-Monthly Report- Mar 2009

J-REIT Asset Size

Number of Properties:1,855 (Last month 1,854)
Total Assets(Based on Purchase):7,665 Billion Yen (Last month 7,651 Billion Yen)
Total Assets(Based on Appraisal):8,465 Billion Yen (Last month 8,549 Billion Yen)
J-REIT:42 J-REITs (Last month 42 J-REITs)*As of the end of Feb 2009

Almost Flat in Asset Size.
Flat in NOI Cap Rate.

Industrial & Infrastructure Fund Investment Corporation First in Japan, issuance of corporate bonds with special covenants, reduced LTV, strengthening of financial base
Auditing opinion not expressed to Pacific Holdings Unifying the operations of the subsidiaries, Nippon Commercial Investment Corporation, and Nippon Residential Investment Corporation, to strive to rebuild the business

1. Trends of investing units

Trend of Japanese share prices Focus will shift to the new economic policies now that the budget for the next fiscal year has been approved by the Lower House, and the market is expected to watch even more closely how effective the policies will be and the state of deterioration of the economy.

Trend of J-REIT interest rates Demand for the office market is expected to remain low because of the sluggish economy, and stocks of office buildings are not expected to rise much. In addition to not only refinancing, but also an increase in financial spread betting, reduction in rental revenue, and reduction in number of properties in possession, is the risk of lower dividends arising from penalties from transactions. Amidst all these risks, the market is expected to gravitate towards stocks of lower risks.

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

Mar 2009 Monthly report(13-Mar-09)

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