Translation
Japan Prime Realty Investment Corporation
Financial Report for the 42nd Fiscal Period Results (July 1, 2022 – December 31, 2022)
February 17, 2023

REIT Securities Issuer:
Japan Prime Realty Investment Corporation
Listing:
Tokyo Stock Exchange
Securities Code:
8955
URL:
https://www.jpr-reit.co.jp/en/
Representative:
Yoshihiro Jozaki, Executive Officer
Asset Management Company: Tokyo Realty Investment Management, Inc.
Representative:
Yoshihiro Jozaki, President and Chief Executive Officer
Contact:
Yoshinaga Nomura, Director, General Manager,
TEL: +81-3-3231-1051
Finance and Administration Division
Scheduled date of submission of securities report:
March 27, 2023
Scheduled date of commencement of distribution payout:
March 10, 2023
Preparation of supplementary explanatory materials on financial results: Yes / No
Holding of briefing session on financial results:
Yes / No (for analysts and institutional investors)
1. Financial Results for the 42nd Fiscal Period (July 1, 2022 – December 31, 2022)[Amounts are rounded down to the nearest million yen, except for per unit figures.][% figures represent the increase (decrease) compared with the previous fiscal period](1) Operating Results
For the six months ended

December 31, 2022
June 30, 2022

Operating Revenue
million yen%
18,7392.1
18,357
0.6
Net Income per Unit
(EPU)
yen
8,493
8,664

For the six months ended

December 31, 2022
June 30, 2022

Operating Income
million yen
%
9,273
(0.8)
9,343
8.3
Net Income / Net Assets

Ordinary Income
million yen
%
8,469
(1.6)
8,607
9.1

Net Income
million yen
%
8,469
(1.6)
8,607
9.1

Ordinary Income /Total Assets

Ordinary Income /Operating Revenue
%
45.2
46.9

%
3.1
3.2

%
1.7
1.7

(2) Distributions
Distribution
per Unit(DPU)[excluding
exceeding profit
distribution
amount]Distribution
AmountExceedingProfitDistribution
per Unit

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution /Net Assets

For the six months ended

yenmillion yen
yenmillion yen%%–
December 31, 2022
7,750
7,728
–
91.2
2.8
–
June 30, 2022
7,800
7,777
–
90.3
2.9
(Note 1) Dividend payout ratio is rounded down to the first decimal place.
(Note 2) Dividend payout ratio for the six months ended June 30, 2022 is calculated by using the following formula, as JPR issued
new investment units in the fiscal period:
Dividend payout ratio = Distribution amount / Net income x 100(Note 3) The difference between the distribution amount and net income for the six months ended June 30, 2022, is attributable tothe fact that part of the unappropriated retained earnings (830 million yen) was internally reserved as reserve for reduction
entry.
(Note 4) The difference between the distribution amount and net income for the six months ended December 31, 2022, is attributable
to the fact that part of reserve for reduction entry (73 million yen) was reversed while part of the unappropriated retained
earnings (815 million yen) was internally reserved as reserve for reduction entry.

(3) Financial Position
As ofDecember 31, 2022
June 30, 2022

Total Assets
million yen
507,655
507,005

Net Assets
million yen
273,603272,912

1

Net Assets / Total Assets
%
53.9
53.8

Net Asset Per Unityen
274,378
273,684

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period(4) Cash Flows
Cash Flows fromOperating Activities
For the six months ended

Cash Flows from
Investing Activities

million yen
15,155
14,317

December 31, 2022
June 30, 2022

Cash Flows from
Financing Activities

million yen(1,428)(12,919)

million yen(7,777)
2,611

Cash and Cash
Equivalents
at End of Period
million yen
45,50639,557

2. Forecasts for the 43rd Fiscal Period Ending June 30, 2023 (January 1, 2023 – June 30, 2023) and the44th Fiscal Period Ending December 31, 2023 (July 1, 2023 – December 31, 2023)[Amounts are rounded down to the nearest million yen, except for per unit figures.][% figures represent the increase (decrease) compared with the previous fiscal period]

Operating
Revenuemillion yen
43rd Fiscal Period Ending
June 30, 2023
44th Fiscal Period Ending
December 31, 2023

Operating
Income% million yen

Ordinary
Income% million yen

Net
Income% million yen

DPU [excluding Exceedingexceeding profit
Profitdistribution per Distribution
unit]
Per Unit%yen
yen

18,101

(3.4)

8,760

(5.5)

7,990

(5.7)

7,990 (5.7)

7,600

–

17,469

(3.5)

8,057

(8.0)

7,230

(9.5)

7,230 (9.5)

7,600

–

(Reference) Estimated net income per unit (forecast net income / forecast number of investment units at end of period)
43rd fiscal period ending June 30, 2023:
8,012 yen
44th fiscal period ending December 31, 2023: 7,250 yen(Note 1)
DPU for the 43rd fiscal period ending June 30, 2023 is calculated on the assumption that part of the gain on sale of realestate (411 million yen) will be internally reserved in application of the Special Provisions for Taxation in Cases of
Repurchase of Specified Assets (Article 65-7 of the Act on Special Measures Concerning Taxation).
(Note 2)
DPU for the 44th fiscal period ending December 31, 2023 is calculated on the assumption that part of the reserve for
reduction entry (348 million yen) will be reversed and distributed.

3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(a) Changes in accounting policies accompanying amendments to accounting standards, etc.: None(b) Changes in accounting policies other than in (a):None(c) Changes in accounting estimates:
None(d) Retrospective restatement:
None(2) Number of Investment Units Issued and Outstanding(a) Number of investment units (including treasury units) issued and outstanding at end of period
As of December 31, 2022: 997,178 units
As of June 30, 2022: 997,178 units(b) Number of treasury units at end of period
As of December 31, 2022:
0 units
As of June 30, 2022:
0 units(Note) With regard to the number of investment units, which serves as the basis for calculating net income per unit, please refer to“Per Unit Information,” on page 22.

* This financial report is not subject to audit procedures by public accountants or audit corporations.
* Special note
The forecasts for the 43rd fiscal period ending June 30, 2023, and the 44th fiscal period ending December 31,
2023, are calculated as of February 17, 2023, based on the assumptions described on pages 9 and 10 of this report.
Accordingly, actual operating revenue, operating income, ordinary income, net income, DPU and exceeding profit
distribution per unit may differ from the forecasts. Moreover, the forecasts should not be construed as a guaranteeof the distribution amount.
This is an English-language translation of original Japanese announcement on our website released on February
17, 2023. However, no assurance or warranties are given with respect to the accuracy or completeness of thisEnglish-language translation. The Japanese original shall prevail in the case of discrepancies between thistranslation and the Japanese original.

2Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

1. Management Status
1) Overview of Fiscal Period under Reviewa) Milestones of JPR
Japan Prime Realty Investment Corporation (JPR) was established on September 14, 2001, under the
Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended), and waslisted on the Tokyo Stock Exchange Real Estate Investment Trust Section on June 14, 2002, with 289,600
outstanding investment units. With the subsequently implemented public offerings and other capitalraising measures by JPR, the number of investment units issued and outstanding totals 997,178 units asof the end of the 42nd fiscal period (December 31, 2022). JPR has assigned the asset management of its
portfolio to Tokyo Realty Investment Management, Inc. (TRIM), through which JPR aims to maximize
unitholder value by efficiently managing the portfolio primarily comprising office properties and retailproperties.
b) Management Environment
During the 42nd fiscal period, the Japanese economy showed a pickup as progress was made to a certain
degree in addressing COVID-19 while at the same time promoting socio-economic activities. On the
demand side, a strong note was observed mainly in consumer spending and capital investment.
Meanwhile, in terms of supply, partial stagnancy in production activities in China caused disruptions in
supply chains, which affected Japan as production stagnated in some areas Corporate earnings
demonstrated recovery both in manufacturing industries and the non-manufacturing sector. However,price indexes in Japan have shown a year-on-year increase against the backdrop of rising commodity
prices due to exchange rate fluctuations, causing concerns about how the economy and corporate
earnings will be impacted.
The Office Property Leasing Market
In the office property leasing market, the vacancy rate in Central Tokyo had been rising until recently
but has started to level off, partly due to socio-economic activities normalizing gradually, and thedecrease in average rent has been decelerating. Similar trends are observed in Greater Tokyo and other
cities.
The Retail Property Leasing Market
At urban retail properties which JPR targets for investment, sales recovery is underway with an increasein the number of customers visiting stores, given the socio-economic activities normalizing gradually.
The For-Sale Real Estate Market
In the for-sale real estate market, active transactions continued to take place in the 42nd fiscal period
against the backdrop of weaker yen and low interest rates, etc. Close attention must be paid, however,on how the foreign exchange market and interest rate trends may affect the market conditions. For officeproperties that are major targets of JPR for investment, blue-chip properties are in short supply while
investors both in and outside Japan still show a strong appetite to acquire them. Thus, with low-yieldtransactions continuing to prevail, the acquisition environment remains harsh. Accordingly, investors
continue to look for ways to effectively acquire properties, such as by diversifying the target assets forinvestment and conducting asset replacement.
As for urban retail properties and hotels for which investors have shown a cautious attitude due to theimpact of COVID-19, transactions with an eye to the post-pandemic era are visibly taking place.
c) Portfolio Management Status
Acquisition of New Properties and Asset Replacement
JPR investigates possible investments mainly in office properties in the Tokyo area, plus office properties
in regional cities and retail properties, etc., with the primary aim of improving the quality of the portfolio
and achieving stable growth of earnings while giving attention to balancing the diversification of theportfolio, both in terms of location and asset type.
During the 42nd fiscal period, JPR conducted an exchange transaction by selling Gotanda First Bldg.
(sale price: 4,270 million yen) and acquiring Shinjuku Center Bldg. (additional acquisition of 7% coownership interest) (acquisition price: 3,320 million yen) in December 2022. Moreover, in the samemonth, JPR conducted the third part of the sale of JPR Umeda Loft Bldg. (30% co-ownership, sale priceof the relevant ownership interest: 5,250 million yen).

3

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

As a result of these transactions, the balance of JPR’s assets under management totaled 65 properties, or
488.7 billion yen on an acquisition price basis as of the end of December 2022, with the total leasable
floor space standing at 494,503 m2 and the number of tenants at 1,180.
Operational Management of Portfolio
In the office property leasing market in the 42nd fiscal period, the upward trend in the vacancy rate andthe downward trend in rent levels appeared to take a temporary pause, given the impact of COVID-19
being tamed. Nevertheless, the situation demands that close attention be continuously paid. Under suchcircumstances, JPR endeavored to attract new tenants through strategic leasing activities and enhance
the satisfaction of existing tenants by maintaining close cooperation with property managementcompanies and brokers, with an aim to secure stable earnings across the entire portfolio as well as its
occupancy rate. As a result of these efforts, the occupancy rate at the end of the 42nd fiscal period was
kept at a high level, standing at 97.5% to remain the same as the end of the previous fiscal period.
In terms of property management, JPR continued to proactively implement value enhancement works
based on tenant needs, on the ground of its brand concept A/3S (Amenity/Service, Safety and Save
Energy) that has been established with an aim to create spaces where the workers feel satisfaction. As an
endeavor to reduce CO2 emissions, JPR conducted renewal of elevators and escalators and replacementof lighting equipment with LED lamps, which are expected to be effective for the endeavor, at its multiple
properties.
Moreover, as its initiatives on environmental issues, JPR has continuously obtained environmental
certifications. As of December 31, 2022, JPR has acquired DBJ Green Building Certification*1 for 13
properties in total. JPR has also obtained CASBEE for Building Certification*2 for 37 properties in total(including 8 newly certified properties), and BELS*3 certification for 3 properties (including one newly
certified property (ZEB*4 certification type: ZEB Oriented*5)). On top of these certifications JPR
acquired, its endeavors on environmental issues were so acknowledged that it was designated as “GreenStar” in the GRESB*6 Real Estate Assessment for 2022, marking the ninth consecutive year ofrecognition with the highest ranking in the survey. JPR has also been granted the highest rank of “5 Stars”
in the rating, which makes relative assessment based on total scores, for four consecutive years.
*1 The DBJ Green Building Certification is a certification system to select superior real estate that meets the demand of the times byscoring buildings based on the scoring model originally developed by Development Bank of Japan Inc. Its purpose is to promote
properties that are environmentally friendly, equipped to mitigate disasters and prevent crime, as well as meet the social
requirements surrounding real estate from various stakeholders (“Green Buildings”).
*2 CASBEE, which stands for Comprehensive Assessment System for Built Environment Efficiency, is a system for comprehensively
assessing the environmental performance of buildings. Efforts to develop and popularize the system in Japan are being carried out
under the leadership of the Ministry of Land, Infrastructure, Transport and Tourism.
*3 BELS is an abbreviation for Building-Housing Energy-efficiency Labeling System. It is a performance-labeling system created
for the purpose that a third-party organization accurately conducts the evaluation and indication of energy-efficiency performanceof non-residential buildings in accordance with the Assessment Guidelines on Energy Efficiency Performance of Non-residential
Buildings (2013) established by the Ministry of Land, Infrastructure, Transport and Tourism.
*4 ZEB is an abbreviation of Net Zero Energy Building, and refers to buildings that aim to balance out the annual primary energy
they consume to zero, while realizing a comfortable indoor environment.
*5 ZEB Oriented refers to special use buildings with a total floor space of 10,000 m2 or more that have adopted measures to achieveenergy conservation and reduced primary energy consumption by at least 40% from the standards set in the Act on the
Improvement of Energy Consumption Performance of Buildings.
*6 GRESB is an annual benchmarking assessment to measure ESG (Environmental, Social and Governance) awareness of real estatecompanies and funds, as well as the name of the organization which runs the assessment system. It was founded in 2009 primarily
by major European pension fund groups. Of the survey subjects, GRESB Real Estate Assessment covers real estate companies
and funds that are mainly engaged in managing existing properties.

Fund Procurement
JPR focuses its endeavors on debt financing with an emphasis placed on lengthening debt maturity anddiversifying repayment dates in an effort to make its financial base more solid and stronger. JPR
borrowed 8.0 billion yen in the 42nd fiscal period to fund the refinancing of interest-bearing debts it
repaid during the same fiscal period. This led to the average maturity of and the average interest on the
new interest-bearing debts at 6.3 years and 0.54%, respectively, in contrast to 4.9 years and 0.41% for
the relevant interest-bearing debts before refinancing.
As of the end of the 42nd fiscal period, the balance of interest-bearing debts totaled 202.9 billion yen,with a balance of borrowings of 165.0 billion yen and a balance of investment corporation bonds of 37.9
billion yen. The ratio of interest-bearing debt to total assets (LTV) (Note 1) was 40.0%, long-term andfixed interest-bearing debt ratio (Note 2) was 100.0%, average debt cost (Note 3) was 0.76% and average
maturity (Note 4) was 4.7 years as of the end of the fiscal period.

4Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Moreover, JPR established a commitment line with a credit limit of 24.0 billion yen with six financial
institutions.
The following represents the issuer ratings for JPR as of the end of the 42nd fiscal period.
Details of Corporate Credit Ratings as of December 31, 2022
Credit Rating Agency
Corporate Credit Rating (outlook)
Japan Credit Rating Agency, Ltd. (JCR)
AA (Stable)
Rating and Investment Information, Inc. (R&I) AA− (Stable)(Note 1) Ratio of interest-bearing debts to total assets (LTV): (balance of borrowings + balance of investment corporation bonds) / total
assets(Note 2) Long-term and fixed interest-bearing debt ratio: long-term, fixed-interest interest-bearing debts / total interest-bearing debt
(Note 3) Average debt cost: sum total of interest expenses, interest expenses on investment corporation bonds, borrowing expenses(excluding expenses for early repayment of borrowings and for commitment line agreements), amortization of investment
corporation bond issuance costs and investment corporation bond management expenses, divided by the number of businessdays for each fiscal period and annualized by multiplying by 365 days / average balance of borrowings and investment
corporation bonds for each fiscal period(Note 4) Average maturity is arrived at by calculating a weighted average of maturities from the end of the 42nd fiscal period to therepayment deadlines for all interest-bearing debts based on the balance of each interest-bearing debt.

d) Operating Results and Cash Distributions
As a result of the aforementioned management performance, JPR posted operating revenue of 18,739
million yen, ordinary income of 8,469 million yen and net income of 8,469 million yen for its 42nd fiscal
period ended December 31, 2022. With regard to the cash distributions, JPR decided to distribute part of
the retained earnings brought forward that had been internally reserved through the 41st fiscal period,
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. In addition, for the 42nd fiscal period, JPR decided to reverse part of reserve for
reduction entry (73 million yen) reserved by applying the Special Measures in Case Land or Other
Property is Acquired in Advance in 2009 or 2010 (Article 66-2 of the Act on Special Measures
Concerning Taxation), and internally reserve 815 million yen as reserve for reduction entry from theunappropriated retained earnings, pursuant to the Special Provisions for Taxation in Cases of Repurchaseof Specified Assets (Article 65-7 of the Act on Special Measures Concerning Taxation). As a result, thecash distribution per unit came to 7,750 yen for the 42nd fiscal period.
2) Forecast for the Next Fiscal Perioda) Outlook for Management Status
Looking ahead, it is anticipated that more progress will be made in addressing COVID-19 while at thesame time promoting socio-economic activities. In particular, due to a rise in demand from inboundforeign tourists and consumer spending as well as improvements in the supply chains, etc., the Japanese
economy is expected to continue showing a pickup. However, attention should be paid to the impacts offluctuations in the financial and capital markets associated with rising interest rates in and outside Japan.
In addition, JPR will continue to pay close attention to the impact of the COVID-19 infections in Japanand abroad.
The office property leasing market is anticipated to hit the bottom in a gradually increasing manner, butclose attention must be paid to the impact of the increased supply of office buildings in Central Tokyo
anticipated for 2023 and 2025. In addition, corporate earnings trends in 2023 and thereafter must also betaken into consideration. Under these circumstances, JPR is resolved to continue its endeavors to enhance
the competitiveness of its owned properties, as it has focused on improving tenant satisfaction throughproactive implementation of value enhancement works and provision of elaborate management services.
In the for-sale real estate market, it has become even more important to discern the growth potential inearnings of respective properties, while continuously taking into account the impact of the changes in
the Japanese economy on the leasing market. In consideration of the current situation in which the lowyield environment continues to stay, it is necessary to firmly keep the attitude of vigorously selective
investment for implementing real estate investment that assumes possession of properties over the
medium to long term.

5

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Periodi)Acquisition of New Properties and Asset Replacement
JPR will continue to make investment focused on office properties in the Tokyo area, with an aim to
improve the quality of its portfolio and enhance its growth potential and stability over the long term. In
the for-sale office property market, the purchase cap rate and expected cap rate levels are still low, withproperties remaining in short supply. Although close attention must be paid to the trends in the leasing
market going forward, JPR will fully investigate the stability and growth potential of candidate
properties when acquiring them. As for retail properties, etc., JPR will work to invest in strictly selectedblue-chip properties that can maintain stable revenues at a certain level in order to complement thestability of earnings of the entire portfolio. In doing so, JPR will have to be more prudent ininvestigating, paying close attention to sales trends, etc. of such properties under the influence of
COVID-19. JPR will continue its endeavors to acquire new properties under reasonable terms bynegotiating prices based on detailed market studies and property due diligence.
Moreover, JPR will continue to make investment decisions after proactive collection of information
through such sources as sponsors of TRIM (Tokyo Tatemono Co., Ltd., Yasuda Real Estate Co., Ltd.,
Taisei Corporation and Meiji Yasuda Life Insurance Company), accurately assessing market trends andcarefully researching investment value, including the future potential of candidate properties.
Furthermore, JPR will also investigate asset replacement by taking into consideration the timing of
implementation, in order to improve the quality of its portfolio and enhance its growth potential overthe long term.

ii) Management of Portfolio
JPR will aim to secure stable earnings over the medium to long term by working to prevent move-outsof existing tenants, encourage them to expand office spaces in the same buildings and renew contracts
with upward revision of rents through endeavors to enhance tenant satisfaction, while continuously
attracting new tenants through strategic leasing activities. Specifically, JPR will conduct management
and operations based on the following policies:- Strengthen coordination with property management companies and respective tenant brokers- Propose leasing terms and conditions in consideration of the current leasing market situations andpromote rapid decision-making- Conduct strategic value enhancement with the intent to improve property earnings and increase tenantsatisfaction- Reinforce responses to business continuity plans and environmental friendliness that command highsocial demandiii) Fund Procurement
In accordance with its basic policy of implementing conservative financial operations that focus on
stability, JPR will control its LTV in a conservative manner. In debt financing, JPR will endeavor tofurther lengthen maturity with a focus on stability in an effort to diversify repayment dates and reduce
the repayment amount for each fiscal period, with an eye on reducing refinancing risks that may arise
with future changes in the financial environment. Moreover, JPR intends to work on fund procurement
through issuance of investment corporation bonds as it aims to diversify fund procurement means andsources.
iv) Information Disclosure
Positioning the proactive voluntary disclosure of information as one of its key management policies,
JPR voluntarily discloses information believed to be useful to investment decisions, along with theinformation disclosure required by the Tokyo Stock Exchange and that set forth by laws and regulations,etc. As a means for implementing voluntary disclosure, JPR is proactively employing its website(https://www.jpr-reit.co.jp/en/) to post information including monthly occupancy rates of all properties
in the portfolio and historical data as well as offer expanded information on sustainability and deliver
video presentations on financial results sessions for securities analysts.

6

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Periodv) Significant Subsequent Events
Property Sale
JPR concluded a sale agreement regarding the following property on February 17, 2023.
< JPR Crest Takebashi Bldg. >Asset type:
Beneficiary interest
Sale price:
4,169 million yen
Delivery date:
April 12, 2023 (scheduled)
Buyer:
Yasuda Real Estate Co., Ltd.
Impact on operating results: JPR plans to record approximately 881 million yen in gain on sale ofreal estate as operating revenue for the 43rd fiscal period (January 1,
2023 – June 30, 2023).
<Reference Information>
Property Acquisition
After the settlement date of the 42nd fiscal period, JPR acquired the following properties.
< Osaka Dojima Bldg. >Property overview
Location:
Type of ownership:
Site area:
Total floor space:
Structure/floors:
Completed:
Number of tenants:
Total leasable floor space:
Total leased floor space:Occupancy rate:

3-5 Dojima 2-chome, Kita-ku, Osaka-shi, Osaka (residential address)
Land: Ownership (co-ownership: approx. 95.4% co-ownershipinterest)
Building: Sectional ownership
938.01 m2 (equivalent to co-ownership interest: 894.91 m2)
4,977.52 m2 (exclusive area: 2,947.16 m2)
S, RC with flat roof, B1/7F
July 1996
8
3,074.30 m2
2,571.56 m2
83.6%(Note) Number of tenants, total leasable floor space, total leased floor space and occupancy rate indicate the figures
as of the acquisition date.

Transaction terms and conditions
Purchase price:
2,460 million yen
Asset type:
Real estate
Contract date:
December 21, 2022
Acquisition date:
January 11, 2023
< FUNDES Tenjin Nishidori >Property overview
Location:
3-21 Tenjin 2-chome, Chuo-ku, Fukuoka-shi, Fukuoka(residential address)
Type of ownership:
Land: Ownership
Building: Ownership
Site area:
219.26 m2
Total floor space:
1,135.67 m2
Structure/floors:
S with flat roof, 8F
Completed:
March 2022
Number of tenants:
5
Total leasable floor space:
1,054.30 m2
Total leased floor space:724.84 m2
Occupancy rate:
68.8%(Note) Number of tenants, total leasable floor space, total leased floor space and occupancy rate indicate the figures
as of the acquisition date.

7

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Transaction terms and conditions
Purchase price:
3,310 million yen
Asset type:
Real estate
Contract date:
December 21, 2022
Acquisition date:
January 11, 2023
On February 17, 2023, JPR concluded an agreement regarding acquisition of the following property.
< Ochanomizu Sola City >Property overview
Location:
Type of ownership:
Site area:
Total floor space:
Structure/floors:
Completed:
Number of tenants:
Total leasable floor space:
Total leased floor space:Occupancy rate:

6-1 Kanda-Surugadai 4-chome, Chiyoda-ku, Tokyo and others(lot number)
Land: Ownership (co-ownership: 3.4% co-ownership interest)
Building: Ownership (co-ownership: 3.4% co-ownership interest)
9,681.02 m2 (equivalent to co-ownership interest: 329.15 m2)
96,897.25 m2 (equivalent to co-ownership interest: 3,294.51 m2)
S with flat roof, B2/23F
February 2013
26
2,235.01 m2
2,235.01 m2
100.0%(Note) As a pass-through master lease agreement has been concluded between the trustee and Taisei Corporation(the master lessee), “Number of tenants” indicates the number of sublessees subleased by the master lessee atthe time of concluding the purchase agreement. “Total leasable floor space,” “Total leased floor space” and“Occupancy rate” are based on the figures equivalent to co-ownership interest that JPR plans to acquire at
the time of concluding the purchase agreement, out of the space leased by the master lessee to the sublessees.

Transaction terms and conditions
Purchase price:
6,490 million yen
Asset type:
Beneficiary interest
Contract date:February 17, 2023
Acquisition date:
April 12, 2023 (scheduled)b) Outlook for Management Status (Operating Results)
JPR expects the following management status in the 43rd fiscal period (from January 1, 2023 to June 30,2023) and the 44th fiscal period (from July 1, 2023 to December 31, 2023).
Operating revenue
Operating income
Ordinary income
Net income
Distribution per unit
Exceeding profit
distribution per unit

43rd Fiscal Period
18,101 million yen
8,760 million yen
7,990 million yen
7,990 million yen
7,600 yen

44th Fiscal Period
17,469 million yen
8,057 million yen
7,230 million yen
7,230 million yen
7,600 yen

– yen

– yen

For the assumptions underlying this outlook of management status, please refer to “Assumptions for the
43rd Fiscal Period (from January 1, 2023 to June 30, 2023) and the 44th Fiscal Period (from July 1, 2023
to December 31, 2023)” shown below.
(Note) The forecast figures above are the current forecasts calculated based on certain assumptions. Accordingly, the actual operating
revenue, operating income, ordinary income, net income, distribution per unit and exceeding profit distribution per unit may vary
due to changes in the circumstances. Moreover, the forecast above should not be construed as a guarantee of the distribution
amount.

8Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Assumptions for the 43rd Fiscal Period (from January 1, 2023 to June 30, 2023) andthe 44th Fiscal Period (from July 1, 2023 to December 31, 2023)
Item

Assumptions
43rd fiscal period: from January 1, 2023 to June 30, 2023 (investment period: 181 days)
Operation Period
44th fiscal period: from July 1, 2023 to December 31, 2023 (investment period: 184 days)
・On the basis of the 67 properties owned by JPR as of February 17, 2023, it is assumed that JPR
will acquire Ochanomizu Sola City and sell JPR Crest Takebashi Bldg. (both scheduled for April
Property Portfolio
12, 2023).
・In practice, this assumption may vary due to such events as acquisition of additional properties
or sale of existing properties other than the above-mentioned properties.
・Real estate rental revenues are calculated on the basis of the lease contracts effective as ofDecember 31, 2022, with consideration given to such factors as the market environment andOperatingstatus of negotiations with tenants, as well as taking into account the impact of certain tenant
Revenue
move-ins and move-outs, among other factors. JPR also assumes that rents will be paid on time
and that no tenants will fail or decline to pay rents.
・Gain on sale of real estate is assumed to be 881 million yen for the 43rd fiscal period.
・Among rental expenses, which are the principal operating expenses, outsourcing expenses andother expenses excluding depreciation are calculated based on historical data, etc., reflecting
variable factors of expenses. Outsourcing expenses are assumed to be 711 million yen for the
43rd fiscal period and 709 million yen for the 44th fiscal period.
・For property taxes and city planning taxes, JPR assumes 2,591 million yen for the 43rd fiscal
period and 2,579 million yen for the 44th fiscal period. In general practice, the property taxes
and city planning taxes levied on properties acquired are settled after prorating for the periodwith the previous owner at the time of acquisition, but JPR includes the amount equivalent tosuch settlement in the acquisition costs for the properties.
・For expenditures for the repair and maintenance of buildings, the amount expected to be required
Operatingin each of the fiscal periods has been recorded. However, the expenditures for repair andExpensesmaintenance for each of the fiscal periods could differ significantly from the estimated amount,as expenditures may arise due to damage to the building caused by unexpected factors, etc., andbecause the variance in amounts generally tends to grow from year to year and repair expenses
do not arise regularly.
・Depreciation is calculated using the straight line method, including additional future capital
expenditures. Depreciation is assumed to be 2,041 million yen for the 43rd fiscal period and2,056 million yen for the 44th fiscal period.
・ Operating expenses excluding rental expenses other than rental business expenses (asset
management fees, administrative service and custodian fees, etc.) are assumed to be 1,019
million yen for the 43rd fiscal period and 948 million yen for the 44th fiscal period.
・ As for major non-operating income, JPR assumes income on settlement of management
Non-Operating
association accounts to be 30 million yen for the 43rd fiscal period and 3 million yen for the
Income44th fiscal period.
・As for major non-operating expenses, JPR assumes 791 million yen for the 43rd fiscal period
Non-Operating
and 822 million yen for the 44th fiscal period for interest expenses, borrowing expenses, interest
Expenses
expenses on investment corporation bonds and amortization of investment corporation bondissuance costs, etc.
・The ratio of interest-bearing debt to total assets as of February 17, 2023, stands at 40.0%, withinterest-bearing debts of 202,900 million yen (comprised of 165,000 million yen in long-termloans payable and 37,900 million yen in investment corporation bonds).
Interest-Bearing ・It is assumed that all interest-bearing debt for which repayment (redemption) dates will arrive
Debt and Ratio of
during the 43rd and 44th fiscal periods will be refinanced.
Interest-Bearing ・The ratio of interest-bearing debt to total assets is assumed to be 40.4% at the end of the 43rd
Debt to Total
fiscal period and 40.4% at the end of the 44th fiscal period.
Assets・The following formula is used in calculating the ratio of interest-bearing debt to total assets inthis table.
Ratio of interest-bearing debt to total assets =Expected total interest-bearing debt / Expected total assets x 100

9Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Item
Total Units
Outstanding

Assumptions
・The total number of investment units issued and outstanding is 997,178 units as of February 17,
2023, and it is assumed that no additional investment units will be issued.
・For distribution per unit (DPU), it is assumed that all revenues will be distributed based on the
distribution methods provided in the Articles of Incorporation.
・As for the gain on sale of real estate JPR expects to record for the 43rd fiscal period (881 millionyen), it is assumed that 411 million yen will be internally reserved as reserve for reduction entry,
in application of the Special Provisions for Taxation in Cases of Repurchase of Specified Assets
Distribution Per
as provided in Article 65-7 of the Act on Special Measures Concerning Taxation, for the purpose
Unitof stable management and cash distributions in the future.
・DPU for the 44th fiscal period ending December 31, 2023 is calculated on the assumption thatpart of the reserve for reduction entry (348 million yen) will be reversed and distributed.
・There is the possibility that the distribution per unit may vary due to various factors including
variation of rental revenues due to acquisition or sale of assets under management and tenant
replacement, and unpredicted repairs and maintenance.
Exceeding Profit
Distribution Per ・Distribution of monies exceeding the profit is currently not assumed.
Unit
・It is assumed that there will be no changes in legislation, taxation, accounting standards,
regulations applying to publicly listed companies, rules and requirements imposed by the
OthersInvestment Trusts Association, Japan that will impact the aforementioned forecast.
・It is also assumed that there will be no unexpected material changes in general economic andreal estate market conditions.

10Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

2. Financial Statements(1) Balance Sheets(Thousands of Yen)

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
Investment securities
Lease and guarantee deposits
Long-term prepaid expenses
Other
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment corporation bond issuance costs

Investment unit issuance expenses
Total deferred assets
Total assets

11

End of 41st Fiscal
PeriodEnd of 42nd Fiscal
Period(Jun. 30, 2022)(Dec. 31, 2022)¥26,708,733
12,848,490
492,985
127,655
42,31140,220,177¥33,127,007
12,379,450
583,489
132,360
39,60446,261,911

68,379,448(22,902,238)
45,477,209
98,413,791(38,619,956)
59,793,834
88,829(36,612)52,216
127,940(80,917)47,022
834,144(565,442)
268,7022,017,750(1,537,147)
480,602
215,516(108,569)
106,946
295,521(195,072)
100,448
139,394,811
207,559,589
2,583
42,610453,326,577

69,506,736(23,785,420)
45,721,315
96,194,049(38,559,767)
57,634,282
94,101(38,968)
55,133
128,272(81,897)
46,374
834,332(582,683)
251,649
1,996,314(1,544,705)
451,608
217,792(119,029)
98,763
304,416(202,509)
101,906
140,959,190
202,608,096
9,960
41,045447,979,326

11,801,831
2,970
11,804,801

11,801,831
2,463
11,804,294

88,860784,089
554,046710
1,427,705
466,559,084

88,860802,490
520,563710
1,412,623
461,196,244

180,345
46,206
226,551¥507,005,813

165,429
31,861
197,291¥507,655,447

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period(Thousands of Yen)

Liabilities
Current liabilities
Operating accounts payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable-otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
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
Surplus
Voluntary reserve
Reserve for reduction entry
Total voluntary reserve
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders’ equity
Total net assets
Total liabilities and net assets

12

End of 41st Fiscal
PeriodEnd of 42nd Fiscal
Period(Jun. 30, 2022)(Dec. 31, 2022)¥2,677,555
2,000,000
16,000,000
1,057,202
86,586605
542,378
2,813,178
1,215
25,178,722¥3,027,125
2,000,000
21,000,000
1,082,817
90,561
605
499,038
2,821,057
3,274
30,524,479

35,900,000
149,000,000
10,081,605
13,932,856
208,914,462
234,093,184

35,900,000
144,000,000
10,185,789
13,441,294
203,527,083
234,051,563

261,751,240

261,751,240

2,546,454
2,546,454

3,376,470
3,376,470

8,614,933

8,476,171

11,161,388
272,912,629
272,912,629¥507,005,813

11,852,642
273,603,883
273,603,883¥507,655,447

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period(2) Statements of Income and Retained Earnings(Thousands of Yen)

Operating revenue
Rent revenue-real estate
Gain on sale of real estate
Total operating revenue
Operating expenses
Expenses related to rent business
Loss on exchange of real estate
Asset management fee
Administrative service and asset custody fees
Directors’ compensation
Trust fees
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Income on settlement of management associationaccounts
Insurance income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bondissuance costs
Amortization of investment unit issuance expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes-current
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

13

41st Fiscal
Period42nd Fiscal
Period(Jan. 1, 2022 –Jun. 30, 2022)(Jul. 1, 2022 –Dec. 31, 2022)¥17,019,663
1,338,228
18,357,892¥17,392,648
1,347,213
18,739,862

7,946,916–
802,633
83,0546,300
17,361
158,329
9,014,594
9,343,297

8,199,445
210,929
792,966
84,6486,300
15,608
156,754
9,466,653
9,273,209

192

175

39,536

4,279

1,449
2,387
43,565

2,979
1,110
8,544

510,215
38,869200,124

529,585
50,670202,105

14,672

14,915

14,727284
778,893
8,607,969
8,607,969
605
605
8,607,364
7,569¥8,614,933

14,344284
811,905
8,469,847
8,469,847
605
605
8,469,242
6,929¥8,476,171

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period(3) Statements of Changes in Unitholders’ Equity(Thousands of Yen)

41st Fiscal
Period(Jan. 1, 2022 –Jun. 30, 2022)
Unitholders’ equity
Unitholders’ capital
Balance at beginning of current period
Changes of items during the period
Issuance of units
Total changes of items during the period
Balance at end of current period
Surplus
Voluntary reserve
Balance at beginning of current period
Changes of items during the period
Provision of reserve for reduction entry
Total changes of items during the period
Balance at end of current period
Unappropriated retained earnings (undisposed loss)
Balance at beginning of current period
Changes of items during the period
Provision of reserve for reduction entry
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period
Total surplus
Balance at beginning of current period
Changes of items during the period
Provision of reserve for reduction entry
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period
Total unitholders’ equity
Balance at the beginning of current period
Changes of items during the period
Issuance of units
Provision of reserve for reduction entry
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period
Total net assets
Balance at beginning of current period
Changes of items during the period
Issuance of units
Provision of reserve for reduction entry
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period

14

42nd Fiscal
Period(Jul. 1, 2022 –Dec. 31, 2022)¥247,860,796¥261,751,240

13,890,444
13,890,444
261,751,240–
261,751,240

1,887,437

2,546,454

659,017659,0172,546,454

830,016830,016
3,376,470

7,901,374

8,614,933(659,017)(7,234,787)
8,607,364
713,5598,614,933(830,016)(7,777,988)
8,469,242(138,761)
8,476,171

9,788,811

11,161,388–(7,234,787)
8,607,364
1,372,576
11,161,388–(7,777,988)
8,469,242
691,254
11,852,642

257,649,607

272,912,629

13,890,444–(7,234,787)
8,607,364
15,263,021
272,912,629–(7,777,988)
8,469,242
691,254
273,603,883

257,649,607

272,912,629

13,890,444–(7,234,787)
8,607,364
15,263,021¥272,912,629–(7,777,988)
8,469,242
691,254¥273,603,883

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period(4) Statements of Cash Distributions

I.
II.
III.
IV.

Unappropriated retained earnings
Reversal of voluntary reserve
Reversal of reserve for reduction entry
Distribution amount(Distribution amount per unit)

41st Fiscal Period(Jan. 1, 2022 – Jun. 30, 2022)
8,614,933,824 yen

42nd Fiscal Period(Jul. 1, 2022 – Dec. 31, 2022)
8,476,171,884 yen–
7,777,988,400 yen(7,800 yen)

73,946,740 yen
7,728,129,500 yen(7,750 yen)

830,016,338 yen

815,777,113 yen

6,929,086 yen
Pursuant to the policy on cash
distributions provided in Article 30 (2)of the Articles of Incorporation of JPR,
the distribution amount shall be inexcess of an amount equivalent to 90%of the “distributable income amount”
as stipulated in Article 67-15 of the Act
on Special Measures Concerning
Taxation, but no more than the amountof earnings. Based on such policy, JPR
decided to pay out distributions ofearnings of 7,777,988,400 yen, whichis the largest integral multiple of thetotal number of investment units issued
and outstanding (997,178 units), fromthe balance of unappropriated retained
earnings after deducting the provisionof reserve for reduction entry pursuant
to Article 65-7of the Act on Special
Measures Concerning Taxation, while
minimizing the burden to unitholders
incurred by accrual of corporate
income tax, etc. Furthermore, JPR
shall not distribute cash in excess ofearnings as stipulated in Article 30 (4)of the Articles of Incorporation.

6,212,011 yen
Pursuant to the policy on cash
distributions provided in Article 30 (2)of the Articles of Incorporation of JPR,
the distribution amount shall be inexcess of an amount equivalent to 90%of the “distributable income amount”
as stipulated in Article 67-15 of the Act
on Special Measures Concerning
Taxation, but no more than the amountof earnings. Based on such policy, JPR
decided to pay out distributions ofearnings of 7,728,129,500 yen, whichis the largest integral multiple of thetotal number of investment units issued
and outstanding (997,178 units), fromthe balance of unappropriated retained
earnings after adding the reversal ofreserve for reduction entry pursuant to
Article 66-2 of the Act on Special
Measures Concerning Taxation anddeducting the provision of reserve for
reduction entry pursuant to Article 657of the Act on Special Measures
Concerning
Taxation,while
minimizing the burden to unitholders
incurred by accrual of corporate
income tax, etc. Furthermore, JPR
shall not distribute cash in excess ofearnings as stipulated in Article 30 (4)of the Articles of Incorporation.

Voluntary reserve
Provision of reserve for reduction entry

V. Retained earnings carried forward
Method for calculating distribution amount15

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period(5) Statements of Cash Flows(Thousands of Yen)

41st Fiscal
Period(Jan. 1, 2022 –Jun. 30, 2022)
Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Difference related to exchange of noncurrent assets
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance expenses
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
Decrease in property, plant and equipment in trust due to sale
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 equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets
Payments of lease and guarantee deposits
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
Net cash provided by (used in) financing activities
Repayment of short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment units
Dividends paid
Net cash provided by (used in) financing activities
Net changes in cash and cash equivalents
Cash and cash equivalents at beginning of current period
Cash and cash equivalents at end of current period

16

42nd Fiscal
Period(Jul. 1, 2022 –Dec. 31, 2022)¥8,607,969
2,046,347–
14,672
14,727(192)
710,339(177,953)
346,039
5,076(17,856)(67,972)
368,920(73,131)3,727,070(470,497)
15,033,561
192(716,082)(602)
14,317,068¥8,469,847
2,055,734
1,121,208
14,915
14,344(175)
731,690(90,504)–(4,704)79,299(10,899)(43,340)
7,879
3,718,086(179,814)
15,883,569
175(727,716)(602)
15,155,425(11,976,312)(1,125,644)–(43,836)(538,677)
877,788(678,824)
566,303(12,919,203)(590,345)(648,384)(1,081)(18,400)(49,788)
153,971(540,221)
265,649(1,428,600)(12,000,000)
18,500,000(10,500,000)
13,845,913(7,233,977)
2,611,935
4,009,800
35,547,423¥39,557,224–
8,000,000(8,000,000)–(7,777,592)(7,777,592)
5,949,232
39,557,224¥45,506,457

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period(6) Notes to the Going Concern Assumption
No relevant items.
(7) Notes to Significant Accounting Policies
The disclosure is omitted as there are no significant changes from the descriptions in the latest securities
report (submitted on September 26, 2022).
(8) Notes to Financial Statements
Notes to Balance Sheets
1. Reduction Entry of Property, Plant and Equipment Acquired through Exchange
End of 41st Fiscal Period(as of June 30, 2022)

–
–

Land
Total

(Thousands of yen)
End of 42nd Fiscal Period(as of December 31, 2022)¥1,537,018¥1,537,018

2. Balance of Unused Commitment LineJPR has executed a commitment line agreement with its principal banks primarily to minimize refinancing risks
and enhance financial stability.

Credit limit

End of 41st Fiscal Period(as of June 30, 2022)¥24,000,000(Thousands of yen)
End of 42nd Fiscal Period(as of December 31, 2022)¥24,000,000–¥24,000,000–¥24,000,000

Outstanding debts at end of period
Unused commitment line at end of period

3. Minimum Total Unitholders’ Equity Designated in Article 67-4 in the Act on Investment Trusts andInvestment Corporations
End of 41st Fiscal Period(as of June 30, 2022)¥50,000

17(Thousands of yen)
End of 42nd Fiscal Period(as of December 31, 2022)¥50,000

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Notes to Statements of Income and Retained Earnings
1. Breakdown of Rent Revenue-Real Estate and Expenses Related to Rent Business(Thousands of yen)

41st Fiscal Period(January 1, 2022 –June 30, 2022)
A. Rent Revenue-Real Estate
Rent Revenue
Rents
Land rents
Common charges
Parking fees
Advertising fees
Antenna usage fees
Other

42nd Fiscal Period(July 1, 2022 –December 31, 2022)¥12,546,684
1,802,000
1,352,858
278,951
36,602
28,94346,012¥12,547,291
1,802,000
1,283,973
286,561
37,152
29,90245,24016,092,051

16,032,122

798,305
14,092
11,173

1,006,164
14,19282,36842,263

182,839

61,77774,960927,611
16,714,986
17,019,663

1,360,526
16,714,986
17,392,648¥699,677
952,258
2,523,554
29,368469,805
307,961
630,3312,045,976
287,982¥703,637
1,301,145
2,507,086
30,028432,326
306,930
643,099
2,055,273
219,918

Total expenses related to rent
business

7,946,916

8,199,445

C. Profits for Rent Business (A-B)

9,103,323
9,072,747

9,103,323
9,193,203

Subtotal
Other rental revenues
Incidental rent income
Time-based parking fees
Cancellation charges
Income equivalent to expenses forrestoration to original condition
Other miscellaneous income
Subtotal
Total rent revenue-real estate
B. Expenses Related to Rent BusinessOutsourcing expenses
Utilities expenses
Property and other taxes
Casualty insurance
Repairs and maintenance
Property management fees
Management association accounts
Depreciation
Other

18

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

2. Breakdown of Gain/Loss on Sale of Real Estate

41st fiscal period (January 1, 2022 – June 30, 2022)(Thousands of yen)

JPR Umeda Loft Bldg. (30.0% co-ownership interest)
Proceeds from sale of real estate¥5,250,000

Cost of sale of real estate

3,727,070

Other expenses related to sale

184,700

Gain on sale of real estate

1,338,228

42nd fiscal period (July 1, 2022 – December 31, 2022)(Thousands of yen)

JPR Umeda Loft Bldg. (30.0% co-ownership interest)
Proceeds from sale of real estate¥5,250,000

Cost of sale of real estate

3,718,086

Other expenses related to sale

184,700

Gain on sale of real estate

1,347,213

3. Breakdown of Loss on Exchange of Real Estate

41st fiscal period (January 1, 2022 – June 30, 2022)
No relevant items.
42nd fiscal period (July 1, 2022 – December 31, 2022)(Thousands of yen)

Gotanda First Bldg.
Consideration for transfer of real estate¥4,270,000

Cost of transfer of real estate

2,921,061

Other expenses related to transfer

22,850

Reduction of noncurrent assets

1,537,018

Loss on exchange of real estate

210,929

Notes to Statements of Changes in Unitholders’ Equity
41st Fiscal Period(January 1, 2022 – June 30, 2022)
Total number of authorized units
and number of units outstanding
Total number of authorized units
Number of units outstanding

5,000,000 units
997,178 units

19

42nd Fiscal Period(July 1, 2022 – December 31, 2022)
5,000,000 units
997,178 units

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Financial Instruments
1. Matters Concerning Status of Financial Instruments(1) Policy for Financial Instruments
In an aim to proactively expand asset size and maintain stable cash distributions to unitholders, JPR adopts
the asset management policy of paying heed to efficiently combining the procurement of long-term funds
that are stable and the procurement of short-term funds that emphasize flexibility.
There may be cases where JPR will engage in derivative transactions, but such will be limited to hedging forinterest rate fluctuation risk and other hedging purposes. Please note that JPR is not engaged in derivativetransactions at present.
(2) Description of Financial Instruments and Associated Risks, and Risk Management Structure
Tokyo Realty Investment Management, Inc. (TRIM), the asset management company of JPR, strives for risk
management by complying with the JPR Asset Management Guidelines and other rules and regulations. The
following outlines the description of individual financial instruments and the associated risks, and the risk
management.
Deposits are exposed to risks of bankruptcy of the financial institutions holding the deposits and other credit
risks, but the risks are managed through such measures as setting a minimum credit rating for the financial
institutions holding the deposits.
Loans payable and investment corporation bonds are exposed to liquidity risks at the time of
repayment/redemption, but the liquidity risks are managed through such measures as procuring funds fromthe capital market by increasing capital, executing a commitment line agreement with the main lending
financial institutions, and also having statements of cash receipts and disbursements prepared by the financial
division.
(3) Supplementary Explanation on Matters Concerning Fair Value, etc. of Financial Instruments
Certain assumptions are used in calculating the fair value of financial instruments, and there can be cases
where the values may vary based on different assumptions, etc.
2. Matters Concerning Fair Value, etc. of Financial Instruments
The following are the carrying values and fair values as of June 30, 2022, of financial instruments, and thedifference between these amounts. Furthermore, notes on “Cash and deposits,” “Cash and deposits in trust” and“Short-term loans payable” are omitted as these are settled with cash and within a short period of time and thus
the book value approximates the fair value. Notes on “Investment securities” and “Tenant leasehold and security
deposits” and “Tenant leasehold and security deposits in trust” are also omitted as they lack materiality.
(Thousands of yen)

(1) Current portion of investment corporation bonds(2) Current portion of long-term loans payable(3) Investment corporation bonds(4) Long-term loans payable

Carrying Value(Note 1)(¥2,000,000)(16,000,000)(35,900,000)(¥149,000,000)

Fair Value(Note 1)(¥2,021,000)(16,061,296)(36,269,932)(¥148,909,766)

Difference¥21,000
61,296369,932-¥90,233

The following are the carrying values and fair values as of December 31, 2022, of financial instruments, and thedifference between these amounts. Furthermore, notes on “Cash and deposits,” “Cash and deposits in trust” and“Short-term loans payable” are omitted as these are settled with cash and within a short period of time and thus
the book value approximates the fair value. Notes on “Investment securities” and “Tenant leasehold and security
deposits” and “Tenant leasehold and security deposits in trust” are also omitted as they lack materiality.
(Thousands of yen)

(1) Current portion of investment corporation bonds(2) Current portion of long-term loans payable(3) Investment corporation bonds(4) Long-term loans payable

Carrying Value(Note 1)(¥2,000,000)(21,000,000)(35,900,000)(¥144,000,000)

20

Fair Value(Note 1)(¥2,009,200)(21,063,847)(35,526,389)(¥141,695,800)

Difference¥9,20063,847-373,610-¥2,304,199

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period(Note 1) Liabilities are shown in parentheses.
(Note 2) Method of calculation of fair value of financial instruments(1) Current portion of investment corporation bonds and (3) Investment corporation bonds
Of the fair value of these financial instruments, those with market price are calculated based on market price and those with no market
price are calculated in accordance with (2) and (4) below.
(2) Current portion of long-term loans payable and (4) Long-term loans payable
The fair value of these financial instruments is calculated based on the discounted cash flow method under which the total amount ofprincipal and interests are discounted by the rate assumed as being applicable in the event of a new drawdown whose term iscorresponding to the remaining loan term.
(Note 3) Amount of repayment of long-term loans payable or redemption of investment corporation bonds scheduled to be due subsequentto June 30, 2022, and December 31, 2022

End of 41st Fiscal Period (as of June 30, 2022)(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years

Investment corporation
bonds¥2,000,000¥5,000,000¥3,000,000¥–¥8,500,000¥19,400,000

Long-term loans payable¥16,000,000¥20,000,000¥21,000,000¥20,900,000¥13,000,000¥74,100,000(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

End of 42nd Fiscal Period (as of December 31, 2022)

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years

Investment corporation
bonds¥2,000,000¥8,000,000¥–¥8,500,000¥–¥19,400,000

Long-term loans payable¥21,000,000¥15,000,000¥23,900,000¥14,000,000¥18,000,000¥73,100,000

Investment and Rental Properties
JPR owns office properties (urban commercial facilities), retail properties (urban retail properties) and urban
multi-use properties for leasing in Tokyo and other regions. The following is the carrying value on the Balance
Sheets, amount of increase (decrease) during the period and fair value of these investment and rental properties.
(Thousands of yen)
41st Fiscal Period(January 1, 2022 – June 30, 2022)

42nd Fiscal Period(July 1, 2022 – December 31, 2022)¥458,014,900¥465,129,001¥7,114,101(¥5,347,296)¥465,129,001¥459,781,704¥593,184,000¥587,035,000

Carrying Value on the Balance Sheets
Balance at Beginning of Period
Amount of Increase(Decrease) during the Period
Balance at End of Current Period
Fair Value at End of Period(Note 1) The carrying value on the Balance Sheets is the cost of acquisition less accumulated depreciation.
(Note 2) For the 41st fiscal period, the amount of increase is primarily attributable to the acquisition of Tokyo Tatemono Higashi Shibuya Bldg.
(11,463,589 thousand yen), and the amount of decrease is primarily attributable to the sale of JPR Umeda Loft Bldg. (30.0% co-ownershipinterest) (3,727,070 thousand yen) and depreciation (2,045,976 thousand yen). For the 42nd fiscal period, the amount of increase is
primarily attributable to the additional acquisition of Shinjuku Center Bldg. (1,838,124 thousand yen), and the amount of decrease is
primarily attributable to the sale of Gotanda First Bldg. (2,921,061 thousand yen), the sale of JPR Umeda Loft Bldg. (30.0% co-ownershipinterest) (3,718,086 thousand yen) and depreciation (2,055,273 thousand yen).
(Note 3) The fair value at end of the current period is the appraisal value or survey value as appraised by an outside real estate appraiser.

The income (loss) in the 41st and 42nd fiscal periods for investment and rental properties are as presented in the“Notes to Statements of Income and Retained Earnings.”

21

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Revenue Recognition
41st fiscal period (January 1, 2022 – June 30, 2022)
Breakdown information on revenue from contracts with customers

Sale of real estate(Thousands of yen)
Sales to External Customers(Note 2)
¥1,338,228

Revenue from Contracts with Customers(Note 1)
¥5,250,000

Utilities income (Note 3)

798,305

798,305

Others－

16,221,358

Total

6,048,305

18,357,892(Note 1) Rent revenue subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) are excluded from “Revenue fromcontracts with customers” as such revenue is not subject to Accounting Standard for Revenue Recognition. Revenue from contracts withcustomers mainly represents proceeds from sale of real estate and utilities income.
(Note 2) As sale of real estate is recorded as gain or loss on sale of real estate, etc. in the Statements of Income and Retained Earnings, the amountobtained by deducting cost of sale of real estate and other expenses related to sale from proceeds from sale of real estate is indicated forsales to external customers. Furthermore, as JPR records gain on sale of real estate for operating revenue while recording loss on sale ofreal estate for operating expenses, the table above indicates the amount of gain on sale of real estate only.
(Note 3) Utilities income indicates the amount recorded as revenue in accordance with the supply of electricity and water, etc. to the lessee who isa customer based on the lease agreement of real estate and details of agreements incidental to it.

42nd fiscal period (July 1, 2022 – December 31, 2022)
Breakdown information on revenue from contracts with customers
Revenue from Contracts with Customers(Note 1)
¥9,520,000(Thousands of yen)
Sales to External Customers(Note 2)
¥1,347,213

1,006,164

1,006,164

Others－16,386,483

Total

10,526,164

18,739,862

Sale of real estate
Utilities income (Note 3)(Note 1) Rent revenue subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) are excluded from “Revenue fromcontracts with customers” as such revenue is not subject to Accounting Standard for Revenue Recognition. Revenue from contracts withcustomers mainly represents proceeds from sale of real estate and utilities income.
(Note 2) As sale of real estate is recorded as gain or loss on sale of real estate, etc. in the Statements of Income and Retained Earnings, the amountobtained by deducting cost of sale of real estate and other expenses related to sale from proceeds from sale of real estate is indicated forsales to external customers. Furthermore, as JPR records gain on sale of real estate for operating revenue while recording loss on sale ofreal estate for operating expenses, the table above indicates the amount of gain on sale of real estate only.
(Note 3) Utilities income indicates the amount recorded as revenue in accordance with the supply of electricity and water, etc. to the lessee who isa customer based on the lease agreement of real estate and details of agreements incidental to it.

Per Unit Information(Yen)
41st Fiscal Period
42nd Fiscal Period(January 1, 2022 – June 30, 2022) (July 1, 2022 – December 31, 2022)
Total net assets per unit
Net income per unit

¥273,684¥274,378¥8,664¥8,493(Note 1) Net income per unit is calculated by dividing net income by the weighted-average number of units outstanding during the fiscal period.
Diluted net income per unit has not been presented since no subscription rights to shares are outstanding.
(Note 2) Net income per unit was calculated based on the following data:(Thousands of yen)
41st Fiscal Period
42nd Fiscal Period(January 1, 2021 – June 30, 2022) (July 1, 2022 – December 31, 2022)
Net income¥8,607,364¥8,469,242

Amounts not attributable to ordinary unitholders––

Net income attributable to ordinary investment
units¥8,607,364¥8,469,242

Average number of units during the fiscal period

993,389 units

997,178 units

22

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Subsequent Events
Property Sale
JPR concluded a sale agreement regarding the following property on February 17, 2023.
< JPR Crest Takebashi Bldg. >Asset type:
Beneficiary interest
Sale price:
4,169 million yen
Delivery date:
April 12, 2023 (scheduled)
Buyer:
Yasuda Real Estate Co., Ltd.
Impact on operating results:
JPR plans to record approximately 881 million yen in gain on sale of realestate as operating revenue for the 43rd fiscal period (January 1, 2023 –June 30, 2023).
Omission of Disclosure
JPR omits the disclosure of notes to Statements of Cash Flows, lease transactions, securities, derivativetransactions, transactions with affiliated parties, tax effect accounting, retirement benefits, asset retirement
obligations and segment information, etc. as it does not find substantial need for disclosure in the Financial
Report for Fiscal Period Results.
(9) Changes in Investment Units Issued and Outstanding
There was no change in the number of units outstanding and unitholders’ capital in the 42nd fiscal period. Thechanges in the number of units outstanding and unitholders’ capital in the last five years are summarized asfollows.
Date

Event

Number of Units
Outstanding
Variation
BalanceUnitholders’ Capital(million yen)
Variation
Balance

Remarks

March 3, 2020

Additional public offering

35,250958,250

16,207

247,860(Note 1)January 18, 2022

Additional public offering

38,100996,350

13,594

261,455(Note 2)February 16, 2022

Third-party allotment

828

997,178295

261,751(Note 3)(Note 1) New investment units were issued through a public offering at 474,810 yen per unit (underwriting price of 459,790 yen per unit) tofund acquisition of new specified assets and partly repay debt.
(Note 2) New investment units were issued through a public offering at 368,480 yen per unit (underwriting price of 356,824 yen per unit) tofund acquisition of new specified assets and partly repay debt.
(Note 3) New investment units were issued through a third-party allotment at 356,824 yen per unit to partly repay debt.

23

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

3. Reference Information(1) JPR’s Asset Structure
41st Fiscal Period(as of June 30, 2022)
Category of
Investment Area Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)
Central Tokyo
109,961,118
21.7

Asset TypeReal Estate

Real Estate in Trust

42nd Fiscal Period(as of December 31, 2022)
Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)
111,801,97822.0

Greater Tokyo

67,499,150

13.3

67,281,625

13.3

Other Cities

19,644,226

3.9

19,814,414

3.9

Central Tokyo

155,493,241

30.7

152,469,216

30.0Greater Tokyo

61,453,840

12.1

61,169,274

12.0

Other Cities

51,077,424
41,876,811(–)
507,005,813(465,129,001)

10.1
8.3
(–)
100.0
(91.7)

47,245,195
47,873,742(–)
507,655,447(459,781,704)

9.3
9.4
(–)
100.0
(90.6)

Deposits and Other
Assets–Total Assets–(Note 1) Total assets owned are based on the amounts appropriated on the balance sheets as of the settlement date (book values after depreciation
for real estate and real estate in trust).
(Note 2) Figures in parenthesis are portions that practically fall on real estate owned in the object assets.
(Note 3) As for the category of investment area, please refer to (2) Investment Assets 1) Overview of Investment Assets below.

(2) Investment Assets
1) Overview of Investment Assets
The overview of the real estate and real estate in trust regarding trust beneficiary interests in real estate inwhich JPR invests are as follows. All of the real estate and trust beneficiary interests in real estate are shownin the table below.
Descriptions in the table below are based on the following policies.
・The table below indicates the properties JPR owned as of the end of the 42nd fiscal period.
・JPR defines the categories of investment areas as designated below.
Category

Investment Area

Central Tokyo

Chiyoda, Chuo, Minato, Shinjuku, Shinagawa and Shibuya Wards

Greater Tokyo

All other areas of Tokyo, Chiba, Kanagawa and Saitama Prefectures

Other Cities

All other areas in Japan・ “Location,” “Site Area,” “Total Floor Space,” “Structure/Floors” and “Completed” are based on data
recorded in the real estate registry.
・“Site Area” and “Total Floor Space” indicate the areas of the entire building sites and the entire
buildings, respectively, including the portions owned by other sectional owners, etc. except for thefollowing properties:
MS Shibaura Bldg.: The site area includes land of the Trinity Shibaura, which was developed
together with the property.
Shinjuku Square Tower: The site area and the total floor space are for the entire redevelopment
area.
Otemachi Financial City North Tower: The site area and the total floor space include South Tower.
Rise Arena Bldg.: The site area is for the entire redevelopment area including the residentialbuilding, and the total floor space includes the space of the residential building.
Olinas Tower: The site area and the total floor space are for the entire property including theretail and residential buildings.
Sencity Bldg.: The site area and the total floor space are for the entire redevelopment area.
Cupo-la Main Bldg.: The site area is for the entire redevelopment area.
・The abbreviations in the “Structure/Floors” represent the following phrases, respectively.
S: Steel-framed,

RC: Reinforced concrete,

24

SRC: Steel-framed reinforced concrete

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Area

Type

Property Name
Kanematsu Bldg.
Kanematsu Bldg. Annex
JPR Ningyo-cho Bldg.
Shin-Kojimachi Bldg.
JPR Crest Takebashi Bldg.
MS Shibaura Bldg.
JPR Ichigaya Bldg.
Oval Court Osaki MarkWest
Shinjuku Square Tower
BYGS Shinjuku Bldg.
Across Shinkawa Bldg.
Annex

Central Tokyo

OfficeShinjuku Center Bldg.
Minami Azabu Bldg.

Kyobashi 2-chome, Chuo-ku,
TokyoKyobashi 2-chome, Chuo-ku,
TokyoNihonbashi Ningyocho 1-chome,
Chuo-ku, Tokyo
Kojimachi 4-chome, Chiyoda-ku,
Tokyo
Kanda-Nishikicho 3-chome,
Chiyoda-ku, Tokyo
Shibaura 4-chome Minato-ku,
Tokyo
Kudan-Minami 4-chome, Chiyodaku, Tokyo
Higashi-Gotanda 2-chome,
Shinagawa-ku, Tokyo
Nishi-Shinjuku 6-chome, Shinjukuku, Tokyo
Shinjuku 2-chome, Shinjuku-ku,
Tokyo
Shinkawa 1-chome, Chuo-ku,
TokyoNishi-Shinjuku 1-chome, Shinjukuku, Tokyo
Minami-Azabu 2-chome, Minatoku, Tokyo

Site Area(m2)

Total Floor
Space (m2)

1,751.13

14,995.09

679.06

4,351.46

550.06

4,117.70

657.805,152.98

636.904,790.68

8,992.18

31,020.21

1,058.04

5,888.82

4,006.00

28,575.80

8,409.52

78,796.00

3,522.46

25,733.10

858.485,535.90

14,917.11

176,607.89

778.094,570.63

Structure/
Completed
FloorsS, RC, SRC
Feb. 1993
B2/13F
SRC
Feb. 1993
B1/8F
SRC, RC
Dec. 1989
B1/8F
SRC
Oct. 1984
B1/9F
SRC
Sep. 1999
B1/9F
SRC, RC, S
Feb. 1988
B2/13F
SRC
Mar. 1989
B1/9F
S, SRC
Jun. 2001
B2/17F
S, RC, SRC
Oct. 1994
B4/30F
SRC
Apr. 1985
B2/14F
S, SRC
Jun. 1994
B2/10F
SRC, RC, S
Oct. 1979
B5/54F
S
Jun. 1992
9F
S
Jul. 2008
B1/8F
SRC
Oct. 1991
B3/7F
SRC
Mar. 1989
B1/9F
S, RC
Jun. 2002
B1/9F
S
May 2009
8F
SRC
Oct. 1982
B2/9F

Shinagawa Canal Bldg.

Konan 2-chome, Minato-ku, Tokyo

828.82

5,216.21

Rokubancho Bldg.

Rokubancho, Chiyoda-ku, Tokyo

716.95

4,205.09

1,205.07

6,466.94

JPR Nihonbashi-horidome
Bldg.
JPR Sendagaya Bldg.
(Note)

Jingumae 6-chome, Shibuya-ku,
TokyoNihonbashi-Horidomecho 1-chome,
Chuo-ku, Tokyo
Sendagaya 4-chome, Shibuya-ku,
Tokyo

937.597,190.82

2,185.22

7,683.19

Ginza Sanwa Bldg.

Ginza 4-chome, Chuo-ku, Tokyo

1,119.27

8,851.00

Otemachi Tower (Landwith Leasehold Interest)
Science Plaza-Yonbancho
Plaza

Otemachi 1-chome, Chiyoda-ku,
Tokyo

11,034.78––

Yonbancho, Chiyoda-ku, Tokyo

5,289.01

24,560.36

Shibadaimon 1-chome, Minato-ku,
TokyoKyobashi 3-chome, Chuo-ku,
TokyoKojimachi 5-chome, Chiyoda-ku,
Tokyo
Otemachi 1-chome, Chiyoda-ku,
Tokyo
Higashi 1-chome, Shibuya-ku,
Tokyo
Jinnan 1-chome, Shibuya-ku,
Tokyo
Jingumae 4-chome, Shibuya-ku,
TokyoShinjuku 3-chome, Shinjuku-ku,
Tokyo
Yurakucho 2-chome, Chiyoda-ku,
Tokyo

1,915.50

11,419.93

8,124.72

112,645.83

643.134,438.46

15,838.93

239,769.07

2,643.15

15,662.20

1,010.47

8,449.56

198.101,066.81

2,578.69

24,617.65

6,808.12

71,957.65

Ginza 5-chome, Chuo-ku, Tokyo

230.11

1,821.67

Kanda Misakicho 2-chome,
Chiyoda-ku, Tokyo

281.591,477.91

S, SRC, RC
B2/12F
S, SRC
B1/10F
S, SRC
B4/24FS
B1/9F
S, SRC
B4/35F
S, RC, SRC
B3/14F
SRC, S
B3/8F
S, SRC
B1/7F
S, SRC, RC
B3/14F
S, SRC
B4/20F
S
11F
S
9F

JPR Harajuku Bldg.

Shibadaimon Center Bldg.
Tokyo Square Garden
JPR Kojimachi Bldg.
Otemachi Financial City
North Tower
Tokyo Tatemono Higashi
Shibuya Bldg.
JPR Shibuya Tower
Records Bldg.
JPR Jingumae 432

Retail, etc.

Location

Shinjuku Sanchome East
Bldg.
Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
JPR Ginza Namiki-dori
Bldg.
FUNDES Suidobashi

25–
Feb. 1995
Jul. 1993
Feb. 2013
Feb. 1999
Oct. 2012
May 1993
Feb. 1992
Feb. 2006
Jan. 2007
Oct. 2007
Jun. 2008
Jul. 2015

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Area

Type

Location

Site Area(m2)

Total Floor
Space (m2)Arca East

Kinshi 3-chome, Sumida-ku, Tokyo

3,755.01

34,281.86

JPR Chiba Bldg.

Shinmachi, Chuo-ku, Chiba, Chiba

1,382.35

9,072.57

Structure/
Completed
FloorsS, SRC
B3/19F Mar. 1997
S, SRC
B1/13F Jan. 1991

Nihon-Odori, Naka-ku, Yokohama,
Kanagawa
Shinyokohama 3-chome, Kohokuku, Yokohama, Kanagawa
Honcho 4-chome, Kawaguchi,
Kawaguchi Center Bldg.
SaitamaMatsugaya 1-chome, Taito-ku,
JPR Ueno East Bldg.
Tokyo
Tachikawa Business Center Akebonocho 2-chome, Tachikawa,
Bldg.
Tokyo
Higashi-Ikebukuro 4-chome,
Rise Arena Bldg.
Toshima-ku, Tokyo
Yume-ooka Office Tower Kamiooka Nishi 1-chome, Konanku, Yokohama, Kanagawa

1,100.59

9,146.52

SRC B1/11F

841.71

7,781.93

4,524.61

28,420.85

1,242.97

8,490.44

2,047.22

14,706.36

9,377.28

91,280.94

12,011.00

185,974.87

Taihei 4-chome, Sumida-ku, Tokyo

27,335.29

257,842.41

Kitasaiwai 1-chome, Nishi-ku,
Yokohama, Kanagawa
Shimocho 2-chome, Omiya-ku,
Saitama, Saitama

1,110.28

8,772.51

2,268.09

9,203.98

S, SRC
B2/12F
S, SRC
B2/15F
S, SRC
B1/8F
S, SRC
B1/12F
RC, SRC, S
B3/42F
S, SRC, RC
B3/27F
SRC, RC, S
B2/45F
SRC
B1/9F
S
9F

Property NameGreater Tokyo

OfficeJPR Yokohama Nihon
Odori Bldg.
Shinyokohama 2nd Center
Bldg.

Olinas Tower
JPR Yokohama Bldg.
JPR Omiya Bldg.

Retail, etc.
OfficeFeb. 1994
Oct. 1992
Dec. 1994
Jan. 2007
Mar. 1997
Feb. 2006
May 1981
Feb. 2009

Sencity Bldg.

Shinmachi, Chuo-ku, Chiba, Chiba

20,054.15

158,663.55

S, SRC
B2/23F

Tanashi ASTA

12,326.30

80,675.27

SRC B2/17F

Feb. 1995

15,008.28

48,321.96

4,757.09

18,394.32

8,317.99

28,930.36

4,475.45

36,902.01

Aug. 2003

FUNDES Ueno

Ueno 7-chome, Taito-ku, Tokyo

383.742,235.60

2,706.99

19,950.42

959.875,780.71

S, RC, SRC
B2/10F
SRC, RC, S
B1/6F
S
B1/4F
S, SRC, RC
B2/11FS
B1/10F
S, SRC
B1/10F
SRC, S
12F

Jan. 2006

Kawasaki Dice Bldg.

Tanashicho 2-chome, Nishitokyo,
Tokyo
Kawaguchi 1-chome, Kawaguchi,
Saitama
Kosugimachi 3-chome, Nakaharaku, Kawasaki, Kanagawa
Bessho 7-chome, Minami-ku,
Saitama, Saitama
Ekimae-Honcho, Kawasaki-ku,
Kawasaki, Kanagawa

1,895.67

10,783.52

SRC B1/12F

Dec. 1997

1,128.45

6,715.07

Jul. 1996

1,164.39

8,690.95

668.11

5,696.01

1,610.38

10,201.44

4,486.44

22,286.35

S
9F
S, SRC
13F
SRC
B2/9F
SRC
B1/9F
SRC
14F

JPR Musashikosugi Bldg.
Musashiurawa Shopping
SquareNiigata Ekinan Center
Bldg.

Yoneyama 1-chome, Chuo-ku,
Niigata, Niigata
Matsuyama 1-chome, Naha,JPR Naha Bldg.
Okinawa
Tsutsujigaoka 3-chome, MiyaginoSompo Japan Sendai Bldg. ku, Sendai, Miyagi
Sompo Japan Wakayama
Misonocho 3-chome, Wakayama,
Bldg.
Wakayama
Tenjin 1-chome, Chuo-ku,
Tenjin 121 Bldg.
Fukuoka, Fukuoka
Sonezaki-Shinchi 2-chome, KitaJPR Dojima Bldg.
ku, Osaka, Osaka
JPR Nagoya Fushimi Bldg. Sakae 1-chome, Naka-ku, Nagoya,
Aichi
Yakuin 1-chome, Chuo-ku,
Yakuin Business Garden
Fukuoka, Fukuoka
JPR Shinsaibashi Bldg.

Minamisemba 4-chome, Chuo-ku,
Osaka, Osaka

609.315,303.98

S
B2/10FJPR Shinsaibashi West

Minamisemba 4-chome, Chuo-ku,
Osaka, Osaka

1,405.74

7,738.47

SRC
B1/8F

GRAND FRONT OSAKA(Umekita Plaza and South
Building)

RC, S
B2/2F
Ofuka-cho, Kita-ku, Osaka, Osaka

20,488.08

191,597.49(Umekita Plaza)

S, SRC
B3/38F(South Building)Retail,etc.

Aug. 1991

Apr. 1993
Aug. 1998
ExpandedCupo-la Main Bldg.

Other Cities

Oct. 1989

GRAND FRONT OSAKA(North Building)
Housing Design Center
Kobe
JPR Chayamachi Bldg.

Ofuka-cho, Kita-ku, Osaka, Osaka

22,680.03

290,030.59

Higashi-Kawasakicho 1-chome,
Chuo-ku, Kobe, Hyogo
Chayamachi, Kita-ku, Osaka,
Osaka

3,994.47

33,877.71

592.45

3,219.36

2

2

S, SRC
B3/38F
SRC, S
B2/11F
S, SRC
9F

Mar. 1983
Oct. 2005

Jul. 2017
Mar. 1996
Oct. 1991

Jul. 2000
Oct. 1993
Mar. 1991
Jan. 2009
Feb. 2003
Jan. 2005
Expanded
Sep. 1986
Feb. 2007
Expanded
Feb. 2013(Umekita
Plaza)

Mar. 2013(SouthBuilding)

Feb. 2013
Jun. 1994
Jun. 1994(Note) The site area of JPR Sendagaya Bldg. was changed from 2,217.49 m to 2,185.22 m on October 17, 2022. as JPR registered correction of
the property’s parcel area in accordance with the actual measured area.

26

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

2) Price and Investment Ratio
・ “Acquisition Price” is the deal price (rounded down to the nearest million yen) described in the real estatetransaction contracts or trust beneficiary interest transfer contracts, and does not include expenses related toacquisitions of the relevant properties and consumption taxes.
Furthermore, the total amount is also rounded down to the nearest million yen after summing up respective
acquisition prices including fractions.
・ For “Appraisal Value at End of Period,” JPR adopts the assessed value in the real estate appraisal reports or
the survey value in the real estate price survey reports, prepared by the real estate appraisers indicated below,
based on the asset evaluation method designated by JPR and the rules of The Investment Trusts Association,
Japan. The adopted appraisal value has been rounded down to the nearest million yen.
Japan Real Estate InstituteTanizawa Sogo Appraisal Co., Ltd.
CBRE KK
Daiwa Real Estate Appraisal Co.,
Ltd.

Japan Valuers Co., Ltd.

JLL Morii Valuation & Advisory
K.K.

JPR Ningyo-cho Bldg., Shin-Kojimachi Bldg., MS Shibaura Bldg., Shinjuku
Center Bldg., Minami Azabu Bldg., Shinagawa Canal Bldg., Rokubancho
Bldg., Science Plaza- Yonbancho Plaza, Shibadaimon Center Bldg., JPR
Kojimachi Bldg., Otemachi Financial City North Tower, JPR Shibuya Tower
Records Bldg., Shinjuku Sanchome East Bldg., Yurakucho Ekimae Bldg.
(Yurakucho Itocia), FUNDES Suidobashi, Arca East, Shinyokohama 2nd
Center Bldg., Kawaguchi Center Bldg., JPR Ueno East Bldg., Tachikawa
Business Center Bldg., Yume-ooka Office Tower, Olinas Tower, JPR
Yokohama Bldg., JPR Omiya Bldg., Sencity Bldg., Cupo-la Main Bldg.,
FUNDES Ueno, Sompo Japan Sendai Bldg., Sompo Japan Wakayama Bldg.,
Tenjin 121 Bldg., JPR Dojima Bldg., Yakuin Business Garden, JPR
Shinsaibashi WestJPR Jingumae 432, Tokyo Tatemono Higashi Shibuya Bldg., Kawasaki Dice
Bldg., Niigata Ekinan Center Bldg., JPR Naha Bldg.
Rise Arena Bldg., JPR Nagoya Fushimi Bldg., JPR Shinsaibashi Bldg.,
Housing Design Center Kobe, JPR Chayamachi Bldg.
Kanematsu Bldg., Kanematsu Bldg. Annex, JPR Crest Takebashi Bldg., JPR
Ichigaya Bldg., Oval Court Ohsaki Mark West, BYGS Shinjuku Bldg.,
Across Shinkawa Bldg. Annex, Otemachi Tower (Land with Leasehold
Interest) , Tokyo Square Garden, JPR Chiba Bldg., JPR Yokohama Nihon
Odori Bldg., Tanashi ASTA
Shinjuku Square Tower, JPR Harajuku Bldg., JPR Nihonbashi-horidome
Bldg., JPR Sendagaya Bldg., Ginza Sanwa Bldg., JPR Ginza Namiki-dori
Bldg., JPR Musashikosugi Bldg., Musashiurawa Shopping Square
GRAND FRONT OSAKA (Umekita Plaza and South Building), GRANDFRONT OSAKA (North Building)・ The “Investment Ratio” in terms of the “Acquisition Price” and the “Appraisal Value at End of Period”

represents the ratio of the Acquisition Price and the Appraisal Value at End of Period of respective properties,
including fractions not indicated herein, to the total amounts of the Acquisition Price or the Appraisal Valueat End of Period of the properties owned by JPR at end of the 42nd fiscal period, indicated in a percentage
rounded to the first decimal place.

27

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Acquisition Price
Area

Type

(million yen)

Investment
Ratio
(%)

Kanematsu Bldg.

Dec. 27, 2001

16,276

3.3

14,500

2.5

Kanematsu Bldg. Annex

Dec. 27, 2001

2,874

0.6

3,050

0.5

JPR Ningyo-cho Bldg.

Nov. 16, 2001

2,100

0.4

3,110

0.5

Nov. 16, 2001

1,670

Nov. 21, 2002

550

0.5

4,510

0.8

Nov. 12, 2004

200

Property Name

Shin-Kojimachi Bldg.

Jun. 21, 2002

4,000

0.8

3,790

0.6

Mar. 28, 2003

11,2002.3

16,3002.8

JPR Ichigaya Bldg.

May 28, 2004

5,100

1.0

4,940

0.8

Oval Court Ohsaki Mark West

Jun. 1, 2004

3,500

0.7

5,120

0.9

3.1

15,3002.6

3.1

19,400

3.3

0.1

805

0.1

5.0

22,300

3.8

0.8

3,420

0.6

0.4

2,360

0.4

Jul. 2, 2004

10,000Sep. 26, 2008180

Mar. 25, 2015

4,000

Oct. 21, 2015

786

Nov. 9, 2004

2,900

Apr. 12, 2005

8,921

Jul. 13, 2010

3,300

Nov. 26, 2004

710

Mar. 27, 2008

21,000Dec. 22, 2022

3,320

Jul. 14, 2008

3,760

Dec. 19, 2008

1,870

Mar. 8, 2019171

Rokubancho Bldg.

Dec. 2, 2009

2,800

0.6

3,720

0.6

JPR Harajuku Bldg.

Dec. 25, 2009

8,400

1.7

10,5001.8

JPR Nihonbashi-horidome Bldg.

Mar. 31, 2010

5,100

1.0

6,820

1.2

JPR Sendagaya Bldg.

May 31, 2010

15,0503.1

11,9002.0

Ginza Sanwa Bldg.
Otemachi Tower (Land with
Leasehold Interest)
Science Plaza-Yonbancho Plaza

Aug. 29, 2011

3,400

0.7

3,770

0.6

Mar. 13, 2012

36,000

7.4

54,6009.3

Dec. 6, 2013

2,660

0.5

3,480

0.6

Dec. 6, 2013

3,413

Jul. 30, 2014

800

0.9

6,760

1.2

Feb. 1, 2017

9,200

Apr. 4, 2017

9,200

3.8

21,5003.7

Jun. 27, 2019

5,750

1.2

6,290

1.1

Dec. 24, 2020

11,4002.3

13,0002.2

Jan. 18, 2022

11,3002.3

12,2002.1

Jun. 30, 2003

12,0002.5

14,8002.5

Mar. 24, 2006

4,275

0.9

4,210

0.7

Mar. 14, 2007

540

Apr. 24, 2008

2,200

0.6

2,720

0.5

Aug. 27, 2008

3,400

0.7

3,400

0.6

Dec. 15, 2016

10,1002.1

11,1001.9

Dec. 15, 2016

3,250

0.7

3,440

0.6

268,62655.0

313,115

53.3

Across Shinkawa Bldg. Annex

OfficePrice

MS Shibaura Bldg.

BYGS Shinjuku Bldg.

Shinjuku Center Bldg.
Minami Azabu Bldg.
Shinagawa Canal Bldg.

Shibadaimon Center Bldg.
Tokyo Square Garden
JPR Kojimachi Bldg.
Otemachi Financial City North
Tower
Tokyo Tatemono Higashi
Shibuya Bldg.
JPR Shibuya Tower Records
Bldg.
JPR Jingumae 432

Retail, etc.

Acquisition Date

JPR Crest Takebashi Bldg.

Shinjuku Square Tower

Central Tokyo

Appraisal Value at
End of Period
Appraisal
Investment
Value
Ratio
(million yen)(%)

Shinjuku Sanchome East Bldg.
Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
JPR Ginza Namiki-dori Bldg.
FUNDES Suidobashi

Subtotal of Central Tokyo

28

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Acquisition Price
Area

Type

(million yen)

Investment
Ratio
(%)

Arca East

Nov. 16, 2001

5,880

1.2

6,740

1.1

JPR Chiba Bldg.
JPR Yokohama Nihon Odori
Bldg.

Dec. 13, 2001

2,350

0.5

1,910

0.3

Nov. 16, 2001

2,927

0.6

2,460

0.4

0.3

2,630

0.4

Property Name

OfficeGreater Tokyo

920
570

Kawaguchi Center Bldg.

Feb. 13, 2004

8,100

1.7

11,300

1.9

JPR Ueno East Bldg.

Mar. 1, 2004

3,250

0.7

5,840

1.0

Sep. 30, 2005

888

Feb. 28, 2007

2,300

0.7

4,630

0.8

Mar. 22, 2007

5,831

Oct. 28, 2021

7,300

2.7

18,600

3.2

Yume-ooka Office Tower

Jul. 10, 2007

6,510

1.3

7,640

1.3

Olinas Tower

Jun. 29, 2009

31,300

6.4

40,100

6.8

JPR Yokohama Bldg.

Dec. 27, 2010

7,000

1.4

10,6001.8

JPR Omiya Bldg.

Mar. 22, 2013

6,090

1.2

11,2001.9

Sencity Bldg.

Mar. 27, 2020

13,8702.8

15,400

2.6

Tanashi ASTA

Nov. 16, 2001

10,2002.1

11,1001.9

Cupo-la Main Bldg.

Mar. 31, 2006

2,100

0.4

3,040

0.5

JPR Musashikosugi Bldg.

Sep. 28, 2006

7,254

1.5

5,320

0.9

Musashiurawa Shopping Square

Mar. 19, 2007

4,335

0.9

4,280

0.7

Kawasaki Dice Bldg.

Apr. 12, 2007

15,0803.1

13,800

2.4

FUNDES Ueno

Jun. 27, 2019

3,800

0.8

4,130

0.7

Tachikawa Business Center Bldg.

147,855

30.2

180,720

30.8

Niigata Ekinan Center Bldg.

Nov. 16, 2001

2,140

0.4

2,170

0.4

JPR Naha Bldg.

Nov. 16, 2001

1,560

0.3

2,350

0.4

Sompo Japan Sendai Bldg.

Jun. 26, 2002

3,150

0.6

4,120

0.7

Sompo Japan Wakayama Bldg.

Jun. 26, 2002

1,670

0.3

1,480

0.3

Tenjin 121 Bldg.

Jun. 21, 2002

2,810

0.6

4,190

0.7

JPR Dojima Bldg.

Jan. 23, 2004

2,140

0.4

4,050

0.7

JPR Nagoya Fushimi Bldg.

Mar. 22, 2005

4,137

0.8

3,480

0.6

Yakuin Business Garden

Aug. 8, 2012

10,996

2.2

23,700

4.0

JPR Shinsaibashi Bldg.

May 30, 2005

5,430

1.1

4,620

0.8

JPR Shinsaibashi West
GRAND FRONT OSAKA(Umekita Plaza and South
Building) (Note)
GRAND FRONT OSAKA(North Building) (Note)
Housing Design Center Kobe

Jan. 30, 2020

3,750

0.8

4,900

0.8

Dec. 24, 2021

11,8002.4

12,3002.1

Dec. 24, 2021

9,500

1.9

10,1001.7

Sep. 28, 2005

7,220

1.5

7,330

1.2

Aug. 30, 2006

6,000

1.2

8,410

1.4

Retail,etc.

OfficeSubtotal of Greater Tokyo

Other Cities

Price

Sep. 25, 2002

Rise Arena Bldg.

Retail, etc.

Acquisition Date

Mar. 28, 2013

Shinyokohama 2nd Center Bldg.

JPR Chayamachi Bldg.

Subtotal of Other Cities
Total(Note)

Appraisal Value at
End of Period
Appraisal
Investment
Value
Ratio
(million yen)(%)

72,30314.8

93,20015.9

488,784

100.0

587,035

100.0

In association with the acquisition of GRAND FRONT OSAKA (Umekita Plaza and South Building) and GRAND FRONT OSAKA(North Building), JPR acquired 1,666 shares in KMO Corporation for 83,740 thousand yen, a claim for refund of funds of Knowledge
Capital, a general incorporated association, for 5,120 thousand yen, and a claim for refund of funds of GRAND FRONT OSAKA TMO,
a general incorporated association, for 710 thousand yen.
The appraisal value at end of the 42nd fiscal period of these shares and claims for refund of funds is 83,740 thousand yen for the 1,666
shares of KMO Corporation, 5,120 thousand yen for the claim for refund of funds of Knowledge Capital, and 710 thousand yen for theclaim for refund of funds of GRAND FRONT OSAKA TMO.

29

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period(3) Capital Expenditures
1) Planned Capital Expenditures
The following are major items of capital expenditures for renovation works, etc. planned as of the end of
the 42nd fiscal period for real estate and real estate in trust regarding trust beneficiary interests in real estate
which JPR owns. Furthermore, the planned construction expenses include portions that are classified as
expenses in accounting.
Planned Amount(million yen)
Property Name

Location

PurposeSchedule

Payment
Amountduring the
Total Value
Already
42nd fiscal
PaidperiodHousing Design
Center Kobe

Kobe, Hyogo

Second phase of
replacement of toilets

Jan. 2023 –Jun. 2023

100

–

–

Sompo Japan Sendai
Bldg.

Sendai, Miyagi

Replacement of generatorsfor emergency

Oct. 2022 –Mar. 2023

93

–

–

MS Shibaura Bldg.

Minato-ku, Tokyo

Second phase ofreinforcement of elevators

Aug. 2022 –Mar. 2023

67

–

–

Tokyo Tatemono
Higashi Shibuya
Bldg.

Shibuya-ku, Tokyo

First phase ofreinforcement of elevators

Mar. 2023 –Jun. 2023

51

–

–

Shinjuku Center
Bldg.

Shinjuku-ku, Tokyo

Replacement of air
conditioning units

Apr. 2023 –Jun. 2023

49

–

–

Shinjuku Center
Bldg.

Shinjuku-ku, Tokyo

Renovation of the entrance
hall

Jan. 2023 –Jun. 2023

46

–

–

JPR Shinsaibashi
Bldg.

Osaka, Osaka

Repair of exterior walls

Jan. 2023 –Jun. 2023

46

–

–

Kawaguchi Center
Bldg.

First phase of replacement
Kawaguchi, Saitama of lighting equipment with
LED lamps

Jun. 2022 –Mar. 2023

43

–

–

JPR Yokohama
Nihon Odori Bldg.

Yokohama,
Kanagawa

Repair of exterior walls

Jan. 2023 –Jun. 2023

40

–

–

Sencity Bldg.

Chiba, Chiba

Replacement of powerreceiving equipment

Jan. 2023 –Mar. 2023

40

–

–

Sencity Bldg.

Chiba, Chiba

Reinforcement of elevators(West No. 27)

Jan. 2023 –Mar. 2023

35

–

–

Sencity Bldg.

Chiba, Chiba

Reinforcement of elevators(West No. 24)

Apr. 2023 –Jun. 2023

35

–

–

Shinjuku Center
Bldg.

Shinjuku-ku, Tokyo

Fifth phase of replacementof piping equipment

Jan. 2023 –Mar. 2023

35

–

–

Housing Design
Center Kobe

Kobe, Hyogo

Replacement of escalators

Jan. 2023 –Jun. 2023

33

–

–

Kawasaki Dice Bldg.

Kawasaki,Kanagawa

Replacement of air
conditioning units

Jan. 2023 –Jun. 2023

30

–

–

JPR Yokohama
Nihon Odori Bldg.

Yokohama,
Kanagawa

Reinforcement of elevators

Jan. 2023 –Jun. 2023

30

–

–

Olinas Tower

Sumida-ku, Tokyo

Renewal of elevator
monitor boards

Jan. 2023 –Jun. 2023

30

–

–

30

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period2) Capital Expenditures during the 42nd Fiscal Period
The following are the capital expenditure amounts JPR invested in real estate and real estate in trust during
the 42nd fiscal period. Among major capital expenditures, JPR conducted replacement of air-conditioning
units to maintain and enhance tenant satisfaction, as well as renovation of common-use areas with the aimof attracting new tenants, among other works. In addition, aside from these constructions, JPR conducted
construction of 443 million yen (Note), which was appropriated as expenditures for repair and maintenance.
Property Name

Location

Purpose

PeriodConstruction
Expenses(million yen)

Yakuin Business Garden

Fukuoka,
Fukuoka

Repair of exterior walls

May 2022 –Dec. 2022

220

JPR Harajuku Bldg.

Shibuya-ku,
Tokyo

Replacement of toilets and repair ofcorridors in common areas

Jun. 2022 –Dec. 2022

112

Shinjuku Center Bldg.

Shinjuku-ku,
Tokyo

Fourth phase of replacement of
piping equipment

Jul. 2022 –Nov. 2022

67

BYGS Shinjuku Bldg.

Shinjuku-ku,
Tokyo

Replacement of escalators

Oct. 2022 –Dec. 2022

65

MS Shibaura Bldg.

Minato-ku, Tokyo

First phase of reinforcement ofelevators

Jul. 2021 –Aug. 2022

57

JPR Sendagaya Bldg.

Shibuya-ku,
Tokyo

Repair of exterior walls

Jul. 2022 –Nov. 2022

44

JPR Ueno East Bldg.

Taito-ku, Tokyo

Repair of exterior walls

Jul. 2022 –Dec. 2022

43

JPR Shinsaibashi West

Osaka, Osaka

Replacement of elevators (No.1 and
No.2)

Jun. 2022 –Dec. 2022

40

Housing Design Center
Kobe

Kobe, Hyogo

Reinforcement of elevator (No. 3)

Sep. 2022 –Dec. 2022

35

Sencity Bldg.

Chiba, Chiba

Reinforcement of elevators

Jul. 2022 –Oct. 2022

31

Other capital expenditures

Replacement of air-conditioning units, repair ofcommon areas, replacement of lighting equipment with
LED lamps, etc.
Total

782
1,503

(Note) Expenditures for repair and maintenance included 10 million yen of construction management fees paid to construction managementcompanies as well as the amounts for repair and maintenance construction itself.

31

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period(4) Major Investment Assets
The following is the investment property with rental revenues exceeding 10% of total rental revenues of theentire portfolio of JPR for the 42nd fiscal period.
<Property Name: Otemachi Tower (Land with Leasehold Interest)>
Total Number of Tenants

2

Rental Revenues

1,802,000 thousand yen

Percentage to Total Rental Revenues (Note 1)

10.4%

Total Leased Floor Space (Note 2)

11,034.78 m2

Total Leasable Floor Space (Note 2)
Changes in Occupancy Rate in Last 5 Years (Note 1)

11,034.78 m2
December 31, 2022

100.0%

June 30, 2022

100.0%

December 31, 2021

100.0%

June 30, 2021

100.0%

December 31, 2020

100.0%

June 30, 2020

100.0%

December 31, 2019100.0%

June 30, 2019100.0%

December 31, 2018

100.0%

June 30, 2018
100.0%(Note 1) The percentage figures have been rounded to the first decimal place.
(Note 2) The total leased floor space and total leasable floor space are those as of December 31, 2022.

(5) Information Concerning Tenants
1) Overview of Lease Status by JPR as a Whole
No. of Properties
June 30, 2018

62

Total No. of
Tenants
747

Total Leasable Floor Space

Occupancy Rate

478,117.02 m2

98.8%
99.2%

December 31, 2018

62

747

478,088.25 m2

June 30, 2019

63

757

480,277.86 m2

98.6%
99.6%

December 31, 2019

63

760

480,284.17 m2

June 30, 2020

65

851

499,269.77 m2

99.7%
99.3%

December 31, 2020

66

857

501,162.78 m2

June 30, 2021

65

804

496,876.92 m2

98.1%

1,134

500,628.05 m2

97.3%
97.5%

December 31, 2021

66

June 30, 2022

67

1,171

502,889.81 m2

July 31, 2022

67

1,173

502,898.64 m2

97.3%
97.5%

August 31, 2022

67

1,179

502,898.16 m2

September 30, 2022

67

1,178

502,885.85 m2

96.6%
96.5%

October 31, 2022

67

1,173

502,885.85 m2

November 30, 2022

67

1,178

502,885.85 m2

96.6%

1,180

494,503.72 m2

97.5%

December 31, 2022

65

(Note) Occupancy rates have been rounded to the first decimal place.

Furthermore, the following table shows the total number of tenants, total leased floor space and total leasable
floor space as of the end of the 42nd fiscal period, as well as the total rental income for the 42nd fiscal period.
Total Number of Tenants

1,180

Total Leased Floor Space482,379.10 m2

Total Leasable Floor Space494,503.72 m2

Total Rental Revenues

17,392,648 thousand yen

32

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period2) Overview of Lease Status for Respective Properties

Area

Type

Property Name

Kanematsu Bldg.
Kanematsu Bldg. Annex

2,291.13

2,291.131

100.0(Note 2)

(Note 2)

JPR Ningyo-cho Bldg.

2,802.22

2,802.225

100.0

95,0300.5

Shin-Kojimachi Bldg.

3,319.38

2,925.14

17

88.1

101,125

0.6

JPR Crest Takebashi Bldg.

3,265.34

2,912.20

7

89.2

114,803

0.7

MS Shibaura Bldg.

14,468.38

14,468.38

10

100.0

496,498

2.9

–

–

–

–

253,100

1.5

JPR Ichigaya Bldg.

4,240.37

3,562.698

84.0

150,751

0.9

Oval Court Ohsaki Mark West4,088.44

4,088.441

100.0(Note 2)

(Note 2)

Shinjuku Square Tower

19,266.47

17,603.87

26

91.4

405,573

2.3

BYGS Shinjuku Bldg.

15,233.17

14,989.60

23

98.4

610,851

3.5

Across Shinkawa Bldg. Annex
Shinjuku Center Bldg.
(Note 4)
Minami Azabu Bldg.

1,264.51

1,264.51

4

100.0

38,731

0.2

10,417.24

9,875.9326

94.8

550,652

3.2

3,405.73

3,405.731

100.0(Note 2)

(Note 2)

Shinagawa Canal Bldg.

1,870.50

1,870.50

6

100.0

75,5930.4

Rokubancho Bldg.

2,501.16

2,501.161

100.0(Note 2)

(Note 2)

JPR Harajuku Bldg.
JPR Nihonbashi-horidome
Bldg.
JPR Sendagaya Bldg.

4,759.80

4,365.519

91.7

289,998

1.7

5,299.88

5,299.88

5

100.0

195,144

1.1

6,177.74

6,177.74

6

100.0

303,441

1.7

Ginza Sanwa Bldg.
Otemachi Tower (Land with
Leasehold Interest)
Science Plaza-Yonbancho
Plaza
Shibadaimon Center Bldg.

1,896.70

1,896.70

9

100.0

122,736

0.7

11,034.78

11,034.78

2

100.0

1,802,000

10.4

3,325.29

3,325.29

25

100.0

117,6570.7

5,401.48

5,401.48

9

100.0

165,447

1.0

Tokyo Square Garden

5,971.69

5,703.9749

95.5

373,660

2.1

JPR Kojimachi Bldg.
Otemachi Financial City North
Tower
Tokyo Tatemono Higashi
Shibuya Bldg.
JPR Shibuya Tower Records
Bldg.
JPR Jingumae 432

3,493.67

3,493.678

100.0

127,877

0.7

4,191.96

4,188.84999.9

284,269

1.6

7,822.75

7,822.75

17

100.0

307,659

1.8

8,076.85

8,076.851

100.0(Note 2)

(Note 2)

1,027.33

1,027.33

7

100.0

91,213

0.5

Shinjuku Sanchome East Bldg.
Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
JPR Ginza Namiki-dori Bldg.

2,347.81

2,347.811

100.0(Note 2)

(Note 2)

1,101.92

1,101.921

100.0(Note 2)

(Note 2)

1,667.92

1,667.92

9

100.0

202,905

1.2

FUNDES Suidobashi

1,367.56

1,192.77

5

87.2

75,655

0.4

Arca East

7,022.76

7,022.76

7

100.0

273,024

1.6

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

5,544.78

5,464.09

42

98.5

140,6100.8

6,079.73

6,079.73

19

100.0

135,258

0.8

5,287.97

5,287.97

24

100.0

117,598

0.7

15,519.71

15,519.71

40

100.0

487,237

2.8

JPR Ueno East Bldg.

6,454.89

6,454.89

10

100.0

185,978

1.1

OfficeRetail, etc.

Central Tokyo

OfficeGotanda First Bldg. (Note 3)

Greater Tokyo

42nd Fiscal Period (July 1, 2022 – December 31, 2022)
Information on Period End Floor Space, Etc.
Rental Revenues
Total Leasable Total Leased
No. ofOccupancy (thousands of
Ratio
Floor Space
Floor Space
Tenants
Rate (%)
yen)
(%)
2
2
(m )
(m )
(Note 1)8,090.40
8,090.4012
100.0
464,773
2.7

33

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

Type

OfficeRetail, etc.

Other Cities

Retail, etc.

Greater Tokyo

OfficeArea

Property Name

42nd Fiscal Period (July 1, 2022 – December 31, 2022)
Information on Period End Floor Space, Etc.
Rental Revenues
Total Leasable Total Leased
No. ofOccupancy (thousands of
Ratio
Floor Space
Floor Space
Tenants
Rate (%)
yen)
(%)
2
2
(m )
(m )
(Note 1)

Tachikawa Business Center
Bldg.
Rise Arena Bldg.

4,587.93

4,275.25

21

93.2

142,486

0.8

10,531.13

10,531.13

8

100.0

433,829

2.5

Yume-ooka Office Tower

11,999.58

11,886.78

43

99.1

353,080

2.0

Olinas Tower

23,987.40

21,485.29

18

89.6

904,822

5.2

JPR Yokohama Bldg.

6,494.71

6,494.71

21

100.0

295,254

1.7

JPR Omiya Bldg.

6,755.32

4,768.876

70.6

191,288

1.1

Sencity Bldg.

13,271.26

12,474.24

70

94.0

479,804

2.8

Tanashi ASTA

31,121.71

31,121.71

1

100.0

(Note 2)

(Note 2)Cupo-la Main Bldg.

5,963.00

5,963.001

100.0(Note 2)

(Note 2)

JPR Musashikosugi Bldg.
Musashiurawa Shopping
SquareKawasaki Dice Bldg.

19,740.95

19,740.95

1

100.0

(Note 2)

(Note 2)

14,960.70

14,960.70

3

100.0

127,0410.7

12,113.10

11,920.13

29

98.4

465,702

2.7

FUNDES Ueno

1,989.66

1,989.66

10

100.0

127,726

0.7

Niigata Ekinan Center Bldg.

5,327.50

5,327.50

11

100.0

126,696

0.7

JPR Naha Bldg.

3,944.84

3,944.84

23

100.0

118,600

0.7

Sompo Japan Sendai Bldg.
Sompo Japan Wakayama
Bldg.
Tenjin 121 Bldg.

7,132.69

7,124.72

15

99.9

199,190

1.1

4,873.84

4,866.34

18

99.8

109,8250.6

3,258.24

2,681.95

14

82.3

107,440

0.6

JPR Dojima Bldg.

3,917.91

3,917.91

12

100.0

138,406

0.8

JPR Nagoya Fushimi Bldg.

7,086.23

7,075.06

6

99.8

153,730

0.9

Yakuin Business Garden

16,654.33

16,644.71

16

99.9

620,763

3.6

JPR Shinsaibashi Bldg.

4,021.63

4,021.638

100.0

132,541

0.8

JPR Shinsaibashi West
GRAND FRONT OSAKA(Umekita Plaza and South
Building)
GRAND FRONT OSAKA(North Building)
JPR Umeda Loft Bldg.
(Note 5)
Housing Design Center Kobe

5,695.71

5,464.6213

95.9

152,1410.9

5,278.29

4,823.92

243

91.4

(Note 2)

(Note 2)8,474.10

8,344.67

101

98.5

(Note 2)

(Note 2)

–

–

–

–

(Note 2)

(Note 2)35,444.13

35,444.13

1

100.0

(Note 2)

(Note 2)

JPR Chayamachi Bldg.
Total

2,478.42

2,478.425

100.0

181,4691.0

494,503.72

482,379.10

1,180

97.5

17,392,648

100.0(Note 1) The number of tenants at end of period is counted as follows except for Shinjuku Square Tower, Shinjuku Center Bldg., Residential part of Science
Plaza-Yonbancho Plaza, Tokyo Square Garden, Otemachi Financial City North Tower, Rise Arena Bldg., Sencity Bldg. and Kawasaki Dice Bldg.:
when a single tenant leases multiple rooms, it is counted as one if the tenant uses the same property. If the leased rooms are in multiple buildings, thetenant is counted in plural.
The tenants of Shinjuku Square Tower, Shinjuku Center Bldg., Residential part of Science Plaza-Yonbancho Plaza, Tokyo Square Garden, Otemachi
Financial City North Tower, Rise Arena Bldg., Sencity Bldg., Kawasaki Dice Bldg., GRAND FRONT OSAKA (Umekita Plaza and South Building)and part of GRAND FRONT OSAKA (North Building) have sublet space to sublessees and lease agreements have been executed where the rent paidby the tenants fluctuates in accordance with the lease conditions of the sublessees and thus the numbers of sublessees have been entered as thenumbers of tenants. (For, GRAND FRONT OSAKA (North Building), some portions employ fixed master lease or direct lease, but the figure indicatesthe number of end tenants, including those of such portions.)(Note 2) JPR does not disclose rental revenues and their ratios for these properties due to inevitable reasons, as JPR has not been able to obtain consent
from tenants or co-owners, etc. regarding disclosure of rental revenues, etc.
(Note 3) JPR sold Gotanda First Bldg. on December 22, 2022 through an exchange transaction.
(Note 4) For Shinjuku Center Bldg., JPR additionally acquired 7.0% co-ownership interest of the sectionally-owned building (equivalent to 21.5% of theentire building) through an exchange transaction on December 22, 2022.
(Note 5) For JPR Umeda Loft Bldg., JPR sold its 40.0% co-ownership interest on December 24, 2021 and 30.0% co-ownership interest on June 30, 2022
and sold the remaining 30.0% co-ownership interest on December 23, 2022.

34

Japan Prime Realty Investment Corporation (8955) Financial Report for 42nd Fiscal Period

3) Ten Largest Tenants
The following table shows the ten largest tenants in terms of leased floor space as of December 31, 2022.

Rank

1

2
3

TenantTokyo Tatemono Co., Ltd.

56

ABC Development Corporation
Seiyu Co., Ltd.
Taisei-Yuraku Real EstateCo., Ltd.
Ito-Yokado Co., Ltd.
Olympic Group Corporation

7

Mitsubishi Estate Co., Ltd.

8

Tower Records Japan Inc.

9

Y.K. Tokyo Prime Stage

10

Hitachi Real Estate Partners,
Ltd.

4

Property Name
Shinjuku Square Tower
Shinjuku Center Bldg.
Tokyo Square Garden
Olinas Tower
Kawasaki Dice Bldg.
GRAND FRONT OSAKA(North Building)
Housing Design Center Kobe
Tanashi ASTA
Rise Arena Bldg.
Sencity Bldg.
JPR Musashikosugi Bldg.
Musashiurawa Shopping Square
Otemachi Financial City North Tower
GRAND FRONT OSAKA(Umekita Plaza and South Building)
GRAND FRONT OSAKA(North Building)
JPR Shibuya Tower Records Bldg.
Otemachi Tower(Land with Leasehold Interest)
BYGS Shinjuku Bldg.
JPR Ueno East Bldg.
Yume-ooka Office Tower
JPR Nagoya Fushimi Bldg.

Leased Floor
Space at End of
Period (m2)(Note 1)

Percentage to Total
Leased Floor Spaceat End of Period(Note 2)50,196.82

10.3%(Note 3)35,444.13
31,121.71

7.3%
6.4%

24,075.05

4.9%

19,740.95
9,558.51
4,191.96

4.0%
2.0%
0.9%

(Note 3)
8,076.85

1.7%

7,875.50

1.6%

7,066.60

1.4%(Note 1) For co-owned properties, etc., the figure indicates the leased floor space corresponding to the ownership interest held by JPR.
(Note 2) The figures have been rounded to the first decimal place. The total leased floor space at end of period in the above table is based on
the space corresponding to the ownership interest held by JPR (487,898.35 m2).
(Note 3) Leased floor space at end of period for GRAND FRONT OSAKA (Umekita Plaza and South Building) and GRAND FRONT OSAKA(North Building) is not disclosed as no consent to disclosure has been obtained from the co-owners, etc.

35