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<item><title>Japan Real Estate Investment acquires Shin Fujita Building from Dojima Investment (pending)</title><description>JAPAN - Japan Real Estate Investment Corp agreed to acquire the real estate beneficiary rights of Shin Fujita Building, an office building in Osaka, Japan, for ##.# bil Japanese yen ($###.### mil US), from Dojima Investment.</description><pubDate>8/12/2008 2:43:31 PM</pubDate><sdc:company_cusip xmlns:sdc="http://www.alacra.com/sdc">47096T</sdc:company_cusip><sdc:target_company_cusip xmlns:sdc="http://www.alacra.com/sdc">82779L</sdc:target_company_cusip><sdc:company_cusip_up xmlns:sdc="http://www.alacra.com/sdc">47096T</sdc:company_cusip_up><sdc:target_company_cusip_up xmlns:sdc="http://www.alacra.com/sdc">25653K</sdc:target_company_cusip_up><sdc:company xmlns:sdc="http://www.alacra.com/sdc">Japan Real Estate Investment Corp</sdc:company><sdc:target_company xmlns:sdc="http://www.alacra.com/sdc">Shin Fujita Building</sdc:target_company><sdc:company_up xmlns:sdc="http://www.alacra.com/sdc">Japan Real Estate Investment Corp</sdc:company_up><sdc:target_company_up xmlns:sdc="http://www.alacra.com/sdc">Dojima Investment</sdc:target_company_up><link>http://www.alacrastore.com/storecontent/Thomson_M%26A/Japan_Real_Estate_Investment_acquires_Shin_Fujita_Building_from_Dojima_Investment-2003187040</link><guid isPermaLink="false">sdc/2003187040</guid><sdc:deal xmlns:sdc="http://www.alacra.com/sdc"><sdc:deal_no>2003187040</sdc:deal_no><sdc:_copyright><sdc:value>Copyright Â© 2008, Thomson Financial, All Rights Reserved</sdc:value></sdc:_copyright><sdc:a_EXCHANGE><sdc:value>Tokyo</sdc:value></sdc:a_EXCHANGE><sdc:a_MAINDUSTRY><sdc:value>Investment &amp; 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It was</sdc:value><sdc:value sdc:p="11">established in May 2001 and</sdc:value><sdc:value sdc:p="12">listed on the Tokyo Stock</sdc:value><sdc:value sdc:p="13">Exchange REIT Market in</sdc:value><sdc:value sdc:p="14">September 2001. The Company's</sdc:value><sdc:value sdc:p="15">assets are managed by Japan</sdc:value><sdc:value sdc:p="16">Real Estate Asset Management</sdc:value><sdc:value sdc:p="17">KK.</sdc:value></sdc:g_TEST><sdc:g_business><sdc:value sdc:p="0">Japan Real Estate Investment Corp, based in Tokyo, Japan, is</sdc:value><sdc:value sdc:p="1">a real estate investment trust operating closed-end REIT,</sdc:value><sdc:value sdc:p="2">investing mainly in real estate, real estate investment</sdc:value><sdc:value sdc:p="3">trust, and other real estate investment related securities.</sdc:value><sdc:value sdc:p="4">On September 30, 2007, it held 50 office buildings in Japan</sdc:value><sdc:value sdc:p="5">with 879 tenants. It was established in May 2001 and listed</sdc:value><sdc:value sdc:p="6">on the Tokyo Stock Exchange REIT Market in September 2001.</sdc:value><sdc:value sdc:p="7">The Company's assets are managed by Japan Real Estate Asset</sdc:value><sdc:value sdc:p="8">Management KK.</sdc:value></sdc:g_business><sdc:g_business1><sdc:value>Japan Real Estate Investment Corp, based in Tokyo, Japan, is a real estate investment trust operating closed-end REIT, investing mainly in real estate, real estate investment trust, and other real estate investment related securities. On September 30, 2007, it held 50 office buildings in Japan with 879 tenants. It was established in May 2001 and listed on the Tokyo Stock Exchange REIT Market in September 2001. The Company's assets are managed by Japan Real Estate Asset Management KK.</sdc:value></sdc:g_business1><sdc:h_SEQ><sdc:value sdc:p="0">1.00000</sdc:value><sdc:value sdc:p="1">2.00000</sdc:value><sdc:value sdc:p="2">3.00000</sdc:value></sdc:h_SEQ><sdc:h_TEST><sdc:value sdc:p="0">Shin Fujita Building, located</sdc:value><sdc:value sdc:p="1">in Osaka, Japan, is an office</sdc:value><sdc:value sdc:p="2">building.</sdc:value></sdc:h_TEST><sdc:h_business><sdc:value sdc:p="0">Shin Fujita Building, located in Osaka, Japan, is an office</sdc:value><sdc:value sdc:p="1">building.</sdc:value></sdc:h_business><sdc:h_business1><sdc:value>Shin Fujita Building, located in Osaka, Japan, is an office 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sdc:p="0">1.00000</sdc:value><sdc:value sdc:p="1">2.00000</sdc:value><sdc:value sdc:p="2">3.00000</sdc:value><sdc:value sdc:p="3">4.00000</sdc:value><sdc:value sdc:p="4">5.00000</sdc:value><sdc:value sdc:p="5">6.00000</sdc:value><sdc:value sdc:p="6">7.00000</sdc:value><sdc:value sdc:p="7">8.00000</sdc:value><sdc:value sdc:p="8">9.00000</sdc:value></sdc:n_SEQ><sdc:n_SYNOPSIS><sdc:value sdc:p="0">JAPAN - Japan Real Estate</sdc:value><sdc:value sdc:p="1">Investment Corp agreed to</sdc:value><sdc:value sdc:p="2">acquire the real estate</sdc:value><sdc:value sdc:p="3">beneficiary rights of Shin</sdc:value><sdc:value sdc:p="4">Fujita Building, an office</sdc:value><sdc:value sdc:p="5">building in Osaka, Japan, for</sdc:value><sdc:value sdc:p="6">24.0 bil Japanese yen</sdc:value><sdc:value sdc:p="7">($217.896 mil US), from Dojima</sdc:value><sdc:value sdc:p="8">Investment.</sdc:value></sdc:n_SYNOPSIS><sdc:n_synopsis2><sdc:value>JAPAN - Japan Real Estate Investment Corp agreed to acquire the real estate beneficiary rights of Shin Fujita Building, an office building in Osaka, Japan, for 24.0 bil Japanese yen ($217.896 mil US), from Dojima Investment.</sdc:value></sdc:n_synopsis2><sdc:n_synopsis3><sdc:value sdc:p="0">JAPAN - Japan Real Estate Investment Corp agreed to acquire the real estate beneficiary</sdc:value><sdc:value sdc:p="1">rights of Shin Fujita Building, an office building in Osaka, Japan, for 24.0 bil Japanese</sdc:value><sdc:value sdc:p="2">yen ($217.896 mil US), from Dojima Investment.</sdc:value></sdc:n_synopsis3><sdc:n_synopsis4><sdc:value sdc:p="0">JAPAN - Japan Real Estate Investment Corp agreed to acquire the real estate beneficiary rights of Shin Fujita Building, an office building in Osaka, Japan, for 24.0 bil Japanese yen ($217.896 mil US),</sdc:value><sdc:value sdc:p="1">from Dojima Investment.</sdc:value></sdc:n_synopsis4><sdc:n_synopsis5><sdc:value sdc:p="0">JAPAN - Japan Real Estate Investment Corp agreed to acquire the real estate beneficiary rights of Shin Fujita Building, an office</sdc:value><sdc:value sdc:p="1">building in Osaka, Japan, for 24.0 bil Japanese yen ($217.896 mil US), from Dojima 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of nonresidential buildings</sdc:value></sdc:sic_SIC><sdc:upa_UPACIDGEN><sdc:value>737873002</sdc:value></sdc:upa_UPACIDGEN><sdc:upa1_EXCHANGE><sdc:value>Tokyo</sdc:value></sdc:upa1_EXCHANGE><sdc:upa1_NATION><sdc:value>Japan</sdc:value></sdc:upa1_NATION><sdc:upa1_SICP><sdc:value>6798</sdc:value></sdc:upa1_SICP><sdc:upa1_STATE><sdc:value>Foreign</sdc:value></sdc:upa1_STATE><sdc:upa1_STATUS><sdc:value>Public</sdc:value></sdc:upa1_STATUS><sdc:upa1_TICKER><sdc:value>8952</sdc:value></sdc:upa1_TICKER><sdc:upsic_SIC><sdc:value sdc:p="0">6726:Investment offices, nec</sdc:value><sdc:value sdc:p="1">6799:Investors, nec</sdc:value></sdc:upsic_SIC><sdc:upt_UPTCIDGEN><sdc:value>1033713001</sdc:value></sdc:upt_UPTCIDGEN><sdc:upt1_NATION><sdc:value>Japan</sdc:value></sdc:upt1_NATION><sdc:upt1_SICP><sdc:value>6726</sdc:value></sdc:upt1_SICP><sdc:upt1_STATE><sdc:value>Foreign</sdc:value></sdc:upt1_STATE><sdc:upt1_STATUS><sdc:value>Private</sdc:value></sdc:upt1_STATUS><sdc:x_RANK1_VALUE><sdc:value>217.89600</sdc:value></sdc:x_RANK1_VALUE><sdc:x_RANK_HOSTRANKVAL><sdc:value>24000.00000</sdc:value></sdc:x_RANK_HOSTRANKVAL><sdc:x_RANK_RANKVAL><sdc:value>217.89600</sdc:value></sdc:x_RANK_RANKVAL><sdc:x_rank_rankstgval><sdc:value>113.42800</sdc:value></sdc:x_rank_rankstgval></sdc:deal><category>Deal Information</category><alacra:ip>TF Mergers &amp; Acquisitions</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/660051</link><guid isPermaLink="false">spcred/660051</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Full Report from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><pubDate>7/16/2008 11:25:45 PM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">400</spcred:price><title>Japan Real Estate Investment Corp.</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">660051</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Japan</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Office REIT's</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Asia</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Real Estate Companies</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The ratings on Japan Real Estate Investment Corp. (JRE) are based on the following factors. The highly regulated nature of Japanese real estate investment trusts (J-REITs); Strong business position, backed by the high credit quality and strong real estate management and development capabilities of its sponsors; The high quality of its sizable real estate portfolio, which generates stable cash flows; The company's conservative financial policy and track record in financial management based on its strong ability to control leverage; Strong financial flexibility achieved by securing various funding methods and strong liquidity; and The strong real estate management capabilities of Japan Real Estate Asset Management (JREA), its asset management firm. Property concentration risk. JRE boasts the second largest asset portfolio among</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">JPN</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40402040 404020 4040 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Japan Real Estate Investment Corp.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">360137</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">8952@JP</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">FULL</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">REC</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/654873</link><guid isPermaLink="false">spcred/654873</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest News from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><pubDate>6/19/2008 4:22:26 AM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">100</spcred:price><title>Japanese-Language J-REIT Rating Report On Japan Real Estate Investment Corp. Released</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">News</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">654873</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Japan</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Office REIT's</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Asia</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Real Estate Companies</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">News</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">TOKYO (Standard&amp;Poor's) June 19, 2008--Standard&amp;Poor's Ratings Services today published a Japanese-language rating report on Japan Real Estate Investment Corp. (JRE), a Japanese real estate investment trust (J-REIT) that was established in May 2001 and listed on the Tokyo Stock Exchange in September of the same year. Today's report provides an in-depth analysis of JRE. The company ranks second in terms of asset size among listed J-REITs that specialize in office buildings, backed by its strong business position and well-recognized brand name. In addition, JRE's position is bolstered by the strong creditworthiness of its sponsors: Mitsubishi Estate Co. Ltd. (A+/Stable/A-1), Tokio Marine&amp;Nichido Fire Insurance Co. Ltd. (AA/Stable/A-1+), Dai-ichi Mutual Life Insurance Co. (A/Stable/--), and Mitsui</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">JPN</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40402040 404020 4040 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Japan Real Estate Investment Corp.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">360137</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">8952@JP</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">NEWS</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">REC</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/moodys/PR_156829_600064135</link><guid isPermaLink="false">moodys/PR_156829_600064135</guid><moodys:index_mode xmlns:moodys="http://www.alacra.com/moodys">html</moodys:index_mode><description>Global Credit Research Rating Action # JUN ####   Rating Action: Japan Real Estate Investment Corporation Moody's upgrades JRE Ratings to Aa# from A#; outlook stable Tokyo, June ##, #### -- Moody's Investors Service has upgraded to Aa#...</description><pubDate>6/7/2008 12:44:04 AM</pubDate><moodys:format xmlns:moodys="http://www.alacra.com/moodys">html</moodys:format><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Real Estate Investment Corporation</moodys:issuer><moodys:issuer_list xmlns:moodys="http://www.alacra.com/moodys">Japan Real Estate Investment Corporation</moodys:issuer_list><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">600064135</moodys:org_id><moodys:price xmlns:moodys="http://www.alacra.com/moodys">150.0000</moodys:price><moodys:report_class xmlns:moodys="http://www.alacra.com/moodys">News</moodys:report_class><moodys:report_type xmlns:moodys="http://www.alacra.com/moodys">Rating Action</moodys:report_type><title>Moody's upgrades JRE Ratings to Aa3 from A1; outlook stable</title><moodys:docid xmlns:moodys="http://www.alacra.com/moodys">PR_156829_600064135</moodys:docid><category>Credit &amp; Investment Research</category><alacra:ip>Moody's Global Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/moodys/PR_156704_820409027</link><guid isPermaLink="false">moodys/PR_156704_820409027</guid><moodys:index_mode xmlns:moodys="http://www.alacra.com/moodys">html</moodys:index_mode><description>Global Credit Research Announcement # JUN ####   Announcement: Nomura Real Estate Residential Fund, Inc. Moody's sees stable outlook for J-REITs Tokyo, June ##, #### -- Moody's Investors Service says in a new report, "Industry Outlook:...</description><pubDate>6/6/2008 12:54:05 AM</pubDate><moodys:format xmlns:moodys="http://www.alacra.com/moodys">html</moodys:format><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Nomura Real Estate Residential Fund, Inc.</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Hotel and Resort, Inc.</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Nippon Commercial Investment Corporation</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Nippon Accommodations Fund Inc.</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Logistics Fund, Inc.</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Top REIT, Inc.</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Frontier Real Estate Investment Corporation</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Hankyu REIT, Inc.</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">United Urban Investment Corporation</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Mori Hills Reit Investment Corporation</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Excellent, Inc.</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Kenedix Realty Investment Corporation</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">New City Residence Investment Corporation</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Global One Real Estate Investment Corporation</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">TOKYU REIT, Inc.</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Premier Investment Corporation</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Nippon Residential Investment Corporation</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Retail Fund Investment Corporation</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Nomura Real Estate Office Fund, Inc.</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Prime Realty Investment Corporation</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Nippon Building Fund Inc.</moodys:issuer><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Real Estate Investment Corporation</moodys:issuer><moodys:issuer_list xmlns:moodys="http://www.alacra.com/moodys">Frontier Real Estate Investment Corporation; Global One Real Estate Investment Corporation; ...</moodys:issuer_list><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">820409027</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">815017962</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">815017954</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">815017951</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809794780</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809591586</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809266504</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809266477</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809266473</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809266465</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809266459</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809239801</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809080851</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">808715463</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">808715121</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">808535106</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">808315968</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">807847207</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">807689373</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">807350370</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">600065383</moodys:org_id><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">600064135</moodys:org_id><moodys:price xmlns:moodys="http://www.alacra.com/moodys">150.0000</moodys:price><moodys:report_class xmlns:moodys="http://www.alacra.com/moodys">News</moodys:report_class><moodys:report_type xmlns:moodys="http://www.alacra.com/moodys">Announcement</moodys:report_type><title>Moody's sees stable outlook for J-REITs</title><moodys:docid xmlns:moodys="http://www.alacra.com/moodys">PR_156704_820409027</moodys:docid><category>Credit &amp; Investment Research</category><alacra:ip>Moody's Global Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/640318</link><guid isPermaLink="false">spcred/640318</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest News from S&amp;P</description><title>Ratings On Japan Real Estate Investment Corp. Raised To 'AA-/A-1+'; Outlook Stable</title><pubDate>4/1/2008 8:29:35 AM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">News</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">100</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">640318</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Japan</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Office REIT's</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Asia</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Real Estate Companies</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">News</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">TOKYO (Standard&amp;Poor's) March 28, 2008--Standard&amp;Poor's Ratings Services today raised by one notch to 'AA-' from 'A+' its long-term issuer credit and senior unsecured debt ratings on Japan Real Estate Investment Corp. (JRE), and its preliminary rating on JRE's Â¥100 billion shelf registration (see list below). At the same time, Standard&amp;Poor's raised to 'A-1+' from 'A-1' its short-term issuer credit rating on the company. The outlook on the long-term issuer credit rating is stable. The rating revisions reflect JRE's enhanced business base, achieved via improvements in its portfolio quality and cash flow stability, and via expansion of its asset portfolio. The revisions also reflect JRE's conservative operations, such as the maintenance of appropriate leverage control</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">JPN</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40402040 404020 4040 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Japan Real Estate Investment Corp.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">360137</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">8952@JP</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">NEWS</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">REC</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/moodys/PR_150988_600064135</link><guid isPermaLink="false">moodys/PR_150988_600064135</guid><moodys:index_mode xmlns:moodys="http://www.alacra.com/moodys">html</moodys:index_mode><description>Global Credit Research Rating Action ## MAR ####   Rating Action: Japan Real Estate Investment Corporation Moody's places JRE's A# on review for possible upgrade Tokyo, March ##, #### -- Moody's Investors Service has placed on review...</description><moodys:report_type xmlns:moodys="http://www.alacra.com/moodys">Rating Action</moodys:report_type><pubDate>3/19/2008 12:31:42 AM</pubDate><title>Moody's places JRE's A1 on review for possible upgrade</title><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Real Estate Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">600064135</moodys:org_id><moodys:price xmlns:moodys="http://www.alacra.com/moodys">150.0000</moodys:price><moodys:report_class xmlns:moodys="http://www.alacra.com/moodys">News</moodys:report_class><moodys:format xmlns:moodys="http://www.alacra.com/moodys">html</moodys:format><moodys:issuer_list xmlns:moodys="http://www.alacra.com/moodys">Japan Real Estate Investment Corporation</moodys:issuer_list><moodys:docid xmlns:moodys="http://www.alacra.com/moodys">PR_150988_600064135</moodys:docid><category>Credit &amp; Investment Research</category><alacra:ip>Moody's Global Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/moodys/PR_149211_820409027</link><guid isPermaLink="false">moodys/PR_149211_820409027</guid><moodys:index_mode xmlns:moodys="http://www.alacra.com/moodys">html</moodys:index_mode><description>Moody's: Credit quality of rated J-REITs remains stable</description><moodys:report_type xmlns:moodys="http://www.alacra.com/moodys">Announcement</moodys:report_type><pubDate>2/16/2008 12:23:18 AM</pubDate><title>Moody's: Credit quality of rated J-REITs remains stable</title><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Nomura Real Estate Residential Fund, Inc.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">820409027</moodys:org_id><moodys:price xmlns:moodys="http://www.alacra.com/moodys">150.0000</moodys:price><moodys:report_class xmlns:moodys="http://www.alacra.com/moodys">News</moodys:report_class><moodys:format xmlns:moodys="http://www.alacra.com/moodys">html</moodys:format><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">815017962</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Hotel and Resort, Inc.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">815017954</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Nippon Commercial Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">815017951</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Nippon Accommodations Fund Inc.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809794780</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Logistics Fund, Inc.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809591586</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Top REIT, Inc.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809266504</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Frontier Real Estate Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809266477</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Hankyu REIT, Inc.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809266473</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">United Urban Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809266465</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Mori Hills Reit Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809266459</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Excellent, Inc.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809239801</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Kenedix Realty Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">809080851</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">New City Residence Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">808715463</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Global One Real Estate Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">808715121</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">TOKYU REIT, Inc.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">808535106</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Premier Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">808315968</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Nippon Residential Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">807847207</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Retail Fund Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">807689373</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Nomura Real Estate Office Fund, Inc.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">807350370</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Prime Realty Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">600065383</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Nippon Building Fund Inc.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">600064135</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Real Estate Investment Corporation</moodys:issuer><moodys:issuer_list xmlns:moodys="http://www.alacra.com/moodys">Frontier Real Estate Investment Corporation; Global One Real Estate Investment Corporation; ...</moodys:issuer_list><moodys:docid xmlns:moodys="http://www.alacra.com/moodys">PR_149211_820409027</moodys:docid><category>Credit &amp; Investment Research</category><alacra:ip>Moody's Global Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/moodys/COP_600064135</link><guid isPermaLink="false">moodys/COP_600064135</guid><moodys:index_mode xmlns:moodys="http://www.alacra.com/moodys">html</moodys:index_mode><moodys:report_type xmlns:moodys="http://www.alacra.com/moodys">Credit Opinion</moodys:report_type><pubDate>1/3/2008 8:05:14 PM</pubDate><title>Japan Real Estate Investment Corporation</title><description>Global Credit Research Credit Opinion ## JUN ####   Credit Opinion: Japan Real Estate Investment Corporation Japan Real Estate Investment Corporation Tokyo, Japan Ratings Category Moody's Rating Outlook Positive Issuer Rating A# Senior...</description><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Japan Real Estate Investment Corporation</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">600064135</moodys:org_id><moodys:price xmlns:moodys="http://www.alacra.com/moodys">150.0000</moodys:price><moodys:report_class xmlns:moodys="http://www.alacra.com/moodys">News</moodys:report_class><moodys:format xmlns:moodys="http://www.alacra.com/moodys">html</moodys:format><moodys:issuer_list xmlns:moodys="http://www.alacra.com/moodys">Japan Real Estate Investment Corporation</moodys:issuer_list><moodys:docid xmlns:moodys="http://www.alacra.com/moodys">COP_600064135</moodys:docid><category>Credit &amp; Investment Research</category><alacra:ip>Moody's Global Credit 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