Translation
Japan Prime Realty Investment Corporation
Financial Report for the 23rd Fiscal Period Results (January 1, 2013 – June 30, 2013)
August 14, 2013

REIT Securities Issuer:
Japan Prime Realty Investment Corporation
Listing: Tokyo Stock Exchange
Securities Code:
8955
URL:
http://www.jpr-reit.co.jp/
Representative:
Hirohito Kaneko, Executive Officer
Asset Management Company: Tokyo Realty Investment Management, Inc.
Representative:
Satoshi Okubo, President and Chief Executive Officer
Contact:
Satoshi Eida, Director and Chief Financial Officer
TEL: +81-3-3231-1051
Scheduled date of submission of securities report :September 26, 2013
Scheduled date of commencement of distribution payout:
September 10, 2013
Preparation of supplementary explanatory materials on financial results: Yes / No
Holding of briefing session on financial results:
Yes / No (for analysts and institutional investors)[Amounts are rounded down to the nearest million yen, except for per unit figures.]

1. Status of Management and Assets in 23rd Fiscal Period (January 1, 2013 – July 30, 2013)(1) Management Status
For the six months ended

June 30, 2013
December 31, 2012

For the six months ended

June 30, 2013
December 31, 2012[% figures represent the increase (decrease) compared with the previous fiscal period]

Operating Revenues
million yen%
2.4
13,2785.0
12,963Net Income per Unit
(EPU)
yen
6,030
6,233

Operating Income
million yen
%
(5.6)
6,385
5.8
6,765

Net Income / Net Assets

Ordinary Income
million yen
%
(1.0)
4,975
9.3
5,026
Ordinary Income /Total Assets

%
2.5
2.7

Net Income
million yen
%
(1.0)
4,974
9.3
5,025
Ordinary Income /Operating Revenues

%
1.2
1.3

%
37.5
38.8

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

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution /Net Assetsyenmillion yen
yenmillion yen%%
June 30, 2013
6,031
4,975
0
0
100.0
2.5
December 31, 2012
6,093
5,026
0
0
100.0
2.5
(Note 1) Dividend payout ratio is rounded to the first decimal place.
(Note 2) As JPR issued additional investment units in the six months ended December 31, 2012, the dividend payout ratio for theperiod was calculated by using the following formula:
Dividend payout ratio = Distribution amount / Net income x 100
For the six months ended(3) Financial Position
As ofJune 30, 2013
December 31, 2012

Total Assets
million yen
409,715
401,984

Net Assets
million yen
197,116
197,168

Net Assets / Total Assets
%
48.1
49.0

Net Asset Per Unityen
238,929
238,992(4) Cash Flows
Cash Flows fromOperating Activities
For the six months ended

June 30, 2013
December 31, 2012

million yen
7,785
6,612

Cash Flows from
Investing Activities
million yen(6,886)(12,709)1

Cash Flows from
Financing Activities
million yen
1,523
1,435

Cash and Cash
Equivalents
at End of Period
million yen
22,42019,998

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

2. Forecasts for 24th Fiscal Period Ending December 31, 2013

Operating Revenues

Operating Income

Ordinary Income

million yen

million yen

million yen

%

%

%

Net Income

million yen

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

24th Fiscal PeriodEnding December
13,470
1.4
6,264
(1.9)
4,786 (3.8)
4,785 (3.8)
31, 2013(Reference) Estimated net income per unit for the 24th fiscal period ending December 31, 2013: 5,800 yen

5,800

3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(a) Changes in accounting policies accompanying amendments to accounting standards, etc.:
None(b) Changes in accounting policies other than in (a):None(c) Changes in accounting estimates:
None(d) Retrospective restatement:
None(2) Number of Investment Units Issued and Outstanding(a) Number of investment units (including treasury units) issued and outstanding at end of period
As of June 30, 2013:
825,000 units
As of December 31, 2012:
825,000 units(b) Number of treasury units at end of period
As of June 30, 2013:
0 units
As of December 31, 2012:
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 20.

* Presentation of the status of implementation of audit procedures
At the time of disclosure of this report, audit procedures for financial statements pursuant to the Financial
Instruments and Exchange Act have not been completed.
* Explanation of the appropriate use of the forecast for management status, and other matters of special note
The forecasts for the 24th fiscal period ending December 31, 2013 are calculated as of August 14, 2013 basedon the assumptions described on page 7 of this report. Accordingly, actual operating revenues, operating income,ordinary income, net income, DPU and exceeding profit distribution per unit may differ from the forecasts.
Moreover, the forecasts should not be construed as a guarantee of the distribution amount.

This is an English-language translation of original Japanese announcement on our web site released on August
14, 2013. 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.
20Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

1. Affiliated Juridical Persons of the Investment Corporation
Structure of the Investment Corporation
Description is omitted because there were no major changes to the “Structure of the Investment Corporation”
set out in the most recent securities report (yuka shoken hokokusho) (submitted on March 26, 2013).
2. Management Policy and Management Status(1) Management Policy
Disclosure is omitted because there are no significant changes from the “Investment Policy,” “Investment
Targets” and “Distribution Policy” set out in the most recent securities report (submitted on March 26,2013).
(2) 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 (hereafter, the Investment Trusts Act), and was listed on theTokyo Stock Exchange Real Estate Investment Trust Section (securities code: 8955) on June 14, 2002 with
289,600 outstanding investment units. Subsequently, JPR conducted five public offerings and other equity
financing measures, with the number of investment units issued and outstanding totaling 825,000 units atpresent. JPR has assigned the asset management of its portfolio to Tokyo Realty Investment Management,
Inc., through which JPR aims to maximize unitholder value by efficiently managing the portfolio of officeproperties and retail properties.

b) Management Environment
At beginning of the 23rd fiscal period, the market saw a shift in trends for the weakening yen andhigher stock prices due to expectations for the “Abenomics” comprising the three pillars of boldmonetary easing, dynamic fiscal stimulus package and growth strategies, and the trends continued
throughout the period. Consequently, the Japanese economy maintained positive growth, led primarily by anincrease in consumer spending in line with the recovering business confidence. On the other hand, thelarge-scale monetary easing measures were accompanied by wide fluctuations in interest rates, foreignexchange rates and stock prices.

The Office Property Leasing Market
In the 23 wards of Tokyo, an improving trend was observed in the supply and demand balance in theoffice property leasing market due to expansion in new demand, including increased office spacewithin the same buildings, in accordance with the recovery of business confidence, on top of new
supply becoming more controlled. Given this situation, the rent levels for new contracts took an
upward turn for Class S and Class A buildings. Nevertheless, tenants continue to take a stringent
attitude in terms of requirements for office specifications, such as considerations for energy saving andbusiness continuity plans, as well as cost consciousness.
The Retail Property Leasing Market
Recovery of business confidence helped improve consumers’ willingness to buy, with consumption ofluxury goods remaining strong particularly due to the financial assets effect as a result of higher stock
prices. Urban retail properties in good locations, such as Ginza and Shinjuku, are presumably en routefor bottoming out and about to take an upward turn. On other hand, there has arisen a gap among
tenants in terms of their ability to bear rent burdens, as the positive impact of the recovery in consumer
spending has not yet spread across all retail businesses.
The For-Sale Real Estate Market
The transaction volume expanded, including deals of large-scale projects, as initial public offerings andpublic offerings by REITs took place one after another against the backdrop of a favorable fundprocurement environment. However, with a distinct trend of acquisitions of blue-chip properties by REITs
being made from their sponsors, the supply and demand situation in the for-sale real estate market isbecoming increasingly tighter, mainly for quality properties. Under such circumstances, the transaction
price of real properties started to be formed with the anticipated recovery in the leasing market taken into
account.

3Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Periodc) Portfolio Management Status
New Property Acquisitions
JPR investigates possible investments mainly in office properties in the Tokyo area, plus retailproperties and office properties in regional cities, with the primary aim of improving the quality andstabilizing earnings of the portfolio while paying attention to balancing diversification of the portfolio,
both in terms of location and asset class.
During the 23rd fiscal period, JPR acquired Omiya Prime East (acquisition price: 6.09 billion yen) andShinyokohama 2nd Center Building (additional ownership) (acquisition price; 570 million yen),resulting in the balance of assets under management now totaling 60 properties, or 398.6 billion yen on
an acquisition price basis, as of the end of June 2013. The total leasable floor space is now 460,452m2
and the number of tenants has reached 564.
Operational Management of Portfolio
The vacancy rate in the office property leasing market showed a downward trend in the 23rd fiscal
period, given the supply and demand balance improving in Tokyo and other areas. Under suchcircumstances, JPR endeavored to attract new tenants through strategic leasing activities and enhance
the satisfaction of existing tenants by keeping close cooperation with property management companies
and brokers, with an aim of improving occupancy rates. As a result, JPR successfully secured newleases and expansion of office space in the same buildings by existing tenants primarily for officeproperties in central Tokyo and the greater Tokyo area, with the period-end occupancy rate increasing
significantly by two percentage points to 96.9% from 94.9% at end of the previous fiscal period.
In terms of property management, based on JPR’s brand concept A/3S (Amenity/Service, Safety and
Save Energy), JPR continued to proactively implement value enhancement works based on tenantneeds with the aim to create spaces where the workers feel satisfaction. As an endeavor to implement
energy-saving measures, JPR conducted renovation of air-conditioning systems and replacement oflighting equipment in the common areas with LED lamps, which are expected to be effective in savingenergy, at its multiple properties. Furthermore, JPR is proactively engaged in environmental
friendliness, continuously working to obtain environmental certifications (the DBJ Green Building
Certification*1 and the recognition by GRESB*2).
*1 The DBJ Green Building Certification is a certification system by Development Bank of Japan Inc., designed to select superior
real estate that meets the demand of the times, with a purpose of promoting properties that are environmentally friendly, equipped tomitigate disaster and prevent crime, as well as meet the various social requirements surrounding real estate from stakeholders(“Green Buildings”).
*2 GRESB, which stands for Global Real Estate Sustainability Benchmark, is a benchmark system for analyzing and evaluating
sustainability of real estate companies, REITs and real estate private placement funds, in terms of environmental friendliness andsocial nature. It is based on surveys conducted by a group of the same name composed of more than 20 organizations worldwide
such as European pension asset managers.

Fund Procurement
During the 23rd fiscal period, JPR continued to pursue further financial stability by issuing unsecured
investment corporation bonds and conducting bank borrowings at long-term fixed interest rates with aneye on avoiding future interest rate fluctuation risks and remaining attentive to the diversification of
repayment and redemption maturity dates. By doing so, JPR pursued further financial stability.
As a result, the balance of total outstanding borrowings as of the end of the fiscal period was 130.6
billion yen, with unsecured corporate bonds of 56.5 billion yen. With regard to JPR’s overall
interest-bearing debt, the average interest rate as of the end of the fiscal period (Note 1) was 1.4%, theinterest-bearing debt ratio (Note 2) was 49.4% and the LTV (ratio of interest-bearing debt to total
assets) at end of the period (Note 3) was 45.7%.
Of these, the non-current portion of long-term and fixed interest-bearing debt now comprises 79.2% of
all interest-bearing debt, and the average maturity (Note 4) is 4.0 years. The current portion of
long-term interest-bearing debt is 35.4 billion yen.
The following represents the issuer ratings for JPR as of the end of this fiscal period.

4Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Details of Corporate Credit Ratings as of June 30, 2013
Credit Rating Agency
Corporate Credit Rating
Rating and Investment Information, Inc.
AA- (Stable)
Long-term: A (Stable)
Standard & Poor's Ratings Japan K.K.
Short-term: A-1
Moody's Japan K.K.
A3 (Stable)(Note 1) Average interest is arrived at by calculating a weighted average of interest rates as of the end of the 23rd fiscal period based on

the balance of each debt.
(Note 2) Interest-bearing debt ratio (%): interest-bearing debt / (interest-bearing debt + unitholders' capital) x 100 (unitholders' capital:
192.0 billion yen)
(Note 3) LTV at end of period (%): interest-bearing debt/total assets at end of period x 100 (total assets at end of the 23rd fiscal period:
409.7 billion yen)
(Note 4) Average maturity of long-term interest-bearing debt is arrived at by calculating a weighted average of maturities from the end of
the 23rd fiscal period to the repayment deadlines for long-term interest-bearing debt with repayment periods of more than one
year, based on the balance of each debt.

d) Operating Results and Cash Distributions
As a result of the aforementioned management performance, JPR posted operating revenues of 13,278
million yen, ordinary income of 4,975 million yen and net income of 4,974 million yen for its 23rd
fiscal period ended June 30, 2013. With regard to the cash distributions, JPR decided to distribute partof the retained earnings brought forward that had been internally reserved through the 22nd fiscal
period, with the aim of having the profit distributions deducted as expenses based on application of thespecial provision on taxation of investment corporations (Article 67-15 of the Act on Special Measures
Concerning Taxation) and in order to minimize the burden to unitholders incurred by accrual of
corporate income tax, etc. As a result, the cash distribution per unit came to 6,031 yen for the 23rd
fiscal period.
2) Forecast for the Next Fiscal Perioda) Outlook for Management Status
As for the prospects of the Japanese economy, expectations are placed on the emergency economic
measures proving effective as well as private capital investment increasing in line with the recovery ofcorporate performances. Whether the economic recovery, which has been preceded by expectations,will turn out to be a continuous recovery in the economy accompanied by actual demand will requiremonitoring.
In the office property leasing market, the general recovery in the market situation will presumably be amodest one, as polarization by property will further advance even though the supply and demandcondition will continue to improve. In Osaka, despite relatively solid demand for office spaces, thesupply and demand balance worsened as multiple large-scale redevelopment properties were supplied;
it will take a certain period of time for the situation to recover on a full scale.
When conducting real estate transactions in the market where polarization of earnings by property willfurther advance, it is likely to become increasingly important to discern the growth potential of
earnings of respective properties.
Currently, REITs are positioned as powerful buyers of properties. However, their ability to procure
funds will be largely affected by the interest rate levels. As such, it will be required to keep attentive
monitoring of the future trends in interest rates.
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 in the recovery cycle of the market. Realestate transactions are heading for expansion, as a decrease in purchase cap rate and expected cap ratelevels has been observed along with increasing expectations for recovery in the for-sale office property
market conditions, and we believe property supply to the transaction market will increase going
forward. As for retail properties as well as office properties in regional cities, which allow us to expect
higher yields than the Tokyo office properties, JPR will work to invest in strictly selected blue-chipproperties that can keep stable revenues at a certain level in order to complement the stability ofearnings from the entire portfolio. JPR will strive to acquire new properties under reasonable terms bynegotiating prices based on detailed market studies and property due diligence in considering
properties.
5

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

JPR will continue to make investment decisions after a proactive collection of information throughsuch sources as sponsors of the Asset Manager, accurately grasping market trends and carefully
researching investment value, including the future potential of candidate properties.
Moreover, JPR will continue to investigate asset replacement, centering on properties that do not allow
us to expect sustainable growth in the future or those that may be sold under better terms andconditions.
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 and encourage them to expand office spaces in the same buildings through endeavors
to enhance tenant satisfaction, while continuously inviting new tenants through strategic leasing
activities. Specifically, JPR will conduct management and operations based on the following policies:- Strengthen coordination with property management companies and respective tenant brokers- Propose leasing terms conditions in anticipation of the recovery in the leasing market and accelerate
decision making- Conduct strategic value enhancement works with intent to improve property earnings and tenantsatisfaction- Reinforce responses to energy saving, business continuity plans and other matters commanding highsocial requestsiii) Fund Procurement
JPR's fundamental policy for fund procurement calls for an efficient combination of long-term steadyfund procurement and short-term fund procurement that emphasizes dynamism. In line with thispolicy, JPR will procure funds through unsecured and unguaranteed bank borrowings as well as theissuance of investment corporation bonds. JPR will continue to focus on the diversification of fundprocurement means and consistently strive to diversify maturities.
iv) Information Disclosure
JPR has positioned the proactive voluntary disclosure of information as one of its key management
policies and will voluntarily disclose information believed to be essential to investment decisions
concerning JPR, along with the timely disclosure of items to the Tokyo Stock Exchange. JPR isproactively employing its website (http://www.jpr-reit.co.jp/jpr_e/) as well as its specified website forretail investors (http://www.jpr-reit.co.jp/kojin/index.html (Japanese only)) as a vital means for
implementing voluntary disclosure, and JPR has promptly disclosed performance information and has
provided videos on its primary properties using this site. We are committed to further enriching our
information disclosure activities.
iv) Significant Subsequent Events
There are none applicable.
b) Outlook for Management Status (Operating Results) for the 24th Fiscal Period
JPR expects the following management status in the 24th fiscal period (from July 1, 2013 to December
31, 2013).
13,470 million yen
6,264 million yen
4,786 million yen
4,785 million yen
5,800 yen

Operating revenues
Operating income
Ordinary income
Net income
Distribution per unit
Exceeding profit
distribution per unit

0 yen

For the assumptions underlying this outlook for management status, please refer to “Assumptions forthe 24th Fiscal Period Forecast (July 1, 2013 – December 31, 2013)” shown below.
(Note) The forecast figures above are the current forecasts calculated based on certain assumptions. Accordingly, the actual operating
revenues, operating income, ordinary income, net income, distribution per unit and exceeding profit distribution per unit mayvary due to changes in the circumstances. Moreover, the forecast above should not be construed as a guarantee of the distribution
amount.

6Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Assumptions for the 24th Fiscal Period Forecast(July 1, 2013 – December 31, 2013)
Item
PeriodProperty
Portfolio

Operating
Revenues

OperatingExpenses

Non-Operating
Expenses

Interest-Bearing
Debt Ratio

Total Units
Outstanding

Assumptions
24th fiscal period: July 1, 2013 to December 31, 2013
(investment period: 184 days)
・ The number of properties is assumed to be 60 properties that were held by JPR as of August
14, 2013. Furthermore, the assumed period-average occupancy rate at end of month is
96.7%.
・ In practice, these assumptions may vary due to such events as the acquisition of additional
properties or the sale of existing properties.
・ Real estate rental revenues are calculated on the basis of the lease contracts effective as ofthe end of the fiscal period ended June 2013, with consideration given to the market
environment, competitiveness of the properties, status of negotiations with tenants andother factors.
・ For operating revenues, JPR assumes that rents will be paid on time and that no tenants will
fail or decline to pay rents.
・ Gain and loss on sales of real estate properties is not assumed.
・ Among rental expenses, which are the principal operating expenses, outsourcing expenses
and other expenses excluding depreciation are calculated based on historical data, reflecting
variable factors of expenses and considering the information as of the end of the fiscal
period ended June 2013. Outsourcing expenses are assumed to be 519 million yen for the
fiscal period ending December 31, 2013.
・ For property taxes and city planning taxes, the amount to be paid in the fiscal period ending
December 31, 2013 has been calculated out of the levied tax amount, and is assumed to be
1,885 million yen. In general practice, the property taxes and city planning taxes levied on
properties acquired are settled after prorating for the period with the previous owner at thetime of acquisition, but JPR includes the amount equivalent to such settlement in theacquisition costs for the property.
・ For expenditures for the repair and maintenance of buildings, the amount expected to berequired in the fiscal period ending December 31, 2013 has been recorded. However, theexpenditures for repair and maintenance for the fiscal period could differ significantly fromthe estimated amount, as expenditures may arise due to damage to the building caused by
unexpected factors, etc., and because the variance in amounts generally tends to grow fromyear to year and repair expenses do not arise regularly.
・ Depreciation is calculated using the straight line method, including incidental expenses andadditional future capital expenditures. Depreciation for the fiscal period ending December
31, 2013 is assumed to be 1,872 million yen.
・ As for major non-operating expenses, JPR assumes 1,460 million yen for interest paid,interest on corporate bonds and fees related to loan arrangement
・ The interest-bearing debt ratio as of the end of the fiscal period ended June 2013 stands at
49.4%, with interest-bearing debt of 187,158 million yen (comprised of 30,468 million incurrent portion of long-term debt, 100,190 million yen in long-term debt, 11,000 million
yen in the current portion of corporate bonds and 45,500 million yen in corporate bonds).
・ It is assumed that all borrowings whose repayment dates will arrive during the fiscal period
ending December 31, 2013 will be refinanced, except for scheduled repayment of 399
million yen.
・ The interest-bearing debt ratio is expected to be 49.3% at end of the fiscal period ending
December 2013.
・ The following formula is used in calculating the interest-bearing debt ratio in this table.
Interest-bearing debt ratio =Interest-bearing debt / (Interest-bearing debt + Unitholders’ capital) x 100.
・ The 825,000 investment units outstanding as of June 30, 2013 are assumed.

7

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Distribution Per
Unit

・ As for distribution per unit, it is assumed that all revenues will be distributed based on the
distribution methods provided in the Articles of Incorporation.
・ 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 andtenants moving out, and unpredicted repairs and maintenance.

Exceeding Profit
Distribution Per
Unit

・ Distribution exceeding the profit (exceeding profit distribution per unit) is currently notassumed.

Others・ It is assumed that there will be no changes in legislation, taxation, accounting standards,
regulations applying to publicly listed companies, rules and requirements imposed by theInvestment Trusts Association, Japan that will impact the aforementioned forecasts.
・ It is also assumed that there will be no unexpected material changes in general economic
and real estate market conditions.

(3) Investment Risks
The description is omitted, since there are no significant changes from the “Investment risks” disclosed in
the latest securities report (submitted on March 26, 2013).

8

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

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

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
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
Total deferred assets
Total assets

9

End of 22nd Fiscal
PeriodEnd of 23rd Fiscal
Period(Dec. 31, 2012)(Jun. 30, 2013)%
Change8,402,885
11,596,061
229,329
203,381259,150
5,689
20,696,498

10,852,097
11,568,818
321,458
145,408－
8,023
22,895,806

10.6

57,328,085(8,339,934)
48,988,151
75,979,066(21,257,423)
54,721,643
44,461(9,160)35,300111,925(49,146)
62,778
720,700(283,078)
437,622
1,442,809(990,861)
451,947
42,589(23,853)
18,735
119,049(80,300)
38,749111,970,153
158,879,372
114,764
3,399
375,722,618

56,930,266(8,971,882)
47,958,383
80,339,792(22,438,604)
57,901,188
44,858(10,165)
34,692
113,070(53,337)
59,733
713,742(293,404)
420,338
1,567,896(1,039,658)
528,237
44,529(24,556)
19,972
127,009(85,579)
41,429111,638,476
162,616,535
66,3295,319
381,290,637

1.5

4,794,109
5,359
4,799,469

4,794,109
4,763
4,798,872(0.0)

49,520539,667
589,187
381,111,275

49,520475,065
524,585
386,614,096(11.0)
1.4

176,542
176,542
401,984,316

205,794
205,794
409,715,697

16.6
1.9

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period(Thousands of Yen)

End of 22nd Fiscal
Period(Dec. 31, 2012)
Liabilities
Current liabilities
Operating accounts payable
Current portion of long-term loans payable
Current portion of investment corporation bonds
Accounts payable-otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Total current liabilities
Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total noncurrent liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary deposits
Deposits for advanced depreciation
Total voluntary deposits
Unappropriated retained earnings(undisposed losses)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

10

End of 23rd Fiscal
Period(Jun. 30, 2013)%
Change1,722,706
30,618,000－
581,266
211,449
605
64,1942,461,001
35,659,223

1,824,580
30,468,000
5,000,000
694,658
208,428605
191,538
2,515,043
40,902,854

14.7

49,500,000
100,439,000
7,871,730
11,345,751
169,156,482
204,815,706

51,500,000
100,190,000
7,959,356
12,046,833
171,696,190
212,599,044

1.5
3.8

192,044,238

192,044,238

73,94673,94673,94673,946

5,050,424

4,998,468

5,124,371
197,168,609
197,168,609
401,984,316

5,072,414
197,116,653
197,116,653
409,715,697

(1.0)
(0.0)
(0.0)
1.9

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period(2) Statements of Income and Retained Earnings(Thousands of Yen)

Operating revenue
Rent revenue-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
Other
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bond issuancecosts
Unit-issuance costs
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes-current
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed losses)

11

22nd Fiscal
Period23rd Fiscal
Period(Jul. 1, 2012 –Dec. 31, 2012)(Jan. 1, 2013 –Jun. 30, 2013)% Change

12,963,538
12,963,538

13,278,813
13,278,813

2.4

5,519,704
465,059
77,5886,600
40,19489,011
6,198,159
6,765,379

6,208,456
468,82978,8836,600
36,752
94,2506,893,772
6,385,040

11.2
(5.6)

2,665

2,012

5,570

48,287

2,082
10,3189,713
60,013

972,379
260,539
396,043896,962
138,013
408,001

20,07023,35698,3282,005
1,749,367
5,026,329
5,026,329
605
605
5,025,724
24,6995,050,424－
3,346
1,469,680
4,975,373
4,975,373
605
605
4,974,768
23,6994,998,468

481.6(16.0)
(1.0)
(1.0)
0.0
(1.0)
(4.0)
(1.0)

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period(3) Statements of Unitholders’ Equity(Thousands of Yen)

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 deposits
Balance at beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at end of current period
Unappropriated retained earnings (undisposed losses)
Balance at beginning of current period
Changes of items during the period
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period
Total surplus
Balance at beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at end of current period
Total unitholders' equity
Balance at the beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at end of current period
Total net assets
Balance at beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at end of current period

12

22nd Fiscal Period

23rd Fiscal Period(Jul. 1, 2012 –Dec. 31, 2012)(Jan. 1, 2013 –Jun. 30, 2013)

171,339,818

192,044,238

20,704,420
20,704,420
192,044,238－－
192,044,238

73,94673,946－73,946－73,946

4,622,149

5,050,424(4,597,450)
5,025,724
428,274
5,050,424(5,026,725)
4,974,768(51,956)
4,998,468

4,696,096

5,124,371

428,274
5,124,371(51,956)
5,072,414

176,035,914

197,168,609

21,132,694
197,168,609(51,956)
197,116,653

176,035,914

197,168,609

21,132,694
197,168,609(51,956)
197,116,653

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period(4) Statements of Cash Distributions

I.
II.

Unappropriated retained earnings
Distribution amount(Distribution amount per unit)
III. Retained earnings carried forward
Method for calculating distribution amount22nd Fiscal Period(July 1, 2012 –December 31, 2012)
5,050,424,442 yen
5,026,725,000 yen(6,093 yen)
23,699,442 yen
Pursuant to the policy on cash
distributions provided in Article 30 (2)of the Articles of Incorporation of JPR,
the distribution amount shall be inexcess of an amount equivalent to 90%of the “distributable income amount” asstipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation,
but no more than the amount of
earnings. Based on such policy, JPR
decided to pay out distributions ofearnings of 5,026,725,000 yen, which is
the largest integral multiple of thenumber of investment units issued andoutstanding (825,000 units) in an
amount not in excess of unappropriatedretained earnings while minimizing theburden to unitholders incurred by
accrual of corporate income tax, etc.
Furthermore, JPR shall not distributecash in excess of earnings as stipulated
in Article 30 (4) of the Articles ofIncorporation.

13

23rd Fiscal Period(January 1, 2013 –June 30, 2013)
4,998,468,027 yen
4,975,575,000 yen(6,031 yen)
22,893,027 yen
Pursuant to the policy on cash
distributions provided in Article 30 (2)of the Articles of Incorporation of JPR,
the distribution amount shall be inexcess of an amount equivalent to 90%of the “distributable income amount” asstipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation,
but no more than the amount of
earnings. Based on such policy, JPR
decided to pay out distributions ofearnings of 4,975,575,000 yen, which is
the largest integral multiple of thenumber of investment units issued andoutstanding (825,000 units) in an
amount not in excess of unappropriatedretained earnings while minimizing theburden to unitholders incurred by
accrual of corporate income tax, etc.
Furthermore, JPR shall not distributecash in excess of earnings as stipulated
in Article 30 (4) of the Articles ofIncorporation.

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period(5) Statements of Cash Flows(Thousands of Yen)

Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bond issuance costs
Unit-issuance costs
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
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
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
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment corporation bonds
Redemption of investment corporation bonds
Proceeds from issuance of 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

14

22nd Fiscal Period

23rd Fiscal Period(Jul. 1, 2012 –Dec. 31, 2012)(Jan. 1, 2013 –Jun. 30, 2013)

5,026,329
1,831,992
20,07098,328(2,665)
1,368,423
27,458(259,150)(49,948)(112,886)
21,530(58,020)
132,927
25,222
8,069,613
2,665(1,459,576)
0
6,612,702

4,975,373
1,884,122
23,356－(2,012)
1,304,963(92,129)
259,150
57,973437,933
39,369127,344
54,041
21,7989,091,286
2,012(1,307,984)
124
7,785,438(11,867,274)(1,122,899)(289,918)
631,339(371,566)
310,522(12,709,796)(343,297)(7,446,034)(256,076)
506,908(190,202)
842,206(6,886,496)

23,600,000(44,200,000)
15,900,000(7,824,000)
6,949,644(9,000,000)
20,606,594(4,596,962)
1,435,276(4,661,817)
24,660,764
19,998,947

7,000,000(7,000,000)
11,820,000(12,219,000)
6,947,523－－(5,025,496)
1,523,026
2,421,968
19,998,947
22,420,916

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period(6) Notes to the Going Concern Assumption
No relevant items.
(7) Notes to Significant Accounting Policies
The disclosure is omitted, since there are no significant changes from the descriptions in the latest
securities report (submitted on March 26, 2013).
(8) Notes to Financial Statements
Notes to Balance Sheets
1. Assets Pledged as Collateral and Secured Liabilities
Assets pledged as collateral are as follows:

Buildings (net)
Machinery and equipment(net)Land

End of 22nd Fiscal Period(as of December 31, 2012)¥124,508
3,766
399,183

Total¥527,458(Thousands of yen)
End of 23rd Fiscal Period(as of June 30, 2013)¥122,639
3,595
399,183¥525,418

Secured liabilities are as follows:

Tenant leasehold and security deposits
Total

End of 22nd Fiscal Period(as of December 31, 2012)¥15,536¥15,536(Thousands of yen)
End of 23rd Fiscal Period(as of June 30, 2013)¥15,536¥15,536

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

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

End of 22nd Fiscal Period(as of December 31, 2012)¥28,000,000¥28,000,000(Thousands of yen)
End of 23rd Fiscal Period(as of June 30, 2013)¥28,000,000¥28,000,000

3. Minimum Total Unitholders’ Equity Designated in Article 67- 4 in the Act on Investment Trusts andInvestment Corporations
End of 22nd Fiscal Period(as of December 31, 2012)¥50,000

15(Thousands of yen)
End of 23rd Fiscal Period(as of June 30, 2013)¥50,000

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Notes to Statements of Income and Retained Earnings
Breakdown of Rent Revenue-Real Estate and Expenses Related to Rent Business22nd Fiscal Period(July 1, 2012 December 31, 2012)
A. Rent Revenue-Real Estate
Rent Revenue
Rents
Land rents
Common charges
Parking revenues
Advertising expenses
Antenna use fees
Other
Subtotal
Other rental revenues
Incidental income
Time-based parking revenues
Cancellation charges
Income equivalent to expenses for restoration
to as is condition(Thousands of yen)
23rd Fiscal Period(January 1, 2013 June 30, 2013)¥8,662,183
1,408,500
1,802,419
219,381
21,936
12,221
33,412¥8,922,614
1,439,000
1,847,619
230,708
21,67014,25634,008

12,160,054

12,509,879

763,2645,226
12,144684,413
5,541
29,3234,800

29,730

Other miscellaneous income

18,04819,925

Subtotal

803,483

768,934¥12,963,538¥13,278,813¥510,545
833,900
1,025,198
28,033378,880
208,729563,215
1,831,461
139,740¥505,069
768,052
1,884,698
26,666244,149
213,735
563,301
1,883,591
119,191¥5,519,704¥6,208,456¥7,443,833¥7,070,356

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

16

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Financial Instruments
1. Matters Concerning Status of Financial Instruments(1) Policy on Handling Financial Instruments
In an aim to proactively expand asset size and maintain stable cash distributions to unitholders, JPR adopts
the asset management policy of paying heed to efficiently combining the procurement of long-term funds
that are stable and the procurement of short-term funds that emphasize flexibility.
There may be cases where JPR will engage in derivative transactions, but such will be limited to
management for interest rate fluctuation risk and other hedging purposes. Please note that JPR is notengaged in derivative transactions 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 forrisk 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 therisk management.
Deposits are exposed to risks of failure of the financial institutions holding the deposits and other credit
risks, but risks are managed through such measures as setting a minimum credit rating for the financial
institutions holding the deposits.
Loans payable and investment corporation bonds are exposed to liquidity risks at the time of
repayment/redemption, but liquidity risks are managed through such measures as procuring funds from thecapital market by increasing capital, executing a commitment line agreement with the main lending
financial institutions, and also having statements of cash receipts and disbursements prepared by thefinancial division.
(3) Supplementary Explanation on Matters Concerning Estimated Fair Value, etc. of Financial Instruments
The estimated fair value of financial instruments, aside from values based on market price, include values
based on reasonable calculations when there is no market price. Certain assumptions, etc. are used in
calculating those values and there may be cases where the values will vary when different assumptions, etc.
are used.
2. Matters Concerning Estimated Fair Value, etc. of Financial Instruments
The following are the carrying values and estimated fair values as of December 31, 2012, and the difference
between these amounts. Please note that the following tables do not include those for which discerning of
estimated 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) Current portion of long-term loans payable4) Current portion of investment corporation bonds5) Investment corporation bonds6) Long-term loans payable

Carrying Value(Note 1)
¥8,402,885
11,596,061(30,618,000)(49,500,000)(¥100,439,000)

Estimated Fair
Value (Note 1)¥8,402,885
11,596,061(30,781,610)(50,236,953)(¥102,100,426)

Difference¥163,610
736,953¥1,661,426

The following are the carrying values and estimated fair values as of June 30, 2013, and the difference between
these amounts. Please note that the following tables do not include those for which discerning of estimated fairvalue is recognized to be extremely difficult (please refer to Note 3).
(Thousands of yen)

1) Cash and deposits
2) Cash and deposits in trust3) Current portion of long-term loans payable

Carrying Value(Note 1)
¥10,852,097
11,568,818(30,468,000)

17

Estimated Fair
Value (Note 1)¥10,852,097
11,568,818(31,024,288)

Difference¥556,288

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period4) Current portion of investment corporation bonds5) Investment corporation bonds6) Long-term loans payable(5,000,000)(51,500,000)(¥100,190,000)(5,105,525)(52,397,133)(¥101,514,029)

105,525
897,133¥1,324,029(Note 1) Items stated under liabilities are shown in parentheses.
(Note 2) Method of calculation of estimated fair value of financial instruments.
(1) Cash and deposits, and (2) Cash and deposits in trust
As these financial instruments are settled within a short period of time, the estimated fair value is approximately the same as the bookvalue and is thus stated at that book value.
(3) Current portion of long-term loans payable, and (6) Long-term loans payable
Of the estimated fair value of these financial instruments, the fair value of long-term loans payable with floating interest rates is basedon the book value, as it reflects the market interest rate within a short period of time and thus is considered to be nearly equal to thebook value. The fair value of long-term loans payable with fixed interest rates is based on the method of calculating by discounting thetotal amount of principal and interest by the rate assumed as being applicable in the event of a new drawdown corresponding to theremaining loan term.
(4) Current portion of investment corporation bonds, and (5) Investment corporation bonds
Of the estimated fair value of these financial instruments, those with market price are calculated based on market price and those withno market price are calculated according to the fair value of long-term loans payable with fixed interest rates in (3) and (6) above.
(Note 3) Financial instruments for which discerning of estimated fair value is recognized to be extremely difficult.
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust that are deposited by lessees of lease rental
properties are not subject to disclosure of estimated fair value because reasonable estimation of cash flows is recognized to be extremely
difficult since there is no market price and also since it is difficult to calculate the actual deposit period from when lessees move in towhen they move out. The following is the carrying value of tenant leasehold and security deposits and the carrying value of tenantleasehold and security deposits in trust.

End of 22nd Fiscal Period(as of December 31, 2012)¥7,871,730¥11,345,751

Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust(Thousands of yen)
End of 23rd Fiscal Period(as of June 30, 2013)¥7,959,356¥12,046,833(Note 4) Scheduled redemption of monetary claims as of December 31, 2012 and June 30, 2013

End of 22nd Fiscal Period (as of December 31, 2012)(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

Cash anddeposit¥8,402,885-

¥-

¥-

¥-

¥-

¥-

Cash anddeposit intrust¥11,596,061

¥-

¥-

¥-

¥-

¥-

End of 23rd Fiscal Period (as of June 30, 2013)(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

Cash anddeposit¥10,852,097-

¥-

¥-

¥-

¥-

¥-

Cash anddeposit intrust¥11,568,818

¥-

¥-

¥-

¥-

¥-

(Note 5) Scheduled redemption and repayment of investment corporation bonds and long-term loans payable as of December 31, 2012 and June30, 2013

End of 22nd Fiscal Period (as of December 31, 2012)(Thousands of yen)18

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Investment
corporationbonds
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

Due after
Four Years
throughFive Years

Due after
Five Years¥-¥16,000,000¥13,000,000¥7,000,000¥5,000,000¥8,500,000¥30,618,000¥12,235,000¥19,732,000¥17,332,000¥31,632,000¥19,508,000

End of 23rd Fiscal Period (as of June 30, 2013)(Thousands of yen)

Investment
corporationbonds
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

Due after
Four Years
throughFive Years

Due after
Five Years¥5,000,000¥24,000,000¥-¥7,000,000¥10,000,000¥10,500,000¥30,468,000¥6,332,000¥26,732,000¥23,732,000¥20,374,000¥23,020,000

Segment Information[Segment Information]
Disclosure is omitted as JPR is comprised of a single reportable segment engaged in the property rental
business.
[Related Information]
22nd Fiscal Period (July 1, 2012 – December 31, 2012)
1. Information about Products and Services
Disclosure is omitted as sales to external customers for the single product and service segment is in excessof 90% of operating revenues on the Statements of Income and Retained Earnings.
2. Information about Geographic Areas(1) Revenues from Overseas Customers
Disclosure is omitted as revenues from external customers attributed to Japan are in excess of 90% of
total revenues on the Statements of Income and Retained Earnings.
(2) Tangible Fixed Assets
Disclosure is omitted as tangible fixed assets located in Japan are in excess of 90% of total tangible fixed
assets on the Balance Sheets.
3. Information about Major Customers(Thousands of yen)
Customer Name
Y.K. Tokyo Prime Stage

Operating Revenue¥1,408,500

Related Segment
Property rental business23rd Fiscal Period (January 1, 2013 – June 30, 2013)
1. Information about Products and Services
Disclosure is omitted as sales to external customers for the single product and service segment is in excessof 90% of operating revenues on the Statements of Income and Retained Earnings.
2. Information about Geographic Areas(1) Revenues from Overseas Customers
Disclosure is omitted as revenues from external customers attributed to Japan are in excess of 90% of
total revenues on the Statements of Income and Retained Earnings.
(2) Tangible Fixed Assets
19

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Disclosure is omitted as tangible fixed assets located in Japan are in excess of 90% of total tangible fixed
assets on the Balance Sheets.
3.Information about Major Customers(Thousands of yen)
Customer Name
Y.K. Tokyo Prime Stage

Operating Revenue¥1,439,000

Related Segment
Property rental business

Investment and Rental Properties
JPR owns office properties (urban commercial facilities) and retail properties for leasing in Tokyo and otherregions. The following is the carrying value on the balance sheets, amount of increase (decrease) during theperiod and estimated fair value of these investment and rental properties.
22nd Fiscal Period(July 1, 2012 – December 31, 2012)
Carrying Value on the Balance Sheets
Balance at Beginning of Period
Amount of Increase(Decrease) during the Period
Balance at End of Current Period
Estimated Fair Value at End of Period(Thousands of yen)
23rd Fiscal Period(January 1, 2013 – June 30, 2013)¥370,163,234¥380,518,842¥10,355,608¥5,567,954¥380,518,842¥358,816,000¥386,086,796¥365,214,000(Note 1) The carrying value on the balance sheets is the cost of acquisition less accumulated depreciation.
(Note 2) Of the amount of increase (decrease) during the periods for investment and rental properties, the amount of increase for the 22nd fiscal
period is primarily attributable to acquisition of Yakuin Business Garden (11,416,663 thousand yen), and the amount of increase for the
23rd fiscal period is primarily attributable to acquisition of Omiya Prime East (6,287,358 thousand yen) and Shinyokohama 2nd Center
Building (additional ownership) (581,106 thousand yen).
(Note 3) The estimated fair value at end of the current period is the appraisal value or survey value as appraised by an outside real estateappraiser.

The income (loss) in the 22nd and 23rd fiscal periods for investment and rental properties are as presented in
the “Notes to Statements of Income and Retained Earnings.”
Per Unit Information(Yen)
22nd Fiscal Period(July 1, 2012 - December 31, 2012)

23rd Fiscal Period(January 1, 2013 – June 30, 2013)¥238,992¥6,233¥238,929¥6,030Total net assets per unit
Net income per unit

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

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

Average number of units

22nd Fiscal Period(July 1, 2012 - December 31, 2012)

23rd Fiscal Period(January 1, 2013 – June 30, 2013)¥5,025,724¥5,025,724
806,264 units¥4,974,768¥4,974,768
825,000 units

Subsequent Events
There are no material subsequent events for this fiscal period.
Omission of Disclosure
JPR omits the disclosure of notes to statements of unitholders’ equity, statements of cash flows, leasetransactions, securities, derivative transactions, equity method income and retained earnings, transactions withaffiliated parties, tax effect accounting, retirement benefits and asset retirement obligations, since it does notfind substantial need for disclosure in the Fiscal Period Results report.
20

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period(9) Changes in Investment Units Issued and Outstanding
Capital increases and other changes in the status of unitholders’ capital since inception through the 23rd fiscal
period are summarized as follows.
Date

Event

September 14, 2001
November 16, 2001
January 22, 2002
June 14, 2002
July 15, 2003
August 9, 2003
February 1, 2005
March 1, 2005
February 6, 2007
March 7, 2007
February 8, 2010
March 12, 2010
July 30, 2012
August 29, 2012

Established by private placement
Additional private placement
Split of investment units
Initial public offering
Additional public offering
Third-party allotment
Additional public offering
Third-party allotment
Additional public offering
Third-party allotment
Additional public offering
Third-party allotment
Additional public offering
Third-party allotment(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)(Note 10)(Note 11)
(Note 12)(Note 13)
(Note 14)

Number of Units
Outstanding
Variation
Balance240
240
62,00062,24093,360155,600
134,000
289,600
134,400
424,000
6,000
430,000
95,000525,000
5,000
530,000
90,000620,000
5,000
625,000
82,000707,000
8,000
715,000
101,420
816,4208,580
825,000

Unitholders' Capital(million yen)
Variation
Balance120
120
31,00031,12031,120－25,862
56,98230,75887,7401,373
89,11325,001
114,115
1,315
115,431
39,120154,552
2,173
156,725
13,315170,040
1,299
171,339
19,089190,429
1,614
192,044

Remarks(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)(Note 10)(Note 11)
(Note 12)(Note 13)
(Note 14)

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

4. Change of Directors(1) JPR Directors
1) No Change of Directors at JPR during the 23rd Fiscal Period
The Executive Officer (one person) and Supervising Officers (two persons) are as follows.

Position

Name

Executive
Officer

Hirohito
KanekoRepresentative Counsel, Hirohito Kaneko Law Office0

SosukeYasudaAdviser, Gyosei Audit Corporation
Group representative partner, GYOSEI Certified Public Tax & Accountants’ Co.
Outside Auditor, Nomura Research Institute, Ltd. (part-time)
Outside Auditor, MS&AD Insurance Group Holdings (part-time)0

MasatoDenawaPartner Attorney, Spring Partners

0Supervising
Officers

Other Concurrent Assignments

Number
of
Owned
Units

(Note) Supervising officers may be directors of corporations other than those indicated above, but have no conflict of interest with JPR at

21

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period
those and the above.

2) Change of Directors Scheduled for the 24th Fiscal Period
JPR made a resolution at the Board of Directors meeting held on July 30, 2013 to hold the General
Meeting of Unitholders on September 11, 2013 and submit agenda items concerning appointment of
directors to the General Meeting of Unitholders. The candidates for the executive officer, substituteexecutive officer, supervising officers and substitute supervising officer are as follows:

Position

Name

Candidatefor
Executive
Officer

Hirohito
KanekoCandidatefor
SubstituteExecutive
Officer

SatoshiOkubo

Candidate
forSupervising
Officer

SosukeYasudaBrief Biography
Dec. 2001: Executive Officer, Japan Prime Realty Investment Corporation(currently held position)
Apr. 1979: Representative Counsel, Hirohito Kaneko Law Office (currently
held position)
Apr. 1977: Bar admission (Tokyo Bar Association),
Joined Shigeru Yamada Law OfficeJun. 2010: President and CEO, Tokyo Realty Investment Management, Inc.
(currently held position)
Mar. 2010: Auditor (part time), Tokyo Tatemono Real Estate Sales Co., Ltd.
Advisor, Tokyo Tatemono Co., Ltd.
Oct. 2005: Director and Head of Kansai Branch Office
Mar. 2005: Director and Head of Osaka Branch Office
Oct. 1998: General Manager, Residential Management Dept.
Jan. 1996: Group Leader, Second Leasing Group, Second Building Leasing
Dept.
Apr. 1995: Manager, Management Planning Office, Corporate Planning
Division
Apr. 1994: Manager, Corporate Planning Division and Manager, International
Planning Office, Corporate Planning Division
Apr. 1992: Manager, Corporate Communications Office and Manager,
Corporate Planning Division
Apr. 1977: Joined Tokyo Tatemono Co., Ltd.
Jan. 2009: Adviser, Gyosei Audit Corporation (currently held position)
Group Representative Partner, GYOSEI Certified Public Tax &Accountants’ Co. (currently held position)
Apr. 2008: Outside Auditor, Mitsui Sumitomo Insurance Group Holdings, Inc.
(currently MS&AD Insurance Group Holdings, Inc.) (part-time,currently held position)
Jan. 2008: Group Representative Partner, Gyosei Audit Corporation
Oct. 2006: CPA and Director, Gyosei Audit Corporation (Tokyo Hokuto & Co.
merged with Serizawa Accounting Firm)
Jun. 2006:Outside Auditor, Nomura Research Institute, Ltd. (currently held
position)
Jun. 2005: Outside Auditor, Mitsui Sumitomo Insurance Company, Ltd.
Sep. 2001: Supervising Officer, Japan Prime Realty Investment Corporation(currently held position)
Oct. 1999: Director and Senior Partner, Tokyo Hokuto & Co. (Tokyo Akasaka
Audit Co. merged with Hokuto Audit Co.)
Jul. 1993: Senior Partner, Tokyo Akasaka Audit Co.
Feb. 1983: Representative, Tokyo Akasaka CPA Joint OfficeJun. 1980: Established Sosuke Yasuda Tax Accountant Office
Dec. 1975: Joined Masamitsu Serizawa Accounting Firm
Apr. 1968: Joined Main Store, KK Ohgiya

22

Numberof Owned
Units

0

1

0

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Candidate
forSupervising
Officer

MasatoDenawaCandidatefor
SubstituteSupervising
Officer

MasaakiSugiyama

Apr. 2013: Senior-practicing-attorney-professor for civil advocacy, The Legal
Training and Research Institute of Japan, Supreme Court of Japan(currently held position)
Apr. 2011: Practicing-attorney-professor for civil advocacy, The Legal
Training and Research Institute of Japan, Supreme Court of Japan
Apr. 2009: Adjunct professor (part-time) at Keio Law School (Advanced
Commercial Law)
Sep. 2007: Supervising Officer of Japan Prime Realty Investment Corporation(currently held position)
Jul. 2007: Director of Advicelink Co., Ltd. (currently held position)
Feb. 2005: Part-time auditor of Ulvex Inc.
Jul. 2003: Okinobu, Ishihara & Sei Law Office renamed to Spring Partners
Apr. 2002: Adjunct professor (part-time) at Keio University Faculty of Law(Civil law practice)Jun. 2000: Part-time auditor of Kinkan Co., Ltd. (currently held position)
Jan. 1999: Partner of Okinobu, Ishihara & Sei Law Office (currently held
position)
Apr. 1991: Okinobu & Ishihara Law Office renamed to Okinobu, Ishihara &Sei Law Office
Apr. 1990: Registered with Daiichi Tokyo Bar Association
Joined Okinobu & Ishihara Law Office
Jul. 2009: Representative, Masaaki Sugiyama Accounting Office (currently
held position)
Jun. 2006: Chairman of Board of Auditors at KPMG AZSA & Co. (currently
KPMG AZSA LLC)
Aug. 1997: Representative Partner of Asahi & Co. (currently KPMG AZSA
LLC)Aug. 1987: Partner of Asahi Shinwa & Co. (currently KPMG AZSA LLC)
Jan. 1977: Representative, Masaaki Sugiyama Tax Accountant Office(currently held position)
May 1974: Joined Masamitsu Serizawa Accounting Firm
Nov. 1972: Joined Peat Marwick Mitchell & Co.

00(2) Directors of the Asset Management Company
1) Change of Directorsa) New assignment
Director
Tetsuo Ozaki (as of April 2, 2013)
Director (non-executive) Hiroshi Takahara (as of June 12, 2013)b) Retirement
Director
Yasunori Kuroda (as of April 2, 2013)
Director (non-executive) Rey Abe (as of June 12, 2013)
Career summary of the newly assigned directors is as follows.
Name

Career Summary, Position at Asset Management Company and Representation of Other
Corporations, Etc.
Apr. 2013
Apr. 2013
Apr. 2013
Apr. 2013

Tetsuo Ozaki

Nov. 2012

Oct. 2012
Oct. 2012
Aug. 2009

Director of Tokyo Realty Investment Management, Inc. (currently
held position)
Director of Yasuda Enterprise Development Co., Ltd. (currently held
position)
Director of Sompo Japan Credit Inc. (currently held position)
General Manager, Investment and Loans Department of Nippon Koa
Insurance Co., Ltd. and General Manager, Investment and Loans
Department of Sompo Japan Insurance Inc. (currently held position)
General Manager, Investment and Loans Department of Nippon Koa
Insurance Co., Ltd. and Specially Assigned General Manager,
Financial Service Department of Sompo Japan Insurance Inc.
Director of Nippon Koa Credit Service (currently held position)
General Manager, Investment and Loans Department of Nipponkoa
Insurance Co., Ltd.
General Manager, Kyushu Operations Department of Nipponkoa
Insurance Co., Ltd.

23

Number of
Owned
Units

0

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Apr. 2006
Apr. 2002
Apr. 2001

Apr. 1997
Aug. 1996
Apr. 1983
Jun. 2013
Jun. 2013

Apr. 2011
Apr. 2009
Apr. 2008

Nov. 2007

Jul. 2006
HiroshiTakahara

Jan. 2006

Apr. 2005

Apr. 2003
Apr. 2002
Apr. 2000
Apr. 1998
Apr. 1996
Aug. 1994
Apr. 1994
Apr. 1979

Manager, Staff, Corporate Planning Department of Nipponkoa
Insurance Co., Ltd.
Manager, Planning Investigation Office, President Office ofNipponkoa Insurance Co., Ltd.
Manager, Corporate Management Group, Corporate Planning
Department and Manager, Risk Management Group, Corporate
Planning Department of Nipponkoa Insurance Co., Ltd.
Manager in General Planning Department of Koa Fire & Marine
Insurance Co., Ltd. (currently Nipponkoa Insurance Co., Ltd.)
Seconded to Koa Life Insurance Co., Ltd. (currently NKSJ
Himawari Life Insurance, Inc.)
Joined Koa Fire & Marine Insurance Co., Ltd. (currently Nipponkoa
Insurance Co., Ltd.)
Director of Tokyo Realty Investment Management, Inc. (currently
held position)
General Manager, Planning & Management Department, Urban
Development Division of Taisei Corporation (currently held
position)
General Manager, Project Development Department II, Urban
Development Division of Taisei Corporation
General Manager Project Development Department, Urban
Development Division of Taisei Corporation
General Manager, Planning & Management Department, Urban
Development Division of Taisei Corporation (in charge ofdevelopment planning)
General Manager, Real Estate Marketing & Sales Department,
Urban Development Division of Taisei Corporation (in charge ofreal estate marketing and sales)
General Manager, Real Estate Department, Marketing & Sales
Promotion Division of Taisei Corporation (in charge of real estatemarketing and sales)
General Manager, Project Development Department, Urban
Development Division of Taisei Corporation (in charge ofdevelopment)
Chief Manager, Nihonbashi Development Office, Project
Development Department, Urban Development Division of Taisei
Corporation
Senior Manager, Project Development Department, Urban
Development Division of Taisei Corporation
Senior Manager, Planning & Management Department, Urban
Development Division of Taisei Corporation
Senior Manager, Development Department of Taisei Corporation
Manager, Development Department of Taisei Corporation
Manager, Project Promotion Department of Taisei Corporation
Manager, Marketing & Sales Promotion Department I of Taisei
Corporation
Manager, Capital Office, Finance Department of Taisei Corporation
Joined Taisei Corporation

240Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

2) Change of Auditor
New assignment

Rikiya Fujikubo (as of April 2, 2013)

Career summary of the newly assigned auditor is as follows.

Name

Career Summary, Position at Asset Management Company and Representation of Other
Corporations, Etc.
Apr. 2013
Feb. 2013

Jan. 2013
Apr. 2010
Apr. 2009
RikiyaFujikubo

Oct. 2007
Oct. 2005
Jun. 2003
Apr. 2002

Nov. 1999

Apr. 1985

Auditor of Tokyo Realty Investment Management, Inc. (currently
held position)
Seconded to Yasuda Real Estate Co., Ltd. as General Manager, Sales
and Marketing Department and General Manager, Sales Planning
Department (current position)
Appointed to Sales and Marketing Dept. II of Mizuho Corporate
Bank, Ltd. (current position)
General Manager, Real Estate Business Dept. III of Mizuho Trust &Banking Co., Ltd.
General Manager, Comprehensive Consulting Department of Mizuho
Bank, Ltd.
Deputy Manager of Securities Trust Operations Department ofMizuho Bank, Ltd.
Vice Head, Kobe Branch of Mizuho Trust & Banking Co., Ltd.
Institute Head, Tokyo Minami Financial Counseling Center ofMizuho Trust & Banking Co., Ltd.
Group Leader, Sales and Marketing Branch Support Group,
Individual Planning Department of Mizuho Asset Trust & Banking
Co., Ltd. (currently Mizuho Trust & Banking Co., Ltd.)Group Leader, Planning Group, Consulting Department of Yasuda
Trust and Banking Co., Ltd. (currently Mizuho Trust & Banking Co.,
Ltd.)
Joined Yasuda Trust and Banking Co., Ltd. (currently Mizuho Trust& Banking Co., Ltd.)

25

Number of
Owned
Units

0

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

5. Reference Information(1) JPR’s Asset Structure
Category of
Investment
Area

Asset TypeCentralTokyo
GreaterTokyo

22nd Fiscal Period(as of December 31, 2013)
Assets Owned by
Percentage of Total
JPR
Assets (%)(thousands of yen)

23rd Fiscal Period(as of June 30, 2013)
Assets Owned by
Percentage of Total
JPR
Assets (%)(thousands of yen)

80,527,907

20.0

80,640,667

19.7

63,605,799

15.8

62,240,380

15.2

22,225,682

5.5

22,051,788

5.4

126,035,548

31.4

125,720,443

30.7

43,885,908

10.9

51,343,259

12.5

Other Cities

44,237,996

11.0

44,090,258

10.8

Deposits and Other
Assets－Total Assets－

21,465,473(－)
401,984,316(380,518,842)

5.3
(－)
100.0
(94.7)

23,628,900(－)
409,715,697( 386,086,796)

5.8
(－)
100.0
(94.2)

Real Estate

Other Cities

Real Estate in TrustCentralTokyo
GreaterTokyo(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 beneficiary interest in real estate in which JPR invests are as follows.
All of the real estate and beneficiary interests in real estate are shown in 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 23rd fiscal period.
・JPR defines the categories of investment areas as designated below.
Category

Investment Area

Central Tokyo

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

Greater Tokyo

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

Other Cities

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

26

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Area

Type

Property Name

Completed

1,751.13

14,995.09

Kanematsu Bldg.
Annex

Kyobashi 2-chome, Chuo-ku, Tokyo

679.094,351.46

SRC B1/8F

Feb. 1993

550.06

4,117.70

SRC, RC
B1/8F

Dec. 1989

657.805,152.98

SRC B1/9F

Oct. 1984

636.904,790.68

SRC B1/9F

Sep. 1999

8,992.18

34,020.21

1,551.19

10,553.34

1,302.17

JPR Crest Takebashi
Bldg.

Ningyocho 1-chome, Chuo-ku,
TokyoKojimachi 4-chome, Chiyoda-ku,
Tokyo
Kanda-Nishikicho 3-chome,
Chiyoda-ku, TokyoMS Shibaura Bldg.

Shibaura 4-chome Minato-ku, Tokyo

Gotanda First Bldg.
Fukuoka Bldg.
JPR Ichigaya Bldg.
Oval Court Ohsaki
Mark West
Shinjuku Square
Tower
OfficeStructure/
FloorsS, RC, SRC
B2/13F

Kyobashi 2-chome, Chuo-ku, Tokyo

Shin-Kojimachi Bldg.

BYGS Shinjuku Bldg.
Across Shinkawa
Bldg. Annex
Shinjuku Center Bldg.
Minami Azabu Bldg.
Shinagawa Canal
Bldg.
Rokubancho Bldg.
JPR Harajuku Bldg.
Tokyo Tatemono
Kyobashi Bldg.
JPR
Nihonbashi-horidome
Bldg.
JPR Sendagaya Bldg.
Ginza Sanwa Bldg.
Otemachi 1-6 Plan
(Land with Leasehold
Interest) (tentativename)
JPR Shibuya Tower
Records Bldg.
JPR Daikanyama

RetailTotal Floor
Space (m2)Kanematsu Bldg.

JPR Ningyo-cho Bldg.

Central Tokyo

Site Area(m2)

Location

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

Feb. 1993

11,627.74

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

May 1990

1,058.04

5,888.82

SRC B1/9F

Mar. 1989

4,006.00

28,575.80

8,409.52

78,796.00

3,522.46

25,733.10

858.485,535.90

14,917.11

176,607.89

778.094,570.63

S 9F

Jun. 1992

Konan 2-chome, Minato-ku, Tokyo

828.82

5,216.21

S B1/8F

Jul. 2008

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

716.95

4,205.09

SRC B3/7F

Oct. 1991

1,205.07

6,466.94

SRC B1/9F

Mar. 1989

Kyobashi 3-chome, Chuo-ku, Tokyo

547.104,419.79

SRC, S
B1/10F

Jan. 1981

Nihonbashi-Horidomecho 1-chome,
Chuo-ku, Tokyo

937.597,190.82

SRC B1/9F

Jun. 2002

2,217.49

7,683.19

S 8F

May 2009

1,119.27

8,851.00

SRC B2/9F

Oct. 1982

Otemachi 1-chome, Chiyoda-ku,
Tokyo

11,034.78---

Jinnan 1-chome, Shibuya-ku, Tokyo

1,010.47

8,449.56

Daikanyamacho, Shibuya-ku, Tokyo
Jingumae 4-chome, Shibuya-ku,
TokyoShinjuku 3-chome, Shinjuku-ku,
Tokyo

277.12668.09198.101,006.81

2,578.69

24,617.65

6,808.12

71,957.65

Nishi-Gotanda 2-chome,
Shinagawa-ku, Tokyo
Yaesu 2-chome, Chuo-ku, Tokyo
Kudan-Minami 4-chome,
Chiyoda-ku, Tokyo
Higashi-Gotanda 2-chome,
Shinagawa-ku, Tokyo
Nishi-Shinjuku 6-chome,
Shinjuku-ku, Tokyo
Shinjuku 2-chome, Shinjuku-ku,
Tokyo
Shinkawa 1-chome, Chuo-ku, Tokyo
Nishi-Shinjuku 1-chome,
Shinjuku-ku, Tokyo
Minami-Azabu 2-chome, Minato-ku,
TokyoSendagaya 4-chome, Shibuya-ku,
Tokyo
Ginza 4-chome, Chuo-ku, Tokyo

Yurakucho 2-chome, Chiyoda-ku,
Tokyo

27

S, SRC
B2/17F
S, RC, SRC
B4/30FSRC B2/14F
S, SRC
B2/10F
SRC, RC, S
B5/54F

SRC, S
B3/8F
RC B2/2F
S, SRC
B1/7F
S, SRC, RC
B3/14F
S, SRC
B4/20F

Feb. 1988
Jul. 1989

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

Feb. 1992
Jul. 2002
Feb. 2006
Jan. 2007
Oct. 2007

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Type

Greater Tokyo

OfficeArea

Property Name

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

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

1,100.59

9,146.52

Yume-ooka Office
Tower

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

Mar. 1997
Jan. 1991
Oct. 1989

841.71

7,781.96

Honcho 4-chome, Kawaguchi, Saitama

4,524.61

28,420.85

Matsugaya 1-chome, Taito-ku, Tokyo

1,242.97

8,490.44

2,047.22

14,706.36

9,377.28

91,280.94

12,011.00

185,974.87

27,335.29

257,842.41

1,110.28

8,772.51

SRC B1/9F

May 1981

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

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

Taihei 4-chome, Sumida-ku, Tokyo
Kitasaiwai 1-chome, Nishi-ku,
Yokohama, Kanagawa
Shimocho 2-chome, Omiya-ku,
Saitama, Saitama
Tanashicho 2-chome, Nishitokyo,
Tokyo
Kawaguchi 1-chome, Kawaguchi,
Saitama
Kosugimachi 3-chome, Nakahara-ku,
Kawasaki, Kanagawa

2,268.09

9,203.98

S 9F

Feb. 200912,326.30

80,675.27

SRC B2/17F

Feb. 1995

15,008.28

48,321.96

4,761.62

18,394.32

Bessho 7-come, Saitama, Saitama

8,317.99

28,930.36

Ekimae-Honcho, Kawasaki, Kanagawa

4,475.45

36,902.01

2,706.99

19,950.42

1,432.64

14,619.52

SRC B3/9F

Feb. 1970

1,214.63

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

959.875,780.71

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

1,895.67

10,783.52

SRC B1/12F

Dec. 1997

1,128.45

6,715.07

S 9F

Jul. 1996

1,164.39

8,690.95

S, SRC 13F

Jul. 2000

668.11

5,696.01

SRC B2/9F

Oct. 1993

680.633,874.81

SRC 8F

Feb. 1993

1,610.38

10,201.44

SRC B1/9F

Mar. 1991

4,348.43

22,286.35

SRC 14F

Jan. 2009

Chayamachi, Kita-ku, Osaka, Osaka

3,518.68

17,897.56

SRC B1/8F

Apr. 1990

Benetton
Shinsaibashi Bldg.

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

609.315,303.98

S B2/10F

Feb. 2003
Jan. 2005
Expanded

Housing Design
Center Kobe
JPR Chayamachi
Bldg.

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

3,994.47

33,877.71

SRC, S
B2/11F

Jun. 1994

592.45

3,219.36

S, SRC 9F

Jun. 1994

Cupo-la Main Bldg.
RetailSRC B1/11F

Completed

Tokyo Tatemono
Yokohama Bldg.

Tanashi ASTA

JPR Musashikosugi
Bldg.
Musashiurawa
Shopping Square
Kawasaki Dice
Bldg.
Niigata Ekinan
Center Bldg.
Tokyo Tatemono
Honmachi Bldg.
JPR Hakata Bldg.

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

Olinas Tower

Omiya Prime East

JPR Naha Bldg.
Sompo Japan
Sendai Bldg.
Sompo Japan
Wakayama Bldg.
Tenjin 121 Bldg.
JPR Dojima Bldg.
JPR Hakata-chuo
Bldg.
JPR Nagoya
Fushimi Bldg.
Yakuin Business
GardenJPR Umeda Loft
Bldg.

RetailTotal Floor
Space (m2)Arca East

Rise Arena Bldg.

Other Cities

Site Area(m2)

Location

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

Chayamachi, Kita-ku, Osaka, Osaka

28

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

Feb. 2006

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

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd 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 thenearest million yen.
Japan Real Estate InstituteTanizawa Sogo Appraisal Co., Ltd.
CBRE KK
Daiwa Real Estate Appraisal Co.,
Ltd.

Japan Valuers Co., Ltd.

JPR Ningyo-cho Bldg., Shin-Kojimachi Bldg., MS Shibaura Bldg., Gotanda
First Bldg., Shinjuku Center Bldg., Minami Azabu Bldg., Shinagawa Canal
Bldg., Rokubancho Bldg., Tokyo Tatemono Kyobashi Bldg., JPR Shibuya
Tower Records Bldg., Shinjuku Sanchome East Bldg., Yurakucho Ekimae
Bldg. (Yurakucho Itocia), Arca East, Shinyokohama 2nd Center Bldg.,
Kawaguchi Center Bldg., JPR Ueno East Bldg., Tachikawa Business Center
Bldg., Yume-ooka Office Tower, Olinas Tower, Tokyo Tatemono Yokohama
Bldg., Omiya Prime East, Cupo-la Main Bldg., Tokyo Tatemono Honmachi
Bldg., Sompo Japan Sendai Bldg., Sompo Japan Wakayama Bldg., Tenjin 121
Bldg., JPR Dojima Bldg., JPR Hakata-chuo Bldg., Yakuin Business Garden
JPR Daikanyama, JPR Jingumae 432, Kawasaki Dice Bldg., Niigata Ekinan
Center Bldg., JPR Hakata Bldg., JPR Naha Bldg.
Rise Arena Bldg., JPR Nagoya Fushimi Bldg., Benetton Shinsaibashi Bldg.,
Housing Design Center Kobe, JPR Chayamachi Bldg.
Kanematsu Bldg., Kanematsu Bldg. Annex, JPR Crest Takebashi Bldg.,
Fukuoka Bldg., JPR Ichigaya Bldg., Oval Court Ohsaki Mark West, BYGS
Shinjuku Bldg., Across Shinkawa Bldg. Annex, Otemachi 1-6 Plan (Land with
Leasehold Interest) (tentative name), 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 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 ofrespective 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 23rd fiscal
period, indicated in a percentage rounded to the first decimal place.

29

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Acquisition Price
Area

Type

(million yen)

Investment
Ratio
(%)

Kanematsu Bldg.

Dec. 27, 2001

16,276

4.1

11,700

3.2

Kanematsu Bldg. Annex

Dec. 27, 2001

2,874

0.7

2,250

0.6

JPR Ningyo-cho Bldg.

Nov. 16, 2001

2,100

0.5

2,200

0.6

Shin-Kojimachi Bldg.

Nov. 16, 2001

1,670

Nov. 21, 2002

550

0.6

2,970

0.8

Nov. 12, 2004

200

JPR Crest Takebashi Bldg.

Jun. 21, 2002

4,000

1.0

3,090

0.8

MS Shibaura Bldg.

Mar. 28, 2003

11,2002.8

11,3003.1

Gotanda First Bldg.

Jul. 23, 2003

2,920

0.7

2,700

0.7

Fukuoka Bldg.

Oct. 15, 2003

1,800

0.5

1,830

0.5

Apr. 15, 2005

1,120

0.3

960

0.3

May 28, 2004

5,100

1.3

4,660

1.3

Oval Court Ohsaki Mark West

Jun.1, 2004

3,500

0.9

4,370

1.2

Shinjuku Square Tower

Jul.2, 2004

10,000

2.5

7,263

2.0

Sep. 26, 2008

180

0.0

98

0.0

Nov. 9, 2004

2,900

Apr. 12, 2005

8,921

3.8

13,400

3.7

Jul. 13, 2010

3,300

Across Shinkawa Bldg. Annex

Nov. 26, 2004

710

0.2

813

0.2

Shinjuku Center Bldg.

Mar. 27, 2008

21,0005.3

12,8003.5

Minami Azabu Bldg.

Jul. 14, 2008

3,760

0.9

2,290

0.6

Shinagawa Canal Bldg.

Dec. 19, 2008

1,870

0.5

1,800

0.5

Rokubancho Bldg.

Dec. 2, 2009

2,800

0.7

3,120

0.9

JPR Harajuku Bldg.

Dec. 25, 2009

8,400

2.1

6,760

1.9

Tokyo Tatemono Kyobashi Bldg.

Feb. 12, 2010

5,250

1.3

4,580

1.3

JPR Nihonbashi-horidome Bldg.

Mar. 31, 2010

5,100

1.3

5,760

1.6

JPR Sendagaya Bldg.

May 31, 2010

15,0503.8

10,6002.9

Ginza Sanwa Bldg.
Otemachi 1-6 Plan (Land with
Leasehold Interest) (tentativename)
JPR Shibuya Tower Records Bldg.

Aug. 29, 2011

3,400

0.9

3,250

0.9

Mar. 13, 2012

36,0009.0

36,80010.1

Jun. 30, 2003

12,0003.0

12,300

3.4

JPR Daikanyama

Oct. 5, 2004

2,160

0.5

1,450

0.4

JPR Jingumae 432

Mar. 24, 2006

4,275

1.1

3,320

0.9

Mar. 14, 2007

540

Apr. 24, 2008

2,200

0.7

2,440

0.7

Aug. 27, 2008

3,400

0.9

2,670

0.7

206,52651.8

179,54449.2

Property Name

Fukuoka Bldg. (additional
acquisition in 7th period)

OfficeJPR Ichigaya Bldg.

Central Tokyo

Shinjuku Square Tower (additional
acquisition in 14th Period)

BYGS Shinjuku Bldg.

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

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

Acquisition Date

Subtotal of Central Tokyo

30

Price

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

Acquisition Price

OfficeType

Property Name

Acquisition Date

Nov. 16, 2001

5,880

1.5

5,980

1.6

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

Dec. 13, 2001

2,350

0.6

1,640

0.4

Nov. 16, 2001

2,927

0.7

2,380

0.7

0.4

1,730

0.5

Sep. 25, 2002

920

Mar. 28, 2013

570

Kawaguchi Center Bldg.

Feb. 13, 2004

8,100

2.0

7,400

2.0

JPR Ueno East Bldg.

Mar. 1, 2004

3,250

0.8

4,420

1.2

Tachikawa Business Center Bldg.

Sep. 30, 2005

888

0.2

1,050

0.3

Feb. 28, 2007

2,300

0.6

1,840

0.5

Mar. 22, 2007

5,831

1.5

6,240

1.7

(additional acquisition in 11th period)

Rise Arena Bldg.
Yume-ooka Office Tower

Jul. 10, 2007

6,510

1.6

5,240

1.4

Olinas Tower
Tokyo Tatemono Yokohama
Bldg.
Omiya Prime East

Jun. 29, 2009

31,3007.9

32,7009.0

Dec. 27, 2010

7,000

1.8

6,880

1.9

Mar. 22, 2013

6,090

1.5

6,270

1.7

Tanashi ASTA

Nov. 16, 2001

10,2002.6

12,500

3.4

Cupo-la Main Bldg.

Mar. 31, 2006

2,100

0.5

2,540

0.7

JPR Musashikosugi Bldg.

Sep. 28, 2006

7,260

1.8

5,140

1.4

Musashiurawa Shopping Square

Mar. 19, 2007

4,335

1.1

3,990

1.1

Kawasaki Dice Bldg.

Apr. 12, 2007

15,0803.8

14,400

3.9

OfficeSubtotal of Greater Tokyo

Other Cities

122,89130.8

122,340

33.5

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

Nov. 16, 2001

2,140

0.5

2,180

0.6

Nov. 16, 2001

4,150

1.0

3,220

0.9

Nov. 16, 2001

2,900

0.7

2,780

0.8

JPR Naha Bldg.

Nov. 16, 2001

1,560

0.4

1,370

0.4

Sompo Japan Sendai Bldg.

Jun. 26, 2002

3,150

0.8

3,280

0.9

Sompo Japan Wakayama Bldg.

Jun. 26, 2002

1,670

0.4

1,580

0.4

Tenjin 121 Bldg.

Jun. 21, 2002

2,810

0.7

2,060

0.6

JPR Dojima Bldg.

Jan. 23, 2004

2,140

0.5

2,090

0.6

JPR Hakata-chuo Bldg.

Jun. 11, 2004

1,920

0.5

1,640

0.4

JPR Nagoya Fushimi Bldg.

Mar. 22, 2005

4,137

1.0

2,800

0.8

Yakuin Business Garden

Aug. 8, 2012

10,996

2.8

11,300

3.1

May 15, 2003

8,000

Jul. 16, 2003

5,000

3.3

13,6003.7

Benetton Shinsaibashi Bldg.

May 30, 2005

5,430

1.4

4,360

1.2

Housing Design Center Kobe

Sep. 28, 2005

7,220

1.8

6,460

1.8

JPR Chayamachi Bldg.

Aug. 30, 2006

6,000

1.5

4,610

1.3

JPR Umeda Loft Bldg.
Retail(million yen)

Investment
Ratio
(%)

Price

Arca East

Tachikawa Business Center Bldg.

RetailGreater Tokyo

Area

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

Subtotal of Other Cities
Total

31

69,223

17.4

63,33017.3

398,640100.0

365,214100.0

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period(3) Major Investment Assets
The following is the investment property with rental revenues exceeding 10% of total rental revenues of theentire portfolio of JPR for the 23rd fiscal period.
<Property Name: Otemachi 1-6 Plan (Land with Leasehold Interest) (tentative name)>
Total Number of Tenants
Rental Revenues (Note 1)
Percentage to Total Rental Revenues (Note 2)
Total Leased Floor Space (Note 3)
Total Leasable Floor Space (Note 3)
Changes in Occupancy Rate in Last 5 Years (Note 2)(Note 4)1
1,439,171 thousand yen
10.8%
11,034.78m2
11,034.78m2
June 30, 2013100.0%
December 31, 2012
100.0%
June 30, 2012
100.0%(Note 1) Rental revenues represent the property’s operating revenues for the 23rd fiscal period, rounded down to the nearest
thousand yen.
(Note 2) The figure has been rounded to the first decimal place.
(Note 3) The total leased floor space and total leasable floor space are those as of the end of the 23rd fiscal period (June 30,2013).
(Note 4) The changes in occupancy rate in last 5 years shows only the occupancy rates after JPR acquired it.

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

Total No. of
Tenants

Total Leasable Floor Space

Occupancy Rate

December 31, 2008

52

499

383,215.57m2

96.4%

June 30, 2009

51

476

393,532.31m2

96.8%

December 31, 2009

53

476

400,751.87m2

96.4%
95.5%

June 30, 2010

55

460

410,326.04m2

December 31, 2010

56

479

420,544.51m2

93.5%

June 30, 2011

56

493

421,371.51m2

94.7%

December 31, 2011

57

501

423,311.93m2

95.6%
94.1%

June 30, 2012

58

502

434,340.04m2

December 31, 2012

59

534

450,943.43m2

94.9%January 31, 2013

59

536

450,943.42m2

95.0%

537

2

450,943.87m

94.9%

543

2

95.1%

552

2

460,464.76m

95.5%

2

February 28, 2013
March 31, 2013
April 30, 2013

59
60
60

460,459.11m

May 31, 2013

60

562

460,465.20m

96.4%

June 30, 2013

60

564

460,452.47m2

96.9%(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 23rd fiscal period, as well as the total rental income for the 23rd
fiscal period.
Total Number of Tenants
Total Leased Floor Space
Total Leasable Floor Space
Total Rental Income

564
446,359.29m2
460,452.47m2
13,278,813 thousand yen

32

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period2) Overview of Lease Status for Respective Properties
23rd Fiscal Period (January 1, 2013 - June 30, 2013)
Area

Type

Property Name

Kanematsu Bldg.

Office(thousand
yen)

Ratio

365,5442.8

2,291.13

2,291.131

100.0(Note 2)

(Note 2)

JPR Ningyo-cho Bldg.

2,804.56

2,804.56

4

100.0

63,883

0.5

Shin-Kojimachi Bldg.

3,319.60

3,319.60

15

100.0

99,3400.7

JPR Crest Takebashi Bldg.

3,265.34

2,306.71

6

70.6

70,725

0.5

MS Shibaura Bldg.

14,469.72

13,489.37

7

93.2

356,555

2.7

Gotanda First Bldg.

4,243.58

4,243.58

2

100.0

131,419

1.0

Fukuoka Bldg.

1,250.06

1,250.06

100.0(Note 2)

(Note 2)687.34687.34100.0(Note 2)

(Note 2)4,224.96

4,224.96

9

100.0

163,324

1.2

3

100.0

178,310

1.3

100.0

184,459

1.4

100.0

2,834

0.0

24

98.9

546,651

4.1

JPR Ichigaya Bldg.

RetailRental Revenues

Kanematsu Bldg. Annex

Fukuoka Bldg. (additional
acquisition in 7th period)

Central Tokyo

Information on Period End Floor Space, Etc.
Total Leasable
Total Leased
No. ofOccupancy
Floor Space
Floor Space
Tenants
Rate (%)
2
2
(m )
(m )
(Note 1)
7,994.02
7,994.02
10
100.0

1

Oval Court Ohsaki Mark West4,088.44

4,088.44

Shinjuku Square Tower
Shinjuku Square Tower(additional acquisition in 14th
Period)BYGS Shinjuku Bldg.

10,982.03

10,982.03

168.15168.15

15,196.08

15,022.56

Across Shinkawa Bldg. Annex

1,253.39

1,253.39

4

100.0

39,701

0.3

Shinjuku Center Bldg.

8,863.98

7,944.8129

89.6

441,255

3.3

Minami Azabu Bldg.

3,405.73

0.00

0

0.0

5

0.0

Shinagawa Canal Bldg.

1,700.57

1,528.84

4

89.9

62,276

0.5

Rokubancho Bldg.

2,488.36

2,488.361

100.0(Note 2)

(Note 2)

JPR Harajuku Bldg.

4,760.09

4,670.48

8

98.1

208,392

1.6

Tokyo Tatemono Kyobashi Bldg.

3,499.31

3,499.312

100.0(Note 2)

(Note 2)

JPR Nihonbashi-horidome Bldg.

5,299.89

5,299.89

7

100.0

185,498

1.4

JPR Sendagaya Bldg.

6,177.74

6,177.74

6

100.0

244,790

1.8

Ginza Sanwa Bldg.
Otemachi 1-6 Plan (Land with
Leasehold Interest) (tentativename)
JPR Shibuya Tower Records
Bldg.
JPR Daikanyama

1,899.27

1,899.27

8

100.0

116,486

0.9

11,034.78

11,034.78

1

100.0

1,439,171

10.8

8,076.85

8,076.851

100.0(Note 2)

(Note 2)651.29498.283

76.5

28,3600.2

JPR Jingumae 432

1,027.33

1,027.33

6

100.0

89,478

0.7

Shinjuku Sanchome East Bldg.

2,347.81

2,347.811

100.0(Note 2)

(Note 2)

Yurakucho Ekimae Bldg.
(Yurakucho Itocia)

1,101.92

1,101.921

100.0(Note 2)

(Note 2)33

26

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

23rd Fiscal Period (January 1, 2013 - June 30, 2013)
Area

Type

Property Name

OfficeRetailOther Cities

OfficeRetailGreater Tokyo

Arca East

Information on Period End Floor Space, Etc.
Total Leasable
Total Leased
No. ofOccupancy
Floor Space
Floor Space
Tenants
Rate (%)
2
2
(m )
(m )
(Note 1)
7,022.76
6,540.64
5
93.1

Rental Revenues(thousand
yen)

Ratio

226,951

1.7

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

5,536.38

5,265.33

39

95.1

122,356

0.9

6,066.53

6,066.53

13

100.0

129,9361.0

5,284.75

4,499.78

14

85.1

71,016

0.5

Kawaguchi Center Bldg.

15,455.90

14,364.04

41

92.9

338,039

2.5

JPR Ueno East Bldg.

6,490.05

6,119.16

7

94.3

161,409

1.2

Tachikawa Business Center Bldg.
Tachikawa Business Center Bldg.
(additional acquisition in 11th
period)Rise Arena Bldg.

1,747.13

1,747.13

100.0

58,8260.4

2,983.91

2,983.91

100.0

89,9900.7

6,023.39

6,023.391

100.0(Note 2)

(Note 2)

Yume-ooka Office Tower

12,014.32

10,966.22

32

91.3

313,429

2.4

Olinas Tower
Tokyo Tatemono Yokohama
Bldg.
Omiya Prime East

23,987.40

23,769.88

10

99.1

1,020,694

7.7

6,494.09

6,494.09

14

100.0

297,704

2.2

6,871.45

6,871.45

4

100.0

145,286

1.1

Tanashi ASTA

31,121.71

31,121.71

1

100.0

(Note 2)

(Note 2)18

Cupo-la Main Bldg.

5,963.00

5,963.001

100.0(Note 2)

(Note 2)

JPR Musashikosugi Bldg.

19,740.95

19,740.95

1

100.0

(Note 2)

(Note 2)

Musashiurawa Shopping Square

14,960.69

14,960.69

3

100.0

129,222

1.0

Kawasaki Dice Bldg.

13,066.69

12,911.37

20

98.8

479,832

3.6

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

5,326.88

5,326.888

100.0

127,8101.0

7,163.08

6,800.20

10

94.9

147,040

1.1

6,568.43

6,176.1630

94.0

141,758

1.1

JPR Naha Bldg.

3,946.36

3,678.36

19

93.2

76,662

0.6

Sompo Japan Sendai Bldg.

7,129.05

6,797.20

13

95.3

183,731

1.4

Sompo Japan Wakayama Bldg.

4,875.12

4,794.03

12

98.3

98,672

0.7

Tenjin 121 Bldg.

3,257.73

3,257.73

16

100.0

98,7650.7

JPR Dojima Bldg.

3,930.21

3,286.51

7

83.6

92,7540.7

JPR Hakata-chuo Bldg.

3,290.42

3,290.425

100.0

80,294

0.6

JPR Nagoya Fushimi Bldg.

7,086.37

6,356.18

3

89.7

128,462

1.0

Yakuin Business Garden

16,654.33

16,644.71

18

99.9

471,730

3.6

JPR Umeda Loft Bldg.

18,586.97

18,576.98

1

100.0

(Note 2)

(Note 2)Benetton Shinsaibashi Bldg.

5,303.98

5,303.981

100.0(Note 2)

(Note 2)

Housing Design Center Kobe

35,444.13

35,444.13

1

100.0

(Note 2)

(Note 2)

JPR Chayamachi Bldg.

2,484.39

2,484.396

100.0

135,8291.0

460,452.47

446,359.29

564

96.9

13,278,813

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., Rise Arena
Bldg. and Kawasaki Dice Bldg.: when a single tenant leases multiple rooms, it is counted as one if the tenant uses the same property.
If the leased rooms are in multiple buildings, the tenant is counted in plural.
The tenants of Shinjuku Square Tower, Shinjuku Center Bldg., Rise Arena Bldg. and Kawasaki Dice Bldg. have sublet space tosublessees and lease agreements have been executed where the rent paid by the tenants fluctuates in accordance with the leaseconditions of the sublessees and thus the numbers of sublessees have been entered as the numbers of tenants.
(Note 2) JPR does not disclose the rental revenues and their ratio of the properties due to inevitable reasons.

34

Japan Prime Realty Investment Corporation (8955) Financial Report for 23rd Fiscal Period

3) Ten Largest Tenants
The following table shows the ten largest tenants in terms of leased floor space as of June 30, 2013.

Rank

TenantProperty Name

Percentage to Total
Leased Floor Space
Leased Floor Spaceat End of Period
as of June 30, 2013(m2)
(Note 1)

1

Tokyo Tatemono Co., Ltd

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

2

ABC Development Corporation

Housing Design Center Kobe

35,444.13

7.9%

3

Seiyu GK

Tanashi ASTA

31,121.71

7.0%

4

Ito-Yokado Co., Ltd.

JPR Musashikosugi Bldg.

19,740.95

4.4%

5The LOFT Co., Ltd.

JPR Umeda Loft Bldg.

18,586.97

4.2%

6

Y.K. Tokyo Prime Stage

Otemachi 1-6 Plan (Land with Leasehold
Interest) (tentative name)11,034.78

2.5%

7

Olympic Group Corporation

Musashiurawa Shopping Square

9,558.51

2.1%

8

Tower Records Japan Inc.

JPR Shibuya Tower Records Bldg.

8,076.85

1.8%

9Sompo Japan Insurance Inc.

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

7,941.96

1.8%

10

Taisei-Yuraku Real Estate Co., Ltd.

Rise Arena Bldg.

6,023.39

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

35

37,772.27

8.4%