19th Fiscal Period Results(January 1, 2011 – June 30, 2011)

August 12, 2011

Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation (JPR)
Tokyo Stock Exchange (Code 8955)
Board of Directors Meeting: August 12, 2011
Payment of Distribution: September 9, 2011 (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Japan Prime Realty Investment Corporation

Performance (January 1, 2011 – June 30, 2011)(1) Business Results(Amounts less than a million yen discarded)(Millions of yen, yen for per unit information / Percentage change from previous fiscal period)

Operating
Revenues% Change

Operating
Income% Change

Ordinary Income% Change

June 30, 2011

11,529(2.9)%

5,603(4.8)%

4,075

0.9%

Dec. 31, 2010

11,870(3.6)%

5,886(9.2)%

4,039(18.6)%(Yen)

Net Income% Change

EPU

Net Income/
NAV

Ordinary Income/
Total Assets

Ordinary Income/Operating Revenues

June 30, 2011

4,010

(0.7)%

5,609

2.3%

1.1%

35.3%

Dec. 31, 2010

4,039

(18.6)%

5,649

2.3%

1.1%

34.0%

Notes: 1. EPU is calculated based on the average number of investment units during the term
Fiscal period ended June 30, 2011: 715,000 units
Fiscal period ended Dec. 31, 2010: 715,000 units
2. Changes in accounting standards: No
3. Net income/NAV and Ordinary Income/Total Assets are calculated based on the average of unitholders’ equity (NAV) and Total Assets as of the
beginning and end of the period(2) Cash Distributions(Millions of yen, yen for DPU)

DPU

Distribution
AmountExceeding Profit
Distribution Per
Unit

Exceeding Profit
Distribution
AmountJune 30, 2011

5,611

4,011

0

0

100.0%

2.3%

Dec. 31, 2010

5,680

4,061

0

0

100.5%

2.3%

Dividend
Payout Ratio

Distribution/
NAV

Notes: 1. Dividend payout ratio is rounded to the nearest tenth.
2. With regard to the cash distributions for the 18th fiscal period, JPR decided to distribute part of the retained earnings brought forward that
had been internally reserved through the 17th fiscal period. As a result, the cash distribution per unit came to 5,680 yen.
3. With regard to the cash distributions for the 19th fiscal period, JPR decided to distribute part of the retained earnings brought forward that
had been internally reserved through the 18th fiscal period. This was conducted with the aim of having the profit distributions deducted as
expenses based on application of the special provision on taxation of investment corporations (Article 67-15 of the Act on Special Measures
Concerning Taxation) and in order to minimize the burden to unitholders incurred by accrual of corporate income tax, etc. As a result, thecash distribution per unit came to 5,611 yen.

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

NAV

NAV Ratio

NAV Per Unit

June 30, 2011

360,004

175,45248.7%

245,387

Dec. 31, 2010

360,904

175,50248.6%

245,458

Reference: Net Assets
Fiscal period ended June 30, 2011: 175,452 millions of yen
Fiscal period ended Dec. 31, 2010: 175,502 millions of yen(4) Cash Flows(Millions of yen)

Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at end of
periodJune 30, 2011

6,125

(498)

（5,200）28,451

Dec. 31, 2010

6,246

(10,354)（2,197）28,0242

Japan Prime Realty Investment Corporation

Forecasts for 20th Fiscal Period Ending December 31, 2011
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

20th Fiscal PeriodEnding Dec. 31, 2011

Operating
Revenues

Operating
IncomeOrdinary
IncomeNet
Income11,694

5,641

4,076

4,075

(excluding exceeding
profit distribution per unit)

Exceeding Profit
Distribution Per
Unit

5,700

－

DPU

Reference: Estimated EPU for the fiscal period: 5,700 yen

The above-mentioned forecasts are based on “Assumptions for the 20th Fiscal Period Forecast (July
1, 2011 – Dec. 31, 2011)” as below. The aforementioned forecasts are based on assumptions andinformation available to management as of August 12, 2011.
As a result, actual operating revenues, operating income, ordinary income, net income, distribution
per unit and exceeding profit distribution per unit will be subject to changes in market conditions.
Accordingly, the forecasts are not a guarantee of any cash distribution amounts.
Assumptions for the 20th Fiscal Period Forecast(July 1, 2011 – Dec. 31, 2011)
Item
PeriodProperty Portfolio

Assumptions
20th fiscal period: July 1, 2011 to December 31, 2011
(investment period: 184 days)• The number of properties held by JPR as of August 12, 2011 is assumed to be
56 properties. Furthermore, the assumed average occupancy rate at end ofmonth is 94.4%.
•In practice, these assumptions may vary due to such events as the acquisition of
additional properties or the sale of existing properties.

Operating Revenues•Operating revenues are calculated in consideration of the market environment,competitiveness of properties, tenant conditions, etc. based on the effective
lease agreements as of the end of the 19th fiscal period.
•It is assumed that there are no delinquencies and defaults in rent payments bytenants.
•Gain and loss on sales of real estate properties is not assumed.

Operating Expenses•Out of real estate rental expenses, which account for a major part of operating
expenses, outsourcing expenses other than depreciation is calculated based on
information as of the 19th fiscal period and by reflecting the variation elementsof expenses based on the past results. Outsourcing expenses are assumed to be
514 million yen.
•Property taxes and city planning taxes indicate the volume to be paid during theperiod out of the levied volume and is assumed to be 1,061 million yen.
Moreover, in general practice property tax and city planning tax levied on
properties acquired are settled after prorating for the period with the previous
owner at the time of acquisition, but JPR includes the amount equivalent to such
settlement in the acquisition costs for the property.
•Repair and maintenance costs forecast to be required during the period isallocated as expenses. However, since there is the possibility that costs forrepairs and maintenances will suddenly occur due to issues that are difficult topredict such as damage to the building and since it is generally an expense thatvaries greatly by year and do not occur periodically and other factors, it mayvary greatly from the assumed expenses for repairs and maintenances for theperiod.

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

Interest-Bearing Debt
Ratio

Total Units
Outstanding•Interest expenses, interest expenses on investment corporation bonds andborrowing expenses, which account for a major part of non-operating expenses,
are assumed to be 1,526 million yen.
•As of August 12, 2011, the interest-bearing loans payable is 160,363 million
yen (short-term debt: 10,000 million yen; current portion of long-term debt:
22,016 million yen; long-term debt: 80,847 million yen; current portion of
investment corporation bonds: 14,000 million yen; and investment corporation
bonds: 33,500 million yen) and interest-bearing debt ratio stands at 48.3%.
• It is assumed that all borrowings whose repayment will arrive during the fiscal
period ending December 31, 2011 will be refinanced, except for scheduled
payment of 358 million yen. The interest-bearing debt ratio is expected to be
48.3% at the end of the fiscal period ending December 2011.
•The following formula is used in calculating the interest-bearing debt ratio in
this table.
Interest-bearing debt ratio =Interest-bearing debt / (Interest-bearing debt + Unitholders’ capital) * 100• The 715,000 investments units outstanding as of June 30, 2011 are assumed.
• As for distribution per unit, it is assumed that all revenues will be distributed
based on the distribution methods provided in the Articles of Incorporation.

Distribution Per Unit

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

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

Others4Japan Prime Realty Investment Corporation

Financial Statements
Balance Sheets (December 31, 2010 and June 30, 2011)
End of 18th Period(Dec. 31, 2010)

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

5('000 Yen)
End of 19th Period% Change(June 30, 2011)

14,090,256
13,934,140
176,154
189,512
23
6,095
28,396,182

14,619,039
13,832,244
209,621
151,521
11
5,354
28,817,793

1.5

49,822,056(5,197,068)
44,624,987
74,986,011(17,357,507)
57,628,504
33,292(4,631)
28,661
105,894(33,789)
72,105560,066(208,192)
351,873
1,388,373(838,152)
550,22136,917(14,704)
22,213103,099(58,562)
44,536103,175,872
120,491,113
16,495
1,699
327,008,283

50,219,520(5,973,016)
44,246,504
75,159,186(18,417,887)
56,741,299
33,292(5,650)27,642
108,762(37,564)
71,198561,538(226,351)
335,187
1,394,406(881,173)
513,232
37,236(17,246)
19,989104,414(65,123)
39,290103,206,385
120,491,113
44,138
3,605
325,739,586(0.4)

4,794,109
4,497
4,798,607

4,794,109
8,405
4,802,514

0.1

49,520501,426
550,946
332,357,836

49,520465,803515,323
331,057,425

(6.5)
(0.4)

150,562
150,562

129,651
129,651(13.9)

360,904,581

360,004,870(0.2)

Japan Prime Realty Investment Corporation

Balance Sheets (December 31, 2010 and June 30, 2011)
End of 18th Period(Dec. 31, 2010)

Item
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term loans payable
Current portion of investment corporation bonds
Accounts payable-otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Provision for loss on disaster
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 retained earnings
Deposits for advanced depreciation
Total voluntary deposits
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

6('000 Yen)
End of 19th Period% Change(June 30, 2011)

1,149,687
10,000,000
24,899,000
8,000,000
550,017332,028605
157,515
1,498,924－
35,00046,622,779

1,509,373
10,000,000
21,116,000
5,000,000
499,538
327,241605
189,967
1,599,028
3,093
35,00040,279,847

42,500,000
78,505,000
7,428,462
10,345,814
138,779,277

42,500,000
84,147,000
7,342,133
10,283,837
144,272,970

4.0

185,402,057

184,552,817(0.5)

171,339,818

171,339,818

73,94673,94673,94673,946

4,088,758

4,038,287

4,162,705
175,502,523

4,112,234
175,452,052

(1.2)
(0.0)

175,502,523

175,452,052(0.0)

360,904,581

360,004,870(0.2)(13.6)

Japan Prime Realty Investment Corporation

Statements of Income and Retained Earnings(Jul. 1, 2010 – Dec. 31, 2010 and Jan. 1, 2011 – June 30, 2011)(‘000 Yen)
Item

18th Fiscal Period(July 1, 2010 –Dec. 31, 2010)

19th Fiscal Period(Jan. 1, 2011 –June 30, 2011)

11,870,005
11,870,005

11,529,624
11,529,624

5,361,037
421,951

5,296,139
415,874

71,06471,0746,600
49,55273,413
5,983,620
5,886,384

6,600
49,30087,1385,926,127
5,603,496

6,576

3,998

－

42,132

6,313
12,8895,847
51,9791,064,789
287,872

981,853
105,648

478,092

469,446

21,90820,911

6,698
1,859,361
4,039,912

2,148
1,580,007
4,075,468－－
4,039,912
605
22
627
4,039,284
49,47364,12264,122
4,011,345
605
11
616
4,010,728
27,558(1.8)(0.7)(44.3)

4,088,758

4,038,287(1.2)

Operating revenue
Rent revenue-real estate
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Administrative service and asset
custody fees
Directors' compensations
Trust fees
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Income on settlement of management
association accounts
Other
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing expenses
Interest expenses on investment
corporation bonds
Amortization of investment
corporation bond issuance costs
Other
Total non-operating expenses
Ordinary income
Extraordinary loss
Loss on disaster
Total extraordinary losses
Income before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings(undisposed loss)

7% Change

(2.9)

(1.0)
(4.8)

303.3

(15.0)
0.9

－
(0.7)

Japan Prime Realty Investment Corporation

Statements of Changed in Net Assets(Jul. 1, 2010 – Dec. 31, 2010 and Jan. 1, 2011 – June 30, 2011)

Unitholders' equity
Unitholders' capital
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Surplus
Voluntary deposits
Balance at the end of previous period
Changes of items during the period
Provision of deposits for advanced depreciation
Total change of items during the period
Balance at the end of current period
Unappropriated retained earnings (undisposed loss)
Balance at the end of previous period
Changes of items during the period
Dividends from surplus
Provision of deposits for advanced depreciation
Net income
Total changes of items during the period
Balance at the end of current period
Total surplus
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Total unitholders' equity
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period

8

18th Fiscal Period(July 1, 2010 –Dec. 31, 2010)(‘000 Yen)
19th Fiscal Period(Jan. 1, 2011 –June 30, 2011)

171,339,818

171,339,818－
171,339,818－
171,339,818－

73,94673,94673,94673,946－－73,946

4,963,970

4,088,758(4,840,550)(73,946)
4,039,284(875,211)
4,088,758(4,061,200)－
4,010,728(50,471)
4,038,287

4,963,970

4,162,705(801,265)
4,162,705(50,471)
4,112,234

176,303,789

175,502,523(801,265)
175,502,523(50,471)
175,452,052

176,303,789

175,502,523(801,265)
175,502,523(50,471)
175,452,052

Japan Prime Realty Investment Corporation

Statements of Cash Flows(Jul. 1, 2010 – Dec. 31, 2010 and Jan. 1, 2011 – June 30, 2011)

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

918th Fiscal Period(‘000 Yen)
19th Fiscal Period(July 1, 2010 –Dec. 31, 2010)(Jan. 1, 2011 –June 30, 2011)

4,039,912
1,929,729
21,908－(6,576)
1,542,882
24,002
3,481
76,076(23,119)
126,498
32,99766,6597,834,452
6,576(1,594,218)(388)
6,246,421

4,011,345
1,912,497
20,911
3,093(3,998)
1,451,299(33,467)
37,990102,120(27,962)
32,452
100,103(29,080)
7,577,304
3,998(1,456,087)
515
6,125,730(10,696,752)(156,846)－(520)(279,071)
1,305,202(852,566)
326,225(10,354,330)(224,162)(160,979)(5,000)－(208,068)
128,448(225,754)
197,310(498,206)

10,000,000(5,000,000)
9,000,000(11,358,000)－(4,839,107)(2,197,107)(6,305,017)
34,329,413
28,024,396－－
17,000,000(15,141,000)(3,000,000)(4,059,636)(5,200,636)
426,887
28,024,396
28,451,284

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 June 30, 2011
Ratings Agency

Corporate Credit Rating (Outlook)

Rating and Investment Information, Inc.

AA－ (Stable)

Moody’s Japan K.K.

A2 (Negative)

Standard & Poor’s Ratings Japan K.K.

A (Stable)ole on January 15,009.

10

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of June 30, 2011)

RetailTokyo CBDs

OfficeArea Type

Property Name

Location

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

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

Shin-Kojimachi Bldg.

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

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

Fukuoka Bldg.

Chuo-ku, Tokyo

JPR Ichigaya Bldg.
Oval Court Ohsaki Mark West

Chiyoda-ku, Tokyo
Shinagawa-ku, Tokyo

Shinjuku Square Tower

Shinjuku-ku, TokyoBYGS Shinjuku Bldg.

Shinjuku-ku, Tokyo

Across Shinkawa Bldg. Annex
Shinjuku Center Bldg.
Minami Azabu Bldg.
Shinagawa Canal Bldg.
Rokubancho Bldg.
JPR Harajuku Bldg.
Tokyo Tatemono Kyobashi Bldg.
JPR Nihonbashi-horidome Bldg.
JPR Sendagaya Bldg.
JPR Shibuya Tower Records Bldg.
JPR Daikanyama
JPR Jingumae 432

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

Shinjuku Sanchome East Bldg.

Shinjuku-ku, Tokyo

Dec. 2001
Dec. 2001
Nov. 2001
Nov. 2001
Nov. 2002
Nov. 2004
Jun. 2002
Mar. 2003
Jul. 2003
Oct. 2003
Apr. 2005
May 2004
Jun. 2004
Jul. 2004
Sep. 2008
Nov. 2004
Apr. 2005
Jul. 2010
Nov. 2004
Mar. 2008
Jul. 2008
Dec. 2008
Dec. 2009
Dec. 2009
Feb. 2010
Mar. 2010
May. 2010
Jun. 2003
Oct. 2004
Mar. 2006
Mar. 2007
Apr. 2008

OfficeTachikawa Business Center Bldg.

Rise Arena Bldg.
Yume-ooka Office Tower
Olinas Tower
Tokyo Tatemono Yokohama Bldg.
Tanashi ASTA
Cupo-la Main Bldg.
JPR Musashikosugi Bldg.
Musashiurawa Shopping Square
Kawasaki Dice Bldg.
Subtotal
Niigata Ekinan Center Bldg.
Tokyo Tatemono Honmachi Bldg.
JPR Hakata Bldg.
JPR Naha Bldg.
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.
Tenjin 121 Bldg.
JPR Dojima Bldg.
JPR Hakata-chuo Bldg.
JPR Nagoya Fushimi Bldg.
OfficeChiyoda-ku, Tokyo
Sumida-ku, Tokyo
Chiba, Chiba
Yokohama, Kanagawa
Yokohama, Kanagawa
Kawaguchi, Saitama
Taito-ku, Tokyo
Tachikawa, Tokyo
Toshima-ku, Tokyo
Yokohama, Kanagawa
Sumida-ku, Tokyo
Yokohama, Kanagawa
Nishitokyo, Tokyo
Kawaguchi, Saitama
Kawasaki, Kanagawa
Saitama, Saitama
Kawasaki, Kanagawa
Niigata, Niigata
Osaka, Osaka
Fukuoka, Fukuoka
Naha, Okinawa
Sendai, Miyagi
Wakayama, Wakayama
Fukuoka, Fukuoka
Osaka, Osaka
Fukuoka, Fukuoka
Nagoya, Aichi

JPR Umeda Loft Bldg.

Osaka, Osaka

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

Osaka, Osaka
Kobe, Hyogo
Osaka, Osaka

RetailOther Cities

RetailGreater Tokyo

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

Total

11

Aug. 2008
Nov. 2001
Dec. 2001
Nov. 2001
Sep. 2002
Feb. 2004
Mar. 2004
Sep. 2005
Feb. 2007
Mar. 2007
Jul. 2007
Jun. 2009
Dec. 2010
Nov. 2001
Mar. 2006
Sep. 2006
Mar. 2007
Apr. 2007
Nov. 2001
Nov. 2001
Nov. 2001
Nov. 2001
Jun. 2002
Jun. 2002
Jun. 2002
Jan. 2004
Jun. 2004
Mar. 2005
May 2003
Jul. 2003
May 2005
Sep. 2005
Aug. 2006

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

% of
Total
4.8
0.8
0.6
0.5
0.2
0.1
1.2
3.3
0.9
0.5
0.3
1.5
1.0
2.9
0.1

10,200
2,260
2,370
1,871
801
278
3,450
14,200
2,780
2,119
1,111
4,780
4,330
8,060
111

% of
Total
3.3
0.7
0.8
0.6
0.3
0.1
1.1
4.5
0.9
0.7
0.4
1.5
1.4
2.6
0.0

15,121

4.4

13,5004.3

710
21,000
3,760
1,870
2,800
8,400
5,250
5,100
15,05012,000
2,160
4,275

0.2
6.1
1.1
0.5
0.8
2.5
1.5
1.5
4.4
3.5
0.6
1.3

829
13,200
2,890
1,740
3,040
7,400
5,110
5,730
10,30012,600
1,300
3,750

0.3
4.2
0.9
0.6
1.0
2.4
1.6
1.8
3.3
4.0
0.4
1.2

2,740

0.8

2,330

0.7

Acquisition Price(yen in millions)Appraisal Value(yen in millions)

3,400

1.0

2,620

0.8

167,126
5,880
2,350
2,927
920
8,100
3,250
888
2,300
5,831
6,510
31,3007,000
10,200
2,100
7,260
4,335
15,080116,231
2,140
4,150
2,900
1,560
3,150
1,670
2,810
2,140
1,920
4,137

48.9
1.7
0.7
0.9
0.3
2.4
1.0
0.3
0.7
1.7
1.9
9.2
2.0
3.0
0.6
2.1
1.3
4.4
34.0
0.6
1.2
0.8
0.5
0.9
0.5
0.8
0.6
0.6
1.2

145,060
5,640
1,550
2,450
790
8,080
4,660
1,050
1,830
5,710
5,550
32,0007,010
12,200
2,480
5,940
3,920
14,664
115,524
2,090
3,170
2,900
1,520
3,310
1,710
2,260
2,180
1,680
2,630

46.3
1.8
0.5
0.8
0.3
2.6
1.5
0.3
0.6
1.8
1.8
10.2
2.2
3.9
0.8
1.9
1.3
4.7
36.9
0.7
1.0
0.9
0.5
1.1
0.5
0.7
0.7
0.5
0.8

13,0003.8

13,900

4.4

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

1.6
2.1
1.8
17.0

4,260
6,450
4,630
52,690

1.4
2.1
1.5
16.8

341,584100.0

313,274

100.0

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of June 30, 2011)
Area Type

Property Name
Kanematsu Bldg.
Kanematsu Bldg. Annex
JPR Ningyo-cho Bldg.
Shin-Kojimachi Bldg.
JPR Crest Takebashi Bldg.
MS Shibaura Bldg.
Gotanda First Bldg.

OfficeOfficeRetailRetailOfficeGreater Tokyo
Greater Tokyo
Other Cities

JPR Ichigaya Bldg.
Oval Court Ohsaki Mark West
Shinjuku Square Tower

RetailTokyo CBDs

Fukuoka Bldg.

BYGS Shinjuku Bldg.
Across Shinkawa Bldg. Annex
Shinjuku Center Bldg.
Minami Azabu Bldg. *Shinagawa Canal Bldg.
Rokubancho Bldg. *JPR Harajuku Bldg.
Tokyo Tatemono Kyobashi Bldg. *JPR Nihonbashi-horidome Bldg.
JPR Sendagaya Bldg.
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.
Rise Arena Bldg.
Yume-ooka Office Tower
Olinas Tower
Tokyo Tatemono Yokohama Bldg.
Tanashi ASTA
Cupo-la Main Bldg. *JPR Musashikosugi Bldg. *Musashiurawa Shopping Square
Kawasaki Dice Bldg.
Niigata Ekinan Center Bldg.
Tokyo Tatemono Honmachi Bldg.
JPR Hakata Bldg.
JPR Naha Bldg.
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.
Tenjin 121 Bldg.
JPR Dojima Bldg.
JPR Hakata-chuo Bldg.
JPR Nagoya Fushimi Bldg.
JPR Umeda Loft Bldg.
Benetton Shinsaibashi Bldg. *Housing Design Center Kobe *JPR Chayamachi Bldg.
Total

313,381
86,54470,36673,455
20,495
12,312130,972
513,295
131,459
87,35638,973
153,058
187,748
218,130
3,351
538,412
43,105457,860(注２)67,363(注２)
243,048(注２)
178,874
127,304
345,576
41,29762,49874,499

% of
Total
2.7
0.8
0.6
0.6
0.2
0.1
1.1
4.5
1.1
0.8
0.3
1.3
1.6
1.9
0.0
4.7
0.4
4.0
(注２)
0.6
(注２)
2.1
(注２)
1.6
1.1
3.0
0.4
0.5
0.6

100.0

(注２)

(注２)

1
34
12
13
1
1
1
3
19
8
10
28
16
12
16
12
8
5
3
1
1
1
7

100.0
84.6
97.2
85.5
82.1
71.8
100.0
96.1
100.0
88.4
98.6
100.0
100.0
100.0
100.0
100.0
98.2
99.3
78.0
98.9
87.0
100.0
96.8
79.4
89.0
100.0
66.6
100.0
100.0
100.0
100.0

258,569
114,724
126,344
50,639404,174
168,553
60,54388,599239,567
315,801
1,153,362
304,889
596,400(注２)(注２)
129,061472,271
132,562
52,737
150,528
91,347
183,486
120,168
91,660107,630
78,61565,472402,411(注２)(注２)
145,268

2.2
1.0
1.1
0.4
3.5
1.5
0.5
0.8
2.1
2.7
10.0
2.6
5.2
(注２)
(注２)
1.1
4.1
1.1
0.5
1.3
0.8
1.6
1.0
0.8
0.9
0.7
0.6
3.5
(注２)
(注２)
1.3

493

94.7

11,529,624

100.0

Number of Occupancy
Tenants
Ratio（%）
7
90.0
1
100.0
3
59.6
100.0
10
67.4
100.0
8
94.9
8
100.0
2
100.0
100.0
1
100.0
9
100.0
3
100.0
83.7
21
83.7
21
85.1
3
80.1
24
90.0
1
100.0
4
100.0
1
100.0
7
88.5
2
100.0
7
100.0
5
94.1
1
100.0
4
100.0
5
89.8
1
100.0

Leasable Area（㎡）
7,994.02
2,291.13
2,796.16
2,107.58
901.36312.533,265.34
14,470.72
4,243.58
1,250.06
687.344,224.96
4,088.44
10,982.03
168.75
15,202.86
1,253.39
8,861.34
3,405.73
1,700.57
2,488.36
4,760.13
3,499.31
5,299.86
6,177.74
8,076.85
651.29
1,027.33
2,347.81

Leased Area（㎡）
7,190.65
2,291.13
1,666.87
2,107.58
607.11
312.533,100.29
14,470.72
4,243.58
1,250.06
687.344,224.96
4,088.44
9,189.70
141.2012,934.27
1,003.80
7,977.18
3,405.73
1,700.57
2,488.36
4,212.16
3,499.31
5,299.86
5,813.42
8,076.85
651.29922.21
2,347.81

1,101.92

1,101.92

1

7,022.76
5,545.03
6,066.53
2,642.38
15,461.98
6,490.05
1,747.13
2,983.91
6,023.39
12,010.37
23,987.40
6,494.09
31,121.71
5,963.00
19,740.95
14,960.69
13,066.69
5,326.88
7,162.60
6,581.15
3,946.41
7,128.81
4,874.91
3,257.73
3,930.21
3,290.42
7,086.37
18,586.97
5,303.98
35,444.13
2,484.39

7,022.76
4,688.46
5,897.88
2,258.68
12,700.64
4,660.99
1,747.13
2,868.55
6,023.39
10,620.52
23,652.51
6,494.09
31,121.71
5,963.00
19,740.95
14,960.69
12,825.79
5,288.20
5,587.31
6,508.85
3,434.54
7,128.81
4,717.33
2,586.61
3,499.05
3,290.42
4,721.30
18,586.97
5,303.98
35,444.13
2,484.39

6
30
13
12
37
5

421,371.51

398,836.53

17

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.

12

Japan Prime Realty Investment Corporation

Disclaimer
This document contains a translation of selected information described in the Financial Report (Kessan
Tanshin) dated August 12, 2011 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, 2011 to June 30, 2011 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