Ninth Fiscal Period Results(January 1, 2006 – June 30, 2006)

August 2006

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Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation
Tokyo Stock Exchange (Code 8955)
Board of Directors Meeting: August 22, 2006
Payment of Dividends: September 13, 2006 (planned)
Website: http://www.jpr-reit.co.jp/jpr_e/index.html
Inquiries: Yasuo Furuya, Director and Chief Financial Officer
Tokyo Realty Investment Management, Inc.
Tel: +81-3-3516-1591
E-mail: ya-furuya@trim-reit.co.jp

2

CONSOLIDATED

Japan Prime Realty Investment Corporation

PERFORMANCE (January 1, 2006 – June 30, 2006)(1) Business Results(Amounts less than a million yen discarded)(Millions of yen, yen for per unit information)

Operating
Revenues%
ChangeNet
Operating
Profits%
ChangeRecurring
Profits%
ChangeNet Income%
ChangeJune 30, 2006

8,588

(0.0%)

4,024(1.0%)

3,450(1.5%)

3,449(1.5%)

Dec. 31, 2005

8,587

(1.0%)

3,984(0.8%)

3,399(0.7%)

3,398(0.7%)(Yen)

EPU

Net Income/
NAV<Reference>(Annualized)

Recurring Profits/
Total Assets<Reference>(Annualized)

Recurring Profits/
Operating Revenues

June 30, 2006

6,508

2.9%

(5.9%)

1.5%(3.0%)

40.2%

Dec. 31, 2005

6,411

2.9%

(5.7%)

1.5%(3.0%)

39.6%

Notes: 1. EPU is calculated based on the average number of investment units during the term
Fiscal period ended Dec. 31, 2005:
530,000 units
Fiscal period ended June 30, 2006:
530,000 units
2. Changes in accounting standards: No
3. Percentages for operating revenues, net operating profits, recurring profits and net income show changes from the previous fiscal period, and are rounded
to the nearest tenth
4. Net income/NAV and recurring profits/total assets are calculated based on the average of unitholders’ equity (NAV) and total assets as of the beginning andend of the period
5.
Annualized result =For the period ended Dec. 31, 2005:
Actual result/Actual investment days (184 days) x 365 days
For the period ended June 30, 2006:
Actual result/Actual investment days (181 days) x 365 days

(2) Cash Distributions(Millions of yen, yen for DPU)

DPU

Distribution
AmountExceedingProfitDistribution Per
Unit

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution/
NAV

June 30, 2006

6,509

3,449

―

―

100.0%

2.9%

Dec. 31, 2005

6,411

3,397

―

―

99.9%

2.9%

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

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

Total Assets

NAV

NAV Ratio

NAV Per Unit

June 30, 2006

231,523

118,88151.3%

224,304

Dec. 31, 2005

225,882

118,82952.6%

224,206

Note: Number of units outstanding at the end of the period
Fiscal period ended Dec. 31, 2005:
Fiscal period ended June 30, 2006:

530,000 units
530,000 units

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Japan Prime Realty Investment Corporation

FORECASTS FOR TENTH FISCAL PERIOD ENDING DECEMBER 31, 2006
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

Operating
Revenues

Net
Operating
Profits

8,916

4,209

Tenth Fiscal PeriodEnding Dec. 31,
2006

Recurring
Profits

3,472

Net Income(excluding exceeding profit
distribution per unit)

DPU

Exceeding Profit
Distribution Per
Unit

3,471

6,550

—

Reference: Estimated EPU for the fiscal period: ¥6,550

The above-mentioned forecasts are based on “Assumptions for the Tenth Fiscal Period Forecast (July 1, 2006 December 31, 2006)” as below. The aforementioned forecasts are based on assumptions and information
available to management as of the date of this report. As a result, actual operating revenues, recurring profit, net
income and distributions per unit will be subject to changes in market conditions. Accordingly, the forecasts are
not a guarantee of any cash distribution amounts.
Assumptions for the Tenth Fiscal Period Forecast(July 1, 2006 - December 31, 2006)
Item
Calculation period

Assumption
July 1, 2006 - December 31, 2006 (184 days)

As of June 30, 2006, JPR owned 44 properties and held preferred securities. In addition, JPR intends to acquire the Chayamachi
Grande Building in August 2006 for a total of 45 properties and ownership of preferred securities. The average occupancy rate
Properties owned

for the period is forecast to be 97.9%.
The actual number of properties owned may change due to the acquisition of new properties and the sale of existing properties.

Investment units issued

530,000 investment units (quantity issued and outstanding as of June 30, 2006)
45.8% (the interest-bearing debt ratio as of June 30, 2006).
JPR has concluded an agreement to acquire the Chayamachi Grande Building. After the procurement of funds to facilitate theInterest-bearing debt ratio

aforementioned acquisition, the interest-bearing debt ratio is expected to be 47.3% and will remain at this level to the end of theperiod.
Interest-bearing debt ratio = Interest-bearing debt/(Interest-bearing debt + Unitholders’ capital) x 100
Property taxes and urban planning taxes applicable to the acquisitions of the Cupo-la Main Building, JPR Jingumae 432 and the

Operating costs
and expenses

Chayamachi Grande Building after January 1, 2006 are included in the acquisition prices of each property and are not reported
as operating expenses. (However, property taxes and urban planning taxes charged to property owners on January 1, 2007 arereported as operating expenses from the fiscal period ending June 30, 2007.)
Forecasts assume the distribution of the amount of net income available for distribution, divided by total units outstanding andlimited to the amount of unappropriated profits.

Cash distributions

Amounts less than ¥1 are discarded. Forecasts also assume that there will be no distribution in excess of profit, in accordancewith corporate policy.

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Japan Prime Realty Investment Corporation

Financial Statements
Balance Sheets (June 30, 2006 and December 31, 2005)
Assets(‘000 Yen)Item

End of Ninth Period(June 30, 2006)

Current Assets:
Cash and bank deposits
Entrusted cash and deposits
Rental receivables
Prepaid expenses
Deferred tax assets
Consumption tax refundable
Other current assets
Total Current Assets
Fixed Assets:
Property and equipment:
Buildings
Entrusted buildings
Structures
Entrusted structures
Machinery and equipment
Entrusted machinery and equipment
Tools, furniture and fixtures
Entrusted tools, furniture and fixtures
Land
Entrusted land
Construction in progress
Entrusted construction in progress
Less: accumulated depreciation
Total Property and Equipment
Intangible Assets:
Other intangible assets
Total Intangible Assets
Investments and Other Assets:
Investment securities
Deposits
Long-term prepaid expenses
Other
Total Investments and Other Assets
Total Fixed Assets

End of Eighth Period(December 31, 2005)% Change

10,478,692
13,600,136

10,875,646
13,035,294

157,002126,225

97,900467―
11,50624,345,705

145,600
676――
24,183,444

0.7%

16,316,514
71,065,665
4,714
68,034
148,754
1,332,492
12,31058,46623,036,551
103,665,465
3,853
200
(10,169,355)
205,543,666

14,828,967
70,282,732
3,830
62,512
141,734
1,326,357
8,416
49,64722,309,882
99,611,067
5,433―(8,608,678)
200,021,898

2.8%

5,969
5,969

6,467
6,467

(7.7%)

1,558,460
10,100―250
1,568,810

1,558,460
10,100292
250
1,569,102(0.0%)

207,118,445

201,597,468

2.7%

59,149101,263

59,149101,263(41.6%)

231,523,301

225,882,175

2.5%

Deferred Assets:
Corporate bond issuance costs
Total Deferred Assets
Total Assets

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Japan Prime Realty Investment Corporation

Balance Sheets (June 30, 2006 and December 31, 2005)
Liabilities(‘000 Yen)Item

End of Ninth Period(June 30, 2006)

End of Eighth Period(December 31, 2005)% Change

Current Liabilities:
Trade accounts payable

785,828

782,906

Short-term borrowings

14,000,000

7,500,000

Current portion of long-term borrowings

22,500,000

15,000,000

Other accounts payable

441,179

435,459

Accrued expenses

169,453

165,059

773

1,159

Accrued consumption taxes

149,979

223,857

Rent received in advance

946,386

921,591

38,991,600

25,030,033

Corporate bonds

42,000,000

42,000,000

Long-term borrowings

18,966,000

26,466,000

Leasehold and security deposits received

2,718,246

3,739,949

9,965,983

9,816,551

Total Long-Term Liabilities

73,650,230

82,022,500(10.2%)

Total Liabilities

112,641,830

107,052,534

5.2%

115,431,503

115,431,503

Retained earnings

3,449,967

3,398,137

Total Unitholders’ Equity

118,881,470

118,829,641

0.0%

Total Liabilities and Unitholders’ Equity

231,523,301

225,882,175

2.5%

Accrued income taxes

Total Current Liabilities

55.8%

Long-Term Liabilities:

Entrusted leasehold and security deposits
received

Unitholders’ Equity:
Unitholders’ capital
5,000,000 units authorized
530,000 units issued and outstanding on
both June 30, 2006 and at December 31,
2005

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Japan Prime Realty Investment Corporation

Statements of Income and Retained Earnings (January 1, 2006 – June 30, 2006 and July 1, 2005 –December 31, 2005)(‘000 Yen)
Item
Operating Revenues
Real estate rental revenues
Gain on sale of real estate
Dividends received
Operating Expenses
Real estate rental expenses
Loss on sale of real estate
Asset management fees
Administrative service and custodian fees
Directors’ fees
Trust fees
Other operating expenses
Operating Profits
Non-Operating Revenues
Interest income
Income on settlement of management
association accounts
Other non-operating revenues
Non-Operating Expenses
Interest expense
Loan arrangement fees
Interest expense on corporate bonds
Amortization of corporate bond issuance costs
New unit-issuance costs
Other non-operating expenses
Recurring Profits
Income Before Income Taxes
Income taxes
Deferred taxes
Net Income
Retained Earnings Brought Forward
Retained Earnings at End of Period

Ninth Fiscal Period(January 1, 2006 –June 30, 2006)
8,588,774
8,552,819―
35,9554,564,632
4,013,227―
350,947
68,8805,700
50,56175,316
4,024,141
67,43293
60,249Eighth Fiscal Period(July 1, 2005 –December 31, 2005)
8,587,373
8,372,711
214,662―
4,602,617
4,044,243―
345,844
73,471
5,700
52,28881,0693,984,756
13,805
96―

7,089
640,847
296,526
18,241
277,882
42,113―6,083
3,450,727
3,450,727
858
208
3,449,659
307
3,449,967

13,709599,292
264,210
5,957
281,358
42,113―
5,651
3,399,269
3,399,269
1,178(6)
3,398,097
39
3,398,137% Change
0.0%(0.8%)

1.0%
388.5%

6.9%

1.5%
1.5%

1.5%
675.0%
1.5%

Statements of Changes in Unitholders’ Equity (January 1, 2006 – June 30, 2006)(‘000 Yen)
Unitholders’ capital

Total

3,398,137

118,829,641

51,82951,829Cash distributions paid

(3,397,830)(3,397,830)

Net Income

3,449,659

3,449,659

3,449,967

118,881,470

Balance as of Jan. 1, 2006

115,431,503

Retained earnings

Changes during the period

Balance as of June 30, 2006

115,431,503

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Japan Prime Realty Investment Corporation

Statements of Cash Flows (January 1, 2006 – June 30, 2006 and July 1, 2005 – December 31, 2005)

Ninth Fiscal Period(January 1, 2006 –June 30, 2006)(‘000 Yen)
Eighth Fiscal Period(July 1, 2005 –December 31, 2005)

Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Amortization of corporate bond issuance costs
Interest income
Interest expense
Decrease (increase) in rent receivables
Decrease (increase) in consumption tax refundable(Increase) decrease in prepaid expenses(Decrease) increase in trade accounts payable
Increase (decrease) in other accounts payable
Increase (decrease) in accrued consumption taxes
Increase (decrease) in rent received in advance
Decrease in entrusted fixed properties due to sale
Change in other current assets/liabilities
SubtotalInterest received
Interest paid
Income taxes paid
Net cash provided by operating activities

3,450,727
1,561,173
42,113(93)574,408(30,776)―
47,69993,39813,539(75,878)
24,795―(45,793)
5,655,314
93(570,014)(1,159)5,084,234

3,399,269
1,531,780
42,113(96)545,569
60,62951,772(57,344)(302,858)
2,605
223,857
71,4583,154,113(27,286)
8,695,586
96(541,524)(1,617)
8,152,540

Cash Flows from Investing Activities:
Purchases of property and equipment
Purchases of entrusted property and equipment
Purchases of intangible assets
Purchases of investment securities
Payment of leasehold and security deposits received
Proceeds from leasehold and security deposits received
Payment of entrusted leasehold and security deposits received
Proceeds from entrusted leasehold and security deposits received
Net cash used in investing activities(2,204,753)(4,968,166)――(1,210,549)
196,265(124,217)
291,048(8,020,372)(7,583,649)(1,163,463)(3,583)(1,558,460)(147,309)
1,914,214(474,687)
545,429(8,471,509)

Cash Flows from Financing Activities:
Proceeds from short-term debt
Repayment of short-term debt
Proceeds from long-term debt
Proceeds from issuance of units
Distributions to unitholders
Net cash provided by financing activities
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

6,500,000―――(3,395,973)
3,104,026
167,887
23,910,940
24,078,828

7,500,000(5,200,000)
5,000,000―(3,374,217)
3,925,782
3,606,814
20,304,126
23,910,940

Item

8

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Japan Prime Realty Investment Corporation

Reference
Acquisitions
Chayamachi Grande Building
Location
2-19 Chayamachi, Kita-ku, Osaka-shi, Osaka
Type of OwnershipFee simple
Total Site Area
592.45 m2
Total Floor Area
3,219.36 m2
Type of Structure
S, SRC, 9F
Completion
June 1994
Number of Tenants
8
Total Leasable Floor Space
2,484.39 m2
Total Leased Floor Space
2,484.39 m2
Occupancy Rate
100%
Acquisition Price¥6,000 million
Type of Asset
Beneficiary interest
Contract Date
July 25, 2006 (Planned acquisition date: August 30, 2006)
Details of Corporate Bonds and Corporate Credit Ratings as of June 30, 2006
Ratings Agency

Corporate Credit Rating

Corporate Bonds(Bond Issues One through Six)

Rating and Investment Information, Inc.

A+ (Stable)

A+

Moody’s Investor Services

A3 (Stable)

A3

Standard & Poor’s

Long-term: A- (Stable)
Short-term: A-2 (Stable)

9

A-

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Japan Prime Realty Investment Corporation

Real estate portfolio (as of June 30, 2006)
Area

Tokyo
CBDs

Type

Property Name

Location

Acquired

Acquisition
Price (yen in
millions)% of Total

Appraisal Value asof June 30, 2006
(yen in millions)

OfficeKanematsu Bldg.

Chuo-ku, Tokyo

Dec. 2001

16,276

7.8%

14,300

OfficeKanematsu Bldg. Annex

Chuo-ku, Tokyo

Dec. 2001

2,874

1.4%

2,880

OfficeJPR Ningyo-cho Bldg.

Chuo-ku, Tokyo

Nov. 2001

2,100

1.0%

2,240

Nov. 2001
Nov. 2002
Nov. 2004

1,670
550
200
2,420

1.2%

2,710

OfficeShin-Kojimachi Bldg.

Chiyoda-ku, Tokyo

OfficeJPR Crest Takebashi
Bldg.

Chiyoda-ku, Tokyo

Jun. 2002

4,000

1.9%

3,510

OfficeMS Shibaura Bldg.

Minato-ku, Tokyo

Mar. 2003

11,2005.4%

14,000

OfficeGotanda First Bldg.

Shinagawa-ku,
Tokyo

Jul. 2003

2,920

1.4%

3,160

Fukuoka Bldg.

Chuo-ku, Tokyo

Oct. 2003
Apr. 2005

1,800
1,120
2,920

1.4%

2,950

OfficeJPR Ichigaya Bldg.

Chiyoda-ku, Tokyo

May 2004

5,100

2.4%

5,330

OfficeOval Court Ohsaki MarkWest

Jun. 2004

3,500

1.7%

4,160

OfficeShinjuku Square Tower

Shinagawa-ku,
TokyoShinjuku-ku,
TokyoJul. 2004

10,000

4.8%

9,580

OfficeBYGS Shinjuku Bldg.

Nov. 2004
Apr. 2005

2,900
8,921
11,821

5.6%

12,100Chuo-ku, Tokyo

Nov. 2004

710

0.3%

793

Shibuya-ku, Tokyo

Jun. 2003

12,0005.7%

15,200

OfficeOfficeRetailAcross Shinkawa Bldg.
Annex
JPR Shibuya Tower
Records Bldg.

Shinjuku-ku,
TokyoRetailJPR Daikanyama

Shibuya-ku, Tokyo

Oct. 2004

2,160

1.0%

1,730

RetailJPR Jingumae 432

Shibuya-ku, Tokyo

Mar. 2006

4,460

2.1%

4,560

94,46145.1%

99,203

Subtotal
OfficeArca East

Sumida-ku, Tokyo

Nov. 2001

5,880

2.8%

6,530

OfficeJPR Chiba Bldg.

Chiba, Chiba

Dec. 2001

2,350

1.1%

2,060

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

Yokohama,
Kanagawa
Yokohama,
Kanagawa
Kawaguchi,
Saitama

Nov. 2001

2,927

1.4%

2,620

Sep. 2002

920

0.4%

1,340

Feb. 2004

8,100

3.9%

9,760

OfficeOfficeGreaterTokyo

OfficeKawaguchi Center Bldg.

OfficeJPR Ueno East Bldg.

Taito-ku, Tokyo

Mar. 2004

3,250

1.6%

4,210

OfficeTachikawa BusinessCenter Bldg.

Tachikawa, Tokyo

Sep. 2005

888

0.4%

1,150

RetailTanashi ASTA

Nishitokyo, Tokyo

Nov. 2001

10,2004.9%

13,200RetailTsurumi fuga 1 *1

Nov. 2001

3,040

1.5%

3,720

RetailThe Cupo-la Main Bldg.

Mar. 2006

2,100

1.0%

2,420

39,65519.0%

47,010

Yokohama,
Kanagawa
Kawaguchi,
Saitama

Subtotal

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Japan Prime Realty Investment Corporation

Area

Type
OfficeOfficeOfficeOther
CitiesLocation

Acquired

Acquisition
Price (yen in
millions)% of Total

Appraisal Value asof June 30, 2006
(yen in millions)

Niigata, Niigata

Nov. 2001

2,140

1.0%

2,140

Osaka, Osaka

Dec. 2001

8,300

4.0%

9,780

Osaka, Osaka

Nov. 2001

4,150

2.0%

4,230

Property Name
Niigata Ekinan Center
Bldg.
Meiji Yasuda-Life Osaka
Umeda Bldg.
Tokyo Tatemono
Honmachi Bldg.

OfficeJPR Takamatsu Bldg. *2

Takamatsu,
KagawaDec. 2001

2,130

1.0%

1,400

OfficeJPR Hakata Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,900

1.4%

2,840

OfficeJPR Naha Bldg.

Naha, Okinawa

Nov. 2001

1,560

0.7%

1,440

OfficeNorth 33 Bldg.

Sapporo, Hokkaido

Jun. 2002

3,700

1.8%

2,910

OfficeSompo Japan Sendai Bldg.

Sendai, Miyagi

Jun. 2002

3,150

1.5%

3,700

OfficeSompo Japan Wakayama
Bldg.

Wakayama,
Wakayama

Jun. 2002

1,670

0.8%

1,800

OfficeTenjin 121 Bldg.

Fukuoka, Fukuoka

Jun. 2002

2,810

1.3%

2,660

OfficeJPR Nagoya Sakae Bldg.

Nagoya, Aichi

Sep. 2003

4,550

2.2%

5,550

OfficeDojima F Bldg.

Osaka, Osaka

Jan. 2004

2,140

1.0%

2,420

OfficeSemba Fukuoka Bldg.

Fukuoka, Fukuoka

Jun. 2004

1,920

0.9%

2,060

OfficeUFJ Central Leasing
Head Office Bldg.

Nagoya, Aichi

Mar. 2005

4,137

2.0%

4,400

RetailJPR Umeda Loft Bldg.

Osaka, OsakaMay 2003
Jul. 2003

8,000
5,000
13,000

6.2%

13,980Retail

Shtrasse Ichibancho

Sendai, Miyagi

Feb. 2005

4,200

2.0%

3,960

Osaka, OsakaMay 2005

5,430

2.6%

5,680

Kobe, Hyogo

Sep. 2005

7,220

3.5%

7,610

RetailRetailBenetton Shinsaibashi
Bldg.
Housing Design Center
Kobe

Subtotal
Total

11

75,10735.9%

78,560209,223100.0%

224,773

CONSOLIDATED

Japan Prime Realty Investment Corporation

Real estate portfolio (as of June 30, 2006)
Area

Tokyo
CBDs

Type

Property Name

Leasable Area

# of
Tenants

Occupancy

Rental Revenue(yen in thousands)% of Total

OfficeKanematsu Bldg.

7,994.02㎡

10

100.0%

439,467

5.1%

OfficeKanematsu Bldg. Annex

2,291.13㎡

1

100.0%

102,721

1.2%

OfficeJPR Ningyo-cho Bldg.

2,788.98㎡

4

100.0%

98,477

1.2%

OfficeShin-Kojimachi Bldg.

2,105.44㎡
901.36㎡
312.53㎡
3,319.33㎡

7
2
1
10

100.0%
43.9%
100.0%
84.8%

71,20036,231
11,370118,801

0.8%
0.4%
0.1%
1.4%

OfficeJPR Crest Takebashi
Bldg.

3,265.34㎡

9100.0%

127,045

1.5%

OfficeMS Shibaura Bldg.

14,429.09㎡

8100.0%

529,991

6.2%

OfficeGotanda First Bldg.

4,243.58㎡

2

100.0%

132,815

1.6%

OfficeFukuoka Bldg.

1,250.06㎡
687.34㎡
1,937.40㎡

1
1
2

100.0%
100.0%
100.0%

64,66737,822
102,489

0.8%
0.4%
1.2%

OfficeJPR Ichigaya Bldg.

4,186.09㎡

9100.0%

182,763

2.1%

OfficeOval Court Ohsaki MarkWest

4,088.44㎡

4

100.0%

170,518

2.0%

OfficeShinjuku Square Tower

10,982.03㎡

25

98.8%

277,465

3.2%

OfficeBYGS Shinjuku Bldg.

11,357.50㎡

25

98.3%

449,609

5.3%

1,253.39㎡

4

100.0%

46,2450.5%

8,076.85㎡

1

100.0%

345,576

4.0%

OfficeRetailRetailJPR Daikanyama

653.99㎡

4100.0%

47,132

0.6%

RetailJPR Jingumae 432

1,027.33㎡

5100.0%

49,237

0.6%

OfficeArca East

7,022.76㎡

6

10.0%

253,745

3.0%

OfficeJPR Chiba Bldg.

5,562.97㎡

26

89.5%

135,338

1.6%

6,066.53㎡

11

97.5%

138,2881.6%

2,641.19㎡

15

100.0%

74,231

0.9%

OfficeOfficeGreaterTokyo

Across Shinkawa Bldg.
Annex
JPR Shibuya Tower
Records Bldg.

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

OfficeKawaguchi Center Bldg.

15,461.98㎡

37

98.0%

486,763

5.7%

OfficeJPR Ueno East Bldg.

6,512.45㎡

8

90.9%

188,623

2.2%

OfficeTachikawa BusinessCenter Bldg.

1,747.13㎡

4

100.0%

56,8990.7%

RetailTanashi ASTA

31,121.71㎡

1100.0%

596,400

7.0%

RetailTsurumi fuga 1 *1

9,578.60㎡

1

100.0%

145,200

1.7%

RetailThe Cupo-la Main Bldg.

5,963.00㎡

1

100.0%＊3＊3

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Area

Type
OfficeOfficeOfficeOther
CitiesNiigata Ekinan Center
Bldg.
Meiji Yasuda-Life Osaka
Umeda Bldg.
Tokyo Tatemono
Honmachi Bldg.

Leasable Area

# of
Tenants

Occupancy

Rental Revenue(yen in thousands)% of Total

5,205.82㎡

11

100.0%

133,1681.6%

9,600.62㎡

27

98.5%

358,652

4.2%

7,210.25㎡

9

97.3%

251,550

2.9%

OfficeJPR Takamatsu Bldg. *2

5,037.06㎡

28

80.5%

88,0091.0%

OfficeJPR Hakata Bldg.

6,581.15㎡

26

81.5%

144,595

1.7%

OfficeJPR Naha Bldg.

3,947.69㎡

16

95.3%

101,315

1.2%

OfficeNorth 33 Bldg.

6,642.98㎡

23

95.5%

168,978

2.0%

OfficeSompo Japan Sendai Bldg.

7,118.60㎡

15

97.1%

197,319

2.3%

OfficeSompo Japan Wakayama
Bldg.

4,874.91㎡

17

95.1%

114,903

1.3%

OfficeTenjin 121 Bldg.

3,292.02㎡

14

91.5%

109,757

1.3%

OfficeJPR Nagoya Sakae Bldg.

5,461.90㎡

21

100.0%

218,083

2.5%

OfficeDojima F Bldg.

3,941.40㎡

11

100.0%

118,208

1.4%

OfficeSemba Fukuoka Bldg.

3,349.57㎡

6

100.0%

82,3441.0%

OfficeUFJ Central Leasing
Head Office Bldg.

7,123.07㎡

1

100.0%

190,710

2.2%

RetailJPR Umeda Loft Bldg.

18,586.97㎡

1

100.0%

402,413

4.7%

Retail

Shtrasse Ichibancho

2,861.91㎡

1

100.0%

128,3881.5%

5,303.98㎡

1

100.0%＊3＊3

35,444.13㎡

1

100.0%＊3＊3

315,156.84㎡

462

98.0%

8,552,819

100.0%

RetailRetailTotal

Property Name

Benetton Shinsaibashi
Bldg.
Housing Design Center
Kobe*1,*2 JPR concluded a contract to sell Tsurumi fuga 1 and JPR Takamatsu Bldg. with the following terms:
Contract Date
July 27, 2006
Sale Price¥5,800 million
Settlement Date
January 11, 2007 (planned)
Expected Profit¥535 million (planned)*3
Buildings leased to a single tenant. JPR was unable to obtain tenants’ approval to disclose rental information.

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Japan Prime Realty Investment Corporation

Disclaimer
This document contains a translation of selected information described in the Financial Report (Kessan Tanshin) dated
August 22, 2006 and prepared under the timely disclosure requirements of the Tokyo Stock Exchange, as well as the
Financial Statements and Performance Information Report written pursuant to the Investment Trust Law of Japan,
for the period from January 1, 2006 to June 30, 2006 of Japan Prime Realty Investment Corporation (JPR).
This English language document was provided solely for the convenience of and reference by non-Japanese investors
and is not intended to constitute a disclosure document. The Japanese language Financial Report, Financial
Statements and Performance Information Report for the aforementioned period should be referred to as the originalsof this document. English translations for legal, accounting, tax and business concepts used herein may not convey
precisely identical concepts of the equivalent Japanese terms. The figures presented in the financial statements andother data including real estate portfolio details may differ from the Company’s Business Reports due to rounding.
With respect to any and all terms herein, including without limitation, financial statements, if there exist any
discrepancies in the meaning or interpretation thereof between the original Japanese documents and English
documents contained herein, the original Japanese documents will govern the meaning and interpretation. Neither
JPR, Tokyo Realty Investment Management, Inc. nor any of their respective directors, officers, employees, partners,
shareholders, agents or affiliates will be responsible or liable for the completeness, appropriateness or accuracy ofEnglish translations or the selection of the portion(s) of any document(s) translated into English. No person has beenauthorized to give any information or make any representations other than as contained in this document in relation
to the matters set out in this document, and if given or made, such information or representation must not be relied
upon as having been authorized by JPR, Tokyo Realty Investment Management, Inc. or any of their respective
directors, officers, employees, partners, shareholders, agents or affiliates.
The financial statements of JPR have been prepared in accordance with generally accepted accounting principles inJapan, which may materially differ in certain respects from generally accepted accounting principles in otherjurisdictions.
Many provisions of this document contain information that constitutes forward-looking statements. These
forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and various
factors may cause actual results to differ materially from those in the forward-looking statements.

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