Translation
Japan Prime Realty Investment Corporation
Financial Report for the 38th Fiscal Period Results (July 1, 2020 – December 31, 2020)
February 16, 2021

REIT Securities Issuer:
Japan Prime Realty Investment Corporation
Listing:
Tokyo Stock Exchange
Securities Code:
8955
URL:
http://www.jpr-reit.co.jp/
Representative:
Yoshihiro Jozaki, Executive Officer
Asset Management Company: Tokyo Realty Investment Management, Inc.
Representative:
Yoshihiro Jozaki, President and Chief Executive Officer
Contact:
Yoshinaga Nomura, Director and Chief Financial Officer TEL: +81-3-3231-1051
Scheduled date of submission of securities report:
March 26, 2021
Scheduled date of commencement of distribution payout:
March 10, 2021
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 38th Fiscal Period (July 1, 2020 – December 31, 2020)[Amounts are rounded down to the nearest million yen, except for per unit figures.][% figures represent the increase (decrease) compared with the previous fiscal period](1) Operating Results
For the six months ended

December 31, 2020
June 30, 2020

Operating Revenues
million yen%
17,1294.7
16,363
2.2
Net Income per Unit
(EPU)
yen
8,181
7,690

For the six months ended

December 31, 2020
June 30, 2020

Operating Income
million yen
%
8,533
6.5
8,013
4.3

Ordinary Income
million yen
%
7,840
7.7
7,277
5.2

Net Income
million yen
7,839
7,276

Net Income / Net Assets

Ordinary Income /Total Assets

Ordinary Income /Operating Revenues
%
45.8
44.5

%
3.1
2.9

%
1.6
1.6

%
7.7
5.2

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

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution /Net Assets

For the six months ended

yenmillion yen
yenmillion yen
%
%
–
7,750
7,426
–
94.7
2.9
December 31, 2020
–
7,595
7,277
–
100.0
2.9
June 30, 2020
(Note 1) Dividend payout ratio is rounded down to the first decimal place.
(Note 2) Dividend payout ratio for the six months ended June 30, 2020 is calculated by using the following formula, as JPR issued
new investment units in the fiscal period:
Dividend payout ratio = Distribution amount / Net income x 100(Note 3) The difference between the distribution amount and net income for the six months ended December 31, 2020 is attributable
to the fact that part of the retained earnings (414 million yen) was internally reserved as reserve for reduction entry.

(3) Financial Position
As ofDecember 31, 2020
June 30, 2020

Total Assets
million yen
484,573473,186

Net Assets
million yen
256,399
255,838

1

Net Assets / Total Assets
%
52.9
54.1

Net Asset Per Unityen
267,570
266,984

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period(4) Cash Flows
Cash Flows fromOperating Activities
For the six months ended

Cash Flows from
Investing Activities

million yen
11,402
8,967

December 31, 2020
June 30, 2020

million yen(12,285)(17,892)

Cash Flows from
Financing Activities
million yen
2,178
11,250Cash and Cash
Equivalents
at End of Period
million yen
41,396
40,1002. Forecasts for the 39th Fiscal Period Ending June 30, 2021 (January 1, 2021 – June 30, 2021) and the40th Fiscal Period Ending December 31, 2021 (July 1, 2021 – December 31, 2021)[Amounts are rounded down to the nearest million yen, except for per unit figures.][% figures represent the increase (decrease) compared with the previous fiscal period]

Operating
Revenues

Operating
IncomeOrdinary
IncomeNet
IncomeDPU [excluding Exceedingexceeding profit
Profitdistribution per Distribution
unit]
Per Unit%yen
yenmillion yen% million yen% million yen% million yen
39th Fiscal Period
17,255
0.7
8,712
2.1
8,020
2.3
8,020
2.3
7,550
–
Ending June 30,
2021
40th Fiscal Period
16,438(4.7)
7,843 (10.0)
7,082 (11.7)
7,082 (11.7)
7,550–
Ending December
31, 2021(Reference) Estimated net income per unit (forecast net income / forecast number of investment units at end of period)
39th fiscal period ending June 30, 2021:
8,369 yen
40th fiscal period ending December 31, 2021:
7,390 yen
(Note 1)
DPU for the 39th fiscal period ending June 30, 2021 is calculated after deducting the gain on sale (784 million yen) of JPR
Hakata Bldg. (65.0% co-ownership interest) which JPR plans to internally reserve in application of the Special Provisions
for Taxation in Cases of Repurchase of Specified Assets (Article 65-7 of the Act on Special Measures Concerning
Taxation).
(Note 2)
DPU for the 40th fiscal period ending December 2021 is calculated on the assumption that part of the reserve for reduction
entry (153 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.:(b) Changes in accounting policies other than in (a):(c) Changes in accounting estimates:(d) Retrospective restatement:

None
None
None
None

(2) Number of Investment Units Issued and Outstanding(a) Number of investment units (including treasury units) issued and outstanding at end of period
As of December 31, 2020:
958,250 units
As of June 30, 2020:
958,250 units(b) Number of treasury units at end of period
As of December 31, 2020:
0 units
As of June 30, 2020:
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 21.

* This financial report is not subject to audit procedures by public accountants or audit corporations.
* Special note
The forecasts for the 39th fiscal period ending June 30, 2021 and the 40th fiscal period ending December 31, 2021
are calculated as of February 16, 2021 based on the assumptions described on pages 8 and 9 of this report.
Accordingly, actual operating revenues, operating income, ordinary income, net income, DPU and exceeding
profit distribution per unit may differ from the forecasts. Moreover, the forecasts should not be construed as aguarantee of the distribution amount.
This is an English-language translation of original Japanese announcement on our website released on February
16, 2021. 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 38th Fiscal Period

1. Management Status
1) Overview of Fiscal Period under Reviewa) Milestones of JPR
Japan Prime Realty Investment Corporation (JPR) was established on September 14, 2001 under the Act
on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended), and was listedon the Tokyo Stock Exchange Real Estate Investment Trust Section 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 958,250 units asof the end of the 38th fiscal period (December 31, 2020). 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
Looking at the Japanese economy in the 38th fiscal period, corporate earnings continued to drop sharply
under the influence of the novel coronavirus infection (COVID-19), with employment also drifting ona weak note. Although exports increased and production showed a pickup, the domestic economy still
remained in a difficult situation. The overseas economy also stayed in a severe situation due to theimpact of COVID-19. With the COVID-19 infections expanding both in and outside Japan toward theend of the fiscal period under review, there are concerns about its negative impact on the economy.
The Office Property Leasing Market
The occupancy rate has been kept at a low level in the office property leasing market. Close attention
must be paid, however, as the figure is rising for the moment due to the impact of COVID-19.
The Retail Property Leasing Market
Although a pickup was seen to take place gradually at urban retail properties which JPR targets forinvestment, the spread of COVID-19 infections expanded toward the end of the 38th fiscal period,
causing concerns about negative impact mainly on restaurants and eateries.
The For-Sale Real Estate Market
In the for-sale real estate market, active transactions continued to take place against the backdrop of therecovery in the stock price and low interest rates, etc. Although investors’ expected cap rate reflects theircautious attitude in some areas for hotels and urban retail properties that have been hard hit by COVID19, blue-chip properties in which JPR targets to invest are still in short supply and, as investors both inand outside Japan show strong appetite to acquire them, low-yield transactions continue to prevail andthe acquisition environment remains harsh. Accordingly, investors continue to look for ways toeffectively acquire properties, such as diversifying the target assets for investment and conducting asset
replacement.
c) Portfolio Management Status
Acquisition of New Properties and Asset Replacement
JPR investigates possible investments mainly in office properties in the Tokyo area, plus 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 diversification of theportfolio, both in terms of location and asset type.
During the 38th fiscal period, JPR acquired Otemachi Financial City North Tower (acquisition price:
11,400 million yen) and sold 35% ownership interest of JPR Hakata Bldg. (sale price of the relevant
ownership interest: 1,430 million yen), both in December 2020. Consequently, as of the end of December
2020, the balance of JPR’s assets under management totaled 66 properties, or 467.5 billion yen on an
acquisition price basis, with the total leasable floor space standing at 501,162m2 and the number oftenants at 857.

3

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

Operational Management of Portfolio
In the office property leasing market in the 38th fiscal period, it was required to pay close attention to
the impact of COVID-19, as stated in the Management Environment above. Under such circumstances,
JPR endeavored to attract new tenants through strategic leasing activities and enhance the satisfaction ofexisting tenants by keeping close cooperation with property management companies and brokers, withan aim of securing stable earnings from the entire portfolio and its occupancy rate. As a result of these
efforts, the occupancy rate at the end of the 38th fiscal period was kept at a high level, although it
decreased 0.4 points period-on-period to 99.3%.
In terms of property management, based on JPR’s brand concept A/3S (Amenity/Service, Safety and
Save Energy), JPR continued to proactively implement value enhancement works based on tenant needs
with an aim to create spaces where the workers feel satisfaction. As an endeavor to implement energysaving measures, JPR conducted renovation of air-conditioning systems and replacement of lighting
equipment with LED lamps, which are expected to be effective for the endeavor, at its multiple properties.
Moreover, as its initiatives on environmental issues, JPR has continuously obtained environmental
certifications. As of December 31, 2020, JPR acquired the DBJ Green Building Certification*1 for 14
properties and the CASBEE for Building Certification*2 for 16 properties (including 6 newly certified
properties). In addition, JPR acquired BELS*3 certification for one of its properties. On top of thesecertifications JPR acquired, its endeavors on environmental issues were so acknowledged that it was
designated as “Green Star” in the GRESB*4 Real Estate Assessment for 2020, marking the seventh
consecutive year of recognition with the highest ranking in the survey. JPR was also granted a higher
rank of “5 Stars” in the GRESB Rating, which makes relative assessment based on total scores, for two
consecutive years.
*1 The DBJ Green Building Certification is a certification system to select superior real estate that meets the demand of the times
by scoring buildings based on the scoring model originally developed by Development Bank of Japan Inc. Its purpose is topromote properties that are environmentally friendly, equipped to mitigate disaster and prevent crime, as well as meet the social
requirements surrounding real estate from various stakeholders (“Green Buildings”).
*2 CASBEE, which stands for Comprehensive Assessment System for Built Environment Efficiency, is a system forcomprehensively assessing the environmental performance of buildings. Efforts to develop and popularize the system in Japanare being made under the leadership of the Ministry of Land, Infrastructure, Transport and Tourism.
*3 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 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 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 endeavors on debt financing with an emphasis placed on lengthening the debt maturity anddiversifying repayment dates, in an effort to make its financial base more solid and stronger against the
backdrop of the favorable fund procurement environment and low interest rates.
JPR borrowed 20.5 billion yen to fund the refinance of interest-bearing debts that matured during the38th fiscal period and the acquisition of a property. The average maturity of and the average interest on
the new interest-bearing debts (excluding short-term debts) stood at 9.2 years and 0.54%, respectively,in contrast to 6.8 years and 0.96% for the relevant interest-bearing debts before refinancing.
As of the end of the 38th fiscal period, the balance of interest-bearing debts totaled 196.5 billion yen,with balance of borrowings of 164.0 billion yen and balance of investment corporation bonds of 32.5
billion yen. The ratio of interest-bearing debt to total assets (Note 1) was 40.6%, long-term and fixedinterest-bearing debt ratio (Note 2) was 96.9%, average debt cost (Note 3) was 0.76% and average
maturity (Note 4) was 4.6 years as of the end of the fiscal period.
Moreover, JPR established a commitment line with a credit limit of 24 billion yen with six financial
institutions.

4

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

The following represents the issuer ratings for JPR as of the end of the 38th fiscal period.
Details of Corporate Credit Ratings as of December 31, 2020
Credit Rating Agency
Corporate Credit Rating (outlook)
Rating and Investment Information, Inc.
AA− (Stable)
Long-term: A (Stable)
S & P Global Ratings Japan Inc.
Short-term: A−1(Note 1) Ratio of interest-bearing debt to total assets: (balance of borrowings + balance of investment corporation bonds)/ total assets(Note 2) Long-term and fixed interest-bearing debt ratio: long-term, fixed-interest interest-bearing debt / total interest-bearing debt
(Note 3) Average debt cost: sum total of interest expenses, interest expenses on investment corporation bonds, borrowing expenses(excluding expenses for early repayment of borrowings and for commitment line agreements), amortization of investment
corporation bond issuance costs and investment corporation bond management expenses, divided by the number of 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 38th fiscal period to therepayment deadlines for all interest-bearing debts based on the balance of each interest-bearing debt.

d) Operating Results and Cash Distributions
As a result of the aforementioned management performance, JPR posted operating revenues of 17,129
million yen, ordinary income of 7,840 million yen and net income of 7,839 million yen for its 38th fiscal
period ended December 31, 2020. With regard to the cash distributions, JPR decided to distribute part of
the retained earnings brought forward that had been internally reserved through the 37th fiscal period,
with the aim of having the profit distributions deducted as expenses based on application of the special
provision on taxation of investment corporations (Article 67-15 of the Act on Special Measures
Concerning Taxation) and in order to minimize the burden to unitholders incurred by accrual of corporate
income tax, etc. JPR also decided to internally reserve 414 million yen as reserve for reduction entry
from the unappropriated retained earnings, in application of 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 7,750 yen for the 38th fiscal period.
2) Forecast for the Next Fiscal Perioda) Outlook for Management Status
Looking ahead, with the economy both in and outside Japan still remaining in a severe situation, attention
should be paid to the COVID-19 trends, including the Japanese government again declaring a state of
emergency, and the impacts of fluctuations in the financial and capital markets, among other factors.
In the office property leasing market, although leasing of newly-constructed buildings supplied in 2020
remained steady, the impact of the spread of COVID-19 is expected to linger for a long time, raisingconcerns about the influence it will give on the office market conditions. In this regard, JPR is resolved
to continue its endeavors to enhance the competitiveness of its owned properties, as it has focused on
improving tenant satisfaction through proactive implementation of value enhancement works andprovision 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 COVID-19 on
the leasing market. Although the downward trend of cap rates that has continued to date is coming to astop, the low interest rate and low yield environment will be maintained, in which it is required to firmly
keep the attitude of vigorously selective investment for implementing real estate investment that assumes
possession of properties over the medium to long term.
i) Acquisition of New Properties and Asset Replacement
JPR will continue to make investment focused on the Tokyo office properties, with an aim to improve
the quality of its portfolio and enhance its growth potential and stability over the long term. In the forsale office property market, the purchase cap rate and expected cap rate levels still stay low, withproperties remaining in short supply. Going forward, although close attention must continuously be paid
to the impact of COVID-19, etc., 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 keep stable revenues at a certain level in order to complement the stabilityof earnings from the entire portfolio. In doing so, JPR will have to make more prudent investigations,paying close attention to the sales trends, etc. of such properties under the influence of the spread of
COVID-19. JPR will continue its endeavors to acquire new properties under reasonable terms bynegotiating prices based on detailed market studies and property due diligence.
Moreover, JPR will continue to make investment decisions after a proactive collection of information
through such sources as sponsors of TRIM (Tokyo Tatemono Co., Ltd., Yasuda Real Estate Co., Ltd.,5

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

Taisei Corporation and Meiji Yasuda Life Insurance Company), accurately following 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 over along term.
ii) Management of Portfolio
JPR will aim to secure stable earnings over a medium to long term by working to prevent move-outs ofexisting tenants, encourage them to expand office spaces in the same buildings and renew contracts withupward revision of rents through endeavors to enhance tenant satisfaction, while continuously inviting
new tenants through strategic leasing activities. Specifically, JPR will conduct management andoperations based on the following policies:- Strengthen coordination with property management companies and respective tenant brokers- Propose leasing terms and conditions in consideration of the current leasing market situations andpromote rapid decision making- Conduct strategic value enhancement works with intent to improve property earnings and increasetenant satisfaction- Reinforce promotion of energy efficiency as well as responses to business continuity plans andenvironmental friendliness that command high social request- Conduct renovations to enhance energy-saving performance of the properties by utilizing thegovernment’s subsidy programsiii) Fund Procurement
In accordance with its basic policy of implementing conservative financial operations that focus on
stability, JPR will remain engaged in conservative leverage control, targeting to basically keep the ratio
of interest-bearing debt to total assets at up to 50%. In debt financing, JPR will endeavor to further
lengthen the maturity with a focus on stability in an effort to diversify the repayment dates and reduce
the repayment amount for each fiscal period, with an eye on reducing refinancing risks that may arisein accordance with future changes in the financial environment. Moreover, JPR intends to work on fundprocurement through issuance of investment corporation bonds as it aims to diversify fund procurementmeans and sources.
iv) Information Disclosure
Positioning the proactive voluntary disclosure of information as one of its key management policies,
JPR voluntarily discloses information believed to be useful to investment decisions, along with theinformation disclosure required by the Tokyo Stock Exchange and set forth by laws and regulations,etc. As a means for implementing voluntary disclosure, JPR is proactively employing its website(http://www.jpr-reit.co.jp/en/) to provide expanded information including monthly occupancy rates ofall properties in the portfolio and historical data, as well as offer information for retail investors anddeliver video presentation on financial results sessions for securities analysts. Going forward, we arecommitted to further enriching the disclosure contents and providing information in a timely manner.
v) Significant Subsequent Events
There are no material subsequent events for this fiscal period.
<Reference Information>
Property Sale
JPR concluded a sale agreement regarding the following property on December 22, 2020.
<JPR Hakata Bldg. (65.0% co-ownership interest)>
Asset type:
Beneficiary interest
Sale price:
2,665 million yen
Contract date:
December 22, 2020
Delivery date:
March 29, 2021 (planned)
Buyer:
Tokyo Tatemono Co., Ltd.
Impact on operating results: JPR plans to record approximately 784 million yen in gain on sale ofreal estate as operating revenue for the fiscal period ending June 2021
(January 1, 2021 – June 30, 2021).

6

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Periodb) Outlook for Management Status (Operating Results)
JPR expects the following management status in the 39th fiscal period (from January 1, 2021 to June30, 2021) and the 40th fiscal period (from July 1, 2021 to December 31, 2021) and the.
Operating revenues
Operating income
Ordinary income
Net income
Distribution per unit
Exceeding profit
distribution per unit

39th Fiscal Period
17,255 million yen
8,712 million yen
8,020 million yen
8,020 million yen
7,550 yen

40th Fiscal Period
16,438 million yen
7,843 million yen
7,082 million yen
7,082 million yen
7,550 yen

– yen

– yen

For the assumptions underlying this outlook for management status, please refer to “Assumptions forthe 39th fiscal period (from January 1, 2021 to June 30, 2021) and the 40th fiscal period (from July 1,
2021 to December 31, 2021)” shown below.

(Note) The forecast figures above are the current forecasts calculated based on certain assumptions. Accordingly, the actual operating
revenues, operating income, ordinary income, net income, distribution per unit and exceeding profit distribution per unit may vary
due to changes in the circumstances. Moreover, the forecast above should not be construed as a guarantee of the distribution amount.

7

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

Assumptions for the 39th fiscal period (from January 1, 2021 to June 30, 2021) andthe 40th fiscal period (from July 1, 2021 to December 31, 2021)
Item

Assumptions
39th fiscal period: from January 1, 2021 to June 30, 2021 (investment period: 181 days)
Period40th fiscal period: from July 1, 2021 to December 31, 2021 (investment period: 184 days)
・On the basis of the 66 properties owned by JPR as of February 16, 2021, it is assumed that JPR
will sell JPR Hakata Bldg. (65.0% co-ownership interest) on March 29, 2021.
Property Portfolio
・In practice, this assumption may vary due to such events as acquisition of additional properties
or sale of existing properties.
・Real estate rental revenues are calculated on the basis of the lease contracts effective as ofDecember 31, 2020, with consideration given to such factors as the market environment andstatus of negotiations with tenants, as well as taking into account the impact of certain 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.
Operating・Asidefrom the above, the figures are calculated by factoring in the impact of COVID-19, such
Revenues
as rent reductions, to a certain extent.
・The assumed period-average occupancy rate at end of month is 98.0% for the 39th fiscal period
and 98.0% for the 40th fiscal period.
・As for gain on sale of real estate, JPR assumes 784 million yen for the 39th fiscal period in
accordance with the sale of JPR Hakata Bldg. (65.0% co-ownership interest).
・Among rental expenses, which are the principal operating expenses, outsourcing expenses andother expenses excluding depreciation are calculated based on historical data, etc., reflecting
variable factors of expenses. Outsourcing expenses are assumed to be 635 million yen for the39th fiscal period and 637 million yen for the 40th fiscal period.
・For property taxes and city planning taxes, JPR assumes 2,444 million yen for the 39th fiscal period
and 2,431 million yen for the 40th fiscal period. In general practice, the property taxes and city
planning taxes levied on properties acquired are settled after prorating for the period with theprevious owner at the time of acquisition, but JPR includes the amount equivalent to such settlementin the acquisition costs for the properties.
・The property taxes and city planning taxes are calculated on the assumption that the amount oftax base for land is not raised through revaluation for fiscal 2021, in consideration of the details
Operatingof the tax reform package decided by the Cabinet in December 2020.
Expenses
・For expenditures for the repair and maintenance of buildings, the amount expected to be requiredin each of the fiscal periods has been recorded. However, the expenditures for repair andmaintenance for each of the fiscal periods could differ significantly from the estimated amount,as expenditures may arise due to damage to the building caused by unexpected factors, etc., andbecause the variance in amounts generally tends to grow from year to year and repair expenses
do not arise regularly.
・Depreciation is calculated using the straight line method, including additional future capital
expenditures. Depreciation is assumed to be 2,098 million yen for the 39th fiscal period and2,110 million yen for the 40th 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 1,019
million yen for the 39th fiscal period and 917 million yen for the 40th fiscal period.
・As
for major non-operating income, JPR assumes income on settlement of management
Non-Operating
associationaccounts to be 53 million yen for the 39th fiscal period and 3 million yen for the
Income40th fiscal period.
・As for major non-operating expenses, JPR assumes 737 million yen for the 39th fiscal period
Non-Operating
and 756 million yen for the 40th fiscal period for interest paid, fees related to loan arrangement,
Expensesinterest expenses on investment corporation bonds and amortization of investment corporationbond issuance costs, etc.
・The ratio of interest-bearing debt to total assets as of February 16, 2021 stands at 40.6%, withinterest-bearing debts of 196,520 million yen (comprised of 6,000 million yen in short-termloans payable, 158,020 million yen in long-term loans payable and 32,500 million yen in
investment corporation bonds).
・It is assumed that all interest-bearing debt for which repayment (redemption) dates will arriveInterest-Bearing
during the 39th and 40th fiscal periods will be refinanced.
Debt Ratio
・The ratio of interest-bearing debt to total assets is assumed to be 40.6% at the end of the 39th
fiscal period and 40.6% at the end of the 40th fiscal period.
・The following formula is used in calculating the ratio of interest-bearing debt to total assets inthis table.
Ratio of interest-bearing debt to total assets =Expected total interest-bearing debt / Expected total assets x 100
Total Units
・The total number of investment units issued and outstanding is 958,250 units as of February 16,
Outstanding
2021, and it is assumed that no investment units will be issued.

8

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

Item

Assumptions
・For distribution per unit, it is assumed that all revenues will be distributed based on the
distribution methods provided in the Articles of Incorporation.
・As for the gain on sale of real estate of 784 million yen JPR expects to record for the 39th fiscal
period, it is assumed that the entire amount will be internally reserved as reserve for reduction
entry, in application of the Special Provisions for Taxation in Cases of Repurchase of Specified
Distribution Per
Assets as provided in Article 65-7 of the Act on Special Measures Concerning Taxation, for theUnitpurpose of stable management and cash distributions in the future.
・As for the distributions for the 40th fiscal period, it is assumed that part (153 million yen) of
the reserve for reduction entry will be reversed and distributed.
・There is the possibility that the distribution per unit may vary due to various factors including
variation of rental revenue due to transfer of assets under management and tenants moving out,
and unpredicted repairs and maintenance.
Exceeding Profit
Distribution Per ・Distribution of monies exceeding the profit is currently not assumed.
Unit
・It is assumed that there will be no changes in legislation, taxation, accounting standards,
regulations applying to publicly listed companies, rules and requirements imposed by the
OthersInvestment Trusts Association, Japan that will impact the aforementioned forecast.
・It is also assumed that there will be no unexpected material changes in general economic andreal estate market conditions.

9Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

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

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
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
Lease and guarantee deposits
Long-term prepaid expenses
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment corporation bond issuance costs

Investment unit issuance expenses
Total deferred assets
Total assets

10

End of 37th Fiscal
PeriodEnd of 38th Fiscal
Period(Jun. 30, 2020)(Dec. 31, 2020)¥27,126,776
12,973,691
289,154
142,036
172,716
15,201
40,719,576¥28,598,680
12,797,488
271,574
130,517–
15,05041,813,311

64,616,121(19,809,897)
44,806,224
95,176,039(36,554,181)
58,621,857
62,220(28,412)33,807
133,739(80,982)
52,757
838,393(564,455)
273,937
1,929,556(1,464,811)
464,745
143,061(71,367)
71,694
252,219(178,396)
73,823
123,264,320
192,157,692
1,219
150
419,822,228

66,826,208(20,760,217)
46,065,991
95,206,152(37,264,443)
57,941,709
73,557(30,266)
43,291
135,419(82,417)53,001
909,004(589,358)
319,646
1,932,022(1,476,358)
455,663
170,010(79,189)
90,821
279,430(184,639)
94,7903
133,341,887
191,547,397
1,019
330
429,955,550

11,801,831
3,573
11,805,404

11,801,831
3,446
11,805,277

612,216
70,319682,536432,310,169

649,549
166,235
815,784
442,576,613

119,523
37,540157,064¥473,186,809

153,146
30,456
183,602¥484,573,526

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period(Thousands of Yen)

Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
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

11

End of 37th Fiscal
PeriodEnd of 38th Fiscal
Period(Jun. 30, 2020)(Dec. 31, 2020)¥2,814,074–
20,820,000
910,146
79,421
605
136,082
3,048,380–
27,808,710¥2,931,209
6,000,000
19,820,000
1,048,185
88,281605
501,994
2,977,266
302
33,367,843

26,500,000
139,700,000
9,378,333
13,961,750
189,540,084
217,348,795

32,500,000
138,200,000
10,100,242
14,005,614
194,805,857
228,173,700

247,860,796

247,860,796

689,444689,444689,444689,4447,287,774

7,849,585

7,977,218
255,838,014
255,838,014¥473,186,809

8,539,029
256,399,826
256,399,826¥484,573,526

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period(2) Statements of Income and Retained Earnings(Thousands of Yen)

Operating revenue
Rent revenue-real estate
Gain on sale of real estate
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Administrative service and asset custody fees
Directors' compensation
Trust fees
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Income on settlement of management associationaccounts
Insurance income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation 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)

12

37th Fiscal
Period38th Fiscal
Period(Jan. 1, 2020 –Jun. 30, 2020)(Jul. 1, 2020 –Dec. 31, 2020)¥16,363,494–
16,363,494¥16,714,986
414,931
17,129,917

7,436,206
711,694
78,6744,200
22,812
96,6178,350,206
8,013,288

7,611,662
768,216
82,325
4,200
21,776108,676
8,596,857
8,533,060

195

200

21,66940,72025,258
4,088
51,212

4,444
1,433
46,799543,152
23,760167,455

525,756
24,143
171,817

9,988

10,533

5,537
37,154
787,050
7,277,450
7,277,450
605
605
7,276,845
10,928¥7,287,774

7,084
198
739,534
7,840,325
7,840,325
605
605
7,839,720
9,865¥7,849,585

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period(3) Statements of Changes in Unitholders’ Equity(Thousands of Yen)

37th Fiscal
Period(Jan. 1, 2020 –Jun. 30, 2020)
Unitholders' equity
Unitholders' capital
Balance at beginning of current period
Changes of items during the period
Issuance of units
Total changes of items during the period
Balance at end of current period
Surplus
Voluntary reserve
Balance at beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at end of current period
Unappropriated retained earnings (undisposed loss)
Balance at beginning of current period
Changes of items during the period
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period
Total surplus
Balance at beginning of current period
Changes of items during the period
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
Issuance of units
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
Issuance of units
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period

13

38th Fiscal
Period(Jul. 1, 2020 –Dec. 31, 2020)¥231,653,198¥247,860,796

16,207,597
16,207,597
247,860,796–
247,860,796

689,444689,444–689,444–689,4446,926,967

7,287,774(6,916,039)
7,276,845
360,806
7,287,774(7,277,908)
7,839,720
561,811
7,849,585

7,616,411

7,977,218(6,916,039)
7,276,845
360,806
7,977,218(7,277,908)
7,839,720
561,8118,539,029

239,269,610

255,838,014

16,207,597(6,916,039)
7,276,845
16,568,404
255,838,014(7,277,908)
7,839,720
561,811
256,399,826

239,269,610

255,838,014

16,207,597(6,916,039)
7,276,845
16,568,404¥255,838,014(7,277,908)
7,839,720
561,811¥256,399,826

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period(4) Statements of Cash Distributions

I.
II.

Unappropriated retained earnings
Distribution amount(Distribution amount per unit)

III.

Voluntary reserve37th Fiscal Period(Jan. 1, 2020 – Jun. 30, 2020)
7,287,774,097 yen
7,277,908,750 yen(7,595 yen)

38th Fiscal Period(Jul. 1, 2020 – Dec. 31, 2020)
7,849,585,585 yen
7,426,437,500 yen(7,750 yen)–

414,050,403 yen

9,865,347 yen
Pursuant to the policy on cash
distributions provided in Article 30(2) of the Articles of Incorporation of
JPR, the distribution amount shall bein excess 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 morethan the amount of earnings. Based onsuch policy, JPR decided to pay out
distributionsofearnings
of
7,277,908,750 yen, which is thelargest integral multiple of the total
number of investment units issued andoutstanding (958,250 units) in an
amountnotinexcessofunappropriated retained earnings
while minimizing the burden tounitholders incurred by accrual of
corporateincometax,
etc.
Furthermore, JPR shall not distributecash in excess of earnings as
stipulated in Article 30 (4) of the
Articles of Incorporation.

9,097,682 yen
Pursuant to the policy on cash
distributions provided in Article 30(2) of the Articles of Incorporation of
JPR, the distribution amount shall bein excess 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 morethan the amount of earnings. Based onsuch policy, JPR decided to pay out
distributionsofearnings
of
7,426,437,500 yen, which is thelargest integral multiple of the total
number of investment units issued andoutstanding (958,250 units), from thebalance of unappropriated retained
earnings after deducting the provisionof reserve for reduction entry pursuant
to Article 66-2 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.

Provision of reserve for reduction entry
IV. Retained earnings carried forward
Method for calculating distribution amount14

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period(5) Statements of Cash Flows(Thousands of Yen)

37th Fiscal
Period(Jan. 1, 2020 –Jun. 30, 2020)
Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance expenses
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in 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 to sale
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets
Payments of lease and guarantee deposits
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Proceeds from short-term loans payable
Repayment of short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment corporation bonds
Proceeds from issuance of investment units
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

15

38th Fiscal
Period(Jul. 1, 2020 –Dec. 31, 2020)¥7,277,450
2,027,993
9,988
5,537
(195)
710,608(42,646)(172,716)
17,368(178,048)
240,609(245,172)25,934–
3,184
9,679,895
195(712,361)(605)
8,967,123¥7,840,325
2,085,621
10,5337,084(200)
697,573
17,580172,716
11,519(84,519)
138,359
365,911(71,113)
1,011,451(111,233)
12,091,609
200(688,713)(605)
11,402,490(14,685,251)(4,888,250)–(21,440)(73,346)
1,402,591(55,383)
428,829(17,892,251)(12,025,561)(1,002,768)(285)(37,332)(192,083)
913,992(147,585)
206,253(12,285,370)–(1,000,000)
13,000,000(10,000,000)–
16,165,436(6,915,347)
11,250,088
2,324,960
37,775,506¥40,100,467

6,000,000–
8,500,000(11,000,000)
5,955,843–(7,277,262)
2,178,580
1,295,701
40,100,467¥41,396,168

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period(6) Notes to the Going Concern Assumption
No relevant items.
(7) Notes to Significant Accounting Policies
The disclosure is omitted as there are no significant changes from the descriptions in the latest securities
report (submitted on September 28, 2020).
(8) Notes to Financial Statements
Notes to Balance Sheets
1. Balance of Unused Commitment LineJPR has executed a commitment line agreement with its principal banks primarily to minimize refinancing risks
and enhance financial stability.

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

End of 37th Fiscal Period(as of June 30, 2020)¥24,000,000–¥24,000,000(Thousands of yen)
End of 38th Fiscal Period(as of December 31, 2020)¥24,000,000–¥24,000,000

2. Minimum Total Unitholders’ Equity Designated in Article 67-4 in the Act on Investment Trusts andInvestment Corporations
End of 37th Fiscal Period(as of June 30, 2020)¥50,000

16(Thousands of yen)
End of 38th Fiscal Period(as of December 31, 2020)¥50,000

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

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

37th Fiscal Period(January 1, 2020 –June 30, 2020)

38th Fiscal Period(July 1, 2020 –December 31, 2020)

A. Rent Revenue-Real Estate
Rent Revenue
Rents¥11,965,339¥12,097,265

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

1,783,500
1,554,972
267,620
37,17927,60838,183

1,793,000
1,519,164
270,903
38,051

Subtotal
Other rental revenues
Incidental rent income

15,674,404

15,788,315

620,296

833,557

Time-based parking fees

8,432

8,730

Cancellation charges

9,088

15,300

Income equivalent to expenses forrestoration to original condition

21,91037,722Other miscellaneous income

29,362

31,359Subtotal

689,090926,670

16,363,494

16,714,986
16,714,986¥615,760
712,430
2,358,609
26,116
602,597
331,402573,6212,027,669
187,999¥630,247
841,010
2,387,806
26,863558,378
306,147
585,595
2,085,275
190,3397,436,206

7,611,662

8,927,288

9,103,323
9,103,323

Total rent revenue-real estate
B. Expenses Related to Rent BusinessOutsourcing expenses
Utilities expenses
Property and other taxes
Casualty insurance
Repairs and maintenance
Property management fees
Management association accounts
Depreciation
Other
Total expenses related to rent business
C. Profits for Rent Business (A-B)

2. Breakdown of Gain/Loss on Sale of Real Estate
37th fiscal period (January 1, 2020 – June 30, 2020)
No relevant items.
38th fiscal period (July 1, 2020 – December 31, 2020)
JPR Hakata Bldg. (35.0% co-ownership interest)
Proceeds from sale of real estate(Thousands of yen)
¥1,435,000

Cost of sale of real estate
Other expenses related to sale

1,011,451
8,617

Gain on sale of real estate

414,93117

28,626
41,304

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

Notes to Statements of Changes in Unitholders’ Equity
37th Fiscal Period(January 1, 2020 – June 30, 2020)
Total number of authorizedunits and number of units
outstanding
Total number of authorizedunits
Number of units outstanding

38th Fiscal Period(July 1, 2020 – December 31, 2020)

5,000,000 units

5,000,000 units

958,250 units

958,250 units

Financial Instruments
1. Matters Concerning Status of Financial Instruments(1) Policy for Financial Instruments
In an aim to proactively expand asset size and maintain stable cash distributions to unitholders, JPR adopts
the asset management policy of paying heed to efficiently combining the procurement of long-term funds
that are stable and the procurement of short-term funds that emphasize flexibility.
There may be cases where JPR will engage in derivative transactions, but such will be limited to hedging forinterest rate fluctuation risk and other hedging purposes. Please note that JPR is not engaged in derivativetransactions at present.
(2) Description of Financial Instruments and Associated Risks, and Risk Management Structure
Tokyo Realty Investment Management, Inc. (TRIM), the asset management company of JPR, strives for risk
management by complying with the JPR Asset Management Guidelines and other rules and regulations. The
following outlines the description of individual financial instruments and the associated risks, and the risk
management.
Deposits are exposed to risks of bankruptcy of the financial institutions holding the deposits and other credit
risks, but the risks are managed through such measures as setting a minimum credit rating for the financial
institutions holding the deposits.
Loans payable and investment corporation bonds are exposed to liquidity risks at the time of
repayment/redemption, but the liquidity risks are managed through such measures as procuring funds fromthe capital market by increasing capital, executing a commitment line agreement with the main lending
financial institutions, and also having statements of cash receipts and disbursements prepared by the financial
division.
(3) Supplementary Explanation on Matters Concerning Fair Value, etc. of Financial Instruments
The fair value of financial instruments, aside from values based on market price includes values based onreasonable calculations when there is no market price. Certain assumptions are used in calculating thosevalues and there may be cases where the values will vary when different assumptions are used.
2. Matters Concerning Fair Value, etc. of Financial Instruments
The following are the carrying values and fair values as of June 30, 2020 of financial instruments, and thedifference between these amounts. Please note the following table does not include those for which discerningof fair value is recognized to be extremely difficult (please refer to Note 3).
(Thousands of yen)
Carrying Value(Note 1)
¥27,126,776
12,973,691–

Fair Value(Note 1)
¥27,126,776
12,973,691–

4) Current portion of long-term loans payable(20,820,000)(20,896,871)

76,871

5) Investment corporation bonds(26,500,000)(27,476,144)

976,144(¥139,700,000)(¥141,351,070)¥1,651,070

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

6) Long-term loans payable

18

Difference¥–––Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

The following are the carrying values and fair values as of December 31, 2020 of financial instruments, and thedifference between these amounts. Please note the following table does not include those for which discerningof fair value is recognized to be extremely difficult (please refer to Note 3).
(Thousands of yen)

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

Carrying Value(Note 1)
¥28,598,680
12,797,488(6,000,000)

Fair Value(Note 1)
¥28,598,680
12,797,488(6,000,000)(19,820,000)(19,879,337)

4) Current portion of long-term loans payable
5) Investment corporation bonds6) Long-term loans payable

Difference¥–––
59,337(32,500,000)(33,484,337)

984,337(¥138,200,000)(¥139,821,962)¥1,621,962(Note 1) Liabilities are shown in parentheses.
(Note 2) Method of calculation of fair value of financial instruments(1) Cash and deposits, and (2) Cash and deposits in trust
As these financial instruments are settled within a short period of time, the fair value is approximately the same as the book value andis thus stated at that book value.
(3) Short-term loans payable
As these financial instruments are settled within a short period of time and have floating interest rates, the estimated fair value isapproximately the same as the book value and is thus stated at that book value.
(4) Current portion of long-term loans payable and (6) Long-term loans payable
The fair value of these financial instruments is calculated based on the discounted cash flow method under which the total amount ofprincipal and interests are discounted by the rate assumed as being applicable in the event of a new drawdown whose term iscorresponding to the remaining loan term.
(5) Investment corporation bonds
Of the fair value of these financial instruments, those with market price are calculated based on market price and those with no market
price are calculated in accordance with (4) and (6) above.
(Note 3) Financial instruments for which discerning of fair value is recognized to be extremely difficult.
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust that are deposited by lessees of lease rental
properties are not subject to disclosure of fair value because reasonable estimation of cash flows is recognized to be extremely difficult
since there is no market price and also since it is difficult to calculate the actual deposit period from when lessees move in to when they
move out. The following is the carrying value of tenant leasehold and security deposits and tenant leasehold and security deposits in trust.

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

End of 37th Fiscal Period(as of June 30, 2020)¥9,378,333¥13,961,750(Thousands of yen)
End of 38th Fiscal Period(as of December 31, 2020)¥10,100,242¥14,005,614(Note 4) Scheduled redemption of monetary claims to be due subsequent to June 30, 2020 and December 31, 2020

End of 37th Fiscal Period (as of June 30, 2020)(Thousands of yen)
Due after
Due after
Due in One Year One Year
Two Years
or Less
throughthrough
Two Years Three Years
Cash and deposits
Cash and deposits in trust¥27,126,776¥12,973,691

¥–
¥–

¥–
¥–

Due afterThree Years
through
Four Years

Due after
Four Years
throughFive Years

Due after
Five Years

¥–
¥–

¥–
¥–

¥–
¥–

End of 38th Fiscal Period (as of December 31, 2020)
Due in One
Year or Less
Cash and deposits
Cash and deposits in trust¥28,598,680¥12,797,488

Due after
One Yearthrough
Two Years¥–¥–

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

19

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

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period(Note 5) Amount of repayment of short-term loans payable and long-term loans payable or redemption of investment corporation
bonds to be due subsequent to June 30, 2020 and December 31, 2020

End of 37th Fiscal Period (as of June 30, 2020)

Short-term loans
payableInvestment
corporation bonds
Long-term loans
payable(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

¥–

¥–

¥–

¥–

¥–

¥–

¥–

¥–

¥2,000,000¥5,000,000¥3,000,000¥16,500,000¥20,820,000¥20,500,000¥16,000,000¥20,000,000¥21,000,000¥62,200,000(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

End of 38th Fiscal Period (as of December 31, 2020)

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

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years¥6,000,000

¥–

¥–

¥–

¥–

¥–

¥–

¥–

¥2,000,000¥8,000,000¥–¥22,500,000¥19,820,000¥18,500,000¥21,000,000¥15,000,000¥23,900,000¥59,800,000

Investment and Rental Properties
JPR owns office properties (urban commercial facilities), retail properties (urban retail properties) and urban
complex properties for leasing in Tokyo and other regions. The following is the carrying value on the balance
sheets, amount of increase (decrease) during the period and fair value of these investment and rental properties.
(Thousands of yen)
37th Fiscal Period
38th Fiscal Period(January 1, 2020 – June 30, 2020) (July 1, 2020 – December 31, 2020)
Carrying Value on the Balance Sheets
Balance at Beginning of Period¥414,502,663¥431,625,198

Amount of Increase(Decrease) during the Period¥17,122,534¥10,133,256

Balance at End of Period¥431,625,198¥441,758,455¥538,627,000¥549,949,000

Fair Value at End of Period(Note 1) The carrying value on the balance sheets is the cost of acquisition less accumulated depreciation.
(Note 2) Of the amount of change during the 37th fiscal period, the amount of increase is primarily attributable to the acquisition of JPR Shinsaibashi
West (3,794,912 thousand yen) and the acquisition of Sencity Bldg. (14,013,667 thousand yen), and the amount of decrease is primarily
attributable to depreciation (2,027,669 thousand yen). Of the amount of change during the 38th fiscal period, the amount of increase is
primarily attributable to the acquisition of Otemachi Financial City North Tower (11,541,078 thousand yen), and the amount of decreaseis primarily attributable to the sale of JPR Hakata Bldg. (35.0% co-ownership interest) (1,011,451 thousand yen) and depreciation(2,085,275 thousand yen).
(Note 3) The fair value at end of the period is the appraisal value or survey value as appraised by an outside real estate appraiser.

The income (loss) in the 37th and 38th fiscal periods for investment and rental properties are as presented in the“Notes to Statements of Income and Retained Earnings.”

20

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

Per Unit Information(Yen)
37th Fiscal Period(January 1, 2020 – June 30, 2020)

38th Fiscal Period(July 1, 2020 – December 31, 2020)¥266,984¥7,690¥267,570¥8,181

Total net assets per unit
Net income per unit

(Note 1) Net income per unit is calculated by dividing net income by the weighted-average number of units outstanding during the fiscal period.
Diluted net income per unit has not been presented since no warrants and convertible bonds are outstanding.
(Note 2) Net income per unit was calculated based on the following data.

(Thousands of yen)
37th Fiscal Period(January 1, 2020 – June 30, 2020)

38th Fiscal Period(July 1, 2020 – December 31, 2020)¥7,276,845–¥7,276,845
946,241 units¥7,839,720–¥7,839,720
958,250 units

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

Average number of units

Subsequent Events
There are no material subsequent events for the 38th 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 Fiscal Period
Results report.
(9) Changes in Investment Units Issued and Outstanding
There was no change in the number of units outstanding and unitholders’ capital in the 38th fiscal period. Thechanges in the number of units outstanding and unitholders’ capital in the last five years are summarized as follows.
Date

Event

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

Remarks

January 24, 2017

Additional public offering

47,600920,600

20,237

230,632(Note 1)February 14, 2017

Third-party allotment

2,400

923,000

1,020

231,653(Note 2)

March 3, 2020

Additional public offering

35,250958,250

16,207

247,860(Note 3)(Note 1) New investment units were issued through a public offering at 439,040 yen per unit (underwriting price of 425,152 yen per unit)
to fund acquisition of new specified assets and partly repay debt.
(Note 2) New investment units were issued through a third-party allotment at 425,152 yen per unit to fund acquisition of new specified
assets and partly repay debt.
(Note 3) New investment units were issued through a public offering at 474,810 yen per unit (underwriting price of 459,790 yen per unit)
to fund acquisition of new specified assets and partly repay debt.

21

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

3. Reference Information(1) JPR’s Asset Structure
37th Fiscal Period(as of June 30, 2020)
Category of
Investment Area Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)

Asset Type

38th Fiscal Period(as of December 31, 2020)
Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)

Central Tokyo

86,819,253

18.3

98,288,046

20.3

Greater Tokyo

73,502,522

15.5

73,476,558

15.2

Other Cities

19,931,527

4.2

19,900,135

4.1

Central Tokyo

155,957,161

33.0

155,950,245

32.2

Greater Tokyo

49,682,380

10.5

49,471,060

10.2

Other Cities

45,732,351

9.7

44,672,408

9.2

Deposits and Other
Assets–41,561,611
(–)

8.8
(–)

42,815,071
(–)

8.8
(–)

Total Assets–

473,186,809(431,625,198)

100.0(91.2)

484,573,526(441,758,455)

100.0(91.2)

Real Estate

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

(2) Investment Assets
1) Overview of Investment Assets
The overview of the real estate and real estate in trust regarding trust beneficiary interests in real estate inwhich JPR invests are as follows. All of the real estate and trust beneficiary interests in real estate are shownin the table below.
Descriptions in the table below are based on the following policies.
・The table below indicates the properties JPR owned as of the end of the 38th 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 the retailand 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

22

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

Area

Type

Location

Site Area(m2)

Total Floor
Space (m2)

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

1,751.13

14,995.09

679.06

4,351.46

550.06

4,117.70

657.805,152.98

636.904,790.68

8,992.18

31,020.21

1,551.19

10,553.34

JPR Ichigaya Bldg.

Kudan-Minami 4-chome, Chiyodaku, Tokyo

1,058.04

5,888.82

SRC
B1/9F

Oval Court Osaki MarkWest

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

Minami Azabu Bldg.

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

778.094,570.63

Shinagawa Canal Bldg.

Konan 2-chome, Minato-ku, Tokyo

828.82

5,216.21

Rokubancho Bldg.

Rokubancho, Chiyoda-ku, Tokyo

716.95

4,205.09

JPR Harajuku Bldg.

1,205.07

6,466.94

937.597,190.82

JPR Sendagaya Bldg.

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

2,217.49

7,683.19

Ginza Sanwa Bldg.

Ginza 4-chome, Chuo-ku, Tokyo

1,119.27

8,851.00

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

Otemachi Tower (Landwith Leasehold Interest)

Otemachi 1-chome, Chiyoda-ku,
Tokyo

11,034.78–––

Science Plaza-Yonbancho
Plaza

Yonbancho, Chiyoda-ku, Tokyo

5,289.01

24,560.36

Feb. 1995

Shibadaimon Center Bldg.

1,915.50

11,419.93

8,124.72

112,645.83

643.134,438.46

Otemachi Financial City
North Tower

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

15,838.93

239,769.07

S,SRC, RC
B2/12F
S, SRC
B1/10F
S, SRC
B4/24FS
B1/9F
S, SRC
B4/35FJPR Shibuya Tower
Records Bldg.

Jinnan 1-chome, Shibuya-ku,
Tokyo

1,010.47

8,449.56

SRC, S
B3/8F
S, SRC
B1/7F
S, SRC, RC
B3/14F
S, SRC
B4/20F

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

Shinjuku Square Tower
BYGS Shinjuku Bldg.
Across Shinkawa Bldg.
Annex

Central Tokyo

OfficeShinjuku Center Bldg.

JPR Nihonbashi-horidome
Bldg.

Tokyo Square Garden
JPR Kojimachi Bldg.

Mar. 1989
Jun. 2001
Oct. 1994
Apr. 1985
Jun. 1994
Oct. 1979
Jun. 1992
Jul. 2008
Oct. 1991
Mar. 1989
Jun. 2002
May 2009
Oct. 1982

Jul. 1993
Feb. 2013
Feb. 1999
Oct. 2012
Feb. 1992

198.101,066.81

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

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

2,578.69

24,617.65

6,808.12

71,957.65

JPR Ginza Namiki-dori
Bldg.

Ginza 5-chome, Chuo-ku, Tokyo

230.11

1,821.67

S
11F

Jun. 2008

FUNDES Suidobashi

Kanda Misakicho 2-chome,
Chiyoda-ku, Tokyo

281.591,477.91

S
9F

Jul. 2015

JPR Jingumae 432

Retail, etc.

Structure/
Completed
FloorsS, RC, SRC Feb. 1993
B2/13F
SRC Feb. 1993
B1/8F
SRC, RC
B1/8F Dec. 1989
SRC
B1/9F Oct. 1984
SRC
B1/9F Sep. 1999
SRC, RC, S Feb. 1988
B2/13F
SRC, RC
Jul. 1989
B2/11F23

Feb. 2006
Jan. 2007
Oct. 2007

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th 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

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

1,100.59

Yume-ooka Office Tower

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

Olinas Tower
JPR Yokohama Bldg.
(Note 1)

Property Name

Kawaguchi Center Bldg.

Greater Tokyo

OfficeJPR Ueno East Bldg.
Tachikawa BusinessCenter Bldg.
Rise Arena Bldg.

Omiya Prime East

Retail, etc.

SRC B1/11F

Oct. 1989

841.71

7,781.93

4,524.61

28,420.85

1,242.97

8,490.44

2,047.22

14,706.36

9,377.28

91,280.94

12,011.00

185,974.87

Taihei 4-chome, Sumida-ku, Tokyo

27,335.29

257,842.41

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

1,110.28

8,772.51

2,268.09

9,203.98

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

Jan. 1991

Aug. 1991
Feb. 1994
Oct. 1992
Dec. 1994
Jan. 2007
Mar. 1997
Feb. 2006
May 1981
Feb. 2009

20,054.15

158,663.55

S, SRC
B2/23F

Apr. 1993
Aug. 1998
Expanded

Tanashi ASTA

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

12,326.30

80,675.27

SRC B2/17F

Feb. 1995

15,008.28

48,321.96

4,757.09

18,394.32

8,317.99

28,930.36

4,475.45

36,902.01

FUNDES Ueno

Ueno 7-chome, Taito-ku, Tokyo

383.742,235.60

Niigata Ekinan Center
Bldg.
Tokyo Tatemono
Honmachi Bldg.

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

2,706.99

19,950.42

1,432.64

14,619.52

JPR Hakata Bldg.

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

1,214.63

9,828.73

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

959.875,780.71

S, RC, SRC
B2/10F
SRC, RC, S
B1/6F
S
B1/4F
S, SRC, RC
B2/11FS
B1/10F
S, SRC
B1/10F
SRC
B3/9F(Office)S, RC
B1/12F(Parking)
S 1F
SRC, S
12F

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 Musashikosugi Bldg.
Musashiurawa Shopping
SquareJPR Naha Bldg.

Office9,146.52

Mar. 1997

Shinmachi, Chuo-ku, Chiba, Chiba

Kawasaki Dice Bldg.

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

Retail, etc.

Completed

Sencity Bldg.

Cupo-la Main Bldg.

Other Cities

Structure/
FloorsS, SRC
B3/19F
S, SRC
B1/13FJPR Shinsaibashi Bldg.

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

609.315,303.98

S
B2/10FJPR Shinsaibashi West
(Note 2)

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

1,405.74

7,738.47

SRC
B1/8F

JPR Umeda Loft Bldg.

Chayamachi, Kita-ku, Osaka, Osaka

3,518.68

17,897.56

Housing Design Center
Kobe

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

3,994.47

33,877.71

JPR Chayamachi Bldg.

Chayamachi, Kita-ku, Osaka, Osaka

592.45

3,219.36

SRC
B1/8F
SRC, S
B2/11F
S, SRC
9F(Note 1) The property was renamed from Tokyo Tatemono Yokohama Bldg. to JPR Yokohama Bldg. as of January 1, 2021.
(Note 2) The property was renamed from Minami Semba Bldg. to JPR Shinsaibashi West as of January 15, 2021.

24

Jan. 2006
Mar. 1983
Oct. 2005
Aug. 2003
Jul. 2017
Mar. 1996
Feb. 1970(Office)Jun. 1985(Parking)
Nov. 2003
Expanded
Oct. 1991

Jul. 2000
Oct. 1993
Mar. 1991
Jan. 2009
Feb. 2003
Jan. 2005
Expanded
Sep. 1986
Feb. 2007
Expanded
Apr. 1990
Jun. 1994
Jun. 1994

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

2) Price and Investment Ratio
・ “Acquisition Price” is the deal price (rounded down to the nearest million yen) described in the realestate transaction contracts or trust beneficiary interest transfer contracts, and does not include
expenses related to acquisitions of the relevant properties and consumption taxes.
Furthermore, the total amount is also rounded down to the nearest million yen after summing up
respective acquisition prices including fractions.
・ For “Appraisal Value at End of Period,” JPR adopts the assessed value in the real estate appraisal
reports or the survey value in the real estate price survey reports, prepared by the real estateappraisers 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.

JPR Ningyo-cho Bldg., Shin-Kojimachi Bldg., MS Shibaura Bldg., Gotanda
First Bldg., Shinjuku Center Bldg., Minami Azabu Bldg., Shinagawa Canal
Bldg., Rokubancho Bldg., Science Plaza- Yonbancho Plaza, Shibadaimon
Center Bldg., JPR Kojimachi Bldg., 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., Omiya Prime East, Sencity Bldg.,
Cupo-la Main Bldg., FUNDES Ueno, Tokyo Tatemono Honmachi Bldg.,
Sompo Japan Sendai Bldg., Sompo Japan Wakayama Bldg., Tenjin 121
Bldg., JPR Dojima Bldg., Yakuin Business Garden, JPR Shinsaibashi WestJPR Jingumae 432, Kawasaki Dice Bldg., Niigata Ekinan Center Bldg., JPR
Hakata Bldg., JPR Naha Bldg.
Rise Arena Bldg., JPR Nagoya Fushimi Bldg., JPR Shinsaibashi Bldg.,
Housing Design Center Kobe, JPR Chayamachi Bldg.
Kanematsu Bldg., Kanematsu Bldg. Annex, JPR Crest Takebashi Bldg., JPR
Ichigaya Bldg., Oval Court Ohsaki Mark West, BYGS Shinjuku Bldg.,
Across Shinkawa Bldg. Annex, Otemachi Tower (Land with Leasehold
Interest) , Tokyo Square Garden, JPR Chiba Bldg., JPR Yokohama Nihon
Odori Bldg., Tanashi ASTA
Shinjuku Square Tower, JPR Harajuku Bldg., JPR Nihonbashi-horidome
Bldg., JPR Sendagaya Bldg., Ginza Sanwa Bldg., JPR Ginza Namiki-dori
Bldg., JPR Musashikosugi Bldg., Musashiurawa Shopping Square, JPR
Umeda Loft Bldg.

・ The “Investment Ratio” in terms of the “Acquisition Price” and the “Appraisal Value at End of Period”

represents the ratio of the Acquisition Price and the Appraisal Value at End of Period of respective
properties, including fractions not indicated herein, to the total amounts of the Acquisition Price or
the Appraisal Value at End of Period of the properties owned by JPR at end of the 38th fiscal period,
indicated in a percentage rounded to the first decimal place.

25

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

Acquisition Price
Area

Type

Property Name

Dec. 27, 2001

16,276

3.5

14,900

2.7

Kanematsu Bldg. Annex

Dec. 27, 2001

2,874

0.6

3,520

0.6

JPR Ningyo-cho Bldg.

Nov. 16, 2001

2,100

0.4

2,900

0.5

Nov. 16, 2001

1,670

Shin-Kojimachi Bldg.

Nov. 21, 2002
Nov. 12, 2004

550
200

0.5

4,270

0.8

JPR Crest Takebashi Bldg.

Jun. 21, 2002

4,000

0.9

3,780

0.7

MS Shibaura Bldg.

Mar. 28, 2003

11,2002.4

15,3002.8

Gotanda First Bldg.

Jul. 23, 2003

2,920

0.6

4,170

0.8

JPR Ichigaya Bldg.

May 28, 2004

5,100

1.1

4,850

0.9

Oval Court Ohsaki Mark West

Jun. 1, 2004

3,500

0.7

5,430

1.0

Jul. 2, 2004
Sep. 26, 2008
Mar. 25, 2015
Oct. 21, 2015

10,000
180
4,000
786

3.2

14,7002.7

Nov. 9, 2004

2,900

Apr. 12, 2005

8,921

3.2

20,000

3.6

Jul. 13, 2010

3,300

Across Shinkawa Bldg. Annex

Nov. 26, 2004

710

0.2

779

0.1

Shinjuku Center Bldg.

Mar. 27, 2008

21,0004.5

17,9003.3

Minami Azabu Bldg.

Jul. 14, 2008

3,760

0.8

3,160

0.6

Dec. 19, 2008

1,870

Mar. 8, 2019

171

0.4

2,410

0.4

Rokubancho Bldg.

Dec. 2, 2009

2,800

0.6

3,500

0.6

JPR Harajuku Bldg.

Dec. 25, 2009

8,400

1.8

10,5001.9

JPR Nihonbashi-horidome Bldg.

Mar. 31, 2010

5,100

1.1

6,840

1.2

JPR Sendagaya Bldg.

May 31, 2010

15,0503.2

11,9002.2

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

Aug. 29, 2011

3,400

0.7

3,690

0.7

Mar. 13, 2012

36,0007.751,8009.4

Dec. 6, 2013

2,660

0.6

3,310

0.6

Dec. 6, 2013

3,420

Jul. 30, 2014

800

0.9

6,180

1.1

3.9

21,300

3.9

OfficeBYGS Shinjuku Bldg.

Shinagawa Canal Bldg.

Shibadaimon Center Bldg.
Tokyo Square Garden
JPR Kojimachi Bldg.
Otemachi Financial City North
Tower
JPR Shibuya Tower Records
Bldg.
JPR Jingumae 432

Retail, etc.

(million yen)

Investment
Ratio
(%)

Price

Kanematsu Bldg.

Shinjuku Square Tower

Central Tokyo

Acquisition Date

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

Shinjuku Sanchome East Bldg.

Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
JPR Ginza Namiki-dori Bldg.
FUNDES Suidobashi
Subtotal of Central Tokyo

Feb. 1, 2017

9,200

Apr. 4, 2017

9,200

Jun. 27, 2019

5,750

1.2

6,440

1.2

Dec. 24, 2020

11,4002.4

11,9002.2

Jun. 30, 2003

12,0002.6

14,1002.6

Mar. 24, 2006

4,275

0.9

4,250

0.8

0.6

2,710

0.5

Mar. 14, 2007

540

Apr. 24, 2008

2,200

Aug. 27, 2008

3,400

0.7

3,260

0.6

Dec. 15, 2016
Dec. 15, 2016

10,1003,250
256,933

2.2
0.7
55.0

11,0003,480
294,229

2.0
0.6
53.5

26

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

Acquisition Price
Area

Type

Property Name

OfficeRetail, etc.
OfficeRetail, etc.

Investment
Ratio(million yen)(%)

Nov. 16, 2001

5,880

1.3

6,930

1.3

JPR Chiba Bldg.
JPR Yokohama Nihon Odori
Bldg.

Dec. 13, 2001

2,350

0.5

1,820

0.3

Nov. 16, 2001

2,927

0.6

2,340

0.4

Sep. 25, 2002

920

Mar. 28, 2013

570

0.3

2,350

0.4

Kawaguchi Center Bldg.

Feb. 13, 2004

8,100

1.7

10,0001.8

JPR Ueno East Bldg.

Mar. 1, 2004

3,250

0.7

5,400

1.0

Sep. 30, 2005

888

Feb. 28, 2007

2,300

0.7

4,470

0.8

Rise Arena Bldg.

Mar. 22, 2007

5,831

1.2

9,890

1.8

Yume-ooka Office Tower

Jul. 10, 2007

6,510

1.4

7,220

1.3

Olinas Tower

Jun. 29, 2009

31,3006.7

40,100

7.3

JPR Yokohama Bldg.

Dec. 27, 2010

7,000

1.5

9,720

1.8

Omiya Prime East

Mar. 22, 2013

6,090

1.3

9,660

1.8

Sencity Bldg.

Mar. 27, 2020

13,8703.0

14,500

2.6

Tanashi ASTA

Nov. 16, 2001

10,2002.2

11,0002.0

Cupo-la Main Bldg.

Mar. 31, 2006

2,100

0.4

2,970

0.5

JPR Musashikosugi Bldg.

Sep. 28, 2006

7,254

1.6

5,540

1.0

Musashiurawa Shopping Square

Mar. 19, 2007

4,335

0.9

4,300

0.8

Kawasaki Dice Bldg.

Apr. 12, 2007

15,0803.2

16,300

3.0

FUNDES Ueno

Jun. 27, 2019

3,800

0.8

4,000

0.7

Tachikawa Business Center Bldg.

140,555

30.1

168,510

30.6

Niigata Ekinan Center Bldg.
Tokyo Tatemono Honmachi
Bldg.
JPR Hakata Bldg. (Note)

Nov. 16, 2001

2,140

0.5

2,260

0.4

Nov. 16, 2001

4,150

0.9

3,610

0.7

Nov. 16, 2001

1,885

0.4

2,580

0.5

JPR Naha Bldg.

Nov. 16, 2001

1,560

0.3

2,170

0.4

Sompo Japan Sendai Bldg.

Jun. 26, 2002

3,150

0.7

4,680

0.9

Sompo Japan Wakayama Bldg.

Jun. 26, 2002

1,670

0.4

1,660

0.3

Tenjin 121 Bldg.

Jun. 21, 2002

2,810

0.6

3,680

0.7

JPR Dojima Bldg.

Jan. 23, 2004

2,140

0.5

3,560

0.6

JPR Nagoya Fushimi Bldg.

Mar. 22, 2005

4,137

0.9

3,370

0.6

Yakuin Business Garden

Aug. 8, 2012

10,996

2.4

20,6003.7

JPR Shinsaibashi Bldg.

May 30, 2005

5,430

1.2

4,650

0.8

JPR Shinsaibashi West

3,750
8,000
5,000
7,220

0.8

4,180

0.8

2.8

14,200

2.6

Housing Design Center Kobe

Jan. 30, 2020
May 15, 2003
Jul. 16, 2003
Sep. 28, 2005

1.5

7,640

1.4

JPR Chayamachi Bldg.

Aug. 30, 2006

Subtotal of Greater Tokyo

Other Cities

Price

Arca East

Shinyokohama 2nd Center Bldg.

Greater Tokyo

Acquisition Date

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

JPR Umeda Loft Bldg.

Subtotal of Other Cities
Total

6,000

1.3

8,370

1.5

70,03815.0

87,21015.9

467,526100.0

549,949100.0(Note) For JPR Hakata Bldg., JPR sold its 35.0% co-ownership interest of the trust beneficiary interest in real estate on December 24, 2020.
Accordingly, the acquisition price indicates the amount equivalent to 65.0% co-ownership interest JPR owns as of the end of the 38th
fiscal period.

27

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th 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 38th 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

Purpose

1st through 2nd phases of
replacement of toilets onstandard floors andcorridors and ceilings incommon areas
1st through 2nd phases ofrepair of common areas on
2nd basement floor through1st floor

Schedule

Oc. 2020 –Dec. 2021

Kanematsu Bldg.

Chuo-ku, TokyoBYGS Shinjuku
Bldg.

Shinjuku-ku, TokyoBYGS Shinjuku
Bldg.

Shinjuku-ku, Tokyo

1st through 3rd phases ofreinforcement of elevators

Oct. 2020 –Dec. 2021

JPR Shinsaibashi
West

Osaka, Osaka

1st through 2nd phases of
replacement of toilets

Feb. 2021 –Tokyo Tatemono
Honmachi Bldg.

Osaka, Osaka

Replacement of distribution
boards and replacement oflighting equipment with
LED lamps on 5th and 8th
floorsSencity Bldg.

Chiba, Chiba

Replacement of toilets inthe West Building

Payment
Amountduring the
Total Value
Already
38th fiscal
Paidperiod
225

–

–

192

–

–

161

–

–

134

–

–

Feb. 2021 –Jan. 2022

84

–

–

Feb. 2021 –Mar. 2021

78

–

–

Feb. 2021 –Dec. 2021

66

–

–

Feb. 2021 –Oct. 2021

Dec. 2021

1st through 2nd phases ofadoption of VAV (variable
air volume) system on 5th
and 8th floors
Replacement of lighting
equipment with LED lamps
on 1st floor and 6th through14th floors
1st through 3rd phases of
replacement of substation
facilities

Jul. 2020 –Jan. 2021

56

–

–

Aug. 2020 –Dec. 2021

53

5

5

Chiba, Chiba

2nd phase of reinforcementof elevators

Dec. 2020 –Feb. 2021

50

–

–

JPR Yokohama Bldg.

Yokohama,
Kanagawa

Repair of exterior walls andwork on exterior
signboards

Nov. 2020 –

47

–

–

Shinjuku Center
Bldg.

Shinjuku-ku, Tokyo

Replacement of piping
equipment

Feb. 2021 –Jun. 2021

42

–

–

Yakuin Business
GardenFukuoka, Fukuoka

Mar. 2021 –

35

–

–

JPR Sendagaya Bldg.

Shibuya-ku, Tokyo

Replacement of lighting
equipment with LED lamps
on 2nd through 14th floors
Replacement of lighting
equipment with LED lamps
on 3rd floor and 5ththrough 8th floors

30

–

–

Tokyo Tatemono
Honmachi Bldg.

Osaka, Osaka

Rise Arena Bldg.

Toshima-ku, Tokyo

Housing Design
Center Kobe

Kobe, Hyogo

JPR Chiba Bldg.

28

Feb. 2021

Jun. 2021
Feb. 2021 –Jun. 2021

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period2) Capital Expenditures during the 38th Fiscal Period
The following are the capital expenditure amounts JPR invested in real estate and real estate in trust during
the 38th 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 571 million yen (Note), which was appropriated as expenditures for repair and maintenance.
Property Name

Location

Purpose

PeriodConstruction
Expenses(million yen)

JPR Yokohama Bldg.

Yokohama,
Kanagawa

Repair of exterior walls

Jul. 2020 –Dec. 2020

338

JPR Nagoya Fushimi Bldg.

Nagoya, Aichi

Replacement of outdoor mechanicalparking systems

Dec. 2019 –Jul. 2020

66

JPR Harajuku Bldg.

Shibuya-ku,
TokyoRenovation of the entrance hall

Sep. 2020 –Dec. 2020

56

JPR Ichigaya Bldg.

Chiyoda-ku,
Tokyo

Replacement of air conditioning
units

Feb. 2020 –Oct. 2020

43

MS Shibaura Bldg.

Minato-ku, Tokyo

Replacement of lighting equipmentwith LED lamps on 3rd and 4th
floorsOct. 2020 –Dec. 2020

40

BYGS Shinjuku Bldg.

Shinjuku-ku,
Tokyo

1st phase of reinforcement ofelevators

Jun. 2020 –Sep. 2020

33

JPR Ningyo-cho Bldg.

Chuo-ku, Tokyo

Reinforcement of elevators

Apr. 2020 –Nov. 2020

33

Other capital expenditures

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

1,042

Total

1,654

(Note) Expenditures for repair and maintenance included 12 million yen of construction management fees paid to construction managementcompanies as well as the amounts for repair and maintenance constructions themselves.

29

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th 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 38th fiscal period.
<Property Name: Otemachi Tower (Land with Leasehold Interest)>
Total Number of Tenants
Rental Revenues
Percentage to Total Rental Revenues (Note 1)
Total Leased Floor Space (Note 2)
Total Leasable Floor Space (Note 2)
Changes in Occupancy Rate in Last 5 years (Note 1)

2
1,793,000 thousand yen
10.7%
11,034.78m2
11,034.78m2
December 31, 2020

100.0%

June 30, 2020

100.0%

December 31, 2019100.0%

June 30, 2019100.0%

December 31, 2018

100.0%

June 30, 2018

100.0%

December 31, 2017100.0%

June 30, 2017100.0%

December 31, 2016

100.0%

June 30, 2016

100.0%(Note 1) The figure has been rounded to the first decimal place.
(Note 2) The total leased floor space and total leasable floor space are those as of the end of the 38th fiscal period(December 31, 2020).

30

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period(5) Information Concerning Tenants
1) Overview of Lease Status by JPR as a Whole
No. of Properties
June 30, 2016
December 31, 2016

Total No. of
Tenants

62
63

Total Leasable Floor Space

Occupancy Rate

661

476,345.81m2

98.1%

679

477,249.40m2

98.6%
98.0%

June 30, 2017

62

730

477,972.54m2

December 31, 2017

62

745

478,169.25m2

98.5%

June 30, 2018

62

747

478,117.02m2

98.8%

747

478,088.25m2

99.2%
98.6%

December 31, 201862

June 30, 2019

63

757

480,277.86m2

December 31, 2019

63

760

480,284.17m2

99.6%

June 30, 2020

65

851

499,269.77m2

99.7%

851

499,269.77m2

99.4%
99.4%

July 31, 2020

65

August 31, 2020

65

849

499,269.68m2

September 30, 2020

65

851

499,269.68m2

99.5%

October 31, 2020

65

852

499,269.68m2

99.3%

November 30, 2020

65

849

499,274.72m2

99.4%

857

501,162.78m2

99.3%

December 31, 2020

66

(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 38th fiscal period, as well as the total rental income for the 38th fiscal period.
Total Number of Tenants

857

Total Leased Floor Space

497,674.76m2

Total Leasable Floor Space

501,162.78m2

Total Rental Income

16,714,986 thousand yen

31

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period2) Overview of Lease Status for Respective Properties

Type

OfficeGreater Tokyo

Retail, etc.

Central Tokyo

OfficeArea

Property Name

38th Fiscal Period (July 1, 2020 – December 31, 2020)
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)

Kanematsu Bldg.

8,090.42

8,090.42

11

100.0

404,014

2.4

Kanematsu Bldg. Annex

2,291.13

2,291.131

100.0(Note 2)

(Note 2)

JPR Ningyo-cho Bldg.

2,802.22

2,802.225

100.0

94,4790.6

Shin-Kojimachi Bldg.

3,319.37

3,319.37

17

100.0

118,937

0.7

JPR Crest Takebashi Bldg.

3,265.34

3,265.34

8

100.0

127,538

0.8

MS Shibaura Bldg.

14,468.38

14,468.38

10

100.0

488,434

2.9

Gotanda First Bldg.

4,241.22

4,241.222

100.0

134,832

0.8

JPR Ichigaya Bldg.
Oval Court Ohsaki MarkWest
Shinjuku Square Tower

4,240.37

4,240.37

10

100.0

157,568

0.9

4,088.44

4,088.442

100.0

204,464

1.2

19,266.38

18,781.48

22

97.5

432,789

2.6

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

15,227.80

14,966.94

22

98.3

624,1203.7

1,253.39

1,253.39

4

100.0

37,2140.2

8,865.71

8,688.66

36

98.0

Minami Azabu Bldg.

3,405.73

3,405.731

100.0

536,263(Note 2)

3.2
(Note 2)

Shinagawa Canal Bldg.

1,870.50

1,870.50

6

100.0

Rokubancho Bldg.

2,488.36

2,488.36

1

100.0

74,225(Note 2)0.4
(Note 2)

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

4,761.51

4,761.519

100.0

307,999

1.8

5,299.88

5,299.88

5

100.0

190,859

1.1

6,177.74

6,177.74

6

100.0

271,080

1.6

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

1,896.69

1,745.23

8

92.0

109,691

0.7

11,034.78

11,034.78

2

100.0

1,793,000

10.7

3,325.29

3,325.29

25

100.0

116,7310.7

5,401.46

4,552.68

8

84.3

186,315

1.1

Tokyo Square Garden

5,971.73

5,971.73

46

100.0

396,152

2.4

JPR Kojimachi Bldg.
Otemachi Financial City
North Tower
JPR Shibuya Tower Records
Bldg.
JPR Jingumae 432
Shinjuku Sanchome East
Bldg.
Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
JPR Ginza Namiki-dori
Bldg.
FUNDES Suidobashi

3,493.67

3,493.67

6

100.0

154,583

0.9

4,191.96

4,089.00

9

97.5

17,9600.1

8,076.85

8,076.851

100.0(Note 2)

(Note 2)

1,027.33

1,027.33

7

100.0

87,0860.5

2,347.81

2,347.811

100.0(Note 2)

(Note 2)

1,101.92

1,101.921

100.0(Note 2)

(Note 2)

1,665.79

1,665.799

100.0

210,970

1.3

1,367.56

1,192.77

5

87.2

87,803

0.5

Arca East

7,022.76

7,022.76

6

100.0

272,083

1.6

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

5,540.91

5,409.18

39

97.6

139,2500.8

6,079.74

6,079.74

19

100.0

131,0990.8

5,284.75

5,122.98

20

96.9

109,683

0.7

15,503.27

15,503.27

44

100.0

472,4802.8

6,454.84

6,454.84

10

100.0

182,630

1.1

4,588.89

4,588.89

23

100.0

154,558

0.9

JPR Ueno East Bldg.
Tachikawa Business Center
Bldg.

32

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

Retail, etc.
OfficeRetail, etc.

Other Cities

Greater Tokyo

OfficeRise Arena Bldg.

6,023.39(Note 2)

(Note 2)100.0

352,492

2.1

100.0

1,029,571

6.2

21

98.7

294,5171.8

6,023.39

1

100.0

11,998.77

11,998.77

43

23,987.40

23,987.40

16

6,409.01

Yume-ooka Office Tower
Olinas Tower
JPR Yokohama Bldg.

6,493.99

Omiya Prime East

6,871.45

6,871.454

100.0

293,872

1.8

Sencity Bldg.

13,271.20

13,271.20

72

100.0

516,454

3.1

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)
(Note 2)

JPR Musashikosugi Bldg.
Musashiurawa Shopping
SquareKawasaki Dice Bldg.

19,740.95

19,740.95

1

100.0

(Note 2)

14,960.69

14,960.69

3

100.0

127,0410.8

12,106.71

12,106.71

31

100.0

511,164

3.1

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

1,989.66

1,989.66

10

100.0

119,2130.7

5,327.50

5,327.50

10

100.0

123,857

0.7

7,132.22

6,725.55

8

94.3

153,332

0.9

4,278.67

4,231.68

41

98.9

173,319

1.0

JPR Naha Bldg.

3,945.18

3,863.9320

97.9

112,129

0.7

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

7,129.14

7,108.41

15

99.7

193,190

1.2

4,876.35

4,876.35

17

100.0

108,818

0.7

3,257.07

3,257.07

15

100.0

124,999

0.7

JPR Dojima Bldg.

3,918.28

3,610.13

11

92.1

125,481

0.8

JPR Nagoya Fushimi Bldg.

7,086.37

7,054.195

99.5

154,2140.9

Yakuin Business Garden

16,654.33

16,644.71

15

99.9

581,125

3.5

JPR Shinsaibashi Bldg.

4,021.63

4,021.63

9

100.0

131,809

0.8

JPR Shinsaibashi West5,695.71

5,692.56

13

99.9

138,004

0.8

JPR Umeda Loft Bldg.
Housing Design Center
Kobe
JPR Chayamachi Bldg.

18,586.97

18,586.97

1

100.0

(Note 2)

(Note 2)35,444.13

35,444.13

1

100.0

(Note 2)

(Note 2)

2,478.42

2,478.425

100.0

181,3111.1

501,162.78

497,674.76

857

99.3

16,714,986

100.0

Total

(Note 1) The number of tenants at end of period is counted as follows except for Shinjuku Square Tower, Shinjuku Center Bldg., Residential part of Science
Plaza-Yonbancho Plaza, Tokyo Square Garden, Otemachi Financial City North Tower, Rise Arena Bldg., Sencity Bldg. and Kawasaki Dice Bldg.:
when a single tenant leases multiple rooms, it is counted as one if the tenant uses the same property. If the leased rooms are in multiple buildings, thetenant 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, Rise Arena Bldg., Sencity Bldg. and Kawasaki Dice Bldg. have sublet space to sublessees and lease agreements havebeen executed where the rent paid by the tenants fluctuates in accordance with the lease conditions of the sublessees and thus the numbers ofsublessees have been entered as the numbers of tenants.
(Note 2) JPR does not disclose the rental revenues and their ratio of the properties due to inevitable reasons, as JPR has not been able to obtain consent fromthe tenants or co-owners, etc. as to disclosure of rental revenues, etc.

33

Japan Prime Realty Investment Corporation (8955) Financial Report for 38th Fiscal Period

3) Ten Largest Tenants
The following table shows the ten largest tenants in terms of leased floor space as of December 31, 2020.

Rank

TenantProperty Name

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

1

Tokyo Tatemono Co., Ltd

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

2

ABC Development Corporation

Housing Design Center Kobe

35,444.13

7.1%

3

Seiyu GK

Tanashi ASTA

31,121.71

6.2%

4

Ito-Yokado Co., Ltd.

JPR Musashikosugi Bldg.

19,740.95

4.0%

5

Taisei-Yuraku Real EstateCo., Ltd.

Rise Arena Bldg.
Sencity Bldg.

19,534.26

3.9%

6

The LOFT Co., Ltd.

JPR Umeda Loft Bldg.

18,586.97

3.7%

7

Olympic Group Corporation

Musashiurawa Shopping Square

9,558.51

1.9%

8

Tower Records Japan Inc.

JPR Shibuya Tower Records Bldg.

8,076.85

1.6%

9

Y.K. Tokyo Prime Stage

7,875.50

1.6%

10

Sompo Japan Insurance Inc.

7,279.46

1.5%

Otemachi Tower (Land with Leasehold
Interest)
Kawaguchi Center Bldg.
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.

49,652.69

10.0%(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 (498,968.98m2).

34