Translation
Japan Prime Realty Investment Corporation
Financial Report for the 30th Fiscal Period Results (July 1, 2016 – December 31, 2016)
February 14, 2017

REIT Securities Issuer:
Japan Prime Realty Investment Corporation
Listing: Tokyo Stock Exchange
Securities Code:
8955
URL:
http://www.jpr-reit.co.jp/
Representative:
Hirohito Kaneko, Executive Officer
Asset Management Company: Tokyo Realty Investment Management, Inc.
Representative:
Satoshi Okubo, President and Chief Executive Officer
Contact:
Satoshi Eida, Director and Chief Financial Officer
TEL: +81-3-3231-1051
Scheduled date of submission of securities report:
March 27, 2017
Scheduled date of commencement of distribution payout:
March 10, 2017
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 30th Fiscal Period (July 1, 2016 – December 31, 2016)[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, 2016
June 30, 2016

For the six months ended

December 31, 2016
June 30, 2016

Operating Revenues
million yen%
15,105
6.0
14,246
1.0
Net Income per Unit
(EPU)
yen
7,047
6,754

Operating Income
million yen
%
4.2
7,161
0.6
6,874

Ordinary Income
million yen
%
4.3
6,153
2.6
5,897

Net Income
million yen
%
4.3
6,152
2.6
5,896

Net Income / Net Assets

Ordinary Income /Total Assets

Ordinary Income /Operating Revenues
%
40.7
41.4

%
2.8
2.7

%
1.4
1.4

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

For the six months ended

yenmillion yen
7,048
6,152
December 31, 2016
6,756
5,897
June 30, 2016
(Note) Dividend payout ratio is rounded down to the first decimal place.

yen
0
0

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution /Net Assets

million yen
0
0

%
100.0
100.0

%
2.8
2.7

(3) Financial Position
As ofDecember 31, 2016
June 30, 2016

Total Assets
million yen
432,307418,738

Net Assets
million yen
216,639
216,384

Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Net Assets / Total Assets
%
50.1
51.7

Net Asset Per Unityen
248,154
247,862(4) Cash Flows

For the six months ended

December 31, 2016
June 30, 2016

million yen
10,308
7,907

million yen(13,688)(911)

1

Cash Flows from
Financing Activities
million yen
6,937(5,917)

Cash and Cash
Equivalents
at End of Period
million yen
29,972
26,415

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

2. Forecasts for the 31st Fiscal Period Ending June 30, 2017 and for the 32nd Fiscal Period Ending December
31, 2017

Operating Revenues

Operating Income

Ordinary Income

million yen

million yen

million yen

%

%

%

Net Income
million yen

DPU [excluding Exceeding
Profitexceeding profit
distribution per Distribution
unit]
Per Unit%
yen
yen

31st Fiscal Period
15,106
0.0
7,740
8.1
6,801
10.5
6,800 10.5
7,140
Ending June 30,
2017
32nd Fiscal
Period Ending
15,000
(0.7)
7,566
(2.2)
6,647
(2.3)
6,646
(2.3)
7,200
December 31,
2017(Reference) Estimated net income per unit for the 31st fiscal period ending June 30, 2017: 7,421 yen
Estimated net income per unit for the 32nd fiscal period ending December 31, 2017: 7,200 yen(Note)
In calculating the DPU for the 31st fiscal period, JPR has excluded the 209 million yen in gain on sale, which it plansto reserve internally based on application of the Special Measures in Case Land or Other Property is Acquired in
Advance in 2009 or 2010 (Article 66-2 of the Act on Special Measures Concerning Taxation), of Fukuoka Bldg. and
JPR Hakata-chuo Bldg.

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, 2016:
873,000 units
As of June 30, 2016:
873,000 units(b) Number of treasury units at end of period
As of December 31, 2016:
0 units
As of June 30, 2016:
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 23.

* Presentation of the status of implementation of audit procedures
At the time of disclosure of this report, audit procedures for financial statements pursuant to the Financial
Instruments and Exchange Act have not been completed.
* Explanation of the appropriate use of the forecast for management status, and other matters of special note
The forecasts for the 31st fiscal period ending June 30, 2017 and for the 32nd fiscal period ending December 31,
2017 are calculated as of February 14, 2017 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, 2017. 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.
200Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

1. Affiliated Juridical Persons of the Investment Corporation
Structure of the Investment Corporation
Japan Prime Realty Investment Corporation (JPR) has a specified associated corporation (as defined in Article
12-3 of the Cabinet Office Ordinance on Disclosure of Information, etc. on Specified Securities (Ordinance ofthe Ministry of Finance No. 22 of 1993, as amended); the same applies throughout this report), Tokyo Tatemono
Co., Ltd. As described in the extraordinary report that was submitted on December 22, 2016, Tokyo Tatemono
Co., Ltd. became a specified associated corporation of JPR .
Otherwise, disclosure is omitted because there are no significant changes from the “Structure of the Investment
Corporation” set out in the most recent securities report (yuka shoken hokokusho) (submitted on September 28,2016).
Furthermore, the following table shows the property management companies for the properties that have beenacquired or for which the property management companies have been changed since the date of submission of
the most recent securities report through February 14, 2017.
Property name

Property management company

GINZA GATESTokyo Tatemono Co., Ltd.

FUNDES Suidobashi

Prime Place Co., Ltd.

Musashiurawa Shopping Square(Note)

Tokyo Tatemono Co., Ltd. and Geo-Akamatsu Co., Ltd.

Tokyo Square GardenTokyo Tatemono Co., Ltd.

(Note) For Musashiurawa Shopping Square, Tokyo Tatemono Co., Ltd. and Geo-Akamatsu Co., Ltd. jointly provide property
management services.

2. Management Policy and Management Status(1) Management Policy
Disclosure is omitted because there are no significant changes from the “Investment Policy,” “Investment
Targets” and “Distribution Policy” set out in the most recent securities report (submitted on September 28,2016).
(2) Management Status
1) Overview of Fiscal Period under Reviewa) Milestones of JPR
JPR was established on September 14, 2001 under the Act on Investment Trusts and Investment
Corporations (Act No. 198 of 1951, as amended; hereafter, the Investment Trusts Act), and was listed on
the Tokyo Stock Exchange (TSE) Real Estate Investment Trust Section (securities code: 8955) on June
14, 2002 with 289,600 outstanding investment units. With the subsequently implemented public
offerings and other capital raising measures by JPR, the number of investment units issued andoutstanding totals 873,000 units as of the end of the 30th fiscal period (December 31, 2016). JPR has
assigned the asset management of its portfolio to Tokyo Realty Investment Management, Inc., throughwhich JPR aims to maximize unitholder value by efficiently managing the portfolio primarily comprising
office properties and retail properties.
b) Management Environment
In the 30th fiscal period, the Japanese economy saw consumer spending begin to pick up amid the solid
employment and income environments, while overseas economies regained composure. The domestic
business conditions remained on a moderate recovery path, although improvements delays in capital
investment and some other areas. On the other hand, a keen awareness was spread during the six months,
like in the previous fiscal period, about the risk factors outside Japan, such as the outcome of the U.S.
presidential election as well as the issue of the U.K. leaving the E.U.
The Office Property Leasing Market
The supply and demand conditions in the office property leasing market of the 23 wards of Tokyo
remained tight as new demand for such positive development as setting up new offices, expanding theoffice spaces and moving to better locations continued to be strong. The upward trend of the rent levels
3Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

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 in which JPR targets forinvestment. Despite a temporary standstill being sensed in consumption by inbound foreign tourists, themarket has been in good shape for urban retail properties in good locations, such as Ginza, Omotesando
and Shinsaibashi.
The For-Sale Real Estate Market
Although investors remain highly willing to purchase properties, transaction volume in the market has
shown a decreasing trend, and property transaction prices are steadily being formed at a high level. With
low-yield transactions continuing to prevail, the acquisition environment remains harsh for players
focusing on yields. Accordingly, they continue to look for ways to effectively acquire properties, suchas diversifying the target assets for investment and conducting asset replacement.
c) Portfolio Management Status
Asset Replacement
JPR investigates possible investments mainly in office properties in the Tokyo area, plus retail properties
and office properties in regional cities, with the primary aim of improving the quality of the portfolio
and achieving stable growth of its earnings while paying attention to balancing diversification of theportfolio, both in terms of location and asset type.
During the 30th fiscal period, JPR sold JPR Daikanyama (sale price: 1,880 million yen) and acquired
GINZA GATES (acquisition price: 10,100 million yen) and FUNDES Suidobashi (acquisition price:
3,250 million yen). As a result, the balance of JPR’s assets under management totaled 63 properties, or
421.4 billion yen on an acquisition price basis, with the total leasable floor space standing at 477,249m2
and the number of tenants reaching 679. Moreover, in the 30th fiscal period, JPR decided to sell Fukuoka
Bldg. (planned sale price: 3,100 million yen) and JPR Hakata-chuo Bldg. (planned sale price: 1,900
million yen). Sale of these properties is scheduled for April 14, 2017.
Operational Management of Portfolio
In the office property leasing market in the 30th 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
occupancy rates. As a result, the occupancy rate increased 0.5 percentage points period-on-period to98.6% at the end of the fiscal period.
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.
With regard to initiatives on environmental issues, JPR has continuously obtained the DBJ Green
Building Certification*1, having acquired the Certification for 14 of the buildings it owns as of the endof the 30th fiscal period. Moreover, in the GRESB (Note 2) Real Estate Assessment (the survey
conducted in 2016), JPR was designated as “Green Star,” marking the third consecutive year ofrecognition with the highest ranking in the survey. JPR was also granted “4 Stars” in the GRESB Rating(five-level rating with the highest being “5 Stars”), which was newly introduced to make relative
assessment based on total scores.
*1 The DBJ Green Building Certification is a certification system by Development Bank of Japan Inc., designed to select superior
real estate that meets the demand of the times, with a purpose of promoting properties that are environmentally friendly, equipped
to mitigate disaster and prevent crime, as well as meet the various social requirements surrounding real estate from stakeholders(“Green Buildings”).
*2 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 50 organizations worldwide
such as European pension asset managers.

4

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

Fund Procurement
JPR is engaged in debt financing with more emphasis placed on lengthening the maturity of interestbearing debts and diversifying repayment dates, in an effort to make its financial base more solid andstronger against the backdrop of the favorable fund procurement environment and low interest rates. In
the 30th fiscal period, JPR borrowed 25.0 billion yen to fund the repayment of interest-bearing debts thatmatured during the fiscal period （12.0 billion yen）.and property acquisitions（13.0 billion yen）. The
average maturity and average debt cost (Note 1) of the new borrowing stood at 7.4 years (Note 2) and
0.52% (Note 2), respectively, in contrast to 4.7 years and 1.05% for the relevant interest-bearing debts
before refinancing, achieving longer maturities and lower debt costs.
As of the end of the 30th fiscal period, the balance of interest-bearing debts totaled 188.9 billion yen,with total outstanding borrowings of 154.4 billion yen and investment corporation bonds of 34.5 billion
yen. The ratio of interest-bearing debt to total assets (Note 3) was 43.7%, long-term and fixed interestbearing debt ratio (Note 4) was 96.3%, average debt cost was 1.10% and average maturity (Note 5) was
4.2 years as of the end of the fiscal period.
Moreover, JPR established a commitment line with a credit limit of 24 billion yen with six financial
institutions.
The following represents the issuer ratings for JPR as of the end of this fiscal period.
Details of Corporate Credit Ratings as of December 31, 2016
Credit Rating Agency
Corporate Credit Rating
Rating and Investment Information, Inc.
AA− (Stable)
Long-term: A (Stable)
Standard & Poor's Ratings Japan K.K.
Short-term: A−1(Note 1) 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 2) The calculation of the average maturity and average debt cost of the new borrowing excludes short-term terms payable.
(Note 3) Ratio of interest-bearing debt to total assets: (balance of borrowings + balance of investment corporation bonds)/ total assets(Note 4) Long-term and fixed interest-bearing debt ratio: long-term, fixed-interest interest-bearing debt / total interest-bearing debt
(Note 5) Average maturity is arrived at by calculating a weighted average of maturities from the end of the 30th 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 15,105
million yen, ordinary income of 6,153 million yen and net income of 6,152 million yen for its 30th fiscal
period ended December 31, 2016. With regard to the cash distributions, JPR decided to distribute part of
the retained earnings brought forward that had been internally reserved through the 29th 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 7,048 yen for the 30th fiscal period.
2) Forecast for the Next Fiscal Perioda) Outlook for Management Status
Looking ahead, the Japanese economy will presumably stay on a moderate recovery trend, given thesolid employment and income environments and bolstered by demand from the government and otherpublic agencies, although caution should continuously be taken with respect to the risks that may push
the Japanese economy downward, such as downside swings of overseas economies.
In the office property leasing market, new supply in the 23 wards of Tokyo is projected to remain subdued
through 2017. Considering this, and if the economy remains strong, the market situation in general islikely to stay in good shape with the supply and demand condition being tight. In this regard, JPR
believes it will be able to fully enjoy the positive impact of the good market situation as it has focusedon improving tenant satisfaction through proactive implementation of value enhancement works andprovision of elaborate management services. When conducting real estate transactions in the for-sale realestate market that continues to appear overheated, it will become even more important to discern thegrowth 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
5Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

selective investment for implementing real estate investment that assumes possession of properties overthe 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 the transaction volume trending to decrease, there
are deals closed at prices that have factored in lower cap rates and rent increases. Accordingly, JPR will
fully investigate the growth potential of such properties when acquiring them. As for retail properties aswell as office properties in regional cities, JPR will work to invest in strictly selected blue-chip properties
that can keep stable revenues at a certain level in order to complement the stability of earnings from theentire 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. In this regard,
JPR made a decision on January 6, 2017 to acquire Tokyo Square Garden (planned acquisition price:
18,400 million yen) in two stages. The first stage of the acquisition was completed on February 1, 2017.
Moreover, JPR will continue to make investment decisions after a proactive collection of information
through such sources as sponsors of the Asset Management Company (Tokyo Tatemono Co., Ltd.,
Yasuda Real Estate Co., Ltd., Taisei Corporation, Sompo Japan Nipponkoa Insurance Inc. and Meiji
Yasuda Life Insurance Company) (hereafter, collectively referred to as the “Sponsors”), accurately
grasping market trends and carefully researching investment value, including the future potential ofcandidate properties.
Furthermore, JPR will also investigate asset replacement in a prudent manner, while taking into
consideration the long term timing of improving the quality and enhancing the growth of the portfolio
going forward.
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 the leasing market showing a recovery trend,
and accelerate decision making- Conduct strategic value enhancement works with intent to improve property earnings and tenantsatisfaction- 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 and6Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Perioddeliver 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.
v) Significant Subsequent Events
Issuance of new investment units
JPR resolved at its Board of Directors meetings held on January 6, 2017 and January 17, 2017 to issue
new investment units, as outlined below. With payment completed on January 24, 2017 and February
14, 2017, respectively, JPR issued the units under the following conditions. As a result of the issuance,
unitholders’ capital stands at 231,653,198,600 yen with the number of investment units outstanding
totaling 923,000 units as of February 14, 2017.
[Issuance of new investment units through public offering (primary offering)]
Number of new investment units issued:
47,600 units
Issue price (offer price):
439,040 yen per unit
Total issue price (total offer price):
20,898,304,000 yen
Paid-in amount (purchase price):
425,152 yen per unit
Total paid-in amount (total purchase price): 20,237,235,200 yen
Payment date:
January 24, 2017
[Issuance of new investment units through third-party allotment]
Number of new investment units issued:
2,400 units
Paid-in amount (purchase price):
425,152 yen per unit
Total paid-in amount (total purchase price): 1,020,364,800 yen
Allottee:Mizuho Securities Co., Ltd.
Payment date:February 14, 2017
<Reference information>
Asset acquisition
After the 30th fiscal period was closed, JPR concluded a purchase agreement for the following property
in two stages. The first stage of the acquisition was completed on February 1, 2017.
<Tokyo Square Garden>
Property overview
Location:
Type of ownership:

3-1-1 Kyobashi, Chuo-ku, Tokyo (residential address)
Land: Ownership for part of the site (co-ownership with 12.5% interest)
Building: Ownership (co-ownership with 8.2% interest)
Site area:
8,124.72m2 (equivalent to co-ownership interest: 675.95m2）
Total floor space:
112,645.83m2 (equivalent to co-ownership interest: 9,256.92m2)
Structure/floors:
S/SRC with flat roof, B4/24F
Completed:February 2013
Number of tenants:
57 (Note 1)
Total leasable floor space: 5,985.62m2 (Note 2)
Total leased floor space: 5,985.62m2 (Note 2)
Occupancy rate:
100.0% (Note 3)*Number of tenants, total leasable floor space, total leased space and occupancy rate indicate the figures as of February
1, 2017.
(Note 1) “Number of tenants” indicates the number of sublessees to which Tokyo Tatemono Co., Ltd., the lessee,
subleases. All co-owners including the trustee lease the entire floor space of the acquired property to Tokyo
Tatemono Co., Ltd. (pass-through type master lease) and Tokyo Tatemono Co., Ltd. subleases the space tosublessees.
(Note 2) “Total leasable floor space” indicates the leasable floor space (equivalent to the co-ownership interest) basedon the sublease contracts regarding the offices and retail stores that can be subleased. In addition, “Totalleased floor space” indicates the leased floor space (equivalent to the co-ownership interest) subleased to thesublessees.
(Note 3) Occupancy rate indicates the figure concerning the sublessees of the lessee.

Transaction terms and conditions
Purchase price:
18,400 million yen
7Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

Asset type:
Beneficiary interest
Contract date:
January 6, 2017
Planned acquisition date: February 1, 2017 (50%), April 4, 2017 (50%)*The ratio in parenthesis of “Planned acquisition date” indicates the acquisition ratio to the targeted portion of theacquisition (100%) on each planned acquisition date.

Asset sale
As of December 14, 2016, JPR decided to sell the following assets.
<Fukuoka Bldg.>
Asset type:
Beneficiary interest
Sale price:
3,100 million yen
Contract date:
December 14, 2016
Delivery date:
April 14, 2017
Buyer:
Tokyo Tatemono Co., Ltd.
Impact on income:JPR plans to record approximately 114 million yen in gain on sale of realestate as operating revenues for the 31st fiscal period (January 1, 2017 June 30, 2017.)<JPR Hakata-chuo Bldg.>
Asset type:
Sale price:
Contract date:
Delivery date:
Buyer:
Impact on income:

Beneficiary interest
1,900 million yen
December 14, 2016
April 14, 2017
Tokyo Tatemono Co., Ltd.
JPR plans to record approximately 94 million yen in gain on sale of realestate as operating revenues for the 31st fiscal period (January 1, 2017 June 30, 2017.)b) Outlook for Management Status (Operating Results)
JPR expects the following management status in the 31st fiscal period (from January 1, 2017 to June30, 2017) and the 32nd fiscal period (from July 1, 2017 to December 31, 2017).
Operating revenues
Operating income
Ordinary income
Net income
Distribution per unit
Exceeding profit
distribution per unit

31st Fiscal Period
15,106 million yen
7,740 million yen
6,801 million yen
6,800 million yen
7,140 yen

32nd Fiscal Period
15,000 million yen
7,566 million yen
6,647 million yen
6,646 million yen
7,200 yen

0 yen

0 yen

For the assumptions underlying this outlook for management status, please refer to “Assumptions forthe 31st fiscal period (from January 1, 2017 to June 30, 2017) and the 32nd fiscal period (from July 1,2017 to December 31, 2017)” 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 30th Fiscal Period

Assumptions for the 31st fiscal period (from January 1, 2017 to June 30, 2017) andthe 32nd fiscal period (from July 1, 2017 to December 31, 2017)
Item
PeriodProperty
Portfolio

Operating
Revenues

OperatingExpenses

Non-Operating
IncomeNon-Operating
Expenses

Interest-Bearing
Debt Ratio

Assumptions
Fiscal period ending June 30, 2017 (31st fiscal period): January 1, 2017 to June 30, 2017
(investment period: 181 days)
Fiscal period ending December 31, 2017 (32nd fiscal period): July 1, 2017 to December 31,
2017 (investment period: 184 days)
・In addition to the 64 properties held by JPR as of February 14, 2017, it is assumed that JPR
will additionally acquire Tokyo Square Garden on April 4, 2017 and sell Fukuoka Bldg. and
JPR Hakata-chuo Bldg. on April 14, 2017, as scheduled respectively.
・In practice, this assumption may vary due to such events as acquisition of additional properties
other than the above or sale of existing properties.
・Real estate rental revenues are calculated on the basis of the lease contracts effective as ofthe end of the 30th fiscal period, with consideration given to the market environment,competitiveness of the properties, status of negotiations with tenants and other factors.
Moreover, the period average of occupancy rates at end of months is projected to be 98.1%
for the 31st fiscal period and 98.5% for the 32nd fiscal period.
・For operating revenues, JPR assumes rents will be paid on time and that no tenants will failor decline to pay rents.
・It is projected that JPR will sell Fukuoka Bldg. and JPR Hakata-chuo Bldg. and record 209
million yen in gain on sale of these properties as operating revenues for the 31st fiscal period(Please refer to “Distribution per Unit” below).
・Among rental expenses, which are the principal operating expenses, outsourcing expenses
and other expenses excluding depreciation are calculated based on historical data, reflecting
variable factors of expenses and considering the information as of the end of the 30th fiscal
period. Outsourcing expenses are assumed to be 576 million yen for the 31st fiscal period
and 587 million yen for the 32nd 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 2,062 million yen for the 31st
fiscal period and 2,042 million yen for the 32nd fiscal period. In general practice, the property
taxes and city planning taxes levied on properties acquired are settled after prorating for theperiod with the previous owner at the time of acquisition, but JPR includes the amountequivalent to such settlement in the acquisition costs for the property. Accordingly, theproperty tax and city planning tax levied on Tokyo Square Garden, to be acquired by JPR in
the 31st fiscal period, will be recorded as expenses from the 33rdd fiscal period ending June
2018.
・For expenditures for the repair and maintenance of buildings, the amount expected to berequired in the relevant fiscal period has been recorded. However, the expenditures for repair
and maintenance for the fiscal period could differ significantly from the estimated amount,as expenditures may arise due to damage to the building caused by unexpected factors, etc.,
and because 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 incidental expenses andadditional future capital expenditures. Depreciation is assumed to be 1,913 million yen forthe 31st fiscal period and 1,933 million yen for the 32nd fiscal period.
・As for major non-operating income, JPR assumes income on settlement of management
association accounts to be 35 million for the 31st fiscal period and 2 million yen for the 32nd
fiscal period.
・As for major non-operating expenses, JPR assumes 951 million yen for the 31st fiscal period
and 906 million yen for the 32nd fiscal period for interest paid, fees related to loanarrangement, interest expenses on investment corporation bonds and amortization of
investment corporation bond issuance costs, etc.
・The expenses for the issuance of new investment units conducted in 31st fiscal period isassumed to be 45 million yen, and JPR assumes 6 million yen for the 31st fiscal period and7 million yen for the 32nd 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, 2017 stands at 40.7%, withinterest-bearing debts of 181,960 million yen (comprised of 147,460 million yen in long-termloans payable and 34,500 million yen in investment corporation bonds).
・It is assumed that all borrowings whose repayment dates will arrive during the 31st fiscal
period and the 32nd fiscal period will be refinanced, except for scheduled repayment of 166
million yen for each fiscal period.
・It is assumed that funds for redemption of investment corporation bonds whose redemption9

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

Total Units
Outstanding

Distribution Per
Unit

Exceeding Profit
Distribution Per
Unit
Othersdate will arrive during the relevant fiscal periods will be secured through debt or issuance ofinvestment corporation bonds.
・Due to the above, the ratio of interest-bearing debt to total assets is expected to be 40.7% at
the end of the 31st fiscal period and 40.7% at the end of the 32nd fiscal period.
・The following formula is used in calculating the ratio of interest-bearing debt to total assets
in this table.
Ratio of interest-bearing debt to total assets =Expected total interest-bearing debt / Expected total assets x 100
・The total number of investment units issued and outstanding is 923,000 units as of February
14, 2017, and it is assumed that no additional investment units will be issued.
・For distribution per unit, it is assumed that all revenues will be distributed based on the
distribution methods provided in the Articles of Incorporation.
・As for the 209 million yen in gain on sale of Fukuoka Bldg. and JPR Hakata-chuo Bldg. to
be transferred in the 31st fiscal period, it is assumed that the full amount will be internallyreserved as reserve for reduction entry, based on application of the Special Measures in Case
Land or Other Property is Acquired in Advance in 2009 or 2010 as defined in Article 66-2 ofthe Act on Special Measures Concerning Taxation, in order to secure stable management anddistribution in the future.
・There is the possibility that the distribution per unit may vary due to various factors including
variation of rental revenue due to transfer of assets under management and tenants moving
out, and unpredicted repairs and maintenance.
・Distribution exceeding the profit (exceeding profit distribution per unit) is currently notassumed.
・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 theInvestment 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.

(3) Investment Risks
The description is omitted as there are no significant changes from the “Investment risks” disclosed in thelatest “Securities Registration Statement” (submitted on January 6, 2017).

10

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

3. 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 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 29th Fiscal
PeriodEnd of 30th Fiscal
Period(Jun. 30, 2016)(Dec. 31, 2016)¥14,277,826
12,137,178
395,640
122,519
10,257
26,943,421¥17,896,631
12,075,668
319,276
157,568
9,075
30,458,219

57,149,742(13,477,853)
43,671,889
87,786,352(28,675,361)
59,110,990
51,715(17,671)
34,044
119,876(74,494)
45,381
742,172(399,899)
342,273
1,655,815(1,273,279)
382,535
62,401(36,881)
25,519178,038(118,882)
59,156
108,898,331
173,873,374
386,443,498

57,346,890(14,201,649)
43,145,241
88,897,226(29,702,517)
59,194,709
49,920(18,152)
31,767
120,517(77,245)
43,272
748,404(419,479)
328,925
1,677,053(1,301,826)
375,227
75,134(38,879)
36,254
186,096(125,281)
60,814
106,890,048
176,493,700
8,489
386,608,451

4,794,109
1,658
4,795,768

14,689,483
1,593
14,691,077

241,612
120,730
362,342391,601,608

297,969
86,527384,497
401,684,026

163,51729,728193,245¥418,738,276

143,222
22,078165,300¥432,307,546

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th 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
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 losses)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

12

End of 29th Fiscal
PeriodEnd of 30th Fiscal
Period(Jun. 30, 2016)(Dec. 31, 2016)¥2,003,354
24,732,000
7,000,000
588,151
94,072605
256,7442,739,606
37,414,534¥2,476,880
7,000,000
32,632,000
5,000,000
665,717
88,498605
217,870
2,683,275
50,764,846

34,500,000
109,894,000
7,686,149
12,859,392
164,939,541
202,354,076

29,500,000
114,828,000
7,672,848
12,902,843
164,903,691
215,668,538

210,395,598

210,395,598

73,94673,94673,94673,946

5,914,654

6,169,462

5,988,601
216,384,200
216,384,200¥418,738,276

6,243,409
216,639,008
216,639,008¥432,307,546

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period(2) Statements of Income and Retained Earnings(Thousands of Yen)

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

13

29th Fiscal
Period30th Fiscal
Period(Jan. 1, 2016 –Jun. 30, 2016)(Jul. 1, 2016 –Dec. 31, 2016)¥14,246,699
14,246,699¥15,105,172
584
15,105,757

6,658,243
512,078
78,8336,600
31,07785,525
7,372,358
6,874,340

6,898,364
300,521532,074
77,0476,600
30,72399,262
7,944,593
7,161,163

2,497

233

53,6003,147

11,90968,008

4,329
7,709

718,01958,432
237,846

703,974
55,202
227,821

21,632

20,2957,567
1,526
1,045,023
5,897,325
5,897,325
605
605
5,896,720
17,934
5,914,654

7,650
527
1,015,472
6,153,400
6,153,400
605
605
6,152,795
16,666
6,169,462

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period(3) Statements of Changes in Unitholders’ Equity(Thousands of Yen)

29th Fiscal
Period(Jan. 1, 2016 –Jun. 30, 2016)
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
Total changes of items during the period
Balance at end of current period
Unappropriated retained earnings (undisposed losses)
Balance at beginning of current period
Changes of items during the period
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
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
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
Total changes of items during the period
Balance at end of current period

14

30th Fiscal
Period(Jul. 1, 2016 –Dec. 31, 2016)¥210,395,598¥210,395,598–
210,395,598–
210,395,598

73,94673,946–73,946–73,946

5,769,258

5,914,654(5,751,324)
5,896,720
145,396
5,914,654(5,897,988)
6,152,795
254,8076,169,462

5,843,205

5,988,601

145,396
5,988,601

254,8076,243,409

216,238,803

216,384,200

145,396
216,384,200

254,807
216,639,008

216,238,803

216,384,200

145,396¥216,384,200

254,807¥216,639,008

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period(4) Statements of Cash Distributions
29th Fiscal Period

30th Fiscal Period(July 1, 2016 –December 31, 2016)
5,914,654,871 yen
6,169,462,812 yen
5,897,988,000 yen
6,152,904,000 yen(6,756 yen)
(7,048 yen)
16,666,871 yen
16,558,812 yen
Pursuant to the policy on cash Pursuant to the policy on cash
distributions provided in Article 30 (2) distributions provided in Article 30 (2)of the Articles of Incorporation of JPR, of the Articles of Incorporation of JPR,
the distribution amount shall be in the distribution amount shall be inexcess of an amount equivalent to 90% excess of an amount equivalent to 90%of the “distributable income amount” of the “distributable income amount”
as stipulated in Article 67-15 of the as stipulated in Article 67-15 of the
Act on Special Measures Concerning Act on Special Measures Concerning
Taxation, but no more than the amount Taxation, but no more than the amountof earnings. Based on such policy, JPR of earnings. Based on such policy, JPR
decided to pay out distributions of decided to pay out distributions ofearnings of 5,897,988,000 yen, which earnings of 6,152,904,000 yen, whichis the largest integral multiple of the is the largest integral multiple of thetotal number of investment units total number of investment units
issued and outstanding (873,000 units) issued and outstanding (873,000 units)
in an amount not in excess of in an amount not in excess ofunappropriated retained earnings unappropriated retained earnings
while minimizing the burden to while minimizing the burden tounitholders incurred by accrual of unitholders incurred by accrual of
corporateincometax,
etc. corporate
incometax,
etc.
Furthermore, JPR shall not distribute Furthermore, JPR shall not distributecash in excess of earnings as stipulated cash in excess of earnings as stipulated
in Article 30 (4) of the Articles of in Article 30 (4) of the Articles ofIncorporation.
Incorporation.

(January 1, 2016 –June 30, 2016)

I.
II.

Unappropriated retained earnings
Distribution amount(Distribution amount per unit)
III. Retained earnings carried forward
Method for calculating distribution amount15

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period(5) Statements of Cash Flows(Thousands of Yen)

29th Fiscal
Period(Jan. 1, 2016 –Jun. 30, 2016)
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 in property, plant and equipment
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
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

30th Fiscal
Period(Jul. 1, 2016 –Dec. 31, 2016)¥5,897,325
1,885,354
21,632
7,567(2,497)
955,865(87,565)
40,174
117,673(55,736)(20,382)
130,356(14,396)
8,875,370
2,497(969,925)(510)
7,907,431

6,153,400
1,884,057
20,2957,650(233)
931,796
76,364(35,049)
258,291
77,573(38,874)(56,330)
2,184,252(217,740)
11,245,455
233(937,370)(258)
10,308,059(265,593)(837,967)(46,891)(173,750)
322,168(309,784)
400,221(911,597)(392,949)(3,625,015)(9,895,373)(56,357)(105,669)
175,572(187,965)
399,505(13,688,253)(1,000,000)
14,000,000(13,166,000)(5,751,214)(5,917,214)
1,078,619
25,336,385
26,415,004

7,000,000
18,000,000(5,166,000)(7,000,000)(5,896,510)
6,937,489
3,557,295
26,415,004
29,972,299

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th 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 28, 2016).
(8) Notes to Financial Statements
Notes to Balance Sheets
1. Assets Pledged as Collateral and Secured Liabilities
Assets pledged as collateral are as follows:
End of 29th Fiscal Period(as of June 30, 2016)
Buildings (net)
Machinery and equipment(net)Land¥111,427

Total¥513,179

2,568
399,183(Thousands of yen)
End of 30th Fiscal Period(as of December 31, 2016)¥109,559
2,397
399,183¥511,139

Secured liabilities are as follows:

Tenant leasehold and security deposits
Total

End of 29th Fiscal Period(as of June 30, 2016)¥15,536¥15,536(Thousands of yen)
End of 30th Fiscal Period(as of December 31, 2016)¥15,536¥15,536

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

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

End of 29th Fiscal Period(as of June 30, 2016)¥28,000,000–¥28,000,000(Thousands of yen)
End of 30th Fiscal Period(as of December 31, 2016)¥24,000,000–¥24,000,000

3. Minimum Total Unitholders’ Equity Designated in Article 67-4 in the Act on Investment Trusts andInvestment Corporations
End of 29th Fiscal Period(as of June 30, 2016)¥50,000

17(Thousands of yen)
End of 30th Fiscal Period(as of December 31, 2016)¥50,000

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th 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)
30th Fiscal Period(July 1, 2016 December 31, 2016)

29th Fiscal Period(January 1, 2016 June 30, 2016)
A. Rent Revenue-Real Estate
Rent Revenue

Rents
Land rents
Common charges
Parking revenues
Advertising expenses
Antenna use fees
Other
Subtotal
Other rental revenues
Incidental income
Time-based parking revenues
Cancellation charges
Income equivalent to expenses for restoration
to original condition
Other miscellaneous income
Subtotal
Total rent revenue-real estate
B. Expenses Related to Rent BusinessOutsourcing expenses
Utilities expenses
Property and other taxes
Casualty insurance
Repairs and maintenance
Property management fees
Management association accounts
Depreciation
Other
Total expenses related to rent business
C. Profits (A-B)¥9,731,276
1,581,000
1,730,426
257,579
61,41322,12436,21013,420,030¥9,982,743
1,581,000
1,717,771
259,30761,714
21,711
39,866
13,664,114

668,408
5,044
83,396

767,084
5,771
398,303

43,386

249,769

26,433
668,408
826,668
14,246,699

20,129668,408
1,441,058
15,105,172¥530,228
765,744
2,067,746
27,362420,046
240,310580,300
1,885,187
141,315
6,658,243
7,588,456¥542,555
794,249
2,059,250
25,900586,870
248,127
591,197
1,884,057
166,153
6,898,364
8,206,808

2. Breakdown of Gain/Loss on Sale of Real Estate
29th fiscal period (January 1, 2016 – June 30, 2016)
Not applicable
30th fiscal period (July 1, 2016 – December 31, 2016)
Part of land of JPR Musashikosugi Bldg.
Proceeds from sale of real estate(Thousands of yen)–

¥5,869

Cost of sale of real estate
Other expenses related to sale

–
–

5,284
–

Gain on sale of real estate–584

JPR Daikanyama
Proceeds from sale of real estate–

1,880,000

Cost of sale of real estate
Other expenses related to sale––

2,178,967
1,553

Loss on sale of real estate–

300,52118

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

Notes to Statements of Changes in Unitholders’ Equity
29th Fiscal Period(January 1, 2016 – June 30, 2016)
Total number of authorizedunits and number of units
outstanding
Total number of authorizedunits
Number of units outstanding

19

30th Fiscal Period(July 1, 2016 – December 31, 2016)

5,000,000 units

5,000,000 units

873,000 units

873,000 units

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

Financial Instruments
1. Matters Concerning Status of Financial Instruments(1) Policy for Financial Instruments
In an aim to proactively expand asset size and maintain stable cash distributions to unitholders, JPR adopts
the asset management policy of paying heed to efficiently combining the procurement of long-term funds
that are stable and the procurement of short-term funds that emphasize flexibility.
There may be cases where JPR will engage in derivative transactions, but such will be limited to management
for interest 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 failure of the financial institutions holding the deposits and other credit risks,
but 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 liquidity risks are managed through such measures as procuring funds from thecapital 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 Estimated Fair Value, etc. of Financial Instruments
The estimated fair value of financial instruments, aside from values based on market price includes values
based on reasonable calculations when there is no market price. Certain assumptions, etc. are used in
calculating those values and there may be cases where the values will vary when different assumptions, etc.
are used.
2. Matters Concerning Estimated Fair Value, etc. of Financial Instruments
The following are the carrying values and estimated fair values as of June 30, 2016, and the difference between
these amounts. Please note that the following tables do not include those for which discerning of estimated fairvalue is recognized to be extremely difficult (please refer to Note 3).
(Thousands of yen)

1) Cash and deposits
2) Cash and deposits in trust

Carrying Value(Note 1)
¥14,277,826
12,137,178

Estimated Fair
Value (Note 1)¥14,277,826
12,137,178

3) Short-term loans payable

－

－

－

4) Current portion of long-term loans payable(24,732,000)(24,887,253)

155,253

5) Current portion of investment corporation bonds(7,000,000)(7,018,900)

18,9006) Investment corporation bonds7) Long-term loans payable

Difference¥－－(34,500,000)(36,773,623)

2,273,623(¥109,894,000)(¥113,558,707)¥3,664,707

20

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

The following are the carrying values and estimated fair values as of December 31, 2016, and the difference
between these amounts. Please note the following tables do not include those for which discerning of estimatedfair value is recognized to be extremely difficult (please refer to Note 3).
(Thousands of yen)

1) Cash and deposits
2) Cash and deposits in trust

Carrying Value(Note 1)
¥17,896,631
12,075,668

Estimated Fair
Value (Note 1)¥17,896,631
12,075,668

3) Short-term loans payable(7,000,000)(7,000,000)－

4) Current portion of long-term loans payable(32,632,000)(32,748,950)

116,950

5) Current portion of investment corporation bonds(5,000,000)(5,025,000)

25,0006) Investment corporation bonds7) Long-term loans payable

Difference¥－－(29,500,000)(31,233,681)

1,733,681(¥114,828,000)(¥116,946,458)¥2,118,458(Note 1) Items stated under liabilities are shown in parentheses.
(Note 2) Method of calculation of estimated 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 estimated fair value is approximately the same as the bookvalue and is thus stated at that book 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
Of the estimated fair value of these financial instruments, the fair value of long-term loans payable with floating interest rates is basedon the book value, as it reflects the market interest rate within a short period of time and thus is considered to be nearly equal to thebook value. The fair value of long-term loans payable with fixed interest rates is based on the method of calculating by discounting
the total amount of principal and interest by the rate assumed as being applicable in the event of a new drawdown corresponding to theremaining loan term.
(5) Current portion of investment corporation bonds, and (6) Investment corporation bonds
Of the estimated fair value of these financial instruments, those with market price are calculated based on market price and those withno market price are calculated according to the fair value of long-term loans payable with fixed interest rates in (4) and (7) above.
(Note 3) Financial instruments for which discerning of estimated 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 estimated 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 towhen they move out. The following is the carrying value of tenant leasehold and security deposits and the carrying value of tenantleasehold and security deposits in trust.

Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust(Thousands of yen)
End of 29th Fiscal Period End of 30th Fiscal Period(as of June 30, 2016)(as of December 31, 2016)¥7,686,149¥7,672,848¥12,859,392¥12,902,843(Note 4) Scheduled redemption of monetary claims as of June 30, 2016 and December 31, 2016

End of 29th Fiscal Period (as of June 30, 2016)
Due after
Due after
Due in One Year One Year
Two Years
or Less
throughthrough
Two Years Three Years

Due afterThree Years
through
Four Years(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

Cash and deposits¥14,277,826

¥–

¥–

¥–

¥–

¥–

Cash and deposits in trust¥12,137,178

¥–

¥–

¥–

¥–

¥–

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years

Cash and deposits¥17,896,631

¥–

¥–

¥–

¥–

¥–

Cash and deposits in trust¥12,075,668

¥–

¥–

¥–

¥–

¥–

End of 30th Fiscal Period (as of December 31, 2016)

21(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five YearsJapan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period(Note 5) Scheduled redemption and repayment of short-term loans payable, investment corporation bonds and long-term loans payable as of June30, 2016 and December 31, 2016

End of 29th Fiscal Period (as of June 30, 2016)

Short-term loans
payableInvestment
corporation bonds
Long-term loans
payableDue afterThree Years
through
Four Years

–

¥–

¥–

¥–

¥–

¥7,000,000¥10,000,000¥2,000,000¥4,000,000¥–¥18,500,000¥24,732,000¥21,374,000¥17,200,000¥14,000,000¥15,820,000¥41,500,000(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years¥–¥

End of 30th Fiscal Period (as of December 31, 2016)

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

Due after
Two Years
throughThree Years

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years¥7,000,000

¥–

¥–

¥–

¥–

¥–

¥5,000,000¥7,000,000¥4,000,000¥–¥－¥18,500,000¥32,632,000¥16,408,000¥17,100,000¥17,000,000¥14,820,000¥49,500,000

Investment and Rental Properties
JPR owns office properties (urban commercial facilities), retail properties and complex properties for leasing inTokyo and other regions. The following is the carrying value on the balance sheets, amount of increase (decrease)during the period and estimated fair value of these investment and rental properties.
29th Fiscal Period(January 1, 2016 – June 30, 2016)(Thousands of yen)
30th Fiscal Period(July 1, 2016 – December 31, 2016)

Carrying Value on the Balance Sheets
Balance at Beginning of Period

392,346,040

391,239,266

Amount of Increase(Decrease) during the Period(1,106,773)

10,055,587

Balance at End of Period¥391,239,266¥401,294,854

Estimated Fair Value at End of Period¥419,881,000¥437,981,000(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 29th fiscal period, the amount of decrease is primarily attributable to depreciation (1,885,187 thousandyen). Of the amount of change during the 30th fiscal period, the amount of increase is primarily attributable to the acquisitions of GINZAGATES (10,131,529 thousand yen) and FUNDES Suidobashi (3,263,997 thousand yen), and the amount of decrease is primarily
attributable to the sale of JPR Daikanyama (2,178,967 thousand yen), the sale of a splay portion of JPR Musashikosugi Bldg. (5,284
thousand yen) and depreciation (1,884,057 thousand yen).
(Note 3) The estimated fair value at end of the period is the appraisal value or survey value as appraised by an outside real estate appraiser.

The income (loss) in the 29th and 30th fiscal periods for investment and rental properties are as presented in the“Notes to Statements of Income and Retained Earnings.”

22

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

Per Unit Information(Yen)
29th Fiscal Period(January 1, 2016 – June 30, 2016)

30th Fiscal Period(July 1, 2016 – December 31, 2016)¥247,862¥6,754¥248,154¥7,047

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)
29th Fiscal Period(January 1, 2016 – June 30, 2016)

30th Fiscal Period(July 1, 2016 – December 31, 2016)¥5,896,720–¥5,896,720
873,000 units¥6,152,795–¥6,152,795
873,000 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 meetings held on January 6, 2017 and January 17, 2017 to issue new investment units, as
outlined below. With payment completed on January 24, 2017 and February 14, 2017, respectively, JPR issued the units under thefollowing conditions. As a result of the issuance, unitholders’ capital stands at 231,653,198,600 yen with the number of investment
units outstanding totaling 923,000 units as of February 14, 2017.
[Issuance of new investment units through public offering (primary offering)]
Number of new investment units issued:

47,600 units

Issue price (offer price):

439,040 yen per unit

Total issue price (total offer price):

20,898,304,000 yen

Paid-in amount (purchase price):

425,152 yen per unit

Total paid-in amount (total purchase price):

20,237,235,200 yen

Payment date:

January 24, 2017

[Issuance of new investment units through third-party allotment]
Number of new investment units issued:

2,400 units

Paid-in amount (purchase price):

425,152 yen per unit

Total paid-in amount (total purchase price):

1,020,364,800 yen

Allottee:Mizuho Securities Co., Ltd.

Payment date:February 14, 2017

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.

23

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period(9) Changes in Investment Units Issued and Outstanding
Capital increases and other changes in the status of unitholders’ capital since inception through the 30th fiscal
period are summarized as follows.
Date

Number of Units
Outstanding
Variation
Balance

Event

September 14, 2001

Established by private
placement

November 16, 2001

Unitholders' Capital(million yen)
Variation
Balance

Remarks

240

240

120

120

(Note 1)

Additional private placement

62,00062,24031,00031,120(Note 2)January 22, 2002

Split of investment units

93,360155,600–

31,120(Note 3)June 14, 2002

Initial public offering

134,000

289,600

25,862

56,982(Note 4)

July 15, 2003

Additional public offering

134,400

424,000

30,75887,740(Note 5)

August 9, 2003

Third-party allotment

6,000

430,000

1,373

89,113(Note 6)

February 1, 2005

Additional public offering

95,000525,000

25,001

114,115(Note 7)

March 1, 2005

Third-party allotment

5,000

530,000

1,315

115,431(Note 8)February 6, 2007

Additional public offering

90,000620,000

39,120154,552(Note 9)March 7, 2007

Third-party allotment

5,000

625,000

2,173

156,725(Note 10)February 8, 2010

Additional public offering

82,000707,000

13,315170,040(Note 11)

March 12, 2010

Third-party allotment

8,000

715,000

1,299

171,339(Note 12)

July 30, 2012

Additional public offering

101,420

816,420

19,089190,429(Note 13)

August 29, 2012

Third-party allotment

8,580

825,000

1,614

192,044(Note 14)June 16, 2015

Additional public offering

45,700870,700

17,472

209,516(Note 15)

June 24, 2015

Third-party allotment

2,300

873,000

879

210,395(Note 16)

(Note 1) JPR was formed by the investment of three companies Tokyo Tatemono Co., Ltd. (100 units), Taisei Corporation (100 units), andTokyo Realty Investment Management, Inc. (40 units) at 500,000 yen per unit.
(Note 2) An additional offering was made via private placement at 500,000 yen per unit. JPR then acquired 13 trust beneficiary interests
in real estate and started management.
(Note 3) A single investment unit was split into 2.5 units.
(Note 4) New investment units were issued through a public offering at 200,000 yen per unit (underwriting price of 193,000 yen per unit)
to repay short-term debt, finance the acquisition of new specified assets, etc.
(Note 5) New investment units were issued through a public offering at 237,160 yen per unit (underwriting price of 228,859 yen per unit)
to repay short-term debt, acquire new specified assets, etc.
(Note 6) New investment units were issued through a third-party allotment at 228,859 yen per unit to repay short-term debt, acquire new
specified assets, etc.
(Note 7) New investment units were issued through a public offering at 272,440 yen per unit (underwriting price of 263,177 yen per unit)
to repay short-term debt, acquire new specified assets, etc.
(Note 8) New investment units were issued through a third-party allotment at 263,177 yen per unit to repay short-term debt, acquire new
specified assets, etc.
(Note 9) New investment units were issued through a public offering at 449,820 yen per unit (underwriting price of 434,673 yen per unit)
to repay debt, acquire new specified assets, etc.
(Note 10) New investment units were issued through a third-party allotment at 434,673 yen per unit to repay debt, acquire new specified
assets, etc.
(Note 11) New investment units were issued through a public offering at 168,101 yen per unit (underwriting price of 162,382 yen per unit)
to repay short-term debt, redeem investment corporation bonds, acquire new specified assets, etc.
(Note 12) New investment units were issued through a third-party allotment at 162,382 yen per unit to repay short-term debt, redeem
investment corporation bonds, acquire specified assets, etc.
(Note 13) New investment units were issued through a public offering at 194,610 yen per unit (underwriting price of 188,222 yen per unit)
to partly fund acquisition of new specified assets and repay debt.
(Note 14) New investment units were issued through a third-party allotment at 188,222 yen per unit to partly fund acquisition of new
specified assets and repay debt.
(Note 15) 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 16) New investment units were issued through a third-party allotment at 382,320 yen per unit to repay debt, etc.

4. Change of Directors
Change of directors is disclosed, as needed, when details of disclosure are finalized.
24

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

5. Reference Information(1) JPR’s Asset Structure
29th Fiscal Period(as of June 30, 2016)
Category of
Investment Area Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)

Asset Type

30th Fiscal Period(as of December 31, 2015)
Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)

Central Tokyo

78,940,432

18.9

86,848,847

20.1

Greater Tokyo

57,763,276

13.8

57,384,702

13.3

Other Cities

21,062,878

5.0

20,888,573

4.8

Central Tokyo

138,565,460

33.1

141,524,547

32.7

Greater Tokyo

51,477,782

12.3

51,154,014

11.8

Other Cities

43,429,436

10.4

43,494,169

10.1

Deposits and Other
Assets–27,499,009
(–)

6.6
(–)

31,012,692
(－)

7.2
(－)

Total Assets–

418,738,276(391,239,266)

100.0(93.4)

432,307,546

100.0(401,294,854)(92.8)

Real Estate

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

(2) Investment Assets
1) Overview of Investment Assets
The overview of the real estate and real estate in trust regarding trust beneficiary interests in real estate inwhich JPR invests are as follows. All of the real estate and trust beneficiary interests in real estate are shownin the table below.
Descriptions in the table below are based on the following policies.
・The table below indicates the properties JPR owned as of the end of the 30th 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

25

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

Area

Type

Location

Site Area(m2)

Total Floor
Space (m2)Kanematsu Bldg.

Kyobashi 2-chome, Chuo-ku, Tokyo

1,751.13

14,995.09

Kanematsu Bldg.
Annex

Kyobashi 2-chome, Chuo-ku, Tokyo

679.06

4,351.46

SRC B1/8F

Feb. 1993

550.06

4,117.70

SRC, RC
B1/8F

Dec. 1989

657.805,152.98

SRC B1/9F

Oct. 1984

JPR Crest Takebashi
Bldg.

Ningyocho 1-chome, Chuo-ku,
TokyoKojimachi 4-chome, Chiyoda-ku,
Tokyo
Kanda-Nishikicho 3-chome,
Chiyoda-ku, Tokyo

636.904,790.68

SRC B1/9F

Sep. 1999

MS Shibaura Bldg.

Shibaura 4-chome Minato-ku, Tokyo

8,992.18

31,020.21

Nishi-Gotanda 2-chome, Shinagawaku, Tokyo
Yaesu 2-chome, Chuo-ku, Tokyo
Kudan-Minami 4-chome, Chiyodaku, Tokyo
Higashi-Gotanda 2-chome,
Shinagawa-ku, Tokyo
Nishi-Shinjuku 6-chome, Shinjukuku, Tokyo
Shinjuku 2-chome, Shinjuku-ku,
Tokyo

1,551.19

10,553.34

1,302.17

11,627.74

SRC, RC, S
B2/13F
SRC, RC
B2/11FSRC B2/10F

May 1990

1,058.04

5,888.82

SRC B1/9F

Mar. 1989

4,006.00

28,575.80

8,409.52

78,796.00

S, SRC
B2/17F
S, RC, SRC
B4/30F

3,522.46

25,733.10

SRC B2/14F

Shinkawa 1-chome, Chuo-ku, Tokyo

858.485,535.90

Nishi-Shinjuku 1-chome, Shinjukuku, Tokyo
Minami-Azabu 2-chome, Minato-ku,
Tokyo

14,917.11

176,607.89

S, SRC
B2/10F
SRC, RC, S
B5/54F

778.094,570.63

S 9F

Jun. 1992

Konan 2-chome, Minato-ku, Tokyo

828.82

5,216.21

S B1/8F

Jul. 2008

Rokubancho, Chiyoda-ku, Tokyo
Jingumae 6-chome, Shibuya-ku,
Tokyo

716.95

4,205.09

SRC B3/7F

Oct. 1991

1,205.07

6,466.94

SRC B1/9F

Mar. 1989

Kyobashi 3-chome, Chuo-ku, Tokyo

547.104,419.79

SRC, S
B1/10F

Jan. 1981

Nihonbashi-Horidomecho 1-chome,
Chuo-ku, Tokyo
Sendagaya 4-chome, Shibuya-ku,
Tokyo
Ginza 4-chome, Chuo-ku, Tokyo

937.597,190.82

SRC B1/9F

Jun. 2002

2,217.49

7,683.19

S 8F

May 2009

1,119.27

8,851.00

SRC B2/9F

Oct. 1982

11,034.78－––

5,289.01

24,560.36

1,915.50

11,419.93

S, RC, SRC
B2/12F
S, SRC
B1/10F

1,010.47

8,449.56

SRC, S B3/8F

Feb. 1992

198.101,066.81

S, SRC B1/7F

Feb. 2006

2,578.69

24,617.65

S, SRC, RC
B3/14F

Jan. 2007

Yurakucho 2-chome, Chiyoda-ku,
Tokyo

6,808.12

71,957.65

S, SRC
B4/20F

Oct. 2007

GINZA GATESGinza 5-chome, Chuo-ku, Tokyo

230.11

1,821.67

S
11F

Jun. 2008

FUNDES Suidobashi

Misakicho 2-chome, Chiyoda-ku,
Tokyo

281.591,477.91

S
9F

Jul. 2015

Property NameJPR Ningyo-cho Bldg.
Shin-Kojimachi Bldg.

Gotanda First Bldg.
Fukuoka Bldg.
JPR Ichigaya Bldg.
Oval Court Osaki
Mark West
Shinjuku Square
Tower

OfficeBYGS Shinjuku Bldg.
Across Shinkawa
Bldg. Annex
Shinjuku Center Bldg.
Minami Azabu Bldg.

Central Tokyo

Shinagawa Canal
Bldg.
Rokubancho Bldg.
JPR Harajuku Bldg.
Tokyo Tatemono
Kyobashi Bldg.
JPR Nihonbashihoridome Bldg.
JPR Sendagaya Bldg.

Ginza Sanwa Bldg.
Otemachi Tower (Land
Otemachi 1-chome, Chiyoda-ku,
with Leasehold
Tokyo
Interest)
Science Plaza Yonbancho, Chiyoda-ku, Tokyo
Yonbancho Plaza
Shibadaimon Center
Shibadaimon 1-chome, Minato-ku,
Bldg.
Tokyo
JPR Shibuya Tower
Records Bldg.

RetailJPR Jingumae 432
Shinjuku Sanchome
East Bldg.
Yurakucho Ekimae
Bldg.
(Yurakucho Itocia)

Jinnan 1-chome, Shibuya-ku, Tokyo
Jingumae 4-chome, Shibuya-ku,
TokyoShinjuku 3-chome, Shinjuku-ku,
Tokyo

26

Structure/
FloorsS, RC, SRC
B2/13F

CompletedFeb. 1993

Feb. 1988
Jul. 1989

Jun. 2001
Oct. 1994
Apr. 1985
Jun. 1994
Oct. 1979

Feb. 1995
Jul. 1993

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

Type

Greater Tokyo

OfficeArea

Property Name

Completed

34,281.86

JPR Chiba Bldg.

Shinmachi, Chuo-ku, Chiba, Chiba

1,382.35

9,072.57

JPR Yokohama
Nihon Odori Bldg.
Shinyokohama 2nd
Center Bldg.
Kawaguchi Center
Bldg.
JPR Ueno East
Bldg.
Tachikawa BusinessCenter Bldg.

Nihon-Odori, Naka-ku, Yokohama,
Kanagawa
Shinyokohama 3-chome, Kohoku-ku,
Yokohama, Kanagawa

1,100.59

9,146.52

SRC B1/11F

841.71

7,781.93

Honcho 4-chome, Kawaguchi, Saitama

4,524.61

28,420.85

Matsugaya 1-chome, Taito-ku, Tokyo

1,242.97

8,490.44

2,047.22

14,706.36

9,377.28

91,280.94

Yume-ooka Office
Tower

Akebonocho 2-chome, Tachikawa,
Tokyo
Higashi-Ikebukuro 4-chome, Toshimaku, Tokyo
Kamiooka Nishi 1-chome, Konan-ku,
Yokohama, Kanagawa

12,011.00

185,974.87

Olinas Tower

Taihei 4-chome, Sumida-ku, Tokyo

27,335.29

257,842.41

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
B2/45FTokyo 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, Nakahara-ku,
Kawasaki, Kanagawa

1,110.28

8,772.51

SRC B1/9F

May 1981

2,268.09

9,203.98

S 9F

Feb. 200912,326.30

80,675.27

SRC B2/17F

Feb. 1995

15,008.28

48,321.96

4,757.09

18,394.32

S, RC, SRC
B2/10F
SRC, RC, S
B1/6F

Bessho 7-chome, Saitama, Saitama

8,317.99

28,930.36

S B1/4F

Kawasaki Dice Bldg.

Ekimae-Honcho, Kawasaki, Kanagawa

4,475.45

36,902.01

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

S, SRC, RC
B2/11F
S, SRC
B1/10F

1,432.64

14,619.52

SRC B3/9F

Cupo-la Main Bldg.

RetailStructure/
FloorsS, SRC
B3/19F
S, SRC
B1/13F

3,755.01

Tanashi ASTA

JPR Musashikosugi
Bldg. (Note1)
Musashiurawa
Shopping Square

JPR Hakata Bldg.

OfficeTotal Floor
Space (m2)

Kinshi 3-chome, Sumida-ku, Tokyo

Rise Arena Bldg.

JPR Naha Bldg.
Sompo Japan
Sendai Bldg.
Sompo Japan
Wakayama Bldg.
Tenjin 121 Bldg.
JPR Dojima Bldg.

RetailSite Area(m2)

Arca East

Omiya Prime East

Other Cities

Location

JPR Hakata-chuo
Bldg.
JPR Nagoya
Fushimi Bldg.
Yakuin Business
GardenBenetton
Shinsaibashi Bldg.
(Note2)JPR Umeda Loft
Bldg.
Housing Design
Center Kobe
JPR Chayamachi Bldg.

Mar. 1997
Jan. 1991
Oct. 1989
Aug. 1991
Feb. 1994
Oct. 1992
Dec. 1994
Jan. 2007
Mar. 1997
Feb. 2006

Jan. 2006
Mar. 1983
Oct. 2005
Aug. 2003
Mar. 1996
Feb. 1970

Hakataeki-mae 1-chome, Hakata-ku,
Fukuoka, Fukuoka

1,214.63

9,828.73(Office) S,
RC B1/12F(Parking)
S 1F

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

959.875,780.71

SRC, S 12F(Office)Jun. 1985(Parking)
Nov. 2003
Expanded
Oct. 1991

1,895.67

10,783.52

SRC B1/12F

Dec. 1997

1,128.45

6,715.07

S 9F

Jul. 1996

1,164.39

8,690.95

S, SRC 13F

Jul. 2000

668.11

5,696.01

SRC B2/9F

Oct. 1993

680.633,874.81

SRC 8F

Feb. 1993

1,610.38

10,201.44

SRC B1/9F

Mar. 1991

4,348.43

22,286.35

SRC 14F

Jan. 2009

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

609.315,303.98

S B2/10F

Feb. 2003
Jan. 2005
Expanded

Chayamachi, Kita-ku, Osaka, Osaka

3,518.68

17,897.56

SRC B1/8F

Apr. 1990

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

3,994.47

33,877.71

592.45

3,219.36

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

Jun. 1994
Jun. 1994(Note1) For JPR Musashikosugi Bldg., JPR sold part of its land (site area: 4.53m2) on October 31, 2016 in association with a redevelopment
project.
(Note2) The asset class of Benetton Shinsaibashi Bldg. was converted from “retail” to “office” as of July 30, 2016.

27

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th 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., Tokyo Tatemono Kyobashi Bldg., Science PlazaYonbancho Plaza, Shibadaimon Center 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., Tokyo Tatemono Honmachi
Bldg., Sompo Japan Sendai Bldg., Sompo Japan Wakayama Bldg., Tenjin
121 Bldg., JPR Dojima Bldg., JPR Hakata-chuo 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., Benetton Shinsaibashi Bldg.,
Housing Design Center Kobe, JPR Chayamachi Bldg.
Kanematsu Bldg., Kanematsu Bldg. Annex, JPR Crest Takebashi Bldg.,
Fukuoka Bldg., JPR Ichigaya Bldg., Oval Court Ohsaki Mark West, BYGS
Shinjuku Bldg., Across Shinkawa Bldg. Annex, Otemachi Tower (Land with
Leasehold Interest) , 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., GINZA GATES, 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 30th fiscal period,
indicated in a percentage rounded to the first decimal place.

28

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

Acquisition Price
Area

Type

Property Name

Dec. 27, 2001

16,276

3.9

12,900

2.9

Kanematsu Bldg. Annex

Dec. 27, 2001

2,874

0.7

2,590

0.6

JPR Ningyo-cho Bldg.

Nov. 16, 2001

2,100

0.5

2,570

0.6

Nov. 16, 2001

1,670

Nov. 21, 2002

550

0.6

3,230

0.7

Nov. 12, 2004

200

JPR Crest Takebashi Bldg.

Jun. 21, 2002

4,000

0.9

3,240

0.7

MS Shibaura Bldg.

Mar. 28, 2003

11,2002.7

11,4002.6

Gotanda First Bldg.

Jul. 23, 2003

2,920

0.7

2,520

0.6

Oct. 15, 2003

1,800

Apr. 15, 2005

1,120

0.7

3,040

0.7

JPR Ichigaya Bldg.

May 28, 2004

5,100

1.2

5,080

1.2

Oval Court Ohsaki Mark West

Jun. 1, 2004

3,500

0.8

4,580

1.0

OfficeFukuoka Bldg.

Jul. 2, 2004

10,000Shinjuku Square Tower

Sep. 26, 2008
Mar. 25, 2015
Oct. 21, 2015
Nov. 9, 2004

180
4,000
786
2,900

3.6

13,8003.2

BYGS Shinjuku Bldg.

Apr. 12, 2005

8,921

3.6

16,200

3.7

Jul. 13, 2010

3,300

Across Shinkawa Bldg. Annex

Nov. 26, 2004

710

0.2

861

0.2

Shinjuku Center Bldg.

Mar. 27, 2008

21,0005.0

14,4003.3

Minami Azabu Bldg.

Jul. 14, 2008

3,760

0.9

2,690

0.6

Shinagawa Canal Bldg.

Dec. 19, 2008

1,870

0.4

1,840

0.4

Rokubancho Bldg.

Dec. 2, 2009

2,800

0.7

3,360

0.8

JPR Harajuku Bldg.

Dec. 25, 2009

8,400

2.0

8,510

1.9

Tokyo Tatemono Kyobashi Bldg.

Feb. 12, 2010

5,250

1.2

5,810

1.3

JPR Nihonbashi-horidome Bldg.

Mar. 31, 2010

5,100

1.2

6,480

1.5

JPR Sendagaya Bldg.

May 31, 2010

15,0503.6

11,5002.6

Ginza Sanwa Bldg.

Aug. 29, 2011

3,400

0.8

3,730

0.9

Otemachi Tower (Land with
Leasehold Interest)

Mar. 13, 2012

36,0008.5

46,00010.5

Science Plaza-Yonbancho Plaza

Dec. 6, 2013

2,660

0.6

3,060

0.7

1.0

5,460

1.2

Shibadaimon Center Bldg.
JPR Shibuya Tower Records
Bldg.
JPR Jingumae 432

Retail(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)

GINZA GATESFUNDES Suidobashi
Subtotal of Central Tokyo

Dec. 6, 2013

3,420

Jul. 30, 2014

800

Jun. 30, 2003

12,0002.8

14,1003.2

Mar. 24, 2006
Mar. 14, 2007

4,275
540

1.0

3,930

0.9

Apr. 24, 2008

2,200

0.7

2,710

0.6

Aug. 27, 2008

3,400

0.8

2,940

0.7

Dec. 15, 2016
Dec. 15, 2016

10,1003,250
229,382

2.4
0.8
54.4

10,8003,380
232,711

2.5
0.8
53.1

29

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

Acquisition Price
Area

Type

Property Name

OfficeRetail(%)
1.4

JPR Chiba Bldg.
JPR Yokohama Nihon Odori
Bldg.

Dec. 13, 2001

2,350

0.6

1,840

0.4

Nov. 16, 2001

2,927

0.7

2,530

0.6

Sep. 25, 2002

920

Mar. 28, 2013

570

0.4

1,810

0.4

Kawaguchi Center Bldg.

Feb. 13, 2004

8,100

1.9

7,900

1.8

JPR Ueno East Bldg.

Mar. 1, 2004

3,250

0.8

4,560

1.0

Sep. 30, 2005

888

Feb. 28, 2007

2,300

0.8

3,320

0.8

Mar. 22, 2007

5,831

1.4

7,640

1.7

Yume-ooka Office Tower

Jul. 10, 2007

6,510

1.5

5,970

1.4

Olinas Tower
Tokyo Tatemono Yokohama
Bldg.
Omiya Prime East

Jun. 29, 2009

31,3007.4

35,6008.1

Dec. 27, 2010

7,000

1.7

7,980

1.8

Mar. 22, 2013

6,090

1.4

7,580

1.7

Tanashi ASTA

Nov. 16, 2001

10,2002.4

13,400

3.1

Cupo-la Main Bldg.

Mar. 31, 2006

2,100

0.5

2,710

0.6

JPR Musashikosugi Bldg. (Note)

Sep. 28, 2006

7,254

1.7

5,530

1.3

Musashiurawa Shopping Square

Mar. 19, 2007

4,335

1.0

4,290

1.0

Kawasaki Dice Bldg.

Apr. 12, 2007

15,0803.6

15,500

3.5

Rise Arena Bldg.

Office(million yen)
5,880

Tachikawa Business Center Bldg.

RetailInvestment
Ratio

Nov. 16, 2001

122,88529.2

134,350

30.7

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

Nov. 16, 2001

2,140

0.5

2,390

0.5

Nov. 16, 2001

4,150

1.0

3,330

0.8

Nov. 16, 2001

2,900

0.7

3,080

0.7

JPR Naha Bldg.

Nov. 16, 2001

1,560

0.4

1,530

0.3

Sompo Japan Sendai Bldg.

Jun. 26, 2002

3,150

0.7

3,680

0.8

Sompo Japan Wakayama Bldg.

Jun. 26, 2002

1,670

0.4

1,700

0.4

Tenjin 121 Bldg.

Jun. 21, 2002

2,810

0.7

2,550

0.6

JPR Dojima Bldg.

Jan. 23, 2004

2,140

0.5

2,580

0.6

JPR Hakata-chuo Bldg.

Jun. 11, 2004

1,920

0.5

1,780

0.4

JPR Nagoya Fushimi Bldg.

Mar. 22, 2005

4,137

1.0

2,730

0.6

Yakuin Business Garden

Aug. 8, 2012

10,996

2.6

13,9003.2

Benetton Shinsaibashi Bldg.

May 30, 2005

5,430

1.3

3,950

0.9

8,000
5,000
7,220

3.1

14,500

3.3

Housing Design Center Kobe

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

1.7

6,930

1.6

JPR Chayamachi Bldg.

Aug. 30, 2006

6,000

1.4

6,290

1.4

69,223

16.4

70,92016.2

421,490100.0

437,981100.0

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)
6,190
1.4

JPR Umeda Loft Bldg.

Subtotal of Other Cities
Total(Note) The acquisition price and the appraisal value at end of period for JPR Musashikosugi Bldg. do not include the part of the land that was soldin association with a redevelopment project (Acquisition price: 5 million yen).

30

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period(3) 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 30th 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)

2
1,581,000 thousand yen
10.5%
11,034.78m2
11,034.78m2

Changes in Occupancy Rate in Last 5 years (Note 2)

December 31, 2016

100.0%

June 30, 2016

100.0%

December 31, 2015

100.0%

June 30, 2015

100.0%

December 31, 2014

100.0%

June 30, 2014

100.0%

December 31, 2013100.0%

June 30, 2013100.0%

December 31, 2012

100.0%

June 30, 2012
100.0%(Note 1) Rental revenues represent the property’s operating revenues for the 23th 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 30th fiscal period(December 31, 2016).

(4) Information Concerning Tenants
1) Overview of Lease Status by JPR as a Whole
No. of Properties
June 30, 2012

Total No. of
Tenants

58

Total Leasable Floor Space

Occupancy Rate

502

434,340.04m2

94.1%
94.9%

December 31, 2012

59

534

450,943.43 m2

June 30, 2013

60

564

460,452.47 m2

96.9%

December 31, 2013

62

610

467,207.05 m2

96.5%

628

467,175.54 m2

97.8%
97.0%

June 30, 2014

62

December 31, 2014

62

632

468,232.24 m2

June 30, 2015

62

647

475,007.79 m2

96.7%

December 31, 2015

62

650

476,352.67 m2

97.4%
98.1%

January 31, 2016

62

661

476,345.81 m2

July 31, 2016

62

671

474,866.57 m2

98.0%

August 31, 2016

62

671

474,866.57 m2

98.1%

September 30, 2016

61

667

474,215.28 m2

98.1%

October 31, 2016

61

668

474,215.29 m2

98.3%

666

474,215.29 m2

98.6%

679

477,249.40 m2

98.6%

November 30, 2016
December 31, 2016

61
63

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

31Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

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 30th fiscal period, as well as the total rental income for the 30th fiscal period.
Total Number of Tenants
Total Leased Floor Space
Total Leasable Floor Space
Total Rental Income

679
470,523.73m2
477,249.40m2
15,105,172 thousand yen2) Overview of Lease Status for Respective Properties
30th Fiscal Period (July 1, 2016 – December 31, 2016)
Type

RetailCentral 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.

7,994.02

7,994.02

10

100.0

362,644

2.4

Kanematsu Bldg. Annex

2,291.13

2,291.131

100.0(Note 2)

(Note 2)

JPR Ningyo-cho Bldg.

2,804.56

2,804.56

4

100.0

91,412

0.6

Shin-Kojimachi Bldg.

3,319.37

3,319.37

17

100.0

106,425

0.7

JPR Crest Takebashi Bldg.

3,265.34

3,265.34

6

100.0

96,294

0.6

MS Shibaura Bldg.

14,468.38

14,468.38

10

100.0

385,124

2.5

Gotanda First Bldg.

4,241.22

4,241.224

100.0

119,238

0.8

Fukuoka Bldg.

1,937.40

1,937.401

100.0(Note 2)

(Note 2)JPR Ichigaya Bldg.

4,235.05

4,235.05

10

100.0

162,875

1.1

Oval Court Ohsaki Mark West4,088.44

4,088.442

100.0

182,623

1.2

Shinjuku Square Tower

19,284.71

19,261.84

25

99.9

355,378

2.4

BYGS Shinjuku Bldg.

15,216.94

14,921.12

25

98.1

557,197

3.7

Across Shinkawa Bldg. Annex

1,253.39

1,253.39

4

100.0

37,258

0.2

Shinjuku Center Bldg.

8,863.98

8,343.16

33

94.1

490,412

3.2

Minami Azabu Bldg.

3,405.73

3,405.731

100.0(Note 2)

(Note 2)

Shinagawa Canal Bldg.

1,700.57

1,528.84

4

89.9

49,0700.3

Rokubancho Bldg.

2,488.36

2,488.361

100.0(Note 2)

(Note 2)

JPR Harajuku Bldg.

4,763.38

4,763.38

9

100.0

249,654

1.7

Tokyo Tatemono Kyobashi Bldg.

3,551.01

3,162.66

8

89.1

213,657

1.4

JPR Nihonbashi-horidome Bldg.

5,299.89

4,670.80

5

88.1

181,866

1.2

JPR Sendagaya Bldg.

6,177.74

6,177.746

100.0

262,649

1.7

Ginza Sanwa Bldg.

1,896.69

1,836.858

96.8

114,101

0.8

Otemachi Tower (Land with
Leasehold Interest)

11,034.78

11,034.78

2

100.0

1,581,000

10.5

Science Plaza-Yonbancho Plaza

3,325.27

3,191.65

24

96.0

112,799

0.7

Shibadaimon Center Bldg.
JPR Shibuya Tower Records
Bldg.
JPR Daikanyama (Note 3)

5,401.46

5,401.46

9

100.0

179,301

1.2

8,076.85

8,076.851

100.0(Note 2)

(Note 2)

－

－

－

－

10,331

0.1

JPR Jingumae 432

1,027.33

1,027.33

7

100.0

83,892

0.6

Shinjuku Sanchome East Bldg.

2,347.81

2,347.811

100.0(Note 2)

(Note 2)

Yurakucho Ekimae Bldg.
(Yurakucho Itocia)

1,101.92

1,101.921

100.0(Note 2)

(Note 2)

GINZA GATES

1,666.55

1,666.55

7

100.0

19,0550.1

FUNDES Suidobashi

1,367.56

1,367.56

6

100.0

9,027

0.1

32

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

30th Fiscal Period (July 1, 2016 – December 31, 2016)

OfficeType(thousands of
yen)

Ratio

Arca East

7,022.76

7,022.76

6

100.0

239,555

1.6

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

5,536.18

5,094.22

36

92.0

125,8240.8

6,066.53

5,748.63

12

94.8

122,3270.8

5,284.75

4,973.15

20

94.1

101,164

0.7

Kawaguchi Center Bldg.

15,420.07

15,420.07

44

100.0

413,945

2.7

JPR Ueno East Bldg.

6,476.53

6,476.53

9

100.0

178,228

1.2

Tachikawa Business Center Bldg.

4,683.40

4,572.76

19

97.6

1.0
(Note 2)

6,023.39

6,023.39

1

100.0

145,908(Note 2)

Yume-ooka Office Tower

12,000.08

12,000.08

38

100.0

329,459

2.2

Olinas Tower
Tokyo Tatemono Yokohama
Bldg.
Omiya Prime East

23,987.40

23,642.97

14

98.6

1,017,555

6.7

6,494.09

6,494.09

14

100.0

298,756

2.0

6,871.45

6,871.45

4

100.0

Tanashi ASTA

31,121.71

31,121.71

1

100.0

266,988(Note 2)

1.8
(Note 2)Cupo-la Main Bldg.

5,963.00

5,963.001

100.0(Note 2)

(Note 2)

JPR Musashikosugi Bldg.

19,740.95

19,740.95

1

100.0

(Note 2)

(Note 2)

Musashiurawa Shopping Square

14,960.69

14,960.69

3

100.0

126,996

0.8

Kawasaki Dice Bldg.

12,116.35

12,116.35

29

100.0

495,820

3.3

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

5,326.88

5,326.888

100.0

126,160

0.8

7,158.13

6,407.16

7

89.5

159,961

1.1

6,568.43

6,558.18

43

99.8

149,576

1.0

JPR Naha Bldg.

3,946.36

3,946.36

21

100.0

96,126

0.6

Sompo Japan Sendai Bldg.

7,129.14

7,129.14

15

100.0

187,274

1.2

Sompo Japan Wakayama Bldg.

4,875.38

4,875.38

14

100.0

112,132

0.7

Tenjin 121 Bldg.

3,257.73

3,202.54

15

98.3

103,678

0.7

JPR Dojima Bldg.

3,930.71

2,609.65

8

66.4

61,0170.4

JPR Hakata-chuo Bldg.

3,290.42

3,290.426

100.0

80,9720.5

JPR Nagoya Fushimi Bldg.

7,086.37

6,732.72

3

95.0

138,365

0.9

Yakuin Business Garden

16,654.33

16,644.71

18

99.9

473,910

3.1

Benetton Shinsaibashi Bldg.

3,842.47

3,366.21

9

87.6

JPR Umeda Loft Bldg.

18,586.97

18,586.97

1

100.0

721,703(Note 2)

4.8
(Note 2)

Housing Design Center Kobe

35,444.13

35,444.13

1

100.0

(Note 2)

(Note 2)

JPR Chayamachi Bldg.

2,485.79

2,485.79

6

100.0

160,595

1.1

477,249.40

470,523.73

679

98.6

15,105,172

100.0

OfficeRetailOther Cities

Property Name

Rental Revenues

Rise Arena Bldg.

RetailGreater Tokyo

Area

Information on Period End Floor Space, Etc.
Total
No. ofTotal Leased
Leasable
Tenants Occupancy
Floor Space
Floor Space(Note
Rate (%)
(m2)
2
(m )
1)

Total

(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, 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, 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 fluctuates in accordance with the leaseconditions 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 from thetenants or co-owners, etc. as to disclosure of rental revenues, etc.
(Note 3) JPR sold JPR Daikanyama as of September 29, 2016.

33

Japan Prime Realty Investment Corporation (8955) Financial Report for 30th Fiscal Period

3) Ten Largest Tenants
The following table shows the ten largest tenants in terms of leased floor space as of December 31, 2016.

Rank

TenantProperty Name

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

1

Tokyo Tatemono Co., Ltd

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

2

ABC Development Corporation

Housing Design Center Kobe

35,444.13

7.5%

3

Seiyu GK

Tanashi ASTA

31,121.71

6.6%

4

Ito-Yokado Co., Ltd.

JPR Musashikosugi Bldg.

19,740.95

4.2%

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

Sompo Japan Nipponkoa Insurance Inc.

Kawaguchi Center Bldg.
Yume-ooka Office Tower
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.

8,253.43

1.8%

8

Tower Records Japan Inc.

JPR Shibuya Tower Records Bldg.

8,076.85

1.7%

9

Y.K. Tokyo Prime Stage

Otemachi Tower (Land with Leasehold
Interest)

7,875.50

1.7%

10

Taisei-Yuraku Real Estate Co., Ltd.

Rise Arena Bldg.

6,023.39

1.3%(Note 1) The figures have been rounded to the first decimal place.
(Note 2) The leased floor spaces of co-owned properties are portions owned by JPR.

34

43,725.43

9.3%