Translation
Japan Prime Realty Investment Corporation
Financial Report for the 25th Fiscal Period Results (January 1, 2014 – June 30, 2014)
August 14, 2014

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, 2014
Scheduled date of commencement of distribution payout:
September 10, 2014
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. Financial Results for the 25th Fiscal Period (January 1, 2014 – June 30, 2014)(1) Operating Results
For the six months ended

June 30, 2014
December 31, 2013

For the six months ended

June 30, 2014
December 31, 2013[% figures represent the increase (decrease) compared with the previous fiscal period]

Operating Revenues
million yen%
13,7341.0
2.4
13,591Net Income per Unit
(EPU)
yen
6,149
6,004

Operating Income
million yen
%
0.9
6,425
(0.3)
6,368

Net Income / Net Assets

Ordinary Income
million yen
%
3.5
5,073
(1.5)
4,899
Ordinary Income /Total Assets

%
2.6
2.5

Net Income
million yen
%
2.4
5,072
(0.4)
4,954
Ordinary Income /Operating Revenues

%
1.2
1.2

%
36.9
36.1

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

yenmillion yen
June 30, 2014
6,150
5,073
December 31, 2013
6,006
4,954
(Note 1) Dividend payout ratio is rounded to the first decimal place.
For the six months ended

yen
0
0

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution /Net Assets

million yen
0
0

%
100.0
100.0

%
2.6
2.5

(3) Financial Position
As ofJune 30, 2014
December 31, 2013

Total Assets
million yen
414,104
413,974

Net Assets
million yen
197,213
197,095

Net Assets / Total Assets
%
47.6
47.6

Net Asset Per Unityen
239,046
238,903(4) Cash Flows
Cash Flows fromOperating Activities
For the six months ended

June 30, 2014
December 31, 2013

million yen
7,431
6,721

Cash Flows from
Investing Activities
million yen(431)(7,132)

1

Cash Flows from
Financing Activities
million yen(5,562)(372)

Cash and Cash
Equivalents
at End of Period
million yen
23,075
21,637

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

2. Forecasts for 26th Fiscal Period Ending December 31, 2014

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

26th Fiscal PeriodEnding December
13,879
1.1
6,348
(1.2)
5,099
0.5
5,098
0.5
31, 2014(Reference) Estimated net income per unit for the 26th fiscal period ending December 31, 2014: 6,180 yen

6,180

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, 2014:
825,000 units
As of December 31, 2013:
825,000 units(b) Number of treasury units at end of period
As of June 30, 2014:
0 units
As of December 31, 2013:
0 units(Note) With regard to the number of investment units, which serves as the basis for calculating net income per unit, please refer
to “Per Unit Information,” on page 21.

* 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 26th fiscal period ending December 31, 2014 are calculated as of August 14, 2014 basedon the assumptions described on page 8 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, 2014. 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 25th 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, 2014).
Furthermore, the following is the property management company for the property which JPR acquired or for which
JPR changed the property management company between the date of submission of the most recent securities report
and the date of this document.
Property nameShibadaimon Center Building(additional acquisition)

Property manager
Yasuda Real Estate Co., Ltd.

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 26,2014).
(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 (Act No. 198 of 1951, as amended; hereafter, the Investment
Trusts Act), and was listed on the Tokyo Stock Exchange (TSE) Real Estate Investment Trust Section(securities code: 8955) on June 14, 2002 with 289,600 outstanding investment units. Subsequently, JPR
conducted five public offerings and other equity financing measures, with the number of investment units
issued and outstanding totaling 825,000 units at present. 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 primarily comprising office properties and retail properties.

b) Management Environment
During the 25th fiscal period, although there had been concerns that the economy might be adversely
affected by the increase in the consumption tax, the slowdown following the tax rise was largely
within expectation. Consumer spending was observed to pick up, given the solid employment
environment, and private capital investment also showed an increasing tendency due to improvement
in corporate performances and other factors. As such, the economy maintained a moderate recovery
trend.
The Office Property Leasing Market
The supply and demand balance in the office property leasing market of the 23 wards of Tokyo further
improved due to expansion in new demand, including increased office space within the same buildings,
on top of new supply remaining small. Given this situation, the upward trend of the rent levels for new
contracts has been strengthened for Class S and Class A buildings, and the positive impact isincreasingly spreading through the entire market including Class B buildings, such as the rent-free
periods granted to new tenants being reduced.
The Retail Property Leasing Market
There had been concerns about negative impacts of the consumption tax increase particularly on retailproperties. However, such impacts that had been worried about were hardly found for urban retailproperties in which JPR targets to invest, as tenant’s needs to open stores remained strong. Urban retailproperties in good locations, such as Ginza and Omotesando, have seen vacancies drop, with rents inthe course of taking an upward turn and increasing.
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 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. Because of the decreased cap rates,
3

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

combined with expectations for recovery of rental revenues, the transaction price of real estate is being
formed at an even higher level, and there is an expanding tendency to invest in projects located inregional cities.
c) 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 type.
During the 25th fiscal period, JPR investigated possible investments primarily in office properties incentral Tokyo and retail properties in the Tokyo metropolitan area, but no acquisition was closed andcompleted. As a result, the balance of assets under management totaled 62 properties, or 404.7 billion
yen on an acquisition price basis, as of the end of June 2014, with the total leasable floor spacestanding at 467,175m2 and the number of tenants reaching 628.
Operational Management of Portfolio
The vacancy rate in the office property leasing market showed a downward trend in the 25th fiscal
period, given a more advanced improvement in the supply and demand balance in Tokyo and otherareas. Under such circumstances, 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 enhancing earnings from the entire portfolio andimproving occupancy rates. As a result, JPR successfully increased the occupancy rate at end of period
to an even higher level of 97.8%, up 1.3 percentage points from the end of the 24th 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 for theendeavor, at its multiple properties.
In addition, JPR is proactively engaged in environmental friendliness, continuously working to obtainenvironmental 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 to mitigate disaster and prevent crime, as well as meet the various social requirements surrounding real estate fromstakeholders (“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 friendlinessand social 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
JPR is engaged in conservative financial operations, setting the ceiling of the interest-bearing debt ratio(hereafter the “LTV”) (Note 1) at 55% as a rule and working to control the ratio largely at 50% orlower in practice.
In debt financing, JPR continued to maintain financial stability by conducting bank borrowings atlong-term fixed interest rates with an eye on reducing risks of rising interest rates while remaining
attentive to the diversification of repayment dates, etc.
JPR established a commitment line with credit limit of 28 billion yen in order to reduce refinancing
risks and secure stable fund procurement.
In the 25th fiscal period, JPR procured funds of 16.5 billion yen in total, including refinancing of loans

and investment corporation bonds upon maturity. As a result, the balance of total outstanding
borrowings as of the end of the fiscal period was 134.6 billion yen, with investment corporation bondsof 56.5 billion yen.
4

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

As of the end of the 25th fiscal period, JPR had LTV of 47.3%, long-term and fixed interest-bearing
debt ratio (Note 2) of 97.2%, average interest rate (Note 3) of 1.23%, and average maturity (Note 4) of
3.7 years. Furthermore, the current portion of long-term interest-bearing debt was 32.3 billion yen.
The following represents the issuer ratings for JPR as of the end of this fiscal period.
Details of Corporate Credit Ratings as of June 30, 2014
Credit Rating Agency
Corporate Credit Rating
Rating and Investment Information, Inc.
AA- (Stable)
Long-term: A (Stable)
Standard & Poor's Ratings Japan K.K.
Short-term: A-1(Note 1) LTV: (borrowings + investment corporation bonds)/ total value of assets

Total value of assets is calculated by adding or subtracting the difference between the appraisal value at end of period and thebook value at end of period of the specified assets owned by JPR to the total assets.
(Note 2) Long-term and fixed interest-bearing debt ratio: long-term, fixed-interest interest-bearing debt / total interest-bearing debt
(Note 3) Average interest rate is arrived at by calculating a weighted average of interest rates for all interest-bearing debt as of the end of
the 25th fiscal period based on the balance of each interest-bearing debt
(Note 4) Average maturity is arrived at by calculating a weighted average of maturities from the end of the 25th fiscal period to therepayment deadlines for all interest-bearing debt based on the balance of each interest-bearing debt.

d) Operating Results and Cash Distributions
As a result of the aforementioned management performance, JPR posted operating revenues of 13,734
million yen, ordinary income of 5,073 million yen and net income of 5,072 million yen for its 25th
fiscal period ended June 30, 2014. With regard to the cash distributions, JPR decided to distribute partof the retained earnings brought forward that had been internally reserved through the 24th 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 6,150 yen for the 25th
fiscal period.
2) Forecast for the Next Fiscal Perioda) Outlook for Management Status
As for the prospects of the Japanese economy, it is anticipated that private capital investment will
increase in line with the recovery of corporate performances, while growth in external demand is also
hoped for in accordance with the developed economies picking up. With the employment environment
staying solid, consumer spending is also likely to grow in a virtuous circle of the economy if personal
income continues to improve. On the other hand, disturbance in the overseas economies including
geopolitical risks will remain to be a cause for concern.
In the office property leasing market, the general recovery in the market situation will presumably be amodest one for the moment, with polarization by property further advancing amid continued
improvement in the supply and demand condition. In this regard, JPR believes it will be able to fully
enjoy the positive impact of the market recovery as it has focused on improving tenant satisfaction
through proactive implementation of value enhancement works and provision of elaborate
management services. In addition, when conducting real estate transactions in the market wherepolarization of earnings by property is anticipated to further advance, it will become even more
important to discern the growth potential of earnings of respective properties. Considering the situationin which cap rates are decreasing in an environment where monetary easing of a different dimension is
being conducted, it is required to firmly keep the attitude of vigorously selective investment for
implementing real estate investment that assumes possession of properties over the medium to longterm.
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, JPR will 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 in the transaction market along with the recovery in the office property
5Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Periodleasing 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.
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 favorable 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, encourage them to expand office spaces in the same buildings and renew contracts
with upward revision of rents through endeavors to enhance tenant satisfaction, while continuously
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 and conditions in anticipation of the recovery in the leasing market andaccelerate 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 requests- Conduct renovations to enhance energy-saving performance of the properties by utilizing thegovernment’s subsidy programsiii) 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 sources, 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
Issuance of unsecured investment corporation bonds
On July 11, 2014, JPR made the following decision to issue investment corporation bonds based on
the comprehensive resolution adopted at the Board of Directors’ meeting held on April 24, 2014.
Payment for the investment corporation bonds was completed on July 22, 2014.

6

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

Name of the bonds
Total issue amountInterest rate
Collateral

Redemption method
and redemption date
Use of funds

Name of the bonds
Total issue amountInterest rate
Collateral

Redemption method
and redemption date
Use of funds

Japan Prime Realty Investment Corporation 20th Series of Unsecured
Investment Corporation Bonds(with special pari passu conditions among specified investment corporation
bonds)
2 billion yen
Subscription period
July 11, 2014
0.303% per annum
Payment dateJuly 22, 2014
Unsecured /Purchase price
100 yen per 100 yen of theunguaranteed
investment corporation
bonds
The total amount of the bonds will be redeemed on July 22, 2019.The bonds
may be repurchased and cancelled at any time on and after the day following
the payment date, unless otherwise determined by the book-entry transfer
agent.
Redemption of investment corporation bonds
Japan Prime Realty Investment Corporation 21st Series of Unsecured
Investment Corporation Bonds(with special pari passu conditions among specified investment corporation
bonds)
4 billion yen
Subscription period
July 11, 2014
1.278% per annum
Payment dateJuly 22, 2014
Unsecured /Purchase price
100 yen per 100 yen of theunguaranteed
investment corporation
bonds
The total amount of the bonds will be redeemed on July 22, 2026. The bonds
may be repurchased and cancelled at any time on and after the day following
the payment date, unless otherwise determined by the book-entry transfer
agent.
Redemption of investment corporation bonds<Reference Information>
Property acquisition
JPR acquired the following property.
<Shibadaimon Center Building (additional ownership)>
Property overview
Location:

1-10-1 Shibadaimon, Minato-ku, Tokyo (residence indication)

Ownership:

Land: ownership (partially co-ownership)
Building: sectional ownership

Site area:

1,915.50m2 (equivalent to JPR’s equity interest: 275.78 m2)

Total floor space :11,419.93 m2 (area under the sectional ownership: 1,021.20 m2)

Structure/Floor:

S/SRC, B1/10F

Completion date:July 1993

Number of tenants:

3

Total leasable area:

1,041.87 m2

Total leased area:

1,041.87 m2

Occupancy rate:

100.0%*The figures as of July 30, 2014 have been entered for the number of tenants, total leasable area,
total leased area and occupancy rate.
Terms and conditions of transaction
Transaction price:

800 million yen

Asset type:

Real Estate (Note )7

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

Acquisition date:July 30, 2014

(Note) JPR already owned beneficiary interest in part of the property. JPR executed an additional
trust agreement with the trustee as of July 30, 2014 for the additionally acquired portion andadded the portion to the existing trust property, so that JPR owns trust beneficiary interest in
the both portions.

b) Outlook for Management Status (Operating Results) for the 26th Fiscal Period
JPR expects the following management status in the 26th fiscal period (from July 1, 2014 to December
31, 2014).
13,879 million yen
6,348 million yen
5,099 million yen
5,098 million yen
6,180 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 26th Fiscal Period Forecast (July 1, 2014 – December 31, 2014)” 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.

Assumptions for the 26th Fiscal Period Forecast(July 1, 2014 – December 31, 2014)
Item
PeriodProperty
Portfolio

Operating
Revenues

Assumptions
26th fiscal period: July 1, 2014 to December 31, 2014
(investment period: 184 days)
・The number of properties is assumed to be 62 properties that were held by JPR as of August
14, 2014. Furthermore, the assumed period-average occupancy rate at end of month is
96.8%.
・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 2014, 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.

8

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

OperatingExpenses

Non-Operating
Expenses

Interest-Bearing
Debt Ratio

Total Units
Outstanding

・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 2014. Outsourcing expenses are assumed to be 545 million yen for the
fiscal period ending December 31, 2014.
・For property taxes and city planning taxes, the amount attributed to the fiscal period ending
December 31, 2014 has been calculated out of the levied tax amount, and is assumed to be
1,985 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, 2014 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, 2014 is assumed to be 1,846 million yen.
・As for major non-operating expenses, JPR assumes 1,224 million yen for interest paid,interest on investment corporation bonds and fees related to loan arrangement.
・The interest-bearing debt ratio as of August 14, 2014 stands at 49.9%, with interest-bearing
debt of 191,190 million yen (comprised of 2,000 million yen in short-term debt, 132,690
million yen in long-term debt and 56,500 million yen in investment corporation bonds).
・It is assumed that all borrowings whose repayment dates will arrive during the fiscal period
ending December 31, 2014 will be refinanced, except for scheduled repayment of 166
million yen.
・As for the investment corporation bonds, for which redemption is planned in the period, theredemption cost is assumed to be secured through debt and issuance of investment
corporation bonds.
・The interest-bearing debt ratio is expected to be 49.9% at end of the fiscal period ending
December 2014.
・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, 2014 are assumed.

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 andreal estate market conditions.

(3) Investment Risks
The description is omitted as there are no significant changes from the “Investment risks” disclosed in thelatest securities report (submitted on March 26, 2014).

9

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

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

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures
Accumulated depreciation
Structures, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
LandLand in trust
Construction in progress
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

10

End of 24th Fiscal
PeriodEnd of 25th Fiscal
Period(Dec. 31, 2013)(Jun. 30, 2014)¥9,781,000
11,856,805
271,134
189,193
41,342
22,139,475¥11,557,849
11,517,632
336,831
140,576
9,509
23,562,400

57,160,036(9,805,723)
47,354,313
82,586,390(23,401,876)
59,184,514
44,971(11,469)
33,501
116,410(57,188)
59,222725,203(314,764)
410,438
1,576,395(1,078,490)
497,905
46,995(26,479)
20,516
143,976(90,068)
53,907
111,638,476
167,095,445
80,888386,429,131

57,363,236(10,567,703)
46,795,533
83,036,800(24,402,931)
58,633,868
45,366(12,774)
32,591
120,534(61,138)
59,395725,345(333,349)
391,995
1,583,846(1,118,278)
465,568
50,301(28,524)
21,777
156,607(95,353)
61,254
110,601,033
168,132,889
9,527
385,205,434

4,794,109
4,166
4,798,276

4,794,109
3,585
4,797,695

49,520379,617429,137
391,656,545

53,953296,996
350,950
390,354,080

178,453
178,453¥413,974,474

188,176
188,176¥414,104,657

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period(Thousands of Yen)

Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term loans payable
Current portion of investment corporation bonds
Accounts payable-otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Total current liabilities
Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total noncurrent liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary 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

11

End of 24th Fiscal
PeriodEnd of 25th Fiscal
Period(Dec. 31, 2013)(Jun. 30, 2014)¥1,698,960
2,000,000
12,235,000
16,000,000
690,523
214,546605
174,150
2,446,217
35,460,003¥1,871,405
2,000,000
6,332,000
24,000,000
589,177
184,085605
309,1122,613,999
37,900,385

40,500,000
121,024,000
7,553,159
12,342,195
181,419,354
216,879,357

32,500,000
126,358,000
7,624,960
12,508,179
178,991,139
216,891,525

192,044,238

192,044,238

73,94673,94673,94673,946

4,976,931

5,094,946

5,050,878
197,095,116
197,095,116¥413,974,474

5,168,893
197,213,131
197,213,131¥414,104,657

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th 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 issuance
costs
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Subsidy income
Total extraordinary income
Income before income taxes
Income taxes-current
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed losses)

12

24th Fiscal
Period25th Fiscal
Period(Jul. 1, 2013 –Dec. 31, 2013)(Jan. 1, 2014 –Jun. 30, 2014)¥13,591,659
13,591,659¥13,734,191
13,734,191

6,534,916
473,242
81,4866,600
35,16791,8687,223,280
6,368,378

6,599,484
478,665
79,4876,600
35,674
108,811
7,308,723
6,425,467

2,084

2,183

9,680

40,831

4,868
16,634

4,669
47,684

887,736
129,716
438,203847,872
110,556
411,606

27,341

28,4092,134
1,485,133
4,899,879

1,136
1,399,581
5,073,570

54,76454,764
4,954,643
605
605
4,954,038
22,893¥4,976,931－－
5,073,570
605
605
5,072,965
21,981¥5,094,946

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period(3) Statements of Unitholders’ Equity(Thousands of Yen)

24th Fiscal
Period(Jul. 1, 2013 –Dec. 31, 2013)
Unitholders' equity
Unitholders' capital
Balance at beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at end of current period
Surplus
Voluntary 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

13

25th Fiscal
Period(Jan. 1, 2014 –Jun. 30, 2014)¥192,044,238¥192,044,238－
192,044,238－
192,044,238

73,94673,946－73,946－73,946

4,998,468

4,976,931(4,975,575)
4,954,038(21,536)
4,976,931(4,954,950)
5,072,965
118,015
5,094,946

5,072,414

5,050,878(21,536)5,050,878

118,015
5,168,893

197,116,653

197,095,116(21,536)
197,095,116

118,015
197,213,131

197,116,653

197,095,116(21,536)¥197,095,116

118,015¥197,213,131

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th 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 amount24th Fiscal Period(July 1, 2013 –December 31, 2013)
4,976,931,439 yen
4,954,950,000 yen(6,006 yen)
21,981,439 yen
Pursuant to the policy on cash
distributions provided in Article 30(2) of the Articles of Incorporation of
JPR, the distribution amount shall bein excess of an amount equivalent to
90% of the “distributable income
amount” as stipulated in Article 67-15
of the Act on Special Measures
Concerning Taxation, but no morethan the amount of earnings. Basedon such policy, JPR decided to pay
out distributions of earnings of
4,954,950,000 yen, which is thelargest integral multiple of thenumber of investment units issued
and outstanding (825,000 units) in an
amount not in excess ofunappropriated retained earnings
while minimizing the burden tounitholders 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 of Incorporation.

14

25th Fiscal Period(January 1, 2014 –June 30, 2014)
5,094,946,448 yen
5,073,750,000 yen(6,150 yen)
21,196,448 yen
Pursuant to the policy on cash
distributions provided in Article 30(2) of the Articles of Incorporation of
JPR, the distribution amount shall bein excess of an amount equivalent to
90% of the “distributable income
amount” as stipulated in Article 67-15
of the Act on Special Measures
Concerning Taxation, but no morethan the amount of earnings. Basedon such policy, JPR decided to pay
out distributions of earnings of
5,073,750,000 yen, which is thelargest integral multiple of thenumber of investment units issued
and outstanding (825,000 units) in an
amount not in excess ofunappropriated retained earnings
while minimizing the burden tounitholders 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 of Incorporation.

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period(5) Statements of Cash Flows(Thousands of Yen)

24th Fiscal
Period(Jul. 1, 2013 –Dec. 31, 2013)
Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bond issuance costs
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable-other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
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
Payment of tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Increase 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 payment of investment corporation bonds
Dividends paid
Net cash provided by (used in) financing activities
Net changes in cash and cash equivalents
Cash and cash equivalents at beginning of current period
Cash and cash equivalents at end of current period

15

25th Fiscal
Period(Jan. 1, 2014 –Jun. 30, 2014)¥4,954,643
1,869,541
27,341(2,084)
1,325,940
50,323(43,784)(61,827)(7,844)(17,388)(68,825)
13,8638,039,898
2,084(1,319,821)(619)
6,721,541¥5,073,570
1,834,573
28,409(2,183)
1,259,478(65,696)
48,616
151,017(922)
134,962
167,781
90,066
8,719,673
2,183(1,289,939)(625)
7,431,292(359,383)(6,712,299)－(667,534)
189,216(248,327)
666,105(7,132,223)(237,814)(353,419)(2,067)(51,612)208,409(241,336)
246,435(431,404)

2,000,000
21,000,000(18,399,000)－－(4,973,428)(372,428)(783,110)
22,420,916¥21,637,805－
11,500,000(12,069,000)
4,961,866(5,000,000)(4,955,077)(5,562,210)
1,437,676
21,637,805
23,075,482

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period(6) Notes to the Going Concern Assumption
No relevant items.
(7) Notes to Significant Accounting Policies
The disclosure is omitted as there are no significant changes from the descriptions in the latest securities
report (submitted on March 26, 2014).
(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 24th Fiscal Period(as of December 31, 2013)¥120,771
3,424
399,183

Total¥523,378(Thousands of yen)
End of 25th Fiscal Period(as of June 30, 2014)¥118,902
3,253
399,183¥521,339

Secured liabilities are as follows:

Tenant leasehold and security deposits
Total

End of 24th Fiscal Period(as of December 31, 2013)¥15,536¥15,536(Thousands of yen)
End of 25th Fiscal Period(as of June 30, 2014)¥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 24th Fiscal Period(as of December 31, 2013)¥28,000,000(Thousands of yen)
End of 25th Fiscal Period(as of June 30, 2014)¥28,000,000－－¥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 24th Fiscal Period(as of December 31, 2013)¥50,000

16(Thousands of yen)
End of 25th Fiscal Period(as of June 30, 2014)¥50,000

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

Notes to Statements of Income and Retained Earnings
Breakdown of Rent Revenue-Real Estate and Expenses Related to Rent Business24th Fiscal Period(July 1, 2013 December 31, 2013)
A. Rent Revenue-Real Estate
Rent Revenue
Rents
Land rents
Common charges
Parking revenues
Advertising expenses
Antenna use fees
Other
Subtotal
Other rental revenues
Incidental income
Time-based parking revenues
Cancellation charges
Income equivalent to expenses for restoration
to original condition(Thousands of yen)
25th Fiscal Period(January 1, 2014 June 30, 2014)¥9,015,753
1,469,500
1,859,271
245,758
52,93014,612
36,247¥9,196,674
1,499,750
1,866,927
255,983
59,31818,08434,992

12,694,073

12,931,730

833,925
5,662
28,406

715,023
5,159
23,686

12,992

24,841Other miscellaneous income

16,59933,749Subtotal

897,586

802,461¥13,591,659¥13,734,191

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 rent revenue-real estate¥516,552
969,327
1,879,199
27,316330,109217,389
556,013
1,869,009
169,998¥524,536
860,650
1,990,821
27,210444,251
227,181562,213
1,834,057
128,596

Total expenses related to rent business¥6,534,916¥6,599,484¥7,056,743¥7,134,706

C. Profits (A-B)

17

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

Financial Instruments
1. Matters Concerning Status of Financial Instruments(1) Policy for Financial Instruments
In an aim to proactively expand asset size and maintain stable cash distributions to unitholders, JPR adopts
the asset management policy of paying heed to efficiently combining the procurement of long-term funds
that are stable and the procurement of short-term funds that emphasize flexibility.
There may be cases where JPR will engage in derivative transactions, but such will be limited to
management for interest rate fluctuation risk and other hedging purposes. Please note that JPR is 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, 2013, 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) Short-term loans payable4) Current portion of long-term loans payable5) Current portion of investment corporation bonds
6) Investment corporation bonds7) Long-term loans payable

Carrying Value(Note 1)
¥9,781,000
11,856,805(2,000,000)(12,235,000)(16,000,000)(40,500,000)(¥121,024,000)

Estimated Fair
Value (Note 1)¥9,781,000
11,856,805(2,000,000)(12,370,436)(16,204,932)(41,537,700)(¥122,963,250)

Difference¥－－－

135,436
204,932
1,037,700¥1,939,250

The following are the carrying values and estimated fair values as of June 30, 2014, 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).

18

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period(Thousands of yen)
Carrying Value(Note 1)
¥11,557,849
11,517,632(2,000,000)(6,332,000)(24,000,000)(32,500,000)(¥126,358,000)

1) Cash and deposits
2) Cash and deposits in trust3) Short-term loans payable4) Current portion of long-term loans payable5) Current portion of investment corporation bonds
6) Investment corporation bonds7) Long-term loans payable

Estimated Fair
Value (Note 1)¥11,557,849
11,517,632(2,000,000)(6,409,432)(24,231,152)(33,577,888)(¥128,680,083)

Difference¥－－－

77,432
231,152
1,077,888¥2,322,083(Note 1) Items stated under liabilities are shown in parentheses.
(Note 2) Method of calculation of estimated fair value of financial instruments(1) Cash and deposits, and (2) Cash and deposits in trust
As these financial instruments are settled within a short period of time, the estimated fair value is approximately the same as the bookvalue and is thus stated at that book value.
(3) Short-term loans payable
As these financial instruments are settled within a short period of time and have floating interest rates, the estimated fair value isapproximately the same as the book value and is thus stated at that book value.
(4) Current portion of long-term loans payable, and (7) Long-term loans payable
Of the estimated fair value of these financial instruments, the fair value of long-term loans payable with floating interest rates isbased on 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 the book value. The fair value of long-term loans payable with fixed interest rates is based on the method of calculating bydiscounting the total amount of principal and interest by the rate assumed as being applicable in the event of a new drawdown
corresponding to the remaining loan term.
(5) Current portion of investment corporation bonds, and (6) Investment corporation bonds
Of the estimated fair value of these financial instruments, those with market price are calculated based on market price and those withno market price are calculated according to the fair value of long-term loans payable with fixed interest rates in (4) and (7) above.
(Note 3) Financial instruments for which discerning of estimated fair value is recognized to be extremely difficult.
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust that are deposited by lessees of lease rental
properties are not subject to disclosure of estimated fair value because reasonable estimation of cash flows is recognized to be extremely
difficult since there is no market price and also since it is difficult to calculate the actual deposit period from when lessees move in towhen they move out. The following is the carrying value of tenant leasehold and security deposits and the carrying value of tenantleasehold and security deposits in trust.

(Thousands of yen)
End of 24th Fiscal Period End of 25th Fiscal Period(as of December 31, 2013)(as of June 30, 2014)¥7,553,159¥7,624,960¥12,342,195¥12,508,179

Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust(Note 4) Scheduled redemption of monetary claims as of December 31, 2013 and June 30, 2014

End of 24th Fiscal Period (as of December 31, 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¥9,781,000

¥-

¥-

¥-

¥-

¥-

Cash anddeposit intrust¥11,856,805

¥-

¥-

¥-

¥-

¥-

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¥11,557,849

¥-

¥-

¥-

¥-

¥-

Cash anddeposit intrust¥11,517,632

¥-

¥-

¥-

¥-

¥-

End of 25th Fiscal Period (as of June 30, 2014)

19(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five YearsJapan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period(Note 5) Scheduled redemption and repayment of short-term loans payable, investment corporation bonds and long-term loans payable as ofDecember 31, 2013 and June 30, 2014

End of 24th Fiscal Period (as of December 31, 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

Short-termloanspayable¥2,000,000

¥-

¥-

¥-

¥-

¥-

Investment
corporationbonds¥16,000,000¥13,000,000¥7,000,000¥5,000,000¥7,000,000¥8,500,000

Long-term
loans
payable¥12,235,000¥19,732,000¥17,332,000¥31,632,000¥16,408,000¥35,920,000(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

End of 25th Fiscal Period (as of June 30, 2014)

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years

Short-termloanspayable¥2,000,000

¥-

¥-

¥-

¥-

¥-

Investment
corporation
bonds¥24,000,000¥-¥7,000,000¥10,000,000¥2,000,000¥13,500,000

Long-term
loans
payable¥6,332,000¥26,732,000¥23,732,000¥20,374,000¥17,200,000¥38,320,000

Segment Information[Segment Information]
Disclosure is omitted as JPR is comprised of a single reportable segment engaged in the property rental
business.
[Related Information]
24th Fiscal Period (July 1, 2013 – December 31, 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
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¥1,469,500

20Related Segment
Property rental businessJapan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

25th Fiscal Period (January 1, 2014 – June 30, 2014)
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
Disclosure is omitted as sales to a single external customer account for less than 10% of the operating
revenues on the Statements of Income and Retained Earnings.
Investment and Rental Properties
JPR owns office properties (urban commercial facilities), retail properties and complex properties for leasingin Tokyo and other regions. The following is the carrying value on the balance sheets, amount of increase(decrease) during the period and estimated fair value of these investment and rental properties.
(Thousands of yen)
24th Fiscal Period(July 1, 2013 – December 31, 2013)

25th Fiscal Period(January 1, 2014 – June 30, 2014)¥386,086,796¥391,225,225¥5,138,428(¥1,223,761)¥391,225,225¥376,995,000¥390,001,463¥379,917,000

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(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 24th fiscal
period is primarily attributable to acquisition of Science Plaza-Yonbancho Plaza (2,770,337 thousand yen) and Shibadaimon Center
Building (3,449,233 thousand yen), and the amount of decrease for the 25th fiscal period is primarily attributable to depreciation(1,834,057 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 24th and 25th fiscal periods for investment and rental properties are as presented in
the “Notes to Statements of Income and Retained Earnings.”
Per Unit Information(Yen)
24th Fiscal Period(July 1, 2013 – December 31, 2013)

25th Fiscal Period(January 1, 2014 – June 30, 2014)¥238,903¥6,004¥239,046¥6,149Total net assets per unit
Net income per unit

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

(Thousands of yen)
24th Fiscal Period(July 1, 2013 – December 31, 2013)

25th Fiscal Period(January 1, 2014 – June 30, 2014)¥4,954,038¥4,954,038
825,000 units¥5,072,965¥5,072,965
825,000 units

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

Average number of units

21

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

Subsequent Events
25th Fiscal Period (January 1, 2014 – June 30, 2014)
Issuance of unsecured investment corporation bonds
On July 11, 2014, JPR made the following decision to issue investment corporation bonds based on thecomprehensive resolution adopted at the Board of Directors’ meeting held on April 24, 2014. Payment for theinvestment corporation bonds was completed on July 22, 2014.
Name of the bonds
Total issue amountInterest rate
Collateral
Redemption method andredemption date
Use of funds

Name of the bonds
Total issue amountInterest rate
Collateral
Redemption method andredemption date
Use of funds

Japan Prime Realty Investment Corporation 20th Series of Unsecured Investment
Corporation Bonds(with special pari passu conditions among specified investment corporation bonds)
2 billion yen
Subscription period
July 11, 2014
0.303% per annum
Payment dateJuly 22, 2014
Unsecured / unguaranteed
Purchase price
100 yen per 100 yen of theinvestment corporation bonds
The total amount of the bonds will be redeemed on July 22, 2019 .The bonds may be
repurchased and cancelled at any time on and after the day following the payment date,unless otherwise determined by the book-entry transfer agent.
Redemption of investment corporation bonds
Japan Prime Realty Investment Corporation 21st Series of Unsecured Investment
Corporation Bonds(with special pari passu conditions among specified investment corporation bonds)
4 billion yen
Subscription period
July 11, 2014
1.278% per annum
Payment dateJuly 22, 2014
Unsecured / unguaranteed
Purchase price
100 yen per 100 yen of theinvestment corporation bonds
The total amount of the bonds will be redeemed on July 22, 2026 .The bonds may be
repurchased and cancelled at any time on and after the day following the payment date,unless otherwise determined by the book-entry transfer agent.
Redemption of investment corporation bonds

Omission of Disclosure
JPR omits the disclosure of notes to statements of unitholders’ equity, statements of cash flows, leasetransactions, securities, derivative transactions, transactions with affiliated parties, tax effect accounting,retirement benefits and asset retirement obligations as it does not find substantial need for disclosure in the
Fiscal Period Results report.
(9) Changes in Investment Units Issued and Outstanding
Capital increases and other changes in the status of unitholders’ capital since inception through the 25th 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)

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.

22

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)(Note 10)(Note 11)
(Note 12)(Note 13)
(Note 14)

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
There was no change in the directors of JPR during the 25th fiscal period.
The Executive Officer (one person) and Supervising Officers (two persons) are as follows.
Name

Executive
Officer

Hirohito
KanekoRepresentative Counsel, Hirohito Kaneko Law Office－

SosukeYasudaAdviser, Gyosei Audit Corporation
Group representative partner, GYOSEI Certified Public Tax & Accountants’ Co.
Auditor, MS&AD Insurance Group Holdings－

MasatoDenawaPartner Attorney, Spring Partners－

Supervising
Officers

Other Concurrent Assignments

Numberof Owned
Units

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

(2) Directors of the Asset Management Company
A. Change of Director(1) Assumption of officeDirector (part-time)
Director(2) Retirement
Director (part-time)
Director

Kenichi Yoshida (as of April 1, 2014)
Yasuhiro Hayashi (as of June 12, 2014)
Tetsuo Ozaki (as of March 31, 2014)
Kazuo Kitami (as of June 12, 2014)

Career summary of the new directors is as follows.
Name

Career Highlights, Representation of Other Entities, Etc.
Apr. 2014
Apr. 2014
Apr. 2014
Apr. 2014

Kenichi
YoshidaApr. 2014
Apr. 2013
Apr. 2012
Jul. 2009

Appointed as Director of Tokyo Realty Investment Management, Inc.
(current position)
Appointed as Director of Nipponkoa Credit Service Co., Ltd. (current
position)
Appointed as Director of Sompo Japan Credit Inc. (current position)
Appointed as Director of Yasuda Enterprise Development Co., Ltd. (current
position)
Appointed as General Manager, Investment & Loan Department of Sompo
Japan Insurance Inc. and General Manager, Investment & Loan Departmentof Nipponkoa Insurance Co., Ltd. (current position)
Appointed as Senior Deputy General Manager, Investment Planning
Department of Sompo Japan Insurance Inc.
Appointed as Manager, Investment Planning Department of Sompo Japan
Insurance Co.
Appointed as Manager, Investment Planning Department of Sompo Japan

23

Numberof Owned
Units－

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

Apr. 2007
Apr. 2006
Apr. 2004
Apr. 1988
Jun. 2014
Apr. 2014
Apr. 2014
Apr. 2011
Yasuhiro
HayashiJan. 2004
Apr. 1999
Apr. 1987

Insurance Inc.
Appointed as Head of Investor Relations Office, Corporate Planning
Department of Sompo Japan Insurance Inc.
Appointed as Manager, Corporate Planning Department of Sompo Japan
Insurance Inc.
Appointed as Manager, Investment Planning Department of Sompo Japan
Insurance Inc.
Joined The Yasuda Fire & Marine Insurance Co., Ltd. (currently Sompo
Japan Insurance Inc.)
Appointed as Director and General Manager of Planning / Administration
Division of Tokyo Realty Investment Management, Inc. (current position)
Appointed as General Manager of Planning / Administration Division ofTokyo Realty Investment Management, Inc.
Seconded to Tokyo Realty Investment Management, Inc.
Appointed as Group Manager, Separate Account Investment Group, Separate
Account Investment Department of Meiji Yasuda Life Insurance Company
Appointed as Manager, Bond Investment Group, Securities Investment
Department of Meiji Yasuda Life Insurance Company
Appointed as General Manager, General Administration Department of
Yasuda Enterprise Development Co., Ltd. (seconded from The Yasuda
Mutual Life Insurance Company)
Joined The Yasuda Mutual Life Insurance Company (currently Meiji Yasuda
Life Insurance Company)－

B. Change of Auditor
No relevant items
5. Reference Information(1) JPR’s Asset Structure
Category of
Investment
Area

Asset TypeCentralTokyo
GreaterTokyo

24th Fiscal Period(as of December 31, 2013)
Assets Owned by
Percentage of Total
JPR
Assets (%)(thousands of yen)

25th Fiscal Period(as of June 30, 2014)
Assets Owned by
Percentage of Total
JPR
Assets (%)(thousands of yen)

80,654,243

19.5

79,506,311

19.2

61,805,008

14.9

61,416,499

14.8

21,873,507

5.3

21,724,252

5.2

131,782,696

31.8

132,687,363

32.0

51,074,314

12.3

50,751,325

12.3

Other Cities

44,035,454

10.6

43,915,711

10.6

Deposits and Other
Assets－Total Assets－

22,749,249(－)
413,974,474(391,225,225)

5.5
(－)
100.0
(94.5)

24,103,193(－)
414,104,657(390,001,463)

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 25th 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 Japan24

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

・“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

25

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

Area

Type

Property Name

Completed

1,751.13

14,995.09

Kanematsu Bldg.
Annex

Kyobashi 2-chome, Chuo-ku, Tokyo

679.06

4,351.46

SRC B1/8F

Feb. 1993

550.06

4,117.70

SRC, RC
B1/8F

Dec. 1989

657.805,152.98

SRC B1/9F

Oct. 1984

636.904,790.68

SRC B1/9F

Sep. 1999

8,992.18

31,020.21

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
BYGS Shinjuku Bldg.
OfficeStructure/
FloorsS, RC, SRC
B2/13F

Kyobashi 2-chome, Chuo-ku, Tokyo

Shin-Kojimachi 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 Tower(Land with Leasehold
Interest)
Science Plaza-Yonbancho Plaza
Shibadaimon Center
Bldg.
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

11,034.78－－－

5,289.01

24,560.36

1,915.50

11,419.93

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

277.12668.09198.101,066.81

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
Otemachi 1-chome, Chiyoda-ku,
Tokyo
Yonbancho 9-chome, Chiyoda-ku,
TokyoShibadaimon 1-chome, Minato-ku,
Tokyo

Yurakucho 2-chome, Chiyoda-ku,
Tokyo

26

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

S, RC, SRC
B2/12F
S, SRC
B1/10F
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. 1995
Jul. 1993
Feb. 1992
Jul. 2002
Feb. 2006
Jan. 2007
Oct. 2007

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th 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

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

7,781.93

Honcho 4-chome, Kawaguchi, Saitama

4,524.61

28,420.85

Matsugaya 1-chome, Taito-ku, Tokyo

1,242.97

8,490.44

2,047.22

14,706.36

9,377.28

91,280.94

12,011.00

185,974.87

27,335.29

257,842.41

1,110.28

8,772.51

SRC B1/9F

May 1981

Aug. 1991
Feb. 1994
Oct. 1992

Olinas Tower

Taihei 4-chome, Sumida-ku, Tokyo

Tokyo Tatemono
Yokohama Bldg.

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

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

Yume-ooka Office
Tower

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

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

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, Osaka27

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

Dec. 1994
Jan. 2007
Mar. 1997
Feb. 2006

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

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th 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., Science PlazaYonbancho Plaza, Shibadaimon Center 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 OfficeTower, 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 Tower (Land with
Leasehold Interest) , JPR Chiba Bldg., JPR Yokohama Nihon Odori Bldg.,
Tanashi ASTA
Shinjuku Square Tower, JPR Harajuku Bldg., JPR Nihonbashi-horidome
Bldg., JPR Sendagaya Bldg., Ginza Sanwa Bldg., 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 25th fiscal
period, indicated in a percentage rounded to the first decimal place.

28

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

Acquisition Price
Area

Type

(million yen)

Investment
Ratio
(%)

Kanematsu Bldg.

Dec. 27, 2001

16,276

4.0

11,700

3.1

Kanematsu Bldg. Annex

Dec. 27, 2001

2,874

0.7

2,300

0.6

JPR Ningyo-cho Bldg.

Nov. 16, 2001

2,100

0.5

2,290

0.6

Shin-Kojimachi Bldg.

Nov. 16, 2001

1,670

Nov. 21, 2002

550

0.6

2,920

0.8

Nov. 12, 2004

200

JPR Crest Takebashi Bldg.

Jun. 21, 2002

4,000

1.0

2,730

0.7

MS Shibaura Bldg.

Mar. 28, 2003

11,2002.8

10,8002.8

Gotanda First Bldg.

Jul. 23, 2003

2,920

0.7

2,750

0.7

Fukuoka Bldg.

Oct. 15, 2003

1,800

Apr. 15, 2005

1,120

0.7

2,790

0.7

JPR Ichigaya Bldg.

May 28, 2004

5,100

1.3

4,650

1.2

Oval Court Ohsaki Mark West

Jun. 1, 2004

3,500

0.9

4,460

1.2

Shinjuku Square Tower

Jul. 2, 2004

10,000

2.5

7,387

1.9

Sep. 26, 2008

180

0.0

99

0.0

Nov. 9, 2004

2,900

Apr. 12, 2005

8,921

3.7

13,600

3.6

Jul. 13, 2010

3,300

Across Shinkawa Bldg. Annex

Nov. 26, 2004

710

0.2

801

0.2

Shinjuku Center Bldg.

Mar. 27, 2008

21,0005.2

12,9003.4

Minami Azabu Bldg.

Jul. 14, 2008

3,760

0.9

2,420

0.6

Shinagawa Canal Bldg.

Dec. 19, 2008

1,870

0.5

1,750

0.5

Rokubancho Bldg.

Dec. 2, 2009

2,800

0.7

3,200

0.8

JPR Harajuku Bldg.

Dec. 25, 2009

8,400

2.1

7,060

1.9

Tokyo Tatemono Kyobashi Bldg.

Feb. 12, 2010

5,250

1.3

5,130

1.4

JPR Nihonbashi-horidome Bldg.

Mar. 31, 2010

5,100

1.3

6,020

1.6

JPR Sendagaya Bldg.

May 31, 2010

15,0503.7

11,1002.9

Ginza Sanwa Bldg.

Aug. 29, 2011

3,400

0.8

3,360

0.9

Otemachi Tower (Land with
Leasehold Interest)

Mar. 13, 2012

36,0008.9

38,70010.2

Science Plaza-Yonbancho Plaza

Dec. 6, 2013

2,660

0.7

2,850

0.8

Shibadaimon Center Bldg.

Dec. 6, 2013

3,420

0.8

3,820

1.0

JPR Shibuya Tower Records Bldg.

Jun. 30, 2003

12,0003.0

12,900

3.4

JPR Daikanyama

Oct. 5, 2004

2,160

0.5

1,520

0.4

JPR Jingumae 432

Mar. 24, 2006

4,275

1.1

3,410

0.9

0.7

2,560

0.7

Property Name

OfficeShinjuku Square Tower (additional

RetailCentral Tokyo

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

acquisition in 14th Period)

BYGS Shinjuku Bldg.

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

Acquisition Date

Price

Mar. 14, 2007

540

Apr. 24, 2008

2,200

Aug. 27, 2008

3,400

0.8

2,800

0.7

212,606

52.5

190,777

50.2

Subtotal of Central Tokyo

29

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

Acquisition Price

OfficeType

Property Name

Acquisition Date

Nov. 16, 2001

5,880

1.5

6,180

1.6

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

Dec. 13, 2001

2,350

0.6

1,680

0.4

Nov. 16, 2001

2,927

0.7

2,380

0.6

0.4

1,620

0.4

Sep. 25, 2002

920

Mar. 28, 2013

570

Kawaguchi Center Bldg.

Feb. 13, 2004

8,100

2.0

7,310

1.9

JPR Ueno East Bldg.

Mar. 1, 2004

3,250

0.8

4,250

1.1

Tachikawa Business Center Bldg.

Sep. 30, 2005

888

0.2

1,080

0.3

Feb. 28, 2007

2,300

0.6

1,890

0.5

Mar. 22, 2007

5,831

1.4

6,560

1.7

(additional acquisition in 11th period)

Rise Arena Bldg.
Yume-ooka Office Tower

Jul. 10, 2007

6,510

1.6

5,500

1.4

Olinas Tower
Tokyo Tatemono Yokohama
Bldg.
Omiya Prime East

Jun. 29, 2009

31,3007.7

33,7008.9

Dec. 27, 2010

7,000

1.7

7,050

1.9

Mar. 22, 2013

6,090

1.5

6,480

1.7

Tanashi ASTA

Nov. 16, 2001

10,2002.5

12,6003.3

Cupo-la Main Bldg.

Mar. 31, 2006

2,100

0.5

2,580

0.7

JPR Musashikosugi Bldg.

Sep. 28, 2006

7,260

1.8

5,310

1.4

Musashiurawa Shopping Square

Mar. 19, 2007

4,335

1.1

4,030

1.1

Kawasaki Dice Bldg.

Apr. 12, 2007

15,0803.7

15,000

3.9

OfficeSubtotal of Greater Tokyo

Other Cities

122,89130.4

125,200

33.0

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

Nov. 16, 2001

2,140

0.5

2,270

0.6

Nov. 16, 2001

4,150

1.0

3,240

0.9

Nov. 16, 2001

2,900

0.7

2,650

0.7

JPR Naha Bldg.

Nov. 16, 2001

1,560

0.4

1,350

0.4

Sompo Japan Sendai Bldg.

Jun. 26, 2002

3,150

0.8

3,330

0.9

Sompo Japan Wakayama Bldg.

Jun. 26, 2002

1,670

0.4

1,600

0.4

Tenjin 121 Bldg.

Jun. 21, 2002

2,810

0.7

2,110

0.6

JPR Dojima Bldg.

Jan. 23, 2004

2,140

0.5

2,110

0.6

JPR Hakata-chuo Bldg.

Jun. 11, 2004

1,920

0.5

1,620

0.4

JPR Nagoya Fushimi Bldg.

Mar. 22, 2005

4,137

1.0

2,850

0.8

Yakuin Business Garden

Aug. 8, 2012

10,996

2.7

11,600

3.1

May 15, 2003

8,000

Jul. 16, 2003

5,000

3.2

13,4003.5

Benetton Shinsaibashi Bldg.

May 30, 2005

5,430

1.3

4,450

1.2

Housing Design Center Kobe

Sep. 28, 2005

7,220

1.8

6,530

1.7

JPR Chayamachi Bldg.

Aug. 30, 2006

6,000

1.5

4,830

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

30

69,223

17.1

63,94016.8

404,720100.0

379,917100.0

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th 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 25th fiscal period.
<Property Name: Otemachi Tower (Land with Leasehold Interest)>
Total Number of Tenants
Rental Revenues (Note 1)
Percentage to Total Rental Revenues (Note 2)
Total Leased Floor Space (Note 3)
Total Leasable Floor Space (Note 3)
Changes in Occupancy Rate in Last 5 Periods (Note 2)(Note 4)2
1,499,750 thousand yen
10.9%
11,034.78m2
11,034.78m2
June 30, 2014
100.0%
December 31, 2013100.0%
June 30, 2013100.0%
December 31, 2012
100.0%
June 30, 2012
100.0%(Note 1) Rental revenues represent the property’s operating revenues for the 25th 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 25th fiscal period (June 30,2014).
(Note 4) The changes in occupancy rate in last 5 periods 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
December 31, 2009

Total No. of
Tenants

53

Total Leasable Floor Space

Occupancy Rate

476

400,751.87m2

96.4％

2

June 30, 2010

55

460

410,326.04m

95.5％

December 31, 2010

56

479

420,544.51m2

93.5％

493

2

421,371.51m

94.7％

501

2

95.6％

2

June 30, 2011
December 31, 2011

56
57

423,311.93m

June 30, 2012

58

502

434,340.04m

94.1％

December 31, 2012

59

534

450,943.43m2

94.9％

564

2

460,452.47m

96.9％

2

96.5％

June 30, 2013

60

December 31, 2013

62

610

467,207.05m

January 31, 2014

62

609

467,204.92 m2

96.4％

612

2

467,186.48 m

96.6％

616

2

467,193.26 m

96.9％

621

2

467,193.26 m

97.2％

623

2

467,175.98 m

97.2％

628

2

97.8％

February 28, 2014
March 31, 2014
April 30, 2014
May 31, 2014
June 30, 2014

62
62
62
62
62

467,175.54m(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 25th fiscal period, as well as the total rental income for the 25th
fiscal period.
Total Number of Tenants
Total Leased Floor Space
Total Leasable Floor Space
Total Rental Income

628
456,852.09 m2
467,175.54 m2
13,734,191 thousand yen

31

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period2) Overview of Lease Status for Respective Properties
25th Fiscal Period (January 1, 2014 – June 30, 2014)
Type

RetailCentral Tokyo

OfficeArea

Property Name

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

Rental Revenues(thousand
yen)

Ratio

Kanematsu Bldg.

7,994.02

7,994.029

100.0

353,349

2.6

Kanematsu Bldg. Annex

2,291.13

2,291.131

100.0(Note 2)

(Note 2)

JPR Ningyo-cho Bldg.

2,804.56

2,804.56

4

100.0

88,117

0.6

Shin-Kojimachi Bldg.

3,317.48

3,040.57

14

91.7

100,233

0.7

JPR Crest Takebashi Bldg.

3,265.34

3,265.34

6

100.0

55,956

0.4

MS Shibaura Bldg.

14,469.72

14,469.72

8

100.0

410,238

3.0

Gotanda First Bldg.

4,243.58

4,243.58

2

100.0

131,533

1.0

Fukuoka Bldg.

1,937.40

1,937.401

100.0(Note 2)

(Note 2)JPR Ichigaya Bldg.

4,224.96

4,224.96

10

100.0

156,332

1.1

3

100.0

179,886

1.3

97.4

193,278

1.4

97.4

2,969

0.0

25

98.8

513,661

3.7

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

10,694.21

168.75164.32

15,216.93

15,031.08

Across Shinkawa Bldg. Annex

1,253.39

1,253.39

4

100.0

32,665

0.2

Shinjuku Center Bldg.

8,863.98

8,413.8130

94.9

456,379

3.3

Minami Azabu Bldg.

3,405.73

3,405.731

100.0(Note 2)

(Note 2)

Shinagawa Canal Bldg.

1,700.57

1,700.57

5

100.0

62,0330.5(Note 2)25

Rokubancho Bldg.

2,488.36

2,488.361

100.0(Note 2)

JPR Harajuku Bldg.

4,760.09

4,760.09

9

100.0

223,848

1.6

Tokyo Tatemono Kyobashi Bldg.

3,551.01

2,021.79

5

56.9

106,549

0.8

JPR Nihonbashi-horidome Bldg.

5,299.89

5,299.89

6

100.0

185,901

1.4

JPR Sendagaya Bldg.

6,177.74

6,177.74

6

100.0

232,531

1.7

Ginza Sanwa Bldg.

1,899.27

1,899.278

100.0

116,800

0.9

Otemachi Tower (Land with
Leasehold Interest)

11,034.78

11,034.78

2

100.0

1,499,750

10.9

Science Plaza-Yonbancho Plaza

3,325.27

3,211.61

24

96.6

117,464

0.9

Shibadaimon Center Bldg.
JPR Shibuya Tower Records
Bldg.
JPR Daikanyama

4,359.59

4,359.597

100.0

135,801

1.0

8,076.85

8,076.851

100.0(Note 2)

(Note 2)651.29651.294100.0

33,7590.2

JPR Jingumae 432

1,027.33

654.34

5

63.7

56,691

0.4

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)32

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

25th Fiscal Period (January 1, 2014 – June 30, 2014)

OfficeType

OfficeRetailOther Cities

RetailGreater Tokyo

Area

Property Name

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

Rental Revenues(thousand
yen)

Ratio

Arca East

7,022.76

6,540.64

5

93.1

253,455

1.8

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

5,537.74

5,381.66

37

97.2

130,961

1.0

6,066.53

6,066.53

13

100.0

130,0850.9

5,284.75

4,828.98

16

91.4

95,311

0.7

Kawaguchi Center Bldg.

15,420.09

14,926.14

44

96.8

385,080

2.8

JPR Ueno East Bldg.

6,490.05

6,490.05

8

100.0

178,099

1.3

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

1,699.49

1,699.49

100.0

53,7590.4

2,983.91

2,983.91

100.0

90,7890.7

6,023.39

6,023.391

100.0(Note 2)

(Note 2)

Yume-ooka Office Tower

12,013.95

10,952.67

35

91.2

321,427

2.3

Olinas Tower
Tokyo Tatemono Yokohama
Bldg.
Omiya Prime East

23,987.40

22,596.64

10

94.2

1,013,414

7.4

6,494.09

6,494.09

14

100.0

303,798

2.2

6,871.45

6,871.45

4

100.0

265,914

1.9

Tanashi ASTA

31,121.71

31,121.71

1

100.0

(Note 2)

(Note 2)Cupo-la Main Bldg.

5,963.00

5,963.001

100.0(Note 2)

(Note 2)
(Note 2)19

JPR Musashikosugi Bldg.

19,740.95

19,740.95

1

100.0

(Note 2)

Musashiurawa Shopping Square

14,960.69

14,960.69

3

100.0

128,573

0.9

Kawasaki Dice Bldg.

12,116.35

11,810.73

28

97.5

485,210

3.5

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

5,326.88

5,326.888

100.0

128,1930.9

7,163.07

6,730.24

10

94.0

155,692

1.1

6,568.43

5,600.36

37

85.3

109,828

0.8

JPR Naha Bldg.

3,946.36

3,946.36

22

100.0

85,957

0.6

Sompo Japan Sendai Bldg.

7,129.14

6,797.20

13

95.3

179,545

1.3

Sompo Japan Wakayama Bldg.

4,875.12

4,794.03

12

98.3

111,354

0.8

Tenjin 121 Bldg.

3,257.73

3,257.73

16

100.0

97,916

0.7

JPR Dojima Bldg.

3,930.71

3,930.71

8

100.0

112,408

0.8

JPR Hakata-chuo Bldg.

3,290.42

3,290.426

100.0

75,0590.5

JPR Nagoya Fushimi Bldg.

7,086.37

6,356.18

3

89.7

130,268

0.9

Yakuin Business Garden

16,654.33

16,441.63

16

98.7

437,778

3.2

JPR Umeda Loft Bldg.

18,586.97

18,586.97

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

2,484.39

6

100.0

138,4471.0

467,175.54

456,852.09

628

97.8

13,734,191

100.0

Total

(Note 1) The number of tenants at end of period is counted as follows except for Shinjuku Square Tower, Shinjuku Center Bldg., Residential
part of Science Plaza-Yonbancho Plaza, Rise Arena Bldg. and Kawasaki Dice Bldg.: when a single tenant leases multiple rooms, it iscounted as one if the tenant uses the same property. If the leased rooms are in multiple buildings, the tenant is counted in plural.
The tenants of Shinjuku Square Tower, Shinjuku Center Bldg., Residential part of Science Plaza-Yonbancho Plaza, Rise Arena Bldg.
and Kawasaki Dice Bldg. have sublet space to sublessees and lease agreements have been executed where the rent paid by the tenants
fluctuates in accordance with the lease conditions of the sublessees and thus the numbers of sublessees have been entered as thenumbers of tenants.
(Note 2) JPR does not disclose the rental revenues and their ratio of the properties due to inevitable reasons.

33

Japan Prime Realty Investment Corporation (8955) Financial Report for 25th Fiscal Period

3) Ten Largest Tenants
The following table shows the ten largest tenants in terms of leased floor space as of June 30, 2014.

Rank

TenantProperty Name

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

1

Tokyo Tatemono Co., Ltd

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

2

ABC Development Corporation

Housing Design Center Kobe

35,444.13

7.7％

3

Seiyu GK

Tanashi ASTA

31,121.71

6.8％

4

Ito-Yokado Co., Ltd.

JPR Musashikosugi Bldg.

19,740.95

4.3％

5The LOFT Co., Ltd.

JPR Umeda Loft Bldg.

18,586.97

4.1％

6Olympic Group Corporation

Musashiurawa Shopping Square

9,558.51

2.1％

7

Tower Records Japan Inc.

JPR Shibuya Tower Records Bldg.

8,076.85

1.8％

7,941.96

1.7％

7,875.50

1.7％

6,023.39

1.3％

8

Sompo Japan Insurance Inc.

9

Y.K. Tokyo Prime Stage

10

Taisei-Yuraku Real Estate Co., Ltd.

Kawaguchi Center Bldg.
Yume-ooka Office Tower
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.
Otemachi Tower (Land with Leasehold
Interest)
Rise Arena Bldg.

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

34

37,166.37

8.1％