Translation

Japan Prime Realty Investment Corporation
Financial Report for the 41st Fiscal Period Results (January 1, 2022 – June 30, 2022)
August 16, 2022

REIT Securities Issuer:
Japan Prime Realty Investment Corporation
Listing:
Tokyo Stock Exchange
Securities Code:
8955
URL:
https://www.jpr-reit.co.jp/
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 and Chief Financial Officer TEL: +81-3-3231-1051
Scheduled date of submission of securities report:
September 26, 2022
Scheduled date of commencement of distribution payout:
September 9, 2022
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 41st Fiscal Period (January 1, 2022 – June 30, 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

June 30, 2022
December 31, 2021

Operating Revenue
million yen%
18,357
0.6
18,253
5.5
Net Income per Unit
(EPU)
yen
8,664
8,236

For the six months ended

June 30, 2022
December 31, 2021

Operating Income
million yen
%
9,343
8.3
8,626
(1.9)
Net Income / Net Assets

Ordinary Income
million yen
%
8,607
9.1
7,893
(2.8)

Net Income
million yen
%
8,607
9.1
7,892
(2.8)

Ordinary Income /Total Assets

Ordinary Income /Operating Revenue
%
46.9
43.2

%
3.2
3.1

%
1.7
1.6

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

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution /Net Assetsyenmillion yen
yenmillion yen
%
%
–
7,800
7,777
–
90.3
2.9
June 30, 2022
–
7,550
7,234
–
91.6
2.8
December 31, 2021
(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 December 31, 2021, is attributable
to the fact that part of the unappropriated retained earnings (659 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 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.
For the six months ended(3) Financial Position
As ofJune 30, 2022
December 31, 2021

Total Assets
million yen
507,005
495,615Net Assets
million yen
272,912257,649

1

Net Assets / Total Assets
%
53.8
52.0

Net Asset Per Unityen273,684
268,875

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period(4) Cash Flows
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

million yen
14,317
18,793For the six months ended

June 30, 2022
December 31, 2021

million yen(12,919)(29,876)

Cash Flows from
Financing Activities
million yen
2,611
3,027

Cash and Cash
Equivalents
at End of Period
million yen
39,55735,547

2. Forecasts for the 42nd Fiscal Period Ending December 31, 2022 (July 1, 2022 – December 31, 2022) andthe 43rd Fiscal Period Ending June 30, 2023 (January 1, 2023 – June 30, 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
Revenue

Operating
IncomeOrdinary
IncomeNet
IncomeDPU [excluding Exceedingexceeding profit
Profitdistribution per Distribution
unit]
Per Unit%yen
yenmillion yen% million yen% million yen% million yen
42nd Fiscal Period
18,472
0.6
9,393
0.5
8,579
(0.3)
8,578
(0.3)
7,750
–
Ending December
31, 2022
43rd Fiscal Period
17,029(7.8)
8,138 (13.4)
7,359 (14.2)
7,359 (14.2)
7,600–
Ending June 30,2023(Reference) Estimated net income per unit (forecast net income / forecast number of investment units at end of period)
42nd fiscal period ending December 31, 2022: 8,602 yen
43rd fiscal period ending June 30, 2023:
7,380 yen
(Note 1)
DPU for the 42nd fiscal period ending December 31, 2022 is calculated on the assumption that part of the gain on sale ofreal estate (850 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 43rd fiscal period ending June 2023 is calculated on the assumption that part of the reserve for reduction entry(219 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.:(b) Changes in accounting policies other than in (a):(c) Changes in accounting estimates:(d) Retrospective restatement:

None
None
None
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 June 30, 2022:
997,178 units
As of December 31, 2021:
958,250 units(b) Number of treasury units at end of period
As of June 30, 2022:
0 units
As of December 31, 2021:
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 21.

* This financial report is not subject to audit procedures by public accountants or audit corporations.
* Special note
The forecasts for the 42nd fiscal period ending December 31, 2022, and the 43rd fiscal period ending June 30,
2023, are calculated as of August 16, 2022, based on the assumptions described on pages 8 and 9 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 August
16, 2022. 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 41st 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 41st fiscal period (June 30, 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 41st fiscal period, the Japanese economy showed a pickup as activity restrictions under the
spread of COVID-19 were relaxed, among other factors. On the demand side, consumer sentiment
improved to show a trend for recovery in consumer spending. Capital investment and housing investment
were also on a strong note. In terms of supply, meanwhile, Japan was affected by partial restrictions on
production activities imposed in China and continuing global shortage of semiconductors, and saw
production stagnated in some areas. Corporate earnings demonstrated recovery in the non-manufacturingsector, following such within manufacturing industries. However, partly affected by the Ukraine situation
since the end of February and exchange rate fluctuations, general prices have risen in and outside Japanagainst the backdrop of rising commodity prices, causing concerns about how the economy and corporate
earnings will be impacted. In addition, close attention must be continuously paid to the impact of the
spread of COVID-19 infections.
The Office Property Leasing Market
In the office property leasing market, the vacancy rate in Central Tokyo has turned to a leveling trend
after continuously showing an upward trend, partly due to the impact of COVID-19 softening, 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 retail stores, given the focused anti-infection measures against
COVID-19 issued by the government for Tokyo and several other prefectures lifted in March.
The For-Sale Real Estate Market
In the for-sale real estate market, active transactions continued to take place against the backdrop of
weaker yen and low interest rates, etc. For office properties 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-yield transactions 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 for investment 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 41st fiscal period, JPR acquired Tokyo Tatemono Higashi Shibuya Bldg. (acquisition price:
11,300 million yen) in January 2022. Moreover, in June 2022, JPR conducted the second part of the saleof JPR Umeda Loft Bldg. (30% ownership, sale price of the relevant ownership interest: 5,250 million
yen).

3

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

As a result of these transactions, the balance of JPR’s assets under management totaled 67 properties, or
492.2 billion yen on an acquisition price basis as of the end of June 2022, with the total leasable floor
space standing at 502,889 m2 and the number of tenants at 1,171.
Operational Management of Portfolio
In the office property leasing market in the 41st 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 41st fiscal period was
kept at a high level, as it rose 0.2 points period-on-period to 97.5%.
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 renovation of air-conditioning systems andreplacement of 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 June 30, 2022, JPR has acquired DBJ Green Building Certification*1 for 13
properties in total, of which 11 properties have been continuously certified. JPR has also obtained
CASBEE for Building Certification*2 for 31 properties in total (including 3 newly certified properties),and BELS*3 certification for two of its properties. On top of these certifications JPR acquired, its
endeavors on environmental issues were so acknowledged that it was designated as “Green Star” in the
GRESB*4 Real Estate Assessment for 2021, marking the eighth consecutive year of recognition with thehighest ranking in the survey. JPR has also been granted the highest rank of “5 Stars” in the rating, whichmakes relative assessment based on total scores, for three 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 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
In the 41st fiscal period, JPR additionally issued investment units (refer to (9) Changes in Investment
Units Issued and Outstanding below) to procure 13.8 billion yen, which was used to fund the acquisitionof a new property and repay borrowings.
On top of this, JPR focuses its endeavors on debt financing with an emphasis placed on lengthening debt
maturity and diversifying repayment dates in an effort to make its financial base more solid and stronger
against the backdrop of the favorable fund procurement environment.
JPR borrowed 18.5 billion yen in the 41st 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 9.2 years and 0.64%, respectively, in contrast to 5.7 years and 0.55%
for the relevant interest-bearing debts before refinancing (excluding short-term debts).

4

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

As of the end of the 41st 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 (Note 1) was 40.0%, long-term and fixedinterest-bearing debt ratio (Note 2) was 100.0%, average debt cost (Note 3) was 0.74% and average
maturity (Note 4) was 5.0 years as of the end of the fiscal period.
Moreover, JPR established a commitment line with a credit limit of 24 billion yen with six financial
institutions.
The following represents the issuer ratings for JPR as of the end of the 41st fiscal period.
Details of Corporate Credit Ratings as of June 30, 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)
S & P Global Ratings Japan Inc. (S&P)
A (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 41st 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 18,357
million yen, ordinary income of 8,607 million yen and net income of 8,607 million yen for its 41st fiscal
period ended June 30, 2022. With regard to the cash distributions, JPR decided to distribute part of theretained earnings brought forward that had been internally reserved through the 40th fiscal period, withthe 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. JPR also decided to internally reserve 830 million yen as reserve for reduction entry
from the unappropriated retained earnings, 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).
As a result, the cash distribution per unit came to 7,800 yen for the 41st fiscal period.
2) Forecast for the Next Fiscal Perioda) Outlook for Management Status
Looking ahead, the Japanese economy is expected to continue showing a pickup, with domestic demand
recovering mainly in consumer spending and restrictions on supply of semiconductors and other products
loosening, among other factors, in light of anticipations for normalization of socio-economic activities
making progress to a certain degree while impact of COVID 19 still lingering. However, attention shouldbe paid to general prices rising globally against the backdrop of the Ukraine situation, etc. and theimpacts of fluctuations in the financial and capital markets associated with rising interest rates, among
other factors. In addition, JPR will continue to pay close attention to the impact of the COVID-19
infections.
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. It must also be taken into consideration that electricity charges are increasing inassociation with the rise in crude oil and natural gas prices. 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 through proactive implementation of value enhancement works andprovision of elaborate management services.

5

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

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. Moreover, in consideration of the current situation in which
the low-interest-rate and low-yield environment is maintained in Japan, it is necessary to firmly keep theattitude of vigorously selective investment for implementing real estate investment that assumes
possession of properties over the medium to long term.
i)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 41st Fiscal Periodv) Significant Subsequent Events
There are no material subsequent events for this fiscal period.
<Reference Information>
Property Sale
JPR concluded a sale agreement regarding the following property on December 23, 2021.
< JPR Umeda Loft Bldg. (30.0% co-ownership interest)>
Asset type:
Beneficiary interest (30.0% co-ownership interest)
Sale price:
5,250 million yen
Delivery date:
December 23, 2022 (scheduled)
Buyer:MBS Media Holdings, Inc.
Impact on operating results: JPR plans to record approximately 1,343 million yen in gain on sale ofreal estate as operating revenue for the fiscal period ending December
2022 (July 1, 2022 – December 31, 2022).
b) Outlook for Management Status (Operating Results)
JPR expects the following management status in the 42nd fiscal period (from July 1, 2022 to December
31, 2022) and the 43rd fiscal period (from January 1, 2023 to June 30, 2023).
Operating revenue
Operating income
Ordinary income
Net income
Distribution per unit
Exceeding profit
distribution per unit

42nd Fiscal Period
18,472 million yen
9,393 million yen
8,579 million yen
8,578 million yen
7,750 yen

43rd Fiscal Period
17,029 million yen
8,138 million yen
7,359 million yen
7,359 million yen
7,600 yen

– yen

– yen

For the assumptions underlying this outlook of management status, please refer to “Assumptions for the
42nd Fiscal Period (from July 1, 2022 to December 31, 2022) and the 43rd Fiscal Period (from January
1, 2023 to June 30, 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.

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Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

Assumptions for the 42nd Fiscal Period (from July 1, 2022 to December 31, 2022) andthe 43rd Fiscal Period (from January 1, 2023 to June 30, 2023)
Item

Assumptions
42nd fiscal period: from July 1, 2022 to December 31, 2022 (investment period: 184 days)
Operation Period
43rd fiscal period: from January 1, 2023 to June 30, 2023 (investment period: 181 days)
・On the basis of the 67 properties owned by JPR as of August 16, 2022, it is assumed that JPR
will sell JPR Umeda Loft Bldg. (30% co-ownership interest) scheduled for December 23, 2022.
Property Portfolio
・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 property.
・Real estate rental revenues are calculated on the basis of the lease contracts effective as of June30, 2022, with consideration given to such factors as the market environment and status ofOperatingnegotiations with tenants, as well as taking into account the impact of certain tenant move-ins
Revenue
and move-outs, among other factors. JPR also assumes that rents will be paid on time and thatno tenants will fail or decline to pay rents.
・Gain on sale of real estate is assumed to be 1,343 million yen for the 42nd 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 703 million yen for the
42nd fiscal period and 700 million yen for the 43rd fiscal period.
・For property taxes and city planning taxes, JPR assumes 2,505 million yen for the 42nd fiscal
period and 2,600 million yen for the 43rd 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 2,059 million yen for the 42nd fiscal period and2,055 million yen for the 43rd 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 1,063
million yen for the 42nd fiscal period and 924 million yen for the 43rd fiscal period.
・ As for major non-operating income, JPR assumes income on settlement of management
Non-Operating
association accounts to be 3 million yen for the 42nd fiscal period and 31 million yen for the
Income43rd fiscal period.
・As for major non-operating expenses, JPR assumes 802 million yen for the 42nd fiscal period
Non-Operating
and 800 million yen for the 43rd 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 August 16, 2022, 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 42nd and 43rd fiscal periods will be refinanced.
Interest-Bearing ・The ratio of interest-bearing debt to total assets is assumed to be 40.0% at the end of the 42nd
Debt to Total
fiscal period and 40.0% at the end of the 43rd 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
Total Units
・The total number of investment units issued and outstanding is 997,178 units as of August 16,
Outstanding
2022, and it is assumed that no additional investment units will be issued.
8

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

Item

Assumptions
・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 42nd fiscal period (1,343
million yen), it is assumed that 850 million yen will be internally reserved as reserve for
reduction entry, in application of the Special Provisions for Taxation in Cases of Repurchase ofDistribution Per
Specified Assets as provided in Article 65-7 of the Act on Special Measures Concerning
Unit
Taxation, for the purpose of stable management and cash distributions in the future.
・DPU for the 43rd fiscal period ending June 2023 is calculated on the assumption that part of thereserve for reduction entry (219 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.

9Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

2. Financial Statements(1) Balance Sheets
End of 40th Fiscal
PeriodAssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
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

10(Dec. 31, 2021)(Thousands of Yen)

End of 41st Fiscal
Period(Jun. 30, 2022)¥22,803,957
12,743,466
315,031
132,731
346,039
15,98936,357,215¥26,708,733
12,848,490
492,985
127,655–
42,31140,220,177

66,302,138(22,029,896)
44,272,242
98,874,885(37,976,679)
60,898,205
78,936(34,426)
44,510125,139(79,475)
45,664
826,696(548,197)
278,499
1,980,756(1,507,805)
472,951
186,134(98,400)
87,734279,230(185,202)
94,028129,361,642
210,654,006
1,077
1,865
446,212,429

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

11,801,831
2,307
11,804,138

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

88,860740,252
200,454710
1,030,276
459,046,844

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

195,018
16,402
211,420¥495,615,481

180,345
46,206
226,551¥507,005,813

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period(Thousands of Yen)

End of 40th Fiscal
Period(Dec. 31, 2021)

Liabilities
Current liabilities
Operating accounts payable
Short-term loans 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

11

End of 40st Fiscal
Period(Jun. 30, 2022)¥2,910,219
12,000,000–
18,500,000
1,124,191
92,329605
173,458
2,886,309
24,221
37,711,335¥2,677,555–
2,000,000
16,000,000
1,057,202
86,586605
542,378
2,813,178
1,215
25,178,722

37,900,000
138,500,000
9,787,659
14,066,877
200,254,537
237,965,873

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

247,860,796

261,751,240

1,887,437
1,887,437

2,546,454
2,546,454

7,901,374

8,614,933

9,788,811
257,649,607
257,649,607¥495,615,481

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

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period(2) Statements of Income and Retained Earnings

Operating revenue
Rent revenue-real estate
Gain on sale of real estate
Total operating revenue
Operating expenses
Expenses related to rent business
Loss on sale 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)

12(Thousands of Yen)

40th Fiscal
Period41st Fiscal
Period(Jul. 1, 2021 –Dec. 31, 2021)(Jan. 1, 2022 –Jun. 30, 2022)¥16,382,659
1,870,956
18,253,616¥17,019,663
1,338,228
18,357,892

7,731,428
856,197
750,590
82,7155,600
19,806
180,632
9,626,970
8,626,646

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

208

192

4,350

39,536

12,4752,266
19,301

1,449
2,387
43,565505,001
28,240196,606

510,215
38,869200,124

15,166

14,672

7,084
266
752,365
7,893,582
7,893,582
605
605
7,892,977
8,396¥7,901,374

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

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period(3) Statements of Changes in Unitholders’ Equity
40th Fiscal
Period(Jul. 1, 2021 –Dec. 31, 2021)
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

13(Thousands of Yen)

41st Fiscal
Period(Jan. 1, 2022 –Jun. 30, 2022)¥247,860,796¥247,860,796–
247,860,796

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

1,103,494

1,887,437

783,942783,942
1,887,437

659,017659,0172,546,454

8,129,659

7,901,374(783,942)(7,337,320)
7,892,977(228,284)
7,901,374(659,017)(7,234,787)
8,607,364
713,5598,614,933

9,233,153

9,788,811–(7,337,320)
7,892,977
555,657
9,788,811–(7,234,787)
8,607,364
1,372,576
11,161,388

257,093,950

257,649,607–(7,337,320)
7,892,977
555,657
257,649,607

13,890,444–(7,234,787)
8,607,364
15,263,021
272,912,629

257,093,950

257,649,607–(7,337,320)
7,892,977
555,657¥257,649,607

13,890,444–(7,234,787)
8,607,364
15,263,021¥272,912,629

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period(4) Statements of Cash Distributions

I.
II.

Unappropriated retained earnings
Distribution amount(Distribution amount per unit)

III.

Voluntary reserve40th Fiscal Period(Jul. 1, 2021 – Dec. 31, 2021)
7,901,374,244 yen
7,234,787,500 yen(7,550 yen)

41st Fiscal Period(Jan. 1, 2022 – Jun. 30, 2022)
8,614,933,824 yen
7,777,988,400 yen(7,800 yen)

659,017,396 yen

830,016,338 yen

7,569,348 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 7,234,787,500 yen, whichis the largest integral multiple of thetotal number of investment units issued
and outstanding (958,250 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.

6,929,086 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.

Provision of reserve for reduction entry
IV. Retained earnings carried forward
Method for calculating distribution amount14

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period(5) Statements of Cash FlowsNet cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
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
Decrease in intangible assets 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 investment securities
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
Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Proceeds from short-term loans payable
Repayment of short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment corporation bonds
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

15

40th Fiscal
Period(Jul. 1, 2021 –Dec. 31, 2021)(Thousands of Yen)

41st Fiscal
Period(Jan. 1, 2022 –Jun. 30, 2022)¥7,893,582
2,128,201
15,166
7,084(208)
701,608(43,613)(346,039)(2,974)
115,463
14,414(305,133)(109,635)
9,434,509
303(7,993)
19,494,737
208(700,416)(605)
18,793,924¥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(752,677)(29,160,741)(88,860)(50,954)(279,722)
405,874(781,974)
833,127(710)(29,876,637)(11,976,312)(1,125,644)–(43,836)(538,677)
877,788(678,824)
566,303–(12,919,203)

14,400,000(4,400,000)
8,000,000(10,000,000)
2,364,727–(7,337,192)
3,027,534(8,055,178)
43,602,602¥35,547,423–(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

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st 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 March 28, 2022).
(8) Notes to Financial Statements
Notes to Balance Sheets
1. 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
Outstanding debts at end of period
Unused commitment line at end of period

End of 40th Fiscal Period(as of December 31, 2021)¥24,000,000–¥24,000,000(Thousands of yen)
End of 41st Fiscal Period(as of June 30, 2022)¥24,000,000–¥24,000,000

2. Minimum Total Unitholders’ Equity Designated in Article 67-4 in the Act on Investment Trusts andInvestment Corporations
End of 40th Fiscal Period(as of December 31, 2021)¥50,000

16(Thousands of yen)
End of 41st Fiscal Period(as of June 30, 2022)¥50,000

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

Notes to Statements of Income and Retained Earnings
1. Breakdown of Rent Revenue-Real Estate and Expenses Related to Rent Business40th Fiscal Period(July 1, 2021 –December 31, 2021)(Thousands of yen)

41st Fiscal Period(January 1, 2022 –June 30, 2022)

A. Rent Revenue-Real Estate
Rent Revenue
Rents¥11,911,724¥12,546,684

Land rents
Common charges
Parking fees
Advertising fees
Antenna usage fees
Other

1,802,000
1,384,623
264,92136,93729,02045,950Subtotal
Other rental revenues
Incidental rent income

15,475,177

1,802,000
1,352,858
278,951
36,602
28,94346,012
16,092,051

787,919

798,305

Time-based parking fees

8,725

14,092

Cancellation charges

10,473

11,173

Income equivalent to expenses forrestoration to original condition

56,32042,263

Other miscellaneous income

44,043

61,777

Subtotal

907,481

927,611

16,382,659

17,019,663¥628,945
849,905
2,422,872
27,256532,237
289,978
612,129
2,127,848
240,253¥699,677
952,258
2,523,554
29,368469,805
307,961
630,3312,045,976
287,982

Total expenses related to rent
business

7,731,428

7,946,916

C. Profits for Rent Business (A-B)

8,651,231

9,072,747

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

17

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

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

40th fiscal period (July 1, 2021 – December 31, 2021)(Thousands of yen)

Part of land of Shibadaimon Center Bldg.
Proceeds from sale of real estate
Cost of sale of real estate¥110,000
8,838

Other expenses related to sale

3,835

Gain on sale of real estate

97,325JPR Umeda Loft Bldg. (40.0% co-ownership interest)
Proceeds from sale of real estate
Cost of sale of real estate¥7,000,000
4,980,376

Other expenses related to sale

245,992

Gain on sale of real estate

1,773,631

Tokyo Tatemono Honmachi Bldg.
Proceeds from sale of real estate
Cost of sale of real estate¥3,600,000
4,445,597

Other expenses related to sale

10,600Loss on sale of real estate

856,197

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
Cost of sale of real estate¥5,250,000
3,727,070

Other expenses related to sale

184,700

Gain on sale of real estate

1,338,228

Notes to Statements of Changes in Unitholders’ Equity

Total number of authorizedunits and number of units
outstanding
Total number of authorizedunits
Number of units outstanding

40th Fiscal Period(July 1, 2021 – December 31, 2021)

18

41st Fiscal Period(January 1, 2022 – June 30, 2022)

5,000,000 units

5,000,000 units

958,250 units

997,178 units

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st 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 December 31, 2021, 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)
Carrying Value(Note 1)
(1) Current portion of investment corporation bonds(2) Current portion of long-term loans payable(3) Investment corporation bonds(4) Long-term loans payable¥–(18,500,000)(37,900,000)(¥138,500,000)

Fair Value(Note 1)

Difference¥–(18,528,074)(38,761,615)(¥139,821,667)¥–

28,074
861,615¥1,321,667

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)

19

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

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

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st 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) above.
(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 subsequent
to December 31, 2021, and June 30, 2022

End of 40th Fiscal Period (as of December 31, 2021)

Investment
corporation bonds
Long-term loans
payableDue in One
Year or Less

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years¥–¥2,000,000¥8,000,000¥–¥8,500,000¥19,400,000¥18,500,000¥21,000,000¥15,000,000¥23,900,000¥14,000,000¥64,600,000(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

End of 41st Fiscal Period (as of June 30, 2022)

Investment
corporation bonds
Long-term loans
payable(Thousands of yen)
Due after
Due after
Four Years
Five Years
throughFive Years

Due after
One Yearthrough
Two 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¥2,000,000¥5,000,000¥3,000,000¥–¥8,500,000¥19,400,000¥16,000,000¥20,000,000¥21,000,000¥20,900,000¥13,000,000¥74,100,000

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)
40th Fiscal Period
41st Fiscal Period(July 1, 2021 – December 31, 2021) (January 1, 2022 – June 30, 2022)
Carrying Value on the Balance Sheets
Balance at Beginning of Period¥439,222,516¥458,014,900

Amount of Increase(Decrease) during the Period¥18,792,383¥7,114,101¥458,014,900¥465,129,001¥574,963,000¥593,184,000

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 40th fiscal period, the amount of increase is primarily attributable to the acquisition of part of land of Shibadaimon Center Bldg.
(3,460 thousand yen), the acquisition of additional ownership of Rise Arena Bldg. (7,345,010 thousand yen), the acquisition of GRANDFRONT OSAKA (Umekita Plaza and South Building) (11,864,400 thousand yen) and the acquisition of GRAND FRONT OSAKA (North
Building) (9,554,879 thousand yen), and the amount of decrease is primarily attributable to the sale of part of land of Shibadaimon Center
Bldg. (8,838 thousand yen), the sale of Tokyo Tatemono Honmachi Bldg. (4,445,597 thousand yen), the sale of JPR Umeda Loft Bldg.
(40.0% co-ownership interest) (4,980,376 thousand yen) and depreciation (2,127,848 thousand yen). For the 41st fiscal period, the amountof increase is primarily attributable to the acquisition of Tokyo Tatemono Higashi Shibuya Bldg. (11,463,589 thousand yen), and theamount of decrease is primarily attributable to the sale of JPR Umeda Loft Bldg. (30.0% co-ownership interest) (3,727,070 thousand yen)and depreciation (2,045,976 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 40th and 41st fiscal periods for investment and rental properties are as presented in the“Notes to Statements of Income and Retained Earnings.”
20

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

Revenue Recognition
40th fiscal period (July 1, 2021 – December 31, 2021)
Breakdown information on revenue from contracts with customers

Sale of real estate

Revenue from Contracts with Customers(Note 1)
¥10,710,000

Utilities income (Note 3)(Thousands of yen)
Sales to External Customers(Note 2)
¥1,870,956

787,919

787,919

Others－

15,594,740

Total

11,497,919

18,253,616

41st fiscal period (January 1, 2022 – June 30, 2022)
Breakdown information on revenue from contracts with customers
Revenue from Contracts with Customers(Note 1)
¥5,250,000(Thousands of yen)
Sales to External Customers(Note 2)
¥1,338,228

798,305

798,305

Others－

16,221,358

Total

6,048,305

18,357,892

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)
40th Fiscal Period(July 1, 2021 – December 31, 2021)

41st Fiscal Period(January 1, 2022 – June 30, 2022)¥268,875¥8,236¥273,684¥8,664

Total net assets per unit
Net income per unit

(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)

40th Fiscal Period(July 1, 2021 – December 31, 2021)

41st Fiscal Period(January 1, 2021 – June 30, 2022)¥7,892,977¥8,607,364––¥7,892,977¥8,607,364

958,250 units

993,389 units

Net income
Amounts not attributable to ordinary
unitholders
Net income attributable to ordinary
investment units
Average number of units during the fiscal
periodSubsequent Events
There are no material subsequent events for this fiscal period.
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.

21

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period(9) Changes in Investment Units Issued and Outstanding
In the 41st fiscal period, JPR issued new investment units (38,100 units through public offering and 828 units
through third-party allotment) on January 18, 2022 and February 16, 2022, respectively, to procure 13,890
million yen. The changes in the number of units outstanding and unitholders’ capital in the last five years are
summarized as follows.
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)
to fund 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)
to fund 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.

22

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

3. Reference Information(1) JPR’s Asset Structure

40th Fiscal Period(as of December 31, 2021)
Category of
Investment Area Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)

Asset Type

41st Fiscal Period(as of June 30, 2022)
Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)

Central Tokyo

98,478,170

19.9

109,961,118

21.7

Greater Tokyo

67,625,678

13.6

67,499,150

13.3

Other Cities

19,743,902

4.0

19,644,226

3.9

Central Tokyo

155,773,488

31.4

155,493,241

30.7Greater Tokyo

61,562,431

12.4

61,453,840

12.1

Other Cities

54,831,227

11.1

51,077,424

10.1

Deposits and Other
Assets–37,600,580
(–)

7.6
(–)

41,876,811
(–)

8.3
(–)

Total Assets–

495,615,481(458,014,900)

100.0(92.4)

507,005,813(465,129,001)

100.0(91.7)

Real Estate

Real Estate in Trust(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 41st 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 the retailand 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,

23

SRC: Steel-framed reinforced concrete

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

Area

Type

Property Name

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

1,551.19

10,553.34

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

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

JPR Harajuku Bldg.

1,205.07

6,466.94

937.597,190.82

JPR Sendagaya Bldg.

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

2,217.49

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

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

JPR Ningyo-cho Bldg.
Shin-Kojimachi Bldg.
JPR Crest Takebashi Bldg.
MS Shibaura Bldg.
Gotanda First Bldg.
JPR Ichigaya Bldg.
Oval Court Osaki MarkWest
Shinjuku Square Tower
BYGS Shinjuku Bldg.
Across Shinkawa Bldg.
Annex
Shinjuku Center Bldg.
OfficeTotal Floor
Space (m2)

Minami Azabu Bldg.

Kanematsu Bldg. Annex

JPR Nihonbashi-horidome
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.

Site Area(m2)

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,
TokyoNishi-Gotanda 2-chome,
Shinagawa-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

Kanematsu Bldg.

Central Tokyo

Location

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

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

24

Structure/
Completed
FloorsS, RC, SRC Feb. 1993
B2/13F
SRC
B1/8F Feb. 1993
SRC, RC Dec. 1989
B1/8F
SRC
B1/9F Oct. 1984
SRC Sep. 1999
B1/9F
SRC, RC, S
B2/13F Feb. 1988
SRC, RC
Jul. 1989
B2/11FSRC Mar. 1989
B1/9F
S, SRC
B2/17F Jun. 2001
S, RC, SRC Oct. 1994
B4/30F
SRC
B2/14F Apr. 1985
S, SRC Jun. 1994
B2/10F
SRC, RC, S Oct. 1979
B5/54FS
9F Jun. 1992
S
Jul. 2008
B1/8F
SRC
B3/7F Oct. 1991
SRC Mar. 1989
B1/9F
S, RC
B1/9F Jun. 2002
S
8F May 2009
SRC Oct. 1982
B2/9F
–

–

S, SRC, RC Feb. 1995
B2/12F
S, SRC
Jul. 1993
B1/10F
S, SRC Feb. 2013
B4/24FS Feb. 1999
B1/9F
S, SRC
B4/35F Oct. 2012
S, RC, SRC May 1993
B3/14F
SRC, S
B3/8F Feb. 1992
S, SRC Feb. 2006
B1/7F
S, SRC, RC
B3/14F Jan. 2007
S, SRC
B4/20F Oct. 2007
S Jun. 2008
11F
S
Jul. 2015
9F

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st 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

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
Nishi 1-chome, KonanYume-ooka Office Tower Kamiooka
ku, Yokohama, Kanagawa

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

1,100.59

9,146.52

SRC B1/11F

Oct. 1989

841.71

7,781.93

Aug. 1991

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

Olinas Tower

Taihei 4-chome, Sumida-ku, Tokyo

27,335.29

257,842.41

JPR Yokohama Bldg.

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

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

Jan. 2006

4,757.09

18,394.32

8,317.99

28,930.36

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

Apr. 1993
Aug. 1998
Expanded

4,475.45

36,902.01

Aug. 2003

FUNDES Ueno

Ueno 7-chome, Taito-ku, Tokyo

Property NameGreater Tokyo

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

JPR Omiya Bldg. (Note)

Retail, etc.
OfficeDec. 1994
Jan. 2007
Mar. 1997
Feb. 2006
May 1981
Feb. 2009

383.742,235.60

Yoneyama 1-chome, Chuo-ku,
Niigata, Niigata
Matsuyama 1-chome, Naha,JPR Naha Bldg.
Okinawa
3-chome, MiyaginoSompo Japan Sendai Bldg. Tsutsujigaokaku, 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
1-chome, Naka-ku, Nagoya,
JPR Nagoya Fushimi Bldg. Sakae
Aichi
Yakuin 1-chome, Chuo-ku,
Yakuin Business Garden
Fukuoka, Fukuoka

2,706.99

19,950.42

959.875,780.71

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 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

JPR Musashikosugi Bldg.
Musashiurawa Shopping
SquareNiigata Ekinan Center
Bldg.

GRAND FRONT OSAKA(Umekita Plaza and South
Building)
GRAND FRONT OSAKA(North Building)Retail, etc.

Oct. 1992

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

Cupo-la Main Bldg.

Other Cities

Feb. 1994

JPR Umeda Loft Bldg.
Housing Design Center
Kobe
JPR Chayamachi Bldg.

Ofuka-cho, Kita-ku, Osaka, Osaka

20,488.08

191,597.49

RC, S
B2/2F

(Umekita Plaza)

22,680.03

290,030.59

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

3,518.68

17,897.56

3,994.47

33,877.71

592.45

3,219.36

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

S, SRC
B3/38F
SRC
B1/8F
SRC, S
B2/11F
S, SRC
9F

Feb. 2013(Note) The property was renamed from Omiya Prime East to JPR Omiya Bldg. as of May 1, 2022. The same shall apply hereinafter.

25

Oct. 2005

S, SRC
B3/38F(South Building)

Ofuka-cho, Kita-ku, Osaka, Osaka

Mar. 1983(SouthBuilding)

Apr. 1990
Jun. 1994
Jun. 1994

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st 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., Gotanda
First 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, JPR
Umeda Loft Bldg.
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 41st fiscal period, indicated in a percentage
rounded to the first decimal place.

26

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

Acquisition Price
Area

Type

Property Name

Dec. 27, 2001

16,276

3.3

15,300

2.6

Kanematsu Bldg. Annex

Dec. 27, 2001

2,874

0.6

3,300

0.6

JPR Ningyo-cho Bldg.

Nov. 16, 2001

2,100

0.4

3,110

0.5

Nov. 16, 2001

1,670

Nov. 21, 2002
Nov. 12, 2004

550
200

0.5

4,510

0.8

JPR Crest Takebashi Bldg.

Jun. 21, 2002

4,000

0.8

3,790

0.6

MS Shibaura Bldg.

Mar. 28, 2003

11,2002.3

16,3002.7

Gotanda First Bldg.

Jul. 23, 2003

2,920

0.6

4,270

0.7

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

5,160

0.9

Jul. 2, 2004
Sep. 26, 2008
Mar. 25, 2015
Oct. 21, 2015
Nov. 9, 2004
Apr. 12, 2005
Jul. 13, 2010

10,000
180
4,000
786
2,900
8,921
3,300

3.0

14,9002.5

3.1

19,400

3.3

Shinjuku Square Tower

OfficeBYGS Shinjuku Bldg.
Across Shinkawa Bldg. Annex

Nov. 26, 2004

710

0.1

804

0.1

Shinjuku Center Bldg.

Mar. 27, 2008

21,0004.3

19,500

3.3

0.8

3,420

0.6

0.4

2,360

0.4

Minami Azabu Bldg.

Jul. 14, 2008

3,760

Dec. 19, 2008

1,870

Mar. 8, 2019171

Rokubancho Bldg.

Dec. 2, 2009

2,800

0.6

3,730

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

1.1

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

3,730

0.6

Mar. 13, 2012

36,0007.3

54,6009.2

Dec. 6, 2013

2,660

0.5

3,480

0.6

Dec. 6, 2013
Jul. 30, 2014
Feb. 1, 2017
Apr. 4, 2017

3,413
800
9,200
9,200

0.9

6,660

1.1

3.7

21,5003.6

Jun. 27, 2019

5,750

1.2

6,840

1.2

Shinagawa Canal Bldg.

Shibadaimon Center Bldg.
Tokyo Square Garden

Retail, etc.

(million yen)

Investment
Ratio
(%)

Price

Kanematsu Bldg.

Shin-Kojimachi Bldg.

Central Tokyo

Acquisition Date

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

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

Dec. 24, 2020

11,4002.3

13,0002.2

Jan. 18, 2022

11,3002.3

12,1002.0

Jun. 30, 2003

12,0002.4

14,2002.4

Mar. 24, 2006

4,275

0.9

4,260

0.7

Shinjuku Sanchome East Bldg.

Mar. 14, 2007
Apr. 24, 2008

540
2,200

0.6

2,720

0.5

Aug. 27, 2008

3,400

0.7

3,360

0.6

Dec. 15, 2016

10,1002.1

11,100

1.9

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

Dec. 15, 2016

Subtotal of Central Tokyo

27

3,250

0.7

3,390

0.6

268,22654.5

314,95453.1

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

Acquisition Price
Area

Type

Property Name

Nov. 16, 2001

5,880

1.2

6,730

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

2,450

0.4

0.3

2,600

0.4

Kawaguchi Center Bldg.
OfficeJPR Ueno East Bldg.

920
570

Feb. 13, 2004

8,100

1.6

11,100

1.9

0.7

5,840

1.0

0.6

4,640

0.8

2.7

18,6003.1

Mar. 1, 2004

3,250
888

Feb. 28, 2007

2,300

Mar. 22, 2007

5,831

Oct. 28, 2021

7,300

Jul. 10, 2007

6,510

1.3

7,430

1.3

Olinas Tower

Jun. 29, 2009

31,300

6.4

41,300

7.0

JPR Yokohama Bldg.

Dec. 27, 2010

7,000

1.4

10,4001.8

JPR Omiya Bldg.

Mar. 22, 2013

6,090

1.2

11,000

1.9

Tachikawa Business Center Bldg.

Yume-ooka Office Tower

Retail, etc.

Sep. 25, 2002
Mar. 28, 2013

Sep. 30, 2005

Rise Arena Bldg.

Sencity Bldg.

Mar. 27, 2020

13,8702.8

15,100

2.5

Tanashi ASTA

Nov. 16, 2001

10,2002.1

11,2001.9

Cupo-la Main Bldg.

Mar. 31, 2006

2,100

0.4

2,970

0.5

JPR Musashikosugi Bldg.

Sep. 28, 2006

7,254

1.5

5,500

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

13,9002.3

FUNDES Ueno

Jun. 27, 2019

OfficeSubtotal of Greater Tokyo

Retail, etc.

Other Cities(million yen)

Investment
Ratio
(%)

Price

Arca East

Shinyokohama 2nd Center Bldg.

Greater Tokyo

Acquisition Date

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

3,800

0.8

4,000

0.7

147,855

30.0

180,950

30.5

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

2,300

0.4

Sompo Japan Sendai Bldg.

Jun. 26, 2002

3,150

0.6

4,960

0.8

Sompo Japan Wakayama Bldg.

Jun. 26, 2002

1,670

0.3

1,650

0.3

Tenjin 121 Bldg.

Jun. 21, 2002

2,810

0.6

4,050

0.7

JPR Dojima Bldg.

Jan. 23, 2004

2,140

0.4

3,940

0.7

JPR Nagoya Fushimi Bldg.

Mar. 22, 2005

4,137

0.8

3,480

0.6

Yakuin Business Garden

Aug. 8, 2012

10,9962.2

23,0003.9

JPR Shinsaibashi Bldg.

May 30, 2005

5,430

1.1

4,630

0.8

JPR Shinsaibashi West
GRAND FRONT OSAKA(Umekita Plaza and South
Building) (Note 1)
GRAND FRONT OSAKA(North Building) (Note 1)

Jan. 30, 2020

3,750

0.8

4,720

0.8

Dec. 24, 2021

11,8002.4

12,3002.1

Dec. 24, 2021

9,500

1.9

10,100

1.7

2,400
1,500
7,220

0.8

4,230

0.7

Housing Design Center Kobe

May 15, 2003
Jul. 16, 2003
Sep. 28, 2005

1.5

7,310

1.2

JPR Chayamachi Bldg.

Aug. 30, 2006

6,000

1.2

8,440

1.4

76,203

15.5

97,28016.4

492,284

100.0

593,184

100.0

JPR Umeda Loft Bldg. (Note 2)

Subtotal of Other Cities
Total

28

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period(Note 1) 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 41st 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.
(Note 2) For JPR Umeda Loft Bldg., JPR sold 40.0% of its co-ownership interest in real estate beneficiary interest on December 24, 2021, and30.0% of its co-ownership interest in real estate beneficiary interest on June 30, 2022. Accordingly, the acquisition price of the property
indicates the amount equivalent to 30.0% co-ownership interest JPR owns as of the end of the 41st 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 41st 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

PurposeYakuin Business
GardenFukuoka, Fukuoka

Repair of exterior walls

JPR Harajuku Bldg.

Shibuya-ku, Tokyo

Shinjuku Center
Bldg.

Shinjuku-ku, TokyoBYGS Shinjuku
Bldg.

Shinjuku-ku, Tokyo

Replacement of escalators

MS Shibaura Bldg.

Minato-ku, Tokyo

First phase ofreinforcement of elevators

JPR Sendagaya Bldg.

Shibuya-ku, Tokyo

Repair of exterior walls

JPR Ueno East Bldg.

Taito-ku, Tokyo

Repair of exterior walls

JPR Shinsaibashi
West

Osaka, Osaka

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

Sencity Bldg.

Chiba, Chiba

Reinforcement of elevators

Housing Design
Center Kobe

Kobe, Hyogo

Reinforcement of elevator(No. 3)

Sep. 2022 –JPR Omiya Bldg.

Saitama, Saitama

Partitioning of tenantsections

Jul. 2022 –Replacement of toilets andrepair of corridors incommon areas
Fourth phase of
replacement of piping
equipment

29

Schedule

May 2022 –Dec. 2022
Jun. 2022 –Dec. 2022
Jul. 2022 –Nov. 2022
Oct. 2022 –Dec. 2022
Jul. 2021 –Aug. 2022
Jul. 2022 –Nov. 2022
Jul. 2022 –Dec. 2022
Jun. 2022 –Dec. 2022
Jul. 2022 –Dec. 2022
Dec. 2022
Dec. 2022

Payment
Amountduring the
Total Value
Already
41st fiscal
Paidperiod
220

–

–

127

–

–

67

–

–

65

–

–

59

–

–

51

–

–

44

–

–

43

–

–

35

–

–

35

–

–

30

–

–

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period2) Capital Expenditures during the 41st Fiscal Period
The following are the capital expenditure amounts JPR invested in real estate and real estate in trust during
the 41st 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 481 million yen (Note), which was appropriated as expenditures for repair and maintenance.
Location

Shinjuku Center Bldg.

Shinjuku-ku,
Tokyo

Third phase of replacement of
piping equipment

Jan. 2022 –May 2022

70

Sencity Bldg.

Chiba, Chiba

Replacement of toilets in the west
building

Jan. 2022 –Mar. 2022

55

JPR Shinsaibashi Bldg.

Osaka, Osaka

Second phase of replacement of airconditioning units

Apr. 2022 –Jun. 2022

54

JPR Omiya Bldg.

Saitama, Saitama

Beautification of toilets

Apr. 2022 –May 2022

53

JPR Kojimachi Bldg.

Chiyoda-ku,
Tokyo

Repair of exterior walls

Jan. 2022 –Jun. 2022

41

Kawaguchi Center Bldg.

Kawaguchi,
SaitamaRepair of exterior walls

Oct. 2021 –Mar. 2022

41

Sencity Bldg.

Chiba, Chiba

Replacement of facilities at the third
electrical roomJan. 2022 –Feb. 2022

40

JPR Shinsaibashi Bldg.

Osaka, Osaka

Repair of exterior walls

Apr. 2022 –Jun. 2022

35

JPR Omiya Bldg.

Saitama, Saitama

Other capital expenditures

Purpose

PeriodConstruction
Expenses(million yen)

Property Name

Replacement of lighting equipment
Apr. 2022 –with LED lamps in exclusive areas
Jun. 2022(5th through 9th floors)
Replacement of air-conditioning units, repair ofcommon areas, replacement of lighting equipment with
LED lamps, etc.
Total

31
956
1,381

(Note) Expenditures for repair and maintenance included 11 million yen of construction management fees paid to construction managementcompanies as well as the amounts for repair and maintenance construction itself.

30

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st 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 41st fiscal period.
<Property Name: Otemachi Tower (Land with Leasehold Interest)>
Total Number of Tenants
Rental Revenues
Percentage to Total Rental Revenues (Note 1)
Total Leased Floor Space (Note 2)
Total Leasable Floor Space (Note 2)
Changes in Occupancy Rate in Last 5 years (Note 1)

2
1,802,000 thousand yen
10.6%
11,034.78 m2
11,034.78 m2

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%

December 31, 2017100.0%(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 the end of the 41st fiscal period(June 30, 2022).

31

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period(5) Information Concerning Tenants
1) Overview of Lease Status by JPR as a Whole
No. of Properties
December 31, 2017
June 30, 2018

Total No. of
Tenants

62
62

Total Leasable Floor Space

Occupancy Rate

745

478,169.25 m2

98.5%

747

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%

December 31, 2019

63

760

480,284.17 m2

99.6%

851

499,269.77 m2

99.7%
99.3%

June 30, 2020

65

December 31, 2020

66

857

501,162.78 m2

June 30, 2021

65

804

496,876.92 m2

98.1%

December 31, 2021

66

1,134

500,628.05 m2

97.3%

1,153

508,453.45 m2

97.8%
98.0%

January 31, 2022

67

February 28, 2022

67

1,160

508,453.05 m2

March 31, 2022

67

1,160

508,453.53 m2

97.8%

April 30, 2022

67

1,169

508,453.78 m2

97.9%

1,172

508,464.38 m2

97.5%

1,171

502,889.81 m2

97.5%

May 31, 2022
June 30, 2022

67
67

(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 41st fiscal period, as well as the total rental income for the 41st fiscal period.
Total Number of Tenants

1,171

Total Leased Floor Space

490,209.73 m2

Total Leasable Floor Space

502,889.81 m2

Total Rental Revenues

17,019,663 thousand yen

32

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period2) Overview of Lease Status for Respective Properties
Type

OfficeGreater Tokyo

Retail, etc.

Central Tokyo

OfficeArea

Property Name

41st Fiscal Period (January 1, 2022 – June 30, 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)

Kanematsu Bldg.

8,090.40

8,090.40

12

100.0

405,297

2.4

Kanematsu Bldg. Annex

2,291.13

2,291.131

100.0(Note 2)

(Note 2)

JPR Ningyo-cho Bldg.

2,802.22

2,802.22

5

100.0

94,151

0.6

Shin-Kojimachi Bldg.

3,319.37

3,319.37

17

100.0

130,267

0.8

JPR Crest Takebashi Bldg.

3,265.34

2,912.20

7

89.2

120,445

0.7

MS Shibaura Bldg.

14,468.38

14,468.38

10

100.0

484,887

2.8

Gotanda First Bldg.

4,241.22

4,241.222

100.0

142,716

0.8

JPR Ichigaya Bldg.
Oval Court Ohsaki MarkWest
Shinjuku Square Tower

4,240.37

3,852.879

90.9

142,8310.8

4,088.44

4,088.441

100.0(Note 2)

(Note 2)

19,266.47

18,218.55

24

94.6

408,240

2.4

BYGS Shinjuku Bldg.
Across Shinkawa Bldg.
Annex
Shinjuku Center Bldg.

15,227.81

14,989.60

23

98.4

577,418

3.4

1,264.51

1,264.51

4

100.0

34,1140.2

8,865.77

8,599.8628

97.0

519,334

3.1

Minami Azabu Bldg.

3,405.73

3,405.731

100.0(Note 2)

(Note 2)

Shinagawa Canal Bldg.

1,870.50

1,870.50

6

100.0

71,6800.4

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

4,759.80

10

100.0

294,557

1.7

5,299.88

5,299.88

5

100.0

192,776

1.1

6,177.74

6,177.74

6

100.0

303,717

1.8

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

116,084

0.7

11,034.78

11,034.78

2

100.0

1,802,000

10.6

3,325.29

3,268.46

24

98.3

117,2230.7

5,401.48

5,401.48

9

100.0

189,171

1.1

Tokyo Square Garden

5,971.69

5,517.9147

92.4

377,207

2.2

JPR Kojimachi Bldg.
Otemachi Financial City
North Tower
Tokyo Tatemono Higashi
Shibuya Bldg.
JPR Shibuya Tower Records
Bldg.
JPR Jingumae 432
Shinjuku Sanchome East
Bldg.
Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
JPR Ginza Namiki-dori
Bldg.
FUNDES Suidobashi

3,493.67

2,907.28

6

83.2

110,649

0.7

4,191.96

4,189.98

10

100.0

265,8221.6

7,822.75

6,230.69

14

79.6

278,190

1.6

8,076.85

8,076.851

100.0(Note 2)

(Note 2)

1,027.33

1,027.33

7

100.0

87,7360.5

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

195,4191.1

1,367.56

1,192.77

5

87.2

77,4970.5

Arca East

7,022.76

7,022.76

7

100.0

268,274

1.6

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

5,543.44

5,280.89

40

95.3

133,1260.8

6,079.73

6,079.73

19

100.0

133,4240.8

5,285.84

4,986.21

23

94.3

109,6630.6

33

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

Type

OfficeRetail, etc.

Other Cities

Retail, etc.

Greater Tokyo

OfficeArea

Property Name

41st Fiscal Period (January 1, 2022 – June 30, 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)

Kawaguchi Center Bldg.

15,519.71

15,519.71

40

100.0

477,209

2.8

JPR Ueno East Bldg.
Tachikawa Business Center
Bldg.
Rise Arena Bldg.

6,454.89

6,454.89

10

100.0

181,594

1.1

4,588.41

4,165.09

20

90.8

146,1160.9

10,531.13

10,531.13

8

100.0

337,054

2.0

Yume-ooka Office Tower

11,999.58

11,999.58

44

100.0

355,522

2.1

Olinas Tower

23,987.40

22,196.73

19

92.5

921,898

5.4

JPR Yokohama Bldg.

6,494.71

6,494.71

21

100.0

290,928

1.7

JPR Omiya Bldg.

6,871.45

4,468.425

65.0

239,717

1.4

Sencity Bldg.

13,271.26

12,601.57

70

95.0

486,494

2.9

Tanashi ASTA

31,121.71

31,121.71

1

100.0

(Note 2)

(Note 2)
(Note 2)Cupo-la Main Bldg.

5,963.00

5,963.001

100.0(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

457,179

2.7

FUNDES Ueno
Niigata Ekinan Center
Bldg.
JPR Naha Bldg.

1,989.66

1,989.66

10

100.0

117,1450.7

5,327.50

5,327.50

11

100.0

126,506

0.7

3,945.01

3,945.01

20

100.0

113,870

0.7

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

7,132.69

7,124.72

15

99.9

199,418

1.2

4,873.84

4,866.34

18

99.8

96,0590.6

3,258.24

2,859.42

14

87.8

102,930

0.6

JPR Dojima Bldg.

3,917.91

3,917.91

12

100.0

138,120

0.8

JPR Nagoya Fushimi Bldg.

7,086.23

6,666.68

5

94.1

146,400

0.9

Yakuin Business Garden

16,654.33

16,644.71

16

99.9

566,130

3.3

JPR Shinsaibashi Bldg.

4,021.63

4,021.638

100.0

128,226

0.8

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

5,695.71

5,689.41

14

99.9

148,8580.9

5,290.60

4,782.09

243

90.4

(Note 2)

(Note 2)8,474.10

8,352.66

100

98.6

(Note 2)

(Note 2)

5,576.09

5,576.091

100.0(Note 2)

(Note 2)35,444.13

35,444.13

1

100.0

(Note 2)

(Note 2)

2,478.42

2,478.425

100.0

177,7141.0

502,889.81

490,209.73

1,171

97.5

17,019,663

100.0

Total

(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 employs fixed master lease or direct lease, but the figure
indicates the number of end tenants, including those of such portions.)(Note 2) JPR does not disclose rental revenues and their ratios for properties due to inevitable reasons, as JPR has not been able to obtain consent fromtenants or co-owners, etc. regarding disclosure of rental revenues, etc.

34

Japan Prime Realty Investment Corporation (8955) Financial Report for 41st Fiscal Period

3) Ten Largest Tenants
The following table shows the ten largest tenants in terms of leased floor space as of June 30, 2022.

Rank

1

TenantTokyo Tatemono Co., Ltd.

Property Name
Shinjuku Square Tower
Shinjuku Center Bldg.
Tokyo Square Garden
Olinas Tower
Kawasaki Dice Bldg.
GRAND FRONT OSAKA(North Building)Leased Floor
Space at End of
Period (m2)(Note 1)

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

48,645.35

9.8%(Note 3)

2

ABC Development Corporation

Housing Design Center Kobe

35,444.13

7.2%

3

Seiyu Co., Ltd.

Tanashi ASTA

31,121.71

6.3%

4

Taisei-Yuraku Real EstateCo., Ltd.

Rise Arena Bldg.
Sencity Bldg.

24,075.05

4.9%

5

Ito-Yokado Co., Ltd.

JPR Musashikosugi Bldg.

19,740.95

4.0%

6

Olympic Group Corporation

Musashiurawa Shopping Square

9,558.51

1.9%

4,191.96

0.8%

7Mitsubishi Estate Co., Ltd.

Otemachi Financial City North Tower
GRAND FRONT OSAKA(Umekita Plaza and South Building)
GRAND FRONT OSAKA(North Building)8

Tower Records Japan Inc.

JPR Shibuya Tower Records Bldg.

8,076.85

1.6%

7,875.50

1.6%

7,066.60

1.4%

9

Y.K. Tokyo Prime Stage

10

Hitachi Real Estate Partners,
Ltd.

Otemachi Tower(Land with Leasehold Interest)
BYGS Shinjuku Bldg.
JPR Ueno East Bldg.
Yume-ooka Office Tower
JPR Nagoya Fushimi Bldg.

(Note 3)(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 (494,987.16 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