Translation
Japan Prime Realty Investment Corporation
Financial Report for the 39th Fiscal Period Results (January 1, 2021 – June 30, 2021)
August 16, 2021

REIT Securities Issuer:
Japan Prime Realty Investment Corporation
Listing:
Tokyo Stock Exchange
Securities Code:
8955
URL:
https://www.jpr-reit.co.jp/
Representative:
Yoshihiro Jozaki, Executive Officer
Asset Management Company: Tokyo Realty Investment Management, Inc.
Representative:
Yoshihiro Jozaki, President and Chief Executive Officer
Contact:
Yoshinaga Nomura, Director and Chief Financial Officer TEL: +81-3-3231-1051
Scheduled date of submission of securities report:
September 27, 2021
Scheduled date of commencement of distribution payout:
September 10, 2021
Preparation of supplementary explanatory materials on financial results: Yes / No
Holding of briefing session on financial results:
Yes / No (for analysts and institutional investors)
1. Financial Results for the 39th Fiscal Period (January 1, 2021 – June 30, 2021)[Amounts are rounded down to the nearest million yen, except for per unit figures.][% figures represent the increase (decrease) compared with the previous fiscal period](1) Operating Results
For the six months ended

June 30, 2021
December 31, 2020

Operating Revenues
million yen%
17,3051.0
17,1294.7
Net Income per Unit
(EPU)
yen
8,474
8,181

For the six months ended

June 30, 2021
December 31, 2020

Operating Income
million yen
%
8,789
3.0
8,533
6.5

Ordinary Income
million yen
%
8,121
3.6
7,840
7.7

Net Income
million yen
8,120
7,839

Net Income / Net Assets

Ordinary Income /Total Assets

Ordinary Income /Operating Revenues
%
46.9
45.8

%
3.2
3.1

%
1.7
1.6

%
3.6
7.7

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

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution /Net Assets

For the six months ended

yenmillion yen
yenmillion yen
%
%
–
7,657
7,337
–
90.3
2.9
June 30, 2021
–
7,750
7,426
–
94.7
2.9
December 31, 2020
(Note 1) Dividend payout ratio is rounded down to the first decimal place.
(Note 2) The difference between the distribution amount and net income for the six months ended December 31, 2020, is attributable
to the fact that part of the unappropriated retained earnings (414 million yen) was internally reserved as reserve for reduction
entry.
(Note 3) The difference between the distribution amount and net income for the six months ended June 30, 2021, is attributable tothe fact that part of the unappropriated retained earnings (783 million yen) was internally reserved as reserve for reduction
entry.

(3) Financial Position
As ofJune 30, 2021
December 31, 2020

Total Assets
million yen
484,323484,573

Net Assets
million yen
257,093
256,399

1

Net Assets / Total Assets
%
53.1
52.9

Net Asset Per Unityen
268,295
267,570

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period(4) Cash Flows
Cash Flows fromOperating Activities
For the six months ended

Cash Flows from
Investing Activities

million yen
11,85011,402June 30, 2021
December 31, 2020

million yen(2,167)(12,285)

Cash Flows from
Financing Activities
million yen(7,477)
2,178

Cash and Cash
Equivalents
at End of Period
million yen
43,602
41,396

2. Forecasts for the 40th Fiscal Period Ending December 31, 2021 (July 1, 2021 – December 31, 2021) andthe 41st Fiscal Period Ending June 30, 2022 (January 1, 2022 – June 30, 2022)[Amounts are rounded down to the nearest million yen, except for per unit figures.][% figures represent the increase (decrease) compared with the previous fiscal period]

Operating
Revenues

Operating
IncomeOrdinary
IncomeNet
IncomeDPU [excluding Exceedingexceeding profit
Profitdistribution per Distribution
unit]
Per Unit%yen
yenmillion yen% million yen% million yen% million yen
40th Fiscal Period
16,228(6.2)
7,713 (12.2)
6,964 (14.2)
6,963 (14.2)
7,550–
Ending December
31, 2021
41st Fiscal Period
16,192
(0.2)
7,806
1.2
7,108
2.1
7,107
2.1
7,550
–
Ending June 30,2022(Reference) Estimated net income per unit (forecast net income / forecast number of investment units at end of period)
40th fiscal period ending December 31, 2021:
7,266 yen
41st fiscal period ending June 30, 2022:
7,417 yen
(Note 1)
DPU for the 40th fiscal period ending December 2021 is calculated on the assumption that part of the reserve for reduction
entry (272 million yen) will be reversed and distributed.
(Note 2)
DPU for the 41st fiscal period ending June 2022 is calculated on the assumption that part of the reserve for reduction entry(127 million yen) will be reversed and distributed.

3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(a) Changes in accounting policies accompanying amendments to accounting standards, etc.:(b) Changes in accounting policies other than in (a):(c) Changes in accounting estimates:(d) Retrospective restatement:

None
None
None
None

(2) Number of Investment Units Issued and Outstanding(a) Number of investment units (including treasury units) issued and outstanding at end of period
As of June 30, 2021:
958,250 units
As of December 31, 2020:
958,250 units(b) Number of treasury units at end of period
As of June 30, 2021:
0 units
As of December 31, 2020:
0 units(Note) With regard to the number of investment units, which serves as the basis for calculating net income per unit, please refer to“Per Unit Information,” on page 21.

* This financial report is not subject to audit procedures by public accountants or audit corporations.
* Special note
The forecasts for the 40th fiscal period ending December 31, 2021, and the 41st fiscal period ending June 30, 2022,
are calculated as of August 16, 2021, based on the assumptions described on pages 8 and 9 of this report.
Accordingly, actual operating revenues, operating income, ordinary income, net income, DPU and exceeding
profit distribution per unit may differ from the forecasts. Moreover, the forecasts should not be construed as aguarantee of the distribution amount.
This is an English-language translation of original Japanese announcement on our website released on August
16, 2021. However, no assurance or warranties are given with respect to the accuracy or completeness of thisEnglish-language translation. The Japanese original shall prevail in the case of discrepancies between thistranslation and the Japanese original.

2Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

1. Management Status
1) Overview of Fiscal Period under Reviewa) Milestones of JPR
Japan Prime Realty Investment Corporation (JPR) was established on September 14, 2001, under the
Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended), and waslisted on the Tokyo Stock Exchange Real Estate Investment Trust Section on June 14, 2002, with 289,600
outstanding investment units. With the subsequently implemented public offerings and other capitalraising measures by JPR, the number of investment units issued and outstanding totals 958,250 units asof the end of the 39th fiscal period (June 30, 2021). JPR has assigned the asset management of its
portfolio to Tokyo Realty Investment Management, Inc. (TRIM), through which JPR aims to maximize
unitholder value by efficiently managing the portfolio primarily comprising office properties and retailproperties.
b) Management Environment
During the 39th fiscal period, the Japanese economy remained in a severe situation due to the impact of
COVID-19. Some areas showed a pickup, however, as exports increased moderately and production wason a recovery path. Corporate earnings demonstrated recovery, mainly within manufacturing industries,
although weakness was observed in some industries. Overseas economies also continued to show pickup
amid a severe situation. In spite of these developments, however, with the number of COVID-19 cases
showing signs of re-expansion both in and outside Japan toward the end of the fiscal period under review,
there are concerns about the negative impact on the economy.
The Office Property Leasing Market
In the office property leasing market, the vacancy rate was on an upward trend and rent levels were on a
downward trend, primarily in Central Tokyo, under the impact of COVID-19.
The Retail Property Leasing Market
Although a pickup was seen temporarily at urban retail properties which JPR targets for investment, it
is our concern that restaurants and eateries will be negatively impacted by the state-of-emergency
declarations and focused anti-infection measures against COVID-19 issued by the government for Tokyoand several other prefectures in the 39th fiscal period.
The For-Sale Real Estate Market
In the for-sale real estate market, active transactions continued to take place against the backdrop of
recovery in stock prices and low interest rates, etc. Investors have maintained a cautious attitude,
however, for hotels and urban retail properties that have been hard hit by COVID-19. For officeproperties, on the other hand, blue-chip properties in which JPR targets for investment are in short supply
while investors both in and outside Japan still show a strong appetite to acquire them. Thus, with lowyield transactions continuing to prevail, the acquisition environment remains harsh. Accordingly,
investors continue to look for ways to effectively acquire properties, such as by diversifying the target
assets for investment and conducting asset replacement.
c) Portfolio Management Status
Acquisition of New Properties and Asset Replacement
JPR investigates possible investments mainly in office properties in the Tokyo area, plus office properties
in regional cities and retail properties, etc., with the primary aim of improving the quality of the portfolio
and achieving stable growth of earnings while giving attention to balancing the diversification of theportfolio, both in terms of location and asset type.
During the 39th fiscal period, JPR investigated possible investments primarily in office properties in theTokyo area, but no acquisition was closed and completed. As JPR sold the remaining 65% ownershipinterest in JPR Hakata Bldg. (sale price of the relevant ownership interest: 2,660 million yen) in March
2021, the balance of JPR’s assets under management totaled 65 properties, or 465.6 billion yen on an
acquisition price basis as of the end of June 2021, with the total leasable floor space standing at 496,876
m2 and the number of tenants at 804.

3

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

Operational Management of Portfolio
In the office property leasing market in the 39th fiscal period, the vacancy rate was on an upward trend
and rent levels were on a downward trend under the impact of COVID-19, as stated above inManagement Environment, and close attention must be paid. Under such circumstances, JPR endeavored
to attract new tenants through strategic leasing activities and enhance the satisfaction of existing tenants
by maintaining close cooperation with property management companies and brokers, with an aim tosecure stable earnings across the entire portfolio as well as its occupancy rate. As a result of these efforts,
the occupancy rate at the end of the 39th fiscal period was kept at a high level, although it decreased 1.2
points period-on-period to 98.1%.
In terms of property management, based on JPR’s brand concept A/3S (Amenity/Service, Safety and
Save Energy), JPR continued to proactively implement value enhancement works based on tenant needs
with an aim to create spaces where the workers feel satisfaction. As an endeavor to implement energysaving measures, JPR conducted renovation of air-conditioning systems and replacement of lighting
equipment with LED lamps, which are expected to be effective for the endeavor, at its multiple properties.
Moreover, as its initiatives on environmental issues, JPR has continuously obtained environmental
certifications. As of June 30, 2021, JPR has acquired DBJ Green Building Certification*1 for 14
properties and CASBEE for Building Certification*2 for 22 properties (including 6 newly certified
properties). In addition, JPR has acquired BELS*3 certification for two of its properties including one
newly certified property. On top of these certifications JPR acquired, its endeavors on environmental
issues were so acknowledged that it was designated as “Green Star” in the GRESB*4 Real Estate
Assessment for 2020, marking the seventh consecutive year of recognition with the highest ranking inthe survey. JPR has also been granted the highest rank of “5 Stars” in the rating, which makes relative
assessment based on total scores, for two consecutive years.
*1 The DBJ Green Building Certification is a certification system to select superior real estate that meets the demand of the times byscoring buildings based on the scoring model originally developed by Development Bank of Japan Inc. Its purpose is to promote
properties that are environmentally friendly, equipped to mitigate disasters and prevent crime, as well as meet the social
requirements surrounding real estate from various stakeholders (“Green Buildings”).
*2 CASBEE, which stands for Comprehensive Assessment System for Built Environment Efficiency, is a system for comprehensively
assessing the environmental performance of buildings. Efforts to develop and popularize the system in Japan are being carried out
under the leadership of the Ministry of Land, Infrastructure, Transport and Tourism.
*3 BELS is an abbreviation for Building-Housing Energy-efficiency Labeling System. It is a performance-labeling system created
for the purpose that a third-party organization accurately conducts the evaluation and indication of energy-efficiency performanceof non-residential buildings in accordance with the Assessment Guidelines on Energy Efficiency Performance of Non-residential
Buildings (2013) established by the Ministry of Land, Infrastructure, Transport and Tourism.
*4 GRESB is an annual benchmarking assessment to measure ESG (Environmental, Social and Governance) awareness of real estatecompanies and funds, as well as the name of the organization which runs the assessment system. It was founded in 2009 primarily
by major European pension fund groups. Of the survey subjects, GRESB Real Estate Assessment covers real estate companies
and funds that are mainly engaged in managing existing properties

Fund Procurement
JPR focuses its endeavors on debt financing with an emphasis placed on lengthening debt maturity anddiversifying repayment dates in an effort to make its financial base more solid and stronger against the
backdrop of the favorable fund procurement environment and low interest rates.
JPR borrowed 13.8 billion yen to fund the refinancing of interest-bearing debts it repaid during the 39th
fiscal period. The average maturity of and the average interest on the new interest-bearing debts stood at
9.7 years and 0.59%, respectively, in contrast to 5.6 years and 0.66% for the relevant interest-bearing
debts before refinancing (excluding short-term debts).
As of the end of the 39th fiscal period, the balance of interest-bearing debts totaled 196.5 billion yen,with a balance of borrowings of 161.0 billion yen and a balance of investment corporation bonds of 35.5
billion yen. The ratio of interest-bearing debt to total assets (Note 1) was 40.6%, long-term and fixedinterest-bearing debt ratio (Note 2) was 99.0%, average debt cost (Note 3) was 0.73% and average
maturity (Note 4) was 4.8 years as of the end of the fiscal period.
Moreover, JPR established a commitment line with a credit limit of 24 billion yen with six financial
institutions.

4

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

The following represents the issuer ratings for JPR as of the end of the 39th fiscal period.
Details of Corporate Credit Ratings as of June 30, 2021
Credit Rating Agency
Corporate Credit Rating (outlook)
Rating and Investment Information, Inc.
AA− (Stable)
Long-term: A (Stable)
S & P Global Ratings Japan Inc.
Short-term: A−1(Note 1) Ratio of interest-bearing debts to total assets: (balance of borrowings + balance of investment corporation bonds) / total assets(Note 2) Long-term and fixed interest-bearing debt ratio: long-term, fixed-interest interest-bearing debts / total interest-bearing debt
(Note 3) Average debt cost: sum total of interest expenses, interest expenses on investment corporation bonds, borrowing expenses(excluding expenses for early repayment of borrowings and for commitment line agreements), amortization of investment
corporation bond issuance costs and investment corporation bond management expenses, divided by the number of businessdays for each fiscal period and annualized by multiplying by 365 days / average balance of borrowings and investment
corporation bonds for each fiscal period(Note 4) Average maturity is arrived at by calculating a weighted average of maturities from the end of the 39th fiscal period to therepayment deadlines for all interest-bearing debts based on the balance of each interest-bearing debt.

d) Operating Results and Cash Distributions
As a result of the aforementioned management performance, JPR posted operating revenues of 17,305
million yen, ordinary income of 8,121 million yen and net income of 8,120 million yen for its 39th fiscal
period ended June 30, 2021. With regard to the cash distributions, JPR decided to distribute part of theretained earnings brought forward that had been internally reserved through the 38th fiscal period, withthe aim of having the profit distributions deducted as expenses based on application of the special
provision on taxation of investment corporations (Article 67-15 of the Act on Special Measures
Concerning Taxation) and in order to minimize the burden to unitholders incurred by accrual of corporate
income tax, etc. JPR also decided to internally reserve 783 million yen as reserve for reduction entry
from the unappropriated retained earnings, in application of the Special Provisions for Taxation in Cases
of Repurchase of Specified Assets (Article 65-7 of the Act on Special Measures Concerning Taxation).
As a result, the cash distribution per unit came to 7,657 yen for the 39th fiscal period.
2) Forecast for the Next Fiscal Perioda) Outlook for Management Status
Looking ahead, with measures to prevent the spread of COVID-19 implemented and vaccination
promoted, the Japanese economy is expected to continue showing a pickup, supported by the effects ofvarious policies and improvements in overseas economies. However, attention should be paid to thetrends of COVID-19, including the repeated declaration of a state of emergency by the Japanese
government, and the impacts of fluctuations in the financial and capital markets, among other factors.
The office property leasing market is anticipated to hit the bottom slightly after the pickup in the economy.
Accordingly, close attention must be paid to the impact of mass supply of office buildings projected for2023. In this regard, JPR is resolved to continue its endeavors to enhance the competitiveness of its
owned properties, as it has focused on improving tenant satisfaction through proactive implementationof value enhancement works and provision of elaborate management services.
In the for-sale real estate market, it has become even more important to discern the growth potential inearnings of respective properties, while continuously taking into account the impact of COVID-19 on
the leasing market. Moreover, given the current situation in which the low-interest-rate and low-yieldenvironment is maintained, it is necessary to firmly keep the attitude of vigorously selective investment
for implementing real estate investment that assumes possession of properties over the medium to longterm.
i) Acquisition of New Properties and Asset Replacement
JPR will continue to make investment focused on office properties in the Tokyo area, with an aim to
improve the quality of its portfolio and enhance its growth potential and stability over the long term. In
the for-sale office property market, the purchase cap rate and expected cap rate levels are still low, withproperties remaining in short supply. Although close attention must continuously be paid to the impact
of COVID-19, etc., JPR will fully investigate the stability and growth potential of candidate properties
when acquiring them. As for retail properties, etc., JPR will work to invest in strictly selected blue-chipproperties that can maintain stable revenues at a certain level in order to complement the stability ofearnings of the entire portfolio. In doing so, JPR will have to be more prudent in investigating, paying
close attention to sales trends, etc. of such properties under the influence of the spread of COVID-19.
JPR will continue its endeavors to acquire new properties under reasonable terms by negotiating prices
based on detailed market studies and property due diligence.
5

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

Moreover, JPR will continue to make investment decisions after proactive collection of information
through such sources as sponsors of TRIM (Tokyo Tatemono Co., Ltd., Yasuda Real Estate Co., Ltd.,
Taisei Corporation and Meiji Yasuda Life Insurance Company), accurately assessing market trends andcarefully researching investment value, including the future potential of candidate properties.
Furthermore, JPR will also investigate asset replacement by taking into consideration the timing of
implementation, in order to improve the quality of its portfolio and enhance its growth potential over thelong term.
ii) Management of Portfolio
JPR will aim to secure stable earnings over the medium to long term by working to prevent move-outsof existing 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
attracting 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 consideration of the current leasing market situations andpromote rapid decision-making- Conduct strategic value enhancement with the intent to improve property earnings and increase tenantsatisfaction- Reinforce promotion of energy efficiency as well as responses to business continuity plans andenvironmental friendliness that command high social demand- Conduct renovations to enhance energy-saving performance of properties by utilizing government
subsidy programsiii) Fund Procurement
In accordance with its basic policy of implementing conservative financial operations that focus on
stability, JPR will remain engaged in conservative leverage control targeting maintenance of a ratio ofinterest-bearing debt to total assets of up to 50% in general. In debt financing, JPR will endeavor tofurther lengthen maturity with a focus on stability in an effort to diversify repayment dates and reduce
the repayment amount for each fiscal period, with an eye on reducing refinancing risks that may arise
with future changes in the financial environment. Moreover, JPR intends to work on fund procurement
through issuance of investment corporation bonds as it aims to diversify fund procurement means andsources.
iv) Information Disclosure
Positioning the proactive voluntary disclosure of information as one of its key management policies, JPR
voluntarily discloses information believed to be useful to investment decisions, along with theinformation disclosure required by the Tokyo Stock Exchange and that set forth by laws and regulations,etc. As a means for implementing voluntary disclosure, JPR is proactively employing its website(https://www.jpr-reit.co.jp/en/) to post information including monthly occupancy rates of all properties
in the portfolio and historical data as well as offer expanded information on sustainability and deliver
video presentations on financial results sessions for securities analysts.
v) Significant Subsequent Events
There are no material subsequent events for this fiscal period.
b) Outlook for Management Status (Operating Results)
JPR expects the following management status in the 40th fiscal period (from July 1, 2021 to December
31, 2021) and the 41st fiscal period (from January 1, 2022 to June 30, 2022).
Operating revenues
Operating income
Ordinary income
Net income
Distribution per unit
Exceeding profit
distribution per unit

6

40th Fiscal Period
16,228 million yen
7,713 million yen
6,964 million yen
6,963 million yen
7,550 yen

41st Fiscal Period
16,192 million yen
7,806 million yen
7,108 million yen
7,107 million yen
7,550 yen

– yen

– yen

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

For the assumptions underlying this outlook of management status, please refer to “Assumptions for the
40th Fiscal Period (from July 1, 2021 to December 31, 2021) and the 41st Fiscal Period (from January
1, 2022 to June 30, 2022)” 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.

7

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

Assumptions for the 40th Fiscal Period (from July 1, 2021 to December 31, 2021) andthe 41st Fiscal Period (from January 1, 2022 to June 30, 2022)
Item

Assumptions
40th fiscal period: from July 1, 2021 to December 31, 2021 (investment period: 184 days)
Period41st fiscal period: from January 1, 2022 to June 30, 2022 (investment period: 181 days)
・The number of properties owned by JPR as of August 16, 2021, is assumed to be 65 properties.
Property Portfolio ・In practice, this assumption may vary due to such events as acquisition of additional properties
or sale of existing properties.
・Real estate rental revenues are calculated on the basis of the lease contracts effective as of June30, 2021, with consideration given to such factors as the market environment and status ofnegotiations with tenants, as well as taking into account the impact of certain tenant move-ins
and move-outs, among other factors. JPR also assumes that rents will be paid on time and that
Operatingno tenants will fail or decline to pay rents.
Revenues
・Aside from the above, the figures are calculated by factoring in the impact of COVID-19, suchas rent reductions, to a certain extent.
・The assumed period-average occupancy rate at end of month is 96.8% for the 40th fiscal period
and 97.5% for the 41st fiscal period.
・Among rental expenses, which are the principal operating expenses, outsourcing expenses andother expenses excluding depreciation are calculated based on historical data, etc., reflecting
variable factors of expenses. Outsourcing expenses are assumed to be 628 million yen for the
40th fiscal period and 621 million yen for the 41st fiscal period.
・For property taxes and city planning taxes, JPR assumes 2,422 million yen for the 40th fiscal
period and 2,493 million yen for the 41st fiscal period. In general practice, the property taxes
and city planning taxes levied on properties acquired are settled after prorating for the periodwith the previous owner at the time of acquisition, but JPR includes the amount equivalent tosuch settlement in the acquisition costs for the properties.
・For
expenditures for the repair and maintenance of buildings, the amount expected to be required
Operatingin each of the fiscal periods has been recorded. However, the expenditures for repair andExpensesmaintenance for each of the fiscal periods could differ significantly from the estimated amount,as expenditures may arise due to damage to the building caused by unexpected factors, etc., andbecause the variance in amounts generally tends to grow from year to year and repair expenses
do not arise regularly.
・Depreciation is calculated using the straight line method, including additional future capital
expenditures. Depreciation is assumed to be 2,107 million yen for the 40th fiscal period
and1,986 million yen for the 41st fiscal period.
・ Operating expenses excluding rental expenses other than rental business expenses (asset
management fees, administrative service and custodian fees, etc.) are assumed to be 909 million
yen for the 40th fiscal period and 921 million yen for the 41st fiscal period.
・ As for major non-operating income, JPR assumes income on settlement of management
Non-Operating
association accounts to be 2 million yen for the 40th fiscal period and 56 million yen for the
Income41st fiscal period.
・As for major non-operating expenses, JPR assumes 745 million yen for the 40th fiscal period
Non-Operating
and 746 million yen for the 41st fiscal period for interest paid, fees related to loan arrangement,
Expensesinterest expenses on investment corporation bonds and amortization of investment corporationbond issuance costs, etc.
・The ratio of interest-bearing debt to total assets as of August 16, 2021, stands at 40.6%, withinterest-bearing debts of 196,500 million yen (comprised of 2,000 million yen in short-termloans payable, 159,000 million yen in long-term loans payable and 35,500 million yen in
investment corporation bonds).
・It is assumed that all interest-bearing debt for which repayment (redemption) dates will arriveInterest-Bearing
during the 40th and 41st fiscal periods will be refinanced.
Debt Ratio
・The ratio of interest-bearing debt to total assets is assumed to be 40.6% at the end of the 40th
fiscal period and 40.6% at the end of the 41st fiscal period.
・The following formula is used in calculating the ratio of interest-bearing debt to total assets inthis table.
Ratio of interest-bearing debt to total assets =Expected total interest-bearing debt / Expected total assets x 100
・The total number of investment units issued and outstanding is 958,250 units as of August 16,
Total Units
Outstanding
2021, and it is assumed that no investment units will be issued.
8

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

Item

Assumptions
・ For distribution per unit, it is assumed that all revenues will be distributed based on the
distribution methods provided in the Articles of Incorporation.
・As for the distributions for the 40th fiscal period, it is assumed that part (272 million yen) of thereserve for reduction entry will be reversed and distributed.
Distribution Per
・As for the distributions for the 41st fiscal period, it is assumed that part (127 million yen) of theUnitreserve for reduction entry will be reversed and distributed.
・There is the possibility that the distribution per unit may vary due to various factors including
variation of rental revenue due to transfer of assets under management and tenants moving out,
and unpredicted repairs and maintenance.
Exceeding Profit
Distribution Per ・Distribution of monies exceeding the profit is currently not assumed.
Unit
・It is assumed that there will be no changes in legislation, taxation, accounting standards,
regulations applying to publicly listed companies, rules and requirements imposed by the
OthersInvestment Trusts Association, Japan that will impact the aforementioned forecast.
・It is also assumed that there will be no unexpected material changes in general economic andreal estate market conditions.

9Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

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

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures
Accumulated depreciation
Structures, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
LandLand in trust
Construction in progress
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold right
Other
Total intangible assets
Investments and other assets
Lease and guarantee deposits
Long-term prepaid expenses
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment corporation bond issuance costs

Investment unit issuance expenses
Total deferred assets
Total assets

10

End of 38th Fiscal
PeriodEnd of 39th Fiscal
Period(Dec. 31, 2020)(Jun. 30, 2021)¥28,598,680
12,797,488
271,574
130,517
15,05041,813,311¥30,996,393
12,606,208
271,418
129,757
13,36544,017,144

66,826,208(20,760,217)
46,065,991
95,206,152(37,264,443)
57,941,709
73,557(30,266)
43,291
135,419(82,417)53,001
909,004(589,358)
319,646
1,932,022(1,476,358)
455,663
170,010(79,189)
90,821
279,430(184,639)
94,790133,341,887
191,547,397
1,019
330
429,955,550

67,563,186(21,751,330)
45,811,855
94,393,778(37,637,077)
56,756,701
77,603(32,353)
45,250134,930(82,306)
52,623909,004(614,208)
294,796
1,938,236(1,471,289)
466,946
178,884(88,622)
90,262
289,486(189,451)
100,034
133,370,201
190,413,992
858
16,153
427,419,677

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

11,801,831
3,028
11,804,859

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

689,298
197,510886,809440,111,346

153,146
30,456
183,602¥484,573,526

171,560
23,487
195,047¥484,323,538

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period(Thousands of Yen)

Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term loans payable
Accounts payable-otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total noncurrent liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary reserve
Reserve for reduction entry
Total voluntary reserve
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

11

End of 38th Fiscal
PeriodEnd of 39th Fiscal
Period(Dec. 31, 2020)(Jun. 30, 2021)¥2,931,209
6,000,000
19,820,000
1,048,185
88,281605
501,994
2,977,266
302
33,367,843¥2,459,629
2,000,000
20,500,000
1,001,109
91,137605
478,592
2,995,945
246
29,527,265

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

35,500,000
138,500,000
9,973,833
13,728,489
197,702,323
227,229,588

247,860,796

247,860,796

689,444689,444

1,103,494
1,103,494

7,849,585

8,129,659

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

9,233,153
257,093,950
257,093,950¥484,323,538

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period(2) Statements of Income and Retained Earnings(Thousands of Yen)

Operating revenue
Rent revenue-real estate
Gain on sale of real estate
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Administrative service and asset custody fees
Directors' compensation
Trust fees
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Income on settlement of management associationaccounts
Insurance income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bondissuance costs
Amortization of investment unit issuance expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes-current
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

12

38th Fiscal
Period39th Fiscal
Period(Jul. 1, 2020 –Dec. 31, 2020)(Jan. 1, 2021 –Jun. 30, 2021)¥16,714,986
414,931
17,129,917¥16,521,229
783,966
17,305,196

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

7,499,692
788,824
83,053
4,200
20,946
119,022
8,515,738
8,789,457

200

207

40,72066,0674,444
1,433
46,7994,829
1,237
72,342525,756
24,143
171,817505,779
25,081
189,149

10,533

13,395

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

6,969
258
740,633
8,121,166
8,121,166
605
605
8,120,561
9,097¥8,129,659

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period(3) Statements of Changes in Unitholders’ Equity(Thousands of Yen)

38th Fiscal
Period(Jul. 1, 2020 –Dec. 31, 2020)
Unitholders' equity
Unitholders' capital
Balance at beginning of current period
Changes of items during the period
Issuance of units
Total changes of items during the period
Balance at end of current period
Surplus
Voluntary reserve
Balance at beginning of current period
Changes of items during the period
Provision of reserve for reduction entry
Total changes of items during the period
Balance at end of current period
Unappropriated retained earnings (undisposed loss)
Balance at beginning of current period
Changes of items during the period
Provision of reserve for reduction entry
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
Provision of reserve for reduction entry
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period
Total unitholders' equity
Balance at the beginning of current period
Changes of items during the period
Provision of reserve for reduction entry
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period
Total net assets
Balance at beginning of current period
Changes of items during the period
Provision of reserve for reduction entry
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period

13

39th Fiscal
Period(Jan. 1, 2021 –Jun. 30, 2021)¥247,860,796¥247,860,796–
247,860,796–
247,860,796

689,444689,444–689,444414,050
414,050
1,103,494

7,287,774

7,849,585(7,277,908)
7,839,720
561,811
7,849,585(414,050)(7,426,437)
8,120,561
280,073
8,129,659

7,977,218

8,539,029(7,277,908)
7,839,720
561,8118,539,029–(7,426,437)
8,120,561
694,124
9,233,153

255,838,014

256,399,826(7,277,908)
7,839,720
561,811
256,399,826–(7,426,437)
8,120,561
694,124
257,093,950

255,838,014

256,399,826(7,277,908)
7,839,720
561,811¥256,399,826–(7,426,437)
8,120,561
694,124¥257,093,950

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period(4) Statements of Cash Distributions

I.
II.

Unappropriated retained earnings
Distribution amount(Distribution amount per unit)

III.

Voluntary reserve38th Fiscal Period(Jul. 1, 2020 – Dec. 31, 2020)
7,849,585,585 yen
7,426,437,500 yen(7,750 yen)

39th Fiscal Period(Jan. 1, 2021 – Jun. 30, 2021)
8,129,659,190 yen
7,337,320,250 yen(7,657 yen)

414,050,403 yen

783,942,395 yen

9,097,682 yen
Pursuant to the policy on cash
distributions provided in Article 30(2) of the Articles of Incorporation of
JPR, the distribution amount shall bein excess of an amount equivalent to
90% of the “distributable income
amount” as stipulated in Article 67-15
of the Act on Special Measures
Concerning Taxation, but no morethan the amount of earnings. Based onsuch policy, JPR decided to pay out
distributionsofearnings
of
7,426,437,500 yen, which is thelargest integral multiple of the total
number of investment units issued andoutstanding (958,250 units), from thebalance of unappropriated retained
earnings after deducting the provisionof reserve for reduction entry pursuant
to Article 65-7 of the Act on Special
Measures Concerning Taxation, while
minimizing the burden to unitholders
incurred by accrual of corporate
income tax, etc. Furthermore, JPR
shall not distribute cash in excess ofearnings as stipulated in Article 30 (4)of the Articles of Incorporation.

8,396,545 yen
Pursuant to the policy on cash
distributions provided in Article 30(2) of the Articles of Incorporation of
JPR, the distribution amount shall bein excess of an amount equivalent to
90% of the “distributable income
amount” as stipulated in Article 67-15
of the Act on Special Measures
Concerning Taxation, but no morethan the amount of earnings. Based onsuch policy, JPR decided to pay out
distributionsofearnings
of
7,337,320,250 yen, which is thelargest integral multiple of the total
number of investment units issued andoutstanding (958,250 units), from thebalance of unappropriated retained
earnings after deducting the provisionof reserve for reduction entry pursuant
to Article 65-7of the Act on Special
Measures Concerning Taxation, while
minimizing the burden to unitholders
incurred by accrual of corporate
income tax, etc. Furthermore, JPR
shall not distribute cash in excess ofearnings as stipulated in Article 30 (4)of the Articles of Incorporation.

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

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period(5) Statements of Cash Flows(Thousands of Yen)

38th Fiscal
Period(Jul. 1, 2020 –Dec. 31, 2020)
Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance expenses
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable-other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Decrease in property, plant and equipment in trust due to sale
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets
Payments of lease and guarantee deposits
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Proceeds from short-term loans payable
Repayment of short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment corporation bonds
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

39th Fiscal
Period(Jan. 1, 2021 –Jun. 30, 2021)¥7,840,325
2,085,621
10,5337,084(200)
697,573
17,580172,716
11,519(84,519)
138,359
365,911(71,113)
1,011,451(111,233)
12,091,609
200(688,713)(605)
11,402,490¥ 8,121,166
2,100,584
13,3956,969(207)
694,928155–
760(68,528)(47,094)(23,402)
18,6791,866,664(141,080)
12,542,989
207(692,072)(606)
11,850,518(12,025,561)(1,002,768)(285)(37,332)(192,083)
913,992(147,585)
206,253(12,285,370)(988,767)(845,241)–(39,749)(476,047)
351,409(539,969)
371,336(2,167,027)

6,000,000–
8,500,000(11,000,000)
5,955,843(7,277,262)
2,178,580
1,295,701
40,100,467¥41,396,168–(4,000,000)
10,800,000(9,820,000)
2,968,190(7,425,248)(7,477,057)
2,206,433
41,396,168¥43,602,602

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th 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, 2021).
(8) Notes to Financial Statements
Notes to Balance Sheets
1. Balance of Unused Commitment LineJPR has executed a commitment line agreement with its principal banks primarily to minimize refinancing risks
and enhance financial stability.

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

End of 38th Fiscal Period(as of December 31, 2020)¥24,000,000–¥24,000,000(Thousands of yen)
End of 39th Fiscal Period(as of June 30, 2021)¥24,000,000–¥24,000,000

2. Minimum Total Unitholders’ Equity Designated in Article 67-4 in the Act on Investment Trusts and Investment
Corporations
End of 38th Fiscal Period(as of December 31, 2020)(Thousands of yen)
End of 39th Fiscal Period(as of June 30, 2021)¥50,000¥50,000

16

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

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

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

39th Fiscal Period(January 1, 2021 –June 30, 2021)

A. Rent Revenue-Real Estate
Rent Revenue
Rents¥12,097,265¥11,984,455

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

1,793,000
1,519,164
270,903
38,051
28,626
41,304

1,797,500
1,446,921

Subtotal
Other rental revenues
Incidental rent income

15,788,315

261,871
37,41928,72944,384
15,601,282

833,557

676,975

Time-based parking fees

8,730

8,855

Cancellation charges

15,30066,725

Income equivalent to expenses forrestoration to original condition

37,722

133,597

Other miscellaneous income

31,35933,792

Subtotal

926,670919,947

16,714,986
16,714,986

16,714,986
16,521,229¥630,247
841,010
2,387,806
26,863558,378
306,147
585,595
2,085,275
190,339¥630,769
714,170
2,436,042
26,796504,151
302,526
588,158
2,100,231
196,8447,611,662

7,499,692

9,103,323
9,103,323

9,103,323
9,021,537

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

2. Breakdown of Gain/Loss on Sale of Real Estate
38th fiscal period (July 1, 2020 – December 31, 2020)(Thousands of yen)

JPR Hakata Bldg. (35.0% co-ownership interest)
Proceeds from sale of real estate
Cost of sale of real estate¥1,435,000
1,011,451

Other expenses related to sale

8,617

Gain on sale of real estate

414,93117

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

39th fiscal period (Jan. 1, 2021 – Jun. 30, 2021)(Thousands of yen)

JPR Hakata Bldg. (65.0% co-ownership interest)
Proceeds from sale of real estate
Cost of sale of real estate¥2,665,000
1,866,664

Other expenses related to sale

14,368Gain on sale of real estate

783,966

Notes to Statements of Changes in Unitholders’ Equity
38th Fiscal Period(July 1, 2020 – December 31, 2020)
Total number of authorizedunits and number of units
outstanding
Total number of authorizedunits
Number of units outstanding

39th Fiscal Period(January 1, 2021 – June 30, 2021)

5,000,000 units

5,000,000 units

958,250 units

958,250 units

Financial Instruments
1. Matters Concerning Status of Financial Instruments(1) Policy for Financial Instruments
In an aim to proactively expand asset size and maintain stable cash distributions to unitholders, JPR adopts
the asset management policy of paying heed to efficiently combining the procurement of long-term funds
that are stable and the procurement of short-term funds that emphasize flexibility.
There may be cases where JPR will engage in derivative transactions, but such will be limited to hedging forinterest rate fluctuation risk and other hedging purposes. Please note that JPR is not engaged in derivativetransactions at present.
(2) Description of Financial Instruments and Associated Risks, and Risk Management Structure
Tokyo Realty Investment Management, Inc. (TRIM), the asset management company of JPR, strives for risk
management by complying with the JPR Asset Management Guidelines and other rules and regulations. The
following outlines the description of individual financial instruments and the associated risks, and the risk
management.
Deposits are exposed to risks of bankruptcy of the financial institutions holding the deposits and other credit
risks, but the risks are managed through such measures as setting a minimum credit rating for the financial
institutions holding the deposits.
Loans payable and investment corporation bonds are exposed to liquidity risks at the time of
repayment/redemption, but the liquidity risks are managed through such measures as procuring funds fromthe capital market by increasing capital, executing a commitment line agreement with the main lending
financial institutions, and also having statements of cash receipts and disbursements prepared by the financial
division.
(3) Supplementary Explanation on Matters Concerning Fair Value, etc. of Financial Instruments
The fair value of financial instruments, aside from values based on market price includes values based onreasonable calculations when there is no market price. Certain assumptions are used in calculating thosevalues and there may be cases where the values will vary when different assumptions are used.
2. Matters Concerning Fair Value, etc. of Financial Instruments
The following are the carrying values and fair values as of December 31, 2020 of financial instruments, and thedifference between these amounts. Please note the following table does not include those for which discerningof fair value is recognized to be extremely difficult (please refer to Note 3).

18

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period(Thousands of yen)
Carrying Value(Note 1)
¥28,598,680
12,797,488(6,000,000)(19,820,000)

1) Cash and deposits
2) Cash and deposits in trust3) Short-term loans payable4) Current portion of long-term loans payable
5) Investment corporation bonds6) Long-term loans payable

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

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

984,337(¥138,200,000)(¥139,821,962)¥1,621,962

The following are the carrying values and fair values as of June 30, 2021, of financial instruments, and thedifference between these amounts. Please note the following table does not include those for which discerningof fair value is recognized to be extremely difficult (please refer to Note 3).
(Thousands of yen)

1) Cash and deposits
2) Cash and deposits in trust3) Short-term loans payable4) Current portion of long-term loans payable

Carrying Value(Note 1)¥30,996,393
12,606,208(2,000,000)(20,500,000)

Fair Value(Note 1)¥30,996,393
12,606,208(2,000,000)(20,554,180)(35,500,000)(36,431,425)

931,425(¥138,500,000)(¥140,013,949)¥1,513,949

5) Investment corporation bonds6) Long-term loans payable

Difference¥–––
54,180(Note 1) Liabilities are shown in parentheses.
(Note 2) Method of calculation of fair value of financial instruments(1) Cash and deposits, and (2) Cash and deposits in trust
As these financial instruments are settled within a short period of time, the fair value is approximately the same as the book value and isthus stated at that book value.
(3) Short-term loans payable
As these financial instruments are settled within a short period of time and have floating interest rates, the estimated fair value isapproximately the same as the book value and is thus stated at that book value.
(4) Current portion of long-term loans payable and (6) Long-term loans payable
The fair value of these financial instruments is calculated based on the discounted cash flow method under which the total amount ofprincipal and interests are discounted by the rate assumed as being applicable in the event of a new drawdown whose term iscorresponding to the remaining loan term.
(5) Investment corporation bonds
Of the fair value of these financial instruments, those with market price are calculated based on market price and those with no market
price are calculated in accordance with (4) and (6) above.
(Note 3) Financial instruments for which discerning of fair value is recognized to be extremely difficult.
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust that are deposited by lessees of lease rental
properties are not subject to disclosure of fair value because reasonable estimation of cash flows is recognized to be extremely difficult
since there is no market price and also since it is difficult to calculate the actual deposit period from when lessees move in to when they
move out. The following is the carrying value of tenant leasehold and security deposits and tenant leasehold and security deposits in trust.

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

End of 38th Fiscal Period(as of December 31, 2020)¥10,100,242¥14,005,614(Thousands of yen)
End of 39th Fiscal Period(as of June 30, 2021)¥9,973,833¥13,728,489(Note 4) Scheduled redemption of monetary claims to be due subsequent to December 31, 2020, and June 30, 2021

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

Due after
One Yearthrough
Two Years¥–¥–

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

19

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

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

End of 39th Fiscal Period (as of June 30, 2021)
Due in One
Year or Less
Cash and deposits
Cash and deposits in trust¥30,996,393¥12,606,208

Due after
One Yearthrough
Two Years¥–¥–

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

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

(Note 5) Amount of repayment of short-term loans payable and long-term loans payable or redemption of investment corporation
bonds to be due subsequent to December 31, 2020, and June 30, 2021

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

Short-term loans
payableInvestment
corporation bonds
Long-term loans
payable(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

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

¥–

¥–

¥–

¥–

¥–

¥–

¥–

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

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years¥2,000,000

¥–

¥–

¥–

¥–

¥–

¥–

¥2,000,000¥5,000,000¥3,000,000¥–¥25,500,000¥20,500,000¥16,000,000¥20,000,000¥21,000,000¥20,900,000¥60,600,000

End of 39th Fiscal Period (as of June 30, 2021)

Short-term loans
payableInvestment
corporation bonds
Long-term loans
payableInvestment and Rental Properties
JPR owns office properties (urban commercial facilities), retail properties (urban retail properties) and urban
complex properties for leasing in Tokyo and other regions. The following is the carrying value on the balance
sheets, amount of increase (decrease) during the period and fair value of these investment and rental properties.
(Thousands of yen)
38th Fiscal Period
39th Fiscal Period(July 1, 2020 – December 31, 2020) (January 1, 2021 – June 30, 2021)
Carrying Value on the Balance Sheets
Balance at Beginning of Period¥431,625,198¥441,758,455

Amount of Increase(Decrease) during the Period¥10,133,256(¥2,535,938)

Balance at End of Period¥441,758,455¥439,222,516¥549,949,000¥549,331,000

Fair Value at End of Period(Note 1) The carrying value on the balance sheets is the cost of acquisition less accumulated depreciation.
(Note 2) Of the amount of change during the 38th fiscal period, the amount of increase is primarily attributable to the acquisition of Otemachi
Financial City North Tower (11,541,078 thousand yen), and the amount of decrease is primarily attributable to the sale of JPR Hakata
Bldg. (35.0% co-ownership interest) (1,011,451 thousand yen) and depreciation (2,085,275 thousand yen). Of the amount of change during
the 39th fiscal period, the amount of decrease is primarily attributable to the sale of JPR Hakata Bldg. (65.0% co-ownership interest)(1,866,664 thousand yen) and depreciation (2,100,231 thousand yen).
(Note 3) The fair value at end of the period is the appraisal value or survey value as appraised by an outside real estate appraiser.

The income (loss) in the 38th and 39th fiscal periods for investment and rental properties are as presented in the“Notes to Statements of Income and Retained Earnings.”
20

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

Per Unit Information(Yen)
38th Fiscal Period(July 1, 2020 – December 31, 2020)

39th Fiscal Period(January 1, 2021 – June 30, 2021)¥267,570¥8,181¥268,295¥8,474

Total net assets per unit
Net income per unit

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

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

39th Fiscal Period(January 1, 2021 – June 30, 2021)

Amounts not attributable to ordinary unitholders¥7,839,720–¥8,120,561–

Net income attributable to ordinary investment
units¥7,839,720¥8,120,561

958,250 units

958,250 units

Net income

Average number of units

Subsequent Events
There are no material subsequent events for the 39th fiscal period.
Omission of Disclosure
JPR omits the disclosure of notes to statements of cash flows, lease transactions, securities, derivativetransactions, transactions with affiliated parties, tax effect accounting, retirement benefits, asset retirement
obligations and segment information, etc. as it does not find substantial need for disclosure in the Fiscal Period
Results report.
(9) Changes in Investment Units Issued and Outstanding
There was no change in the number of units outstanding and unitholders’ capital in the 39th fiscal period. Thechanges in the number of units outstanding and unitholders’ capital in the last five years are summarized asfollows.
Date

Event

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

Remarks

January 24, 2017

Additional public offering

47,600920,600

20,237

230,632(Note 1)February 14, 2017

Third-party allotment

2,400

923,000

1,020

231,653(Note 2)

March 3, 2020

Additional public offering

35,250958,250

16,207

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

21

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

3. Reference Information(1) JPR’s Asset Structure
38th Fiscal Period(as of December 31, 2020)
Category of
Investment Area Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)

Asset Type39th Fiscal Period(as of June 30, 2021)
Assets Owned by JPR Percentage of Total(thousands of yen)
Assets (%)

Central Tokyo

98,288,046

20.3

98,365,928

20.3

Greater Tokyo

73,476,558

15.2

73,195,537

15.1

Other Cities

19,900,135

4.1

19,853,821

4.1

Central Tokyo

155,950,245

32.2

155,764,625

32.2

Greater Tokyo

49,471,060

10.2

49,248,446

10.2

Other Cities

44,672,408

9.2

42,794,155

8.8

Deposits and Other
Assets–42,815,071
(–)

8.8
(–)

45,101,021
(–)

9.3
(–)

Total Assets–

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

100.0(91.2)

484,323,538(439,222,516)

100.0(90.7)

Real Estate

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

(2) Investment Assets
1) Overview of Investment Assets
The overview of the real estate and real estate in trust regarding trust beneficiary interests in real estate inwhich JPR invests are as follows. All of the real estate and trust beneficiary interests in real estate are shownin the table below.
Descriptions in the table below are based on the following policies.
・The table below indicates the properties JPR owned as of the end of the 39th fiscal period.
・JPR defines the categories of investment areas as designated below.
Category

Investment Area

Central Tokyo

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

Greater Tokyo

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

Other Cities

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

22

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

Area

Type

Location

Site Area(m2)

Total Floor
Space (m2)

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

1,751.13

14,995.09

679.06

4,351.46

550.06

4,117.70

657.805,152.98

636.904,790.68

8,992.18

31,020.21

1,551.19

10,553.34

JPR Ichigaya Bldg.

Kudan-Minami 4-chome, Chiyodaku, Tokyo

1,058.04

5,888.82

SRC
B1/9F

Oval Court Osaki MarkWest

4,006.00

28,575.80

8,409.52

78,796.00

3,522.46

25,733.10

858.485,535.90

14,917.11

176,607.89

Minami Azabu Bldg.

Higashi-Gotanda 2-chome,
Shinagawa-ku, Tokyo
Nishi-Shinjuku 6-chome, Shinjukuku, Tokyo
Shinjuku 2-chome, Shinjuku-ku,
Tokyo
Shinkawa 1-chome, Chuo-ku,
TokyoNishi-Shinjuku 1-chome, Shinjukuku, Tokyo
Minami-Azabu 2-chome, Minatoku, Tokyo

778.094,570.63

Shinagawa Canal Bldg.

Konan 2-chome, Minato-ku, Tokyo

828.82

5,216.21

Rokubancho Bldg.

Rokubancho, Chiyoda-ku, Tokyo

716.95

4,205.09

JPR Harajuku Bldg.

1,205.07

6,466.94

937.597,190.82

JPR Sendagaya Bldg.

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

2,217.49

7,683.19

Ginza Sanwa Bldg.

Ginza 4-chome, Chuo-ku, Tokyo

1,119.27

8,851.00

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

Otemachi Tower (Landwith Leasehold Interest)

Otemachi 1-chome, Chiyoda-ku,
Tokyo

11,034.78–––

Science Plaza-Yonbancho
Plaza

Yonbancho, Chiyoda-ku, Tokyo

5,289.01

24,560.36

Feb. 1995

Shibadaimon Center Bldg.

1,915.50

11,419.93

8,124.72

112,645.83

643.134,438.46

Otemachi Financial City
North Tower

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

15,838.93

239,769.07

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

Jinnan 1-chome, Shibuya-ku,
Tokyo

1,010.47

8,449.56

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

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

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

Central Tokyo

OfficeShinjuku Center Bldg.

JPR Nihonbashi-horidome
Bldg.

Tokyo Square Garden
JPR Kojimachi Bldg.

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

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

198.101,066.81

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

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

2,578.69

24,617.65

6,808.12

71,957.65

JPR Ginza Namiki-dori
Bldg.

Ginza 5-chome, Chuo-ku, Tokyo

230.11

1,821.67

S
11F

Jun. 2008

FUNDES Suidobashi

Kanda Misakicho 2-chome,
Chiyoda-ku, Tokyo

281.591,477.91

S
9F

Jul. 2015

JPR Jingumae 432

Retail, etc.

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

Feb. 2006
Jan. 2007
Oct. 2007

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

Area

Type

Location

Site Area(m2)

Total Floor
Space (m2)Arca East

Kinshi 3-chome, Sumida-ku, Tokyo

3,755.01

34,281.86

JPR Chiba Bldg.

Shinmachi, Chuo-ku, Chiba, Chiba

1,382.35

9,072.57

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

1,100.59

Yume-ooka Office Tower

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

Olinas Tower
JPR Yokohama Bldg.
(Note 1)

Property Name

Kawaguchi Center Bldg.

Greater Tokyo

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

Omiya Prime East

Retail, etc.

SRC B1/11F

Oct. 1989

841.71

7,781.93

4,524.61

28,420.85

1,242.97

8,490.44

2,047.22

14,706.36

9,377.28

91,280.94

12,011.00

185,974.87

Taihei 4-chome, Sumida-ku, Tokyo

27,335.29

257,842.41

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

1,110.28

8,772.51

2,268.09

9,203.98

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

Jan. 1991

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

20,054.15

158,663.55

S, SRC
B2/23F

Apr. 1993
Aug. 1998
Expanded

Tanashi ASTA

Tanashicho 2-chome, Nishitokyo,
Tokyo
Kawaguchi 1-chome, Kawaguchi,
Saitama
Kosugimachi 3-chome, Nakaharaku, Kawasaki, Kanagawa
Bessho 7-chome, Minami-ku,
Saitama, Saitama
Ekimae-Honcho, Kawasaki-ku,
Kawasaki, Kanagawa

12,326.30

80,675.27

SRC B2/17F

Feb. 1995

15,008.28

48,321.96

4,757.09

18,394.32

8,317.99

28,930.36

4,475.45

36,902.01

FUNDES Ueno

Ueno 7-chome, Taito-ku, Tokyo

383.742,235.60

Niigata Ekinan Center
Bldg.
Tokyo Tatemono
Honmachi Bldg.

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

2,706.99

19,950.42

1,432.64

14,619.52

959.875,780.71

S, RC, SRC
B2/10F
SRC, RC, S
B1/6F
S
B1/4F
S, SRC, RC
B2/11FS
B1/10F
S, SRC
B1/10F
SRC
B3/9F
SRC, S
12F

1,895.67

10,783.52

SRC B1/12F

Dec. 1997

1,128.45

6,715.07

Jul. 1996

1,164.39

8,690.95

668.11

5,696.01

1,610.38

10,201.44

4,486.44

22,286.35

S
9F
S, SRC
13F
SRC
B2/9F
SRC
B1/9F
SRC
14F

JPR Musashikosugi Bldg.
Musashiurawa Shopping
SquareJPR Naha Bldg.
Sompo Japan Sendai
Bldg.
Sompo Japan Wakayama
Bldg.

Office9,146.52

Mar. 1997

Shinmachi, Chuo-ku, Chiba, Chiba

Kawasaki Dice Bldg.

Tenjin 121 Bldg.
JPR Dojima Bldg.
JPR Nagoya Fushimi
Bldg.
Yakuin Business Garden

Retail, etc.

Completed

Sencity Bldg.

Cupo-la Main Bldg.

Other Cities

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

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

609.315,303.98

S
B2/10FJPR Shinsaibashi West
(Note 2)

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

1,405.74

7,738.47

SRC
B1/8F

JPR Umeda Loft Bldg.

Chayamachi, Kita-ku, Osaka, Osaka

3,518.68

17,897.56

Housing Design Center
Kobe

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

3,994.47

33,877.71

JPR Chayamachi Bldg.

Chayamachi, Kita-ku, Osaka, Osaka

592.45

3,219.36

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

24

Jan. 2006
Mar. 1983
Oct. 2005
Aug. 2003
Jul. 2017
Mar. 1996
Feb. 1970
Oct. 1991

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

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

2) Price and Investment Ratio
・ “Acquisition Price” is the deal price (rounded down to the nearest million yen) described in the real estatetransaction contracts or trust beneficiary interest transfer contracts, and does not include expenses related toacquisitions 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 estate appraisers indicated below,
based on the asset evaluation method designated by JPR and the rules of The Investment Trusts Association,
Japan. The adopted appraisal value has been rounded down to the nearest million yen.
Japan Real Estate InstituteTanizawa Sogo Appraisal Co., Ltd.
CBRE KK
Daiwa Real Estate Appraisal Co.,
Ltd.

Japan Valuers Co., Ltd.

JPR Ningyo-cho Bldg., Shin-Kojimachi Bldg., MS Shibaura Bldg., Gotanda
First Bldg., Shinjuku Center Bldg., Minami Azabu Bldg., Shinagawa Canal
Bldg., Rokubancho Bldg., Science Plaza- Yonbancho Plaza, Shibadaimon
Center Bldg., JPR Kojimachi Bldg., Otemachi Financial City North Tower,
JPR Shibuya Tower Records Bldg., Shinjuku Sanchome East Bldg.,
Yurakucho Ekimae Bldg. (Yurakucho Itocia), FUNDES Suidobashi, Arca
East, Shinyokohama 2nd Center Bldg., Kawaguchi Center Bldg., JPR Ueno
East Bldg., Tachikawa Business Center Bldg., Yume-ooka Office Tower,
Olinas Tower, JPR Yokohama Bldg., Omiya Prime East, Sencity Bldg.,
Cupo-la Main Bldg., FUNDES Ueno, Tokyo Tatemono Honmachi Bldg.,
Sompo Japan Sendai Bldg., Sompo Japan Wakayama Bldg., Tenjin 121
Bldg., JPR Dojima Bldg., Yakuin Business Garden, JPR Shinsaibashi WestJPR Jingumae 432, Kawasaki Dice Bldg., Niigata Ekinan Center Bldg., JPR
Naha Bldg.
Rise Arena Bldg., JPR Nagoya Fushimi Bldg., JPR Shinsaibashi Bldg.,
Housing Design Center Kobe, JPR Chayamachi Bldg.
Kanematsu Bldg., Kanematsu Bldg. Annex, JPR Crest Takebashi Bldg., JPR
Ichigaya Bldg., Oval Court Ohsaki Mark West, BYGS Shinjuku Bldg.,
Across Shinkawa Bldg. Annex, Otemachi Tower (Land with Leasehold
Interest) , Tokyo Square Garden, JPR Chiba Bldg., JPR Yokohama Nihon
Odori Bldg., Tanashi ASTA
Shinjuku Square Tower, JPR Harajuku Bldg., JPR Nihonbashi-horidome
Bldg., JPR Sendagaya Bldg., Ginza Sanwa Bldg., JPR Ginza Namiki-dori
Bldg., JPR Musashikosugi Bldg., Musashiurawa Shopping Square, JPR
Umeda Loft Bldg.

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

represents the ratio of the Acquisition Price and the Appraisal Value at End of Period of respective properties,
including fractions not indicated herein, to the total amounts of the Acquisition Price or the Appraisal Valueat End of Period of the properties owned by JPR at end of the 39th fiscal period, indicated in a percentage
rounded to the first decimal place.

25

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

Acquisition Price
Area

Type

Property Name

Dec. 27, 2001

16,276

3.5

14,800

2.7

Kanematsu Bldg. Annex

Dec. 27, 2001

2,874

0.6

3,520

0.6

JPR Ningyo-cho Bldg.

Nov. 16, 2001

2,100

0.5

2,930

0.5

Nov. 16, 2001

1,670

Shin-Kojimachi Bldg.

Nov. 21, 2002
Nov. 12, 2004

550
200

0.5

4,270

0.8

JPR Crest Takebashi Bldg.

Jun. 21, 2002

4,000

0.9

3,790

0.7

MS Shibaura Bldg.

Mar. 28, 2003

11,2002.4

15,3002.8

Gotanda First Bldg.

Jul. 23, 2003

2,920

0.6

4,180

0.8

JPR Ichigaya Bldg.

May 28, 2004

5,100

1.1

4,850

0.9

Oval Court Ohsaki Mark West

Jun. 1, 2004

3,500

0.8

5,050

0.9

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

10,000
180
4,000
786

3.2

14,8002.7

Nov. 9, 2004

2,900

Apr. 12, 2005

8,921

3.2

20,100

3.7

Jul. 13, 2010

3,300

Across Shinkawa Bldg. Annex

Nov. 26, 2004

710

0.2

781

0.1

Shinjuku Center Bldg.

Mar. 27, 2008

21,000

4.5

18,1003.3

Minami Azabu Bldg.

Jul. 14, 2008

3,760

0.8

3,170

0.6

Dec. 19, 2008

1,870

Mar. 8, 2019

171

0.4

2,360

0.4

Rokubancho Bldg.

Dec. 2, 2009

2,800

0.6

3,500

0.6

JPR Harajuku Bldg.

Dec. 25, 2009

8,400

1.8

10,5001.9

JPR Nihonbashi-horidome Bldg.

Mar. 31, 2010

5,100

1.1

6,810

1.2

JPR Sendagaya Bldg.

May 31, 2010

15,0503.2

11,9002.2

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

Aug. 29, 2011

3,400

0.7

3,750

0.7

Mar. 13, 2012

36,0007.7

52,5009.6

Dec. 6, 2013

2,660

0.6

3,320

0.6

Dec. 6, 2013

3,420

Jul. 30, 2014

800

0.9

6,290

1.1

4.0

21,400

3.9

OfficeBYGS Shinjuku Bldg.

Shinagawa Canal Bldg.

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

Retail, etc.

(million yen)

Investment
Ratio
(%)

Price

Kanematsu Bldg.

Shinjuku Square Tower

Central Tokyo

Acquisition Date

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

Shinjuku Sanchome East Bldg.

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

Feb. 1, 2017

9,200

Apr. 4, 2017

9,200

Jun. 27, 2019

5,750

1.2

6,440

1.2

Dec. 24, 2020

11,4002.4

12,1002.2

Jun. 30, 2003

12,0002.6

14,1002.6

Mar. 24, 2006

4,275

0.9

4,270

0.8

0.6

2,700

0.5

Mar. 14, 2007

540

Apr. 24, 2008

2,200

Aug. 27, 2008

3,400

0.7

3,330

0.6

Dec. 15, 2016
Dec. 15, 2016

10,1003,250
256,933

2.2
0.7
55.2

11,1003,480
295,491

2.0
0.6
53.8

26

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

Acquisition Price
Area

Type

Property Name

Nov. 16, 2001

5,880

1.3

6,930

1.3

JPR Chiba Bldg.
JPR Yokohama Nihon Odori
Bldg.

Dec. 13, 2001

2,350

0.5

1,830

0.3

Nov. 16, 2001

2,927

0.6

2,350

0.4

Sep. 25, 2002

920

Mar. 28, 2013

570

0.3

2,380

0.4

Kawaguchi Center Bldg.

Feb. 13, 2004

8,100

1.7

10,300

1.9

JPR Ueno East Bldg.

Mar. 1, 2004

3,250

0.7

5,520

1.0

Sep. 30, 2005

888

Feb. 28, 2007

2,300

0.7

4,650

0.8

Rise Arena Bldg.

Mar. 22, 2007

5,831

1.3

9,900

1.8

Yume-ooka Office Tower

Jul. 10, 2007

6,510

1.4

7,250

1.3

Olinas Tower

Jun. 29, 2009

31,3006.7

39,600

7.2

JPR Yokohama Bldg.

Dec. 27, 2010

7,000

1.5

9,930

1.8

Omiya Prime East

Mar. 22, 2013

6,090

1.3

9,680

1.8

Sencity Bldg.

Mar. 27, 2020

13,8703.0

14,600

2.7

Tanashi ASTA

Nov. 16, 2001

10,2002.2

11,0002.0

Cupo-la Main Bldg.

Mar. 31, 2006

2,100

0.5

2,890

0.5

JPR Musashikosugi Bldg.

Sep. 28, 2006

7,254

1.6

5,500

1.0

Musashiurawa Shopping Square

Mar. 19, 2007

4,335

0.9

4,290

0.8

Kawasaki Dice Bldg.

Apr. 12, 2007

15,0803.2

15,7002.9

FUNDES Ueno

Jun. 27, 2019

3,800

0.8

4,000

0.7

140,555

30.2

168,300

30.6

OfficeRetail, etc.

Tachikawa Business Center Bldg.

Retail, etc.

OfficeSubtotal of Greater Tokyo

Other Cities(million yen)

Investment
Ratio
(%)

Price

Arca East

Shinyokohama 2nd Center Bldg.

Greater Tokyo

Acquisition Date

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

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

Nov. 16, 2001

2,140

0.5

2,260

0.4

Nov. 16, 2001

4,150

0.9

3,580

0.7

Nov. 16, 2001

1,560

0.3

2,180

0.4

Sompo Japan Sendai Bldg.

Jun. 26, 2002

3,150

0.7

4,730

0.9

Sompo Japan Wakayama Bldg.

Jun. 26, 2002

1,670

0.4

1,640

0.3

Tenjin 121 Bldg.

Jun. 21, 2002

2,810

0.6

3,730

0.7

JPR Dojima Bldg.

Jan. 23, 2004

2,140

0.5

3,580

0.7

JPR Nagoya Fushimi Bldg.

Mar. 22, 2005

4,137

0.9

3,420

0.6

Yakuin Business Garden

Aug. 8, 2012

10,996

2.4

21,4003.9

JPR Shinsaibashi Bldg.

May 30, 2005

5,430

1.2

4,660

0.8

JPR Shinsaibashi West

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

0.8

4,360

0.8

2.8

14,000

2.5

Housing Design Center Kobe

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

1.6

7,590

1.4

JPR Chayamachi Bldg.

Aug. 30, 2006

6,000

1.3

8,410

1.5

68,153

14.6

85,54015.6

465,641100.0

549,331100.0

JPR Umeda Loft Bldg.

Subtotal of Other Cities
Total

27

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period(3) Capital Expenditures
1) Planned Capital Expenditures
The following are major items of capital expenditures for renovation works, etc. planned as of the end of
the 39th fiscal period for real estate and real estate in trust regarding trust beneficiary interests in real estate
which JPR owns. Furthermore, the planned construction expenses include portions that are classified as
expenses in accounting.
Planned Amount(million yen)
Property Name

Location

Payment
Amountduring the
Total Value
Already
39th fiscal
PaidperiodPurposeSchedule

Apr. 2021 –Dec. 2021

131

–

–

Apr. 2021 –Dec. 2021

107

–

–

101

–

–

100

–

–

82

–

–

Oct. 2021 –May 2022

81––

Jul. 2021 –Jun. 2022

69

–

–

Kanematsu Bldg.

Chuo-ku, Tokyo

Second phase of
replacement of toilets onstandard floors andcorridors and ceilings incommon areas

JPR Crest Takebashi
Bldg.

Chiyoda-ku, Tokyo

Replacement of airconditioning units

BYGS Shinjuku
Bldg.

Shinjuku-ku, Tokyo

Second phase of repair ofcommon areas on B2F
through 1st floor

JPR Shinsaibashi
West

Osaka, Osaka

Second phase of
replacement of toilets

Jul. 2021 –Dec. 2021

BYGS Shinjuku
Bldg.

Shinjuku-ku, Tokyo

Third phase ofreinforcement of elevators

Jun. 2021 –JPR Shinsaibashi
Bldg.

Osaka, Osaka

Shinjuku Center
Bldg.

Shinjuku-ku, Tokyo

Kawasaki Dice Bldg.

Kawasaki,Kanagawa

Replacement of airconditioning units

Nov. 2021 –Dec. 2021

68

–

–

Shinjuku Center
Bldg.

Shinjuku-ku, Tokyo

Replacement of piping
equipment

Jun. 2021 –Nov. 2021

63

–

–

JPR Umeda Loft
Bldg.

Osaka, Osaka

Repair of exterior walls

51

–

–

Oval Court Ohsaki
Mark West

Shinagawa-ku,
Tokyo

Shift of canteen areas tooffice specifications

35

–

–

32

–

–

30

–

–

Tokyo Tatemono
Honmachi Bldg.

Osaka, Osaka

Gotanda First Bldg.

Shinagawa-ku,
TokyoFirst through second phasesof replacement of airconditioning unitsFirst through second phasesof replacement of
automatic control boards
for air-conditioning units

Second phase of shift tovariable air-volume
systems on the 5th and 8th
floorsReplacement of powerreceiving and transforming
facilities

28

Jul. 2021 –Oct. 2021

Dec. 2021

Jul. 2021 –Oct. 2021
Jul. 2021 –Dec. 2021
Sep. 2021 –Nov. 2021
Nov. 2021 –Nov. 2021

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period2) Capital Expenditures during the 39th Fiscal Period
The following are the capital expenditure amounts JPR invested in real estate and real estate in trust during
the 39th fiscal period. Among major capital expenditures, JPR conducted replacement of air conditioning
units to maintain and enhance tenant satisfaction, as well as renovation of common-use areas with the aimof attracting new tenants, among other works. In addition, aside from these constructions, JPR conducted
construction of 516 million yen (Note), which was appropriated as expenditures for repair and maintenance.
Property Name

Construction
Expenses(million yen)

Location

Purpose

PeriodKanematsu Bldg.

Chuo-ku, Tokyo

First phase of replacement of toilets
on standard floors and corridors andceilings in common areas

Oct. 2020 –Mar. 2021

92

BYGS Shinjuku Bldg.

Shinjuku-ku,
TokyoFirst phase of repair of common
areas on B2F through 1st floor

May 2021 –Jun. 2021

81

Sencity Bldg.

Chiba, Chiba

Replacement of toilets in the west
building

Jun. 2020 –Mar. 2021

70

BYGS Shinjuku Bldg.

Shinjuku-ku,
TokyoSecond phase of reinforcement ofelevators

Oct. 2020 –Feb. 2021

64

Rise Arena Bldg.

Toshima-ku,
Tokyo

Replacement of lighting equipmentwith LED lamps on 1st floor and6th through 14th floors

Jul. 2020 –Jan. 2021

50

JPR Chiba Bldg.

Chiba, Chiba

Second phase of reinforcement ofelevators

Dec. 2020 –Feb. 2021

48

Yakuin Business Garden

Fukuoka,
Fukuoka

Replacement of lighting equipmentwith LED lamps on 2nd through14th floors

May 2021 –Jun. 2021

43

JPR Yokohama Bldg.

Yokohama,
Kanagawa

Repair of exterior walls and work
on exterior signboards

Nov. 2020 –Feb. 2021

41

Other capital expenditures

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

876
1,370

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

29

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period(4) Major Investment Assets
The following is the investment property with rental revenues exceeding 10% of total rental revenues of theentire portfolio of JPR for the 39th fiscal period.
<Property Name: Otemachi Tower (Land with Leasehold Interest)>
Total Number of Tenants
Rental Revenues
Percentage to Total Rental Revenues (Note 1)
Total Leased Floor Space (Note 2)
Total Leasable Floor Space (Note 2)
Changes in Occupancy Rate in Last 5 years (Note 1)

2
1,797,500 thousand yen
10.9%
11,034.78m2
11,034.78m2
June 30, 2021

100.0%

December 31, 2020

100.0%

June 30, 2020

100.0%

December 31, 2019100.0%

June 30, 2019100.0%

December 31, 2018

100.0%

June 30, 2018

100.0%

December 31, 2017100.0%

June 30, 2017100.0%

December 31, 2016

100.0%(Note 1) The figure has been rounded to the first decimal place.
(Note 2) The total leased floor space and total leasable floor space are those as of the end of the 39th fiscal period(June 30, 2021).

30

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period(5) Information Concerning Tenants
1) Overview of Lease Status by JPR as a Whole
No. of Properties
December 31, 2016
June 30, 2017

Total No. of
Tenants

63
62

Total Leasable Floor Space

Occupancy Rate

679

477,249.40 m2

98.6%

730

477,972.54 m2

98.0%
98.5%

December 31, 2017

62

745

478,169.25 m2

June 30, 2018

62

747

478,117.02 m2

98.8%

December 31, 2018

62

747

478,088.25 m2

99.2%

757

480,277.86 m2

98.6%
99.6%

June 30, 201963

December 31, 2019

63

760

480,284.17 m2

June 30, 2020

65

851

499,269.77 m2

99.7%

December 31, 2020

66

857

501,162.78 m2

99.3%

854

501,164.35 m2

99.2%
98.2%

January 31, 2021

66

February 28, 2021

66

856

501,164.38 m2

March 31, 2021

65

814

496,886.92 m2

97.9%

April 30, 2021

65

808

496,886.91 m2

98.0%

May 31, 2021

65

806

496,895.59 m2

97.9%

804

496,876.92 m2

98.1%

June 30, 2021

65

(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 39th fiscal period, as well as the total rental income for the 39th fiscal period.
Total Number of Tenants

804

Total Leased Floor Space

487,289.54 m2

Total Leasable Floor Space

496,876.92 m2

Total Rental Income

16,521,229 thousand yen

31

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period2) Overview of Lease Status for Respective Properties

Type

Central Tokyo

OfficeArea

Property Name

Kanematsu Bldg.

8,090.42

8,090.42

11

100.0

437,002

2.6

Kanematsu Bldg. Annex

2,291.13

2,291.131

100.0(Note 2)

(Note 2)

JPR Ningyo-cho Bldg.

2,802.22

2,802.225

100.0

88,9090.5

Shin-Kojimachi Bldg.

3,319.37

2,831.51

15

85.3

113,402

0.7

JPR Crest Takebashi Bldg.

3,265.34

3,265.34

8

100.0

121,209

0.7

MS Shibaura Bldg.

14,468.38

14,468.38

10

100.0

492,725

3.0

Gotanda First Bldg.

4,241.22

4,241.222

100.0

134,336

0.8

JPR Ichigaya Bldg.
Oval Court Ohsaki MarkWest
Shinjuku Square Tower

4,240.37

4,240.37

10

100.0

159,370

1.0

4,088.44

4,088.441

100.0

211,320

1.3

19,266.38

19,266.38

22

100.0

418,399

2.5

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

15,227.80

14,755.85

22

96.9

619,632

3.8

1,253.39

966.93

2

77.1

35,8920.2

8,865.71

8,369.66

33

94.4

Minami Azabu Bldg.

3,405.73

3,405.731

100.0

533,196(Note 2)

3.2
(Note 2)

Shinagawa Canal Bldg.

1,870.50

1,698.77

5

90.8

Rokubancho Bldg.

2,488.36

2,488.36

1

100.0

72,031(Note 2)0.4
(Note 2)

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

4,759.80

4,214.73

9

88.5

291,417

1.8

5,299.88

5,299.88

5

100.0

192,084

1.2

6,177.74

6,177.74

6

100.0

281,202

1.7

1,896.69

1,896.69

9

100.0

103,506

0.6

11,034.78

11,034.78

2

100.0

1,797,500

10.9

3,325.29

3,268.9424

98.3

117,214

0.7

OfficeRetail, etc.

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

Greater Tokyo

39th Fiscal Period (January 1, 2021 – June 30, 2021)
Information on Period End Floor Space, Etc.
Rental Revenues
Total Leasable
Total Leased
No. ofOccupancy (thousands of
Ratio
Floor Space
Floor Space
Tenants
Rate (%)
yen)
(%)
2
2
(m )
(m )
(Note 1)5,401.49

5,401.49

9

100.0

163,054

1.0

Tokyo Square Garden

5,971.73

5,462.42

46

91.5

396,905

2.4

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

3,493.67

3,493.67

6

100.0

168,6101.0

4,191.96

4,189.99

10

100.0

234,304

1.4

8,076.85

8,076.851

100.0(Note 2)

(Note 2)

1,027.33

1,027.33

7

100.0

81,9980.5

2,347.81

2,347.811

100.0(Note 2)

(Note 2)

1,101.92

1,101.921

100.0(Note 2)

(Note 2)

1,665.79

1,665.799

100.0

207,809

1.3

1,367.56

1,192.77

5

87.2

66,401

0.4

Arca East

7,022.76

7,022.76

6

100.0

267,818

1.6

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

5,540.91

5,409.18

39

97.6

135,7220.8

6,079.74

6,005.19

18

98.8

131,3710.8

5,284.75

5,186.75

21

98.1

105,123

0.6

15,503.27

15,377.86

42

99.2

473,3132.9

6,454.83

6,454.83

10

100.0

175,784

1.1

4,588.89

4,478.25

22

97.6

146,572

0.9

JPR Ueno East Bldg.
Tachikawa Business Center
Bldg.

32

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

Retail, etc.
OfficeRetail, etc.

Other Cities

Greater Tokyo

OfficeRise Arena Bldg.

6,023.39

73,7360.4

100.0344,625

2.1

100.0

1,015,292

6.1

22

100.0

293,080

1.8

3,173.34

4

52.7

11,998.77

11,998.77

43

23,987.40

23,987.40

16

6,493.99

Yume-ooka Office Tower
Olinas Tower
JPR Yokohama Bldg.

6,493.99

Omiya Prime East

6,871.45

6,871.454

100.0

291,306

1.8

Sencity Bldg.

13,271.20

13,006.12

72

98.0

573,576

3.5

Tanashi ASTA

31,121.71

31,121.71

1

100.0

(Note 2)

(Note 2)Cupo-la Main Bldg.

5,963.00

5,963.001

100.0(Note 2)

(Note 2)
(Note 2)

JPR Musashikosugi Bldg.
Musashiurawa Shopping
SquareKawasaki Dice Bldg.

19,740.95

19,740.95

1

100.0

(Note 2)

14,960.69

14,960.69

3

100.0

127,0410.8

12,087.59

11,820.68

27

97.8

479,043

2.9

FUNDES Ueno
Niigata Ekinan Center
Bldg.
Tokyo Tatemono
Honmachi Bldg.
JPR Hakata Bldg. (Note 3)

1,989.66

1,989.66

10

100.0

104,2390.6

5,327.50

5,248.89

10

98.5

123,9240.8

7,142.29

6,734.23

7

94.3

153,725

0.9

–

–

–

–

55,006

0.3

JPR Naha Bldg.

3,945.18

3,945.18

20

100.0

110,949

0.7

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

7,132.69

7,124.72

15

99.9

196,454

1.2

4,876.35

4,630.37

17

95.0

105,3510.6

3,257.07

3,197.39

14

98.2

122,330

0.7

JPR Dojima Bldg.

3,918.28

3,610.13

11

92.1

125,287

0.8

JPR Nagoya Fushimi Bldg.

7,086.37

7,054.195

99.5

156,009

0.9

Yakuin Business Garden

16,654.33

15,334.64

15

92.1

576,157

3.5

JPR Shinsaibashi Bldg.

4,021.63

4,021.63

9

100.0

128,636

0.8

JPR Shinsaibashi West5,695.71

5,692.56

13

99.9

143,6210.8

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

18,586.97

18,586.97

1

100.0

(Note 2)

(Note 2)35,444.13

35,444.13

1

100.0

(Note 2)

(Note 2)

2,478.42

2,478.425

100.0

177,8881.1

496,876.92

487,289.54

804

98.1

16,521,229

100.0

Total

(Note 1) The number of tenants at end of period is counted as follows except for Shinjuku Square Tower, Shinjuku Center Bldg., Residential part of Science
Plaza-Yonbancho Plaza, Tokyo Square Garden, Otemachi Financial City North Tower, Rise Arena Bldg., Sencity Bldg. and Kawasaki Dice Bldg.:
when a single tenant leases multiple rooms, it is counted as one if the tenant uses the same property. If the leased rooms are in multiple buildings, thetenant is counted in plural.
The tenants of Shinjuku Square Tower, Shinjuku Center Bldg., Residential part of Science Plaza-Yonbancho Plaza, Tokyo Square Garden, Otemachi
Financial City North Tower, Rise Arena Bldg., Sencity Bldg. and Kawasaki Dice Bldg. have sublet space to sublessees and lease agreements havebeen executed where the rent paid by the tenants fluctuates in accordance with the lease conditions of the sublessees and thus the numbers ofsublessees have been entered as the numbers of tenants.
(Note 2) JPR does not disclose rental revenues and their ratios for properties due to inevitable reasons, as JPR has not been able to obtain consent fromtenants or co-owners, etc. regarding disclosure of rental revenues, etc.
(Note 3) For JPR Hakata Bldg., JPR sold its 35.0% co-ownership interest on December 24, 2020, and sold the remaining 65.0% co-ownership interest on
March 29, 2021.

33

Japan Prime Realty Investment Corporation (8955) Financial Report for 39th Fiscal Period

3) Ten Largest Tenants
The following table shows the ten largest tenants in terms of leased floor space as of June 30, 2021.

Rank

TenantProperty Name

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

1

Tokyo Tatemono Co., Ltd

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

2

ABC Development Corporation

Housing Design Center Kobe

35,444.13

7.2%

3

Seiyu GK

Tanashi ASTA

31,121.71

6.3%

4

Ito-Yokado Co., Ltd.

JPR Musashikosugi Bldg.

19,740.95

4.0%

5

Taisei-Yuraku Real EstateCo., Ltd.

Rise Arena Bldg.
Sencity Bldg.

19,534.26

4.0%

6

The LOFT Co., Ltd.

JPR Umeda Loft Bldg.

18,586.97

3.8%

7

Olympic Group Corporation

Musashiurawa Shopping Square

9,558.51

1.9%

8

Tower Records Japan Inc.

JPR Shibuya Tower Records Bldg.

8,076.85

1.6%

9

Y.K. Tokyo Prime Stage

7,875.50

1.6%

10

Sompo Japan Insurance Inc.

7,292.20

1.5%

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

49,720.99

10.1%(Note 1) For co-owned properties, etc., the figure indicates the leased floor space corresponding to the ownership interest held by JPR.
(Note 2) The figures have been rounded to the first decimal place. The total leased floor space at end of period in the above table is based on
the space corresponding to the ownership interest held by JPR (492,301.12 m2).

34