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http://www.jrf-reit.com/ 520048 200410

1. 5 2 2. 5 7 8 9 10 11 67PL 13 3. 14 4. 19 29 1

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5 1. 10,000 8,000 6,000 4,000 2,000 1,453 5,920 6,947 8,692 4,000 2,000 914 2,572 2,870 3,471 4,000 2,000 757 2,303 2,581 3,175 4,000 2,000 756 2,302 2,580 3,172 18,000 12,000 6,000 14,438 15,095 16,918 14,452 0 0 0 0 0 2 3 4 5 5 2. 5 3

5 22 2 4

5,. * 18 / 1 20048 5

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25 7

5 8,692,003 100.0 6,947,818 100.0 1,744,184 25.1 8,692,003 6,947,818 1,744,184 5,220,994 60.1 4,077,431 58.7 1,143,563 28.0 4,422,160 3,464,621 957,538 597,668 473,213 124,455 1,800 1,800 32,679 23,208 9,470 87,272 58,540 28,732 79,412 56,047 23,365 3,471,009 39.9 2,870,387 41.3 600,621 20.9 19,944 0.2 14,975 0.2 4,968 33.2 48 30 18 10,837 10,837 9,057 14,945 5,887 315,549 3.6 304,318 4.4 11,230 3.7 142,178 106,397 35,780 46,616 46,616 98,912 158,444 59,531 13,924 13,924 13,918 25,553 11,634 3,175,403 36.5 2,581,044 37.1 594,358 23.0 3,175,403 36.5 2,581,044 37.1 594,358 23.0 3,130 1,022 2,108 21 21 42 3,172,252 36.5 2,580,043 37.1 592,208 23.0 69 54 14 3,172,321 2,580,097 592,223 46 54 9 52004312004831184 42003912004229182 8

5 2,589,482 1,369,728 1,219,754 5,769,380 4,755,143 1,014,237 422,900 398,188 24,712 202,888 911,720 708,832 218,324 245,328 27,004 9,202,977 4.6 7,680,109 4.5 1,522,868 19.8 73,256,720 65,539,900 7,716,821 3,516,624 3,339,829 176,795 132,612 136,415 3,802 754,954 645,197 109,758 106,802,323 85,644,426 21,157,896 184,463,234 91.9 155,305,766 91.4 29,157,468 18.8 3,691,999 3,595,259 96,739 124,919 123,383 1,536 3,816,919 1.9 3,718,643 2.2 98,276 2.6 2,818,832 2,834,977 16,145 53,293 41,025 12,268 67,299 42,074 25,224 207,930 198,940 8,990 3,147,355 1.6 3,117,017 1.8 30,338 1.0 191,427,509 95.4 162,141,427 95.4 29,286,082 18.1 55,696 69,620 13,924 55,696 0.0 69,620 0.1 13,924 20.0 200,686,183 100.0 169,891,156 100.0 30,795,026 18.1 4 400,682 461,242 60,560 4,760,000 38,528,000 33,768,000 135,909 13,749 122,159 415,865 517,115 101,250 605 1,022 417 648,284 553,118 95,165 745,837 710,288 35,548 19,841 208,900 189,059 7,127,025 3.6 40,993,438 24.1 33,866,412 82.6 24,170,000 4,170,000 20,000,000 49,960,841 48,183,934 1,776,906 67,299 42,074 25,224 74,198,140 36.9 52,396,008 30.9 21,802,131 41.6 81,325,165 40.5 93,389,446 55 12,064,280 12.9 116,188,696 57.9 73,921,612 43.5 42,267,084 57.2 3,172,321 2,580,097 592,223 3,172,321 1.6 2,580,097 1.5 592,223 23.0 119,361,017 59.5 76,501,709 45.0 42,859,307 56.0 200,686,183 100.0 169,891,156 100.0 30,795,026 18.1 52004312004831184 42003912004229182 9

5 3,175,403 2,581,044 1,497,342 1,081,214 631,694 792,642 5,304,440 4,454,901 30,672,711 45,060,306 104,068 1,157,157 16,145 7,616 8,990 12,038 1,776,906 4,480,243 28,992,717 41,741,642 4,760,000 38,528,000 38,528,000 20,000,000 2,576,814 2,294,641 42,267,084 25,922,269 36,233,358 2,233,991 1,053,383 6,124,871 7,178,254 8,358,862 6,124,871 3,172,252 2,580,043 9 69 3,172,242 2,580,028 (14.452) (16.918) 3,172,242 2,580,028 (14.452) (16.918) 52004312004831184 42003912004229182 10

4182 5184 11 465 439 351 351 418 418 274 274 330 330 160 160 78 78 256 231 0 0 0 0 0 0 0 0 9 9 0 465 439 351 351 418 418 274 274 330 330 169 169 78 78 256 231 42 42 60 60 30 30 43 43 42 7 17 39 0 1 6 0 0 0 1 0 0 0 0 11 12 1 13 13 12 12 6 6 5 5 6 7 4 4 2 2 4 3 1 3 1 2 1 1 1 1 1 2 0 0 0 1 3 3 76 76 82 82 79 79 63 63 73 73 8 8 18 18 47 47 136 141 157 157 118 119 114 114 124 83 32 26 38 23 94 55 329 297 193 193 299 298 160 159 206 246 137 143 39 55 161 176 956 956 981 981 798 798 745 745 538 538 282 282 450 450 774 774 801 801 3,924 3,924 2,983 2,983 4,849 4,849 1,945 2,010 1,758 1,758 4,905 4,905 798 798 3,729 3,729 5,388 5,388 282 282 450 450 2,720 2,785 442 228 34 15 375 97 79 21 477 87 351 18 67 4,182 2,735 4 1 12 3 26 14 442 228 39 17 375 97 91 24 477 87 351 18 67 4,209 2,748 58 1 1 0 1 0 0 0 1 342 183 3 1 1 7 0 0 0 28 23 4 2 1 0 4 1 5 6 1 3 0 1 84 62 2 2 0 1 81 21 0 0 2 1 22 0 0 122 40 135 90 4 2 100 33 9 3 98 32 132 1 13 946 612 201 96 11 5 188 57 22 4 107 35 158 2 15 1,524 922 241 132 28 11 187 40 69 19 370 51 192 15 52 2,684 1,826 590 590 125 125 495 495 176 176 700 700 654 64 232 8,568 7,618 14,505 14,569 590 590 125 125 495 495 176 176 700 700 654 64 232 23,073 22,187

927 1,017 1,907 1,903 501 496 355 3,690 3,418 200 257 349 328 186 194 54 791 779 1,127 1,275 2,257 2,232 687 691 410 4,482 4,199 121 111 37 0 269 0 388 440 446 401 234 198 50 1,119 1,039 53 56 224 224 42 43 14 335 323 115 226 38 23 13 14 26 192 263 115 128 287 300 18 18 8 430 446 176 171 219 218 80 79 73 550 468 971 1,022 1,327 1,166 426 353 172 2,897 2,542 156 252 929 1,066 261 337 237 1,585 1,656 748 751 5,709 5,712 906 906 894 8,257 7,369 13,797 13,797 4,829 4,829 18,627 18,627 748 751 19,507 19,509 5,736 5,736 894 26,885 25,996 7,873 6,152 818 795 8,692 6,947 612 183 1,148 1,063 419 386 192 263 552 487 1,497 1,081 4,422 3,464 4,269 3,483 16,827 14,987 33,132 33,197 49,960 48,183 / 12

67PL 8,692 9,104 9,119 3,175 3,233 3,023 3,172 3,232 3,022 14,452 14,724 13,767 FFO 21,274 21,922 20,970 *++ * 18,000 15,000 12,000 16,918 15,095 14,438 14,112 13,252 12,660 10,133 10,298 14,452 14,724 13,521 13,653 13,767 13,767 9,000 6,000 3,000 0 1 2 3 4 5 6 7 * 13

14

21* UM- UM- UM- SM- SS-10 UM- SM- US- US- SS- 56 SS- US- SS- SS- SS- SS- SS-1 SS- SS- SS- SS- SS- US- US- SS- SS- SS- SS- UM- US- SS- SM- / UM- 20049 SM- SS-8 US-4 SS- SS- SS-11 US- UM- UM-3 15

21* 4.6 4.8% 35.7 34.6% 6 5.1 5.8 * 5.3% 6.1% * 22.9 21.8% 16.6% 17.6% 9.3 9.8% 60.4 60.6% * * Baa3 39.6 39.4% 28.2 31.0% * * 6.4% 7.0% 65.4% 62.0% 23.0% (25.2% ) 30.9% (33.7% ) 46.0% (41.1%) * * *200482004929 *32218 16

2002 2003 2004 18.0% 15.0% 12.0% 9.0% 6.0% 3.0% 0.0% 16.5% 13.2% 13.0% 13.0% 10.4% 10.7% 7.4% 3.8% 3.7% 3.5% 4.8% 2 2-4 4-6 6-8 8-10 10-12 12-14 14-16 16-18 18-20 20 * *2004831 17

/ % / 22.6 3,798 88.5% 14,500 7.2% 14,500 5.0% 18 7.1% 0.8 72,958 100.0% 13,100 6.5% 13,212 5.6% 1 12.6% 34.1 21,711 100.0% 11,990 6.0% 11,920 5.5% 2 19.9% / 9.9 43,415 100.0% 10,800 5.4% 10,200 7.2% 51 11.8% 4.3 56,891 100.0% 10,200 5.1% 10,091 6.2% 1 10.9% 3.9 63,652 100.0% 8,000 4.0% 8,300 5.9% 1 9.1% 5.0 28,316 100.0% 6,800 3.4% 6,900 6.3% 1 14.8% 2.5 1,582 100.0% 5,330 2.7% 5,350 5.5% 3 13.0% 22.5 17,502 100.0% 5,000 2.5% 5,000 6.1% 1 16.3% 19.4 1,478 100.0% 2,780 1.4% 2,770 5.6% 5 10.6% 21.9 21,582 100.0% 1,750 0.9% 1,616 6.1% 1 6.5%-7.4% 13.5 574 100.0% 1,260 0.6% 1,235 5.3% 1 5.4% 7.5 541 100.0% 900 0.4% 860 5.5% 1 5.0% 13.0 334,000 98.2% 92,410 46.0% 91,954 5.8% 87 - / 11.3-11.8 85,350 100.0% 32,400 16.1% 31,241 7.4% 136 4.6% 5.6 13,667 100.0% 14,400 7.2% 14,300 5.2% 1 4.8% 7.1 50,438 100.0% 8,420 4.2% 8,540 7.5% 1 4.3% 3.1 100,458 100.0% 6,860 3.4% 6,700 6.3% 1 7.5% 8.7 249,913 100.0% 62,080 30.9% 60,781 6.8% 139-5.7 25,743 99.7% 13,400 6.7% 12,600 6.5% 80 1.9% IDC 0.8 109,617 100.0% 12,900 6.4% 13,300 6.2% 1 0.8% 4.8-8.9 46,249 100.0% 10,700 5.3% 10,200 7.2% 2 1.1%-2.8% D2 1.2 74,626 100.0% 9,250 4.6% 9,260 6.2% 1 2.6% 4.1 256,235 99.9% 46,250 23.0% 45,360 6.5% 84-9.6 840,148 99.1% 200,740 100.0% 198,095 6.3% 310 3.4% PM *20048200429 * 18

19

20

160 140 120 100 115 142 143 148 144 135 30 25 20 11.8% 11.4% 15.5% 17.3% 18.9% 19.3% 20.0 15.0 % 80 60 40 20 15 10 5 14 16 22 26 27 26 10.0 5.0 0 1988 1991 1994 1997 1999 2002 0 1 2 3 4 5 6 1988 1991 1994 1997 1999 2002 0.0 () 30,000 20.0% 160 25,000 20,000 15,000 10,000 5,000 0 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% 140 120 100 80 60 40 20 0 60 64 69 57 66 63 52 101 43 49 47 45 53 47 29 19 18 22 10 23 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 21

/ REIT 22

~ 122 20,983.43 2 106 Tachi kawa 23

JRF21 14% 3% 5% 7% 11% 14% SC SC SC 38% 19% 5% 8953 8953 8953 35% 11% 2004722 SC / 14% 14% 10% 8953 1 2 1,500 10 80 1,500 3,000 3,000-5,000 5,000-7,500 7,500-10,000 10,000-20,000 20,000-30,000 30,000-50,000 50,000 3 JRF 24

JRF IPO2 4,000 3000 * 4,000 2500 20 16 2,006 2,000 2000 10 1,698 307 1,500 1500 1,263 435 1,000 1000 500 4 440 4 450 10 813 0 440 1 20028 2 20032 3 20038 4 20042 5 20048 20073 12003620046 2105101135 25

43 CM15 B 2004 2004 2004 1 26

2004930 92930 27

28

29

840,000 800,000 760,000 720,000 680,000 640,000 600,000 560,000 520,000 480,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 440,000 400,000 IPO 公募価格 :470,000 円 1,000 360,000 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 2002 2003 2004 0 1 IPO IPO 829,000 (2004108 433,000 (2002313) 640,521 (2004108) 295,561 (2004108) 464 (2004108) 470,000 (2002312) 827,000 (2004108) 76.0% (2004108) J-REIT100JRF 449,000 30

2004820 100% 80% 60% 21.4% 20.3% 21.5% 22.0% 21.6% 15.3% 17.1% 11.0% 11.1% 8.9% 1 2 3 10,975 10,206 8,111 5.00 4.65 3.70 40% 20% 29.4% 33.4% 48.1% 47.9% 54.7% 33.8% 29.1% 19.4% 19.0% 14.8% 4 5 6 6,443 6,302 5,948 2.94 2.87 2.71 0% 7 5,857 2.67 1 2 3 4 5 8 5,783 2.63 9 10 5,773 4,229 2.63 1.93 () 11 3,800 1.73 700 12 3,599 1.64 600 500 173 13 14 3,543 3,324 1.61 1.51 400 128 132 15 3,215 1.46 300 200 100 0-46 66 144 143 52 51 225 223 119 120 278 172 16 17 18 19-3,093 1.41 2,986 1.36 2,860 1.30 2,655 1.21 1 2 3 4 5 8,046 6,756 11,648 11,481 13,117 20 2,579 1.17 101,281 46.13 31

32 IPO 10 CFA CMA MBA 32

33