Wards

ShinagawaOsaki Front Tower

15,22015,090130

11,666

3,553

12,300Tokyo 23 Wards

Ota

Omori-Eki Higashiguchi

5,140

5,330

-190

4,528

611

5,123

Tokyo 23 Wards

ShibuyaNippon Brunswick

6,040

6,380

-340

6,804

-764

6,670

Tokyo 23 Wards

Shibuya

Yoyogi 1Chome

9,850

9,850

0

7,541

2,308

8,700

Tokyo 23 Wards

Shibuyada Vinci Harajuku

6,230

6,090

140

4,942

1,287

4,885

Tokyo 23 Wards

Shibuya

Jingumae MS

9,970

9,990

-20

10,866-896

12,200Tokyo 23 Wards

ShibuyaShibuya Cross Tower

42,10042,100038,4883,611

34,600Tokyo 23 Wards

ShibuyaEbisu Neonato

2,910

2,740

170

3,514

-604

4,100

Tokyo 23 Wards

Toshima

Otsuka Higashi-Ikebukuro

3,820

3,820

0

3,553

266

3,541

Tokyo 23 Wards

Toshima

Ikebukuro 2Chome

1,660

1,620

40

1,605

54

1,728

Tokyo 23 Wards

Toshima

Ikebukuro YS

4,190

4,090

100

4,367

-177

4,500

Other Areas

HachiojiHachioji First

4,380

4,140

240

5,109

-729

5,679

Other Areas

Saitama

Saitama Urawa

2,040

2,030

10

2,499

-459

2,574

Other Areas

Yokohama

MM Park

34,90034,900034,682

217

37,400

Other Areas

Kawasaki

Kawasaki Isago

2,470

2,650

-180

2,854

-384

3,375

Other Areas

KawasakiMusashi Kosugi STM

3,630

3,600

30

3,865

-235

4,000

Other Areas

Sapporo

6,730

0

6,552

177

7,100

Sendai8･ 3 Square Kita
Jozenji Park

6,730

Other Areas

890

888

2

985

-95

1,000

Other Areas

SendaiSendai Honma

2,480

2,470

10

2,743

-263

3,174

Other Areas

Kanazawa

Kanazawa Park

4,280

5,320

-1,040

4,137

142

4,580

Other Areas

NagoyaNishiki Park

3,580

3,580

0

4,550

-970

5,150

Other Areas

NagoyaHirokoji Sakae

1,440

1,310

130

1,713

-273

1,680

Other Areas

NagoyaNagoya Hirokoji

12,60012,500100

15,295-2,695

14,533

Other Areas

NagoyaNagoya Misono

1,110

1,050

60

1,416

-306

1,865

Other Areas

Kyoto

Kyoto Kawaramachi

1,790

1,790

0

2,626

-836

2,650

Other Areas

Osaka

Shin-Fujita

16,40016,300100

22,600-6,20024,000

Other Areas

Osaka

Sakaisujihonmachi

3,630

3,630

0

3,778

-148

4,164

Other Areas

Osaka

Midosuji Daiwa

13,70013,800-100

13,321378

14,314

Other Areas

Okayama

Lit City

4,220

4,200

20

3,733

486

4,650

Other Areas

Hiroshima

NHK Hiroshima

2,450

2,280

170

2,525

-75

2,770

Other Areas

Fukuoka

Tosei Tenjin

1,260

1,290

-30

1,420

-160

1,550

Other Areas

FukuokaTenjin Crystal

2,470

2,470

0

4,434

-1,9645,000

Other Areas

FukuokaHinode Tenjin

3,540

3,720

-180

3,460

79

3,657

Tokyo 23 Wards

573,500

572,610890

545,960

27,539577,298

Other Areas

129,990

130,648-658

144,307-14,317

154,865

Total (57 properties)

703,490

703,258232

690,268

13,221

732,163

31,300Properties held as of the end of
the 22nd and 23rd Periods
during which the shares ofownership remain unchanged

Properties acquired during the 23rd PeriodTokyo 23 Wards

Chuo

Harumi Front

32,900－－31,395

1,504

Tokyo 23 Wards

NakanoHarmony Tower

10,300

－

－

8,226

2,073

9,020

Other Areas

Sendai

Higashi Nibancho

11,520－－10,011

1,508

9,950

617,618

60 properties held as of the end of the 23rd PeriodTokyo 23 Wards

616,700－－

585,582

31,117

Other Areas

141,510－－

154,319-12,809

164,815

Total (60 properties)

758,210－－

739,901

18,308782,433* The properties for which additional shares were acquired during the 23rd Period among properties held at the end of the 22nd Period are included in“Properties acquired during the 23rd Period. (The appraisal value at the end of the 22nd Period has been left out of the above.)10