21st Fiscal Period Results(January 1, 2012 – June 30, 2012)

August 17, 2012

Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation (JPR)
Tokyo Stock Exchange (Code 8955)
Board of Directors Meeting: August 17, 2012
Payment of Distribution: September 10, 2012 (planned)
Website: http://www.jpr-reit.co.jp/jpr_e/index.html
Inquiries: Satoshi Eida, Director and Chief Financial Officer
Tokyo Realty Investment Management, Inc.
Tel: +81-3-3516-1591
E-mail: s-eida@trim-reit.co.jp

1Japan Prime Realty Investment Corporation

Performance (January 1, 2012 –June 30, 2012)(1) Business Results(Amounts less than a million yen discarded)(Millions of yen, yen for per unit information / Percentage change from previous fiscal period)

Operating
Revenues% Change

Operating
Income% Change

Ordinary Income% Change

June 30, 2012

12,345

4.9%

6,393

10.9%

4,597

9.4%

Dec. 31, 2011

11,772

2.1%

5,763

2.9%

4,201

3.1%
(Yen)

Net Income% Change

EPU

Net Income/
NAV

Ordinary Income/
Total Assets

Ordinary Income/Operating Revenues

June 30, 2012

4,596

9.4%

6,428

2.6%

1.2%

37.2%

Dec. 31, 2011

4,200

4.7%

5,874

2.4%

1.2%

35.7%

Notes: 1. EPU is calculated based on the average number of investment units during the term
Fiscal period ended June 30, 2012: 715,000 units
Fiscal period ended Dec. 31, 2011: 715,000 units
2. Changes in accounting standards: No
3. Net income/NAV and Ordinary Income/Total Assets are calculated based on the average of unitholders’ equity (NAV) and Total Assets as of the
beginning and end of the period(2) Cash Distributions(Millions of yen, yen for DPU)

DPU

Distribution
AmountExceeding Profit
Distribution Per
Unit

Exceeding Profit
Distribution
AmountJune 30, 2012

6,430

4,597

0

0

100.0%

2.6%

Dec. 31, 2011

5,876

4,201

0

0

100.0%

2.4%

Dividend
Payout Ratio

Distribution/
NAV

Notes: 1. Dividend payout ratio is rounded to the nearest tenth.
2. With regard to the cash distributions for the 20th and 21st fiscal period, JPR decided to distribute part of the retained earnings brought
forward that had been internally reserved through the 19th and 20th fiscal period. This was conducted with the aim of having the profit
distributions deducted as expenses based on application of the special provision on taxation of investment corporations (Article 67-15 of the
Act on Special Measures Concerning Taxation) and in order to minimize the burden to unitholders incurred by accrual of corporate income
tax, etc. As a result, the cash distribution per unit came to 5,876 yen for the 20th fiscal period and 6,430 yen for the 21st fiscal period.

(3) Financial Position(Millions of yen, yen for NAV per unit)
Total Assets

NAV

NAV Ratio

NAV Per Unit

June 30, 2012

396,017

176,03544.5%

246,204

Dec. 31, 2011

360,699

175,64048.7%

245,651

Reference: Net Assets
Fiscal period ended June 30, 2012: 176,035 millions of yen
Fiscal period ended Dec. 31, 2011: 175,640 millions of yen(4) Cash Flows(Millions of yen)

Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at end of
periodJune 30, 2012

6,873

(36,868)

27,875

24,660Dec. 31, 2011

6,092

(3,934)（3,829）26,7802Japan Prime Realty Investment Corporation

Forecasts for 22nd Fiscal Period Ending December 31, 2012
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

22nd Fiscal PeriodEnding Dec. 31, 2012

Operating
Revenues

Operating
IncomeOrdinary
IncomeNet
Income12,859

6,624

4,951

4,950

(excluding exceeding
profit distribution per unit)

Exceeding Profit
Distribution Per
Unit

6,000

－

DPU

Reference: Estimated EPU for the fiscal period: 6,000 yen

The above-mentioned forecasts are based on “Assumptions for the 22nd Fiscal Period Forecast(July 1, 2012 – December 31, 2012)” as below. The aforementioned forecasts are based onassumptions and information available to management as of August 17, 2012.
As a result, actual operating revenues, operating income, ordinary income, net income, distribution
per unit and exceeding profit distribution per unit will be subject to changes in market conditions.
Accordingly, the forecasts are not a guarantee of any cash distribution amounts.
Assumptions for the 22nd Fiscal Period Forecast(July 1, 2012 – December 31, 2012)
Item
PeriodProperty Portfolio

Assumptions
22nd fiscal period: July 1, 2012 to December 31, 2012
(investment period: 184 days)• The number of properties is assumed to be the 59 properties JPR owns as ofAugust 17, 2012 (includes Yakuin Business Garden acquired on August 8,2012). Furthermore, the assumed average occupancy rate at end of month is
93.9%.
• In practice, these assumptions may vary due to such events as the acquisitionof additional properties or the sale of existing properties.

Operating Revenues• Operating revenues are calculated in consideration of the market environment,competitiveness of properties, tenant conditions, etc. based on the effective
lease agreements as of the end of the 21st fiscal period.
• It is assumed that there are no delinquencies and defaults in rent payments bytenants.
• Gain and loss on sales of real estate properties is not assumed.

Operating Expenses• Out of real estate rental expenses, which account for a major part of operating
expenses, outsourcing expenses other than depreciation is calculated based on
information as of the 21st fiscal period and by reflecting the variation elementsof expenses based on the past results. Outsourcing expenses are assumed to be
510 million yen.
• Property taxes and city planning taxes indicate the volume to be paid during
the period out of the levied volume and is assumed to be 1,025 million yen.
Moreover, in general practice property tax and city planning tax levied on
properties acquired are settled after prorating for the period with the previous
owner at the time of acquisition, but JPR includes the amount equivalent to such
settlement in the acquisition costs for the property.
• Repair and maintenance costs forecast to be required during the period isallocated as expenses. However, since there is the possibility that costs forrepairs and maintenances will suddenly occur due to issues that are difficult topredict such as damage to the building and since it is generally an expense thatvaries greatly by year and do not occur periodically and other factors, it mayvary greatly from the assumed expenses for repairs and maintenances for theperiod.

3Japan Prime Realty Investment Corporation• Depreciation, including accompanying expenses and future additional capital
expenditures are calculated utilizing the straight line method and is assumed tobe 1,830 million yen.

Non Operating
Expenses• Interest expenses, interest expenses on investment corporation bonds andborrowing expenses, which account for a major part of non-operating expenses,
are assumed to be 1,542 million yen.
• JPR assumes 110 million yen as one-time expenses accompanying theadditional issuance of new investment units.

Interest-Bearing Debt
Ratio

• As of August 17, 2012, the interest-bearing loans payable is 183,581 million
yen (short-term debt: 14,100 million yen; current portion of long-term debt:
17,643 million yen; long-term debt: 109,338 million yen; and investment
corporation bonds: 42,500 million yen) and interest-bearing debt ratio stands at
49.1%.
• JPR assumes that it will use the proceeds obtained from the issuance of new
investment units through public offering conducted in July 2012 and throughthe third-party allotment scheduled for August 2012 in association with thesecondary offering (over-allotment option) for the repayment of borrowings.
• For the borrowings that will become due during the fiscal period, JPR assumes
that it will refinance them for the same amount except for repayment of 424
million yen as agreed upon.
• Due to the above, the interest-bearing debt ratio is expected to be 48.5% at theend of the fiscal period ending December 2012.
• The following formula is used in calculating the interest-bearing debt ratio in
this table.
Interest-bearing debt ratio =Interest-bearing debt / (Interest-bearing debt + Unitholders’ capital) * 100

Total Units
Outstanding• JPR assumes that the total number of investment units outstanding as ofDecember 31, 2012 will be 825,000 units. This is based on the 715,000 units
outstanding as of June 30, 2012, plus the 101,420 units as additional issue of
new investment units through public offering in July 2012 and the 8,580 units(maximum) to be newly issued through the third-party allotment in August 2012in association with the secondary offering (over-allotment option).
• As for distribution per unit, it is assumed that all revenues will be distributed
based on the distribution methods provided in the Articles of Incorporation.

Distribution Per Unit

• There is the possibility that the distribution per unit may vary due to various
factors including variation of rental revenue due to transfer of assets undermanagement and tenants moving out, and unpredicted repairs and maintenance.

Exceeding Profit
Distribution Per Unit

• Distribution exceeding the profit (exceeding profit distribution per unit) iscurrently not assumed.
• It is assumed that there will be no changes in legislation, taxation, accounting
standards, regulations applying to publicly listed companies, rules andrequirements imposed by the Investment Trusts Association, Japan that will
impact the aforementioned forecasts.
• It is also assumed that there will be no unexpected material changes in general
economic and real estate market conditions.

Others4Japan Prime Realty Investment Corporation

Financial Statements
Balance Sheets (December 31, 2011 and June 30, 2012)
End of 20th Period(Dec. 31, 2011)

Item
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures
Accumulated depreciation
Structures, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
LandLand in trust
Construction in progress
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold right
Other
Total intangible assets
Investments and other assets
Lease and guarantee deposits
Long-term prepaid expenses
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment corporation bond issuance costs
Total deferred assets
Total assets

5(Thousands of Yen)
End of 21st Period% Change(June 30, 2012)

13,647,529
13,132,684
168,364
218,622
4,594
27,171,795

12,750,078
11,910,686
256,788
153,433
4,713
25,075,700(7.7)

50,640,038(6,749,650)
43,890,388
75,389,949(19,394,293)
55,995,656
40,334(6,726)33,608109,241(41,402)67,839572,397(244,149)
328,248
1,407,495(921,208)
486,287
37,912(19,653)
18,259104,732(71,072)
33,660106,648,291
120,491,113
90,914－
328,084,267

51,044,234(7,505,860)
43,538,373
75,570,997(20,326,948)
55,244,049
41,823(7,914)33,908109,441(45,245)
64,196577,666(261,833)
315,833
1,418,326(956,595)
461,731
41,588(21,866)
19,721
112,390(76,099)
36,291
106,669,360
158,879,372
104,7111,009
365,368,560

11.4

4,794,109
7,146
4,801,255

4,794,109
5,956
4,800,065(0.0)

49,520422,583
472,103333,357,626

49,520577,784
627,304
370,795,930

32.9
11.2

169,685
169,685

146,257
146,257(13.8)

360,699,107

396,017,887

9.8

Japan Prime Realty Investment Corporation

Balance Sheets (December 31, 2011 and June 30, 2012)
End of 20th Period(Dec. 31, 2011)

Item
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payab leCurrent portion of long-term loans payable
Current portion of investment corporation bonds
Accounts payable-otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Total current liabilities
Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total noncurrent liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surp lus
Voluntary deposits
Deposits for advanced depreciation
Total voluntary deposits
Unappropriated retained earnings(undisposed losses)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

6(Thousands of Yen)
End of 21st Period% Change(June 30, 2012)

1,445,952
12,400,000
17,616,000
9,000,000
523,418
337,468
605
126,906
1,759,735
43,210,085

2,640,312
20,600,000
18,543,000
9,000,000
809,548
302,602605
122,215
2,328,074
54,346,358

25.8

42,500,000
81,489,000
7,711,990
10,147,460
141,848,450

42,500,000
104,438,000
7,408,110
11,289,504
165,635,614

16.8

185,058,535

219,981,973

18.9

171,339,818

171,339,818

73,94673,94673,94673,9464,226,806

4,622,149

4,300,752
175,640,571

4,696,096
176,035,914

9.2
0.2

175,640,571

176,035,914

0.2

360,699,107

396,017,887

9.8

Japan Prime Realty Investment Corporation

Statements of Income and Retained Earnings(July 1, 2011 – Dec. 31, 2011 and Jan. 1, 2012 – July 30, 2012)

Item

20th Fiscal Period(July 1, 2011 –Dec. 31, 2011)

Operating revenue
Rent revenue-real estate
To tal operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Administrative service and asset
custody fees
Directors' compensations
Trust fees
Other operating expenses
To tal operating expenses
Operating income
No n-operating income
Interest inco me
Income on settlement of management
association accounts
Other
To tal non-operating income
No n-operating expenses
Interest expenses
Borrowing expenses
Interest expenses on investment
corporation bonds
Amortization of investment
corporation bond issuance costs
Other
To tal non-operating expenses
Ordinary income
Income before income taxes
Income taxes-current
Income taxes-deferred
To tal income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings(undisposed losses)

7(Thousand s of Yen)
21st Fiscal Period% Change(Jan. 1, 2012 –July 30, 2012)

1 1,772,766
1 1,772,766

12,345,900
12,345,900

5,357,207
421,6135,217,950
443,284

74,65974,5756,600
43,737
105,346
6,009,163
5,763,602

6,600
42,693167,020
5,952,124
6,393,776

2,790

2,666

5,486

54,1582,514
10,791

5,622
62,447944,718
147,084

1,000,168
373,744457,769

459,431

20,13923,4283,681
1,573,392
4,201,000
4,201,000
605
11
616
4,200,383
26,422

2,163
1,858,935
4,597,288
4,597,288
605－
605
4,596,683
25,466

(1.9)
9.4
(3.6)

4,226,806

4,622,149

9.4

4.9

(0.9)
10.9

478.7

18.1
9.4
9.4

Japan Prime Realty Investment Corporation

Statements of Unitholders’ Equity(July 1, 2011 – Dec. 31, 2011 and Jan. 1, 2012 – June 30, 2012)

Unitholders' equity
Unitholders' capital
Balance at the beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Surplus
Voluntary deposits
Balance at the beginning of current period
Changes of items d uring the period
Total change of items during the perio dBalance at the end of current period
Unappropriated retained earnings (undisposed losses)
Balance at the beginning of current period
Changes of items d uring the period
Dividends from surplus
Net income
Total changes of items during the period
Balance at the end of current period
Total surplus
Balance at the beginning of current period
Changes of items d uring the period
Total changes of items during the period
Balance at the end of current period
Total unitholders' equity
Balance at the beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the beginning o f current period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period

8

20th Fiscal Period(July 1, 2011 –Dec. 31, 2011)(Thousands of Yen)
21st Fiscal Period(Jan. 1, 2012 –June 30, 2012)

171,33 9,818

171,339,818－
171,33 9,818－
171,339,818

7 3,946

73,946－
7 3,946－
73,946

4,03 8,287

4,226,806(4,011,865)
4,20 0,383
18 8,518
4,22 6,806(4,201,3 40)
4,596,683
395,343
4,622,149

4,11 2,234

4,300,752

18 8,518
4,30 0,752

395,3434,696,096

175,45 2,052

175,640,571

18 8,518
175,64 0,571

395,343
176,035,914

175,45 2,052

175,640,571

18 8,518
175,64 0,571

395,343
176,035,914

Japan Prime Realty Investment Corporation

Statements of Cash Flows(July 1, 2011 – Dec. 31, 2011 and Jan. 1, 2012 – June 30, 2012)

Item
Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bond issuance costs
Increase (decrease) in provision for loss on disaster
Interest income
Interest expenses
Decrease (increase) in operating acco unts receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable-other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Purchase of property, plant and equip ment
Purchase of property, plant and equip ment in trust
Repayments of tenant leaseho ld and security deposits
Proceeds from tenant leasehold and security dep osits
Repayments of tenant leaseho ld and security deposits in trust
Proceeds from tenant leasehold and security dep osits in trust
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term lo ans payable
Repayment of long-term loans payable
Proceeds from issuance of investment corporation bonds
Redemption of investment corporation bonds
Dividends paid
Net cash provided by (used in) financing activities
Net changes in cash and cash equivalents
Ca sh and cash equivalents at beginning of period
Ca sh and cash equivalents at end of period

9

20th Fiscal Period(Thousands of Yen)
21st Fiscal Period(July 1, 2011 –Dec. 31, 2011)(Jan. 1, 2012 –June 30, 2012)

4,201,000
1,825,438
20,139(3,093)(2,790)1,402,487
41,257(67,100)(50,384)
32,839(63,061)
160,706(16,097)
7,481,343
2,790(1,392,260)
241
6,092,114

4,597,288
1,755,478
23,428－(2 ,666)
1,459,599(88 ,424)
65,189150,308
6,394(4 ,691)
568,339(165 ,208)
8,365,035
2,666(1,494 ,464)
24
6,873,261(3,933,256)(250,208)(40,115)410,015(321,835)
201,244(3,934,156)(474 ,731)(37,520 ,326)(210 ,491)
49,124(277 ,809)
1,566,126(36,868 ,108)

16,800,000(14,400,000)
8,000,000(14,158,000)
8,939,826(5,000,000)(4,010,855)(3,829,028)(1,671,070)
28,451,284
26,780,213

38,600,000(30,400 ,000)
38,800,000(14,924 ,000)－－(4,200 ,602)
27,875,397(2,119 ,448)
26,780,213
24,660,764

Japan Prime Realty Investment Corporation

Notes to Financial Statements＜Change in Accounting Policies＞
There are no important changes in accounting policies for this fiscal period.

Subsequent Events<Issue of New Investment Units>
JPR resolved at its Board of Directors Meetings held on July 9, 2012 and July 23, 2012 to issue newinvestment units as described below. Payment for the new investment units issued through public offering
was completed on July 30, 2012, and payment for the new investment units issued through third-party
allotment will be made on August 29, 2012.
[Issue of New Investment Units through Public Offering]<Domestic primary offering and overseas offering centering on Europe and Asia (excluding the U.S.
and Canada)>
Total number of units to be offered:
101,420 units (57,420 units through domestic
primary offering and 44,000 units through overseas
offering (42,580 units underwritten by overseas
underwriters and 1,420 units additionally issued
pursuant to the option to purchase the investment
units granted to overseas underwriters))
Issue price (offer price):
194,610 yen per unit
Total amount of issue price (offer price): 19,737,346,200 yen
Amount to be paid in (purchase price):
188,222 yen per unit
Gross proceeds (total purchase price):
19,089,475,240 yen
Payment date:July 30, 2012
Starting date of computation for cash distribution: July 1, 2012
*As a result of the public offering, unitholders’ equity totaled 190,429,293,840 yen as of July 30,
2012, with the number of investment units issued totaling 816,420 units.
[Issue of New Investment Units through Third-Party Allotment]
Total number of units to be offered:
8,580 units (maximum)
Amount to be paid in (purchase price):
188,222 yen per unit
Gross proceeds (total purchase price):
1,614,944,760 yen (maximum)
Third-party alottee:
Mizuho Securities Co., Ltd.
Payment date:August 29, 2012
Starting date of computation for cash distribution: July 1, 2012
*The third-party allotment is an option (greenshoe option) JPR granted to Mizuho Securities Co.,
10

Japan Prime Realty Investment Corporation

Ltd. The greenshoe option shall be exercised by August 28, 2012.
[Use of Proceeds]
JPR will use the net proceeds from the public offering and the third-party allotment of new investment
units to pay a part of the acquisition costs of a new specified asset and repay borrowings.
<Reference>
Property Acquisition
JPR acquired the following property.
[Yakuin Business Garden]
Property Overview
Location:
1-1, Yakuin 1-chome, Chuo-ku, Fukuoka-shi, Fukuoka
Type of ownership:
Land: ownership
Building: ownership2
Total site area:
4,348.43 m
Gross floor space:
22,286.35 m2
Structure:
SRC, 14F
Completion date:
January 2009
Number of tenants:
17
Total leasable floor space: 16,538.89 m2
Total leased floor space: 16,538.89 m2
Occupancy rate:
100%*The number of tenants, total leasable floor space, total leased floor space and occupancy rate
represent the figures as of August 8, 2012.
Transaction Terms
Acquisition price:
Asset type:
Acquisition date:

10,996 million yen
Real estate
August 8, 2012

Reference
Details of Corporate Credit Ratings as of June 30, 2012
Ratings Agency

Corporate Credit Rating (Outlook)

Rating and Investment Information, Inc.

AA－ (Stable)

Moody’s Japan K.K.

A3 (Negative) (Note1)
Long-term : A (Stable) (Note2)

Standard & Poor’s Ratings Japan K.K.

Short-term : A-1 (Note2)

Notes:
1.

The rating was downgraded from A2 to A3 on May 9, 2012.

2.

JPR had been placed on credit watch with negative implications since March 5, 2012, but the credit watch wasremoved on August 1, 2012 and the ratings were kept unchanged at A/A-1, with the Outlook being stable.

11

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of June 30, 2012)Type

RetailTokyo CBDs

OfficeArea

AcquiredKanematsu Bldg.
Kanematsu Bldg. Annex
JPR Ningyo-cho Bldg.

Chuo-ku, Tokyo
Chuo-ku, Tokyo
Chuo-ku, Tokyo

Shin-Kojimachi Bldg.

Chiyoda-ku, TokyoJPR Crest Takebashi Bldg.
MS Shibaura Bldg.
Gotanda First Bldg.

Chiyoda-ku, Tokyo
Minato-ku, Tokyo
Shinagawa-ku, Tokyo

Fukuoka Bldg.

Chuo-ku, Tokyo

JPR Ichigaya Bldg.
Oval Court Ohsaki Mark West

Chiyoda-ku, Tokyo
Shinagawa-ku, Tokyo

Shinjuku Square Tower

Shinjuku-ku, Tokyo

16,276
2,874
2,100
1,670
550
200
4,000
11,200
2,920
1,800
1,120
5,100
3,500
10,000180

BYGS Shinjuku Bldg.

Shinjuku-ku, Tokyo

Dec. 2001
Dec. 2001
Nov. 2001
Nov. 2001
Nov. 2002
Nov. 2004
Jun. 2002
Mar. 2003
Jul. 2003
Oct. 2003
Apr. 2005
May 2004
Jun. 2004
Jul. 2004
Sep. 2008
Nov. 2004
Apr. 2005
Jul. 2010

% of
Total
4.3
0.8
0.6
0.4
0.1
0.1
1.0
2.9
0.8
0.5
0.3
1.3
0.9
2.6
0.0

15,121

Across Shinkawa Bldg. Annex
Shinjuku Center Bldg.
Minami Azabu Bldg.
Shinagawa Canal Bldg.
Rokubancho Bldg.
JPR Harajuku Bldg.
Tokyo Tatemono Kyobashi Bldg.
JPR Nihonbashi-horidome Bldg.
JPR Sendagaya Bldg.
Ginza Sanwa Bldg.
Otemachi 1-6 Plan (tentative name)(landwith land leasehold)
JPR Shibuya Tower Records Bldg.
JPR Daikanyama
JPR Jingumae 432

Chuo-ku, Tokyo
Shinjuku-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Chiyoda-ku, Tokyo
Shibuya-ku, Tokyo
Chuo-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Chuo-ku, Tokyo

Nov. 2004
Mar. 2008
Jul. 2008
Dec. 2008
Dec. 2009
Dec. 2009
Feb. 2010
Mar. 2010
May. 2010
Aug. 2011

710
21,000
3,760
1,870
2,800
8,400
5,250
5,100
15,0503,400

Chiyoda-ku, Tokyo

Mar. 2012

36,000

Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo

12,0002,160
4,275

Shinjuku Sanchome East Bldg.

Shinjuku-ku, Tokyo

Jun. 2003
Oct. 2004
Mar. 2006
Mar. 2007
Apr. 2008

2,740

0.7

OfficeTachikawa Business Center Bldg.

Rise Arena Bldg.
Yume-ooka Office Tower
Olinas Tower
Tokyo Tatemono Yokohama Bldg.
Tanashi ASTA
Cupo-la Main Bldg.
JPR Musashikosugi Bldg.
Musashiurawa Shopping Square
Kawasaki Dice Bldg.
Subtotal
Niigata Ekinan Center Bldg.
Tokyo Tatemono Honmachi Bldg.
JPR Hakata Bldg.
JPR Naha Bldg.
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.
Tenjin 121 Bldg.
JPR Dojima Bldg.
JPR Hakata-chuo Bldg.
JPR Nagoya Fushimi Bldg.
OfficeRetailGreater Tokyo

Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
Subtotal
Arca East
JPR Chiba Bldg.
JPR Yokohama Nihon Odori Bldg.
Shinyokohama 2nd Center Bldg.
Kawaguchi Center Bldg.
JPR Ueno East Bldg.

Chiyoda-ku, Tokyo

Aug. 2008

Sumida-ku, Tokyo
Chiba, Chiba
Yokohama, Kanagawa
Yokohama, Kanagawa
Kawaguchi, Saitama
Taito-ku, Tokyo
Tachikawa, Tokyo
Toshima-ku, Tokyo
Yokohama, Kanagawa
Sumida-ku, Tokyo
Yokohama, Kanagawa
Nishitokyo, Tokyo
Kawaguchi, Saitama
Kawasaki, Kanagawa
Saitama, Saitama
Kawasaki, Kanagawa
Niigata, Niigata
Osaka, Osaka
Fukuoka, Fukuoka
Naha, Okinawa
Sendai, Miyagi
Wakayama, Wakayama
Fukuoka, Fukuoka
Osaka, Osaka
Fukuoka, Fukuoka
Nagoya, Aichi

JPR Umeda Loft Bldg.

Osaka, Osaka

Benetton Shinsaibashi Bldg.
Housing Design Center Kobe
JPR Chayamachi Bldg.
Subtotal

Osaka, Osaka
Kobe, Hyogo
Osaka, Osaka

RetailOther Cities

Acquisition Price(y en in millions)

Location

Property Name

Nov. 2001
Dec. 2001
Nov. 2001
Sep. 2002
Feb. 2004
Mar. 2004
Sep. 2005
Feb. 2007
Mar. 2007
Jul. 2007
Jun. 2009
Dec. 2010
Nov. 2001
Mar. 2006
Sep. 2006
Mar. 2007
Apr. 2007
Nov. 2001
Nov. 2001
Nov. 2001
Nov. 2001
Jun. 2002
Jun. 2002
Jun. 2002
Jan. 2004
Jun. 2004
Mar. 2005
May. 2003
Jul. 2003
May 2005
Sep. 2005
Aug. 2006

Total

12

Appraisal Value(yen in millions)10,600
2,040
2,100
1,935
828
287
3,410
12,300
2,770
2,080
1,090
4,770
4,200
7,580
105

% of
Total
3.0
0.6
0.6
0.6
0.2
0.1
1.0
3.5
0.8
0.6
0.3
1.4
1.2
2.2
0.0

4.0

13,400

3.9

0.2
5.5
1.0
0.5
0.7
2.2
1.4
1.3
4.0
0.9

813
12,500
2,830
1,780
3,110
6,830
5,210
5,630
10,300
3,230

0.2
3.6
0.8
0.5
0.9
2.0
1.5
1.6
3.0
0.9

9.4

36,800

10.6

3.1
0.6
1.1

12,100
1,270
3,700

3.5
0.4
1.1

2,390

0.7

3,400

0.9

2,620

0.8

206,526
5,880
2,350
2,927
920
8,100
3,250
888
2,300
5,831
6,510
31,3007,000
10,200
2,100
7,260
4,335
15,080116,231
2,140
4,150
2,900
1,560
3,150
1,670
2,810
2,140
1,920
4,137

54.2
1.5
0.6
0.8
0.2
2.1
0.9
0.2
0.6
1.5
1.7
8.2
1.8
2.7
0.6
1.9
1.1
4.0
30.5
0.6
1.1
0.8
0.4
0.8
0.4
0.7
0.6
0.5
1.1

180,608
5,750
1,550
2,400
840
7,700
4,570
1,050
1,840
6,030
5,260
32,3006,910
12,500
2,500
5,270
3,960
14,560114,990
2,090
3,210
2,770
1,460
3,300
1,660
2,080
2,050
1,650
2,770

52.0
1.7
0.4
0.7
0.2
2.2
1.3
0.3
0.5
1.7
1.5
9.3
2.0
3.6
0.7
1.5
1.1
4.2
33.1
0.6
0.9
0.8
0.4
0.9
0.5
0.6
0.6
0.5
0.8

13,0003.4

13,600

3.9

5,430
7,220
6,000
58,227

1.4
1.9
1.6
15.3

4,340
6,430
4,550
51,960

1.2
1.9
1.3
15.0

380,984

100.0

347,558

100.0

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of June 30, 2012)
Area

Type

Leased Area（㎡）
7,592.34

Kanematsu Bldg. Annex

2,291.13

2,291.13

1

100.0

63,455

0.5

JPR Ningyo-cho Bldg.

2,804.56

1,287.642

45.9

52,0130.4

2,104.92

2,104.92

100.0

73,7540.6

901.36708.5078.6

20,5600.2

312.53

0.00

0.0

0.0
3.5

Kanematsu Bldg.

Shin-Kojimachi Bldg.

OfficeRetailOfficeRetailOfficeRetailTokyo CBDs
Greater Tokyo

Rental Revenue(yen in thousands)

345,612JPR Crest Takebashi Bldg.

3,265.34

1,909.92

5

58.5

MS Shibaura Bldg.

14,470.72

13,490.04

7

93.2

434,5852

100.0

133,789

1.1

100.0

87,356

0.7
0.3

0.9

4,243.58

4,243.58

1,250.06

1,250.06

687.34687.34100.0

33,983JPR Ichigaya Bldg.

4,224.96

4,224.96

9

100.0

174,017

1.4

Oval Court Ohsaki Mark West4,088.44

4,088.443

100.0

182,764

1.5

10,982.03

10,602.60

1.6

168.75162.92BYGS Shinjuku Bldg.

15,237.87

14,765.79

Across Shinkawa Bldg. Annex

1,253.39

Shinjuku Center Bldg.

8,861.34

Minami Azabu Bldg. *3,405.73

Fukuoka Bldg.

Greater Tokyo

11

Occupancy
Ratio（%）
95.0－
105,346

Gotanda First Bldg.

Other Cities

Number of
Tenants
9

% of
Total
2.8

Leasable Area（㎡）
7,994.02

Property Name

Shinjuku Square Tower

1

96.5

197,603

96.5

3,036

0.0

23

96.9

531,551

4.3

1,253.39

4

100.0

34,883

0.3

7,977.6324

90.0

455,816

3.7

0.00

0

0.0

(注２)

(注２)

23

Shinagawa Canal Bldg.

1,700.57

1,700.57

4

100.0

68,284

0.6

Rokubancho Bldg. *2,488.36

2,488.36

1

100.0

(注２)

(注２)

JPR Harajuku Bldg.

4,760.09

4,700.438

98.7

213,500

1.7

Tokyo Tatemono Kyobashi Bldg. *3,499.31

3,499.31

2

100.0

(注２)

(注２)

JPR Nihonbashi-horidome Bldg.

5,299.86

4,670.80

6

88.1

193,396

1.6

JPR Sendagaya Bldg.

6,177.74

5,813.426

94.1

251,518

2.0

Ginza Sanwa Bldg.
Otemachi 1-6 Plan (tentativename)(land with land leasehold)
JPR Shibuya Tower Records Bldg.

1,899.27

1,868.33

8

98.4

109,004

0.9

11,034.78

11,034.78

1

100.0

844,5456.8
2.8

8,076.85

8,076.851

100.0

345,576

JPR Daikanyama

651.29651.294100.0

35,874

0.3

JPR Jingumae 432

1,027.33

922.21

5

89.8

72,088

0.6

Shinjuku Sanchome East Bldg.
Yurakucho Ekimae Bldg. *(Yurakucho Itocia)
Arca East
JPR Chiba Bldg.

2,347.81

2,347.81

1

100.0

74,4980.6

1,101.92

1,101.92

1

100.0

(注２)

(注２)

7,022.76
5,533.78

5,921.98
4,368.09

5
31

84.3
78.9

230,182
111,376

1.9
0.9

JPR Yokohama Nihon Odori Bldg.

6,066.53

6,066.53

13

100.0

130,349

1.1

Shinyokohama 2nd Center Bldg.

2,642.38

2,388.57

14

90.4

51,0680.4

Kawaguchi Center Bldg.

15,461.98

12,724.03

36

82.3

369,154

3.0

6

83.6

147,077

1.2

100.0

60,757

0.5

JPR Ueno East Bldg.

6,490.05

5,427.84

1,747.13

1,747.13

2,983.91

2,983.91

100.0

93,4790.8

Rise Arena Bldg.

6,023.39

6,023.391

100.0

229,373

1.9

Yume-ooka Office Tower

12,015.15

10,941.65

33

91.1

324,422

2.6

Olinas Tower

23,987.40

21,894.74

11

91.3

1,047,116

8.5

Tachikawa Business Center Bldg.

17

Tokyo Tatemono Yokohama Bldg.

6,494.09

6,494.09

13

100.0

304,218

2.5

Tanashi ASTA
Cupo-la Main Bldg. *31,121.71
5,963.00

31,121.71
5,963.00

1
1

100.0
100.0

596,400
(注２)

4.8
(注２)

JPR Musashikosugi Bldg. *Musashiurawa Shopping Square

19,740.95

19,740.95

1

100.0

(注２)

(注２)

14,960.69

14,960.69

3

100.0

129,061

1.0

Kawasaki Dice Bldg.

13,066.69

12,911.37

20

98.8

469,030

3.8

Niigata Ekinan Center Bldg.
Tokyo Tatemono Honmachi Bldg.

5,326.88
7,162.60

5,326.88
5,610.05

8
10

100.0
78.3

130,912
134,418

1.1
1.1

JPR Hakata Bldg.

6,581.15

5,770.13

25

87.7

139,437

1.1

JPR Naha Bldg.

3,946.41

3,025.68

15

76.7

84,246

0.7

Sompo Japan Sendai Bldg.

7,129.05

7,010.84

13

98.3

192,791

1.6

Sompo Japan Wakayama Bldg.

4,874.91

4,139.20

12

84.9

104,776

0.8

Tenjin 121 Bldg.

3,257.73

3,201.91

15

98.3

87,817

0.7

JPR Dojima Bldg.

3,930.21

3,930.218

100.0

117,303

1.0

JPR Hakata-chuo Bldg.

3,290.42

3,290.425

100.0

77,865

0.6

JPR Nagoya Fushimi Bldg.

7,086.37

6,356.18

3

89.7

108,934

0.9

JPR Umeda Loft Bldg.
Benetton Shinsaibashi Bldg. *18,586.97
5,303.98

18,586.97
5,303.98

1
1

100.0
100.0

379,065
(注２)

3.1
(注２)

Housing Design Center Kobe *35,444.13

35,444.13

1

100.0

(注２)

(注２)

JPR Chayamachi Bldg.

2,484.39

2,484.39

7

100.0

136,497

1.1

434,340.04

408,677.92

502

94.1

12,345,900

100.0

Total

*Note : Buildings leased to a single tenant. JPR was unable to obtain tenants' approval to the disclosure of rental information.

13

Japan Prime Realty Investment Corporation

Disclaimer
This document contains a translation of selected information described in the Financial Report (Kessan
Tanshin) dated August 17, 2012 and prepared under the timely disclosure requirements of the Tokyo Stock
Exchange, as well as the Financial Statements and Performance Information Report written pursuant to theInvestment Trust Law of Japan and the Financial Instruments and Exchange Law, for the period from Jan. 1,
2012 to June 30, 2012 of Japan Prime Realty Investment Corporation (JPR).
This English language document was provided solely for the convenience of and reference by non-Japanese
investors and is not intended to constitute a disclosure document. The Japanese language Financial Report,
Financial Statements and Performance Information Report for the aforementioned period should be referred toas the originals of this document. English translations for legal, accounting, tax and business concepts usedherein may not convey precisely identical concepts of the equivalent Japanese terms. The figures presented in
the financial statements and other data including real estate portfolio details may differ from the Company’s
Business Reports due to rounding. With respect to any and all terms herein, including without limitation,
financial statements, if there exist any discrepancies in the meaning or interpretation thereof between theoriginal Japanese documents and English documents contained herein, the original Japanese documents will
govern the meaning and interpretation. Neither JPR, Tokyo Realty Investment Management, Inc. nor any of
their respective directors, officers, employees, partners, shareholders, agents or affiliates will be responsible or
liable for the completeness, appropriateness or accuracy of English translations or the selection of the
portion(s) of any document(s) translated into English. No person has been authorized to give any informationor make any representations other than as contained in this document in relation to the matters set out in thisdocument, and if given or made, such information or representation must not be relied upon as having beenauthorized by JPR, Tokyo Realty Investment Management, Inc. or any of their respective directors, officers,
employees, partners, shareholders, agents or affiliates.
The financial statements of JPR have been prepared in accordance with generally accepted accounting
principles in Japan, which may materially differ in certain respects from generally accepted accounting
principles in other jurisdictions.
Many provisions of this document contain information that constitutes forward-looking statements. These
forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, andvarious factors may cause actual results to differ materially from those in the forward-looking statements.

14