May 25, 2006
JOINT REIT Investment Corporati on
Financi al Report for the Fiscal Period ended March 31, 2006

Head Office:Stock Exchange Listing:
URL:
Inquiries:

Name:

Title:TEL:
Date of Approval of Financial Resultsby the Board of Directors:
Co mmencement Date of CashDistribution:

Tokyo
Tokyo Stock Exchange (code number 8973)
http://www.joint-reit.co.jp/
Makoto Asamoto
Joint Capital Partners Co., Ltd. (Asset Management Co mpany)
General Manager, Administration+81-3-5759-8848
May 25, 2006
June 19, 2006 (schedule)

Performance for the Fiscal Period ended March 31, 2006
(Note: A mounts less than one million yen have been omitted.)(1) Operating Results

M illions of yen, unless otherwise statedOperating Revenue

Fiscal period ended
March 31, 2006

Fiscal period ended
March 31, 2006

2,271−％

Operating Income−％

1,341

Ordinary Income
969

Net Income−％

967

−％

Net Income perUnit(Yen)

Return on
Unitholders’Equity (ROE)<Reference>(Annualized)

Ordinary
Income on
Total Assets<Reference>(Annualized)

Ordinary Income
on OperatingRevenue

24,1853.4％(5.0)%

2.3%(3.4)%

42.7%

Notes:
1. The fiscal period is fro m April 20, 2005 through March 31, 2006, a period of 346 days. The effect ive
fiscal period is fro m Ju ly 28, 2005, the date on which actual asset management co mmenced, throughMarch 31, 2006, a period of 247 days.
2. Net inco me per unit is calculated utilizing the average number of investment units for the period. The
average number of investment units for the fiscal period was 40,005 units. Utilizing the effect ive
fiscal period commencing July 28, 2005, the weighted-average number of investment units was55,741 units, with net inco me per unit ¥ 17,358.
3. Changes in accounting policies: None
4. This is the JOINT REIT Investment Corporation’s first fiscal period. Accordingly, percentagechanges for operating revenue, operating income, ordinary inco me and net inco me co mpared with theprevious fiscal period have not been provided.
5. Annualized percentage figures for the fiscal period = Percentage figures for the fiscal period / Actual
number of asset management days (247 days) x 365 days.
6. Return on unitholders’ equity and ord inary income on total assets are calcu lated utilizing the averageof the fiscal period beginning balances and ending balances for unitholders’ equity and total assets.
For the fiscal period, figures are calcu lated utilizing the beginning balances as of the effective fiscalperiod.

1(2) Distributions

Millions of yen, unless otherwise statedDistribution
per Unit(Yen)

Total
Distributions

Distribution in
Excess ofEarnings perUnit (Yen)

17,277967−

Fiscal Period ended
March 31, 2006

Total Distributions
in Excess ofEarnings

PayoutRatio

Distribution Ratio
to Unitholders’Equity−

99.9%

3.3%

Note: The payout ratio is rounded down to the first decimal p lace.
(3) Financi al Position

M illions of yen, unless otherwise statedTotal Unitholders’EquityTotal Assets
Fiscal Period ended
March 31, 2006

55,599Unitholders’ Equity toTotal Assets

Unitholders’ Equity per
Investment Unit (Yen)

53.0%

526,046

29,458

Note: The nu mber of investment units outstanding as of March 31, 2006 totaled 56,000 units.
Forecast of Results for the Next Fiscal Period (April 1, 2006 through September 30, 2006)(Note: A mounts less than one million yen have been omitted.)
Millions of yen, unless otherwise statedOperatingRevenue
Fiscal Period endingSeptember 30, 2006

1,932

Ordinary
IncomeNet Income

700700Distributionper Unit (Yen)Distribution in Excess ofEarnings per Unit (Yen)

12,500−Reference: Estimated net inco me per unit for the next fiscal period ending September 30, 2006: ¥12,500
Note: Forecasts presented in this document are based on certain assumptions. Forecasts for net inco me,
distribution per unit and other financial indicators may d iffer significantly fro m actual results due toadditional acquisition and selling of p roperties, changes in real estate market, changes in operating
conditions, and a variety of factors surrounding JOINT REIT Investment Corporation. Accordingly, theJOINT REIT Investment Corporation does not guarantee actual results and the payment of the fo recast
distribution amount.

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