15th Fiscal Period Results(January 1, 2009 – June 30, 2009)

August 14, 2009

CONSOLIDATED

Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation (JPR)
Tokyo Stock Exchange (Code 8955)
Board of Directors Meeting: August 14, 2009
Payment of Dividends: September 10, 2009 (planned)
Website: http://www.jpr-reit.co.jp/jpr_e/index.html
Inquiries: Katsuhito Ozawa, Director and Chief Financial Officer
Tokyo Realty Investment Management, Inc.
Tel: +81-3-3516-1591
E-mail: k-ozawa@trim-reit.co.jp

1

CONSOLIDATED

Japan Prime Realty Investment Corporation( Performance(January 1, 2009 ‐June 30, 2009))(1) Business Results(Amounts less than a million yen discarded)(Millions of yen, yen for per unit information / Percentage change from previous fiscal period)

Operating
Revenues% Change

Net Operating
Profits% Change

Recurring Profits% Change

June 30, 2009

14,330

28.3%

6,568

19.8%

5,572

25.7%

Dec. 31, 2008

11,171

3.1%

5,482

3.8%

4,433

(0.4)%(Yen)

Net Income% Change

EPU

Net Income/
NAV

Recurring Profits/
Total Assets

Recurring Profits/
Operating Revenues

June 30, 2009

2,331

(47.4)%

3,731

1.5%

1.7%

38.9%

Dec. 31, 2008

4,432

(0.4)%

7,092

2.8%

1.4%

39.7%

Notes: 1. EPU is calculated based on the average number of investment units during the term
Fiscal period ended June 30, 2009: 625,000 units
Fiscal period ended Dec. 31, 2008: 625,000 units
2. Changes in accounting standards: No
3. Net income/NAV and Recurring Profits/Total Assets are calculated based on the average of unitholders’ equity (NAV) and Total Assets as of the
beginning and end of the period(2) Cash Distributions(Millions of yen, yen for DPU)

DPU

Distribution
AmountExceeding Profit
Distribution Per
Unit

Exceeding Profit
Distribution
AmountJune 30, 2009

3,731

2,331

0

0

99.9%

1.5%

Dec. 31, 2008

7,092

4,432

0

0

99.9%

2.8%

Dividend
Payout Ratio

Distribution/
NAV

Note: Dividend payout ratio is rounded to the nearest tenth.

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

NAV

NAV Ratio

NAV Per Unit

June 30, 2009

329,163

159,057

48.3%

254,492

Dec. 31, 2008

309,253

161,15852.1%

257,853

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at end of
periodReference: Net Assets
Fiscal period ended June 30, 2009:
Fiscal period ended Dec. 31, 2008:

159,057 millions of yen
161,158 millions of yen(4) Cash Flows(Millions of yen)

Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

June 30, 2009

15,042(31,151)

16,54435,003

Dec. 31, 2008

9,660

(10,011)

1,329

34,567

2

CONSOLIDATED

Japan Prime Realty Investment Corporation

Forecasts for 16th Fiscal Period Ending December 31, 2009
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

Operating
Revenues

Net
Operating
Profits

Recurring
Profits

Net
Income11,502

5,597

4,063

4,062

16th Fiscal PeriodEnding Dec. 31, 2009

(excluding exceeding
profit distribution per unit)

Exceeding Profit
Distribution Per
Unit

6,500

0

DPU

Reference: Estimated EPU for the fiscal period: 6,500 yen

The above-mentioned forecasts are based on “Assumptions for the 16th Fiscal Period Forecast (July 1, 2009 –December 31, 2009)” as below. The aforementioned forecasts are based on assumptions and information
available to management as of August 14, 2009. As a result, actual operating revenues, net operating profits,
recurring profits, net income, distribution per unit and exceeding profit distribution per unit will be subject tochanges in market conditions.
Accordingly, the forecasts are not a guarantee of any cash distribution amounts.
Assumptions for the 16th Fiscal Period Forecast(July 1, 2009 – December 31, 2009)
Item
PeriodProperty Portfolio

Operating
Revenues

OperatingExpensesAssumptions
16th fiscal period: July 1, 2009 to December 31, 2009
(investment period: 184 days)• The number of properties held by JPR as of June 30, 2009 is assumed to be 51
properties. Furthermore, the assumed average occupancy rate at end of month is
95.8%.
•In practice, these assumptions may vary due to such events as the acquisitionof additional properties or the sale of existing properties.
•Operating revenues are calculated in consideration of the market environment,competitiveness of properties, tenant conditions, etc. based on the effective leaseagreements as of the end of the 15th fiscal period.
•It is assumed that there are no delinquencies and defaults in rent payments bytenants.
•Out of real estate rental expenses, which account for a major part of operating
expenses, outsourcing expenses other than depreciation is calculated based on
information as of the 15th fiscal period and by reflecting the variation elementsof expenses based on the past results. Outsourcing expenses is assumed to be
489 million yen.
•Property taxes and city planning taxes indicate the volume to be paid during
the period out of the levied volume and is assumed to be 885 million yen. As for
the Olinas Tower acquired in 2009, the adjustments such as property taxes andcity planning taxes levied for the initial year of acquisition have been included inacquisition costs and therefore, no operating expenses have been incurred.
•Repair and maintenance costs forecast to be required during the period isallocated as expenses. However, since there is the possibility that costs forrepairs and maintenances will occur due to issues that are difficult to predict
such as damage to the building and since it is generally an expense that varies
greatly by year and do not occur periodically and other factors, it may vary
greatly from the assumed expenses for repairs and maintenances for the period.
•Depreciation, including accompanying expenses and future additional capital
expenditures, are calculated utilizing the straight-line method and is assumed tobe 1,849 million yen.

3

CONSOLIDATED

Japan Prime Realty Investment Corporation

Non‐Operating
Expenses

Interest-Bearing
Debt Ratio•Interest expenses, interest expenses on investment corporation bonds andborrowing expenses, which account for a major part of non-operating expenses,
are assumed to be 1,507 million yen.
•As of the date of this report, the interest-bearing debt is 149,230 million yen(short-term debt: 14,252 million yen; current portion of long-term debt: 716
million yen; long-term debt: 79,762 million yen; current portion of investment
corporation bonds: 17,000 million yen; and investment corporation bonds: 37,500
million yen) and interest-bearing debt ratio stands at 48.8%.
•As for the investment corporation bonds, for which redemption is planned in
the period, the redemption cost is assumed to be secured through debt andissuance of investment corporation bonds.
•Through the repayment of the current portion of long-term debt (358 millionyen), the interest bearing debt ratio at the end of the period is assumed to be
48.7%.
•There is no arrival of repayment or redemption other than the above
interest-bearing debt.

The following formula is used in calculating the interest-bearing debt ratio in thistable.
Interest-bearing debt ratio =Interest-bearing debt ÷ (Interest-bearing debt + Unitholders’ capital) × 100
Units Outstanding

The 625,000 investment units outstanding as of June 30, 2009 is assumed.

Distribution
Per Unit• As for distribution per unit, it is assumed that all revenues will be distributed
based on the distribution methods provided in the Articles of Incorporation.
•There is the possibility that the distribution per unit may vary due to various
factors including variation of rental revenue due to transfer of assets undermanagement and tenants moving out, and unpredicted repairs andmaintenance.

Exceeding Profit
Distribution Per
Unit•Distribution exceeding the profit (exceeding profit distribution per unit) iscurrently not assumed.

Others• It is assumed that there will be no changes in legislation, taxation, accounting
standards, regulations applying to publicly listed companies, rules andrequirements imposed by the Investment Trusts Association, Japan, that will
impact the aforementioned forecasts.
• It is also assumed that there will be no unexpected material changes in general
economic and real estate market conditions.

4

CONSOLIDATED

Japan Prime Realty Investment Corporation

Financial Statements
Balance Sheets (Jun. 30, 2009 and Dec. 31, 2008))1

Assets('000 Yen)Item

End of 15th Period(Jun. 30, 2009)

End of 14th Period(Dec. 31, 2008)

20,987,712

19,706,912

14,015,752

14,860,678

Current Assets:
Cash and bank deposits
Entrusted cash and deposits
Rental receivables

198,512

172,743

Prepaid expenses

184,233

164,484

Deferred tax assets

92

74

Consumption taxes receivable

357,367―

Other current assets

173,712

10,05035,917,383

34,914,943

Buildings

45,628,942

30,497,213

Entrusted buildings

72,018,462

77,986,384

Total Current Assets% Change

2.9

Fixed Assets:
Property and Equipment:

Structures

28,482

21,379Entrusted structures

86,71487,888

Machinery and equipment

506,001

366,611

Entrusted machinery and equipment

1,301,822

1,398,104

Tools, furniture and fixtures

26,80918,492

Entrusted tools, furniture and fixtures

86,735

86,167

Land

80,501,678

63,879,374

Entrusted land

109,229,828

115,375,371

46,301

514,234(18,395,248)(17,948,017)

291,066,531

272,283,204

1,542,818

1,542,818

4,854

8,434

1,547,673

1,551,252―

344,651

Lease and guarantee deposits

49,00017,000Long-term prepaid expenses

472,336

18,249Construction in progress
Less: accumulated depreciation
Total Property and Equipment
Intangible Assets:
Leasehold right
Other intangible assets
Total Intangible Assets
Investments and Other Assets:
Investment securities

Other

6.9

(0.2)

―

900

521,336

380,801

36.9

293,135,541

274,215,258

6.9

Deferred Assets:
Corporate bond issuance costs

110,596

123,137

Total Deferred Assets

110,596

123,137(10.2)

329,163,520

309,253,338

6.4

Total Investments and Other Assets
Total Fixed Assets

Total Assets

5

CONSOLIDATED

Japan Prime Realty Investment Corporation

Balance Sheets (June 30, 2009 and December 31, 2008)1

Liabilities('000 Yen)
End of 15th Period(Jun. 30, 2009)

End of 14th Period(Dec. 31, 2008)

Current Liabilities:
Trade accounts payable

1,511,945

1,317,067

Short-term borrowings

16,152,000

17,172,000

716,000―

17,000,000

10,000,000

Item

Current portion of long-term borrwings
Current portion of corporate bonds
Other accounts payable

623,163

520,838

Accrued expenses

277,368

276,912

Accrued income taxes

658

660

Accrued consumption taxes―

164,797

Rent received in advance% Change

1,166,950

1,160,320

Total Current Liabilities

37,448,086

30,612,596

Long-Term Liabilities:
Corporate bonds

37,500,000

44,500,000

78,862,000

57,583,000

6,028,254

4,463,054

10,267,498

10,936,415

132,657,752

117,482,470

12.9

170,105,838

148,095,067

14.9

156,725,438

156,725,438―

Retained earnings

2,332,243

4,432,832(47.4)

Total Unitholders’ Equity

159,057,682

161,158,271(1.3)

Total Liabilities and Unitholders’ Equity

329,163,520

309,253,338

6.4

Long-term borrowings
Leasehold and security
received
Entrusted leasehold anddeposits received
Total Long-Term Liabilities

deposits
security

Total Liabilities

22.3

Unitholders’ Equity:
Unitholders’ capital
5,000,000 units authorized
625,000 units issued and outstanding

6

CONSOLIDATED

Japan Prime Realty Investment Corporation(Statements of Income and Retained Earningss(Jan. 1, 2009 – Jun. 30, 2009 and Jul. 1, 2008 – Dec. 31, 2008))(‘000 Yen)

15th Fiscal Period(Jan. 1, 2009 –Jun. 30, 2009)

14th Fiscal Period(Jul. 1, 2008 –Dec. 31, 2008)

14,330,560

11,171,677

Real estate rental revenues

11,030,526

11,171,677

Gain on sales of real estate properties

3,300,033―

7,762,068

5,689,154

Real estate rental expenses

4,961,198

5,022,008

Loss on sales of real estate properties

2,154,094

4,438

Item
Operating Revenues

Operating Expenses% Change
(1.3)

36.4

Loss on sales of investment securities

38,651―

Asset management fees

345,480

416,750

66,52065,834

6,600

6,600

Trust fees

69,43456,937

Other operating expenses

120,087

116,584

6,568,491

5,482,523

19.8

71,18624,16435,64332,59499.7

40,816

―

6,205

3,049

Non-Operating Expenses

1,067,297

1,084,657

Interest expense

550,706

571,148

Loan arrangement fees

26,20019,481

Interest expense on corporate bonds

473,593477,065

12,54012,748

4,256

4,213

5,572,380

4,433,509

Administrative service and custodian
fees
Directors’ fee

Operating Profits
Non-Operating Revenues
Interest income
Income on settlement of management
association accounts
Other non-operating revenues

Amortizationof corporate
issuance costs
Other non-operating expenses

bond

Recurring Profits

(1.6)

25.7

3,239,449―

3,239,449―

2,332,930

4,433,509

Current income taxes

1,038

1,044

Deferred income taxes

(18)

(41)

1,019

1,002

1.7

Extraordinary Loss
Loss on cancellation of contracts
Income Before Income Taxes

Income Taxes(47.4)

2,331,911

4,432,507(47.4)

Retained Earnings Brought Forward

332

325

2.2

Retained Earnings at End of Period

2,332,243

4,432,832(47.4)Net Income

7

CONSOLIDATED

Japan Prime Realty Investment Corporation( Statements of Changes in Net Assets)(Jan. 1, 2009 – Jun. 30, 2009 and Jul. 1, 2008 – Dec. 31, 2008)(‘000 Yen)
Unitholders’ capital

Surplus

Total

Balance as of Jun. 30, 2008

156,725,438

4,451,575

161,177,014

Changes during the period―(18,742)(18,742)

Cash distributions paid―

(4,451,250)(4,451,250)

Net Income―

4,432,507

4,432,507

Balance as of Dec. 31, 2008

156,725,438

4,432,832

161,158,271

Changes during the period―(2,100,588)(2,100,588)

Cash distributions paid―

(4,432,500)(4,432,500)

Net Income―

2,331,911

2,331,911

156,725,438

2,332,243

159,057,682

Balance as of Jun. 30, 20098

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Cash Flows (Jan. 1, 2009 – Jun. 30, 2009 and Jul. 1, 2008 – Dec. 31, 20)
Item
Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Amortization of corporate bond issuance costs
Interest income
Interest expenses(Increase) decrease in rental receivables
Increase in consumption taxes receivable
Increase in prepaid expenses
Increase (decrease) in trade accounts payable
Increase (decrease) in other accounts payable
Decrease in accrued consumption taxes
Increase (decrease) in rent received in advance
Decrease in property, plant and equipment
Decrease in entrusted property, plant and equipment
Decrease in investment securities
Change in other current assets/liabilities
SubtotalInterest received
Interest paid
Income taxes refunded (paid)
Net cash provided by operating activities

15th Fiscal Period(‘000 Yen)
14th Fiscal Period(Jan. 1, 2009 –Jun. 30, 2009)(Jul. 1, 2008 –Dec. 31, 2008)

2,332,930
1,796,620
12,540(24,164)
1,024,299(25,769)(357,367)(19,748)
30,486
10,302(164,797)
6,629
504,550
11,246,034
344,651(675,595)
16,041,605
24,164(1,023,844)
639
15,042,565

4,433,509
1,800,230
12,748(32,594)
1,048,213
49,863―(45,648)(12,795)(21,451)(1,804)(8,437)―3,489,138―(28,115)
10,682,855
32,594(1,050,505)(4,490)9,660,454(31,751,199)(410,147)(314)(32,000)(9,825,433)(351,440)――(83,457)(79,008)

1,679,365

374,807(806,563)(247,530)

252,889

117,273(31,151,426)(10,011,333)

5,280,000(6,300,000)
22,020,000

18,692,000(16,312,000)
3,400,000

Repayment of long-term loans payable
Distributions to unitholders
Net cash provided by financing activities
Net changes in cash and cash equivalents
Cash and cash equivalents at beginning of period(25,000)(4,430,264)
16,544,735
435,874
34,567,590(4,450,277)
1,329,722
978,843
33,588,746

Cash and cash equivalents at end of period

35,003,464

34,567,590

Cash Flows from Investing Activities:
Purchases of property and equipment
Purchases of entrusted property and equipment
Purchases of intangible assets
Payments of lease and guarantee deposits
Payments of leasehold and security deposits
received
Proceeds from leasehold and security deposits
received
Payments of entrusted leasehold and security
deposits received
Proceeds from entrusted leasehold and security
deposits received
Net cash used in investing activities
Cash Flows from Financing Activities:
Proceeds from short-term loans payable
Repayments of short-term loans payable
Proceeds from long-term loans payable

9

）

―

CONSOLIDATED

Japan Prime Realty Investment Corporation

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

Subsequent Events
There are no material subsequent events for this fiscal period.

Reference
Details of Corporate Credit Ratings as of Jun. 30, 2009
Ratings Agency

Corporate Credit Rating (Outlook)

Rating and Investment Information, Inc.

AA－ (Stable)

Moody’s Investors Service, Inc.

A2 (Negative)

Standard & Poor’s Rating Services

A (Stable)*Note: The outlooks for the issuer rating and unsecured long-term debt rating by Moody's Investors Service were changed
to negative from stable on January 15, 2009.

10

CONSOLIDATED

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of June 30, 2009)
Kanematsu Bldg.

Chuo-ku, Tokyo

Dec. 2001

16,276

% of
Total
5.4%

Kanematsu Bldg. Annex

Chuo-ku, Tokyo

Dec. 2001

2,874

1.0%

2,800

JPR Ningyo-cho Bldg.

Chuo-ku, Tokyo

Nov. 2001

2,100

0.7%

2,540

Nov. 2001

1,670

0.6%

2,048

Nov. 2002

550

0.2%

877

Nov. 2004

200

0.1%

304

2nd period additional acquisition

Chiyoda-ku, Tokyo

Tokyo CBDs

Office

6th period additional acquisition
Chiyoda-ku, Tokyo

Jun. 2002

4,000

1.3%

3,720

MS Shibaura Bldg.

Minato-ku, Tokyo

Mar. 2003

11,2003.7%

16,000Gotanda First Bldg.

Shinagawa-ku, Tokyo

Fukuoka Bldg.
7th period additional acquisition

RetailOffice

1.0%

2,910

0.6%

2,125

Apr. 2005

1,120

0.4%

1,115

May 2004

5,100

1.7%

5,280

Oval Court Ohsaki Mark West

Shinagawa-ku, Tokyo

Jun. 2004

3,500

1.2%

4,310

Jul. 2004

10,0003.3%

11,000

0.1%

155

3.9%

11,100Shinjuku-ku, Tokyo

Sep. 2008

180

Nov. 2004

2,900

Apr. 2005

8,921

BYGS Shinjuku Bldg.

Shinjuku-ku, Tokyo

Across Shinkawa Bldg. Annex

Chuo-ku, Tokyo

Nov. 2004

710

0.2%

1,030

Shinjuku Center Bldg.

Shinjuku-ku, Tokyo

Mar. 2008

21,0007.0%

15,000Minami Azabu Bldg.

Minato-ku, Tokyo

Jul. 2008

3,760

1.3%

3,070

Shinagawa Canal Bldg.

Minato-ku, Tokyo

Dec. 2008

1,870

0.6%

1,800

JPR Shibuya Tower Records Bldg.

Shibuya-ku, Tokyo

Jun. 2003

12,0004.0%

12,600JPR Daikanyama

Shibuya-ku, Tokyo

Oct. 2004

2,160

0.7%

1,350

JPR Jingumae 432

Shibuya-ku, Tokyo

Mar. 2006

4,460

1.5%

4,300

Shinjuku Sanchome East Bldg.

Shinjuku-ku, Tokyo

0.9%

2,380

Chiyoda-ku, Tokyo

Mar. 2007

540

Apr. 2008

2,200

Aug. 2008

3,400

1.1%

2,750

42.6%
2.0%

124,165
6,620

Nov. 2001

127,4115,880

JPR Chiba Bldg.

Chiba, Chiba

Dec. 2001

2,350

0.8%

1,670

JPR Yokohama Nihon Odori Bldg.

Yokohama, Kanagawa

Nov. 2001

2,927

1.0%

2,550

Shinyokohama 2nd Center Bldg.

Yokohama, Kanagawa

Sep. 2002

920

0.3%

1,190

Kawaguchi Center Bldg.

Kawaguchi, Saitama

Feb. 2004

8,100

2.7%

9,480

JPR Ueno East Bldg.

Taito-ku, Tokyo

Mar. 2004

3,250

1.1%

5,290

Sep. 2005

888

0.3%

1,230

Feb. 2007

2,300

0.8%

2,170

Mar. 2007

5,831

1.9%

6,040

Tachikawa Business Center Bldg.
11th period additional acquisition
Rise Arena Bldg.

Retail

2,920
1,800

Chiyoda-ku, Tokyo

14th period additional acquisition

Sumida-ku, Tokyo

Tachikawa, Tokyo
Toshima-ku, Tokyo

Yume-ooka Office Tower

Yokohama, Kanagawa

Jul. 2007

6,510

2.2%

5,870

Olinas Tower

Sumida-ku, Tokyo

Jun. 2009

31,30010.5%

31,40012,200Tanashi ASTA

Nishitokyo, Tokyo

Nov. 2001

10,200

3.4%

Cupo-la Main Bldg.

Kawaguchi, Saitama

Mar. 2006

2,100

0.7%

2,480

JPR Musashikosugi Bldg.

Kawasaki, Kanagawa

Sep. 2006

7,260

2.4%

6,140

Musashiurawa Shopping Square

Saitama, Saitama

Mar. 2007

4,335

1.4%

3,990

Kawasaki Dice Bldg.

Kawasaki, Kanagawa

Apr. 2007

15,0805.0%

14,664

Niigata, Niigata

Nov. 2001

109,231
2,140

36.5%
0.7%

112,984
2,090

Subtotal
Niigata Ekinan Center Bldg.

OfficeChuo-ku, Tokyo

Jul. 2003
Oct. 2003

JPR Ichigaya Bldg.
Shinjuku Square Tower

Retail

13,600JPR Crest Takebashi Bldg.

Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
Subtotal
Arca East

Greater Tokyo

Appraisal Value(yen in millions)

Acquired

Property Name

Shin-Kojimachi Bldg.

Other Cities

Acquisition Price(yen in millions)

Location

Area TypeTokyo Tatemono Honmachi Bldg.

Osaka, Osaka

Nov. 2001

4,150

1.4%

3,970

JPR Hakata Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,900

1.0%

3,020

JPR Naha Bldg.

Naha, Okinawa

Nov. 2001

1,560

0.5%

1,610

Sompo Japan Sendai Bldg.

Sendai, Miyagi

Jun. 2002

3,150

1.1%

3,680

Sompo Japan Wakayama Bldg.

Wakayama, Wakayama

Jun. 2002

1,670

0.6%

1,830

Tenjin 121 Bldg.

Fukuoka, Fukuoka

Jun. 2002

2,810

0.9%

2,730

JPR Nagoya Sakae Bldg.

Nagoya, Aichi

Sep. 2003

4,550

1.5%

5,380

JPR Dojima Bldg.

Osaka, Osaka

Jan. 2004

2,140

0.7%

2,680

JPR Hakata-chuo Bldg.

Fukuoka, Fukuoka

Jun. 2004

1,920

0.6%

1,860

Mitsubishi UFJ Lease & Finance Nagoya
Head Office Bldg.

Nagoya, Aichi

Mar. 2005

4,137

1.4%

3,440

JPR Umeda Loft Bldg.

Osaka, Osaka

4.3%

15,200

May 2003

8,000

Jul. 2003

5,000

Benetton Shinsaibashi Bldg.

Osaka, OsakaMay 2005

5,430

1.8%

4,650

Housing Design Center Kobe

Kobe, Hyogo

Sep. 2005

7,220

2.4%

6,520

JPR Chayamachi Bldg.

Osaka, Osaka

Aug. 2006

Subtotal
Total

11

6,000

2.0%

4,700

62,77721.0%

63,360299,419100.0%

300,509

CONSOLIDATED

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of June 30, 2009)
Type

OfficeRetailOfficeOther Cities

Greater Tokyo

Greater Tokyo

RetailTokyo CBDs

OfficeArea

Property Name
Kanematsu Bldg.
Kanematsu Bldg. Annex
JPR Ningyo-cho Bldg.
Shin-Kojimachi Bldg.
2nd period additional acquisition
6th period additional acquisition
JPR Crest Takebashi Bldg.
MS Shibaura Bldg.
Gotanda First Bldg.
Fukuoka Bldg.
7th period additional acquisition
JPR Ichigaya Bldg.
Oval Court Ohsaki Mark West
Shinjuku Square Tower
14th period additional acquisition
BYGS Shinjuku Bldg.
Across Shinkawa Bldg. Annex
Shinjuku Center Bldg.
Minami Azabu Bldg. *Shinagawa Canal Bldg.
JPR Shibuya Tower Records Bldg.
JPR Daikanyama
JPR Jingumae 432
Shinjuku Sanchome East Bldg.
Yurakucho Ekimae Bldg. *(Yurakucho Itocia)
Arca East
JPR Chiba Bldg.
JPR Yokohama Nihon Odori Bldg.
Shinyokohama 2nd Center Bldg.
Kawaguchi Center Bldg.
JPR Ueno East Bldg.
Tachikawa Business Center Bldg.
11th period additional acquisition
Rise Arena Bldg.
Yume-ooka Office Tower
Olinas Tower
Tanashi ASTA
Cupo-la Main Bldg. *JPR Musashikosugi Bldg. *Musashiurawa Shopping Square
Kawasaki Dice Bldg.
Niigata Ekinan Center Bldg.
Meiji Yasuda-Life Osaka Umeda Bldg.
Tokyo Tatemono Honmachi Bldg.
JPR Hakata Bldg.
JPR Naha Bldg.
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.
Tenjin 121 Bldg.
JPR Nagoya Sakae Bldg.
JPR Dojima Bldg.
JPR Hakata-chuo Bldg.

RetailMitsuibishi UFJ Lease & Finance
Nagoya Head Office Bldg.
JPR Umeda Loft Bldg.
Strasse Ichibancho
Benetton Shinsaibashi Bldg. *Housing Design Center Kobe *JPR Chayamachi Bldg.
Total

Leasable Area（㎡）
7,994.02
2,291.13
2,791.88
2,105.44
901.36312.533,265.34
14,385.84
4,243.58
1,250.06
687.34
4,212.25
4,088.44
10,982.03
168.74
11,350.62
1,253.39
8,041.63
3,405.73
1,700.57
8,076.85
651.29
1,027.33
2,347.81

Number of
Tenants
8
1
4

22
3
21
1
2
1
4
5
1

Occupancy
Ratio（%）
95.0
100.0
100.0
100.0
100.0
100.0
89.2
99.0
100.0
100.0
100.0
88.3
100.0
93.0
93.0
92.0
84.0
87.1
100.0
48.1
100.0
100.0
100.0
100.0

1,101.92

1

100.0

(注２)

(注２)

7,022.76
5,568.35
6,066.53
2,641.19
15,461.98
6,467.59
1,747.13
2,980.90
6,023.39
12,010.37
23,987.40
31,121.71
5,963.00

5
28
11
12
37
8

1
31
12
1
1

85.3
82.8
94.7
93.8
97.0
91.6
100.0
77.6
100.0
88.9
100.0
100.0
100.0

250,184
128,335
143,642
70,775476,925
196,307
61,871
82,129240,564
334,336
12,971
596,400
(注２)

2.3
1.2
1.3
0.6
4.3
1.8
0.6
0.7
2.2
3.0
0.1
5.4
(注２)

19,740.95

1

100.0

(注２)

(注２)

14,960.69
13,089.96
5,326.89

3
19
10

100.0
98.0
100.0

－
7,210.25
6,581.15
3,947.70
7,141.65
4,874.91
3,281.12
5,461.90
3,941.40
3,331.78

－
9
26
17
15
16
13
20
7
6

－
98.7
96.9
95.9
100.0
96.5
100.0
95.3
79.7
100.0

129,061
479,848
135,015
373,465
245,999
163,071
108,893
205,693
117,738
119,210
225,475
113,674
91,364

1.2
4.4
1.2
3.4
2.2
1.5
1.0
1.9
1.1
1.1
2.0
1.0
0.8

7,123.07

1

100.0

191,107

1.7

18,586.97

1

100.0

－
5,303.98
35,444.13
2,484.39

－
1
1
7

－
100.0
100.0
100.0

402,412160,000

3.6
1.5

（注２）
（注２）
138,999

（注２）
（注２）
1.3

393,532.31

476

96.8

11,030,526

100.0

11
8
8
2
1
8
4
22

18

494,832
108,286
109,791
80,044
32,104
12,551137,018
580,307
139,361
87,356
41,633
167,439
177,498
313,818
4,822
492,437
49,594
512,499(注２)
15,932345,576
44,343
114,184
78,306

% of
Total
4.5
1.0
1.0
0.7
0.3
0.1
1.2
5.3
1.3
0.8
0.4
1.5
1.6
2.8
0.0
4.5
0.4
4.6
(注２)
0.1
3.1
0.4
1.0
0.7

Rental Revenue(yen in thousands)*Note : Buildings leased to a single tenant. JPR was unable to obtain tenants' approval to the disclosure of rental information.

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Japan Prime Realty Investment Corporation

Disclaimer
This document contains a translation of selected information described in the Financial Report (Kessan
Tanshin) dated August 14, 2009 and prepared under the timely disclosure requirements of the Tokyo Stock
Exchange, as well as the Financial Statements and Performance Information Report written pursuant to theInvestment Trust Law of Japan and the Financial Instruments and Exchange Law, for the period from January
1, 2009 to June 30, 2009 of Japan Prime Realty Investment Corporation (JPR).
This English language document was provided solely for the convenience of and reference by non-Japanese
investors and is not intended to constitute a disclosure document. The Japanese language Financial Report,
Financial Statements and Performance Information Report for the aforementioned period should be referred toas the originals of this document. English translations for legal, accounting, tax and business concepts usedherein may not convey precisely identical concepts of the equivalent Japanese terms. The figures presented in
the financial statements and other data including real estate portfolio details may differ from the Company’s
Business Reports due to rounding. With respect to any and all terms herein, including without limitation,
financial statements, if there exist any discrepancies in the meaning or interpretation thereof between theoriginal Japanese documents and English documents contained herein, the original Japanese documents will
govern the meaning and interpretation. Neither JPR, Tokyo Realty Investment Management, Inc. nor any of
their respective directors, officers, employees, partners, shareholders, agents or affiliates will be responsible or
liable for the completeness, appropriateness or accuracy of English translations or the selection of the
portion(s) of any document(s) translated into English. No person has been authorized to give any informationor make any representations other than as contained in this document in relation to the matters set out in thisdocument, and if given or made, such information or representation must not be relied upon as having beenauthorized by JPR, Tokyo Realty Investment Management, Inc. or any of their respective directors, officers,
employees, partners, shareholders, agents or affiliates.
The financial statements of JPR have been prepared in accordance with generally accepted accounting
principles in Japan, which may materially differ in certain respects from generally accepted accounting
principles in other jurisdictions.
Many provisions of this document contain information that constitutes forward-looking statements. These
forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, andvarious factors may cause actual results to differ materially from those in the forward-looking statements.

13

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