17th Fiscal Period Results(January 1, 2010 – June 30, 2010)

August 13, 2010

CONSOLIDATED

Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation (JPR)
Tokyo Stock Exchange (Code 8955)
Board of Directors Meeting: August 13, 2010
Payment of Distribution: September 10, 2010 (planned)
Website: http://www.jpr-reit.co.jp/jpr_e/index.html
Inquiries: Katsuhito Ozawa, Director and Chief Financial Officer
Tokyo Realty Investment Management, Inc.
Tel: +81-3-3516-1591
E-mail: k-ozawa@trim-reit.co.jp

1

CONSOLIDATED

Japan Prime Realty Investment Corporation

Performance (January 1, 2010 – June 30, 2010)(1) Business Results(Amounts less than a million yen discarded)(Millions of yen, yen for per unit information / Percentage change from previous fiscal period)

Operating
Revenues% Change

Operating
Income% Change

Ordinary Income% Change

June 30, 2010

12,314

7.1%

6,484

11.3%

4,964

14.6%

Dec. 31, 2009

11,493(19.8)%

5,827(11.3)%

4,333(22.2)%(Yen)

Net Income% Change

EPU

Net Income/
NAV

Ordinary Income/
Total Assets

Ordinary Income/Operating Revenues

June 30, 2010

4,963

14.6%

7,145

2.9%

1.4%

40.3%

Dec. 31, 2009

4,332

85.8%

6,932

2.7%

1.3%

37.7%

Notes: 1. EPU is calculated based on the average number of investment units during the term
Fiscal period ended June 30, 2010: 715,000 units
Fiscal period ended Dec. 31, 2009: 625,000 units
2. Changes in accounting standards: No
3. Net income/NAV and Ordinary Income/Total Assets are calculated based on the average of unitholders’ equity (NAV) and Total Assets as of the
beginning and end of the period(2) Cash Distributions(Millions of yen, yen for DPU)

DPU

Distribution
AmountExceeding Profit
Distribution Per
Unit

Exceeding Profit
Distribution
AmountJune 30, 2010

6,770

4,840

0

0

97.5%

2.9%

Dec. 31, 2009

6,933

4,333

0

0

100.0%

2.7%

Dividend
Payout Ratio

Distribution/
NAV

Notes: 1. Dividend payout ratio is rounded to the nearest tenth.
2. A special deduction for the acquisition of expropriation, land exchange, etc. in Article 65-2 of the Special Taxation Measures Law anda special provision for taxation in the case of advance acquisition of land, etc. during 2009 or 2010 as stipulated in Article 66-2 of theSpecial Taxation Measures Law applies to capital gains from two properties sold in the 17th period.
To improve financial strength and seek sustainable growth, JPR decided to retain a certain portion of net income for the 17th period.
This will not affect JPR’s tax conduit status.
As a result, JPR recorded a total distribution of 4,840,550,000 yen and distributions per unit became 6,770 yen per unit for the 17th period.

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

NAV

NAV Ratio

NAV Per Unit

June 30, 2010

358,339

176,303

49.2%

246,578

Dec. 31, 2009

332,380

161,05848.5%

257,693

Reference: Net Assets
Fiscal period ended June 30, 2010: 176,303 millions of yen
Fiscal period ended Dec. 31, 2009: 161,058 millions of yen(4) Cash Flows(Millions of yen)

Cash Flows from
Investing Activities

June 30, 2010

11,206(25,688)

20,531

34,329Dec. 31, 2009

7,274

(12,307)(1,690)28,2792

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at end of
periodCash Flows fromOperating Activities

CONSOLIDATED

Japan Prime Realty Investment Corporation

Forecasts for 18th Fiscal Period Ending December 31, 2010
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

18th Fiscal PeriodEnding Dec. 31, 2010

Operating
Revenues

Net
Operating
Profits

Ordinary
IncomeNet
Income11,758

5,788

4,112

4,111

(excluding exceeding
profit distribution per unit)

Exceeding Profit
Distribution Per
Unit

5,750

－

DPU

Reference: Estimated EPU for the fiscal period: 5,750 yen

The above-mentioned forecasts are based on “Assumptions for the 18th Fiscal Period Forecast (July
1, 2010 – December 31, 2010)” as below. The aforementioned forecasts are based on assumptions
and information available to management as of August 13, 2010.
As a result, actual operating revenues, net operating profits, ordinary income, net income,
distribution per unit and exceeding profit distribution per unit will be subject to changes in market
conditions.
Accordingly, the forecasts are not a guarantee of any cash distribution amounts.
Assumptions for the 18th Fiscal Period Forecast(July 1, 2010 – December 31, 2010)
Item
PeriodProperty Portfolio

Assumptions
18th fiscal period: July 1, 2010 to December 31, 2010
(investment period: 184 days)• The number of properties held by JPR as of August 13, 2010 is assumed to be
55 properties. Furthermore, the assumed average occupancy rate at end ofmonth is 94.1%.
•In practice, these assumptions may vary due to such events as the acquisition of
additional properties or the sale of existing properties.

Operating Revenues•Operating revenues are calculated in consideration of the market environment,competitiveness of properties, tenant conditions, etc. based on the effective
lease agreements as of the end of the 17th fiscal period.
•It is assumed that there are no delinquencies and defaults in rent payments bytenants.
•Gain on sales of real estate properties is not assumed.

Operating Expenses•Out of real estate rental expenses, which account for a major part of operating
expenses, outsourcing expenses other than depreciation is calculated based on
information as of the 17th fiscal period and by reflecting the variation elementsof expenses based on the past results. Outsourcing expenses are assumed to be
514 million yen including the increased amount for newly acquired properties.
•Property taxes and city planning taxes indicate the volume to be paid during theperiod out of the levied volume and is assumed to be 981 million yen.
•Moreover, in general practice property tax and city planning tax levied on
properties acquired are settled after prorating for the period with the previous
owner at the time of acquisition, but JPR includes the amount equivalent to such
settlement in the acquisition costs for the property.
•Repair and maintenance costs forecast to be required during the period isallocated as expenses. However, since there is the possibility that costs forrepairs and maintenances will suddenly occur due to issues that are difficult topredict such as damage to the building and since it is generally an expense thatvaries greatly by year and do not occur periodically and other factors, it mayvary greatly from the assumed expenses for repairs and maintenances for theperiod.

3

CONSOLIDATED

Japan Prime Realty Investment Corporation

Non Operating
Expenses

Interest-Bearing Debt
Ratio

•Depreciation, including accompanying expenses and future additional capital
expenditures are calculated utilizing the straight line method and is assumed tobe 1,927 million yen including the increased amount for newly acquired
properties.
•Interest expenses, interest expenses on investment corporation bonds andborrowing expenses, which account for a major part of non-operating expenses,
are assumed to be 1,656 million yen.
•As of August 13, 2010, the interest-bearing loans payable is 164,262 million
yen (short-term debt: 5,000 million yen; current portion of long-term debt:
21,499 million yen; long-term debt: 87,263 million yen; current portion of
investment corporation bonds: 3,000 million yen; and investment corporation
bonds: 47,500 million yen) and interest-bearing debt ratio stands at 48.9%.
• It is assumed that all borrowings whose repayment will arrive during the fiscal
period ending December 2010 will be refinanced, except for scheduled paymentof 358 million yen. The interest-bearing debt ratio is expected to be 48.9% at theend of the fiscal period ending December 2010.
•There is no arrival of repayment or redemption other than the above
interest-bearing debt.
•The following formula is used in calculating the interest-bearing debt ratio in
this table.
Interest-bearing debt ratio =Interest-bearing debt / (Interest-bearing debt + Unitholders’ capital) * 100

Total Units
Outstanding• The 715,000 investments units outstanding as of June 30, 2010 are assumed.
• 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.

Distribution Per Unit

•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 undermanagement and tenants moving out, and unpredicted repairs and maintenance.

Exceeding Profit
Distribution Per Unit•Distribution exceeding the profit (exceeding profit distribution per unit) iscurrently not assumed.
• It is assumed that there will be no changes in legislation, taxation, accounting
standards, regulations applying to publicly listed companies, rules andrequirements imposed by the Investment Trusts Association, Japan that will
impact the aforementioned forecasts.
• It is also assumed that there will be no unexpected material changes in general
economic and real estate market conditions.

Others4

CONSOLIDATED

Japan Prime Realty Investment Corporation

Financial Statements
Balance Sheets (Dec. 31, 2009 and Jun. 30, 2010)
End of 16th
(Dec. 31, 2009)

Item
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Deferred tax assets
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,Land
Land 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 issuanceTotal deferred assets
Total assets

5('000 Yen)
End of 17th Period% Change(Jun. 30, 2010)

13,972,954
14,306,729
168,177
190,31629
6,164
28,644,372

19,647,583
14,681,830
200,156
192,994
46
6,133
34,728,743

21.2

46,691,236(4,068,032)
42,623,203
72,920,852(15,174,017)
57,746,834
30,181(4,026)26,15589,443(27,373)
62,070537,435(165,585)
371,850
1,304,524(749,755)
554,769
34,079(11,368)
22,71097,559(45,167)
52,392
83,009,500
117,058,000
22,377
301,549,865

47,696,388(4,442,600)
43,253,787
74,807,525(16,262,208)
58,545,316
27,729(3,737)23,991
92,143(30,464)
61,679550,949(186,948)
364,001
1,385,887(793,620)
592,267
33,511(12,207)21,304
101,088(51,923)
49,165
94,581,913
120,491,107
23,982
318,008,517

5.5

1,542,818
5,111
1,547,929

4,794,109
5,256
4,799,366

210.1

49,000491,015
540,015
303,637,811

49,000581,579
630,579
323,438,463

16.8
6.5

97,84897,848332,380,032

172,471
172,471358,339,677

76.3
7.8
CONSOLIDATED

Japan Prime Realty Investment Corporation

Balance Sheets (Dec. 31, 2009 and Jun. 30, 2010)

End of 16th
(Dec. 31, 2009)

Item
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term loans payable
Current portion of investment corporation
Accounts payable-otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Total current liabilities
Noncurrent liabilities
Investment corporation bondLong-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in
Total noncurrent liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Unappropriated retained earnings
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

6('000 Yen)
End of 17th Period% Change(Jun. 30, 2010)

1,107,794
16,252,000
6,716,000
7,000,000
548,051
394,952624
312,246
1,416,980
33,748,648

994,0785,000,000
21,499,000
3,000,000
630,561
383,365605
31,017
1,465,927
33,004,554(2.2)

37,500,000
83,404,000
6,009,582
10,659,132
137,572,715
171,321,364

47,500,000
84,263,000
6,463,850
10,804,484
149,031,334
182,035,888

8.3
6.3

156,725,438

171,339,818

4,333,229
4,333,229
161,058,667
161,058,667

4,963,970
4,963,970
176,303,789
176,303,789

14.6
9.5
9.5

332,380,032

358,339,677

7.8

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Income and Retained Earnings(Jul. 1, 2009 – Dec. 31, 2009 and Jan. 1, 2010 – Jun. 30, 2010)(‘000 Yen)
16th Fiscal Period(Jul. 1, 2009 –Dec. 31, 2009)17th Fiscal Period(Jan. 1, 2010 –Jun. 30, 2010)

Rent revenue-real estate

11,493,470

11,855,159

Gain on sales of real estate properties
Total operating revenue－
11,493,470

459,648Item% Change

Operating revenue

12,314,808

7.1

Operating expenses
Expenses related to rent business
Asset management fee
Administrative service and asset
custody fees
Directors' compensations
Trust fees

5,010,746
416,127

5,144,388

67,754

68,2186,600
48,2446,600
48,489447,576

Other operating expenses

116,423

115,525

Total operating expenses

5,665,896

5,830,796

2.9

5,827,573

6,484,011

11.3

6,846

7,658

－

49,202

Operating income
Non-operating income
Interest income
Income on settlement of management
association accounts
Other

11,204

22,372

Total non-operating income

18,05079,233

Interest expenses

957,607

1,008,955

Borrowing expenses
Interest expenses on investment
corporation bonds
Amortization of investment corporationbond issuance costs

74,22189,604

462,820

430,797

12,74816,329－50,723

4,542

2,378

1,511,938

1,598,790

5.7

Ordinary income

4,333,685

4,964,454

14.6

Income before income taxes

4,333,685

4,964,454

14.6

339.0

Non-operating expenses

Unit-issuance costs
Other
Total non-operating expenses

Income taxes-current

762

605

Income taxes-deferred

62

(16)

825

588

4,332,860

Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings(undisposed loss)

7(28.7)

4,963,866

14.6

368

104

(71.7)

4,333,229

4,963,970

14.6

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Changed in Net Assets(Jul. 1, 2009 – Dec. 31, 2009 and Jan. 1, 2010 – Jun. 30, 2010)(‘000 Yen)
16th Fiscal Period(Jul. 1, 2009 –Dec. 31, 2009)17th Fiscal Period(Jan. 1, 2010 –Jun. 30, 2010)

156,725,438

156,725,438－

14,614,380－
156,725,438

14,614,380
171,339,818

2,332,243

4,333,229

Distributions from surplus(2,331,875)(4,333,125)

Net income

4,332,860

4,963,866

Total changes of items during the period

2,000,985

630,741

4,333,229

4,963,970

2,332,243

4,333,229

2,000,985

630,741

4,333,229

4,963,970

159,057,682

161,058,667

2,000,985

15,245,121

161,058,667

176,303,789

159,057,682

161,058,667

2,000,985

15,245,121

161,058,667

176,303,789

Unitholders' equity
Unitholders' capital
Balance at the end of previous period
Changes of items during the period
Issuance of units
Total changes of items during the period
Balance at the end of current period
Surplus
Unappropriated retained earnings (undisposed
loss)
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period
Total surplus
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Total unitholders' equity
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period

8

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Cash Flows(Jul. 1, 2009 – Dec. 31, 2009 and Jan. 1, 2010 – Jun. 30, 2010)
16th Fiscal Period(‘000 Yen)
17th Fiscal Period(Jul. 1, 2009 –Dec. 31, 2009)(Jan. 1, 2010 –Jun. 30, 2010)

4,333,685
1,850,874

4,964,454
1,897,485

12,74816,329－(6,846)1,420,427
30,33550,723(7,658)1,439,753(31,978)

357,367－(6,083)(115,192)
23,046
312,246
250,029－
105,5228,568,160
6,846(1,302,843)
2,425
7,274,589(2,677)72,070(8,501)(281,229)
48,9474,630,718(137,437)
12,651,001
7,658(1,451,340)(924)
11,206,394(3,590,282)(9,032,089)(1,052)(17,640,017)(5,531,870)(3,252,190)(114,984)(579,727)

78,7691,081,891(292,145)(236,989)

643,841

470,475(12,307,943)(25,688,429)

Increase in short-term loans payable

16,252,000

4,000,000

Decrease in short-term loans payable(16,152,000)(15,252,000)

Proceeds from long-term loans payable

10,900,000

16,000,000

Repayment of long-term loans payable(358,000)(358,000)

Item
Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bondissuance costs
Unit-issuance costs
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes refund
receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable-other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Decrease in property,plant and equipment
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets
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－

12,909,047

Redemption of investment corporation bonds(10,000,000)(7,000,000)

Proceeds from issuance of units－(2,332,426)(4,330,938)

Net cash provided by (used in) financing activities
Net changes in cash and cash equivalents
Cash and cash equivalents at beginning of period(1,690,426)(6,723,781)
35,003,464

20,531,765
6,049,730
28,279,683

Cash and cash equivalents at end of period

28,279,683

34,329,413

Proceeds from corporate bonds

Dividends paid

9

14,563,656

CONSOLIDATED

Japan Prime Realty Investment Corporation

Notes to Financial Statements＜Change in Accounting Policies＞
There are no important changes in accounting policies for this fiscal period.

Subsequent Events
There are no material subsequent events for this fiscal period.

Reference

Details of Corporate Credit Ratings as of Jun. 30, 2010
Ratings Agency

Corporate Credit Rating (Outlook)

Rating and Investment Information, Inc.

AA－ (Stable)

Moody’s Investors Service, Inc.

A2 (Negative)

Standard & Poor’s Rating Services

A (Stable)

outlooks for the issuer rating and unsecured long-term debt rating by Moody's Investors Service were changed
from stable on January 15, 2009.

10

CONSOLIDATED

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of June 30, 2010)
Area Type

Property Name

OfficeRetailOfficeRetailOffice

2,100

0.6

2,380

Nov. 2001

1,670

0.5

1,960

Nov. 2002

550

0.2

839

Nov. 2004

200

0.1

291

Dec. 2001

Chuo-ku, Tokyo

Dec. 2001

JPR Ningyo-cho Bldg.

Chuo-ku, Tokyo
Chiyoda-ku, Tokyo

Acquisition Price(yen in millions)

10,300JPR Crest Takebashi Bldg.

Chiyoda-ku, Tokyo

Jun. 2002

4,000

1.2

3,530

MS Shibaura Bldg.

Minato-ku, Tokyo

Mar. 2003

11,2003.4

14,800Gotanda First Bldg.

Shinagawa-ku, Tokyo

Jul. 2003

2,920

0.9

2,850

Oct. 2003

1,800

0.5

2,125

Fukuoka Bldg.

Chuo-ku, Tokyo

Apr. 2005

1,120

0.3

1,115

JPR Ichigaya Bldg.

Chiyoda-ku, Tokyo

May 2004

5,100

1.5

4,970

Oval Court Ohsaki Mark West

Shinagawa-ku, Tokyo

Jun. 2004

3,500

1.1

4,320

Jul. 2004

10,000

3.0

8,790

180

0.1

122

11,821

3.6

9,930

710

0.2

863
13,100Shinjuku-ku, TokyoBYGS Shinjuku Bldg.

Shinjuku-ku, Tokyo

Across Shinkawa Bldg. Annex

Chuo-ku, Tokyo

Sep. 2008
Nov. 2004
Apr. 2005
Nov. 2004

Shinjuku Center Bldg.

Shinjuku-ku, Tokyo

Mar. 2008

21,000

6.3

Minami Azabu Bldg.

Minato-ku, Tokyo

Jul. 2008

3,760

1.1

2,880

Shinagawa Canal Bldg.

Minato-ku, Tokyo

Dec. 2008

1,870

0.6

1,620

Rokubancho Bldg.

Chiyoda-ku, Tokyo

Dec. 2009

2,800

0.8

3,020

Ryoshin Harajuku Bldg.

Shibuya-ku, Tokyo

Dec. 2009

8,400

2.5

7,570

Tokyo Tatemono Kyobashi Bldg.

Chuo-ku, Tokyo

Feb. 2010

5,250

1.6

5,120

TK Horidome Bldg.

Shibuya-ku, Tokyo

Mar. 2010

5,100

1.5

5,900

JPR Sendagaya Bldg.

Shibuya-ku, Tokyo

May. 2010

15,050

4.5

10,900JPR Shibuya Tower Records Bldg.

Shibuya-ku, Tokyo

Jun. 2003

12,0003.6

12,600JPR Daikanyama

Shibuya-ku, Tokyo

Oct. 2004

2,160

0.7

1,310

JPR Jingumae 432

Shibuya-ku, Tokyo

4,275

1.3

4,000

Shinjuku Sanchome East Bldg.

Shinjuku-ku, Tokyo

Mar. 2006
Mar. 2007
Apr. 2008

2,740

0.8

2,350

Chiyoda-ku, Tokyo

Sumida-ku, Tokyo

Aug. 2008

3,400

1.0

2,660

Nov. 2001

163,826
5,880

49.5
1.8

144,525
5,530

JPR Chiba Bldg.

Chiba, Chiba

Dec. 2001

2,350

0.7

1,550

JPR Yokohama Nihon Odori Bldg.

Yokohama, Kanagawa

Nov. 2001

2,927

0.9

2,460

Shinyokohama 2nd Center Bldg.

Yokohama, Kanagawa

Sep. 2002

920

0.3

775

Kawaguchi Center Bldg.

Kawaguchi, Saitama

Feb. 2004

8,100

2.4

9,420

JPR Ueno East Bldg.

Taito-ku, Tokyo

Mar. 2004

3,250

1.0

4,920

Sep. 2005

888

0.3

1,160

Tachikawa Business Center Bldg.

Tachikawa, Tokyo

Feb. 2007

2,300

0.7

2,030

Rise Arena Bldg.

Toshima-ku, Tokyo

Mar. 2007

5,831

1.8

5,740

Yume-ooka Office Tower

Yokohama, Kanagawa

Jul. 2007

6,510

2.0

5,550

Olinas Tower

Sumida-ku, Tokyo

Jun. 2009

31,3009.4

31,500Tanashi ASTA

Nishitokyo, Tokyo

Nov. 2001

10,200

3.1

12,200Cupo-la Main Bldg.

Kawaguchi, Saitama

Mar. 2006

2,100

0.6

2,480

JPR Musashikosugi Bldg.

Kawasaki, Kanagawa

Sep. 2006

7,260

2.2

5,940

Musashiurawa Shopping Square

Saitama, Saitama

Mar. 2007

4,335

1.3

3,890

Kawasaki Dice Bldg.

Kawasaki, Kanagawa

Apr. 2007

15,080

4.6

14,664109,231
2,140

33.0
0.6

109,8092,090

Subtotal
Niigata Ekinan Center Bldg.

Niigata, Niigata

Nov. 2001

Tokyo Tatemono Honmachi Bldg.

Osaka, Osaka

Nov. 2001

4,150

1.3

3,030

JPR Hakata Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,900

0.9

2,940

JPR Naha Bldg.

Naha, Okinawa

Nov. 2001

1,560

0.5

1,600

Sompo Japan Sendai Bldg.

Sendai, Miyagi

Jun. 2002

3,150

1.0

3,350

Sompo Japan Wakayama Bldg.

Wakayama, Wakayama

Jun. 2002

1,670

0.5

1,800

Tenjin 121 Bldg.

Fukuoka, Fukuoka

Jun. 2002

2,810

0.8

2,460

JPR Dojima Bldg.

Osaka, Osaka

Jan. 2004

2,140

0.6

2,370

JPR Hakata-chuo Bldg.

Fukuoka, Fukuoka

Jun. 2004

1,920

0.6

1,820

Mitsubishi UFJ Lease & Finance Nagoya
Head Office Bldg.

Nagoya, Aichi

Mar. 2005

4,137

1.2

2,510

13,0003.9

14,000

Benetton Shinsaibashi Bldg.

Osaka, OsakaMay 2003
Jul. 2003
May 2005

Housing Design Center Kobe

Kobe, Hyogo

Sep. 2005

JPR Chayamachi Bldg.

Osaka, Osaka

Aug. 2006

JPR Umeda Loft Bldg.
Retail2,310

Nov. 2001

Chuo-ku, Tokyo

Kanematsu Bldg. Annex

Shinjuku Square Tower

Tokyo CBDs

0.9

Kanematsu Bldg.

Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
Subtotal
Arca East

Greater Tokyo

2,874

AcquiredShin-Kojimachi Bldg.

Other Cities

Appraisal Value(yen in millions)

16,276

% of
Total
4.9

Location

Osaka, Osaka

Subtotal
Total

11

5,430

1.6

4,630

7,220

2.2

6,550

6,000

1.8

4,650

58,22717.6

53,800331,284

100.0

308,134

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Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of June 30, 2010)
Area

Type

Leasable Area（㎡）
7,994.02

Leased Area（㎡）
7,190.65

Kanematsu Bldg. Annex

2,291.13

2,291.13

1

100.0

90,528

0.8

JPR Ningyo-cho Bldg.

2,791.88

2,791.88

4

100.0

103,6250.9

2,105.44

1,980.49

94.1

77,3460.7

901.36901.3610

100.0

32,281

0.3

312.53312.53100.0

12,8800.1

JPR Crest Takebashi Bldg.

3,265.34

3,265.34

9

100.0

125,365

1.1

MS Shibaura Bldg.

14,470.72

14,240.39

8

98.4

539,873

4.6

2

100.0

134,950

1.1

100.0

87,356

0.7

Property Name
Kanematsu Bldg.

Shin-Kojimachi Bldg.

Gotanda First Bldg.

OfficeTokyo CBDs
RetailOfficeRetail387,836

% of
Total
3.3

4,243.58
1,250.06

687.34687.34100.0

38,9730.3

JPR Ichigaya Bldg.

4,227.12

3,424.69

7

81.0

153,342

1.3

Oval Court Ohsaki Mark West4,088.44

4,088.443

100.0

177,670

1.5

10,982.03

9,090.94

82.8

236,5192.0

168.74139.69BYGS Shinjuku Bldg.

11,350.62

10,590.45

Across Shinkawa Bldg. Annex

1,253.39

Shinjuku Center Bldg.

8,041.63

Minami Azabu Bldg. *3,405.73

1

20

82.8

3,634

0.0

22

93.3

444,060

3.7

1,253.39

4

100.0

41,721

0.4

6,760.31

20

84.1

476,668

4.0

3,405.73

1

100.0

109,901

0.9
0.4

Shinagawa Canal Bldg.

1,700.57

1,700.57

4

100.0

52,845

Rokubancho Bldg. *2,488.36

2,488.36

1

100.0

127,703

1.1

Ryoshin Harajuku Bldg.

4,760.13

4,760.138

100.0

266,279

2.2

Tokyo Tatemono Kyobashi Bldg. *3,499.31

3,499.31

2

100.0

160,898

1.4

TK Horidome Bldg.

5,299.82

4,670.73

6

88.1

95,817

0.8

JPR Sendagaya Bldg.

6,177.74

4,542.583

73.5

151,257

1.3

JPR Shibuya Tower Records Bldg.

8,076.85

8,076.851

100.0

345,576

2.9

JPR Daikanyama

651.29651.294

100.0

41,566

0.4

JPR Jingumae 432

1,027.33

1,027.33

5

100.0

94,861

0.8

Shinjuku Sanchome East Bldg.
Yurakucho Ekimae Bldg. *(Yurakucho Itocia)
Arca East
JPR Chiba Bldg.

2,347.81

2,347.81

1

100.0

78,3060.7

1,101.92

1,101.92

1

100.0

64,9990.5

7,022.76
5,542.94

7,022.76
4,348.33

6
27

100.0
78.4

274,075
109,678

2.3
0.9

JPR Yokohama Nihon Odori Bldg.

6,066.53

5,732.72

12

94.5

136,952

1.2

Shinyokohama 2nd Center Bldg.

2,642.38

2,215.17

10

83.8

54,5480.5

Kawaguchi Center Bldg.

15,461.98

13,178.93

36

85.2

452,603

3.8

JPR Ueno East Bldg.
Tachikawa Business Center Bldg.

RetailRental Revenue(yen in thousands)

4,243.58

Shinjuku Square Tower

OfficeGreater Tokyo
Greater Tokyo

Occupancy
Ratio（%）
90.0

1,250.06

Fukuoka Bldg.

Other Cities

Number of
Tenants
7

6,467.59

6,097.00

7

94.3

232,165

2.0

1,747.13

1,747.13

4

100.0

60,9270.5

2,968.00

2,309.83

12

77.8

81,674

0.7

Rise Arena Bldg.

6,023.39

6,023.391

100.0

240,297

2.0

Yume-ooka Office Tower

12,011.51

10,368.31

31

86.3

313,756

2.6

Olinas Tower

23,987.40

23,987.40

12

100.0

1,166,600

9.8

Tanashi ASTA
Cupo-la Main Bldg. *31,121.71
5,963.00

31,121.71
5,963.00

1
1

100.0
100.0

596,400
123,229

5.0
1.0

JPR Musashikosugi Bldg. *Musashiurawa Shopping Square

19,740.95

19,740.95

1

100.0

197,064

1.7

14,960.69

14,960.69

3

100.0

129,061

1.1

Kawasaki Dice Bldg.

13,066.69

12,981.11

20

99.3

481,174

4.1

Niigata Ekinan Center Bldg.
Tokyo Tatemono Honmachi Bldg.

5,326.89
7,210.25

5,231.05
7,053.40

9
8

98.2
97.8

133,726
246,645

1.1
2.1

JPR Hakata Bldg.

6,581.15

6,140.50

27

93.3

151,593

1.3

JPR Naha Bldg.

3,946.90

3,516.28

16

89.1

99,7480.8
1.6

Sompo Japan Sendai Bldg.

7,153.67

6,631.13

12

92.7

192,735

Sompo Japan Wakayama Bldg.

4,874.91

4,467.93

16

91.7

121,510

1.0

Tenjin 121 Bldg.

3,281.12

2,610.63

10

79.6

102,209

0.9

JPR Nagoya Sakae Bldg.

－
3,930.21－
3,375.54

－
6

－
85.9

93,9630.8

JPR Dojima Bldg.

123,174

1.0

JPR Hakata-chuo Bldg.

3,331.78

3,331.78

5

100.0

81,6980.7

Mitsuibishi UFJ Lease & Finance
Nagoya Head Office Bldg.

7,112.81

7,112.812

100.0

179,169

1.5

JPR Umeda Loft Bldg.
Benetton Shinsaibashi Bldg. *18,586.97
5,303.98

18,586.97
5,303.98

1
1

100.0
100.0

402,411
122,160

3.4
1.0

Housing Design Center Kobe *35,444.13

35,444.13

1

100.0

261,500

2.2

JPR Chayamachi Bldg.

2,484.39

2,484.39

7

100.0

138,050

1.2

410,326.04

391,864.22

460

95.5

11,855,159

100.0

Total

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

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Japan Prime Realty Investment Corporation

Disclaimer
This document contains a translation of selected information described in the Financial Report (Kessan
Tanshin) dated August 13, 2010 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 theInvestment Trust Law of Japan and the Financial Instruments and Exchange Law, for the period from January
1, 2010 to June 30, 2010 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 toas the originals of this document. English translations for legal, accounting, tax and business concepts usedherein may not convey precisely identical concepts of the equivalent Japanese terms. The figures presented in
the financial statements and other data including real estate portfolio details may differ from the Company’s
Business Reports due to rounding. With respect to any and all terms herein, including without limitation,
financial statements, if there exist any discrepancies in the meaning or interpretation thereof between theoriginal 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 of English translations or the selection of the
portion(s) of any document(s) translated into English. No person has been authorized to give any informationor make any representations other than as contained in this document in relation to the matters set out in thisdocument, and if given or made, such information or representation must not be relied upon as having beenauthorized 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 in Japan, which may materially differ in certain respects from generally accepted accounting
principles in other jurisdictions.
Many provisions of this document contain information that constitutes forward-looking statements. These
forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, andvarious factors may cause actual results to differ materially from those in the forward-looking statements.

13

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