14th Fiscal Period Results(July 1, 2008 – December 31, 2008)

February 17, 2009

CONSOLIDATED

Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation (JPR)
Tokyo Stock Exchange (Code 8955)
Board of Directors Meeting: February 17, 2009
Payment of Dividends: March 10, 2009 (planned)
Website: http://www.jpr-reit.co.jp/jpr_e/index.html
Inquiries: Yasuo Furuya, Director and Chief Financial Officer
Tokyo Realty Investment Management, Inc.
Tel: +81-3-3516-1591
E-mail: ya-furuya@trim-reit.co.jp

1

CONSOLIDATED

Japan Prime Realty Investment Corporation

PERFORMANCE (July 1, 2008 – December 31, 2008)(1) Business Results(Amounts less than a million yen discarded)(Millions of yen, yen for per unit information / Percentage change from previous fiscal period)

Operating
Revenues% Change

Net Operating
Profits% Change

Recurring Profits% Change

Dec. 31, 2008

11,171

3.1%

5,482

3.8%

4,433

(0.4)%

June 30, 2008

10,830

3.6%

5,280

5.5%

4,452

6.8%
(Yen)

Net Income% Change

EPU

Net Income/
NAV

Recurring Profits/
Total Assets

Recurring Profits/
Operating Revenues

Dec. 31, 2008

4,432

(0.4)%

7,092

2.8%

1.4%

39.7%

June 30, 2008

4,451

6.8%

7,121

2.8%

1.5%

41.1%

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

DPU

Distribution
AmountExceeding Profit
Distribution Per
Unit

Exceeding Profit
Distribution
AmountDec. 31, 2008

7,092

4,432

0

0

99.9%

2.8%

June 30, 2008

7,122

4,451

0

0

100.0%

2.8%

Dividend
Payout Ratio

Distribution/
NAV

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

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

NAV

NAV Ratio

NAV Per Unit

Dec. 31, 2008

309,253

161,15852.1%

257,853

June 30, 2008

303,459

161,177

53.1%

257,883

Reference: Net Assets
Fiscal period ended Dec. 31, 2008:
Fiscal period ended June 30, 2008:

161,158 millions of yen
161,177 millions of yen(4) Cash Flows(Millions of yen)

Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at end of
periodDec. 31, 2008

9,660

(10,011)

1,329

34,567

June 30, 2008

6,604

(23,909)

19,59633,5882

CONSOLIDATED

Japan Prime Realty Investment Corporation

FORCASTS FOR 15th FISCAL PERIOD ENDING JUNE 30, 2009
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

15th Fiscal PeriodEnding Jun. 30, 2009

Operating
Revenues

Net
Operating
Profits

Recurring
Profits

Net
Income11,025

5,347

4,291

2,062

(excluding exceeding
profit distribution per unit)

Exceeding Profit
Distribution Per
Unit

3,300

0

DPU

Reference: Estimated EPU for the fiscal period: 3,300 yen

The above-mentioned forecasts are based on “Assumptions for the 15th Fiscal Period Forecast (January 1,
2009 – June 30, 2009)” as below. The aforementioned forecasts are based on assumptions and information
available to management as of February 17, 2009. As a result, actual operating revenues, net operating
profits, recurring profits, net income, distribution per unit and exceeding profit distribution per unit will be
subject to changes in market conditions.
Accordingly, the forecasts are not a guarantee of any cash distribution amounts.
Assumptions for the 15th Fiscal Period Forecast(January 1, 2009 – June 30, 2009)
Item

Assumptions

Period15th fiscal period: January 1, 2009 to June 30, 2009
(investment period: 181 days)

Property
Portfolio

In addition to the existing 52 properties and preferred securities (one issue) held as ofDecember 31, 2008, JPR is scheduled to acquire Meieki Nichome Kaihatsu TMK (SPC)
Preferred Securities in April 2009.
The assumed average occupancy rate at end of month is 95.6%.
In practice, these assumptions may vary due to such events as the acquisition of
additional properties or the sale of existing properties.

Units
Outstanding

The 625,000 investment units outstanding as of December 31, 2008 is assumed.

Interest-Bearing
Debt Ratio

The interest-bearing debt ratio as of December 31, 2008 stands at 45.2% and theinterest-bearing debt-ratio as of the date of this report also stands at 45.2%.
The interest-bearing debt ratio is expected to be stay at 45.2% for the forecast of 15th
fiscal period since funds on hand are planned to be used for the acquisition of the
Meieki Nichome Kaihatsu TMK (SPC) Preferred Securities.
The following formula is used in calculating the interest-bearing debt ratio in this table.
Interest-bearing debt ratio =Interest-bearing debt ÷ (Interest-bearing debt + Unitholders’ capital) × 100

OperatingExpenses

JPR acquired Shinjuku Center Building, Shinjuku Sanchome East Building (additional
ownership), Minami Azabu Building, Yurakucho Ekimae Building (Yurakucho Itocia) ,Shinjuku Square Tower (additional ownership) and Shinagawa Canal Building in 2008.
Adjustments such as property taxes and city planning taxes levied on these properties
for the initial year of acquisition have been included in acquisition costs. Therefore, nooperating expenses have been incurred for these in the previous fiscal period. However,
above property taxes and city planning taxes levied will be appropriated as operating
expenses for fiscal periods ending June 2009 and after.

3

CONSOLIDATED

Japan Prime Realty Investment Corporation

Extraordinary
Loss

On February 17, 2009, a consensus for the cancellation of the real estate transaction
agreement for the KM Fukugo Building (tentative name), concluded on March 30,
2007, was reached and a cancellation agreement has been concluded. In accordancewith this, an extraordinary loss of 2,227 million yen is assumed from penalties, etc. The
penalties, etc. were decided to be covered using funds on hand and the penalties andbrokerage fee was paid on that day. Earnest money was applied for part of the penalties.

Distribution per
Unit

JPR does not currently anticipate distributions in excess of earnings per unit. Limited to
JPR’s retained earnings, the forecast is based on a distribution of the amount obtainedby dividing the profit available for dividend by the number of units outstanding androunded down to the nearest yen.

4

CONSOLIDATED

Japan Prime Realty Investment Corporation

Financial Statements
Balance Sheets (December 31, 2008 and June 30, 2008)
Assets('000 Yen)
End of 14th Period(Dec. 31, 2008)

End of 13th Period(June 30, 2008)

19,706,912

18,461,764

14,860,678

15,126,982

Rental receivables

172,743

222,607

Prepaid expenses

164,484

118,836

Item
Current Assets:
Cash and bank deposits
Entrusted cash and deposits

Deferred tax assets
Other current assets

74

32

10,05027,92534,914,943

33,958,148

Buildings

30,497,213

28,136,636

Entrusted buildings

Total Current Assets% Change

2.8

Fixed Assets:
Property and Equipment:
77,986,384

79,874,090

Structures

21,37917,558

Entrusted structures

87,88888,279Machinery and equipment

366,611335,716

1,398,104

1,435,934

Tools, furniture and fixtures

18,492

18,077

Entrusted tools, furniture and fixtures

86,16786,310

Entrusted machinery and equipment

Land

63,879,374

56,542,608

Entrusted land

115,375,371

117,128,148

514,234

490,575(17,948,017)(16,702,970)

272,283,204

267,450,965

1,542,818

1,542,818

8,434

9,604

1,551,252

1,552,423

Investments and Other Assets:
Investment securities

344,651

344,651

Lease and guarantee deposits

17,00017,000Long-term prepaid expenses

18,249

―

900

900

Construction in progress
Less: accumulated depreciation
Total Property and Equipment
Intangible Assets:
Leasehold right
Other intangible assets
Total Intangible Assets

Other

1.8

(0.1)

380,801

362,551

5.0

274,215,258

269,365,940

1.8

Deferred Assets:
Corporate bond issuance costs

123,137

135,885

Total Deferred Assets

123,137

135,885(9.4)

309,253,338

303,459,974

1.9

Total Investments and Other Assets
Total Fixed Assets

Total Assets

5

CONSOLIDATED

Japan Prime Realty Investment Corporation

Balance Sheets (December 31, 2008 and June 30, 2008)
Liabilities('000 Yen)
End of 14th Period

End of 13th Period(Dec. 31, 2008)(June 30, 2008)

Current Liabilities:
Trade accounts payable

1,317,067

1,386,300

Short-term borrowings

17,172,000

14,792,000

Current portion of corporate bonds

Item

10,000,000―

Other accounts payable

520,838

572,798

Accrued expenses

276,912279,203

660

648

Accrued income taxes
Accrued consumption taxes

164,797

166,601

Rent received in advance

1,160,320

1,168,758

Total Current Liabilities

30,612,596

18,366,311

Long-Term Liabilities:
Corporate bonds

44,500,000

54,500,000

57,583,000

54,183,000

4,463,054

4,164,487% Change

66.7

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

10,936,415

11,069,161

117,482,470

123,916,649(5.2)

Total Liabilities

148,095,067

142,282,960

4.1

156,725,438

156,725,438―

Retained earnings

4,432,832

4,451,575(0.4)

Total Unitholders’ Equity

161,158,271

161,177,014(0.0)

Total Liabilities and Unitholders’ Equity

309,253,338

303,459,974

1.9Unitholders’ Equity:
Unitholders’ capital
5,000,000 units authorized
625,000 units issued and outstanding

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CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Income and Retained Earnings (Jul. 1, 2008 - Dec. 31, 2008 and Jan. 1, 2008 - Jun. 30, 2008)(‘000 Yen)
14th Fiscal Period(July 1, 2008 –Dec. 31, 2008)

13th Fiscal Period(Jan. 1, 2008 –June 30, 2008)

11,171,677

10,830,941

11,171,677

10,830,941

5,689,154

5,550,329

5,022,008

4,909,878

4,438

―

416,750

416,576

65,834

66,218

6,600

6,600

Trust fees

56,93755,758Other operating expenses

116,584

95,297

5,482,523

5,280,611

3.8

35,64332,594

99,78914,869(64.3)―

79,595

3,049

5,323

Non-Operating Expenses

1,084,657

928,197

Interest expense

571,148434,963

Loan arrangement fees

19,481

16,243

Interest expense on corporate bonds

477,065

462,796

12,748

9,512

4,213

4,682

Recurring Profits

4,433,509

4,452,203(0.4)

Income Before Income Taxes

4,433,509

4,452,203(0.4)

Current income taxes

1,044

945

Deferred income taxes

(41)

34

1,002

980

2.3

4,432,507

4,451,222(0.4)

Retained Earnings Brought Forward

325

352

(7.7)

Retained Earnings at End of Period

4,432,832

4,451,575

(0.4)

Item
Operating Revenues
Real estate rental revenues
Operating Expenses
Real estate rental expenses
Loss on sales of real estate properties
Asset management fees
Administrative service and custodian
fees
Directors’ fee

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

Amortization of corporate
issuance costs
Other non-operating expenses

bondIncome Taxes
Net Income

7% Change
3.1
2.5

16.9

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Changes in Unitholders’ Equity (Jul. 1, 2008 – Dec. 31, 2008 and Jan. 1, 2008 – June 30, 2008)(‘000 Yen)
Unitholders’ capital

Retained earnings

Total

Balance as of Dec. 31, 2007

156,725,438

4,169,727

160,895,166

Changes during the period―

281,847

281,847

Cash distributions paid―

(4,169,375)(4,169,375)

Net Income―

4,451,222

4,451,222

Balance as of June 30, 2008

156,725,438

4,451,575

161,177,014

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

Cash distributions paid―

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

Net Income―

4,432,507

4,432,507

156,725,438

4,432,832

161,158,271

Balance as of Dec. 31, 2008

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CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Cash Flows(Jul. 1, 2008 – Dec. 31, 2008 and Jan. 1, 2008 – June 30, 2008)

Item
Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Amortization of corporate bond issuance costs
Interest income
Interest expense
Decrease (increase) in rental receivables(Increase) decrease in prepaid expenses(Decrease) increase in trade accounts payable(Decrease) increase in other accounts payable

14th Fiscal Period(‘000 Yen)
13th Fiscal Period(July 1, 2008 –Dec. 31, 2008)(Jan. 1, 2008 –Jun. 30, 2008)

4,433,509
1,800,230
12,748(32,594)
1,048,213
49,863(45,648)(12,795)(21,451)

4,452,203
1,819,525
9,512(14,869)
897,760(48,286)
32,07569,216
23,774(Decrease) increase in accrued consumption taxes(1,804)43,439(Decrease) increase in rent received in advance(8,437)28,0103,489,138―(28,115)
10,682,855
32,594(1,050,505)(4,490)9,660,454(40,191)
7,272,168
14,869(915,997)
233,406
6,604,447(9,825,433)(351,440)――(22,145,989)(471,016)(1,543,218)(6,900)(79,008)(624,781)

374,807853,372(247,530)(174,842)

117,273

203,720(10,011,333)(23,909,654)

18,692,000(16,312,000)
3,400,000―――(4,450,277)
1,329,722
978,843
33,588,746

20,800,000(6,008,000)
16,000,000
3,000,000(10,000,000)(22,632)(4,172,992)
19,596,375
2,291,168
31,297,578

34,567,590

33,588,746

Decrease in entrusted property, plant and equipment
Change in other current assets/liabilities
SubtotalInterest received
Interest paid
Income taxes (paid) refunded
Net cash provided by operating activities
Cash Flows from Investing Activities:
Purchases of property and equipment
Purchases of entrusted property and equipment
Purchases of intangible assets
Payments of lease and guarantee deposits
Payments of leasehold and security deposits
received
Proceeds from leasehold and security deposits
received
Payments of entrusted leasehold and security
deposits received
Proceeds from entrusted leasehold and security
deposits received
Net cash used in investing activities
Cash Flows from Financing Activities:
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Proceeds from corporate bonds
Repayments of corporate bonds
Payments of corporate bond issuance cost
Distributions to unitholders
Net cash provided by financing activities
Net changes in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

9

CONSOLIDATED

Japan Prime Realty Investment Corporation

Notes to Financial Statements＜Change in Accounting Policies＞
There are no important changes in accounting policies for this fiscal period.
Subsequent Events＜Cancellation of Agreement＞
As of February 17, 2009, JPR cancelled the real estate transaction agreement for “KM Fukugo Building (tentative name)”announced in the press release “Notice Concerning Property Acquisition (Conclusion of Contract)” dated March 30, 2007, andconcluded a cancellation agreement on the same day.
< KM Fukugo Building (tentative name)>(1) Asset Type: Real estate(2) Asset Name: KM Fukugo Building (tentative name)(3) Acquisition price: 9,250 million yen (excluding acquisition costs and consumption tax)(4) Counterparty of the Contract (seller): Sanyo Homes Co., Ltd., Art Planning Co., Inc., NTT Urban Development Co., Shinko
Real Estate Development Co., Ltd., Heiwa Real Estate Co., Ltd., Meitetsu Real Estate Co., Ltd., Mitsubishi Electric Life
Service Corporation, Haseko Corporation, Kinki Ryojyu Kosan Co,., Ltd., Unitika Estate Co., Ltd. (the companies are third
parties that does not fall within the scope of interested parties)(5) Initial contract date: March 30, 2007
(6) Decision date: February 17, 2009
(7) Cancellation date: February 17, 2009(8) Cancellation reasons: Under the situation of the credit crunch in the global financial market triggered by the subprime issue inthe U.S. and the worsening Japanese real estate market, it has become clear that there is a large difference between theassumed NOI at the time of contract and the currently assumed NOI and therefore, there is also a large difference between theacquisition price and appraisal value by an appraiser. Since the current environment does not allow objective and practical
forecasts and in consideration of the recent fund-raising environment, JPR concluded that the cancellation of the agreement
would be in the best interests of investors even though it would require a payment of a penalty, and cancelled the acquisition
agreement.
(9) Effect on Profit and Loss: At the 15th Fiscal Period (January 1, 2009 - June 30, 2009), JPR will post an extraordinary loss ofabout 2,227 million yen.
(10) Penalty, etc. paid: The payment of the penalty, etc. will be covered using funds on hand, and the penalty of 1,900 million yen
is paid to the sellers and the brokerage fee to the sales agent. Earnest money was applied for part of the penalty. In addition,
due to the request of the sales agent, the name of the sales agent and brokerage fees are not indicated. The sales agent is athird party not falling within the scope of interested parties.

Reference
Details of Corporate Credit Ratings as of December 31, 2008
Ratings Agency

Corporate Credit Rating (Outlook)

Rating and Investment Information, Inc.

AA－ (Stable)

Moody’s Investors Service, Inc.

A2 (Stable)*Standard & Poor’s Rating Services

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

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CONSOLIDATED

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of December 31, 2008)
Location

AcquiredKanematsu Bldg.

Chuo-ku, Tokyo

Dec. 2001

16,276

% of
Total
5.8%

Kanematsu Bldg. Annex

Chuo-ku, Tokyo

Dec. 2001

2,874

1.0%

3,150

JPR Ningyo-cho Bldg.

Chuo-ku, Tokyo

Nov. 2001

2,100

0.7%

2,700

Nov. 2001

1,670

0.6%

2,042

Nov. 2002

550

0.2%

874

Nov. 2004

200

0.1%

303

Area Type

Property Name

Shin-Kojimachi Bldg.
2nd period additional acquisition

Chiyoda-ku, Tokyo

Tokyo CBDs

Office

6th period additional acquisition

Jun. 2002

4,000

1.4%

4,100

MS Shibaura Bldg.

Minato-ku, Tokyo

Mar. 2003

11,2004.0%

17,600Gotanda First Bldg.

Shinagawa-ku, Tokyo

Jul. 2003

2,920

1.0%

3,410

Oct. 2003

1,800

0.6%

2,224

Apr. 2005

1,120

0.4%

1,166

5,100

1.8%

5,590

Fukuoka Bldg.
7th period additional acquisition

Chiyoda-ku, Tokyo

May 2004

Oval Court Ohsaki Mark West

Shinagawa-ku, Tokyo

Jun. 2004

3,500

1.2%

4,620

Jul. 2004

10,0003.6%

13,200

0.1%

189

4.2%

12,600RetailShinjuku-ku, Tokyo

OfficeSep. 2008

180

Nov. 2004

2,900

Apr. 2005

8,921

Across Shinkawa Bldg. Annex

Chuo-ku, Tokyo

Nov. 2004

710

0.3%

1,090

Shinjuku Center Bldg.

Shinjuku-ku, Tokyo

Mar. 2008

21,0007.5%

18,000Minami Azabu Bldg.

Minato-ku, Tokyo

Jul. 2008

3,760

1.3%

3,400

Shinagawa Canal Bldg.

Minato-ku, Tokyo

Dec. 2008

1,870

0.7%

1,860

JPR Shibuya Tower Records Bldg.

Shibuya-ku, Tokyo

Jun. 2003

12,0004.3%

13,800JPR Daikanyama

Shibuya-ku, Tokyo

Oct. 2004

2,160

0.8%

1,580

JPR Jingumae 432

Shibuya-ku, Tokyo

Mar. 2006

4,460

1.6%

4,500

Shinjuku Sanchome East Bldg.

Shinjuku-ku, Tokyo

1.0%

2,470

Mar. 2007

540

Apr. 2008

2,200

Chiyoda-ku, Tokyo

Aug. 2008

3,400

1.2%

3,030

Sumida-ku, Tokyo

Nov. 2001

127,411
5,880

45.4%
2.1%

139,799
7,600

JPR Chiba Bldg.

Chiba, Chiba

Dec. 2001

2,350

0.8%

1,930

JPR Yokohama Nihon Odori Bldg.

Yokohama, Kanagawa

Nov. 2001

2,927

1.0%

2,770

Shinyokohama 2nd Center Bldg.

Yokohama, Kanagawa

Sep. 2002

920

0.3%

1,360

Kawaguchi Center Bldg.

Kawaguchi, Saitama

Feb. 2004

8,100

2.9%

10,500JPR Ueno East Bldg.

Taito-ku, Tokyo

Mar. 2004

3,250

1.2%

5,770

Sep. 2005

888

0.3%

1,360

11th period additional acquisition

RetailShinjuku-ku, TokyoBYGS Shinjuku Bldg.

Tachikawa Business Center Bldg.

Tachikawa, Tokyo

Feb. 2007

2,300

0.8%

2,400

Mar. 2007

5,831

2.1%

6,950

Jul. 2007

6,510

2.3%

6,250

Nov. 2001

10,2003.6%

13,300Rise Arena Bldg.

Toshima-ku, Tokyo

Yume-ooka Office Tower

Yokohama, Kanagawa

Tanashi ASTA

Nishitokyo, Tokyo

Cupo-la Main Bldg.

Kawaguchi, Saitama

Mar. 2006

2,100

0.7%

2,570

JPR Musashikosugi Bldg.

Kawasaki, Kanagawa

Sep. 2006

7,260

2.6%

7,000

Musashiurawa Shopping Square

Saitama, Saitama

Mar. 2007

4,335

1.5%

4,340

Kawasaki Dice Bldg.

Kawasaki, Kanagawa

Apr. 2007

15,080

5.4%

15,184

Niigata, Niigata

Nov. 2001

77,931
2,140

27.8%
0.8%

89,2842,220

Meiji Yasuda-Life Osaka Umeda Bldg.
Tokyo Tatemono Honmachi Bldg.

Osaka, Osaka
Osaka, Osaka

Dec. 2001
Nov. 2001

8,300
4,150

3.0%
1.5%

11,2004,180

JPR Hakata Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,900

1.0%

3,200

JPR Naha Bldg.

Naha, Okinawa

Nov. 2001

1,560

0.6%

1,700

Sompo Japan Sendai Bldg.

Sendai, Miyagi

Jun. 2002

3,150

1.1%

4,050

Sompo Japan Wakayama Bldg.

Wakayama, Wakayama

Jun. 2002

1,670

0.6%

1,910

Tenjin 121 Bldg.

Fukuoka, Fukuoka

Jun. 2002

2,810

1.0%

2,870

JPR Nagoya Sakae Bldg.

Nagoya, Aichi

Sep. 2003

4,550

1.6%

5,840

JPR Dojima Bldg.

Osaka, Osaka

Jan. 2004

2,140

0.8%

3,100

JPR Hakata-chuo Bldg.

Fukuoka, Fukuoka

Jun. 2004

1,920

0.7%

2,190

Mitsubishi UFJ Lease & Finance Nagoya
Head Office Bldg.

Nagoya, Aichi

Mar. 2005

4,137

1.5%

4,170

JPR Umeda Loft Bldg.

Osaka, OsakaMay 2003

8,000

Jul. 2003

5,000

4.6%

15,800Subtotal
Niigata Ekinan Center Bldg.

OfficeChuo-ku, Tokyo

JPR Ichigaya Bldg.

14th period additional acquisition

Retail

16,300Chiyoda-ku, Tokyo

Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
Subtotal
Arca East

Greater Tokyo

Appraisal Value(yen in millions)

JPR Crest Takebashi Bldg.

Shinjuku Square Tower

Other Cities

Acquisition Price(yen in millions)

Shtrasse Ichibancho

Sendai, Miyagi

Feb. 2005

4,200

1.5%

2,450

Benetton Shinsaibashi Bldg.

Osaka, OsakaMay 2005

5,430

1.9%

5,260

Housing Design Center Kobe

Kobe, Hyogo

Sep. 2005

7,220

2.6%

7,100

JPR Chayamachi Bldg.

Osaka, Osaka

Aug. 2006

6,000

2.1%

5,190

Subtotal
Total

1175,27726.8%

82,430280,619100.0%

311,513CONSOLIDATED

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of December 31, 2008)
Type

OfficeRetailOfficeRetailOther Cities

Greater Tokyo

Greater Tokyo

RetailTokyo CBDs

OfficeArea

Property Name
Kanematsu Bldg.
Kanematsu Bldg. Annex
JPR Ningyo-cho Bldg.
Shin-Kojimachi Bldg.
2nd period additional acquisition
6th period additional acquisition
JPR Crest Takebashi Bldg.
MS Shibaura Bldg.
Gotanda First Bldg.
Fukuoka Bldg.
7th period additional acquisition
JPR Ichigaya Bldg.
Oval Court Ohsaki Mark West
Shinjuku Square Tower
14th period additional acquisition
BYGS Shinjuku Bldg.
Across Shinkawa Bldg. Annex
Shinjuku Center Bldg.
Minami Azabu Bldg. *Shinagawa Canal Bldg.
JPR Shibuya Tower Records Bldg.
JPR Daikanyama
JPR Jingumae 432
Shinjuku Sanchome East Bldg.
Yurakucho Ekimae Bldg. *(Yurakucho Itocia)
Arca East
JPR Chiba Bldg.
JPR Yokohama Nihon Odori Bldg.
Shinyokohama 2nd Center Bldg.
Kawaguchi Center Bldg.
JPR Ueno East Bldg.
Tachikawa Business Center Bldg.
11th period additional acquisition
Rise Arena Bldg.
Yume-ooka Office Tower
Tanashi ASTA
Cupo-la Main Bldg. *Leasable Area（㎡）
7,994.02
2,291.13
2,791.88
2,105.44
901.36312.533,265.34
14,429.09
4,243.58
1,250.06
687.34
4,186.09
4,088.44
10,982.03
168.74
11,350.62
1,253.39
8,041.63
3,405.73
1,700.57
8,076.85
651.29
1,027.33
2,347.81

Number of
Tenants
8
1
4

23
4
21
1
1
1
4
5
1

Occupancy
Ratio（%）
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
76.3
100.0
96.4
96.4
95.7
100.0
91.2
100.0
14.8
100.0
100.0
100.0
100.0

1,101.92

1

100.0

45,0800.4

7,022.76
5,568.35
6,066.53
2,641.19
15,461.98
6,467.59
1,747.13
2,980.90
6,023.39
12,009.40
31,121.71
5,963.00

6
28
12
12
38
8

100.0
86.1
100.0
93.8
97.6
91.6
100.0
74.9
100.0
92.4
100.0
100.0

295,632
133,987
147,056
74,208490,223
197,416
60,658102,246
242,423
342,855
596,400
135,355

2.6
1.2
1.3
0.7
4.4
1.8
0.5
0.9
2.2
3.1
5.3
1.2

11
9
8
2
1
7
4
21

19
1
34
1
1

Rental Revenue
487,544
110,927
111,876
76,83532,124
12,288146,076
597,666
141,791
87,356
41,673
187,449
200,060
320,7282,587
495,01152,456542,854
104,257
147
345,576
39,88197,93078,306

% of
Total
4.4
1.0
1.0
0.7
0.3
0.1
1.3
5.3
1.3
0.8
0.4
1.7
1.8
2.9
0.0
4.4
0.5
4.9
0.9
0.0
3.1
0.4
0.9
0.7

(yen in thousands)

19,740.95

1

100.0

197,064

1.8

14,960.69
13,089.96
5,267.04
9,600.49
7,210.25
6,581.15
3,947.70

3
20
10
26
9
27
18

100.0
99.2
97.1
99.4
98.7
97.7
97.9

－
7,118.60
4,874.91
3,281.12
5,461.90
3,941.40
3,331.78

－
15
15
12
20
8
6

－
96.9
91.7
98.3
95.3
83.4
100.0

129,061484,614
129,610
393,998
248,481
164,107
115,949
111,937
207,547
116,943
119,355
231,368
121,976
90,357

1.2
4.3
1.2
3.5
2.2
1.5
1.0
1.0
1.9
1.0
1.1
2.1
1.1
0.8

Mitsuibishi UFJ Lease & Finance
Nagoya Head Office Bldg.

7,123.07

1

100.0

193,608

1.7

JPR Umeda Loft Bldg.
Shtrasse Ichibancho
Benetton Shinsaibashi Bldg. *Housing Design Center Kobe *JPR Chayamachi Bldg.

18,586.97
4,136.95
5,303.98
35,444.13
2,484.39

1
0
1
1
7

100.0
0.0
100.0
100.0
100.0

402,411

3.6－
126,660
267,500
142,171

－
1.1
2.4
1.3

383,215.57

499

96.4

11,171,677

100.0

JPR Musashikosugi Bldg. *Musashiurawa Shopping Square
Kawasaki Dice Bldg.
Niigata Ekinan Center Bldg.
Meiji Yasuda-Life Osaka Umeda Bldg.
Tokyo Tatemono Honmachi Bldg.
JPR Hakata Bldg.
JPR Naha Bldg.
North 33 Bldg.
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.
Tenjin 121 Bldg.
JPR Nagoya Sakae Bldg.
JPR Dojima Bldg.
JPR Hakata-chuo Bldg.

Total*Note : Buildings leased to a single tenant. JPR was unable to obtain tenants' approval to the disclosure of rental information.

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Japan Prime Realty Investment Corporation

Disclaimer

This document contains a translation of selected information described in the Financial Report (Kessan Tanshin)
dated February 17, 2009 and prepared under the timely disclosure requirements of the Tokyo Stock Exchange, as
well as the Financial Statements and Performance Information Report written pursuant to the Investment Trust
Law of Japan and the Financial Instruments and Exchange Law, for the period from July 1, 2008 to December 31,
2008 of Japan Prime Realty Investment Corporation (JPR).
This English language document was provided solely for the convenience of and reference by non-Japanese
investors and is not intended to constitute a disclosure document. The Japanese language Financial Report,
Financial Statements and Performance Information Report for the aforementioned period should be referred to as
the originals of this document. English translations for legal, accounting, tax and business concepts used herein
may not convey precisely identical concepts of the equivalent Japanese terms. The figures presented in the financial
statements and other data including real estate portfolio details may differ from the Company’s Business Reports
due to rounding. With respect to any and all terms herein, including without limitation, financial statements, if there
exist any discrepancies in the meaning or interpretation thereof between the original Japanese documents andEnglish documents contained herein, the original Japanese documents will govern the meaning and interpretation.
Neither JPR, Tokyo Realty Investment Management, Inc. nor any of their respective directors, officers, employees,
partners, shareholders, agents or affiliates will be responsible or liable for the completeness, appropriateness or
accuracy of English translations or the selection of the portion(s) of any document(s) translated into English. No
person has been authorized to give any information or make any representations other than as contained in thisdocument in relation to the matters set out in this document, and if given or made, such information or
representation must not be relied upon as having been authorized by JPR, Tokyo Realty Investment Management,
Inc. or any of their respective directors, officers, employees, partners, shareholders, agents or affiliates.
The financial statements of JPR have been prepared in accordance with generally accepted accounting principles inJapan, which may materially differ in certain respects from generally accepted accounting principles in otherjurisdictions.
Many provisions of this document contain information that constitutes forward-looking statements. These
forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, andvarious factors may cause actual results to differ materially from those in the forward-looking statements.

13

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