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Provisional Translation Only


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									[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes. Should
there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

For Immediate Release

REIT Issuer:
ORIX JREIT Inc. (TSE: 8954)
Takeshi Sato
President and Executive Director

Asset Management Company:
ORIX Asset Management Corporation
Hiroshi Yasuda
President and CEO
Hisao Namiki
Director and Executive Officer
TEL:+81 3 3435 3285

                ORIX JREIT Announces Acquisition of ORIX Kobe Sannomiya Building

TOKYO, September 20, 2011—ORIX JREIT Inc. (“OJR”) announced that it would acquire the ORIX Kobe
Sannomiya Building. The details of the acquisition are outlined below.

1. Acquisition Summary
                                   Real estate trust beneficial interest (scheduled) *
 Asset to be acquired              *As of today, no trust has been established for the ORIX Kobe Sannomiya Building. It is
                                   planned that a trust will be established for it at the time it is acquired by OJR.
 Acquisition price                 ¥ 3,800,000,000 (excluding national and local consumption taxes)
 Scheduled acquisition date        September 29, 2011
 Current owner and seller          ORIX Real Estate Corporation
                                   Loan proceeds (scheduled)*
 Anticipated funding method        *Please refer to the press release “ORIX JREIT Announces New Debt Financing,” which was
                                   published on today.
 Payment terms                     100 % on transfer

2. Purpose of the Acquisition
  OJR has been upgrading the quality of its portfolio through asset replacement, with the aim of maintaining
and increasing its level of distributions over the medium to long term. It has also been working to expand the
scale of its assets by investing selectively in real estate with stable cash flow and outstanding earnings
potential. As part of this external growth strategy, OJR has decided to acquire this property.
  OJR believes that the features of the location and the specifications of the property will enable stable
earnings over the medium to long term, contributing to an increase in the level of distributions to unitholders.

(1) Location
     The property is located approximately five minutes’ walk from JR Kobe Line Sannomiya station. In
  addition to the JR Kobe Line, Hankyu Kobe Line, and Hanshin Electric Railway, Kobe Municipal Subway
  Kaigan Line and Seishin/Yamate Line and the Port Liner railway also extend into Sannomiya station, so it
  is a leading terminal station with easy access to the whole Kansai region, as well as all areas of Kobe.
  There is also good access to Sanyo Shinkansen Shin Kobe station and Kobe Airport, making the area very
  convenient for transport. Sannomiya is a economic and business center in Kobe since it is a business site
  for companies operating in the Hyogo Prefecture and the Kobe area, and a large number of company
  branches and offices, business hotels and retail facilities are located there.

(2) Building and facilities
     The property is a 12-story office building completed in 2009. Leasable area on a standard floor is
  approximately 543m2 (164 tsubo), with pillar-free space, ceiling heights of 2,800mm, 100mm raised floors
  for computer wiring, and a 40-space parking elevator. The property is equipped with many desirable
  standard specifications, which include individually controlled air conditioning and an automated security
  system. Standard floor plans include the ability to divide a space into five partitioned areas, so the property
  can accommodate a wide range of tenant requirements.

3. Summary of Property for Acquisition
                              Real estate trust beneficial interest (scheduled) *
Specified asset category      * As of today, no trust has been established for the ORIX Kobe Sannomiya Building. It is planned
                              that a trust will be established when it is acquired by OJR.
Trustee (scheduled)           Mitsubishi UFJ Trust and Banking Corporation
Term of trust agreement
                              September 29, 2011– September 28, 2021
Address                       1-10, Goko-dori 6-chome, Chuo-ku, Kobe City, Hyogo
Registered usage              Office, training institute, parking
                              Land: 1,032.83 m2
Registered area
                              Building: 7,847.58m2 (total floor area)
Registered construction       Reinforced concrete, steel frame, flat roof, 12 floors
Registered completion date September 9, 2009
Type of ownership             Fee simple Ownership
Previous owner                ORIX Real Estate Corporation

Acquisition price             ¥3,800,000,000 (excluding national and local consumption taxes)
Appraised value               ¥3,820,000,000
Appraisal date                August 1, 2011
Appraiser                     DAIWA REAL ESTATE APPRAISAL CO., LTD.
Scheduled acquisition date September 29, 2011
                           Approx. 5 minutes’ walk from Sannomiya Station on JR Line,
Public transit access      Approx. 2 minutes’ walk from Sannomiya-Hanadokeimae Station on Kobe
                           Municipal Subway Line
Usage restrictions         Commercial district, Fire zone,etc.
Architects                    Asai Ken Architectural Research Inc.
Structural engineers          Hojo Structure Research Institute Inc.
General contractors           THE ZENITAKA CORPORATION
Building inspection agency The Building Center of Japan
                              [Leased area (Standard floor area)] Approx. 543m2 (roughly 164tsubo)
                              [Ceiling height] Standard floor area: 2,800 mm, Raised floors for computer wiring: 100 mm
Main facilities and           [Elevators] 3 (2 for 15 passengers, 1 for 17 passengers)
specifications                [Parking] 40 parking spaces (parking elevator)
                              [Others] Individually controlled air conditioning, Automated security system in a
                              PML 6 % (Based on a SHIMIZU CORPORATION report)
                              PML shows the estimated cost of recovering the building in the event of an
Earthquake resistance         earthquake. The figure is based on the probability of an earthquake that may occur
                              every 475 years, and shows the percentage of the construction costs to the
                              replacement value. This seismic risk analysis was done by Shimizu Corporation.
Collateral                    None

                            A section of the narrow pathway of the adjoining lot to the north (Lot No. 309)
                            encroaches over the boundary of the property.
Special notes               It has been decided that an agreement concerning the encroachment will be
                            concluded with the owner of the adjoining lot at the expense and under the
                            responsibility of the previous owner of property.
No. of tenants              13 (excluding parking spaces, as of September 20, 2011)
Gross rental income         ¥ 24 million/month (excluding parking spaces, as of September 20, 2011 )
Security deposits           ¥ 225 million
Total rent space            6,137.62m2 (as of September 20, 2011)
Total rentable space        6,252.85m2 (as of September 20, 2011)
Occupancy rate              98.2% (as of September 20, 2011)
                            ¥256 million annually
                            *Note: Forecast Net Operating Income (NOI) represents the anticipated revenue/expenditure
                            balance under ordinary occupancy for a regular operation period based on the terms of the lease
Forecast Net Operating      contract terms and conditions, etc. on the scheduled date of acquisition, but excluding
Income (NOI)                extraordinary factors that may occur during the first year of acquisition. The NOI calculation
                            assumptions are as below. (These figures are not what OJR expects for the current fiscal year.)
                                1) Occupancy rate:98.0%
                                2) Taxes: based on tax base amounts for fiscal 2011.

4. Profile of Owner / Seller                                                  (As of September 14, 2011)
 Company Name                ORIX Real Estate Corporation
 Address                     3-5, Akasaka 2-chome, Minato-ku, Tokyo
 Representative              Representative Yoshiyuki Yamaya
                             Development of condominiums, detached houses, and office buildings.
                             Subleasing and management of condominiums, shops, and offices,etc.
 Shareholders’ Equity        ¥ 200 million
 Date of establishment       March 11, 1999
 Major shareholder           ORIX Corporation 100%
 Net Assets                  Not disclosed
 Total Assets Turnover       Not disclosed
 Relationships with OJR or its asset management company
                            There is no capital relationship that requires reporting between OJR and the company
                            in question. Both ORIX Real Estate Corporation and ORIX Asset Management
   Capital relationships    Corporation (“OAM”) are subsidiaries of ORIX Corporation. Their relationships
                            thus correspond to that of a “related party” stipulated in the Law Concerning
                            Investment Trusts and Investment Corporations (“the Investment Trust Law”).
                            As of September 20, 2011, one officer at OAM had been seconded from the
   Personal relationships   company in question. There are no personnel relationships that require reporting
                            between OJR and the company in question.
                            During the period ended August 2011, OJR acquired three properties (total
   Business relationships
                            acquisition price: 10,110 million yen) from the company in question.

                            The company in question is not a “related party” for OJR. However, the company in
   Applicability to
                            question corresponds to a “related party” for OAM as stipulated in the Investment
   related parties
                            Trust Law and mentioned above.

5. Information regarding Ownership
                                        Previous Owner
     Company Name           ORIX Real Estate Corporation
   Special relationships    Refer to Section 4. “Profile of
        involved            Owner/Seller” above

                              New development
    Background to and
                              (Construction completed in September
   reason for acquisition
     Acquisition date         ―
     Acquisition price        ―

6. Intermediary

7. Payment
  Funding method: Loan proceeds*
                   *Please refer to the press release “ORIX JREIT Announces New Debt Financing,” which was published
                   on today.
  Payment terms: 100% on transfer

8. Related-Party Transactions
     OJR will acquire this property from ORIX Real Estate Corporation. OJR’s asset management company
  will conclude a property management subcontracting agreement with ORIX Real Estate Corporation.
     In accordance with the Affiliated Company Transaction Regulations (OAM’s in-house regulation), the
  acquisition of the property has been approved by OJR’s board of directors after being examined by OAM’s
  Risk Management and Compliance Committee and board of directors. The subcontracting of the property
  management for the property has been approved by OAM’s board of directors and reported to OJR’s board
  of directors after being examined by OAM’s Risk Management and Compliance Committee. See 4.
  “Profile of Owner/Seller” above for details of the related parties.

9. Schedule
   September 22, 2011 (scheduled): Execution of sale and purchase contract for the property
   September 29, 2011 (scheduled): Settlement and transfer of the property

10. Future Outlook
     The acquisition of this property will only make a minor impact on the financial results for the period
  ending February 2012 (20th fiscal period: September 1, 2011 - February 29, 2012). Therefore, the forecast
  financial results for 20th fiscal period remain unchanged from those announced in the press release, “ORIX
  JREIT Revises Earnings Forecast for the 19th Fiscal Period (Ending August 31, 2011) and 20th Fiscal
  Period (Ending February 29, 2012),” which was published on May 9, 2011.

I.   Property photo and map
II. Appraisal summary
III. Portfolio summary after acquisition of the ORIX Kobe Sannomiya Building

The original Japanese version of this material is being distributed today to the Kabuto Club, the Ministry of
Land, Infrastructure, Transport and Tourism Press Club, and the Ministry of Land, Infrastructure, Transport
and Tourism Press Club for Construction Publications.

I. Property photo and map

II. Appraisal summary

     1) Appraised Value          ¥ 3,820,000,000-
     2) Appraisal Date           August 1, 2011
     3) Appraiser                DAIWA REAL ESTATE APPRAISAL CO., LTD.

Valuations by method
    1)       Cost Method…………………………………                       ¥ 2,660,000,000-
    2)       Income Method
         i. DCF value …………………………………..                       ¥ 3,810,000,000-
             Discount Rate……………………………….                     5.8%
             Terminal Capitalization Rate ………………            6.2%
         ii. DC Value……………………………………                         ¥ 3,840,000,000-
             Capitalization Rate………………………….                 6.0%

Income projection
    The following projection is quoted from the income projection using the direct capitalization method in
    the Appraisal Report, and does not represent any projections by OJR or OAM.

                                                                         (In millions of yen)
      (1) Gross revenue (a-b)                                                           319
          a. Effective gross revenue                                                    344
          b. Vacancy loss                                                                25
      (2) Total costs (c+d+e+f)                                                          89
          c. Management /maintenance fee
              (management fee, utility expenses, PM fees, etc.)                          62
          d. Taxes                                                                       25
          e. Casualty insurance premium                                                   0
          f. Other costs                                                                  1
      (3) Net revenue (1-2)                                                             229
      (4) Lump sum revenue                                                                4
      (5) Capital expenditure                                                             3
      (6) Net income (3+4-5)                                                            230

Long Term Projected Repairs
   According to the Engineering Report by NKSJ Risk Management, Inc., the maintenance cost over the
   next 12 years will be ¥59,220 thousand.

III. Portfolio summary after acquisition of the ORIX Kobe Sannomiya Building

                                                                                                   Acquisition                   Percentage of Total
                                                                                            Date                Price(¥million)   Acquisition Cost
 Offices         6 central           Aoyama Suncrest Building                                December 1. 2001              3,356                 1.0
               Tokyo wards           Round-Cross Ichi-bancho                                 December 1. 2001              3,900                 1.1
                                     Round-Cross Nishi Shinjuku                              December 1. 2001              2,650                 0.8
                                     Beside Shirogane                                       December 21. 2001              1,300                 0.4
                                     DT Gaien                                               December 21. 2001              2,430                 0.7
                                     Nihonbashi East Building                               December 21. 2001              1,720                 0.5
                                     Yoyogi Forest Building                                 December 21. 2001              1,473                 0.4
                                     Round-Cross Minami Azabu                               December 21. 2001              1,394                 0.4
                                     Round-Cross Akasaka                                       January 10. 2002            2,624                 0.8
                                     Round-Cross Mita                                          January 10. 2002            1,748                 0.5
                                     Shiba Daimon Building                                     January 10. 2002            2,195                 0.6
                                     Round-Cross Tsukiji                                       January 10. 2002            3,378                 1.0
                                     ORIX Shiba 2-chome Building                            September 29. 2003             7,500                 2.2
                                     Aoyama 246 Building                                         March 3. 2004             5,200                 1.5
                                     Round-Cross Shinjuku                                        April 28. 2006            8,020                 2.3
                                                                                            September 30. 2005
                                     Seafort Square Center Building                                                      18,000                  5.3
                                                                                                 April 28. 2006
                                                                                                 June 26 . 2006
                                     ORIX Akasaka 2-chome Building                                                       21,860                  6.4
                                                                                             December 4. 2006
                                      Round-Cross Shinjuku 5-chome                               April 26. 2007            4,500                 1.3
                                      Nihonbashi Honcho 1-chome Building                        March 28. 2007           10,500                  3.1
                                      ST WORLD Building                                         March 28. 2008             3,500                 1.0
                                      ORIX Suidobashi Building                                  March 28. 2008             3,000                 0.9
                                      ORIX Shinagawa Building                                     June 27. 2008          15,200                  4.4
                                      ORIX Real Estate Nishi Shinjuku Building                  March 27. 2009           13,600                  4.0
                                      OX Tamachi Building                                       March 29. 2010             6,730                 2.0
                                      Subtotal                                                                          145,778                 42.6
                Remaining             Carrot Tower                                           December 1. 2001              5,479                 1.6
               Tokyo wards            Toyo MK Building                                       December 1. 2001              5,270                 1.5
                                      Beside Kiba                                           December 21. 2001              2,450                 0.7
                                      ORIX Ikebukuro Building                                    April 18. 2003            9,577                 2.8
                                      Round-Cross Kamata                                         March 1. 2006             5,640                 1.6
                                      KN Jiyugaoka Plaza                                          May 30. 2007             3,110                 0.9
                                      ORIX Meguro Building                                        July 29. 2010            6,350                 1.9
                                      Akihabara Business Center                                    June 1. 2011            5,060                 1.5
                                      Subtotal                                                                           42,936                 12.5
               Other parts of         Neo City Mitaka                                        December 1. 2001              2,200                 0.6
           the greater Tokyo area     Round-Cross Kawasaki                                       April 27. 2004            4,130                 1.2
                                      Omiya Miyacho Building                                    March 27. 2009             4,400                 1.3
                                      Omiya Shimocho 1-chome Building                           March 29. 2010             3,750                 1.1
                                      Subtotal                                                                           14,480                  4.2
                Other areas           Nagoya Itochu Building                                September 29. 2003             4,500                 1.3
                                      ORIX Koraibashi Building                                   April 27. 2005            5,560                 1.6
                                      Lunar Sendai                                                June 28. 2007            8,500                 2.5
                                      ORIX Nagoya Nishiki Building                              March 29. 2010           12,500                  3.7
                                      ORE Sapporo Building                                      October 1. 2010            4,250                 1.2
                                    * ORIX Kobe Sannomiya Building               September 29, 2011 (scheduled)            3,800                 1.1
                                      Subtotal                                                                           39,110                 11.4
                                      Offices Total                                                                     242,304                 70.8

                                                                                                    Acquisition                       Percentage of Total
                                                                                             Date                  Price(¥million)     Acquisition Cost
    Logistics          Other parts of       Koshigaya Logistics Center                           April 28. 2006               4,000                   1.2
    Facilities     the greater Tokyo area   Toda Logistics Center                               March 28. 2008                9,600                   2.8
                                            Ichikawa Logistics Center                       September 29. 2008                8,300                   2.4
                                            Subtotal                                                                        21,900                    6.4
                        Other areas         Sakai Logistics Center North Building               March 30. 2010              10,200                    3.0
                                            Komaki Logistics Center                              June 30. 2011                2,700                   0.8
                                            Subtotal                                                                        12,900                    3.8
                                            Logistics Facilities Total                                                      34,800                   10.2
     Retail              6 central          Nihon Jisho Minami Aoyama Building                 October 31. 2003               2,548                   0.7
    Facilities         Tokyo wards          CUBE Daikanyama                                     March 31. 2004                2,435                   0.7
                                            Subtotal                                                                          4,983                   1.5
                       Other parts of       aune Kohoku                                         March 10. 2010                4,000                   1.2
                   the greater Tokyo area   aune Makuhari                                       March 10. 2010                3,600                   1.1
                                            Maruetsu Sagamino                                    March 1. 2011                2,350                   0.7
                                            Subtotal                                                                          9,950                   2.9
                        Other areas         Kobe Momoyamadai Shopping Center (Site)              March 5. 2010                3,260                   1.0
                                            Okayama Kume Retail Facility                       January 31. 2011               2,750                   0.8
                                            Subtotal                                                                          6,010                   1.8
                                            Retail Facilities Total                                                         20,943                    6.1
                        6 central           Park Axis Nishi Azabu Stage                       December 1. 2001                1,219                   0.4
                       Tokyo wards          Shibaura Island Bloom Tower                        January 31. 2011               5,550                   1.6
   Residential                              We Will Hatchobori                                     June 1. 2011               2,370                   0.7
                                            Shibaura Island Air Tower                             July 28. 2011               6,030                   1.8
                                            Subtotal                                                                        15,169                    4.4
                       Remaining            Belle Face Kamata                                       June 1. 2011              3,550                   1.0
                       Tokyo wards          Belle Face Hongo Yumicho                                June 1. 2011              3,340                   1.0
                                            Subtotal                                                                          6,890                   2.0
                        Other areas         Belle Face Osaka Shinmachi                              June 1. 2011              3,684                   1.1
                                            Belle Face Amagasaki                                    June 1. 2011              3,440                   1.0
                                            Subtotal                                                                          7,124                   2.1
                                            Residential Total                                                               29,183                    8.5
                       Other parts of       Cross Gate                                         January 10. 2002             15,040                    4.4
     Others        the greater Tokyo area
                                            Subtotal                                                                        15,040                   4.4
                                            Others Total                                                                    15,040                   4.4
                 Grand Total                63 properties                                                                  342,270                 100.0

* Newly acquired building
    Notes :
         1. “Acquisition price” above refers to sale price (fractions rounded down) specified in the sale and purchase contract. Consumption
            taxes are not included in the price.
         2. “Percentage of total acquisition cost” refers to the acquisition price of each property under management as a proportion of the total
            acquisition price.
         3. Fractions are rounded to two decimal places for the “Percentage of total acquisition cost.” Totals for the “Percentage
             of total acquisition cost” may not tally as a result of this rounding.


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