-Monthly Report- Jan 2009

J-REIT Asset Value

Number of Properties:1,850 (Last month 1,846)
Total Assets(Based on Purchase):7,633 Billion Yen (Last month 7,606 Billion Yen)
Total Assets(Based on Appraisal):8,590 Billion Yen (Last month 8,603 Billion Yen)
J-REIT:42 J-REITs (Last month 42 J-REITs)*As of the end of Dec 2008

Marginal rise in Asset Size.
Rise in NOI cap rate.

Operating NOI cap rates for communal housing in areas excluding the 5 wards in the heart of Tokyo increased.
re-plus residential investment Renamed “Japan Rental Housing Investments Inc.” on Jan 21st2009.

1. Trends of investing units

Trend of Japanese share prices Easing monetary policies in Japan and the U.S. have led to a decline in interbank interest rates, etc. Analysts feel that this is helping the market to gradually lose the pressure to sell.
However, worries about future rises in the yen due to the deterioration of the economy and fiscal situation in the U.S. are expected to limit the market from actively seeking higher gains.

Trend of J-REIT interest rates News about new loans made available through government financial organizations to support the raising of J-REIT funds led to a temporary increase. However, the changes were almost flat amidst worries about the deterioration of the actual economy and expectations of governmental policies.

Cap rate (month to month basis) Rise in Red, Flat in Orange, Down in Green.

Jan 2009 Monthly report(15-Jan-09)

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