Translation
Japan Prime Realty Investment Corporation
Financial Report for the 36th Fiscal Period Results (July 1, 2019 – December 31, 2019)
February 14, 2020

REIT Securities Issuer:
Japan Prime Realty Investment Corporation
Listing:
Tokyo Stock Exchange
Securities Code:
8955
URL:
http://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:
March 26, 2020
Scheduled date of commencement of distribution payout:
March 10, 2020
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 36th Fiscal Period (July 1, 2019 – December 31, 2019)[Amounts are rounded down to the nearest million yen, except for per unit figures.][% figures represent the increase (decrease) compared with the previous fiscal period](1) Operating Results
For the six months ended

December 31, 2019
June 30, 2019

Operating Revenues
million yen%
16,005(0.6)
16,101
2.9
Net Income per Unit
(EPU)
yen
7,491
7,818

For the six months ended

December 31, 2019
June 30, 2019

Operating Income
million yen
%
7,684
(3.4)
7,954
4.9

Net Income / Net Assets

Ordinary Income
million yen
%
6,915
(4.2)
7,216
6.7

Net Income
million yen
%
6,914
(4.2)
7,216
6.7

Ordinary Income /Total Assets

Ordinary Income /Operating Revenues
%
43.2
44.8

%
2.9
3.0

%
1.5
1.6

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

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution /Net Assets

For the six months ended

yenmillion yen
yenmillion yen
%
%
–
7,493
6,916
–
100.0
2.9
December 31, 2019
–
7,380
6,811
–
94.3
2.9
June 30, 2019
(Note 1) Dividend payout ratio is rounded down to the first decimal place.
(Note 2) The difference between the distribution amount and net income for the six months ended June 30, 2019 is attributable tothe fact that part of the retained earnings (405 million yen) was internally reserved as reserve for reduction entry.

(3) Financial Position
As ofDecember 31, 2019
June 30, 2019

Total Assets
million yen
453,467
452,366

Net Assets
million yen
239,269
239,166

1

Net Assets / Total Assets
%
52.8
52.9

Net Asset Per Unityen259,230
259,118

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period(4) Cash Flows
Cash Flows fromOperating Activities
For the six months ended

Cash Flows from
Investing Activities

million yen
9,383
14,527

December 31, 2019
June 30, 2019

million yen(1,025)(10,555)

Cash Flows from
Financing Activities
million yen(6,849)(2,761)

Cash and Cash
Equivalents
at End of Period
million yen
37,77536,267

2. Forecasts for the 37th Fiscal Period Ending June 30, 2020 (January 1, 2020 – June 30, 2020) and the38th Fiscal Period Ending December 31, 2020 (July 1, 2020 – December 31, 2020)[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
Revenues

Operating
IncomeOrdinary
IncomeNet
IncomeDPU [excluding Exceedingexceeding profit
Profitdistribution per Distribution
unit]
Per Unit%yen
yenmillion yen% million yen% million yen% million yen
37th Fiscal Period
16,439
2.7
7,989
4.0
7,287
5.4
7,286
5.4
7,590
Ending June 30,
2020
38th Fiscal Period
16,797
2.2
8,166
2.2
7,412
1.7
7,411
1.7
7,720
Ending December
31, 2020(Reference) Estimated net income per unit (forecast net income / forecast number of investment units at end of period)
37th fiscal period ending June 30, 2020:
7,590 yen
38th fiscal period ending December 31, 2020:
7,720 yen

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 December 31, 2019:
923,000 units
As of June 30, 2019:
923,000 units(b) Number of treasury units at end of period
As of December 31, 2019:
0 units
As of June 30, 2019:
0 units(Note) With regard to the number of investment units, which serves as the basis for calculating net income per unit, please refer to“Per Unit Information,” on page 22.

* This financial report is not subject to audit procedures by public accountants or audit corporations.
* Special note
The forecasts for the 37th fiscal period ending June 30, 2020 and the 38th fiscal period ending December 31,
2020 are calculated as of February 14, 2020 based on the assumptions described on page 9 of this report. Accordingly,
actual operating revenues, 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 guarantee of the
distribution amount.

This is an English-language translation of original Japanese announcement on our website released on February
14, 2020. 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 36th 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 was listedon the Tokyo Stock Exchange Real Estate Investment Trust Section (securities code: 8955) on June 14,
2002 with 289,600 outstanding investment units. With the subsequently implemented public offeringsand other capital raising measures by JPR, the number of investment units issued and outstanding totals
923,000 units as of the end of the 36th fiscal period (December 31, 2019). 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 officeproperties and retail properties.
As of September 5, 2019, amendments were made to the Articles of Incorporation of JPR and the internal
rules of TRIM (JPR Asset Management Guidelines) in order add hotels to the investment targets of JPR(hereinafter, retail properties and hotels collectively referred to as “retail properties, etc.”).
b) Management Environment
Looking at the Japanese economy in the 36th fiscal period, although corporate earnings remained at ahigh level, exports and production were on a weak note and certain industries took a cautious stance on
the business outlook, with a decrease in corporate earnings in some areas mainly in the manufacturingindustry. Meanwhile, capital investment kept a modest upward trend, and consumer spending showed apickup under the solid employment and income environment. As such, the Japanese economy continued
to witness a moderate recovery. The overseas economy also continued to stay on a mild recovery path,
although political and economic risk factors including trade issues still exist nonetheless and the paceof recovery has somewhat slowed.
The Office Property Leasing Market
The supply and demand conditions in the office property leasing market remained tight as new demand
for such positive development as setting up new offices, expanding the office spaces and moving tobetter locations continued to be strong. The upward trend of the rent levels for new contracts also
continued, although at a moderate pace.
The Retail Property Leasing Market
The need of tenants to open stores remained strong for urban retail properties which JPR targets forinvestment. Consumption by inbound foreign tourists also remained largely stable and the leasing market
for urban retail properties continued to stay in good shape in good locations, such as Ginza, Omotesando
and Shinsaibashi.
The For-Sale Real Estate Market
In the for-sale real estate market, investors remain highly willing to purchase properties while blue-chipproperties, JPR’s investment targets, are in short supply. With low-yield transactions continuing toprevail, the acquisition environment remains harsh. Accordingly, investors continue to look for ways toeffectively acquire properties, such as diversifying the target assets for investment and conducting asset
replacement.
c) Portfolio Management Status
Acquisition of New Properties and Asset Replacement
JPR investigates possible investments mainly in office properties in the Tokyo area, plus retail properties,
etc. and office properties in regional cities, with the primary aim of improving the quality of the portfolio
and achieving stable growth of earnings while giving attention to balancing diversification of theportfolio, both in terms of location and asset type. During the 36th fiscal period, JPR investigatedpossible investments primarily in office properties in the Tokyo area, but no acquisition was closed andcompleted. As of the end of December 31, 2019, the balance of JPR’s assets under management totaled
63 properties, or 439.5 billion yen on an acquisition price basis, with the total leasable floor spacestanding at 480,284m2 and the number of tenants at 760.

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Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

Operational Management of Portfolio
In the office property leasing market in the 36th fiscal period, the vacancy rate stayed at a low level,
given a more advanced improvement in the supply and demand balance in Tokyo and other areas. Under
such circumstances, JPR endeavored to attract new tenants through strategic leasing activities andenhance the satisfaction of existing tenants by keeping close cooperation with property managementcompanies and brokers, with an aim of enhancing earnings from the entire portfolio and improving its
occupancy rate. As a result of these efforts, the occupancy rate at the end of the 36th fiscal period
increased 1.0 points period-on-period to 99.6%.
In terms of property management, based on JPR’s brand concept A/3S (Amenity/Service, Safety and
Save Energy), JPR continued to proactively implement value enhancement works based on tenant needs
with an aim to create spaces where the workers feel satisfaction. As an endeavor to implement energysaving measures, JPR conducted renovation of air-conditioning systems and replacement 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 December 31, 2019, JPR acquired the DBJ Green Building Certification*1 for 16
properties and the CASBEE for Building Certification*2 for 7 properties (including 2 newly certified
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*3 Real Estate Assessment (thesurvey conducted in 2019), marking the sixth consecutive year of recognition with the highest ranking
in the survey. JPR was also granted a higher rank of “5 Stars” in the GRESB Rating, which makes
relative assessment based on total scores.
*1 The DBJ Green Building Certification is a certification system to select superior real estate that meets the demand of the times
by scoring buildings based on the scoring model originally developed by Development Bank of Japan Inc. Its purpose is topromote properties that are environmentally friendly, equipped to mitigate disaster 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 forcomprehensively assessing the environmental performance of buildings. Efforts to develop and popularize the system in Japanare being made under the leadership of the Ministry of Land, Infrastructure, Transport and Tourism.
*3 GRESB, which stands for Global Real Estate Sustainability Benchmark, is a benchmark system for analyzing and evaluating
sustainability of real estate companies, REITs and real estate private placement funds, in terms of environmental friendliness andsocial nature. It is based on surveys conducted by a group of the same name composed of more than 60 organizations worldwide
such as European pension asset managers.

Fund Procurement
JPR is engaged in debt financing with more emphasis placed on lengthening the debt maturity anddiversifying repayment dates, in an effort to make its financial base more solid and stronger against the
backdrop of the favorable fund procurement environment and low interest rates. In the 36th fiscal period,
JPR borrowed 13.0 billion yen (excluding short-term debts) to fund the refinance of interest-bearing
debts that matured during the fiscal period. The average maturity of and the average interest on the newinterest-bearing debts stood at 8.4 years and 0.48%, respectively, in contrast to 6.5 years and 0.93% for
the relevant interest-bearing debts before refinancing.
As of the end of the 36th fiscal period, the balance of interest-bearing debts totaled 185.0 billion yen,with balance of borrowings of 158.5 billion yen and balance of investment corporation bonds of 26.5
billion yen. The ratio of interest-bearing debt to total assets (Note 1) was 40.8%, long-term and fixedinterest-bearing debt ratio (Note 2) was 99.5%, average debt cost (Note 3) was 0.80% and average
maturity (Note 4) was 4.6 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.

4

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

The following represents the issuer ratings for JPR as of the end of the 36th fiscal period.
Details of Corporate Credit Ratings as of December 31, 2019
Credit Rating Agency
Corporate Credit Rating (outlook)
Rating and Investment Information, Inc.
AA− (Stable)
Long-term: A (Stable)
S & P Global Ratings Japan Inc.
Short-term: A−1(Note 1) Ratio of interest-bearing debt to total assets: (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 debt / 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 business daysfor 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 36th 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 revenues of 16,005
million yen, ordinary income of 6,915 million yen and net income of 6,914 million yen for its 36th fiscal
period ended December 31, 2019. With regard to the cash distributions, JPR decided to distribute part of
the retained earnings brought forward that had been internally reserved through the 35th fiscal period,
with the aim of having the profit distributions deducted as expenses based on application of the special
provision on taxation of investment corporations (Article 67-15 of the Act on Special Measures
Concerning Taxation) and in order to minimize the burden to unitholders incurred by accrual of corporate
income tax, etc. As a result, the cash distribution per unit came to 7,493 yen for the 36th fiscal period.
2) Forecast for the Next Fiscal Perioda) Outlook for Management Status
Looking ahead, the Japanese economy is anticipated to recover moderately, given continued
improvements in the employment and income environments and supported by the effects of various
policies. However, attention should be paid to the outcome of trade issues, uncertainty in overseas
economies including the outlook of the Chinese economy and the U.K. leaving the EU, fluctuations in
the financial and capital markets under the influence of the Western monetary policies, and the impactof the consumption tax rate hike conducted in October 2019.
In the office property leasing market, new supply in the 23 wards of Tokyo is expected to increase in
2020. However, as leasing of newly-constructed buildings continues to be strong, the market situationin general is likely to stay in good shape. In this regard, JPR believes it will be able to fully enjoy the
positive impact of the good market situation as it has focused on improving tenant satisfaction throughproactive implementation of value enhancement works and provision of elaborate management services.
When conducting real estate transactions in the for-sale real estate market that continues to appear
overheated, it will become even more important to discern the growth potential in earnings of respective
properties. Considering the situation in which cap rates are decreasing in a low interest rate environment,
it is required to firmly keep the attitude of vigorously selective investment for implementing real estate
investment that assumes possession of properties over the medium to long term.
i) Acquisition of New Properties and Asset Replacement
JPR will continue to make investment focused on the Tokyo office properties, with an aim to improve
the quality of its portfolio and enhance its growth potential and stability over the long term. Given the
briskness in the office property leasing market, the for-sale real estate market sees a decrease in purchasecap rate and expected cap rate levels. Moreover, with properties remaining in short supply, there aredeals closed at prices that have factored in lower cap rates and rent increases. However, JPR will fully
investigate the stability and growth potential of such properties when acquiring them. As for retailproperties, etc., JPR will work to invest in strictly selected blue-chip properties that can keep stablerevenues at a certain level in order to complement the stability of earnings from the entire portfolio. JPR
will strive to acquire new properties under reasonable terms by negotiating prices based on detailed
market studies and property due diligence in considering properties.

5

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

Moreover, JPR will continue to make investment decisions after a proactive collection of information
through such sources as sponsors of TRIM (Tokyo Tatemono Co., Ltd., Yasuda Real Estate Co., Ltd.,
Taisei Corporation, Sompo Japan Nipponkoa Insurance Inc. and Meiji Yasuda Life Insurance Company),
accurately following market trends and carefully researching investment value, including the future
potential of candidate properties.
Furthermore, JPR will also investigate asset replacement in a prudent manner, while taking into
consideration the timing of implementation, in order to improve the quality of its portfolio and enhance
its growth potential over a long term.
ii) Management of Portfolio
JPR will aim to secure stable earnings over a medium to long term by working to prevent move-outs ofexisting tenants, encourage them to expand office spaces in the same buildings and renew contracts withupward revision of rents through endeavors to enhance tenant satisfaction, while continuously inviting
new tenants through strategic leasing activities. Specifically, JPR will conduct management andoperations based on the following policies:- Strengthen coordination with property management companies and respective tenant brokers- Propose leasing terms and conditions on the assumption of a favorable leasing market and promote
rapid decision making- Conduct strategic value enhancement works with intent to improve property earnings and increasetenant satisfaction- Reinforce promotion of energy efficiency as well as responses to business continuity plans andenvironmental friendliness that command high social request- Conduct renovations to enhance energy-saving performance of the properties by utilizing thegovernment’s subsidy programsiii) Fund Procurement
In accordance with its basic policy of implementing conservative financial operations that focus on
stability, JPR will remain engaged in conservative leverage control, targeting to basically keep the ratio
of interest-bearing debt to total assets at up to 50%. In debt financing, JPR will endeavor to further
lengthen the maturity with a focus on stability in an effort to diversify the repayment dates and reduce
the repayment amount for each fiscal period, with an eye on reducing refinancing risks that may arisein accordance with future changes in the financial environment. Moreover, JPR intends to work on fundprocurement through issuance of investment corporation bonds as it aims to diversify fund procurementmeans and sources.
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 set forth by laws and regulations,etc. As a means for implementing voluntary disclosure, JPR is proactively employing its website(http://www.jpr-reit.co.jp/en/) to provide expanded information including monthly occupancy rates ofall properties in the portfolio and historical data, as well as offer information for retail investors anddeliver video presentation on financial results sessions for securities analysts. Going forward, we arecommitted to further enriching the disclosure contents and providing information in a timely manner.

6Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Periodv) Significant Subsequent Events
Issuance of new investment units
JPR resolved at its Board of Directors meeting held on February 14, 2020 to issue new investment units,
as outlined below. The issue price (offer price) and other conditions will be determined at the Board of
Directors meetings to be held later.
[Issuance of new investment units through public offering (primary offering)]
Number of new investment units to be issued: 35,250 units
Payment date:
Any day from March 3, 2020 to March 6, 2020
[Issuance of new investment units through third-party allotment]
Number of new investment units to be issued (maximum): 1,750 units
Allottee:Mizuho Securities Co., Ltd.
Payment date:
March 24, 2020
The new investment units to be issued through third-party allotment may not be subscribed for in partor in whole and, as a result, the final number of units to be issued through third-party allotment may
be reduced to the same extent, or the issuance itself may be cancelled, through forfeiture.
<Reference Information>
Property Acquisition
After the settlement date, JPR acquired a property and concluded a purchase agreement to acquire
another property, as described below.
<Minami Semba Bldg.>
Property overview
Location:
Type of ownership:

11-28 Minamisemba 4-chome, Chuo-ku, Osaka
Land: Ownership
Building: Ownership
Site area:
1,405.74m2
Total floor space:
7,738.47m2
Structure/floors:
SRC with flat roof, B1/8F
Completed:
September 1986
Number of tenants;
13
Total leasable floor space: 5,695.71m2
Total leased floor space: 5,692.56m2
Occupancy rate:
99.9%
Transaction terms and conditions
Purchase price:
3,750 million yen
Asset type:
Beneficiary interest
Contract date:
January 28, 2020
Acquisition date:
January 30, 2020
(Note) Number of tenants, total leasable floor space, total leased floor space and occupancy rate indicate the figures
as of the acquisition date.

<Sencity Bldg.>
Property overview
Location:
Type of ownership:

1000, Shinmachi, Chuo-ku, Chiba-shi, Chiba, etc.
Land: Ownership (co-ownership: 11.1%)
Building: Sectional ownership
Site area:
20,054.15m2 (equivalent to co-ownership interest: 2,226.85m2）
Total floor space:
158,663.55m2(floor space of the co-ownership to be acquired:13,290.06m2）
Structure/floors:
S/SRC with flat roof, B2/23F
Completed:
April 1993
Number of tenants;
71
Total leasable floor space: 13,212.98m2
Total leased floor space: 13,097.22m2
Occupancy rate:
99.1%
7

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

Transaction terms and conditions
Purchase price:
13,870 million yen
Asset type:
Real estate
Contract date:February 14, 2020
Planned acquisition date: March 27, 2020
(Note 1) Number of tenants, total leasable floor space, total leased floor space and occupancy rate indicate the figures
as of the contract date.
(Note 2) Number of tenants indicates the number of the sublessees to whom Taisei-Yuraku Real Estate Co., Ltd., thelessee, will sublease. Furthermore, JPR will lease the sections to be acquired on the lower floors (from the
1st basement floor to the 4th floor) and the upper floors (from the 5th floor to the 23rd floor) of the property
to Taisei-Yuraku Real Estate Co., Ltd.in a lump sum, and Taisei-Yuraku Real Estate Co., Ltd. will sublease
the sections to be subleased to sublessees.
(Note 3) Total leasable floor space and total leased floor space indicates the planned figures on the subleaseagreement regarding the office and store portions.

b) Outlook for Management Status (Operating Results)
JPR expects the following management status in the 37th fiscal period (from January 1, 2020 to June30, 2020) and the 38th fiscal period (from July 1, 2020 to December 31, 2020).
Operating revenues
Operating income
Ordinary income
Net income
Distribution per unit
Exceeding profit
distribution per unit

37th Fiscal Period
16,439 million yen
7,989 million yen
7,287 million yen
7,286 million yen
7,590 yen

38th Fiscal Period
16,797 million yen
8,166 million yen
7,412 million yen
7,411 million yen
7,720 yen

– yen

– yen

For the assumptions underlying this outlook for management status, please refer to “Assumptions forthe 37th fiscal period (from January 1, 2020 to June 30, 2020) and the 38th fiscal period (from July 1,2020 to December 31, 2020)” shown below.
(Note) The forecast figures above are the current forecasts calculated based on certain assumptions. Accordingly, the actual operating
revenues, operating income, ordinary income, net income, distribution per unit and exceeding profit distribution per unit mayvary due to changes in the circumstances. Moreover, the forecast above should not be construed as a guarantee of the distribution
amount.

8Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

Assumptions for the 37th fiscal period (from January 1, 2020 to June 30, 2020) andthe 38th fiscal period (from July 1, 2020 to December 31, 2020)
Item

Assumptions
37th fiscal period: from January 1, 2020 to June 30, 2020 (investment period: 182 days)
Period38th fiscal period: from July 1, 2020 to December 31, 2020 (investment period: 184 days)
・In addition to the 64 properties held by JPR as of February 14, 2020, it is assumed that JPR will
acquire Sencity Bldg. scheduled for March 27, 2020.
Property Portfolio
・In practice, this assumption may vary due to such events as acquisition of additional properties
or sale of existing properties.
・Real estate rental revenues are calculated on the basis of the lease contracts effective as ofDecember 31, 2019, with consideration given to such factors as the market environment andstatus of negotiations with tenants, as well as taking into account the impact of certain tenantOperatingmove-ins and move-outs, among other factors. JPR also assumes that rents will be paid on time
Revenues
and that no tenants will fail or decline to pay rents.
・The assumed period-average occupancy rate at end of month is 99.5% for the 37th fiscal period
and 99.2% for the 38th 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 620 million yen for the
37th fiscal period and 633 million yen for the 38th fiscal period.
・For property taxes and city planning taxes, the amount attributed to the relevant fiscal period is
calculated out of the levied tax amount, and is assumed to be 2,400 million yen for the 37th fiscal
period and 2,393 million yen for the 38th fiscal period. In general practice, the property taxes andcity planning taxes levied on properties acquired are settled after prorating for the period with theprevious owner at the time of acquisition, but JPR includes the amount equivalent to such settlementin the acquisition costs for the properties. Accordingly, the property taxes and city planning taxes
on Minami Semba Bldg. and Sencity Bldg. that JPR acquired or will acquire in the 37th fiscal
period will be appropriated in the 39th fiscal period ending June 2021 and thereafter (assumed
to be 31 million yen for the fiscal period). Furthermore, the property taxes and city planningtaxes on Shinagawa Canal Bldg. (additional ownership), JPR Kojimachi Bldg. and FUNDES
Operating
Ueno that JPR acquired in the 35th fiscal period will be appropriated in the 37th fiscal period
Expenses
and thereafter (assumed to be 18 million yen for both the 37th fiscal period and the 38th fiscal
period).
・For expenditures for the repair and maintenance of buildings, the amount expected to be requiredin each of the fiscal periods has been recorded. However, the expenditures for repair andmaintenance 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 2,035 million yen for the 37th fiscal period and2,100 million yen for the 38th 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 912 million
yen for the 37th fiscal period and 930 million yen for the 38th fiscal period.
・
As for major non-operating income, JPR assumes income on settlement of management
Non-Operating
associationaccounts to be 51 million yen for the 37th fiscal period and 3 million yen for the 38th
Incomefiscal period.
・As for major non-operating expenses, JPR assumes 746 million yen for the 37th fiscal period
and 743 million yen for the 38th fiscal period for interest paid, fees related to loan arrangement,interest expenses on investment corporation bonds and amortization of investment corporation
Non-Operatingbond issuance costs, etc.
Expenses
・The expenses for the issuance of new investment units, for which payment is scheduled for March
2020, are assumed to be 44 million yen, and JPR assumes 4 million yen for the 37th fiscal period
and 7 million yen for the 38th fiscal period, respectively, for the amortization of the investment
unit issuance expenses.
・The ratio of interest-bearing debt to total assets as of February 14, 2020 stands at 41.3%, withinterest-bearing debts of 189,020 million yen (comprised of 162,520 million yen in long-termloans payable and 26,500 million yen in investment corporation bonds).
・It is assumed that proceeds from the issuance of new investment units through public offeringand third-party allotment, for which payment is scheduled for March 2020, will be used to fundInterest-Bearing
the acquisition of Sencity Bldg. and partial repayment of borrowings (2,000 million yen).
Debt Ratio
・ It is assumed that, other than the repayment mentioned above, all borrowings for which
repayment will arrive during the 37th and 38th fiscal periods will be refinanced.
・Due to the above, the ratio of interest-bearing debt to total assets is assumed to be 39.5% at theend of the 37th fiscal period and 39.5% at the end of the 38th fiscal period.
・The following formula is used in calculating the ratio of interest-bearing debt to total assets in
9

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

Item

Assumptions
this table.
Ratio of interest-bearing debt to total assets =Expected total interest-bearing debt / Expected total assets x 100
・The ratio of interest-bearing debt to total assets may vary depending on the number and purchaseprice of the new investment units to be issued.
・The total number of investment units issued and outstanding is assumed to be 960,000 units,comprising 923,000 units issued and outstanding as of February 14, 2020 and 37,000 units,
Total Units
which is the maximum number of the new investment units to be issued through public offering
Outstanding(35,250 units) and third-party allotment (maximum 1,750 units).
・Other than the above, it is assumed that no additional investment units will be issued by the endof the 38th fiscal period.
・ 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 ・Thereis the possibility that the distribution per unit may vary due to various factors including
Unitvariation of rental revenue due to transfer of assets under management and tenants moving out,
and unpredicted repairs and maintenance.
Exceeding Profit
Distribution Per ・Distribution of monies exceeding the profit is currently not assumed.
Unit
・It is assumed that there will be no changes in legislation, taxation, accounting standards,
regulations applying to publicly listed companies, rules and requirements imposed by the
OthersInvestment Trusts Association, Japan that will impact the aforementioned forecast.
・It is also assumed that there will be no unexpected material changes in general economic andreal estate market conditions.

10Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

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

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

Investment unit issuance expenses
Total deferred assets
Total assets

11

End of 35th Fiscal
PeriodEnd of 36th Fiscal
Period(Jun. 30, 2019)(Dec. 31, 2019)¥23,484,645
12,782,464
385,838
138,878
11,95936,803,787¥25,016,928
12,758,578
246,507
159,405
15,19838,196,618

59,982,967(18,061,478)
41,921,489
92,611,962(34,475,696)
58,136,265
58,409(25,144)
33,264
144,695(85,434)
59,260799,611(520,489)
279,122
1,875,622(1,408,464)
467,158
101,869(58,744)
43,124
222,723(161,023)
61,699113,047,999
189,014,043
383
247
403,064,057

60,602,042(18,920,510)
41,681,532
93,481,011(35,522,474)
57,958,537
58,409(26,812)31,597
146,650(88,531)
58,118
821,773(542,077)
279,696
1,919,756(1,435,893)
483,862
129,582(64,452)
65,129232,578(169,599)
62,979113,060,949
189,014,043
2,413
2,035
402,700,894

11,801,831
4,352
11,806,183

11,801,831
3,962
11,805,793

544,858
38,413
583,271415,453,512

590,776
43,220633,997
415,140,685

101,0448,256
109,301¥452,366,601

129,512917
130,429¥453,467,733

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period(Thousands of Yen)

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
Other
Total current liabilities
Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total noncurrent liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary reserve
Reserve for reduction entry
Total voluntary reserve
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

12

End of 35th Fiscal
PeriodEnd of 36th Fiscal
Period(Jun. 30, 2019)(Dec. 31, 2019)¥2,771,354
2,000,000
18,000,000
4,000,000
739,135
70,252605
130,292
2,860,847
43,77530,616,261¥3,379,730
1,000,000
21,000,000–
669,920
81,175605
381,254
3,022,445
5,033
29,540,165

21,500,000
139,520,000
8,098,431
13,465,138
182,583,569
213,199,831

26,500,000
136,520,000
8,049,652
13,588,304
184,657,957
214,198,122

231,653,198

231,653,198

284,356
284,356

689,444689,4447,229,214

6,926,967

7,513,570
239,166,769
239,166,769¥452,366,601

7,616,411
239,269,610
239,269,610¥453,467,733

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period(2) Statements of Income and Retained Earnings(Thousands of Yen)

Operating revenue
Rent revenue-real estate
Gain on sale of real estate
Total operating revenue
Operating expenses
Expenses related to rent business
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 bond issuancecosts
Amortization of investment unit issuance expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes-current
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

13

35th Fiscal
Period36th Fiscal
Period(Jan. 1, 2019 –Jun. 30, 2019)(Jul. 1, 2019 –Dec. 31, 2019)¥15,695,954
405,791
16,101,745¥16,005,870–
16,005,870

7,349,926
574,894
79,0486,600
24,790112,068
8,147,328
7,954,417

7,538,619
569,134
79,051
5,066
23,752
105,262
8,320,887
7,684,983

182

189

59,246

4,357

11,2392,096
72,766

1,527
1,639
7,713

593,661
32,040166,407556,344
27,753
174,899

10,835

10,9537,219
191
810,355
7,216,828
7,216,828
605
605
7,216,223
12,991¥7,229,214

7,339
221
777,510
6,915,185
6,915,185
605
605
6,914,580
12,386¥6,926,967

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period(3) Statements of Changes in Unitholders’ Equity(Thousands of Yen)

35th Fiscal
Period(Jan. 1, 2019 –Jun. 30, 2019)
Unitholders' equity
Unitholders' capital
Balance at beginning of current period
Changes of items during the period
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
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
Provision of reserve for reduction entry
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period

1436th Fiscal
Period(Jul. 1, 2019 –Dec. 31, 2019)¥231,653,198¥231,653,198–
231,653,198–
231,653,198

284,356

284,356–
284,356

405,088405,088689,4446,774,889

7,229,214(6,761,898)
7,216,223
454,325
7,229,214(405,088)(6,811,740)
6,914,580(302,247)
6,926,967

7,059,245

7,513,570(6,761,898)
7,216,223
454,325
7,513,570–(6,811,740)
6,914,580
102,840
7,616,411

238,712,444

239,166,769(6,761,898)
7,216,223
454,325
239,166,769–(6,811,740)
6,914,580
102,840239,269,610

238,712,444

239,166,769(6,761,898)
7,216,223
454,325¥239,166,769–(6,811,740)
6,914,580
102,840¥239,269,610

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period(4) Statements of Cash Distributions

I.
II.

Unappropriated retained earnings
Distribution amount(Distribution amount per unit)
III. Voluntary reserve
Provision of reserve for reduction entry
IV. Retained earnings carried forward
Method for calculating distribution amount35th Fiscal Period(Jan. 1, 2019 – Jun. 30, 2019)
7,229,214,642 yen
6,811,740,000 yen(7,380 yen)
405,088,162 yen
12,386,480 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 6,811,740,000 yen, whichis the largest integral multiple of thetotal number of investment units
issued and outstanding (923,000 units)from the balance of unappropriatedretained earnings after deducting theprovision of reserve for reduction
entry pursuant to Article 66-2 of the
Act on Special Measures Concerning
Taxation, while minimizing theburden to unitholders incurred by
accrual of corporate income tax, etc.
Furthermore, JPR shall not distributecash in excess of earnings as stipulated
in Article 30 (4) of the Articles ofIncorporation.

15

36th Fiscal Period(Jul. 1, 2019 – Dec. 31, 2019)
6,926,967,425 yen
6,916,039,000 yen(7,493 yen)–
10,928,425 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 6,916,039,000 yen, whichis the largest integral multiple of thetotal number of investment units
issued and outstanding (923,000 units)
in an amount not in excess ofunappropriated retained earnings
while minimizing the burden tounitholders incurred by accrual of
corporateincometax,
etc.
Furthermore, JPR shall not distributecash in excess of earnings as stipulated
in Article 30 (4) of the Articles ofIncorporation.

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period(5) Statements of Cash Flows(Thousands of Yen)

35th Fiscal
Period(Jan. 1, 2019 –Jun. 30, 2019)
Net 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 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 from sale of property, plant and equipment
Decrease from sale of intangible assets
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets
Payments of lease and guarantee deposits
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
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
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 current period
Cash and cash equivalents at end of current period

16

36th Fiscal
Period(Jul. 1, 2019 –Dec. 31, 2019)¥7,216,828
1,965,898
10,8357,219(182)760,069(93,912)
15,734
111,534
70,167(132,073)
34,4732,020,668
3,251,290
55,016
15,293,568
182(765,902)(605)
14,527,242¥6,915,185
1,974,265
10,9537,339(189)
731,243
139,330(20,526)
76,706(69,756)
250,962
161,598––(72,891)
10,104,222
189(720,320)(606)
9,383,485(9,804,326)(759,308)(365,875)(49,857)(484,149)
647,991(431,553)
691,979(10,555,099)(429,256)(649,786)–(45,918)(206,466)
157,687(239,597)
387,903(1,025,434)

2,000,000–
11,100,000(9,100,000)––(6,761,902)(2,761,902)
1,210,240
35,056,869¥36,267,109

4,000,000(5,000,000)
8,000,000(8,000,000)
4,960,579(4,000,000)(6,810,234)(6,849,654)
1,508,397
36,267,109¥37,775,506

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period(6) Notes to the Going Concern Assumption
No relevant items.
(7) Notes to Significant Accounting Policies
The disclosure is omitted as there are no significant changes from the descriptions in the latest securities
report (submitted on September 26, 2019).
(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 35th Fiscal Period(as of June 30, 2019)¥24,000,000–¥24,000,000(Thousands of yen)
End of 36th Fiscal Period(as of December 31, 2019)¥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 35th Fiscal Period(as of June 30, 2019)¥50,000

17(Thousands of yen)
End of 36th Fiscal Period(as of December 31, 2019)¥50,000

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

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

35th Fiscal Period(January 1, 2019 –June 30, 2019)36th Fiscal Period(July 1, 2019 –December 31, 2019)

A. Rent Revenue-Real Estate
Rent Revenue
Rents¥11,131,988¥11,372,402

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

1,726,749
1,591,893
266,789
75,46525,761
39,276

1,774,000
1,567,002
262,373
36,467
26,17643,384

Subtotal
Other rental revenues
Incidental rent income

14,857,925

15,081,806

683,694

799,897

Time-based parking fees

8,711

8,286

Cancellation charges

46,466

21,686

Income equivalent to expenses forrestoration to original condition

71,16462,445

Other miscellaneous income

27,992

31,748Subtotal

838,028924,063

15,695,954

16,005,870¥593,100
782,428
2,349,569
24,690578,869
293,791
569,179
1,965,736
192,562¥609,389
866,496
2,335,893
25,316
610,360
299,229
570,509
1,973,941
247,482

7,349,926

7,538,619

8,346,027

8,467,251

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
Total expenses related to rent business
C. Profits for Rent Business (A-B)

2. Breakdown of Gain/Loss on Sale of Real Estate
35th fiscal period (January 1, 2019 – June 30, 2019)(Thousands of yen)

Tokyo Tatemono Kyobashi Bldg.
Proceeds from sale of real estate¥ 5,800,000

Cost of sale of real estate
Other expenses related to sale

5,271,959
122,248

Gain on sale of real estate

405,791

36th fiscal period (July 1, 2019 - December 31, 2019)
No relevant items.

18

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

Notes to Statements of Changes in Unitholders’ Equity
35th Fiscal Period(January 1, 2019 – June 30, 2019)
Total number of authorizedunits and number of units
outstanding
Total number of authorizedunits
Number of units outstanding

36th Fiscal Period(July 1, 2019 – December 31, 2019)

5,000,000 units

5,000,000 units

923,000 units

923,000 units

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
The fair value of financial instruments, aside from values based on market price includes values based onreasonable calculations when there is no market price. Certain assumptions are used in calculating thosevalues and there may be cases where the values will vary when different assumptions are used.
2. Matters Concerning Fair Value, etc. of Financial Instruments
The following are the carrying values and fair values as of June 30, 2019 of financial instruments, and thedifference between these amounts. Please note that the following table does not include those for which
discerning of fair value is recognized to be extremely difficult (please refer to Note 3).
(Thousands of yen)

1) Cash and deposits
2) Cash and deposits in trust3) Short-term loans payable4) Current portion of long-term loans payable5) Current portion of investment corporation bonds
6) Investment corporation bonds7) Long-term loans payable

Carrying Value(Note 1)
¥23,484,645
12,782,464(2,000,000)(18,000,000)

Fair Value(Note 1)
¥23,484,645
12,782,464(2,000,000)(18,079,700)(4,000,000)(4,010,073)

Difference¥–––
79,70010,073(21,500,000)(23,073,405)

1,573,405(¥139,520,000)(¥142,182,670)¥2,662,670

19

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

The following are the carrying values and fair values as of December 31, 2019 of financial instruments, and thedifference between these amounts. Please note the following table does not include those for which discerningof fair value is recognized to be extremely difficult (please refer to Note 3).
(Thousands of yen)

1) Cash and deposits
2) Cash and deposits in trust3) Short-term loans payable

Carrying Value(Note 1)¥25,016,928
12,758,578(1,000,000)

Fair Value(Note 1)¥25,016,928
12,758,578(1,000,000)(21,000,000)(21,091,412)

4) Current portion of long-term loans payable5) Current portion of investment corporation bonds¥–––
91,412–––(26,500,000)(27,732,745)

1,232,745(¥136,520,000)(¥138,243,341)¥1,723,341

6) Investment corporation bonds7) Long-term loans payable

Difference(Note 1) Liabilities are shown in parentheses.
(Note 2) Method of calculation of fair value of financial instruments(1) Cash and deposits, and (2) Cash and deposits in trust
As these financial instruments are settled within a short period of time, the fair value is approximately the same as the carrying value
and is thus stated at that carrying value.
(3) Short-term loans payable
As these financial instruments are settled within a short period of time and have floating interest rates, the estimated fair value isapproximately the same as the book value and is thus stated at that book value.
(4) Current portion of long-term loans payable and (7) 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.
(5) Current portion of investment corporation bonds, and (6) 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 (4) and (7) above.
(Note 3) Financial instruments for which discerning of fair value is recognized to be extremely difficult.
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust that are deposited by lessees of lease rental
properties are not subject to disclosure of fair value because reasonable estimation of cash flows is recognized to be extremely difficult
since there is no market price and also since it is difficult to calculate the actual deposit period from when lessees move in to when they
move out. The following is the carrying value of tenant leasehold and security deposits and tenant leasehold and security deposits in trust.

Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust

End of 35th Fiscal Period(as of June 30, 2019)¥8,098,431¥13,465,138(Thousands of yen)
End of 36th Fiscal Period(as of December 31, 2019)¥8,049,652¥13,588,304(Note 4) Scheduled redemption of monetary claims to be due subsequent to June 30, 2019 and December 31, 2019

End of 35th Fiscal Period (as of June 30, 2019)(Thousands of yen)
Due after
Due after
Due in One Year One Year
Two Years
or Less
throughthrough
Two Years Three Years
Cash and deposits
Cash and deposits in trust¥23,484,645¥12,782,464

¥–
¥–

¥–
¥–

Due afterThree Years
through
Four Years

Due after
Four Years
throughFive Years

Due after
Five Years

¥–
¥–

¥–
¥–

¥–
¥–

End of 36th Fiscal Period (as of December 31, 2019)
Due in One
Year or Less
Cash and deposits
Cash and deposits in trust¥25,016,928¥12,758,578

Due after
One Yearthrough
Two Years¥–¥–

Due after
Due after
Two Years Three Years
throughthroughThree Years Four Years
¥–
¥–
¥–
¥–

20

(Thousands of yen)
Due after
Due after
Four Years
Five Years
throughFive Years
¥–
¥–
¥–
¥–

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period(Note 5) Amount of repayment of short-term loans payable and long-term loans payable or redemption of investment corporation
bonds to be due subsequent to June 30, 2019 and December 31, 2019

End of 35th Fiscal Period (as of June 30, 2019)

Short-term loans
payableInvestment
corporation bonds
Long-term loans
payableDue 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

¥–

¥–

¥–

¥4,000,000¥–¥–¥18,000,000¥20,820,000¥20,500,000(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years¥–¥–¥2,000,000¥5,000,000¥14,500,000¥16,000,000¥17,000,000¥65,200,000(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

End of 36th Fiscal Period (as of December 31, 2019)

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

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years¥1,000,000

¥–

¥–

¥–

¥–

¥–

¥–

¥–

¥–

¥2,000,000¥8,000,000¥16,500,000¥21,000,000¥19,820,000¥18,500,000¥21,000,000¥15,000,000¥62,200,000

Investment and Rental Properties
JPR owns office properties (urban commercial facilities), retail properties (urban retail properties) and urban
complex 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)
35th Fiscal Period
36th Fiscal Period(January 1, 2019 – June 30, 2019) (July 1, 2019 – December 31, 2019)
Carrying Value on the Balance Sheets
Balance at Beginning of Period¥410,964,607¥414,867,157

Amount of Increase(Decrease) during the Period¥3,902,549(¥364,493)¥414,867,157¥414,502,663¥509,065,000¥522,660,000

Balance at End of 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) Of the amount of change during the 35th fiscal period, the amount of increase is primarily attributable to the additional acquisition of
Shinagawa Canal Bldg. (179,872 thousand yen), and the acquisition of JPR Kojimachi Bldg. (5,813,591 thousand yen) and FUNDES
Ueno (3,822,914 thousand yen), and the amount of decrease is primarily attributable to the sale of Tokyo Tatemono Kyobashi Bldg.
(5,271,959 thousand yen) and depreciation (1,965,736 thousand yen). Of the amount of change during the 36th fiscal period, the amountof decrease is primarily attributable to depreciation (1,973,941 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 35th and 36th fiscal periods for investment and rental properties are as presented in the“Notes to Statements of Income and Retained Earnings.”

21

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

Per Unit Information(Yen)
35th Fiscal Period(January 1, 2019 – June 30, 2019)36th Fiscal Period(July 1, 2019 – December 31, 2019)¥259,118¥7,818¥259,230¥7,491

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 current fiscal
period.
Diluted net income per unit has not been presented since no warrants and convertible bonds are outstanding.
(Note 2) Net income per unit was calculated based on the following data.

(Thousands of yen)
35th Fiscal Period(January 1, 2019 – June 30, 2019)36th Fiscal Period(July 1, 2019 – December 31, 2019)¥7,216,223–¥7,216,223
923,000 units¥6,914,580–¥6,914,580
923,000 units

Net income
Amounts not attributable to ordinary unitholders
Net income attributable to ordinary investment units

Average number of units

Subsequent Events
Issuance of new investment units
JPR resolved at its Board of Directors meeting held on February 14, 2020 to issue new investment units, as
outlined below. The issue price (offer price) and other conditions will be determined at the Board of Directors
meetings to be held later.
[Issuance of new investment units through public offering (primary offering)]
Number of new investment units to be issued: 35,250 units
Payment date:
Any day from March 3, 2020 to March 6, 2020
[Issuance of new investment units through third-party allotment]
Number of new investment units to be issued (maximum): 1,750 units
Allottee:Mizuho Securities Co., Ltd.
Payment date:
March 24, 2020
The new investment units to be issued through third-party allotment may not be subscribed for in part or inwhole and, as a result, the final number of units to be issued through third-party allotment may be reduced tothe same extent, or the issuance itself may be cancelled, through forfeiture.
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 Fiscal Period
Results report.

22

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period(9) Changes in Investment Units Issued and Outstanding
There was no change in the number of units outstanding and unitholders’ capital in the 36th fiscal period. Thechanges 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

June 16, 2015

Additional public offering

45,700870,700

17,472

209,516(Note 1)

June 24, 2015

Third-party allotment

2,300

873,000

879

210,395(Note 2)January 24, 2017

Additional public offering

47,600920,600

20,237

230,632(Note 3)February 14, 2017

Third-party allotment

2,400

923,000

1,020

231,653(Note 4)(Note 1) New investment units were issued through a public offering at 394,875 yen per unit (underwriting price of 382,320 yen per unit)
to repay debt, etc.
(Note 2) New investment units were issued through a third-party allotment at 382,320 yen per unit to repay debt, etc.
(Note 3) New investment units were issued through a public offering at 439,040 yen per unit (underwriting price of 425,152 yen per unit)
to fund acquisition of new specified assets and partly repay debt.
(Note 4) New investment units were issued through a third-party allotment at 425,152 yen per unit to fund acquisition of new specified
assets and partly repay debt.

3. Reference Information(1) JPR’s Asset Structure
Asset Type35th Fiscal Period(as of June 30, 2019)
Category of
Investment Area Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)

36th Fiscal Period(as of December 31, 2019)
Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)

Central Tokyo

86,948,130

19.2

86,968,578

19.2

Greater Tokyo

60,045,976

13.3

59,930,822

13.2

Other Cities

20,133,415

4.5

20,024,036

4.4

Central Tokyo

156,029,941

34.5

155,925,261

34.4

Greater Tokyo

50,070,401

11.1

49,886,624

11.0

Other Cities

41,639,292

9.2

41,767,339

9.2

Deposits and Other
Assets–37,499,443
(–)

8.3
(–)

38,965,069
(–)

8.6
(–)

Total Assets–

452,366,601(414,867,157)

100.0(91.7)

453,467,733(414,502,663)

100.0(91.4)

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.

23

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period(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 36th 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.
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.
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,
SRC: Steel-framed reinforced concrete

24

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

Area

Type

Property Name
Kanematsu Bldg.
Kanematsu Bldg. Annex
JPR Ningyo-cho Bldg.
Shin-Kojimachi Bldg.
JPR Crest Takebashi Bldg.
MS Shibaura Bldg.
Gotanda First Bldg.
JPR Ichigaya Bldg.
Oval Court Osaki MarkWest

Kyobashi 2-chome, Chuo-ku,
TokyoKyobashi 2-chome, Chuo-ku,
Tokyo
Ningyocho 1-chome, Chuo-ku,
TokyoKojimachi 4-chome, Chiyoda-ku,
Tokyo
Kanda-Nishikicho 3-chome,
Chiyoda-ku, Tokyo
Shibaura 4-chome Minato-ku,
TokyoNishi-Gotanda 2-chome,
Shinagawa-ku, Tokyo

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

Kudan-Minami 4-chome, Chiyodaku, Tokyo

1,058.04

5,888.82

SRC
B1/9F

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

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

Konan 2-chome, Minato-ku, Tokyo

828.82

5,216.21

Rokubancho Bldg.

Rokubancho, Chiyoda-ku, Tokyo

716.95

4,205.09

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

1,205.07

6,466.94

937.597,190.82

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)

Otemachi 1-chome, Chiyoda-ku,
Tokyo

11,034.78––

Science Plaza-Yonbancho
Plaza

Yonbancho, Chiyoda-ku, Tokyo

5,289.01

24,560.36

1,915.50

11,419.93

8,124.72

112,645.83

JPR Kojimachi Bldg.
(Note)

Shibadaimon 1-chome, Minato-ku,
TokyoKyobashi 3-chome, Chuo-ku,
TokyoKojimachi 5-chome, Chiyoda-ku,
Tokyo

643.134,438.46

S,SRC, RC
B2/12F
S, SRC
B1/10F
S, SRC
B4/24FS
B1/9F

JPR Shibuya Tower
Records Bldg.

Jinnan 1-chome, Shibuya-ku,
Tokyo

1,010.47

8,449.56

SRC, S
B3/8F

Across Shinkawa Bldg.
Annex

OfficeStructure/
Completed
FloorsS, RC, SRC
Feb. 1993
B2/13F
SRC
Feb. 1993
B1/8F
SRC, RC
Dec. 1989
B1/8F
SRC
Oct. 1984
B1/9F
SRC
Sep. 1999
B1/9F
SRC, RC, S
Feb. 1988
B2/13F
SRC, RC
Jul. 1989
B2/11F

Shinagawa Canal Bldg.

BYGS Shinjuku Bldg.

Shinjuku Center Bldg.
Minami Azabu Bldg.

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

Shibadaimon Center Bldg.
Tokyo Square Garden

Mar. 1989
Jun. 2001
Oct. 1994
Apr. 1985
Jun. 1994
Oct. 1979
Jun. 1992
Jul. 2008
Oct. 1991
Mar. 1989
Jun. 2002
May 2009
Oct. 1982–
Feb. 1995
Jul. 1993
Feb. 2013
Feb. 1999
Feb. 1992

Jingumae 4-chome, Shibuya-ku,
TokyoShinjuku 3-chome, Shinjuku-ku,
Tokyo
Yurakucho 2-chome, Chiyoda-ku,
Tokyo

198.101,066.81

2,578.69

24,617.65

6,808.12

71,957.65

S, SRC
B1/7F
S, SRC, RC
B3/14F
S, SRC
B4/20FJPR Ginza Namiki-dori
Bldg.

Ginza 5-chome, Chuo-ku, Tokyo

230.11

1,821.67

S
11F

Jun. 2008

FUNDES Suidobashi

Kanda Misakicho 2-chome,
Chiyoda-ku, Tokyo

281.591,477.91

S
9F

Jul. 2015

JPR Jingumae 432

Retail, etc.

Total Floor
Space (m2)

S, SRC
B2/17F
S, RC, SRC
B4/30F
SRC
B2/14F
S, SRC
B2/10F
SRC, RC, S
B5/54F
S
9F
S
B1/8F
SRC
B3/7F
SRC
B1/9F
S, RC
B1/9F
S
8F
SRC
B2/9F

Shinjuku Square Tower

Central Tokyo

Site Area(m2)

Location

Shinjuku Sanchome East
Bldg.
Yurakucho Ekimae Bldg.
(Yurakucho Itocia)(Note) The property was renamed from KY Kojimachi Bldg. to JPR Kojimachi Bldg. as of January 1, 2020.

25

Feb. 2006
Jan. 2007
Oct. 2007

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

Area

Type

Location

Site Area(m2)

Total Floor
Space (m2)Arca East

Kinshi 3-chome, Sumida-ku, Tokyo

3,755.01

34,281.86

JPR Chiba Bldg.

Shinmachi, Chuo-ku, Chiba, Chiba

1,382.35

9,072.57

Structure/
FloorsS, SRC
B3/19F
S, SRC
B1/13FJPR Yokohama Nihon
Odori Bldg.
Shinyokohama 2nd Center
Bldg.

Nihon-Odori, Naka-ku, Yokohama,
Kanagawa
Shinyokohama 3-chome, Kohokuku, Yokohama, Kanagawa
Honcho 4-chome, Kawaguchi,
SaitamaMatsugaya 1-chome, Taito-ku,
Tokyo
Akebonocho 2-chome, Tachikawa,
Tokyo
Higashi-Ikebukuro 4-chome,
Toshima-ku, Tokyo
Kamiooka Nishi 1-chome, Konanku, Yokohama, Kanagawa

1,100.59

9,146.52

SRC B1/11F

841.71

7,781.93

4,524.61

28,420.85

1,242.97

8,490.44

2,047.22

14,706.36

9,377.28

91,280.94

12,011.00

185,974.87

Olinas Tower

Taihei 4-chome, Sumida-ku, Tokyo

27,335.29

257,842.41

Tokyo Tatemono
Yokohama Bldg.

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

1,110.28

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

12,326.30

80,675.27

SRC B2/17F

15,008.28

48,321.96

4,757.09

18,394.32

8,317.99

28,930.36

4,475.45

36,902.01

Property Name

OfficeKawaguchi Center Bldg.
JPR Ueno East Bldg.
Tachikawa BusinessCenter Bldg.

Greater Tokyo

Rise Arena Bldg.
Yume-ooka Office Tower

Omiya Prime East
Tanashi ASTA

Retail, etc.

Cupo-la Main Bldg.
JPR Musashikosugi Bldg.
Musashiurawa Shopping
SquareKawasaki Dice Bldg.

Office9,828.73

Matsuyama 1-chome, Naha,
Okinawa
Tsutsujigaoka 3-chome, Miyaginoku, Sendai, Miyagi
Misonocho 3-chome, Wakayama,
Wakayama
Tenjin 1-chome, Chuo-ku, Fukuoka,
Fukuoka
Sonezaki-Shinchi 2-chome, Kita-ku,
Osaka, Osaka
Sakae 1-chome, Naka-ku, Nagoya,
Aichi
Yakuin 1-chome, Chuo-ku,
Fukuoka, Fukuoka

959.875,780.71

1,895.67

10,783.52

SRC B1/12F

1,128.45

6,715.07

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

Ueno 7-chome, Taito-ku, Tokyo

383.742,235.60

Niigata Ekinan Center
Bldg.
Tokyo Tatemono
Honmachi Bldg.

Yoneyama 1-chome, Chuo-ku,
Niigata, Niigata
Honmachi 3-chome, Chuo-ku,
Osaka, Osaka

2,706.99

19,950.42

1,432.64

14,619.52

JPR Naha Bldg.
Sompo Japan Sendai
Bldg.
Sompo Japan Wakayama
Bldg.
Tenjin 121 Bldg.
JPR Dojima Bldg.
JPR Nagoya Fushimi
Bldg.
Yakuin Business Garden

Retail, etc.

1,214.63

FUNDES Ueno

JPR Hakata Bldg.

Other Cities

Hakataeki-mae 1-chome, Hakataku, Fukuoka, Fukuoka

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
B3/9F(Office)S, RC
B1/12F(Parking)
S 1F
SRC, S
12F

JPR Shinsaibashi Bldg.

Minami-Senba 4-chome, Chuo-ku,
Osaka, Osaka

609.315,303.98

S
B2/10FJPR Umeda Loft Bldg.

Chayamachi, Kita-ku, Osaka, Osaka

3,518.68

17,897.56

Housing Design Center
Kobe

Higashi-Kawasakicho 1-chome,
Chuo-ku, Kobe, Hyogo

3,994.47

33,877.71

JPR Chayamachi Bldg.

Chayamachi, Kita-ku, Osaka, Osaka

592.45

3,219.36

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

26

Completed
Mar. 1997
Jan. 1991
Oct. 1989
Aug. 1991
Feb. 1994
Oct. 1992
Dec. 1994
Jan. 2007
Mar. 1997
Feb. 2006
May 1981
Feb. 2009
Feb. 1995
Jan. 2006
Mar. 1983
Oct. 2005
Aug. 2003
Jul. 2017
Mar. 1996
Feb. 1970(Office)Jun. 1985(Parking)
Nov. 2003
Expanded
Oct. 1991
Dec. 1997
Jul. 1996
Jul. 2000
Oct. 1993
Mar. 1991
Jan. 2009
Feb. 2003
Jan. 2005
Expanded
Apr. 1990
Jun. 1994
Jun. 1994

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

2) Price and Investment Ratio
・“Acquisition Price” is the deal price (rounded down to the nearest million yen) described in the realestate transaction contracts or trust beneficiary interest transfer contracts, and does not include
expenses related to acquisitions 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 thenearest million yen.
Japan Real Estate InstituteTanizawa Sogo Appraisal Co., Ltd.
CBRE KK
Daiwa Real Estate Appraisal Co.,
Ltd.

Japan Valuers Co., Ltd.

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., 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, Tokyo Tatemono Yokohama
Bldg., Omiya Prime East, Cupo-la Main Bldg., FUNDES Ueno, Tokyo
Tatemono Honmachi Bldg., Sompo Japan Sendai Bldg., Sompo Japan
Wakayama Bldg., Tenjin 121 Bldg., JPR Dojima Bldg., Yakuin Business
GardenJPR Jingumae 432, Kawasaki Dice Bldg., Niigata Ekinan Center Bldg., JPR
Hakata 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.

・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 Value at End of Period of the properties owned by JPR at end of the 36th fiscal period,
indicated in a percentage rounded to the first decimal place.

27

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

Acquisition Price
Area

Type

Property Name

Dec. 27, 2001

16,276

3.7

15,200

2.9

Kanematsu Bldg. Annex

Dec. 27, 2001

2,874

0.7

3,570

0.7

JPR Ningyo-cho Bldg.

Nov. 16, 2001

2,100

0.5

2,890

0.6

Nov. 16, 2001

1,670

Nov. 21, 2002

550

0.6

4,190

0.8

Nov. 12, 2004

200

JPR Crest Takebashi Bldg.

Jun. 21, 2002

4,000

0.9

3,740

0.7

MS Shibaura Bldg.

Mar. 28, 2003

11,2002.5

14,9002.9

Gotanda First Bldg.

Jul. 23, 2003

2,920

0.7

3,780

0.7

JPR Ichigaya Bldg.

May 28, 2004

5,100

1.2

4,970

1.0

Oval Court Ohsaki Mark West

Jun. 1, 2004

3,500

0.8

5,450

1.0

3.4

14,9002.9

3.4

21,600

4.1

Shinjuku Square Tower

OfficeJul. 2, 2004

10,000Sep. 26, 2008
Mar. 25, 2015
Oct. 21, 2015

180
4,000
786

Nov. 9, 2004

2,900

Apr. 12, 2005

8,921

Jul. 13, 2010

3,300

Across Shinkawa Bldg. Annex

Nov. 26, 2004

710

0.2

790

0.2

Shinjuku Center Bldg.

Mar. 27, 2008

21,0004.8

17,3003.3

Minami Azabu Bldg.

Jul. 14, 2008

3,760

0.9

2,910

0.6

Dec. 19, 2008

1,870

Mar. 8, 2019

171

0.5

2,360

0.5

Rokubancho Bldg.

Dec. 2, 2009

2,800

0.6

3,650

0.7

JPR Harajuku Bldg.

Dec. 25, 2009

8,400

1.9

11,5002.2

JPR Nihonbashi-horidome Bldg.

Mar. 31, 2010

5,100

1.2

6,840

1.3

JPR Sendagaya Bldg.

May 31, 2010

15,050

3.4

12,1002.3

Ginza Sanwa Bldg.

Aug. 29, 2011

3,400

0.8

3,770

0.7

Otemachi Tower (Land with
Leasehold Interest)

Mar. 13, 2012

36,0008.2

51,9009.9

Science Plaza-Yonbancho Plaza

Dec. 6, 2013

2,660

0.6

3,300

0.6

Dec. 6, 2013

3,420

Jul. 30, 2014

800

1.0

6,170

1.2

Feb. 1, 2017

9,200

Apr. 4, 2017

9,200

4.2

21,7004.2

Jun. 27, 2019

5,750

1.3

6,410

1.2

Jun. 30, 2003

12,0002.7

13,8002.6

Mar. 24, 2006

4,275

1.0

4,230

0.8

Mar. 14, 2007

540

Apr. 24, 2008

2,200

0.6

2,800

0.5

Aug. 27, 2008

3,400

0.8

3,240

0.6

Dec. 15, 2016
Dec. 15, 2016

10,1003,250
245,533

2.3
0.7
55.9

11,1003,570
284,630

2.1
0.7
54.5

BYGS Shinjuku Bldg.

Shinagawa Canal Bldg.

Shibadaimon Center Bldg.
Tokyo Square Garden
JPR Kojimachi Bldg.
JPR Shibuya Tower Records
Bldg.
JPR Jingumae 432

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)(%)

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

JPR Ginza Namiki-dori Bldg.
FUNDES Suidobashi
Subtotal of Central Tokyo

28

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

Acquisition Price
Area

Type

Property Name

OfficeRetail, etc.
Office(million yen)

(%)

5,880

1.3

6,880

1.3

JPR Chiba Bldg.
JPR Yokohama Nihon Odori
Bldg.

Dec. 13, 2001

2,350

0.5

1,810

0.3

Nov. 16, 2001

2,927

0.7

2,360

0.5

Sep. 25, 2002

920

Mar. 28, 2013

570

0.3

2,310

0.4

Kawaguchi Center Bldg.

Feb. 13, 2004

8,100

1.8

9,740

1.9

JPR Ueno East Bldg.

Mar. 1, 2004

3,250

0.7

5,380

1.0

Sep. 30, 2005

888

Feb. 28, 2007

2,300

0.7

4,470

0.9

Rise Arena Bldg.

Mar. 22, 2007

5,831

1.3

9,520

1.8

Yume-ooka Office Tower

Jul. 10, 2007

6,510

1.5

7,040

1.3

Olinas Tower
Tokyo Tatemono Yokohama
Bldg.
Omiya Prime East

Jun. 29, 2009

31,3007.1

40,0007.7

Dec. 27, 2010

7,000

1.6

9,580

1.8

Mar. 22, 2013

6,090

1.4

9,430

1.8

Tanashi ASTA

Nov. 16, 2001

10,2002.3

12,5002.4

Cupo-la Main Bldg.

Mar. 31, 2006

2,100

0.5

2,970

0.6

JPR Musashikosugi Bldg.

Sep. 28, 2006

7,254

1.7

5,680

1.1

Musashiurawa Shopping Square

Mar. 19, 2007

4,335

1.0

4,350

0.8

Kawasaki Dice Bldg.

Apr. 12, 2007

15,0803.4

16,300

3.1

FUNDES Ueno

Jun. 27, 2019

3,800

0.9

4,000

0.8

Tachikawa Business Center Bldg.

Retail, etc.

Investment
Ratio

Nov. 16, 2001

126,68528.8

154,320

29.5

Niigata Ekinan Center Bldg.
Tokyo Tatemono Honmachi
Bldg.
JPR Hakata Bldg.

Nov. 16, 2001

2,140

0.5

2,270

0.4

Nov. 16, 2001

4,150

0.9

3,620

0.7

Nov. 16, 2001

2,900

0.7

3,920

0.8

JPR Naha Bldg.

Nov. 16, 2001

1,560

0.4

2,130

0.4

Sompo Japan Sendai Bldg.

Jun. 26, 2002

3,150

0.7

4,620

0.9

Sompo Japan Wakayama Bldg.

Jun. 26, 2002

1,670

0.4

1,660

0.3

Tenjin 121 Bldg.

Jun. 21, 2002

2,810

0.6

3,400

0.7

JPR Dojima Bldg.

Jan. 23, 2004

2,140

0.5

3,530

0.7

JPR Nagoya Fushimi Bldg.

Mar. 22, 2005

4,137

0.9

3,400

0.7

Yakuin Business Garden

Aug. 8, 2012

10,996

2.5

20,0003.8

JPR Shinsaibashi Bldg.

May 30, 2005

5,430

1.2

4,690

0.9

8,000
5,000
7,220

3.0

14,400

2.8

Housing Design Center Kobe

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

1.6

7,570

1.4

JPR Chayamachi Bldg.

Aug. 30, 2006

Subtotal of Greater Tokyo

Other Cities

Price

Arca East

Shinyokohama 2nd Center Bldg.

Greater Tokyo

Acquisition Date

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

JPR Umeda Loft Bldg.

Subtotal of Other Cities
Total

29

6,000

1.4

8,500

1.6

67,303

15.3

83,71016.0

439,521100.0

522,660

100.0

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th 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 36th fiscal period for JPR-owned real estate and entrusted real estate regarding beneficiary interests inreal estate. Furthermore, the planned construction expenses include portions that are classified as expenses
in accounting.
Planned Amount(million yen)
Property Name

Location

Gotanda First Bldg.

Shinagawa-ku,
Tokyo

JPR Naha Bldg.

Naha, Okinawa

JPR Nihonbashihoridome Bldg.

Chuo-ku, Tokyo

JPR Naha Bldg.

JPR Ichigaya Bldg.

PurposeReplacement of toilets, etc.
on 1st basement floor and6th through 11th floors
3rd through 4th phases of
replacement of toilets andhot-water supply rooms

Schedule

Payment
Amountduring the
Total Value
Already
36th fiscal
PaidperiodNov. 2019 –Jun. 2020

128

–

–

Jan. 2020 –Sep. 2020

111

–

–

2nd phase of replacementof air conditioning units

Jan. 2020 –May 2020

93––

Naha, Okinawa

Repair of exterior walls androoftop

Jan. 2020 –Jun. 2020

90

–

–

Chiyoda-ku, Tokyo

Replacement of toilets on
2nd through 7th floors

Jan. 2020 –Jun. 2020

89

–

–

Apr. 2020 –Jun. 2020

88

–

–

Mar. 2020 –Jun. 2020

46

–

–

Mar. 2020 –Jun. 2020

46

–

–

Jan. 2020 –Mar. 2020

43

–

–

Apr. 2020 –Jun. 2020

41

–

–

Oct. 2019 –Mar. 2020

41

–

–

Mar. 2020 –Apr. 2020

35

–

–

Feb. 2020 –Mar. 2020

31

–

–

Tokyo Tatemono
Honmachi Bldg.

Osaka, Osaka

BYGS Shinjuku
Bldg.

Shinjuku-ku, Tokyo

Yakuin Business
GardenFukuoka, Fukuoka

Niigata Ekinan
Center Bldg.

Niigata, Niigata

Tokyo Tatemono
Honmachi Bldg.

Osaka, Osaka

Kawaguchi Center
Bldg.

Kawaguchi, Saitama

BYGS Shinjuku
Bldg.

Shinjuku-ku, Tokyo

Arca East

Sumida-ku, Tokyo

Replacement of distribution
boards and replacement oflighting equipment with
LED lamps on 4th and 9th
floorsReplacement of ceilings incommon areas on 3rd
through 12th floors
Renovation of smoking
rooms to comply with the
Health Promotion Act
Replacement of lighting
equipment with LED lamps
on 5th through 10th floors
Installation of variable air
volume system for air
conditioning units on 4th
and 9th floors
6th phase of replacement of
air conditioning units
Renovation of the entrance
hall on 1st floor (ceiling,walls and replacement oflighting equipment with
LED lamps)
Replacement of powerreceiving and transforming
facilities

30

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period2) Capital Expenditures during the 36th Fiscal Period
The following are the capital expenditure amounts JPR invested in real estate and entrusted real estate
during the 36th 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 aim of attracting new tenants, among other works. In addition, aside from these constructions,
JPR conducted construction of 625 million yen (Note), which was appropriated as expenditures for repair
and maintenance.
Property Name

Location

Purpose

PeriodConstruction
Expenses(million yen)

JPR Musashikosugi Bldg.

Kawasaki,Kanagawa

Repair of exterior walls

Aug. 2019 –Dec. 2019244

JPR Nihonbashi-horidome
Bldg.

Chuo-ku, Tokyo

1st phase of replacement of air
conditioning units

Sep. 2019 –Dec. 2019102

Kawaguchi Center Bldg.

Kawaguchi,
Saitama

5th phase of replacement of air
conditioning units

Apr. 2019 –Sep. 201984

Tokyo Tatemono
Honmachi Bldg.

Osaka, Osaka

Replacement of air conditioningunits

May 2019 –Dec. 201975

JPR Naha Bldg.

Naha, Okinawa

2nd phase of replacement of toilets
and hot-water supply rooms

Jun. 2019 –Dec. 201966

Rokubancho Bldg.

Chiyoda-ku,
Tokyo

Repair of exterior walls

Jul. 2019 –Dec. 201960

JPR Umeda Loft Bldg.

Osaka, Osaka

3rd phase of replacement ofescalators

Sep. 2019 –Oct. 201945

BYGS Shinjuku Bldg.

Shinjuku-ku,
Tokyo

Replacement of central monitoring
facilities

Jun. 2019 –Dec. 201938

Other capital expenditures

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

864
1,582

(Note) Expenditures for repair and maintenance included 15 million yen of construction management fees paid to construction managementcompanies as well as the amounts for repair and maintenance constructions themselves.

31

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th 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 36th fiscal period.
<Property Name: Otemachi Tower (Land with Leasehold Interest)>
Total Number of Tenants
Rental Revenues (Note 1)
Percentage to Total Rental Revenues (Note 2)
Total Leased Floor Space (Note 3)
Total Leasable Floor Space (Note 3)
Changes in Occupancy Rate in Last 5 years (Note 2)

2
1,774,000 thousand yen
11.1%
11,034.78m2
11,034.78m2
December 31, 2019100.0%

June 30, 2019100.0%

December 31, 2018

100.0%

June 30, 2018

100.0%

December 31, 2017100.0%

June 30, 2017100.0%

December 31, 2016

100.0%

June 30, 2016

100.0%

December 31, 2015

100.0%

June 30, 2015
100.0%(Note 1) Rental revenues represent the property’s operating revenues for the 36th fiscal period, rounded down to
the nearest thousand yen.
(Note 2) The figure has been rounded to the first decimal place.
(Note 3) The total leased floor space and total leasable floor space are those as of the end of the 36th fiscal period(December 31, 2019).

32

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period(5) Information Concerning Tenants
1) Overview of Lease Status by JPR as a Whole
No. of Properties
June 30, 2015
December 31, 2015

Total No. of
Tenants

62
62

Total Leasable Floor Space

Occupancy Rate

647

475,007.79m2

96.7%

650

476,352.67m2

97.4%
98.1%

June 30, 2016

62

661

476,345.81m2

December 31, 2016

63

679

477,249.40m2

98.6%

June 30, 2017

62

730

477,972.54m2

98.0%

745

478,169.25m2

98.5%
98.8%

December 31, 201762

June 30, 2018

62

747

478,117.02m2

December 31, 2018

62

747

478,088.25m2

99.2%

June 30, 2019

63

757

480,277.86m2

98.6%

760

480,277.01m2

99.5%
99.5%

July 31, 201963

August 31, 2019

63

759

480,276.39m2

September 30, 2019

63

758

480,276.39m2

99.5%

October 31, 2019

63

758

480,276.38m2

99.3%

November 30, 2019

63

759

480,284.17m2

99.5%

760

480,284.17m2

99.6%

December 31, 201963

(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 36th fiscal period, as well as the total rental income for the 36th fiscal period.
Total Number of Tenants

760

Total Leased Floor Space

478,158.20m2

Total Leasable Floor Space

480,284.17m2

Total Rental Income

16,005,870 thousand yen

33

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period2) Overview of Lease Status for Respective Properties
36th Fiscal Period (July 1, 2019 – December 31, 2019)
Type

OfficeGreater Tokyo

Retail, etc.

Central Tokyo

OfficeArea

Property Name

Information on Period End Floor Space, Etc.
Total Leasable
Total Leased
No. ofOccupancy
Floor Space
Floor Space
Tenants
Rate (%)
2
2
(m )
(m )
(Note 1)

Rental Revenues(thousands of
yen)

Ratio

Kanematsu Bldg.

8,090.42

8,090.42

11

100.0

393,386

2.5

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

94,767

0.6

Shin-Kojimachi Bldg.

3,319.37

3,319.37

17

100.0

116,015

0.7

JPR Crest Takebashi Bldg.

3,265.34

3,265.34

8

100.0

112,713

0.7

MS Shibaura Bldg.

14,468.38

14,468.38

10

100.0

468,0882.9

Gotanda First Bldg.

4,241.22

4,241.222

100.0

136,917

0.9

JPR Ichigaya Bldg.
Oval Court Ohsaki MarkWest
Shinjuku Square Tower

4,240.37

4,240.37

10

100.0

152,4211.0

4,088.44

4,088.442

100.0

195,075

1.2

19,266.38

19,266.38

23

100.0

413,294

2.6

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

15,227.80

15,170.47

23

99.6

615,851

3.8

1,253.39

1,253.39

4

100.0

37,3080.2

8,865.71

8,687.73

34

98.0

518,147

3.2

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

74,6430.5

Rokubancho Bldg.

2,488.36

2,488.361

100.0(Note 2)

(Note 2)

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

4,761.51

4,761.519

100.0

299,995

1.9

5,299.88

5,299.88

5

100.0

192,169

1.2

6,177.74

6,177.747

100.0

293,019

1.8

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

1,896.69

1,896.699

100.0

120,945

0.8

11,034.78

11,034.78

2

100.0

1,774,000

11.1

3,325.29

3,184.61

23

95.8

113,9310.7

5,401.46

5,401.46

9

100.0

188,793

1.2

Tokyo Square Garden

5,971.73

5,971.73

46

100.0

402,309

2.5

JPR Kojimachi 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

3,338.06

6

95.5

161,357

1.0

8,076.85

8,076.851

100.0(Note 2)

(Note 2)

1,027.33

1,027.33

7

100.0

88,7570.6

2,347.81

2,347.811

100.0(Note 2)

(Note 2)

1,101.92

1,101.921

100.0(Note 2)

(Note 2)

1,665.79

1,665.799

100.0

209,279

1.3

1,367.56

1,367.56

6

100.0

101,776

0.6

Arca East

7,022.76

7,022.76

6

100.0

265,311

1.7

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

5,539.12

5,333.81

38

96.3

136,176

0.9

6,079.74

6,079.74

18

100.0

129,3370.8

5,284.75

5,186.75

20

98.1

107,607

0.7

15,503.27

15,072.64

42

97.2

445,8112.8

6,454.84

6,454.84

10

100.0

179,147

1.1

4,588.89

4,498.65

24

98.0

153,076

1.0

JPR Ueno East Bldg.
Tachikawa Business Center
Bldg.

34

Office
Retail, etc.

Other Cities

Retail, etc.

Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period(Note 2)

(Note 2)100.0

338,295

2.1

100.0

1,029,072

6.4

22

100.0

302,6881.9

6,871.45

4

100.0

280,519

1.8

31,121.71

1

100.0

(Note 2)

(Note 2)

Rise Arena Bldg.

6,023.39

6,023.39

1

100.0

Yume-ooka Office Tower

12,000.08

12,000.08

40

Olinas Tower
Tokyo Tatemono
Yokohama Bldg.
Omiya Prime East

23,987.40

23,987.40

16

6,493.99

6,493.99

6,871.45

Tanashi ASTA

31,121.71

Cupo-la Main Bldg.

5,963.00

5,963.001

100.0(Note 2)

(Note 2)

JPR Musashikosugi Bldg.
Musashiurawa Shopping
SquareKawasaki Dice Bldg.

19,740.95

19,740.95

1

100.0

(Note 2)

(Note 2)

14,960.69

14,960.69

3

100.0

127,0410.8

12,070.15

12,018.91

29

99.6

517,330

3.2

FUNDES Ueno
Niigata Ekinan Center
Bldg.
Tokyo Tatemono
Honmachi Bldg.
JPR Hakata Bldg.

1,989.66

1,989.66

10

100.0

124,1340.8

5,327.50

5,327.50

10

100.0

124,8850.8

7,150.22

6,751.46

8

94.4

154,159

1.0

6,577.26

6,577.26

43

100.0

168,793

1.1

JPR Naha Bldg.

3,944.98

3,944.98

21

100.0

106,0390.7

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

7,129.14

6,990.52

14

98.1

189,277

1.2

4,876.71

4,792.13

15

98.3

108,2070.7

3,257.72

3,202.53

15

98.3

120,3210.8

JPR Dojima Bldg.

3,918.28

3,918.28

12

100.0

133,943

0.8

JPR Nagoya Fushimi Bldg.

7,086.37

7,054.195

99.5

154,321

1.0

Yakuin Business Garden

16,654.33

16,644.71

15

99.9

545,285

3.4

JPR Shinsaibashi Bldg.

4,021.53

4,021.53

10

100.0

131,698

0.8(Note 2)JPR Umeda Loft Bldg.
Housing Design Center
Kobe
JPR Chayamachi Bldg.
Total

18,586.97

18,586.97

1

100.0

(Note 2)35,444.13

35,444.13

1

100.0

(Note 2)

(Note 2)

2,478.42

2,478.425

100.0

171,1541.1

480,284.17

478,158.20

760

99.6

16,005,870

100.0(Note 1) The number of tenants at end of period is counted as follows except for Shinjuku Square Tower, Shinjuku Center Bldg., and Residential part of
Science Plaza-Yonbancho Plaza, Tokyo Square Garden, Rise Arena 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, the tenant is counted in plural.
The tenants of Shinjuku Square Tower, Shinjuku Center Bldg., Residential part of Science Plaza-Yonbancho Plaza, Tokyo Square Garden, Rise Arena
Bldg. and Kawasaki Dice Bldg. have sublet space to sublessees and lease agreements have been executed where the rent paid by the tenants fluctuatesin accordance with the lease conditions of the sublessees and thus the numbers of sublessees have been entered as the numbers of tenants.
(Note 2) JPR does not disclose the rental revenues and their ratio of the properties due to inevitable reasons, as JPR has not been able to obtain consent fromthe tenants or co-owners, etc. as to disclosure of rental revenues, etc.

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Japan Prime Realty Investment Corporation (8955) Financial Report for 36th Fiscal Period

3) Ten Largest Tenants
The following table shows the ten largest tenants in terms of leased floor space as of December 31, 2019.

Rank

TenantProperty Name

Leased Floor Space Percentage to Total
at End of Period Leased Floor Space(m2)
at End of Period(Note 1)
(Note 2)

1

Tokyo Tatemono Co., Ltd

Shinjuku Square Tower
Shinjuku Center Bldg.
Tokyo Square Garden
Olinas Tower
Kawasaki Dice Bldg.
Tokyo Tatemono Honmachi Bldg.

2

ABC Development Corporation

Housing Design Center Kobe

35,444.13

7.4%

3

Seiyu GK

Tanashi ASTA

31,121.71

6.5%

4

Ito-Yokado Co., Ltd.

JPR Musashikosugi Bldg.

19,740.95

4.1%

5The LOFT Co., Ltd.

JPR Umeda Loft Bldg.

18,586.97

3.9%

6

Olympic Group Corporation

Musashiurawa Shopping Square

9,558.51

2.0%

7

Tower Records Japan Inc.

JPR Shibuya Tower Records Bldg.

8,076.85

1.7%

8

Sompo Japan Nipponkoa
Insurance Inc.

8,037.54

1.7%

9

Y.K. Tokyo Prime Stage

7,875.50

1.6%

10

Hitachi Urban Investment, Ltd.

7,138.90

1.5%

Kawaguchi Center Bldg.
Yume-ooka Office Tower
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.
Otemachi Tower (Land with Leasehold
Interest)
BYGS Shinjuku Bldg.
JPR Ueno East Bldg.
Yume-ooka Office Tower
JPR Hakata Bldg.
JPR Nagoya Fushimi Bldg.

49,652.69

10.4%(Note 1) For co-owned properties, etc., the figure indicates the leased floor space corresponding to the equity 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 equity interest held by JPR (478,854.30m2).

36