Translation

Japan Prime Realty Investment Corporation
Financial Report for the 44th Fiscal Period Results (July 1, 2023 – December 31, 2023)
February 16, 2024

REIT Securities Issuer:
Japan Prime Realty Investment Corporation
Listing:
Tokyo Stock Exchange
Securities Code:
8955
URL:
https://www.jpr-reit.co.jp/en/
Representative:
Yoshihiro Jozaki, Executive Officer
Asset Management Company: Tokyo Realty Investment Management, Inc.
Representative:
Yoshihiro Jozaki, President and Chief Executive Officer
Contact:
Yoshinaga Nomura, Director, General Manager,
TEL: +81-3-3231-1051
Finance and Administration Division
Scheduled date of submission of securities report:
March 26, 2024
Scheduled date of commencement of distribution payout:
March 8, 2024
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 44th Fiscal Period (July 1, 2023 – December 31, 2023)(1) Operating Results
For the six months ended

December 31, 2023
June 30, 2023

Operating Revenue
million yen%
17,411(4.2)
18,173(3.0)
Net Income per Unit
(EPU)
yen
7,377
8,121

For the six months ended

December 31, 2023
June 30, 2023

(2) Distributions

Distribution
per Unit(DPU)[excluding
exceeding profit
distribution
amount][Amounts are rounded down to the nearest million yen, except for per unit figures.][% figures represent the increase (decrease) compared with the previous fiscal period]

Operating Income
million yen
%
8,151
(8.0)
8,859
(4.5)

Ordinary Income
million yen
%
7,357
(9.2)
8,099
(4.4)

Net Income
million yen
%
7,356
(9.2)
8,098
(4.4)

Net Income / Net Assets

Ordinary Income /Total Assets

Ordinary Income /Operating Revenue
%
42.3
44.6

Distribution
Amount%2.7
3.0

ExceedingProfitDistribution
per Unit

%
1.4
1.6

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution /Net Assetsyenmillion yen
yenmillion yen
%
%
7,600
7,578
–
–
103.0
2.8
December 31, 2023
7,600
7,578
–
–
93.5
2.8
June 30, 2023
(Note 1) Dividend payout ratio is rounded down to the first decimal place.
(Note 2) The difference between the distribution amount and net income for the six months ended June 30, 2023, is attributable tothe fact that part of the unappropriated retained earnings (520 million yen) was internally reserved as reserve for reduction
entry.
(Note 3) The difference between the distribution amount and net income for the six months ended December 31, 2023, is attributable
to the fact that part of reserve for reduction entry (221 million yen) was reversed.
For the six months ended(3) Financial Position
As ofDecember 31, 2023
June 30, 2023

Total Assets
million yen
510,802510,069

Net Assets
million yen
273,752
273,974

1

Net Assets / Total Assets
%
53.6
53.7

Net Asset Per Unityen
274,527
274,749

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period(4) Cash Flows
Cash Flows fromOperating Activities
For the six months ended

December 31, 2023
June 30, 2023

Cash Flows from
Investing Activities

million yen
9,288
13,056

million yen(1,239)(13,994)

Cash Flows from
Financing Activities
million yen(7,577)(5,226)

Cash and Cash
Equivalents
at End of Period
million yen
39,812
39,341

2. Forecasts for the 45th Fiscal Period Ending June 30, 2024 (January 1, 2024 – June 30, 2024) and the46th Fiscal Period Ending December 31, 2024 (July 1, 2024 – December 31, 2024)[Amounts are rounded down to the nearest million yen, except for per unit figures.][% figures represent the increase (decrease) compared with the previous fiscal period]

Operating
Revenue

Operating
IncomeOrdinary
IncomeNet
IncomeDPU [excluding Exceedingexceeding profit
Profitdistribution per Distribution
unit]
Per Unit%yenyen% million yen% million yen% million yen
million yen
45th Fiscal Period Ending
17,695 1.6
8,309 1.9
7,479 1.7
7,479 1.7
7,600
June 30, 2024
46th Fiscal Period Ending
17,916 1.2
8,412 1.2
7,499 0.3
7,499 0.3
7,600
December 31, 2024
(Reference) Estimated net income per unit (forecast net income / forecast number of investment units at end of period)
45th fiscal period ending June 30, 2024:
7,500 yen
46th fiscal period ending December 31, 2024: 7,520 yen(Note 1)
DPU for the 45th fiscal period ending June 30, 2024, is calculated on the assumption that part of the reserve for reduction
entry (99 million yen) will be reversed and distributed.
(Note 2)
DPU for the 46th fiscal period ending December 31, 2024, is calculated on the assumption that part of the reserve for
reduction entry (79 million yen) will be reversed and distributed.

3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(a) Changes in accounting policies accompanying amendments to accounting standards, etc.: None(b) Changes in accounting policies other than in (a):None(c) Changes in accounting estimates:
None(d) Retrospective restatement:
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, 2023: 997,178 units
As of June 30, 2023: 997,178 units(b) Number of treasury units at end of period
As of December 31, 2023:
0 units
As of June 30, 2023:
0 units(Note) With regard to the number of investment units, which serves as the basis for calculating net income per unit, please refer to“Per Unit Information,” on page 22.

* This financial report is not subject to audit procedures by public accountants or audit corporations.
* Special note
The forecasts for the 45th fiscal period ending June 30, 2024, and the 46th fiscal period ending December 31,
2024, are calculated as of February 16, 2024, based on the assumptions described on pages 9 and 10 of this report.
Accordingly, actual operating revenue, operating income, ordinary income, net income, DPU and exceeding profit
distribution per unit may differ from the forecasts. Moreover, the forecasts should not be construed as a guaranteeof the distribution amount.
This is an English-language translation of original Japanese announcement on our website released on February
16, 2024. However, no assurance or warranties are given with respect to the accuracy or completeness of thisEnglish-language translation. The Japanese original shall prevail in the case of discrepancies between thistranslation and the Japanese original.

2Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

1. Management Status
1) Overview of Fiscal Period under Reviewa) Milestones of JPR
Japan Prime Realty Investment Corporation (JPR) was established on September 14, 2001, under the
Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended), and waslisted on the Tokyo Stock Exchange Real Estate Investment Trust Section on June 14, 2002, with 289,600
outstanding investment units. With the subsequently implemented public offerings and other capitalraising measures by JPR, the number of investment units issued and outstanding totals 997,178 units asof the end of the 44th fiscal period (December 31, 2023). JPR has assigned the asset management of its
portfolio to Tokyo Realty Investment Management, Inc. (TRIM), through which JPR aims to maximize
unitholder value by efficiently managing the portfolio primarily comprising office properties and retailproperties.
b) Management Environment
During the 44th fiscal period, the Japanese economy remained strong against the backdrop of the increasein domestic demand, despite a slight weakness in overseas economies. On the demand side, consumer
spending stayed on a solid note despite rising general prices, and capital investment also showed arecovery trend. In terms of supply, although the recovery of overseas demand is sluggish, domestic
production activities are showing a steady movement. Moreover, corporate earnings demonstrated
recovery both in manufacturing industries and the non-manufacturing sector. However, labor shortage isintensifying in a wide range of industries, raising concerns about the impact on the entire economy.
The Office Property Leasing Market
In the office property leasing market, the needs of tenants to relocate for expansion and expand officespaces in the same buildings are gradually recovering due to strong corporate performance and theincreasing attendance rate, and the vacancy rate in central Tokyo is declining moderately. There are also
some areas where average rent turned to rise. Similar trends are observed in Greater Tokyo and other
cities.
The Retail Property Leasing Market
At urban retail properties which JPR targets for investment, although the impact of rising costs, which
are caused by rising general prices, and labor shortages was seen in some areas, sales are on a recovery
trend with an increase in the number of customers visiting stores due to the recovery in the flow of people
and the increase in demand from inbound foreign tourists.
The For-Sale Real Estate Market
Active real estate transactions continue to take place in Japan against the backdrop of relatively low
interest rates among other factors. Close attention must continuously be paid, however, to how interest
rate trends and the foreign exchange market may affect the market conditions going forward. For officeproperties that are major targets of JPR for investment, blue-chip properties are in short supply while
investors still show a strong appetite to acquire them. Thus, with low-yield transactions continuing toprevail, the acquisition environment remains harsh. Accordingly, investors continue to look for ways toeffectively acquire properties, such as by diversifying the target assets for investment and conducting
asset replacement.
In addition, amid the ongoing normalization of socio-economic activities, domestic demand centered on
consumer spending as well as demand from inbound foreign tourists are on a recovery trend, andtransactions of hotels for which investors have shown a cautious attitude are also becoming active.
c) Portfolio Management Status
Acquisition of New Properties and Asset Replacement
JPR investigates possible investments mainly in office properties in the Tokyo area, plus office properties
in regional cities and retail properties, etc., with the primary aim of improving the quality of the portfolio
and achieving stable growth of earnings while giving attention to balancing the diversification of theportfolio, both in terms of location and asset type.
During the 44th fiscal period, JPR investigated possible investments primarily in office properties in theTokyo area, but no acquisition was closed and completed. As of the end of December 2023, the balanceof JPR’s assets under management totaled 67 properties, or 497.0 billion yen on an acquisition pricebasis, with the total leasable floor space standing at 497,252 m2 and the number of tenants at 1,236.
3

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Operational Management of Portfolio
In the office property leasing market in the 44th fiscal period, vacancy rate is declining moderately due
to the increasing trend of positive tenant needs such as the relocation for expansion and the expansion
of office spaces in the same buildings, as mentioned in Management Environment above. Nevertheless,the situation demands that close attention be continuously paid. Under such circumstances, JPR
endeavored to attract new tenants through strategic leasing activities and enhance the satisfaction ofexisting tenants by maintaining close cooperation with property management companies and brokers,
with an aim to secure stable earnings across the entire portfolio as well as its occupancy rate. As a resultof these efforts, the occupancy rate at the end of the 44th fiscal period was kept at a high level, as it rose
0.6 percentage points period-on-period to 98.7%.
In terms of property management, JPR continued to proactively implement value enhancement works
based on tenant needs, on the ground of its brand concept A/3S (Amenity/Service, Safety and Save
Energy) that has been established with an aim to create spaces where the workers feel satisfaction.
On top of this, JPR is engaged in a variety of environmental initiatives. In terms of construction work,
JPR conducted replacement of lighting equipment with LED lamps, replacement of air conditioning units,
replacement of power-receiving and transforming facilities, renewal of elevators and replacement of
toilets, etc., which are expected to be effective for CO2 emissions-reduction efforts, at its multiple
properties.
JPR also continues its endeavors to obtain environmental certifications. As of December 31, 2023, JPR
has acquired DBJ Green Building Certification*1 for 14 properties in total (including one newly certified
property). JPR has also obtained CASBEE for Building Certification*2 for 42 properties in total(including one newly certified property), and BELS*3 certification for 4 properties in total (including one
newly certified property) (including one property certified as ZEB Oriented (a ZEB*4 certification typedesignated as ZEB Oriented*5)). On top of these certifications JPR acquired, its endeavors on
environmental issues were so acknowledged that it was designated as “Green Star” in the GRESB*6 Real
Estate Assessment for 2023, marking the tenth consecutive year of recognition with the highest ranking
in the survey. JPR has also been granted the highest rank of “5 Stars” in the rating, which makes relative
assessment based on total scores, for five consecutive years.
*1 The DBJ Green Building Certification is a certification system to select superior real estate that meets the demand of the times byscoring buildings based on the scoring model originally developed by Development Bank of Japan Inc. Its purpose is to promote
properties that are environmentally friendly, equipped to mitigate disasters and prevent crime, as well as meet the social
requirements surrounding real estate from various stakeholders (“Green Buildings”).
*2 CASBEE, which stands for Comprehensive Assessment System for Built Environment Efficiency, is a system for comprehensively
assessing the environmental performance of buildings. Efforts to develop and popularize the system in Japan are being carried out
under the leadership of the Ministry of Land, Infrastructure, Transport and Tourism.
*3 BELS is an abbreviation for Building-Housing Energy-efficiency Labeling System. It is a performance-labeling system created
for the purpose that a third-party organization accurately conducts the evaluation and indication of energy-efficiency performanceof non-residential buildings in accordance with the Assessment Guidelines on Energy Efficiency Performance of Non-residential
Buildings (2013) established by the Ministry of Land, Infrastructure, Transport and Tourism.
*4 ZEB is an abbreviation of Net Zero Energy Building, and refers to buildings that aim to balance out the annual primary energy
they consume to zero, while realizing a comfortable indoor environment.
*5 ZEB Oriented refers to special use buildings with a total floor space of 10,000 m2 or more that have adopted measures to achieveenergy conservation and reduced primary energy consumption by at least 40% from the standards set in the Act on the
Improvement of Energy Consumption Performance of Buildings.
*6 GRESB is an annual benchmarking assessment to measure ESG (Environmental, Social and Governance) awareness of real estatecompanies and funds, as well as the name of the organization which runs the assessment system. It was founded in 2009 primarily
by major European pension fund groups. Of the survey subjects, GRESB Real Estate Assessment covers real estate companies
and funds that are mainly engaged in managing existing properties.

Fund Procurement
JPR focuses its endeavors on debt financing with an emphasis placed on lengthening debt maturity anddiversifying repayment dates in an effort to make its financial base more solid and stronger. JPR
borrowed 18.5 billion yen in the 44th fiscal period to fund the refinancing of interest-bearing debts(excluding short-term debts) it repaid during the same fiscal period.
As of the end of the 44th fiscal period, the balance of interest-bearing debts totaled 205.4 billion yen,with a balance of borrowings of 169.5 billion yen and a balance of investment corporation bonds of 35.9
billion yen. The ratio of interest-bearing debt to total assets (LTV) (Note 1) was 40.2%, long-term andfixed interest-bearing debt ratio (Note 2) was 100.0%, average debt cost (Note 3) was 0.76% and average
maturity (Note 4) was 4.5 years as of the end of the fiscal period.

4Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Moreover, JPR established a commitment line with a credit limit of 24.0 billion yen with six financial
institutions.
The following represents the issuer ratings for JPR as of the end of the 44th fiscal period.
Details of Corporate Credit Ratings as of December 31, 2023
Credit Rating Agency
Corporate Credit Rating (outlook)
Japan Credit Rating Agency, Ltd. (JCR)
AA (Stable)
Rating and Investment Information, Inc. (R&I) AA− (Stable)(Note 1) Ratio of interest-bearing debts to total assets (LTV): (balance of borrowings + balance of investment corporation bonds) / total
assets(Note 2) Long-term and fixed interest-bearing debt ratio: long-term, fixed-interest interest-bearing debts / total interest-bearing debt
(Note 3) Average debt cost: sum total of interest expenses, interest expenses on investment corporation bonds, borrowing expenses(excluding expenses for early repayment of borrowings and for commitment line agreements), amortization of investment
corporation bond issuance costs and investment corporation bond management expenses, divided by the number of businessdays for each fiscal period and annualized by multiplying by 365 days / average balance of borrowings and investment
corporation bonds for each fiscal period(Note 4) Average maturity is arrived at by calculating a weighted average of maturities from the end of the 44th fiscal period to therepayment deadlines for all interest-bearing debts based on the balance of each interest-bearing debt.

d) Operating Results and Cash Distributions
As a result of the aforementioned management performance, JPR posted operating revenue of 17,411
million yen, ordinary income of 7,357 million yen and net income of 7,356 million yen for its 44th fiscal
period ended December 31, 2023. With regard to the cash distributions, JPR decided to distribute part of
the retained earnings brought forward that had been internally reserved through the 43rd 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 (Act No. 26 of 1957, as amended)) and in order to minimize the burden tounitholders incurred by accrual of corporate income tax, etc. In addition, for the 44th fiscal period, JPR
decided to reverse part of reserve for reduction entry (221 million yen) provided pursuant to the Special
Provisions for Taxation in Cases of Repurchase of Specified Assets (Article 65-7 of the Act on Special
Measures Concerning Taxation). As a result, the cash distribution per unit came to 7,600 yen for the 44th
fiscal period.
2) Forecast for the Next Fiscal Perioda) Outlook for Management Status
For the moment, the Japanese economy is expected to keep recovering gradually, given the improving
employment and income environments and the effects of various policies. In particular, due to a rise indemand from inbound foreign tourists and consumer spending as well as the growth in capital investment,
etc., the Japanese economy is expected to remain solid going forward. However, attention should be paid
to the concerns about possible stagnation in overseas economies and the impacts of fluctuations in thefinancial and capital markets in and outside Japan.
In the office property leasing market, needs for relocation and floor expansion are returning, and a
gradual recovery from the bottom is anticipated. Under these circumstances, JPR is resolved to continue
its endeavors to enhance the competitiveness of its owned properties, as it focuses on improving tenantsatisfaction through proactive implementation of value enhancement works and provision of elaborate
management services.
In the for-sale real estate market, it has become even more important to discern the growth potential inearnings of respective properties, while continuously taking into account the impact of the changes in
the Japanese economy on the leasing market. In consideration of the current situation in which the lowyield environment continues to stay, it is necessary to firmly keep the attitude of vigorously selective
investment for implementing real estate investment that assumes possession of properties over the
medium to long term.

5

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Periodi)Acquisition of New Properties and Asset Replacement
JPR will continue to make investment focused on office properties in the Tokyo area, with an aim to
improve the quality of its portfolio and enhance its growth potential and stability over the long term. In
the for-sale office property market, the purchase cap rate and expected cap rate levels are still low, withproperties remaining in short supply. Although close attention must be paid to the trends in the leasing
market going forward, JPR will fully investigate the stability and growth potential of candidate
properties when acquiring them. As for retail properties, etc., JPR will work to invest in strictly selectedblue-chip properties that can maintain stable revenues at a certain level in order to complement thestability of earnings of the entire portfolio. As it investigates properties, JPR will continue its endeavors
to acquire new properties under reasonable terms by negotiating prices based on detailed market studies
and property due diligence.
Moreover, JPR will make investment decisions by proactively collecting information in collaboration
with Tokyo Tatemono Co., Ltd., the main sponsor of TRIM, accurately assessing market trends andcarefully researching investment value, including the future potential of candidate properties.
Furthermore, JPR will also investigate asset replacement by taking into consideration the timing of
implementation, in order to improve the quality of its portfolio and enhance its growth potential overthe long term.

ii) Management of Portfolio
JPR will aim to secure stable earnings over the medium to long term by working to prevent move-outsof existing tenants, encourage them to expand office spaces in the same buildings and renew contracts
with upward revision of rents through endeavors to enhance tenant satisfaction, while continuously
attracting new tenants through strategic leasing activities. Specifically, JPR will conduct management
and operations based on the following policies:- Strengthen coordination with property management companies and respective tenant brokers- Propose leasing terms and conditions in consideration of the current leasing market situations andpromote rapid decision-making- Conduct strategic value enhancement with the intent to improve property earnings and increase tenantsatisfaction- Reinforce responses to business continuity plans and environmental friendliness that command highsocial demandiii) Fund Procurement
In accordance with its basic policy of implementing conservative financial operations that focus on
stability, JPR will control its LTV in a conservative manner. In debt financing, JPR will endeavor tofurther lengthen maturity with a focus on stability in an effort to diversify repayment dates and reduce
the repayment amount for each fiscal period, with an eye on reducing refinancing risks that may arise
with future changes in the financial environment. Moreover, JPR intends to work on fund procurement
through issuance of investment corporation bonds as it aims to diversify fund procurement means andsources.
iv) Information Disclosure
Positioning the proactive voluntary disclosure of information as one of its key management policies,
JPR voluntarily discloses information believed to be useful to investment decisions, along with theinformation disclosure required by the Tokyo Stock Exchange and that set forth by laws and regulations,etc. As a means for implementing voluntary disclosure, JPR is proactively employing its website(https://www.jpr-reit.co.jp/en/) to post information including monthly occupancy rates of all properties
in the portfolio and historical data as well as offer expanded information on sustainability and deliver
video presentations on financial results sessions for securities analysts.
v) Significant Subsequent Events
There are no material subsequent events for this fiscal period.
<Reference Information>
Property Acquisition
JPR concluded a sale and purchase agreement regarding the following property on February 16, 2024.
<Nakano Central Park East>
Details of Property
6Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Location: 10-1 Nakano 4-chome, Nakano-ku, Tokyo (residential address)
Type of ownership: Land: Ownership (co-ownership: 53.0% co-ownership interest)
Building: Ownership (co-ownership: 53.0% co-ownership interest)
Site area: 6,045.05 m2 (equivalent to ownership interest: 3,203.88 m2)
Total floor space: 37,870.65 m2 (equivalent to ownership interest: 20,071.44 m2)
Type of structure: Steel-framed reinforced concrete structure with flat roof, B2/10F
Completion date: March 2012
Number of tenants: 14
Total leasable floor space: 13,523.68 m2
Total leased floor space: 12,555.41 m2
Occupancy rate: 92.8%(Note) Since a pass-through-type master lease agreement has been concluded between the trustee andTokyo Tatemono Co., Ltd. (master lessee), “Number of tenants” indicates the number of sublessees towhich the master lessee is subleasing the property at the time of the conclusion of the sale and purchaseagreement. In addition, “Total leasable floor space” and “Total leased floor space” indicate the figuresequivalent to the percentage of ownership interest to be acquired by JPR of the area leased to thesublessee by the master lessee at the time of the conclusion of the sale and purchase agreement.
Terms and conditions of the transaction
Transaction price: 28,800 million yen
Asset type: Beneficiary interest
Agreement date: February 16, 2024
Acquisition date: March 1, 2024 (scheduled)7

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Periodb) Outlook for Management Status (Operating Results)
JPR expects the following management status in the 45th fiscal period (from January 1, 2024 to June 30,2024) and the 46th fiscal period (from July 1, 2024 to December 31, 2024).
45th Fiscal Period
46th Fiscal Period
Operating revenue
17,695 million yen
17,916 million yen
Operating income
8,309 million yen
8,412 million yen
Ordinary income
7,479 million yen
7,499 million yen
Net income
7,479 million yen
7,499 million yen
Distribution per unit
7,600 yen
7,600 yen
Exceeding profit
– yen
– yen
distribution per unit
For the assumptions underlying this outlook of management status, please refer to “Assumptions for the
45th Fiscal Period (from January 1, 2024 to June 30, 2024) and the 46th Fiscal Period (from July 1, 2024
to December 31, 2024)” shown below.
(Note) The forecast figures above are the current forecasts calculated based on certain assumptions. Accordingly, the actual operating
revenue, operating income, ordinary income, net income, distribution per unit and exceeding profit distribution per unit may vary
due to changes in the circumstances. Moreover, the forecast above should not be construed as a guarantee of the distribution
amount.

8Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Assumptions for the 45th Fiscal Period (from January 1, 2024 to June 30, 2024) andthe 46th Fiscal Period (from July 1, 2024 to December 31, 2024)
Item

Assumptions
45th fiscal period: from January 1, 2024 to June 30, 2024 (investment period: 182 days)
Operation Period
46th fiscal period: from July 1, 2024 to December 31, 2024 (investment period: 184 days)
・On the basis of the 67 properties owned by JPR as of February 16, 2024, it is assumed that
JPR will acquire Nakano Central Park East (scheduled for March 1, 2024).
Property Portfolio
・In practice, this assumption may vary due to such events as acquisition of additional
properties or sale of existing properties other than the above-mentioned properties.
・Real estate rental revenues are calculated on the basis of the lease contracts effective as ofthe end of the 44th fiscal period ended December 31, 2023, with consideration given to such
Operatingfactors as the market environment and status of negotiations with tenants, as well as taking
Revenue
into account the impact of certain tenant move-ins and move-outs, among other factors. JPR
also assumes that rents will be paid on time and that no tenants will fail or decline to pay
rents.
・Among rental expenses, which are the principal operating expenses, outsourcing expenses
and other expenses excluding depreciation are calculated based on historical data, etc.,reflecting variable factors of expenses. Outsourcing expenses are assumed to be 752 million
yen for the 45th fiscal period and 772 million yen for the 46th fiscal period.
・For property taxes and city planning taxes, JPR assumes 2,634 million yen for the 45th fiscal
period and 2,628 million yen for the 46th fiscal period. In general practice, the property taxes
and city planning taxes levied on properties acquired are settled after prorating for the periodwith the previous owner at the time of acquisition, but JPR includes the amount equivalent
to such settlement in the acquisition costs for the properties.
・For expenditures for the repair and maintenance of buildings, the amount expected to beOperatingrequired in each of the fiscal periods has been recorded. However, the expenditures for repair
Expensesand maintenance for each of the fiscal periods could differ significantly from the estimatedamount, as expenditures may arise due to damage to the building caused by unexpectedfactors, 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 additional future capital
expenditures. Depreciation is assumed to be 2,145 million yen for the 45th fiscal period and2,201 million yen for the 46th fiscal period.
・Operating expenses excluding rental expenses other than rental business expenses (asset
management fees, administrative service and custodian fees, etc.) are assumed to be 997
million yen for the 45th fiscal period and 1,006 million yen for the 46th fiscal period.
・As for major non-operating income, JPR assumes income on settlement of management
Non-Operating
association accounts to be 25 million yen for the 45th fiscal period and 3 million yen for the
Income46th fiscal period.
・As for major non-operating expenses, JPR assumes 847 million yen for the 45th fiscal period
Non-Operating
and 908 million yen for the 46th fiscal period for interest expenses, borrowing expenses,
Expensesinterest expenses on investment corporation bonds and amortization of investment
corporation bond issuance costs, etc.
・The ratio of interest-bearing debt to total assets as of February 16, 2024, stands at 39.9%,with interest-bearing debts of 202,400 million yen (comprised of 171,500 million yen in
long-term loans payable and 30,900 million yen in investment corporation bonds).
・It is assumed that 28 billion yen of borrowings will be procured as funds for the acquisition
Interest-Bearing
of Nakano Central Park East scheduled for March 1, 2024.
Debt and Ratio of ・It is assumed that all interest-bearing debt for which repayment (redemption) dates will arriveInterest-Bearing
during the 45th and 46th fiscal periods will be refinanced from February 16, 2024, onward.
Debt to Total
・The ratio of interest-bearing debt to total assets is assumed to be 43.0% at the end of the 45th
Assetsfiscal period and 43.0% at the end of the 46th 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

9Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Item
Total Units
Outstanding

Assumptions
・The total number of investment units issued and outstanding is 997,178 units as of February
16, 2024, and it is assumed that no additional investment units will be issued.
・For distribution per unit (DPU), it is assumed that all revenues will be distributed based on
the distribution methods provided in the Articles of Incorporation.
・DPU for the 45h fiscal period ending June 30, 2024, is calculated on the assumption that partof the reserve for reduction entry (99 million yen) will be reversed and distributed.
Distribution Per
・DPU for the 46th fiscal period ending December 31, 2024, is calculated on the assumption
Unitthat part of the reserve for reduction entry (79 million yen) will be reversed and distributed.
・There is the possibility that the distribution per unit may vary due to various factors including
variation of rental revenues due to acquisition or sale of assets under management and tenant
replacement, and unpredicted repairs and maintenance.
Exceeding Profit
Distribution Per ・Distribution of monies exceeding the profit is currently not assumed.
Unit
・It is assumed that there will be no changes in legislation, taxation, accounting standards,
regulations applying to publicly listed companies, rules and requirements imposed by theInvestment Trusts Association, Japan that will impact the aforementioned forecast.
Others・It is also assumed that there will be no unexpected material changes in general economic
and real estate market conditions.

10Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

2. Financial Statements(1) Balance Sheets
End of 43rd Fiscal
PeriodAssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures
Accumulated depreciation
Structures, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
LandLand in trust
Construction in progress
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold right
Other
Total intangible assets
Investments and other assets
Investment securities
Lease and guarantee deposits
Long-term prepaid expenses
Other
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment corporation bond issuance costs
Investment unit issuance expenses
Total deferred assets
Total assets

11(Jun. 30, 2023)(Thousands of Yen)

End of 44th Fiscal
Period(Dec. 31, 2023)¥27,056,051
12,285,353
585,133
126,086
13,604
21,67040,087,899¥27,775,890
12,036,819
718,302134,389－
27,68340,693,085

71,054,645(24,692,241)
46,362,404
96,131,588(38,728,727)
57,402,861
94,381(41,434)
52,946130,848(82,311)48,537
851,609(599,522)
252,087
1,938,100(1,504,418)
433,681
243,571(129,699)
113,871311,209(208,610)
102,598
145,954,517
205,823,796
14,5083,750
456,565,560

72,115,994(25,598,975)
46,517,018
96,995,953(39,806,726)
57,189,227
95,110(43,915)
51,194
134,190(84,615)
49,575885,153(616,794)
268,358
1,977,455(1,531,114)
446,340
265,851(142,234)
123,617
326,128(219,578)
106,550
145,964,796
205,823,796
18,7682,899
456,562,143

11,801,831
14,817
11,816,648

11,801,831
12,947
11,814,778

88,860808,280
528,440710
1,426,290
469,808,500

88,860826,369
664,508710
1,580,448
469,957,370

150,911
22,371
173,282¥510,069,681

136,975
15,111
152,086¥510,802,543

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

End of 43rd Fiscal
Period(Jun. 30, 2023)

Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable-otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total noncurrent liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital
Surplus
Voluntary reserve
Reserve for reduction entry
Total voluntary reserve
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders’ equity
Total net assets
Total liabilities and net assets

12(Thousands of Yen)

End of 44th Fiscal
Period(Dec. 31, 2023)¥2,658,042
5,500,000
5,000,000
20,000,000
978,420
84,966605
182,1612,808,557
2,138
37,214,891¥3,292,699－
8,000,000
15,000,000
921,549
89,582605
365,825
2,839,663
1,466
30,511,391

30,900,000
144,000,000
10,641,493
13,338,894
198,880,387
236,095,279

27,900,000
154,500,000
10,595,861
13,542,543
206,538,404
237,049,796

261,751,240

261,751,240

4,118,301
4,118,301

4,639,105
4,639,105

8,104,860

7,362,400

12,223,161
273,974,402
273,974,402¥510,069,681

12,001,505
273,752,746
273,752,746¥510,802,543

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period(2) Statements of Income and Retained Earnings(Thousands of Yen)

43rd Fiscal
Period44th Fiscal
Period(Jul. 1, 2023 –Dec. 31, 2023)(Jan. 1, 2023 –Jun. 30, 2023)
Operating revenue
Rent revenue-real estate
Gain on sale of real estate
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Administrative service and asset custody fees
Directors’ compensation
Trust fees
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Income on settlement of management
association accounts
Insurance income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing expenses
Interest expenses on investment corporationbonds
Amortization of investment corporation bondissuance costs
Amortization of investment unit issuance
expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes-current
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

13¥17,291,965
881,854
18,173,819¥17,411,577－
17,411,577

8,310,963
758,548
84,4876,300
15,845
138,111
9,314,256
8,859,563

8,315,290
709,50785,381
6,300
15,488
127,8939,259,861
8,151,716

193

190

34,071

3,930

2,333
800
37,3995,769
3,475
13,365525,041
50,494541,234
57,576

197,730

187,303

14,51813,935

9,490

7,259

434
797,710
8,099,253
8,099,253
605
605
8,098,648
6,212¥8,104,860

269
807,579
7,357,502
7,357,502
605
605
7,356,897
5,503¥7,362,400

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period(3) Statements of Changes in Unitholders’ Equity

Unitholders’ equity
Unitholders’ capital
Balance at beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at end of current period
Surplus
Voluntary reserve
Balance at beginning of current period
Changes of items during the period
Provision of reserve for reduction entry
Reversal of reserve for reduction entry
Total changes of items during the period
Balance at end of current period
Unappropriated retained earnings(undisposed loss)
Balance at beginning of current period
Changes of items during the period
Provision of reserve for reduction entry
Reversal of reserve for reduction entry
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period
Total surplus
Balance at beginning of current period
Changes of items during the period
Provision of reserve for reduction entry
Reversal of reserve for reduction entry
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period
Total unitholders’ equity
Balance at the beginning of current period
Changes of items during the period
Provision of reserve for reduction entry
Reversal of reserve for reduction entry
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period
Total net assets
Balance at beginning of current period
Changes of items during the period
Provision of reserve for reduction entry
Reversal of reserve for reduction entry
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period

14

43rd Fiscal
Period(Jan. 1, 2023 –Jun. 30, 2023)(Thousands of Yen)

44th Fiscal
Period(Jul. 1, 2023 –Dec. 31, 2023)¥261,751,240¥261,751,240–
261,751,240－
261,751,240

3,376,470

4,118,301

815,777(73,946)
741,830
4,118,301

520,804
520,804
4,639,105

8,476,171

8,104,860(815,777)
73,946(7,728,129)
8,098,648(371,311)
8,104,860(520,804)(7,578,552)
7,356,897(742,460)
7,362,400

11,852,642

12,223,161––(7,728,129)
8,098,648
370,518
12,223,161－(7,578,552)
7,356,897(221,655)
12,001,505

273,603,883

273,974,402––(7,728,129)
8,098,648
370,518
273,974,402－(7,578,552)
7,356,897(221,655)
273,752,746

273,603,883

273,974,402––(7,728,129)
8,098,648
370,518¥273,974,402－(7,578,552)
7,356,897(221,655)¥273,752,746

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period(4) Statements of Cash Distributions

I.
II.
III.
IV.

Unappropriated retained earnings
Reversal of voluntary reserve
Reversal of reserve for reduction entry
Distribution amount(Distribution amount per unit)

43rd Fiscal Period(Jan. 1, 2023 – Jun. 30, 2023)
8,104,860,437 yen

44th Fiscal Period(Jul. 1, 2023 – Dec. 31, 2023)
7,362,400,362 yen–
7,578,552,800 yen(7,600 yen)

221,010,037 yen
7,578,552,800 yen(7,600 yen)

520,804,313 yen－

5,503,324 yen
Pursuant to the policy on cash
distributions provided in Article 30 (2)of the Articles of Incorporation of JPR,
the distribution amount shall be inexcess of an amount equivalent to 90%of the “distributable income amount”
as stipulated in Article 67-15 of the Act
on Special Measures Concerning
Taxation, but no more than the amountof earnings. Based on such policy, JPR
decided to pay out distributions ofearnings of 7,578,552,800 yen, whichis the largest integral multiple of thetotal number of investment units issued
and outstanding (997,178 units), fromthe balance of unappropriated retained
earnings after deducting the provisionof reserve for reduction entry pursuant
to Article 65-7 of the Act on Special
Measures Concerning Taxation, while
minimizing the burden to unitholders
incurred by accrual of corporate
income tax, etc. Furthermore, JPR
shall not distribute cash in excess ofearnings as stipulated in Article 30 (4)of the Articles of Incorporation.

4,857,599 yen
Pursuant to the policy on cash
distributions provided in Article 30 (2)of the Articles of Incorporation of JPR,
the distribution amount shall be inexcess of an amount equivalent to 90%of the “distributable income amount”
as stipulated in Article 67-15 of the Act
on Special Measures Concerning
Taxation, but no more than the amountof earnings. Based on such policy, JPR
decided to pay out distributions ofearnings of 7,578,552,800 yen, whichis the largest integral multiple of thetotal number of investment units issued
and outstanding (997,178 units), fromthe amount of unappropriated retained
earnings after adding the reversal ofreserve for reduction entry pursuant to
Article 65-7 of the Act on Special
Measures Concerning Taxation, while
minimizing the burden to unitholders
incurred by accrual of corporate
income tax, etc. Furthermore, JPR
shall not distribute cash in excess ofearnings as stipulated in Article 30 (4)of the Articles of Incorporation.

Voluntary reserve
Provision of reserve for reduction entry

V. Retained earnings carried forward
Method for calculating distribution amount15

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period(5) Statements of Cash Flows

Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance expenses
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable-other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Decrease in property, plant and equipment in trust due tosaleOther, net
SubtotalInterest income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Cash flows from 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
Cash flows from 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

43rd Fiscal
Period(Jan. 1, 2023 –Jun. 30, 2023)(Thousands of Yen)

44th Fiscal
Period(Jul. 1, 2023 –Dec. 31, 2023)¥8,099,253
2,046,014
14,5189,490(193)722,772(1,643)(13,604)
6,274
102,426(104,943)(316,877)(12,500)¥7,357,502
2,058,858
13,935
7,259(190)
728,538(133,169)
13,604(8,303)(33,261)(56,739)
183,664
31,1063,265,600－(31,163)
13,785,422
193(728,366)(607)
13,056,642(149,798)
10,013,007
190(723,922)(604)
9,288,670(6,968,920)(7,399,017)(13,909)(5,790)(169,936)
625,641(636,540)
573,633(13,994,840)(681,284)(704,368)－(18,089)(217,838)
178,421(145,181)
348,830(1,239,510)

5,500,000－(5,500,000)
18,500,000(13,000,000)－(7,577,854)(7,577,854)
471,304
39,341,405¥39,812,709

7,000,000(8,000,000)(2,000,000)(7,726,854)(5,226,854)(6,165,052)
45,506,457¥39,341,405

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period(6) Notes to the Going Concern Assumption
No relevant items.
(7) Notes to Significant Accounting Policies
The disclosure is omitted as there are no significant changes from the descriptions in the latest securities
report (submitted on September 26, 2023).
(8) Notes to Financial Statements
Notes to Balance Sheets
1. Reduction Entry of Property, Plant and Equipment Acquired through ExchangeLand

End of 43rd Fiscal Period(as of June 30, 2023)¥1,537,018(Thousands of yen)
End of 44th Fiscal Period(as of December 31, 2023)¥1,537,018

Total¥1,537,018¥1,537,018

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

End of 43rd Fiscal Period(as of June 30, 2023)¥24,000,000(Thousands of yen)
End of 44th Fiscal Period(as of December 31, 2023)¥24,000,000–¥24,000,000¥24,000,000

Outstanding debts at end of period
Unused commitment line at end of period–

3. Minimum Total Unitholders’ Equity Designated in Article 67-4 in the Act on Investment Trusts andInvestment Corporations
End of 43rd Fiscal Period(as of June 30, 2023)¥50,000

17(Thousands of yen)
End of 44th Fiscal Period(as of December 31, 2023)¥50,000

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Notes to Statements of Income and Retained Earnings
1. Breakdown of Rent Revenue-Real Estate and Expenses Related to Rent Business43rd Fiscal Period(January 1, 2023 –June 30, 2023)
A. Rent Revenue-Real Estate
Rent Revenue
Rents
Land rents
Common charges
Parking fees
Advertising fees
Antenna usage fees
Other

(Thousands of yen)

44th Fiscal Period(July 1, 2023 –December 31, 2023)¥12,680,008
1,801,750
1,268,237
284,154
38,28928,62545,221¥12,770,417
1,801,499
1,249,752
279,989
38,10829,41847,21016,146,287

16,216,396

1,001,894
14,58817,496

988,962
15,262
10,311

Income equivalent to expenses for restoration tooriginal condition

59,489128,555

Other miscellaneous income

52,20952,0891,145,678

1,195,181

17,291,965

17,411,577¥707,113
1,285,235
2,594,259
29,754
433,688
312,682
637,968
2,044,640
265,620¥711,594
1,150,651
2,581,530
30,571
578,966
315,248
640,700
2,057,035
248,990

8,310,963

8,315,290

8,981,002

9,096,287

Subtotal
Other rental revenues
Incidental rent income
Time-based parking fees
Cancellation charges

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 for Rent Business (A-B)

18

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

2. Breakdown of Gain on Sale of Real Estate

43rd fiscal period (January 1, 2023 – June 30, 2023)(Thousands of yen)

JPR Crest Takebashi Bldg.
Proceeds from sale of real estate¥4,169,000

Cost of sale of real estate

3,265,600

Other expenses related to sale

21,545Gain on sale of real estate

881,854

44th fiscal period (July 1, 2023 – December 31, 2023)
No relevant items.
Notes to Statements of Changes in Unitholders’ Equity

Total number of authorized units
and number of units outstanding
Total number of authorized units
Number of units outstanding

43rd Fiscal Period(January 1, 2023 – June 30, 2023)
5,000,000 units
997,178 units

19

44th Fiscal Period(July 1, 2023 – December 31, 2023)
5,000,000 units
997,178 units

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Financial Instruments
1. Matters Concerning Status of Financial Instruments(1) Policy for Financial Instruments
In an aim to proactively expand asset size and maintain stable cash distributions to unitholders, JPR adopts
the asset management policy of paying heed to efficiently combining the procurement of long-term funds
that are stable and the procurement of short-term funds that emphasize flexibility.
There may be cases where JPR will engage in derivative transactions, but such will be limited to hedging forinterest rate fluctuation risk and other hedging purposes. Please note that JPR is not engaged in derivativetransactions at present.
(2) Description of Financial Instruments and Associated Risks, and Risk Management Structure
Tokyo Realty Investment Management, Inc. (TRIM), the asset management company of JPR, strives for risk
management by complying with the JPR Asset Management Guidelines and other rules and regulations. The
following outlines the description of individual financial instruments and the associated risks, and the risk
management.
Deposits are exposed to risks of bankruptcy of the financial institutions holding the deposits and other credit
risks, but the risks are managed through such measures as setting a minimum credit rating for the financial
institutions holding the deposits.
Loans payable and investment corporation bonds are exposed to liquidity risks at the time of
repayment/redemption, but the liquidity risks are managed through such measures as procuring funds fromthe capital market by increasing capital, executing a commitment line agreement with the main lending
financial institutions, and also having statements of cash receipts and disbursements prepared by the financial
division.
(3) Supplementary Explanation on Matters Concerning Fair Value, etc. of Financial Instruments
Certain assumptions are used in calculating the fair value of financial instruments, and there can be cases
where the values may vary based on different assumptions, etc.
2. Matters Concerning Fair Value, etc. of Financial Instruments
The following are the carrying values and fair values as of June 30, 2023, of financial instruments, and thedifference between these amounts. Furthermore, notes on “Cash and deposits,” “Cash and deposits in trust” and“Short-term loans payable” are omitted as these are settled with cash and within a short period of time and thus
the book value approximates the fair value. Notes on “Investment securities,” “Tenant leasehold and security
deposits” and “Tenant leasehold and security deposits in trust” are also omitted as they lack materiality.

(1) Current portion of investment corporation bonds(2) Current portion of long-term loans payable(3) Investment corporation bonds(4) Long-term loans payable

Carrying Value(Note 1)(¥5,000,000)(20,000,000)(30,900,000)(¥144,000,000)

Fair Value(Note 1)(¥5,051,181)(20,045,897)(30,832,853)(¥144,141,089)(Thousands of yen)
Difference¥51,181
45,897-67,146¥141,089

The following are the carrying values and fair values as of December 31, 2023, of financial instruments, and thedifference between these amounts. Furthermore, notes on “Cash and deposits,” “Cash and deposits in trust” and“Short-term loans payable” are omitted as these are settled with cash and within a short period of time and thus
the book value approximates the fair value. Notes on “Investment securities,” “Tenant leasehold and security
deposits” and “Tenant leasehold and security deposits in trust” are also omitted as they lack materiality.

(1) Current portion of investment corporation bonds(2) Current portion of long-term loans payable(3) Investment corporation bonds(4) Long-term loans payable

Carrying Value(Note 1)(¥8,000,000)(15,000,000)(27,900,000)(¥154,500,000)

20

Fair Value(Note 1)(¥8,043,907)(15,039,926)(27,513,692)(¥153,099,478)(Thousands of yen)
Difference¥43,907
39,926-386,307-¥1,400,521

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period(Note 1) Liabilities are shown in parentheses.
(Note 2) Method of calculation of fair value of financial instruments(1) Current portion of investment corporation bonds and (3) Investment corporation bonds
Of the fair value of these financial instruments, those with market price are calculated based on market price and those with no market
price are calculated in accordance with (2) and (4) below.
(2) Current portion of long-term loans payable and (4) Long-term loans payable
The fair value of these financial instruments is calculated based on the discounted cash flow method under which the total amount ofprincipal and interests are discounted by the rate assumed as being applicable in the event of a new drawdown whose term iscorresponding to the remaining loan term.
(Note 3) Amount of repayment of long-term loans payable or redemption of investment corporation bonds scheduled to be due subsequentto June 30, 2023, and December 31, 2023.

End of 43rd Fiscal Period (as of June 30, 2023)(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five 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

Investment corporation
bonds¥5,000,000¥3,000,000¥–¥8,500,000¥3,000,000¥16,400,000

Long-term loans payable¥20,000,000¥21,000,000¥20,900,000¥15,000,000¥20,200,000¥66,900,000

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

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

Investment corporation
bonds¥8,000,000¥–¥8,500,000¥–¥3,000,000¥16,400,000

Long-term loans payable¥15,000,000¥23,900,000¥14,000,000¥21,000,000¥23,200,000¥72,400,000

End of 44th Fiscal Period (as of December 31, 2023)

Investment and Rental Properties
JPR owns office properties (urban commercial facilities), retail properties (urban retail properties) and urban
multi-use properties for leasing in Tokyo and other regions. The following is the carrying value on the Balance
Sheets, amount of increase (decrease) during the period and fair value of these investment and rental properties.
(Thousands of yen)
43rd Fiscal Period(January 1, 2023 – June 30, 2023)

44th Fiscal Period(July 1, 2023 – December 31, 2023)

Balance at Beginning of Period¥459,781,704¥468,367,893

Amount of Increase(Decrease) during the Period¥8,586,188-¥3,463¥468,367,893¥468,364,429¥592,098,000¥596,266,000

Carrying Value on the Balance Sheets

Balance at End of Current Period
Fair Value at End of Period(Note 1) The carrying value on the Balance Sheets is the cost of acquisition less accumulated depreciation.
(Note 2) For the 43rd fiscal period, the amount of increase is primarily attributable to the acquisition of JPR Dojima West (2,510,474 thousand yen),
the acquisition of FUNDES Tenjin Nishidori (3,355,432 thousand yen) and the acquisition of Ochanomizu Sola City (6,538,208 thousandyen), and the amount of decrease is primarily attributable to the sale of JPR Crest Takebashi Bldg. (3,265,600 thousand yen) anddepreciation (2,044,640 thousand yen). For the 44th fiscal period, the amount of decrease is primarily attributable to depreciation(2,057,035 thousand yen).
(Note 3) The fair value at end of the current period is the appraisal value or survey value as appraised by an outside real estate appraiser.

The income (loss) in the 43rd and 44th fiscal periods for investment and rental properties are as presented in the“Notes to Statements of Income and Retained Earnings.”

21

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Revenue Recognition
43rd fiscal period (January 1, 2023 – June 30, 2023)
Breakdown information on revenue from contracts with customers

Sale of real estate(Thousands of yen)
Sales to External Customers(Note 2)¥881,854

Revenue from Contracts with Customers(Note 1)
¥4,169,000

Utilities income (Note 3)

1,001,894

1,001,894

Others－

16,290,071

Total

5,170,894

18,173,819(Note 1) Rent revenue subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) are excluded from “Revenue fromcontracts with customers” as such revenue is not subject to Accounting Standard for Revenue Recognition. Revenue from contracts withcustomers mainly represents proceeds from sale of real estate and utilities income.
(Note 2) As sale of real estate is recorded as gain or loss on sale of real estate, etc. in the Statements of Income and Retained Earnings, the amountobtained by deducting cost of sale of real estate and other expenses related to sale from proceeds from sale of real estate is indicated forsales to external customers. Furthermore, as JPR records gain on sale of real estate for operating revenue while recording loss on sale ofreal estate for operating expenses, the table above indicates the amount of gain on sale of real estate only.
(Note 3) Utilities income indicates the amount recorded as revenue in accordance with the supply of electricity and water, etc. to the lessee who isa customer based on the lease agreement of real estate and details of agreements incidental to it.

44th fiscal period (July 1, 2023 – December 31, 2023)
Breakdown information on revenue from contracts with customers

Sale of real estate(Thousands of yen)
Sales to External Customers(Note 2)¥－

Revenue from Contracts with Customers(Note 1)¥－

Utilities income (Note 3)

988,962

988,962

Others－16,422,615

Total

988,962

17,411,577(Note 1) Rent revenue subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) are excluded from “Revenue fromcontracts with customers” as such revenue is not subject to Accounting Standard for Revenue Recognition. Revenue from contracts withcustomers mainly represents proceeds from sale of real estate and utilities income.
(Note 2) As sale of real estate is recorded as gain or loss on sale of real estate, etc. in the Statements of Income and Retained Earnings, the amountobtained by deducting cost of sale of real estate and other expenses related to sale from proceeds from sale of real estate is indicated forsales to external customers. Furthermore, as JPR records gain on sale of real estate for operating revenue while recording loss on sale ofreal estate for operating expenses, the table above indicates the amount of gain on sale of real estate only.
(Note 3) Utilities income indicates the amount recorded as revenue in accordance with the supply of electricity and water, etc. to the lessee who isa customer based on the lease agreement of real estate and details of agreements incidental to it.

Per Unit Information(Yen)
43rd Fiscal Period
44th Fiscal Period(January 1, 2023 – June 30, 2023) (July 1, 2023 – December 31, 2023)

Total net assets per unit
Net income per unit

¥274,749¥274,527¥8,121¥7,377(Note 1) Net income per unit is calculated by dividing net income by the weighted-average number of units outstanding during the fiscal period.
Diluted net income per unit has not been presented since no subscription rights to shares are outstanding.
(Note 2) Net income per unit was calculated based on the following data:(Thousands of yen)

43rd Fiscal Period
44th Fiscal Period(January 1, 2023 – June 30, 2023) (July 1, 2023 – December 31, 2023)
Net income¥8,098,648¥7,356,897

Amounts not attributable to ordinary unitholders–－

Net income attributable to ordinary investment
units¥8,098,648¥7,356,897

Average number of units during the fiscal period

997,178 units

997,178 units

22

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Subsequent Events
There are no material subsequent events for the 44th fiscal period.
Omission of Disclosure
JPR omits the disclosure of notes to Statements of Cash Flows, lease transactions, securities, derivativetransactions, transactions with affiliated parties, tax effect accounting, retirement benefits, asset retirement
obligations and segment information, etc. as it does not find substantial need for disclosure in the Financial
Report for Fiscal Period Results.
(9) Changes in Investment Units Issued and Outstanding
There was no change in the number of units outstanding and unitholders’ capital in the 44th fiscal period. Thechanges in the number of units outstanding and unitholders’ capital in the last five years are summarized asfollows.
Date

Event

Number of Units
Outstanding
Variation
BalanceUnitholders’ Capital(million yen)
Variation
Balance

Remarks

March 3, 2020

Additional public offering

35,250958,250

16,207

247,860(Note 1)January 18, 2022

Additional public offering

38,100996,350

13,594

261,455(Note 2)February 16, 2022

Third-party allotment

828

997,178295

261,751(Note 3)(Note 1) New investment units were issued through a public offering at 474,810 yen per unit (underwriting price of 459,790 yen per unit) tofund acquisition of new specified assets and partly repay debt.
(Note 2) New investment units were issued through a public offering at 368,480 yen per unit (underwriting price of 356,824 yen per unit) tofund acquisition of new specified assets and partly repay debt.
(Note 3) New investment units were issued through a third-party allotment at 356,824 yen per unit to partly repay debt.

23

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

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

43rd Fiscal Period(as of June 30, 2023)
Category of
Investment Area Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)
Central Tokyo
111,765,234
21.9

44th Fiscal Period(as of December 31, 2023)
Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)
111,749,209
21.9Greater Tokyo

67,088,046

13.2

67,256,482

13.2

Other Cities

25,699,043

5.0

25,740,031

5.0Real Estate in
TrustCentral Tokyo

155,480,973

30.5

155,405,135

30.4

Greater Tokyo

60,994,630

12.0

60,918,449

11.9

Other Cities

Deposits andOther Assets–

Total Assets–

47,339,964
41,701,788(–)
510,069,681(468,367,893)

9.3
8.2
(–)
100.0
(91.8)

47,295,120
42,438,113(–)
510,802,543(468,364,429)

9.3
8.3
(–)
100.0
(91.7)(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 44th fiscal period.
・JPR defines the categories of investment areas as designated below.
Category

Investment Area

Central Tokyo

Chiyoda, Chuo, Minato, Shinjuku, Shinagawa and Shibuya Wards

Greater Tokyo

All other areas of Tokyo, Chiba, Kanagawa and Saitama Prefectures

Other Cities

All other areas in Japan・ “Location,” “Site Area,” “Total Floor Space,” “Structure/Floors” and “Completed” are based on data
recorded in the real estate registry.
・“Site Area” and “Total Floor Space” indicate the areas of the entire building sites and the entire
buildings, respectively, including the portions owned by other sectional owners, etc. except for thefollowing properties:
MS Shibaura Bldg.: The site area includes land of the Trinity Shibaura, which was developed
together with the property.
Shinjuku Square Tower: The site area and the total floor space are for the entire redevelopment
area.
Otemachi Financial City North Tower: The site area and the total floor space include South Tower.
Rise Arena Bldg.: The site area is for the entire redevelopment area including the residentialbuilding, and the total floor space includes the space of the residential building.
Olinas Tower: The site area and the total floor space are for the entire property including theretail and residential buildings.
Sencity Bldg.: The site area and the total floor space are for the entire redevelopment area.
Cupo-la Main Bldg.: The site area is for the entire redevelopment area.
・The abbreviations in the “Structure/Floors” represent the following phrases, respectively.
S: Steel-framed,
RC: Reinforced concrete,
SRC: Steel-framed reinforced concrete

24

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Area Type

Property Name
Kanematsu Bldg.
Kanematsu Bldg. Annex
JPR Ningyo-cho Bldg.
Shin-Kojimachi Bldg.
MS Shibaura Bldg.
JPR Ichigaya Bldg.
Oval Court Osaki MarkWest
Shinjuku Square Tower
BYGS Shinjuku Bldg.
Across Shinkawa Bldg.
Annex
Shinjuku Center Bldg.

OfficeMinami Azabu Bldg.

Total Floor
Space (m2)

1,751.13

14,995.09

679.06

4,351.46

550.06

4,117.70

657.805,152.98

8,992.18

31,020.21

1,058.04

5,888.82

4,006.00

28,575.80

8,409.52

78,796.00

3,522.46

25,733.10

858.485,535.90

14,917.11

176,607.89

778.094,570.63

Konan 2-chome, Minato-ku, Tokyo

828.82

5,216.21

Rokubancho Bldg.

Rokubancho, Chiyoda-ku, Tokyo

716.95

4,205.09

1,205.07

6,466.94

937.597,190.82

2,185.22

7,683.19

JPR Nihonbashi-horidome
Bldg.
JPR Sendagaya Bldg.

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

Ginza Sanwa Bldg.

Ginza 4-chome, Chuo-ku, Tokyo

1,119.27

8,851.00

Otemachi Tower (Landwith Leasehold Interest)
Science Plaza-Yonbancho
Plaza

Otemachi 1-chome, Chiyoda-ku,
Tokyo

11,034.78–

Yonbancho, Chiyoda-ku, Tokyo

5,289.01

24,560.36

1,915.50

11,419.93

8,124.72

112,645.83

643.134,438.46

15,838.93

239,769.07

2,643.15

15,662.20

9,681.02

96,897.25

1,010.47

8,449.56

198.101,066.81

2,578.69

24,617.65

6,808.12

71,957.65

Ginza 5-chome, Chuo-ku, Tokyo

230.11

1,821.67

Kanda Misakicho 2-chome,
Chiyoda-ku, Tokyo

281.591,477.91

Shibadaimon Center Bldg.
Tokyo Square Garden
JPR Kojimachi Bldg.
Otemachi Financial City
North Tower
Tokyo Tatemono Higashi
Shibuya Bldg.
Ochanomizu Sola CityJPR Shibuya Tower
Records Bldg.
JPR Jingumae 432
Retail, etc.

Kyobashi 2-chome, Chuo-ku,
TokyoKyobashi 2-chome, Chuo-ku,
TokyoNihonbashi Ningyocho 1-chome,
Chuo-ku, Tokyo
Kojimachi 4-chome, Chiyoda-ku,
TokyoShibaura 4-chome Minato-ku,
Tokyo
Kudan-Minami 4-chome, Chiyodaku, Tokyo
Higashi-Gotanda 2-chome,
Shinagawa-ku, Tokyo
Nishi-Shinjuku 6-chome, Shinjukuku, Tokyo
Shinjuku 2-chome, Shinjuku-ku,
Tokyo
Shinkawa 1-chome, Chuo-ku,
TokyoNishi-Shinjuku 1-chome, Shinjukuku, Tokyo
Minami-Azabu 2-chome, Minatoku, Tokyo

Site Area(m2)

Shinagawa Canal Bldg.

JPR Harajuku Bldg.

Central Tokyo

Location

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

Shibadaimon 1-chome, Minato-ku,
TokyoKyobashi 3-chome, Chuo-ku,
TokyoKojimachi 5-chome, Chiyoda-ku,
Tokyo
Otemachi 1-chome, Chiyoda-ku,
Tokyo
Higashi 1-chome, Shibuya-ku,
Tokyo
Kanda-Surugadai 4-chome,
Chiyoda-ku, Tokyo
Jinnan 1-chome, Shibuya-ku,
Tokyo
Jingumae 4-chome, Shibuya-ku,
TokyoShinjuku 3-chome, Shinjuku-ku,
Tokyo
Yurakucho 2-chome, Chiyoda-ku,
Tokyo

25

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

–

S, SRC, RC
Feb. 1995
B2/12F
S, SRC
Jul. 1993
B1/10F
S, SRC
Feb. 2013
B4/24FS
Feb. 1999
B1/9F
S, SRC
Oct. 2012
B4/35F
S, RC, SRC
May 1993
B3/14FS
Feb. 2013
B2/23F
SRC, S
Feb. 1992
B3/8F
S, SRC
Feb. 2006
B1/7F
S, SRC, RC
Jan. 2007
B3/14F
S, SRC
Oct. 2007
B4/20F
S
Jun. 2008
11F
S
Jul. 2015
9F

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Area Type

Location

Site Area(m2)

Total Floor
Space (m2)Arca East

Kinshi 3-chome, Sumida-ku, Tokyo

3,755.01

34,281.86

JPR Chiba Bldg.

Shinmachi, Chuo-ku, Chiba, Chiba

1,382.35

9,072.57

Nihon-Odori, Naka-ku, Yokohama,
Kanagawa
Shinyokohama 3-chome, Kohokuku, Yokohama, Kanagawa
Honcho 4-chome, Kawaguchi,
Kawaguchi Center Bldg.
SaitamaMatsugaya 1-chome, Taito-ku,
JPR Ueno East Bldg.
Tokyo
Tachikawa Business Center Akebonocho 2-chome, Tachikawa,
Bldg.
Tokyo
Higashi-Ikebukuro 4-chome,
Rise Arena Bldg.
Toshima-ku, Tokyo
Nishi 1-chome, KonanYume-ooka Office Tower Kamiooka
ku, Yokohama, Kanagawa

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

1,100.59

9,146.52

SRC B1/11F

Oct. 1989

841.71

7,781.93

Aug. 1991

4,524.61

28,420.85

1,242.97

8,490.44

2,047.22

14,706.36

9,377.28

91,280.94

12,011.00

185,974.87

Olinas Tower

Taihei 4-chome, Sumida-ku, Tokyo

27,335.29

257,842.41

JPR Yokohama Bldg.

1,110.28

8,772.51

JPR Omiya Bldg.

Kitasaiwai 1-chome, Nishi-ku,
Yokohama, Kanagawa
Shimocho 2-chome, Omiya-ku,
Saitama, Saitama

2,268.09

9,203.98

S, SRC
B2/12F
S, SRC
B2/15F
S, SRC
B1/8F
S, SRC
B1/12F
RC, SRC, S
B3/42F
S, SRC, RC
B3/27F
SRC, RC, S
B2/45F
SRC
B1/9F
S
9F

Sencity Bldg.

Shinmachi, Chuo-ku, Chiba, Chiba

20,054.15

158,663.55

S, SRC
B2/23F

Tanashi ASTA

12,326.30

80,675.27

SRC B2/17F

Feb. 1995

15,008.28

48,321.96

Jan. 2006

4,757.09

18,394.32

8,317.99

28,930.36

Kawasaki Dice Bldg.

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

Apr. 1993
Aug. 1998
Expanded

4,475.45

36,902.01

Aug. 2003

FUNDES Ueno

Ueno 7-chome, Taito-ku, Tokyo

Property NameGreater Tokyo

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

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

383.742,235.60

Yoneyama 1-chome, Chuo-ku,
Niigata, Niigata
Matsuyama 1-chome, Naha,JPR Naha Bldg.
Okinawa
3-chome, MiyaginoSompo Japan Sendai Bldg. Tsutsujigaokaku, Sendai, Miyagi
Sompo Japan Wakayama
Misonocho 3-chome, Wakayama,
Bldg.
Wakayama
Tenjin 1-chome, Chuo-ku,
Tenjin 121 Bldg.
Fukuoka, Fukuoka
Sonezaki-Shinchi 2-chome, KitaJPR Dojima Bldg.
ku, Osaka, Osaka
1-chome, Naka-ku, Nagoya,
JPR Nagoya Fushimi Bldg. Sakae
Aichi
Yakuin 1-chome, Chuo-ku,
Yakuin Business Garden
Fukuoka, Fukuoka

2,706.99

19,950.42

960.035,780.71

1,895.67

10,783.52

SRC B1/12F

Dec. 1997

1,128.45

6,715.07

Jul. 1996

1,164.39

8,690.95

668.11

5,696.01

1,610.38

10,201.44

4,486.44

22,286.35

S
9F
S, SRC
13F
SRC
B2/9F
SRC
B1/9F
SRC
14F

JPR Shinsaibashi Bldg.

Minamisemba 4-chome, Chuo-ku,
Osaka, Osaka

609.315,303.98

S
B2/10FJPR Shinsaibashi West

Minamisemba 4-chome, Chuo-ku,
Osaka, Osaka

1,405.74

7,738.47

SRC
B1/8F

JPR Musashikosugi Bldg.
Musashiurawa Shopping
SquareNiigata Ekinan Center
Bldg.

GRAND FRONT OSAKA(Umekita Plaza and South
Building)
GRAND FRONT OSAKA(North Building)JPR Dojima West (Note)
Retail, etc.

Oct. 1992

S, RC, SRC
B2/10F
SRC, RC, S
B1/6F
S
B1/4F
S, SRC, RC
B2/11FS
B1/10F
S, SRC
B1/10F
SRC, S
12F

Cupo-la Main Bldg.

Other Cities

Feb. 1994

Housing Design Center
Kobe
JPR Chayamachi Bldg.
FUNDES Tenjin Nishidori

Ofuka-cho, Kita-ku, Osaka, Osaka

20,488.08

191,597.49

RC, S
B2/2F

(Umekita Plaza)

22,680.03

290,030.59

Dojima 2-chome, Kita-ku, Osaka,
Osaka
Higashi-Kawasakicho 1-chome,
Chuo-ku, Kobe, Hyogo
Chayamachi, Kita-ku, Osaka,
Osaka
Tenjin 2-chome, Chuo-ku,
Fukuoka, Fukuoka

938.01

4,977.52

3,994.47

33,877.71

592.45

3,219.36

219.26

1,135.67(Note) The name of Osaka Dojima Bldg. was changed to JPR Dojima West as of January 1, 2024.

26

Oct. 2005

Jul. 2017
Mar. 1996
Oct. 1991

Jul. 2000
Oct. 1993
Mar. 1991
Jan. 2009
Feb. 2003
Jan. 2005
Expanded
Sep. 1986
Feb. 2007
Expanded
Feb. 2013(Umekita
Plaza)S, SRC
B3/38F

Mar. 2013

S, SRC
B3/38F
S, RC
B1/7F
SRC, S
B2/11F
S, SRC
9F
S
8F

Feb. 2013(South Building)

Ofuka-cho, Kita-ku, Osaka, Osaka

Mar. 1983(SouthBuilding)

Jul. 1996
Jun. 1994
Jun. 1994
Mar. 2022

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

2) Price and Investment Ratio
・ “Acquisition Price” is the deal price (rounded down to the nearest million yen) described in the real estatetransaction contracts or trust beneficiary interest transfer contracts, and does not include expenses related toacquisitions of the relevant properties and consumption taxes.
Furthermore, the total amount is also rounded down to the nearest million yen after summing up respective
acquisition prices including fractions.
・ For “Appraisal Value at End of Period,” JPR adopts the assessed value in the real estate appraisal reports or
the survey value in the real estate price survey reports, prepared by the real estate appraisers indicated below,
based on the asset evaluation method designated by JPR and the rules of The Investment Trusts Association,
Japan. The adopted appraisal value has been rounded down to the nearest million yen.
Japan Real Estate InstituteTanizawa Sogo Appraisal Co., Ltd.
CBRE KK
Daiwa Real Estate Appraisal Co.,
Ltd.
Japan Valuers Co., Ltd.

JLL Morii Valuation & Advisory
K.K.

JPR Ningyo-cho Bldg., Shin-Kojimachi Bldg., MS Shibaura Bldg., Shinjuku
Center Bldg., Minami Azabu Bldg., Shinagawa Canal Bldg., Rokubancho
Bldg., Science Plaza- Yonbancho Plaza, Shibadaimon Center Bldg., JPR
Kojimachi Bldg., Otemachi Financial City North Tower, JPR Shibuya Tower
Records Bldg., Shinjuku Sanchome East Bldg., Yurakucho Ekimae Bldg.
(Yurakucho Itocia), FUNDES Suidobashi, Arca East, Shinyokohama 2nd
Center Bldg., Kawaguchi Center Bldg., JPR Ueno East Bldg., Tachikawa
Business Center Bldg., Yume-ooka Office Tower, Olinas Tower, JPR
Yokohama Bldg., JPR Omiya Bldg., Sencity Bldg., Cupo-la Main Bldg.,
FUNDES Ueno, Sompo Japan Sendai Bldg., Sompo Japan Wakayama Bldg.,
Tenjin 121 Bldg., JPR Dojima Bldg., Yakuin Business Garden, JPR
Shinsaibashi West, FUNDES Tenjin Nishidori
Tokyo Tatemono Higashi Shibuya Bldg., JPR Jingumae 432, Kawasaki Dice
Bldg., Niigata Ekinan Center Bldg., JPR Naha Bldg.
Rise Arena Bldg., JPR Nagoya Fushimi Bldg., JPR Shinsaibashi Bldg.,
Housing Design Center Kobe, JPR Chayamachi Bldg.
Kanematsu Bldg., Kanematsu Bldg. Annex, JPR Ichigaya Bldg., Oval Court
Ohsaki Mark West, BYGS Shinjuku Bldg., Across Shinkawa Bldg. Annex,
Otemachi Tower (Land with Leasehold Interest), Tokyo Square Garden, JPR
Chiba Bldg., JPR Yokohama Nihon Odori Bldg., Tanashi ASTA
Shinjuku Square Tower, JPR Harajuku Bldg., JPR Nihonbashi-horidome
Bldg., JPR Sendagaya Bldg., Ginza Sanwa Bldg., JPR Ginza Namiki-dori
Bldg., JPR Musashikosugi Bldg., Musashiurawa Shopping Square, JPR
Dojima West
Ochanomizu Sola City, GRAND FRONT OSAKA (Umekita Plaza and South
Building), GRAND FRONT OSAKA (North Building)・ The “Investment Ratio” in terms of the “Acquisition Price” and the “Appraisal Value at End of Period”
represents the ratio of the Acquisition Price and the Appraisal Value at End of Period of respective properties,
including fractions not indicated herein, to the total amounts of the Acquisition Price or the Appraisal Valueat End of Period of the properties owned by JPR at end of the 44th fiscal period, indicated in a percentage
rounded to the first decimal place.

27

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Acquisition Price
Area

Type

(million yen)

Investment
Ratio
(%)

Kanematsu Bldg.

Dec. 27, 2001

16,276

3.3

14,300

2.4

Kanematsu Bldg. Annex

Dec. 27, 2001

2,874

0.6

2,970

0.5

JPR Ningyo-cho Bldg.

Nov. 16, 2001

2,100

0.4

3,230

0.5

Nov. 16, 2001

1,670

Nov. 21, 2002

550

0.5

4,300

0.7

Nov. 12, 2004

200

MS Shibaura Bldg.

Mar. 28, 2003

11,2002.3

14,4002.4

JPR Ichigaya Bldg.

May 28, 2004

5,100

1.0

4,830

0.8

Oval Court Ohsaki Mark West

Jun. 1, 2004

3,500

0.7

5,270

0.9

Jul. 2, 2004

10,0003.0

15,5002.6

3.0

19,400

3.3

0.1

806

0.1

4.9

21,200

3.6

0.8

3,420

0.6

0.4

2,140

0.4

Property Name

Shin-Kojimachi Bldg.

180
4,000

Oct. 21, 2015

786

Nov. 9, 2004

2,900

Apr. 12, 2005

8,921

Jul. 13, 2010

3,300

Nov. 26, 2004

710

Mar. 27, 2008

21,000Dec. 22, 2022

3,320

Jul. 14, 2008

3,760

Dec. 19, 2008

1,870

Mar. 8, 2019171

Dec. 2, 2009

2,800

0.6

3,730

0.6

JPR Harajuku Bldg.

Dec. 25, 2009

8,400

1.7

10,1001.7

JPR Nihonbashi-horidome Bldg.

Mar. 31, 2010

5,100

1.0

6,950

1.2

JPR Sendagaya Bldg.

May 31, 2010

15,0503.0

11,9002.0

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

Aug. 29, 2011

3,400

0.7

3,880

0.7

Mar. 13, 2012

36,0007.2

56,7009.5

Dec. 6, 2013

2,660

0.5

3,470

0.6

Dec. 6, 2013

3,413

Jul. 30, 2014

800

0.8

6,530

1.1

3.7

22,2003.7

Across Shinkawa Bldg. Annex
Shinjuku Center Bldg.
OfficePrice

Sep. 26, 2008

BYGS Shinjuku Bldg.

Minami Azabu Bldg.
Shinagawa Canal Bldg.
Rokubancho Bldg.

Shibadaimon Center Bldg.
Tokyo Square Garden
JPR Kojimachi Bldg.
Otemachi Financial City North
Tower
Tokyo Tatemono Higashi
Shibuya Bldg.
Ochanomizu Sola CityJPR Shibuya Tower Records
Bldg.
JPR Jingumae 432
Retail, etc.

Acquisition Date

Mar. 25, 2015

Shinjuku Square Tower

Central Tokyo

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

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

Feb. 1, 2017

9,200

Apr. 4, 2017

9,200

Jun. 27, 2019

5,750

1.2

6,230

1.0

Dec. 24, 2020

11,4002.3

13,0002.2

Jan. 18, 2022

11,3002.3

12,200

2.0

Apr. 12, 2023

6,490

1.3

7,040

1.2

Jun. 30, 2003

12,0002.4

15,3002.6

Mar. 24, 2006

4,275

0.9

4,100

0.7

Mar. 14, 2007

540

Apr. 24, 2008

2,200

0.6

2,360

0.4

Aug. 27, 2008

3,400

0.7

3,490

0.6

Dec. 15, 2016

10,1002.0

11,1001.9

Dec. 15, 2016

3,250

0.7

3,470

0.6

271,11654.5

315,51652.9

Subtotal of Central Tokyo

28

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Acquisition Price
Area

Type

(million yen)

Investment
Ratio
(%)

Arca East

Nov. 16, 2001

5,880

1.2

6,780

1.1

JPR Chiba Bldg.
JPR Yokohama Nihon Odori
Bldg.

Dec. 13, 2001

2,350

0.5

1,910

0.3

Nov. 16, 2001

2,927

0.6

2,460

0.4

0.3

2,620

0.4

Property Name

OfficeGreater Tokyo

920
570

Kawaguchi Center Bldg.

Feb. 13, 2004

8,100

1.6

11,800

2.0

JPR Ueno East Bldg.

Mar. 1, 2004

3,250

0.7

5,870

1.0

Sep. 30, 2005

888

Feb. 28, 2007

2,300

0.6

4,680

0.8

Mar. 22, 2007

5,831

Oct. 28, 2021

7,300

2.6

18,500

3.1

Yume-ooka Office Tower

Jul. 10, 2007

6,510

1.3

7,400

1.2

Olinas Tower

Jun. 29, 2009

31,3006.3

40,900

6.9

JPR Yokohama Bldg.

Dec. 27, 2010

7,000

1.4

10,1001.7

JPR Omiya Bldg.

Mar. 22, 2013

6,090

1.2

11,1001.9

Sencity Bldg.

Mar. 27, 2020

13,8702.8

15,700

2.6

Tanashi ASTA

Nov. 16, 2001

10,2002.1

11,1001.9

Cupo-la Main Bldg.

Mar. 31, 2006

2,100

0.4

3,070

0.5

JPR Musashikosugi Bldg.

Sep. 28, 2006

7,254

1.5

5,340

0.9

Musashiurawa Shopping Square

Mar. 19, 2007

4,335

0.9

4,350

0.7

Kawasaki Dice Bldg.

Apr. 12, 2007

15,0803.0

12,6002.1

FUNDES Ueno

Jun. 27, 2019

3,800

0.8

4,090

0.7

Tachikawa Business Center Bldg.

Retail, etc.

OfficeSubtotal of Greater Tokyo

Other Cities

Price

Sep. 25, 2002

Rise Arena Bldg.

Retail, etc.

Acquisition Date

Mar. 28, 2013

Shinyokohama 2nd Center Bldg.

147,855

29.7

180,370

30.2

Niigata Ekinan Center Bldg.

Nov. 16, 2001

2,140

0.4

2,160

0.4

JPR Naha Bldg.

Nov. 16, 2001

1,560

0.3

2,410

0.4

Sompo Japan Sendai Bldg.

Jun. 26, 2002

3,150

0.6

4,110

0.7

Sompo Japan Wakayama Bldg.

Jun. 26, 2002

1,670

0.3

1,550

0.3

Tenjin 121 Bldg.

Jun. 21, 2002

2,810

0.6

4,080

0.7

JPR Dojima Bldg.

Jan. 23, 2004

2,140

0.4

3,980

0.7

JPR Nagoya Fushimi Bldg.

Mar. 22, 2005

4,137

0.8

3,510

0.6

Yakuin Business Garden

Aug. 8, 2012

10,996

2.2

24,400

4.1

JPR Shinsaibashi Bldg.

May 30, 2005

5,430

1.1

4,770

0.8

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

Jan. 30, 2020

3,750

0.8

4,780

0.8

Dec. 24, 2021

11,8002.4

12,3002.1

Dec. 24, 2021

9,500

1.9

10,100

1.7

Jan. 11, 2023

2,460

0.5

2,800

0.5

Housing Design Center Kobe

Sep. 28, 2005

7,220

1.5

7,330

1.2

JPR Chayamachi Bldg.

Aug. 30, 2006

6,000

1.2

8,410

1.4

FUNDES Tenjin Nishidori

Jan. 11, 2023

3,310

0.7

3,690

0.6

78,073

15.7

100,38016.8

497,044100.0

596,266

100.0

Subtotal of Other Cities
Total(Note)

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

In association with the acquisition of GRAND FRONT OSAKA (Umekita Plaza and South Building) and GRAND FRONT OSAKA(North Building), JPR acquired 1,666 shares in KMO Corporation for 83,740 thousand yen, a claim for refund of funds of Knowledge
Capital, a general incorporated association, for 5,120 thousand yen, and a claim for refund of funds of GRAND FRONT OSAKA TMO,
a general incorporated association, for 710 thousand yen.
The appraisal value at end of the 44th fiscal period of these shares and claims for refund of funds is 83,740 thousand yen for the 1,666
shares of KMO Corporation, 5,120 thousand yen for the claim for refund of funds of Knowledge Capital, and 710 thousand yen for theclaim for refund of funds of GRAND FRONT OSAKA TMO.

29

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period(3) Capital Expenditures
1) Planned Capital Expenditures
The following are major items of capital expenditures for renovation works, etc. planned as of the end of
the 44th fiscal period for real estate and real estate in trust regarding trust beneficiary interests in real estate
which JPR owns. Furthermore, the planned construction expenses include portions that are classified as
expenses in accounting.
Planned Amount(million yen)
Property Name

Location

PurposeSchedule

Payment
Amountduring the
Total Value
Already
44th fiscal
PaidperiodKawaguchi Center
Bldg.

First phase of replacementof air conditioning units
Minato-ku, Tokyoand replacement oflighting equipment with
LED lamps
Second phase of
Kawaguchi, Saitama
replacement of toilets

JPR Sendagaya Bldg.

Shibuya-ku, Tokyo

First phase of replacementof air conditioning units

Mar. 2024 –May 2024

86––

Housing Design
Center Kobe

Kobe, Hyogo

Fourth phase of
replacement of toilets

Jan. 2024 –Jun. 2024

81

–

–

JPR Dojima West

Osaka, Osaka

First phase of replacementof toilets

Dec. 2023 –Jun. 2024

73

–

–

Yokohama,
Kanagawa

Reinforcement of elevators

Apr. 2024 –May 2024

69––

Shibuya-ku, Tokyo

Reinforcement of elevators(No. 3)Oct. 2023 –Feb. 2024

61

–

–

First phase ofreinforcement of elevators
Second phase of
Shinjuku-ku, Tokyo replacementof piping equipment
Second phase of
replacement of
Kawaguchi, Saitama
lighting equipment with
LED lamps
Replacement of
Fukuoka, Fukuoka
lighting equipment with
LED lamps
Replacement of water
receiving tanks andOsaka, Osakaelevated water tanks

May 2024 –Jun. 2024

51

–

–

Jan. 2024 –Jun. 2024

48

–

–

Jan. 2024 –Jun. 2024

43

－

－

Feb. 2024 –Apr. 2024

41

–

–

Mar. 2024 –Jun. 2024

40

－

－

MS Shibaura Bldg.

Shinyokohama 2nd
CenterBldg.
Tokyo Tatemono
Higashi Shibuya
Bldg.
JPR Ueno East Bldg.
Shinjuku Center
Bldg.
Kawaguchi Center
Bldg.
Yakuin Business
GardenJPR Shinsaibashi
West

Taito-ku, Tokyo

Jan. 2024 –Jun. 2024

356

–

–

Jul. 2023 –Jun. 2024

107

–

–

Sencity Bldg.

Chiba, Chiba

Restoration to original
condition

Jan. 2024 –Mar. 2024

38

–

–

Sencity Bldg.

Chiba, Chiba

Reinforcement of elevators(West No. 28)

Mar. 2024 –Jun. 2024

37

–

–

Arca East

Sumida-ku, Tokyo

Renovation of common
areas

Apr. 2023 –Mar. 2024

35

–

–

Shinjuku Center
Bldg.

Shinjuku-ku, Tokyo

Replacement of sprinkler
equipment

Feb. 2024 –Jun. 2024

31

－

－

Arca East

Sumida-ku, Tokyo

Replacement of toilets

Oct. 2023 –Mar. 2024

30

–

–

30

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period2) Capital Expenditures during the 44th Fiscal Period
The following are the capital expenditure amounts JPR invested in real estate and real estate in trust during
the 44th fiscal period. Among major capital expenditures, JPR conducted replacement of air-conditioning
units to maintain and enhance tenant satisfaction, as well as renovation of common-use areas with the aimof attracting new tenants, among other works. In addition, aside from these constructions, JPR conducted
construction of 592 million yen (Note), which was appropriated as expenditures for repair and maintenance.
Property Name

Location

JPR Yokohama Bldg.

Yokohama,
Kanagawa

JPR Yokohama Bldg.

Yokohama,
Kanagawa

Housing Design Center
Kobe

Kobe, Hyogo

Kawaguchi Center Bldg.

PurposeReplacement of interior fittings on
the 8th and 9th floors (partitioning,etc.)
Replacement of interior fittings on
the 8th and 9th floors (furniture andceiling, etc.)

PeriodConstruction
Expenses(million yen)Oct. 2023 –Dec. 2023

171

Apr. 2023 –Dec. 2023

99

Third phase of replacement of
toilets

Jul. 2023 –Dec. 2023

92

Kawaguchi,
SaitamaFirst phase of replacement of toilets

Jul. 2023 –Dec. 2023

92

Shinjuku Center Bldg.

Shinjuku-ku,
TokyoFirst phase of renewal of air
handling units on standard floors

Jul. 2023 –Dec. 2023

81

JPR Shinsaibashi Bldg.

Osaka, Osaka

Repair of exterior walls (east andsouth sides)

Mar. 2023 –Dec. 2023

65

JPR Yokohama Bldg.

Yokohama,
Kanagawa

Replacement of interior fittings on
the 8th and 9th floors (officeautomation facilities, walls, etc.)

Aug. 2023 –Dec. 2023

58

MS Shibaura Bldg.

Minato-ku, Tokyo

Third phase of reinforcement ofelevators

Jun. 2023 –Sep. 2023

46

Olinas Tower

Sumida-ku,
Tokyo

Replacement of security systems

Feb. 2023 –Nov. 2023

45

Across Shinkawa Bldg.
Annex

Chuo-ku, Tokyo

Second phase of replacement of
toilets

Apr. 2023 –Sep. 2023

45

Tokyo Tatemono Higashi
Shibuya Bldg.

Shibuya-ku,
Tokyo

Reinforcement of elevators(No. 2)

Jul. 2023 –Oct. 2023

41

MS Shibaura Bldg.

Minato-ku, Tokyo

Renovation of common areas

Oct. 2023 –Dec. 2023

39

JPR Nihonbashi-horidome
Bldg.

Chuo-ku, Tokyo

Repair of exterior walls

May 2023 –Nov. 2023

38

Tachikawa Business Center
Bldg.

Tachikawa, Tokyo

Repair of exterior walls

Sep. 2023 –Dec. 2023

36

JPR Harajuku Bldg.

Shibuya-ku,
Tokyo

Reinforcement of elevators

Jun. 2023 –Jul. 2023

33

Other capital expenditures

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

1,040

Total

2,027

(Note) Expenditures for repair and maintenance included 13 million yen of construction management fees paid to construction managementcompanies as well as the amounts for repair and maintenance construction itself.

31

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period(4) Major Investment Assets
The following is the investment property with rental revenues exceeding 10% of total rental revenues of theentire portfolio of JPR for the 44th fiscal period.
<Property Name: Otemachi Tower (Land with Leasehold Interest)>
Total Number of Tenants

2

Rental Revenues

1,801,499 thousand yen

Percentage to Total Rental Revenues (Note 1)

10.3%

Total Leased Floor Space (Note 2)

11,034.78 m2

Total Leasable Floor Space (Note 2)
Changes in Occupancy Rate in Last 5 Years (Note 1)

11,034.78 m2
December 31, 2023

100.0%

June 30, 2023

100.0%

December 31, 2022

100.0%

June 30, 2022

100.0%

December 31, 2021

100.0%

June 30, 2021

100.0%

December 31, 2020

100.0%

June 30, 2020

100.0%

December 31, 2019100.0%

June 30, 2019100.0%(Note 1) The percentage figures have been rounded to the first decimal place.
(Note 2) The total leased floor space and total leasable floor space are those as of December 31, 2023.

(5) Information Concerning Tenants
1) Overview of Lease Status by JPR as a Whole
No. of Properties
June 30, 201963

Total No. of
Tenants757

Total Leasable Floor Space

Occupancy Rate

480,277.86 m2

98.6%
99.6%

December 31, 2019

63

760

480,284.17 m2

June 30, 2020

65

851

499,269.77 m2

99.7%
99.3%

December 31, 2020

66

857

501,162.78 m2

June 30, 2021

65

804

496,876.92 m2

98.1%
97.3%

December 31, 2021

66

1,134

500,628.05 m2

June 30, 2022

67

1,171

502,889.81 m2

97.5%
97.6%

December 31, 2022

65

1,180

494,503.72 m2

June 30, 2023

67

1,224

497,600.56 m2

98.1%

1,226

497,614.07 m2

97.9%
98.3%

July 31, 2023

67

August 31, 2023

67

1,230

497,680.65 m2

September 30, 2023

67

1,231

497,670.28 m2

98.2%
98.7%

October 31, 2023

67

1,233

497,645.77 m2

November 30, 2023

67

1,237

497,639.92 m2

98.6%

1,236

497,252.42 m2

98.7%

December 31, 2023

67

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

Furthermore, the following table shows the total number of tenants, total leased floor space and total leasable
floor space as of the end of the 44th fiscal period, as well as the total rental revenues for the 44th fiscal period.
Total Number of Tenants

1,236

Total Leased Floor Space

490,652.84 m2

Total Leasable Floor Space

497, 252.42 m2

Total Rental Revenues

17,411,577 thousand yen

32

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period2) Overview of Lease Status for Respective Properties
Area Type

Property Name

OfficeGreater Tokyo

Retail, etc.

Central Tokyo

OfficeKanematsu Bldg.

44th Fiscal Period (July 1, 2023 – December 31, 2023)
Information on Period End Floor Space, Etc.
Rental Revenues
Total Leasable Total Leased
No. ofOccupancy (thousands of
Ratio
Floor Space
Floor Space
Tenants
Rate
(%)
yen)
(%)
(m2)
(m2)
(Note 1)8,090.74
7,689.05
11
95.0
380,786
2.2

Kanematsu Bldg. Annex

2,291.13

2,291.131

100.0(Note 2)

(Note 2)

JPR Ningyo-cho Bldg.

2,802.22

2,802.22

5

100.0

97,2500.6

Shin-Kojimachi Bldg.

3,319.37

3,319.37

20

100.0

114,036

0.7

MS Shibaura Bldg.

14,468.38

14,468.38

10

100.0

496,824

2.9

JPR Ichigaya Bldg.

3,852.87

3,852.87

9

100.0

146,048

0.8

Oval Court Ohsaki Mark West4,088.44

4,088.441

100.0(Note 2)

(Note 2)

Shinjuku Square Tower

19,266.47

18,968.36

29

98.5

406,119

2.3

BYGS Shinjuku Bldg.

15,222.80

15,188.12

23

99.8

623,315

3.6

Across Shinkawa Bldg. Annex

1,264.51

1,264.51

4

100.0

38,668

0.2

Shinjuku Center Bldg.

10,417.25

10,058.67

26

96.6

626,767

3.6

Minami Azabu Bldg.

3,405.73

3,405.731

100.0(Note 2)

(Note 2)

Shinagawa Canal Bldg.

1,870.50

1,870.50

6

100.0

74,091

0.4

Rokubancho Bldg.

2,501.16

2,501.161

100.0(Note 2)

(Note 2)

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

4,759.80

4,217.6511

88.6

207,967

1.2

5,299.88

5,299.88

5

100.0

193,870

1.1

6,177.74

6,177.74

6

100.0

310,189

1.8

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

1,896.70

1,896.70

9

100.0

121,791

0.7

11,034.78

11,034.78

2

100.0

1,801,499

10.3

3,325.29

3,240.96

24

97.5

117,8710.7

5,401.48

5,401.48

9

100.0

191,916

1.1

Tokyo Square Garden

5,971.69

5,889.04

51

98.6

351,455

2.0

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

3,493.67

3,493.67

8

100.0

141,5270.8

4,191.97

4,188.85999.9

291,255

1.7

7,822.75

7,822.75

15

100.0

338,159

1.9

2,234.95

2,215.70

23

99.1(Note 2)

(Note 2)

8,076.85

8,076.851

100.0(Note 2)

(Note 2)

1,027.33

792.086

77.1

57,0650.3

2,347.81

2,347.811

100.0(Note 2)

(Note 2)

1,101.92

1,101.921

100.0(Note 2)

(Note 2)

1,667.92

1,667.92

9

100.0

201,405

1.2

FUNDES Suidobashi

1,367.56

1,192.77

5

87.2

79,184

0.5

Arca East

7,022.76

7,022.76

7

100.0

273,214

1.6

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

5,542.93

5,452.95

42

98.4

155,4510.9

6,079.73

6,079.73

19

100.0

139,703

0.8

5,287.97

4,814.59

23

91.0

121,844

0.7

15,586.29

15,586.29

40

100.0

478,700

2.7

JPR Ueno East Bldg.

6,454.89

6,454.89

10

100.0

185,844

1.1

33

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

Area Type

Property Name

OfficeRetail, etc.

Other Cities

Retail, etc.

Greater Tokyo

OfficeTachikawa Business Center
Bldg.
Rise Arena Bldg.

44th Fiscal Period (July 1, 2023 – December 31, 2023)
Information on Period End Floor Space, Etc.
Rental Revenues
Total Leasable Total Leased
No. ofOccupancy (thousands of
Ratio
Floor Space
Floor Space
Tenants
Rate (%)
yen)
(%)
2
2
(m )
(m )
(Note 1)
4,587.93

4,587.93

23

100.0

152,406

0.9

10,531.13

10,531.13

8

100.0

490,632

2.8

Yume-ooka Office Tower

11,999.58

11,999.58

44

100.0

354,389

2.0

Olinas Tower

23,987.40

23,243.06

22

96.9

944,248

5.4

JPR Yokohama Bldg.

6,494.67

6,494.67

21

100.0

280,270

1.6

JPR Omiya Bldg.

6,755.32

6,755.32

11

100.0

256,247

1.5

Sencity Bldg.

13,271.26

12,120.12

73

91.3

594,106

3.4

Tanashi ASTA

31,121.71

31,121.71

1

100.0

(Note 2)

(Note 2)Cupo-la Main Bldg.

5,963.00

5,963.001

100.0(Note 2)

(Note 2)

JPR Musashikosugi Bldg.
Musashiurawa Shopping
SquareKawasaki Dice Bldg.

19,740.95

19,740.95

1

100.0

(Note 2)

(Note 2)

14,960.70

14,960.70

3

100.0

127,0410.7

12,113.10

11,920.13

29

98.4

454,670

2.6

FUNDES Ueno

1,989.66

1,989.66

10

100.0

129,649

0.7

Niigata Ekinan Center Bldg.

5,327.50

5,033.19

11

94.5

115,711

0.7

JPR Naha Bldg.

3,944.84

3,944.84

23

100.0

122,056

0.7

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

7,107.92

6,976.68

16

98.2

184,150

1.1

4,873.84

4,866.34

18

99.8

109,979

0.6

3,258.68

3,258.68

16

100.0

103,345

0.6

JPR Dojima Bldg.

3,917.91

3,917.91

12

100.0

128,698

0.7

JPR Nagoya Fushimi Bldg.

7,086.23

7,075.06

6

99.8

155,425

0.9

Yakuin Business Garden

16,654.33

16,644.71

16

99.9

618,191

3.6

JPR Shinsaibashi Bldg.

4,021.63

3,775.40

7

93.9

130,278

0.7

JPR Shinsaibashi West
GRAND FRONT OSAKA(Umekita Plaza and South
Building)
GRAND FRONT OSAKA(North Building)JPR Dojima West5,695.71

5,689.41

13

99.9

153,303

0.9

5,285.94

4,950.09

249

93.6

(Note 2)

(Note 2)8,474.10

8,318.53

98

98.2(Note 2)

(Note 2)

3,074.30

2,558.92

9

83.2

86,7890.5

Housing Design Center Kobe

35,444.13

35,444.13

1

100.0

(Note 2)

(Note 2)

JPR Chayamachi Bldg.

2,478.42

2,478.425

100.0

179,505

1.0

FUNDES Tenjin Nishidori

1,054.30

1,054.30

6

100.0

75,4340.4

497,252.42

490,652.84

1,236

98.7

17,411,577

100.0

Total

(Note 1) The number of tenants at end of period is counted as follows: when a single tenant leases multiple rooms, it is counted as one if the tenant uses thesame property. If the leased rooms are in multiple buildings, the tenant is counted in plural.
The tenants of Shinjuku Square Tower, Shinjuku Center Bldg., Residential part of Science Plaza-Yonbancho Plaza, Tokyo Square Garden, Otemachi
Financial City North Tower, Ochanomizu Sola City, Rise Arena Bldg., Sencity Bldg., Kawasaki Dice Bldg., GRAND FRONT OSAKA (Umekita
Plaza and South Building) and part of GRAND FRONT OSAKA (North Building) have sublet space to sublessees and lease agreements have been
executed where the rent paid by the tenants fluctuates in accordance with the lease conditions of the sublessees and thus the numbers of sublessees
have been entered as the numbers of tenants. (For, GRAND FRONT OSAKA (North Building), some portions employ fixed master lease or directlease, but the figure indicates the number of end tenants, including those of such portions.)(Note 2) JPR does not disclose rental revenues and their ratios for these properties due to inevitable reasons, as JPR has not been able to obtain consent
from tenants or co-owners regarding disclosure of rental revenues, etc.

34

Japan Prime Realty Investment Corporation (8955) Financial Report for 44th Fiscal Period

3) Ten Largest Tenants
The following table shows the ten largest tenants in terms of leased floor space as of December 31, 2023.

Rank

1

2
3

TenantTokyo Tatemono Co., Ltd.

56

ABC Development Corporation
Seiyu Co., Ltd.
Taisei-Yuraku Real EstateCo., Ltd.
Ito-Yokado Co., Ltd.
Olympic Group Corporation

7

Mitsubishi Estate Co., Ltd.

8

Tower Records Japan Inc.

9

Y.K. Tokyo Prime Stage

10

Hitachi Real Estate Partners,
Ltd.

4

Property Name
Shinjuku Square Tower
Shinjuku Center Bldg.
Tokyo Square Garden
Olinas Tower
Kawasaki Dice Bldg.
GRAND FRONT OSAKA(North Building)
Housing Design Center Kobe
Tanashi ASTA
Rise Arena Bldg.
Sencity Bldg.
JPR Musashikosugi Bldg.
Musashiurawa Shopping Square
Otemachi Financial City North Tower
GRAND FRONT OSAKA(Umekita Plaza and South Building)
GRAND FRONT OSAKA(North Building)
JPR Shibuya Tower Records Bldg.
Otemachi Tower(Land with Leasehold Interest)
BYGS Shinjuku Bldg.
JPR Ueno East Bldg.
Yume-ooka Office Tower
JPR Nagoya Fushimi Bldg.

Leased Floor
Space at End of
Period (m2)(Note 1)

Percentage to Total
Leased Floor Spaceat End of Period(Note 2)50,196.83

10.1%(Note 3)35,444.13
31,121.71

7.2%
6.3%

24,075.05

4.9%

19,740.95
9,558.51
4,191.97

4.0%
1.9%
0.8%

(Note 3)
8,076.85

1.6%

7,875.50

1.6%

7,066.60

1.4%(Note 1) For co-owned properties, etc., the figure indicates the leased floor space corresponding to the ownership interest held by JPR.
(Note 2) The figures have been rounded to the first decimal place. The total leased floor space at end of period in the above table is based on
the space corresponding to the ownership interest held by JPR (494,797.47 m2).
(Note 3) Leased floor space at end of period and Percentage to total leased floor space at end of period for GRAND FRONT OSAKA (Umekita
Plaza and South Building) and GRAND FRONT OSAKA (North Building) is not disclosed as no consent to disclosure has beenobtained from the co-owners, etc.

35