22nd Fiscal Period Results(July 1, 2012 – December 31, 2012)

February 14, 2013

Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation (JPR)
Tokyo Stock Exchange (Code 8955)
Board of Directors Meeting: February 14, 2013
Payment of Distribution: March 11, 2013 (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 (July 1, 2012 –December 31, 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

Dec. 31, 2012

12,963

5.0%

6,765

5.8%

5,026

9.3%

June 30, 2012

12,345

4.9%

6,393

10.9%

4,597

9.4%
(Yen)

Net Income% Change

EPU

Net Income/
NAV

Ordinary Income/
Total Assets

Ordinary Income/Operating Revenues

Dec. 31, 2012

5,025

9.3%

6,233

2.7%

1.3%

38.8%

June 30, 2012

4,596

9.4%

6,428

2.6%

1.2%

37.2%

Notes: 1. EPU is calculated based on the average number of investment units during the term
Fiscal period ended Dec. 31, 2012: 806,264 units
Fiscal period ended June 30, 2012: 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
AmountDec. 31, 2012

6,093

5,026

0

0

100.0%

2.5%

June 30, 2012

6,430

4,597

0

0

100.0%

2.6%

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 21st and 22nd fiscal period, JPR decided to distribute part of the retained earnings brought
forward that had been internally reserved through the 17th 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 6,430 yen for the 21st fiscal period and 6,093 yen for the 22nd fiscal period.

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

NAV

NAV Ratio

NAV Per Unit

Dec. 31, 2012

401,984

197,16849.0%

238,992

June 30, 2012

396,017

176,03544.5%

246,204

Reference: Net Assets
Fiscal period ended Dec. 31, 2012: 197,168 millions of yen
Fiscal period ended June 30, 2012: 176,035 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
periodDec. 31, 2012

6,612

(12,709)

1,435

19,998June 30, 2012

6,873

(36,868)

27,875

24,6602Japan Prime Realty Investment Corporation

Forecasts for 23rd Fiscal Period Ending June 30, 2013
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

23rd Fiscal PeriodEnding June 30, 2013

Operating
Revenues

Operating
IncomeOrdinary
IncomeNet
Income13,017

6,193

4,786

4,785

(excluding exceeding
profit distribution per unit)

Exceeding Profit
Distribution Per
Unit

5,800

0

DPU

Reference: Estimated EPU for the fiscal period: 5,800 yen

The above-mentioned forecasts are based on “Assumptions for the 23rd Fiscal Period Forecast(January 1, 2013 – June 30, 2013)” as below. The aforementioned forecasts are based onassumptions and information available to management as of February 14, 2013.
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 23rd Fiscal Period Forecast(January 1, 2013 – June 30, 2013)
Item
PeriodProperty Portfolio

Operating Revenues

Assumptions
23rd fiscal period: January 1, 2013 to June 30, 2013
(investment period: 181 days)• The number of properties held by JPR as of February 14, 2013 is assumed to be
59 properties. Furthermore, the assumed average occupancy rate at end ofmonth is 94.9%.
•In practice, these assumptions may vary due to such events as the acquisition of
additional properties or the sale of existing properties.
•Real estate rental revenues are calculated in consideration of the market
environment, competitiveness of properties, tenant conditions, etc. based on theeffective lease agreements as of the end of the fiscal period ended December
2012.
•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.
•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 end of the fiscal period ended December 2012 and byreflecting the variation elements of expenses based on the past results.
Outsourcing expenses are assumed to be 501 million yen.

Operating Expenses•Property taxes and city planning taxes indicates the amount to be paid during the
fiscal period out of the levied amount and is assumed to be 1,822 million yen.
Of this, taxes for Otemachi 1-6 Plan (tentative name) (land with leasehold)acquired in the 21st fiscal period is assumed to be 756 million yen, and taxes for
Yakuin Business Garden acquired in the 22nd fiscal period is assumed to be 32
million yen. Moreover, in general practice property taxes and city planning taxes
levied on properties acquired are settled after prorating for the period with theprevious owner at the time of acquisition, but JPR includes the amountequivalent 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 may vary
greatly from the assumed expenses for repairs and maintenances for the period.

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 1,849 million yen.
Non Operating
Expenses

Interest-Bearing Debt
Ratio

Total Units
Outstanding•Interest expenses, interest expenses on investment corporation bonds andborrowing expenses, which account for a major part of non-operating expenses,
are assumed to be 1,433 million yen.
•As of February 14, 2013, the interest-bearing loans payable is 180,557 million
yen (comprising 23,618 million in the current portion of long-term debt, 107,439
million yen in long-term debt, 5,000 million yen in the current portion of
corporate bonds and 44,500 million yen in corporate bonds) and interest-bearing
debt ratio stands at 48.5%.
• It is assumed that all borrowings whose repayment will arrive during the fiscal
period ending June 30, 2013 will be refinanced, except for scheduled payment of
399 million yen. The interest-bearing debt ratio is expected to be 48.4% at theend of the fiscal period ending June 2013.
•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• The 825,000 investments units outstanding as of December 31, 2012 areassumed.
• 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 (June 30, 2012 and Dec. 31, 2012)
End of Fiscal 21st Period(June 30, 2012)

Item(Thousands of Yen)
End of Fiscal 22nd Period% Change(Dec. 31, 2012)

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total current assets

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

8,402,885
11,596,061
229,329
203,381259,150
5,689
20,696,498(17.5)

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

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

57,328,085(8,339,934)
48,988,151
75,979,066(21,257,423)
54,721,643
44,461(9,160)35,300111,925(49,146)
62,778
720,700(283,078)
437,622
1,442,809(990,861)
451,947
42,589(23,853)
18,735
119,049(80,300)
38,749111,970,153
158,879,372
114,764
3,399
375,722,618

2.8

4,794,109
5,956
4,800,065

4,794,109
5,359
4,799,469(0.0)

49,520577,784
627,304

49,520539,667
589,187(6.1)

370,795,930

381,111,275

2.8

146,257
146,257

176,542
176,54220.7

396,017,887

401,984,316

1.5Intangible 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Japan Prime Realty Investment Corporation

Balance Sheets (June 30, 2012 and Dec. 31, 2012)

End of 21st Period(June 30, 2012)

Item(Thousands of Yen)
End of 22nd Period% Change(Dec. 31, 2012)

Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current 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

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

1,722,706－
30,618,000－
581,266
211,449
605
64,1942,461,001
35,659,223(34.4)

Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total noncurrent liabilities

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

49,500,000
100,439,000
7,871,730
11,345,751
169,156,482

2.1

Total liabilities

219,981,973

204,815,706(6.9)

171,339,818

192,044,238

73,94673,94673,94673,946

4,622,149

5,050,424

4,696,096
176,035,914

5,124,371
197,168,609

9.1
12.0

176,035,914

197,168,609

12.0

396,017,887

401,984,316

1.5

Net assets
Unitholders' equity
Unitholders' capital
Surplus
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Japan Prime Realty Investment Corporation

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

Item

21st Fiscal Period(Jan. 1, 2012 –June 30, 2012)

Operating revenue
Rent revenue-real estate
Total operating revenue(Thousands of Yen)
22nd Fiscal Period% Change(July 1, 2012 –Dec. 31, 2012)

12,345,900
12,345,900

12,963,538
12,963,538

Expenses related to rent business
Asset management fee
Administrative service and asset
custody fees
Directors' compensation
Trust fees
Other operating expenses
Total operating expenses

5,217,950
443,284

5,519,704
465,059

74,57577,5886,600
42,693167,020
5,952,124

6,600
40,19489,011
6,198,159

4.1

Operating income
Non-operating income
Interest income
Income on settlement of management
association accounts
Other
Total non-operating income

6,393,776

6,765,379

5.8

2,666

2,665

54,158

5,570

5,622
62,447

2,082
10,3181,000,168
373,744972,379
260,539

459,431

396,043

23,42820,070－2,163
1,858,935

98,3282,005
1,749,367(5.9)

Ordinary income

4,597,288

5,026,329

9.3

Income before income taxes
Income taxes-current
Total income taxes
Net income

4,597,288
605
605
4,596,683

5,026,329
605
605
5,025,724

9.3
0.0
9.3

25,466

24,699(3.0)

4,622,149

5,050,424

9.3

5.0

Operating expenses

Non-operating expenses
Interest expenses
Borrowing expenses
Interest expenses on investment
corporation bonds
Amortization of investment corporationbond issuance costs
Unit-issuance costs
Other
Total non-operating expenses

Retained earnings brought forward
Unappropriated retained earnings

7(83.5)

Japan Prime Realty Investment Corporation

Statements of Changed in Net Assets(Jan. 1, 2012 – June 30, 2012 and July 1, 2012 – Dec. 31, 2012)

21st Fiscal Period(Jan. 1, 2012 –June 30, 2012)(Thousands of Yen)
22nd Fiscal Period(July 1, 2012 –Dec. 31, 2012)

171,339,818

171,339,818－－
171,339,818

20,704,420
20,704,420
192,044,238

73,94673,946－73,946－73,9464,226,806

4,622,149(4,201,340)
4,596,683
395,343
4,622,149(4,597,450)
5,025,724
428,274
5,050,424

4,300,752

4,696,096

395,3434,696,096

428,274
5,124,371

175,640,571

176,035,914

395,343
176,035,914

21,132,694
197,168,609

175,640,571

176,035,914

395,343
176,035,914

21,132,694
197,168,609

Unitholders' equity
Unitholders' capital
Balance at the beginning of current period
Changes of items during the period
Issuance of units
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 during the period
Total changes of items during the period
Balance at the end of current period
Unappropriated retained earnings (undisposed losses)
Balance at the beginning of current period
Changes of items during 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 during 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 of current period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period8Japan Prime Realty Investment Corporation

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

21st Fiscal Period(Thousands of Yen)
22nd Fiscal Period(Jan. 1, 2012 –June 30, 2012)(July 1, 2012 –Dec. 31, 2012)

Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bond issuance costs
Unit-issuance cost
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes 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

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

5,026,329
1,831,992
20,07098,328(2,665)
1,368,423
27,458(259,150)(49,948)(112,886)
21,530(58,020)
132,927
25,222
8,069,613
2,665(1,459,576)
0
6,612,702

Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities(474,731)(37,520,326)(210,491)
49,124(277,809)
1,566,126(36,868,108)(11,867,274)(1,122,899)(289,918)
631,339(371,566)
310,522(13,087,909)

Net cash provided by (used in) financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment corporation bonds
Redemption of investment corporation bonds
Proceeds from issuance of units
Dividends paid
Net cash provided by (used in) financing activities

38,600,000(30,400,000)
38,800,000(14,924,000)－－－(4,200,602)
27,875,397

23,600,000(44,200,000)
15,900,000(7,824,000)
6,949,644(9,000,000)
20,606,594(4,596,962)
1,435,276

Net changes in cash and cash equivalents(2,119,448)(4,661,817)

Cash and cash equivalents at the beginning of current period

26,780,213

24,660,764

Cash and cash equivalents at the end of current period

24,660,764

19,998,947

Item

9

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
There are no material subsequent events for this fiscal period.

Reference
Details of Corporate Credit Ratings as of Dec. 31, 2012
Ratings Agency

Corporate Credit Rating (Outlook)

Rating and Investment Information, Inc.

AA－ (Stable)
Long-term : A (Stable)

Standard & Poor’s Ratings Japan K.K

Short-term : A-1

Moody’s Japan K.K.

A3 (Negative) (Note)

Note: The rating outlook was changed from “negative” to “stable” on February 4, 2013.

10

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of Dec. 31, 2012)Type

RetailTokyo CBDs

OfficeArea

Property Name

Office13,4003.7

710
21,000
3,760
1,870
2,800
8,400
5,250
5,100
15,050
3,400

0.2
5.4
1.0
0.5
0.7
2.1
1.3
1.3
3.8
0.9

813
12,500
2,630
1,810
3,120
6,900
5,210
5,730
10,600
3,260

0.2
3.5
0.7
0.5
0.9
1.9
1.5
1.6
3.0
0.9

Mar. 2012

36,0009.2

36,80010.3

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

12,000
2,160
4,275
540
2,200

3.1
0.6
1.1

12,100
1,430
3,350

3.4
0.4
0.9

0.7

2,400

0.7

Kanematsu 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, TokyoBYGS 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

16,276
2,874
2,100
1,670
550
200
4,000
11,200
2,920
1,800
1,120
5,100
3,500
10,000
180
2,900
8,921
3,300

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

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

Shinjuku Sanchome East Bldg.

Shinjuku-ku, Tokyo
Chiyoda-ku, Tokyo

Arca East
JPR Chiba Bldg.
JPR Yokohama Nihon Odori Bldg.
Shinyokohama 2nd Center Bldg.
Kawaguchi Center Bldg.
JPR Ueno East Bldg.

Sumida-ku, Tokyo
Chiba, Chiba
Yokohama, Kanagawa
Yokohama, Kanagawa
Kawaguchi, Saitama
Taito-ku, Tokyo

Tachikawa Business Center Bldg.

Tachikawa, Tokyo

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.
Yakuin Business Garden

OfficeRetailGreater Tokyo

3.9

Acquired

Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
Subtotal

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
Fukuoka, Fukuoka

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

11,700
2,220
2,130
1,922
823
285
3,310
11,800
2,700
2,007
1,053
4,770
4,200
7,289
99

% of
Total
3.3
0.6
0.6
0.5
0.2
0.1
0.9
3.3
0.8
0.6
0.3
1.3
1.2
2.0
0.0

Acquisition Price(y en in millions )LocationAug. 2008

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
Aug.2012
May 2003
Jul. 2003
May 2005
Sep. 2005
Aug. 2006

Total

11

% of
Total
4.2
0.7
0.5
0.4
0.1
0.1
1.0
2.9
0.7
0.5
0.3
1.3
0.9
2.6
0.0

Ap p raisal Value(y en in millions )

3,400

0.9

2,620

0.7

206,52652.7

180,981

50.4

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
10,996
8,000
5,000

1.5
0.6
0.7
0.2
2.1
0.8
0.2
0.6
1.5
1.7
8.0
1.8
2.6
0.5
1.9
1.1
3.8
29.7
0.5
1.1
0.7
0.4
0.8
0.4
0.7
0.5
0.5
1.1
2.8

5,830
1,610
2,380
865
7,610
4,420
1,050
1,840
6,020
5,230
32,3006,860
12,500
2,500
5,270
3,960
14,300114,545
2,170
3,210
2,780
1,390
3,280
1,590
2,100
2,090
1,630
2,780
11,300

1.6
0.4
0.7
0.2
2.1
1.2
0.3
0.5
1.7
1.5
9.0
1.9
3.5
0.7
1.5
1.1
4.0
31.9
0.6
0.9
0.8
0.4
0.9
0.4
0.6
0.6
0.5
0.8
3.1

3.3

13,600

3.8

5,430
7,220
6,000
69,223

1.4
1.8
1.5
17.7

4,340
6,450
4,580
63,290

1.2
1.8
1.3
17.6

391,980100.0

358,816100.0

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of Dec. 31, 2012)
Area

Type

7,994.02

7,994.02

10

100.0

357,2202.8

2,291.13

2,291.13

1

100.0

81,4830.6

JPR Ningyo-cho Bldg.

2,804.56

2,804.56

5

100.0

61,4230.5

2,104.92

2,104.92

100.0

76,2400.6

901.36708.5078.6

19,0370.1

312.53101.39

32.4

659

0.0

JPR Crest Takebashi Bldg.

3,265.34

1,909.92

58.5

63,452

0.5

MS Shibaura Bldg.

14,469.72

13,489.37

7

93.2

404,818

3.1

Gotanda First Bldg.

4,243.58

4,243.58

2

100.0

136,9871.1

1,250.06

1,250.06

100.0

87,3560.7

687.34687.34100.0

33,9830.3

4,224.96

4,224.96

9

100.0

173,734

1.3

3

100.0

180,287

1.4

94.0

195,681

1.5

OfficeOval Court Ohsaki Mark WestTokyo CBDs

Shinjuku Square Tower

OfficeRetailBYGS Shinjuku Bldg.

RetailOffice4,088.44

4,088.44

10,982.03

10,324.97

168.75158.65

15,190.65

14,779.31

12

5

1

24

(y en in thousands)

94.0

3,006

0.0

23

97.3

538,555

4.2

Across Shinkawa Bldg. Annex

1,253.39

1,253.39

4

100.0

37,508

0.3

Shinjuku Center Bldg.

8,863.98

8,197.27

25

92.5

440,956

3.4

Minami Azabu Bldg.

3,405.73

0.00

0

0.0

－

0.0

Shinagawa Canal Bldg.

1,700.57

1,700.57

4

100.0

67,7170.5

Rokubancho Bldg. *2,488.36

2,488.36

1

100.0

JPR Harajuku Bldg.

4,760.09

4,760.09

9

100.0

199,084

1.5

Tokyo Tatemono Kyobashi Bldg. *3,499.31

3,499.31

2

100.0

JPR Nihonbashi-horidome Bldg.

5,299.89

5,299.89

7

100.0

179,262

1.4

JPR Sendagaya Bldg.

6,177.74

5,813.426

94.1

248,531

1.9

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

1,899.27

1,899.278

100.0

108,903

0.8

11,034.78

11,034.78

1

100.0

1,408,500

10.9

8,076.85

8,076.85

1

100.0

321,385

2.5

JPR Daikanyama

651.29498.283

76.5

31,686

0.2

JPR Jingumae 432

1,027.33

1,027.33

6

100.0

74,795

0.6

Shinjuku Sanchome East Bldg. *Yurakucho Ekimae Bldg. *(Yurakucho Itocia)

2,347.81

2,347.81

1

100.0

1,101.92

1,101.92

1

100.0

Arca East
JPR Chiba Bldg.

7,022.76

5,439.86

4

77.5

216,562

1.7

5,535.67

4,946.85

36

89.4

115,133

0.9

JPR Yokohama Nihon Odori Bldg.

6,066.53

6,066.53

13

100.0

131,830

1.0

Shinyokohama 2nd Center Bldg.

2,642.38

2,128.81

13

80.6

51,0390.4

Kawaguchi Center Bldg.

15,455.96

12,024.59

37

77.8

328,551

2.5

7

94.3

160,810

1.2

100.0

59,3220.5
0.7

JPR Ueno East Bldg.

6,490.05

6,119.16

1,747.13

1,747.13

2,983.91

2,873.27

96.3

93,601

Rise Arena Bldg.

6,023.39

6,023.39

1

100.0

229,593

1.8

Yume-ooka Office Tower

12,013.88

10,437.62

32

86.9

311,513

2.4

Olinas Tower

23,987.40

22,229.63

11

92.7

999,168

7.7

Tokyo Tatemono Yokohama Bldg.

6,494.09

6,494.09

13

100.0

302,589

2.3

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

31,121.71

1

100.0

596,400

4.6

5,963.00

5,963.00

1

100.0

JPR Musashikosugi Bldg. *Musashiurawa Shopping Square

19,740.95

19,740.95

1

100.0

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

470,658

3.6

Niigata Ekinan Center Bldg.
Tokyo Tatemono Honmachi Bldg.

5,326.88

5,326.888

100.0

127,564

1.0

7,162.60

5,559.63

9

77.6

146,599

1.1

JPR Hakata Bldg.

6,581.15

5,954.26

27

90.5

137,764

1.1

JPR Naha Bldg.

3,946.42

3,188.19

16

80.8

76,4490.6

Sompo Japan Sendai Bldg.

7,129.05

7,018.52

13

98.4

192,530

1.5

Tachikawa Business Center Bldg.

Retail% of
Total

Kanematsu Bldg. Annex

JPR Ichigaya Bldg.

Greater Tokyo

Rental Revenue

Kanematsu Bldg.

Fukuoka Bldg.

Greater Tokyo

Occupancy
Ratio（%）

Leased Area（㎡）

Shin-Kojimachi Bldg.

Other Cities

Number of
Tenants

Leasable Area（㎡）

Property Name

17

Sompo Japan Wakayama Bldg.

4,874.91

4,139.20

12

84.9

104,175

0.8

Tenjin 121 Bldg.

3,257.73

3,257.73

16

100.0

95,3430.7

JPR Dojima Bldg.

3,930.21

3,930.218

100.0

120,388

0.9

JPR Hakata-chuo Bldg.

3,290.42

3,290.425

100.0

80,822

0.6

JPR Nagoya Fushimi Bldg.

7,086.37

6,356.18

3

89.7

117,937

0.9

Yakuin Business Garden

16,654.33

16,644.71

17

99.9

358,308

2.8

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

18,586.97

1

100.0

362,5832.8

5,303.98

5,303.98

1

100.0

Housing Design Center Kobe *35,444.13

35,444.13

1

100.0

JPR Chayamachi Bldg.

2,484.39

2,484.39

6

100.0

137,387

1.1

Total

450,943.43

427,873.71

534

94.9

12,963,538

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

12

Japan Prime Realty Investment Corporation

Disclaimer
This document contains a translation of selected information described in the Financial Report (Kessan
Tanshin) dated February 14, 2013 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 July1,
2012 to December 31, 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
to as 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.

13