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Distributions

Feb. 10 (16th) Fiscal Period (September 1, 2009 - February 28, 2010) (actual)

Distribution Per Unit
JPY 13,788
 

Aug. 10 (17th) Fiscal Period (March 1, 2010 - August 31, 2010) (forecast)

Distribution Per Unit
JPY 3,548
(pre-split dividends JPY 14,194 yen)
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Distribution per unit

Operating Revenue
* Amounts before the 16th period in the graph are divided by four to allow comparison with
the amounts after the 17th period.

JRF implemented a four-for-one unit split on March 1, 2010, and distributions per unit listed below are the assumed value divided by four.

  Aug.
2002		 Feb.
2003		 Aug.
2003		 Feb.
2004		 Aug.
2004		 Feb.
2005		 Aug.
2005		 Feb.
2006		 Aug.
2006
Assumed value after unit split (JPY) 3,313 3,609.5 3,773.75 4,229.5 3,613 3,854.75 3,932.5 3,962.75 4,227.25
Actual value before unit split (JPY) 13,252 14,438 15,095 16,918 14,452 15,419 15,730 15,851 16,909
  Feb.
2007		 Aug.
2007		 Feb.
2008		 Aug.
2008		 Feb.
2009		 Aug.
2009		 Feb.
2010		 Aug.
2010		 Feb.
2011
Assumed value after unit split (JPY) 3,932.5 4,137.25 3,966.25 3,933.25 3,764.75 3,804 3,447 （3,548） （3,763）
Actual value before unit split (JPY) 15,730 16,549 15,865 15,733 15,059 15,216 13,788 （14,194） （15,052）

* Figures of the Forecast are in brackets. The high light parts are the values of actual distributions and forecast distributions.

The Fund intends to make regular distributions to unitholders with respect to its half-yearly financial periods, ending at the end of February and August of each year. In order to maintain the Fund's tax status under the Special Taxation Measures Law of Japan, the Fund must distribute in excess of 90% of its distributable income, as defined in the Special Taxation Measures Law of Japan. However, it is anticipated that the Fund will distribute approximately 100% of its distributable income at the end of each fiscal period.

The slight drop in distribution per unit for the fiscal period ended August 2004 is due primarily to the accounting treatment of property-related taxes under Japanese GAAP. As is customary in real property transactions in Japan and in accordance with Japanese GAAP, annual property-related taxes that are capitalized as part of the acquisition cost of properties in the year of their acquisition begin to be recognized in subsequent years as expenses in the current period. Because we distribute to our unitholders approximately 100% of our retained earnings as of the end of each fiscal period, this accounting treatment of property-related taxes will generally result in a larger rate of distributions to unitholders attributable to newly acquired properties in the period of their acquisition than that attributable to those properties for periods from subsequent tax years (assuming no other changes in our revenues or other items that contribute to the determination of our retained earnings).

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