Translation
Japan Prime Realty Investment Corporation
Financial Report for the 27th Fiscal Period Results (January 1, 2015 – June 30, 2015)
August 14, 2015

REIT Securities Issuer:
Japan Prime Realty Investment Corporation
Listing: Tokyo Stock Exchange
Securities Code:
8955
URL:
http://www.jpr-reit.co.jp/
Representative:
Hirohito Kaneko, Executive Officer
Asset Management Company: Tokyo Realty Investment Management, Inc.
Representative:
Satoshi Okubo, President and Chief Executive Officer
Contact:
Satoshi Eida, Director and Chief Financial Officer
TEL: +81-3-3231-1051
Scheduled date of submission of securities report:
September 28, 2015
Scheduled date of commencement of distribution payout:
September 10, 2015
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 27th Fiscal Period (January 1, 2015 – June 30, 2015)[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, 2015
December 31, 2014

For the six months ended

June 30, 2015
December 31, 2014

Operating Revenues
million yen%
14,251
2.5
13,902
1.2
Net Income per Unit
(EPU)
yen
6,759
6,349

Operating Income
million yen
%
3.4
6,697
0.8
6,477

Net Income / Net Assets

Ordinary Income
million yen
%
6.2
5,566
3.3
5,239
Ordinary Income /Total Assets

%
2.7
2.7

Net Income
million yen
%
7.0
5,603
3.3
5,238
Ordinary Income /Operating Revenues

%
1.3
1.3

%
39.1
37.7

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

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution /Net Assetsyenmillion yen
yenmillion yen%%
June 30, 2015
6,419
5,603
0
0
100.0
2.6
December 31, 2014
6,351
5,239
0
0
100.0
2.7
(Note 1) Dividend payout ratio is rounded down to the first decimal place.
(Note 2) The dividend payout ratio for the six months ended June 2015 was calculated by using the following formula, as JPR issued
new investment units in the fiscal period: Dividend payout ratio = Distribution amount / Net income x 100.
For the six months ended(3) Financial Position
As ofJune 30, 2015
December 31, 2014

Total Assets
million yen
418,778
414,091

Net Assets
million yen
216,092
197,378

Net Assets / Total Assets
%
51.6
47.7

Net Asset Per Unityen
247,529
239,246(4) Cash Flows
Cash Flows fromOperating Activities
For the six months ended

June 30, 2015
December 31, 2014

million yen
7,383
7,282

Cash Flows from
Investing Activities
million yen(4,208)(1,702)

1

Cash Flows from
Financing Activities
million yen(1,454)(5,310)Cash and Cash
Equivalents
at End of Period
million yen
25,064
23,344

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

2. Forecasts for 28th Fiscal Period Ending December 31, 2015 and for 29th Fiscal Period Ending June 30, 2016

Operating Revenues

Operating Income

Ordinary Income

million yen

million yen

million yen

%

%

%

Net Income

million yen

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

28th Fiscal PeriodEnding December
14,043 (1.5)
6,766
1.0
5,681
2.1
5,684
1.4
31, 2015
29th Fiscal PeriodEnding June 30,
14,053
0.1
6,725
(0.6)
5,719
0.7
5,719
0.6
2016
(Reference) Estimated net income per unit for the 28th fiscal period ending December 31, 2015: 6,510 yen
Estimated net income per unit for the 29th fiscal period ending June 30, 2016: 6,550 yen

6,510

0

6,550

0

3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(a) Changes in accounting policies accompanying amendments to accounting standards, etc.:
None(b) Changes in accounting policies other than in (a):None(c) Changes in accounting estimates:
None(d) Retrospective restatement:
None(2) Number of Investment Units Issued and Outstanding(a) Number of investment units (including treasury units) issued and outstanding at end of period
As of June 30, 2015:
873,000 units
As of December 31, 2014:
825,000 units(b) Number of treasury units at end of period
As of June 30, 2015:
0 units
As of December 31, 2014:
0 units(Note) With regard to the number of investment units, which serves as the basis for calculating net income per unit, please refer
to “Per Unit Information,” on page 20.

* Presentation of the status of implementation of audit procedures
At the time of disclosure of this report, audit procedures for financial statements pursuant to the Financial
Instruments and Exchange Act have not been completed.
* Explanation of the appropriate use of the forecast for management status, and other matters of special note
The forecasts for the 28th fiscal period ending December 31, 2015 and for the 29th fiscal period ending June 30,
2016 are calculated as of August 14, 2015 based on the assumptions described on pages 7-8 of this report.
Accordingly, actual operating revenues, operating income, ordinary income, net income, DPU and exceeding
profit distribution per unit may differ from the forecasts. Moreover, the forecasts should not be construed as aguarantee of the distribution amount.

This is an English-language translation of original Japanese announcement on our web site released on August2
14, 2015. 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.

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

1. Affiliated Juridical Persons of the Investment Corporation
Structure of the Investment Corporation
Disclosure is omitted because there are no significant changes from the “Structure of the Investment
Corporation” set out in the most recent securities report (yuka shoken hokokusho) (submitted on March 26,2015).
2. Management Policy and Management Status(1) Management Policy
Disclosure is omitted because there are no significant changes from the “Investment Policy,” “Investment
Targets” and “Distribution Policy” set out in the most recent securities report (submitted on March 26,2015).
(2) Management Status
1) Overview of Fiscal Period under Reviewa) Milestones of JPR
Japan Prime Realty Investment Corporation (JPR) was established on September 14, 2001 under the
Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended; hereafter,
the Investment Trusts Act), and was listed on the Tokyo Stock Exchange (TSE) Real Estate Investment
Trust Section (securities code: 8955) on June 14, 2002 with 289,600 outstanding investment units.
With public offerings and other capital raising measures JPR subsequently implemented, the number ofinvestment units issued and outstanding totals 873,000 units at present. JPR has assigned the asset
management of its portfolio to Tokyo Realty Investment Management, Inc., through which JPR aims tomaximize unitholder value by efficiently managing the portfolio primarily comprising office properties
and retail properties.
b) Management Environment
The Japanese economy remained on a modest recovery trend during the 27th fiscal period, with capital
investment and consumer spending observed to pick up. Corporate performances took a favorable turn,given the yen’s exchange rate on a weaker side under the influence of the additional monetary easing
the Bank of Japan initiated last year. An increase in the number of inbound tourists visiting Japan also
had a positive impact on the economy.
The Office Property Leasing Market
The supply and demand balance in the office property leasing market of the 23 wards of Tokyo further
improved due to new demand for such positive development as setting up new offices, expanding theoffice spaces and moving to better locations continuing to be strong, which steadily absorbed the
newly-supplied office spaces. Given this situation, the upward swing of the rent levels for new
contracts is increasingly spreading through the entire market.
The Retail Property Leasing Market
Tenant’s needs to open stores remained to be strong for urban retail properties in which JPR targets toinvest. Rents continued to increase for urban retail properties in good locations, such as Ginza,
Omotesando and Shinsaibashi, where consumption by inbound foreign tourists is anticipated.
The For-Sale Real Estate Market
Transactions by REITs remained at a high level, centering on acquisitions of properties from theirsponsors, as they made initial public offerings and public offerings one after another against the
backdrop of a favorable fund procurement environment. Moreover, competition over transactions in
the market has become more intensified as the market participants become increasingly diversified,including foreign investors, causing the property transaction price to be formed at an even higher level.
There is also a notable expansion of investment targets, such as investing in projects located inregional cities and investigating development projects.
c) Portfolio Management Status
New Property Acquisitions
JPR investigates possible investments mainly in office properties in the Tokyo area, plus retailproperties and office properties in regional cities, with the primary aim of improving the quality of theportfolio and achieving stable growth of its earnings while paying attention to balancing diversificationof the portfolio, both in terms of location and asset type.
During the 27th fiscal period, JPR acquired Shinjuku Square Tower (additional ownership) at theacquisition price of 4.0 billion yen. As a result, the balance of assets under management totaled 62
3

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

properties, or 409.5 billion yen on an acquisition price basis, as of the end of June 2015, with the total
leasable floor space standing at 475,007m2 and the number of tenants reaching 647.
Operational Management of Portfolio
In the office property leasing market in the 27th fiscal period, the vacancy rate stayed at a low level,
given a more advanced improvement in the supply and demand balance in Tokyo and other areas.
Under such circumstances, JPR endeavored to attract new tenants through strategic leasing activities
and enhance the satisfaction of existing tenants by keeping close cooperation with property
management companies and brokers, with an aim of enhancing earnings from the entire portfolio andimproving occupancy rates. As a result, the occupancy rate stood at 96.7% at the end of the fiscal
period, still remaining at a high level although the figure decreased 0.3 points from the 97.0% at theend of the 26th fiscal period.
In terms of property management, based on JPR’s brand concept A/3S (Amenity/Service, Safety and
Save Energy), JPR continued to proactively implement value enhancement works based on tenantneeds with the aim to create spaces where the workers feel satisfaction. As an endeavor to implement
energy-saving measures, JPR conducted renovation of air-conditioning systems and replacement oflighting equipment in the common areas with LED lamps, which are expected to be effective for theendeavor, at its multiple properties.
In addition, JPR is continuously working to obtain environmental certifications (the DBJ Green
Building Certification*1 and the recognition by GRESB*2). In the 27th fiscal period, JPR applied forthe DBJ Green Building Certification for another property in its portfolio, which is being examined,
and worked to obtain GRESB assessment (2015 survey).
*1 The DBJ Green Building Certification is a certification system by Development Bank of Japan Inc., designed to select superior
real estate that meets the demand of the times, with a purpose of promoting properties that are environmentally friendly,
equipped to mitigate disaster and prevent crime, as well as meet the various social requirements surrounding real estate fromstakeholders (“Green Buildings”).
*2 GRESB, which stands for Global Real Estate Sustainability Benchmark, is a benchmark system for analyzing and evaluating
sustainability of real estate companies, REITs and real estate private placement funds, in terms of environmental friendlinessand social nature. It is based on surveys conducted by a group of the same name composed of more than 50 organizations
worldwide such as European pension asset managers.

Fund Procurement
JPR is engaged in conservative financial operations, working to control the ratio of interest-bearing
debt to total assets (Note 1) largely at 50% at a maximum.
In debt financing, JPR continued to maintain financial stability by conducting bank borrowings atlong-term fixed interest rates with an eye on reducing risks of rising interest rates while remaining
attentive to the diversification of repayment dates, etc.
JPR established a commitment line with credit limit of 28 billion yen in order to reduce refinancing
risks and secure stable fund procurement.
In the 27th fiscal period, JPR procured 18.3 billion yen in total through issuing new investment units

with the aim of raising funds to repay borrowings and expand the acquisition capacity with debts. All
the proceeds obtained from the issuance of new investment units were used to repay borrowings. In
addition, JPR refinanced 18.0 billion yen in total for loans and investment corporation bonds uponmaturity, and borrowed 4.0 billion yen in total in long-term loans payable for property acquisition. As aresult, the balance of total outstanding borrowings as of the end of the fiscal period was 134.9 billion
yen, with investment corporation bonds of 41.5 billion yen.
As of the end of the 27th fiscal period, JPR had the ratio of interest-bearing debt to total assets of
42.1%, long-term and fixed interest-bearing debt ratio (Note 2) of 99.4%, average debt cost (Note 3) of
1.21%, and average maturity (Note 4) of 4.0 years.
The following represents the issuer ratings for JPR as of the end of this fiscal period.
Details of Corporate Credit Ratings as of June 30, 2015
Credit Rating Agency
Corporate Credit Rating
Rating and Investment Information, Inc.
AA− (Stable)
Long-term: A (Stable)
Standard & Poor's Ratings Japan K.K.
Short-term: A−1(Note 1) Ratio of interest-bearing debt to total assets: (balance of borrowings + balance of investment corporation bonds)/ total assets

4Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period(Note 2) Long-term and fixed interest-bearing debt ratio: long-term, fixed-interest interest-bearing debt / 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 27th fiscal period to therepayment deadlines for all interest-bearing debt based on the balance of each interest-bearing debt.

d) Operating Results and Cash Distributions
As a result of the aforementioned management performance, JPR posted operating revenues of 14,251
million yen, ordinary income of 5,566 million yen and net income of 5,603 million yen for its 27th
fiscal period ended June 30, 2015. With regard to the cash distributions, JPR decided to distribute partof the retained earnings brought forward that had been internally reserved through the 26th fiscal
period, with the aim of having the profit distributions deducted as expenses based on application of thespecial provision on taxation of investment corporations (Article 67-15 of the Act on Special Measures
Concerning Taxation) and in order to minimize the burden to unitholders incurred by accrual of
corporate income tax, etc. As a result, the cash distribution per unit came to 6,419 yen for the 27th
fiscal period.
2) Forecast for the Next Fiscal Perioda) Outlook for Management Status
Looking ahead, the Japanese economy is expected to remain on the track of modest recovery, given thecontinued improvement trend of the employment and income environments and positively affected by
the drop in crude oil prices as well as corporate performances that are bolstered by the weaker yen.
Caution should be taken, however, to the risks that may push the Japanese economy downward, suchas a downside swing of the overseas economies.
In the office property leasing market, the market situation in general is likely to show a further
recovery amid continued improvement in the supply and demand condition, while polarization byproperty will keep progressing. In this regard, JPR believes it will be able to fully enjoy the positive
impact of the market recovery as it has focused on improving tenant satisfaction through proactive
implementation of value enhancement works and provision of elaborate management services. In
addition, when conducting real estate transactions in the market where polarization of earnings byproperty is anticipated to further advance, it will become even more important to discern the growthpotential of earnings of respective properties. Considering the situation in which cap rates are
decreasing in a low interest rate environment, it is required to firmly keep the attitude of vigorously
selective investment for implementing real estate investment that assumes possession of properties
over the medium to long term.
i) Acquisition of New Properties and Asset Replacement
JPR will continue to make investment focused on the Tokyo office properties, with an aim to improve
the quality of its portfolio and enhance its growth potential in the recovery cycle of the market. Realestate transactions remain brisk, as a decrease in purchase cap rate and expected cap rate levels has
been observed in the transaction market along with the recovery in the office property leasing market
conditions. For office properties in Tokyo in particular, there are deals closed at prices that havefactored in rent increases in accordance with the economic recovery. Accordingly, JPR will fully
investigate the growth potential of such properties when acquiring them. As for retail properties as well
as office properties in regional cities, JPR will work to invest in strictly selected blue-chip properties
that can keep stable revenues at a certain level in order to complement the stability of earnings fromthe entire portfolio. JPR will strive to acquire new properties under reasonable terms by negotiating
prices based on detailed market studies and property due diligence in considering properties.
JPR will continue to make investment decisions after a proactive collection of information throughsuch sources as sponsors of the Asset Manager (Tokyo Tatemono Co., Ltd., Taisei Corporation,
Yasuda Real Estate Co., Ltd., Sompo Japan Nipponkoa Insurance Inc. and Meiji Yasuda Life
Insurance Company; hereafter collectively referred to as the “Sponsors”), accurately grasping market
trends and carefully researching investment value, including the future potential of candidate
properties.
Moreover, JPR will continue to investigate asset replacement, centering on properties that do not allow
us to expect sustainable growth in the future or those that may be sold under favorable terms andconditions.
5

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Periodii) Management of Portfolio
JPR will aim to secure stable earnings over a medium to long term by working to prevent move-outs ofexisting tenants, encourage them to expand office spaces in the same buildings and renew contracts
with upward revision of rents through endeavors to enhance tenant satisfaction, while continuously
inviting new tenants through strategic leasing activities. Specifically, JPR will conduct management
and operations based on the following policies:- Strengthen coordination with property management companies and respective tenant brokers- Propose leasing terms and conditions on the assumption of the leasing market showing a recovery
trend, and accelerate decision making- Conduct strategic value enhancement works with intent to improve property earnings and tenantsatisfaction- Reinforce promotion of energy efficiency as well as responses to business continuity plans andenvironmental friendliness that command high social request- Conduct renovations to enhance energy-saving performance of the properties by utilizing thegovernment’s subsidy programsiii) Fund Procurement
JPR's fundamental policy for fund procurement calls for an efficient combination of long-term steadyfund procurement and short-term fund procurement that emphasizes dynamism. In line with thispolicy, JPR will procure funds through unsecured and unguaranteed bank borrowings as well as theissuance of investment corporation bonds. JPR will continue to focus on the diversification of fundprocurement means and sources, and consistently strive to diversify maturities.
iv) Information Disclosure
JPR has positioned the proactive voluntary disclosure of information as one of its key management
policies and will voluntarily disclose information believed to be essential to investment decisions
concerning JPR, along with the timely disclosure of items to the Tokyo Stock Exchange. JPR isproactively employing its website (http://www.jpr-reit.co.jp/en/) as a vital means for implementing
voluntary disclosure and, in the 27th fiscal period, renewed the website in order to further enrich theinformation it provides and enhance the usability, among other purposes. Going forward, we arecommitted to further enriching the disclosure contents and providing information in a timely manner.
iv) Significant Subsequent Events
There are no material subsequent events for this fiscal period.
b) Outlook for Management Status (Operating Results) for the 28th Fiscal Period and 29th fiscal period
JPR expects the following management status in the 28th fiscal period (from July 1, 2015 to December
31, 2015) and the 29th fiscal period (from January 1, 2016 to June 30, 2016).

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

28th Fiscal Period
14,043 million yen
6,766 million yen
5,681 million yen
5,684 million yen
6,510 yen

29th Fiscal Period
14,053 million yen
6,725 million yen
5,719 million yen
5,719 million yen
6,550 yen

0 yen

0 yen

For the assumptions underlying this outlook for management status, please refer to “Assumptions forthe 28th Fiscal Period (from July 1, 2015 to December 31, 2015) and 29th Fiscal Period Forecast(January 1, 2016 – June 30, 2016)” shown below.
(Note) The forecast figures above are the current forecasts calculated based on certain assumptions. Accordingly, the actual operating
revenues, operating income, ordinary income, net income, distribution per unit and exceeding profit distribution per unit mayvary due to changes in the circumstances. Moreover, the forecast above should not be construed as a guarantee of the
distribution amount.

6Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

Assumptions for the 28th Fiscal Period Forecast (July 1, 2015 – December 31, 2015)
and 29th Fiscal Period Forecast (January 1, 2016 – June 30, 2016)
Item
PeriodProperty
Portfolio

Operating
Revenues

OperatingExpenses

Non-Operating
IncomeNon-Operating
Expenses

Interest-Bearing
Debt Ratio

Assumptions
28th fiscal period: July 1, 2015 to December 31, 2015
(investment period: 184 days)
29th fiscal period: January 1, 2016 to June 30, 2016
(investment period: 182 days)
・The number of properties is assumed to be 62 properties that are held by JPR as of August
14, 2015. Furthermore, the assumed period-average occupancy rate at end of month is
97.2% for the 28th fiscal period and 96.7% for the 29th fiscal period.
・In practice, these assumptions may vary due to such events as the acquisition of additional
properties or the sale of existing properties.
・Real estate rental revenues are calculated on the basis of the lease contracts effective as ofthe end of the fiscal period ended June 30, 2015 (the 27th fiscal period), with consideration
given to the market environment, competitiveness of the properties, status of negotiations
with tenants and other factors.
・For operating revenues, JPR assumes that rents will be paid on time and that no tenants will
fail or decline to pay rents.
・Gain and loss on sales of real estate properties is not assumed.
・Among rental expenses, which are the principal operating expenses, outsourcing expenses
and other expenses excluding depreciation are calculated based on historical data, reflecting
variable factors of expenses and considering the information as of the end of the 27th fiscal
period. Outsourcing expenses are assumed to be 536 million yen for the 28th fiscal period
and 528 million yen for the 29th fiscal period.
・For property taxes and city planning taxes, the amount attributed to the relevant fiscal period
is calculated out of the levied tax amount, and is assumed to be 2,023 million yen for the
28th fiscal period and 2,061 million yen for the 29th fiscal period. In general practice, theproperty taxes and city planning taxes levied on properties acquired are settled after
prorating for the period with the previous owner at the time of acquisition, but JPR includes
the amount equivalent to such settlement in the acquisition costs for the property.
・For expenditures for the repair and maintenance of buildings, the amount expected to berequired in the relevant fiscal period has been recorded. However, the expenditures forrepair and maintenance for the fiscal period could differ significantly from the estimatedamount, as expenditures may arise due to damage to the building caused by unexpectedfactors, etc., and because 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 incidental expenses andadditional future capital expenditures. Depreciation is assumed to be 1,875 million yen forthe 28th fiscal period and 1,881 million yen for the 29th fiscal period, respectively.
・As for major non-operating income, JPR assumes income on settlement of management
association accounts to be 1 million yen for the fiscal period ending December 31, 2015 ,33 million yen for the fiscal period ending June 30, 2016.
・As for major non-operating expenses, JPR assumes 1,081 million yen for the 28th fiscal
period and 1,033 million yen for the 29th fiscal period for interest paid, fees related to loanarrangement, interest expenses on investment corporation bonds and amortization of
investment corporation bond issuance costs, etc.
・The ratio of interest-bearing debt to total assets as of August 14, 2015 stands at 42.1%, withinterest-bearing debt of 176,458 million yen (comprised of 1,000 million yen in short-term
debt, 133,958 million yen in long-term debt and 41,500 million yen in investment
corporation bonds).
・It is assumed that all borrowings whose repayment dates will arrive during the 28th and the29th fiscal periods will be refinanced, except for scheduled repayment of 166 million yen
respectively.
・Due to the above, the ratio of interest-bearing debt to total assets is expected to be 42.1% at
end of the 28th fiscal period and 42.1% at end of the 29th fiscal period.
・The following formula is used in calculating the ratio of interest-bearing debt to total assets
7Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

in this table.
Ratio of interest-bearing debt to total assets =Expected total interest-bearing debt / Expected total assets x 100.
Total Units
Outstanding
Distribution Per
Unit

・The total number of investment units issued and outstanding is 873,000 units as of August
14, 2015, and it is assumed that no additional investment units will be issued.
・As for distribution per unit, it is assumed that all revenues will be distributed based on the
distribution methods provided in the Articles of Incorporation.
・There is the possibility that the distribution per unit may vary due to various factors
including variation of rental revenue due to transfer of assets under management andtenants moving out, and unpredicted repairs and maintenance.

Exceeding Profit
Distribution Per
Unit

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

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

(3) Investment Risks
The description is omitted as there are no significant changes from the “Investment risks” disclosed in thelatest securities report (submitted on March 26, 2015).

8

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

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

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

9

End of 26th Fiscal
PeriodEnd of 27th Fiscal
Period(Dec. 31, 2014)(Jun. 30, 2015)¥12,117,339
11,227,028
260,988
174,781
6,743
23,786,880¥12,786,017
12,278,621
332,870
127,40744,96725,569,883

56,652,548(11,121,439)
45,531,108
84,667,091(25,618,333)
59,048,758
45,661(14,089)
31,571
120,534(65,156)
55,378726,204(341,835)
384,368
1,605,767(1,168,396)
437,370
54,610(29,761)
24,848159,172(101,991)
57,181109,041,559
170,276,140
39,223
1,063
384,928,571

56,762,410(11,898,708)
44,863,701
86,397,314(26,625,423)
59,771,891
51,330(15,414)35,916
119,586(68,497)
51,089726,505(361,244)
365,2611,614,860(1,205,616)
409,244
57,922(32,101)
25,820160,667(107,680)
52,987
108,898,331
173,295,562
46,308－387,816,114

4,794,109
3,020
4,797,130

4,794,109
2,455
4,796,565

96,205248,976
345,181
390,070,883

145,462
198,875
344,337
392,957,018

233,806－
233,806¥414,091,570

207,020
44,946
251,966¥418,778,869

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period(Thousands of Yen)

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

10

End of 26th Fiscal
PeriodEnd of 27th Fiscal
Period(Dec. 31, 2014)(Jun. 30, 2015)¥2,137,918–
19,732,000
13,000,000
572,670
150,603605
261,634
2,565,259
38,420,691

2,146,009
1,000,000
23,332,000–
1,392,268
99,147605
179,892
2,616,060
30,765,983

41,500,000
116,792,000
7,364,647
12,636,178
178,292,826
216,713,518

41,500,000
110,626,000
7,562,635
12,231,338
171,919,974
202,685,957

192,044,238

210,395,598

73,94673,94673,94673,946

5,259,866

5,623,366

5,333,813
197,378,051
197,378,051¥414,091,570

5,697,313
216,092,911
216,092,911
418,778,869

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period(2) Statements of Income and Retained Earnings(Thousands of Yen)

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

11

26th Fiscal
Period27th Fiscal
Period(Jul. 1, 2014 –Dec. 31, 2014)(Jan. 1, 2015 –Jun. 30, 2015)¥ 13,902,843
13,902,843¥ 14,251,821
14,251,821

6,733,535
485,787
78,4176,600
32,15089,007
7,425,498
6,477,345

6,845,645
503,437
77,3886,600
31,05190,4387,554,562
6,697,259

2,191

2,256

4,724

42,062

5,055
11,971

6,430
50,749778,90376,431
363,968

781,107
78,032291,995

29,81526,785–922
1,250,041
5,239,275

623
3,181
1,181,726
5,566,282––
5,239,275
605
605
5,238,670
21,196¥5,259,866

37,39737,397
5,603,679
605
605
5,603,074
20,291
5,623,366

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period(3) Statements of Changes in Unitholders’ Equity(Thousands of Yen)

26th Fiscal
Period(Jul. 1, 2014 –Dec. 31, 2014)
Unitholders' equity
Unitholders' capital
Balance at beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at end of current period
Surplus
Voluntary reserve
Balance at beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at end of current period
Unappropriated retained earnings (undisposed losses)
Balance at beginning of current period
Changes of items during the period
Dividends from surplus
Net income
Total changes of items during the period
Balance at end of current period
Total surplus
Balance at beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at end of current period
Total unitholders' equity
Balance at the beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at end of current period
Total net assets
Balance at beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at end of current period

12

27th Fiscal
Period(Jan. 1, 2015 –Jun. 30, 2015)¥192,044,238¥192,044,238–
192,044,238

18,351,360
210,395,598

73,94673,946–73,946–73,946

5,094,946

5,259,866(5,073,750)
5,238,670
164,920
5,259,866(5,239,575)
5,603,074
363,499
5,623,366

5,168,893

5,333,813

164,920
5,333,813

363,499
5,697,313

197,213,131

197,378,051

164,920
197,378,051

18,714,859
216,092,911

197,213,131

197,378,051

164,920¥197,378,051

18,714,859¥216,092,911

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period(4) Statements of Cash Distributions

I.
II.

Unappropriated retained earnings
Distribution amount(Distribution amount per unit)
III. Retained earnings carried forward
Method for calculating distribution amount26th Fiscal Period(July 1, 2014 –December 31, 2014)
5,259,866,639 yen
5,239,575,000 yen(6,351 yen)
20,291,639 yen
Pursuant to the policy on cash
distributions provided in Article 30(2) of the Articles of Incorporation of
JPR, the distribution amount shall bein excess of an amount equivalent to
90% of the “distributable income
amount” as stipulated in Article 67-15
of the Act on Special Measures
Concerning Taxation, but no morethan the amount of earnings. Basedon such policy, JPR decided to pay
out distributions of earnings of
5,239,575,000 yen, which is thelargest integral multiple of the total
number of investment units issued
and outstanding (825,000 units) in an
amount not in excess ofunappropriated retained earnings
while minimizing the burden tounitholders incurred by accrual of
corporate income tax, etc.
Furthermore, JPR shall not distributecash in excess of earnings as
stipulated in Article 30 (4) of the
Articles of Incorporation.

13

27th Fiscal Period(January 1, 2015 –June 30, 2015)
5,623,366,311 yen
5,603,787,000 yen(6,419 yen)
19,579,311 yen
Pursuant to the policy on cash
distributions provided in Article 30(2) of the Articles of Incorporation of
JPR, the distribution amount shall bein excess of an amount equivalent to
90% of the “distributable income
amount” as stipulated in Article 67-15
of the Act on Special Measures
Concerning Taxation, but no morethan the amount of earnings. Basedon such policy, JPR decided to pay
out distributions of earnings of
5,603,787,000 yen, which is thelargest integral multiple of the total
number of investment units issued
and outstanding (873,000 units) in an
amount not in excess ofunappropriated retained earnings
while minimizing the burden tounitholders incurred by accrual of
corporate income tax, etc.
Furthermore, JPR shall not distributecash in excess of earnings as
stipulated in Article 30 (4) of the
Articles of Incorporation.

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period(5) Statements of Cash Flows(Thousands of Yen)

26th Fiscal
Period(Jul. 1, 2014 –Dec. 31, 2014)
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 prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable-other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Payment of tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment corporation bonds
Redemption payment of investment corporation bonds
Proceeds from issuance of investment units
Dividends paid
Net cash provided by (used in) financing activities
Net changes in cash and cash equivalents
Cash and cash equivalents at beginning of current period
Cash and cash equivalents at end of current period

14

27th Fiscal
Period(Jan. 1, 2015 –Jun. 30, 2015)¥5,239,275
1,841,516
29,815(2,191)
1,142,872
75,843(34,205)
211,110
4,584(47,477)(48,740)
44,4998,456,902
2,191(1,176,354)(606)
7,282,132¥5,603,679
1,854,717
26,785623(2,256)
1,073,103(71,882)
47,374
18,834
172,409(81,742)
50,801(186,454)
8,505,994
2,256(1,124,559)(618)
7,383,073(187,215)(1,321,470)(42,251)(261,689)
125,187(390,772)
375,367(1,702,844)(167,304)(4,586,723)(49,257)(102,061)
311,592(48,588)433,654(4,208,688)

10,000,000(12,000,000)
4,000,000(166,000)
8,929,218(11,000,000)

15,000,000(14,000,000)
7,000,000(9,566,000)－(13,000,000)
18,350,172(5,238,285)(1,454,113)
1,720,271
23,344,367
25,064,638－(5,073,621)(5,310,403)
268,885
23,075,482
23,344,367

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th 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, 2015).
(8) Notes to Financial Statements
Notes to Balance Sheets
1. Assets Pledged as Collateral and Secured Liabilities
Assets pledged as collateral are as follows:

Buildings (net)
Machinery and equipment(net)Land

End of 26th Fiscal Period(as of December 31, 2014)¥117,033
3,081
399,183

Total¥519,299(Thousands of yen)
End of 27th Fiscal Period(as of June 30, 2015)¥115,165
2,910
399,183¥517,259

Secured liabilities are as follows:

Tenant leasehold and security deposits
Total

End of 26th Fiscal Period(as of December 31, 2014)¥15,536¥15,536(Thousands of yen)
End of 27th Fiscal Period(as of June 30, 2015)¥15,536¥15,536

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

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

End of 26th Fiscal Period(as of December 31, 2014)¥28,000,000(Thousands of yen)
End of 27th Fiscal Period(as of June 30, 2015)¥28,000,000––¥28,000,000¥28,000,000

3. Minimum Total Unitholders’ Equity Designated in Article 67- 4 in the Act on Investment Trusts andInvestment Corporations
End of 26th Fiscal Period(as of December 31, 2014)¥50,000

15(Thousands of yen)
End of 27th Fiscal Period(as of June 30, 2015)¥50,000

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

Notes to Statements of Income and Retained Earnings
Breakdown of Rent Revenue-Real Estate and Expenses Related to Rent Business(Thousands of yen)
27th Fiscal Period(January 1, 2015 June 30, 2015)

26th Fiscal Period(July 1, 2014 December 31, 2014)
A. Rent Revenue-Real Estate
Rent Revenue
Rents
Land rents
Common charges
Parking revenues
Advertising expenses
Antenna use fees
Other
Subtotal
Other rental revenues
Incidental income
Time-based parking revenues
Cancellation charges¥9,306,026
1,530,000
1,838,471
257,21260,17918,13933,804¥9,408,080
1,555,500
1,825,436
256,880
60,30919,341
33,652

13,043,834

13,159,200

810,460
5,184
15,366721,270
5,244
92,834

6,780

250,277

Income equivalent to expenses for restoration
to original condition
Other miscellaneous income

21,21722,994

Subtotal

859,008

1,092,620¥13,902,843

14,251,821

B. Expenses Related to Rent BusinessOutsourcing expenses
Utilities expenses
Property and other taxes
Casualty insurance
Repairs and maintenance
Property management fees
Management association accounts
Depreciation
Other

Total rent revenue-real estate¥529,363
983,434
1,985,098
27,645445,005
231,909556,026
1,841,016
134,034¥527,575
898,434
2,026,740
27,306566,510
238,809576,345
1,854,217
129,705

Total expenses related to rent business¥6,733,535

6,845,645

7,169,307

7,406,176

C. Profits (A-B)

Notes to Statements of Changes in Unitholders’ Equity

Total number of authorizedunits and number of units
outstanding
Total number of authorizedunits
Number of units outstanding

26th Fiscal Period(July 1, 2014 – December 31, 2014)

27th Fiscal Period(January 1, 2015 – June 30, 2015)

5,000,000 units

5,000,000 units

825,000 units

873,000 units

16

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

Financial Instruments
1. Matters Concerning Status of Financial Instruments(1) Policy for Financial Instruments
In an aim to proactively expand asset size and maintain stable cash distributions to unitholders, JPR adopts
the asset management policy of paying heed to efficiently combining the procurement of long-term funds
that are stable and the procurement of short-term funds that emphasize flexibility.
There may be cases where JPR will engage in derivative transactions, but such will be limited to
management for interest rate fluctuation risk and other hedging purposes. Please note that JPR is notengaged in derivative transactions at present.
(2) Description of Financial Instruments and Associated Risks, and Risk Management Structure
Tokyo Realty Investment Management, Inc. (TRIM), the asset management company of JPR, strives forrisk management by complying with the JPR Asset Management Guidelines and other rules and regulations.
The following outlines the description of individual financial instruments and the associated risks, and therisk management.
Deposits are exposed to risks of failure of the financial institutions holding the deposits and other credit
risks, but risks are managed through such measures as setting a minimum credit rating for the financial
institutions holding the deposits.
Loans payable and investment corporation bonds are exposed to liquidity risks at the time of
repayment/redemption, but liquidity risks are managed through such measures as procuring funds from thecapital market by increasing capital, executing a commitment line agreement with the main lending
financial institutions, and also having statements of cash receipts and disbursements prepared by thefinancial division.
(3) Supplementary Explanation on Matters Concerning Estimated Fair Value, etc. of Financial Instruments
The estimated fair value of financial instruments, aside from values based on market price, include values
based on reasonable calculations when there is no market price. Certain assumptions, etc. are used in
calculating those values and there may be cases where the values will vary when different assumptions, etc.
are used.
2. Matters Concerning Estimated Fair Value, etc. of Financial Instruments
The following are the carrying values and estimated fair values as of December 31, 2014, and the difference
between these amounts. Please note that the following tables do not include those for which discerning of
estimated fair value is recognized to be extremely difficult (please refer to Note 3).
(Thousands of yen)

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

Carrying Value(Note 1)
¥12,117,339
11,227,028

Estimated Fair
Value (Note 1)¥12,117,339
11,227,028

–

–

–
–

(19,732,000)(13,000,000)(41,500,000)(¥116,792,000)(19,818,454)(13,046,800)(42,938,833)(¥119,165,205)

86,45446,8001,438,833¥2,373,205

Difference¥–

The following are the carrying values and estimated fair values as of June 30, 2015, and the difference between
these amounts. Please note that the following tables do not include those for which discerning of estimated fairvalue is recognized to be extremely difficult (please refer to Note 3).

17Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period(Thousands of yen)

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

Carrying Value(Note 1)
¥12,786,017
12,278,621(1,000,000)(23,332,000)

Estimated Fair
Value (Note 1)¥12,786,017
12,278,621(1,000,000)(23,443,935)

–

–

–

(41,500,000)(¥110,626,000)(42,727,038)(¥112,589,841)

1,227,038¥1,963,841

Difference¥–––

111,935(Note 1) Items stated under liabilities are shown in parentheses.
(Note 2) Method of calculation of estimated fair value of financial instruments(1) Cash and deposits, and (2) Cash and deposits in trust
As these financial instruments are settled within a short period of time, the estimated fair value is approximately the same as the bookvalue and is thus stated at that book value.
(3) Short-term loans payable
As these financial instruments are settled within a short period of time and have floating interest rates, the estimated fair value isapproximately the same as the book value and is thus stated at that book value.
(4) Current portion of long-term loans payable, and (7) Long-term loans payable
Of the estimated fair value of these financial instruments, the fair value of long-term loans payable with floating interest rates isbased on the book value, as it reflects the market interest rate within a short period of time and thus is considered to be nearly equal
to the book value. The fair value of long-term loans payable with fixed interest rates is based on the method of calculating bydiscounting the total amount of principal and interest by the rate assumed as being applicable in the event of a new drawdown
corresponding to the remaining loan term.
(5) Current portion of investment corporation bonds, and (6) Investment corporation bonds
Of the estimated fair value of these financial instruments, those with market price are calculated based on market price and those withno market price are calculated according to the fair value of long-term loans payable with fixed interest rates in (4) and (7) above.
(Note 3) Financial instruments for which discerning of estimated fair value is recognized to be extremely difficult.
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust that are deposited by lessees of lease rental
properties are not subject to disclosure of estimated fair value because reasonable estimation of cash flows is recognized to be extremely
difficult since there is no market price and also since it is difficult to calculate the actual deposit period from when lessees move in towhen they move out. The following is the carrying value of tenant leasehold and security deposits and the carrying value of tenantleasehold and security deposits in trust.

(Thousands of yen)
End of 26th Fiscal Period End of 27th Fiscal Period(as of December 31, 2014)(as of June 30, 2015)¥7,364,647¥7,562,635¥12,636,178¥12,231,338

Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust(Note 4) Scheduled redemption of monetary claims as of December 31, 2014 and June 30, 2015

End of 26th Fiscal Period (as of December 31, 2014)(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years

Cash anddeposit¥12,117,339

¥–

¥–

¥–

¥–

¥–

Cash anddeposit intrust¥11,227,028

¥–

¥–

¥–

¥–

¥–

End of 27th Fiscal Period (as of June 30, 2015)(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years

Cash anddeposit¥12,786,017

¥–

¥–

¥–

¥–

¥–

Cash anddeposit intrust¥12,278,621

¥–

¥–

¥–

¥–

¥–

18

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period(Note 5) Scheduled redemption and repayment of short-term loans payable, investment corporation bonds and long-term loans payable as ofDecember 31, 2014 and June 30, 2015

End of 26th Fiscal Period (as of December 31, 2014)(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years

Short-termloanspayable

¥–

¥–

¥–

¥–

¥–

¥–

Investment
corporationbonds¥13,000,000¥7,000,000¥5,000,000¥7,000,000¥4,000,000¥18,500,000

Long-term
loans
payable¥19,732,000¥18,332,000¥32,632,000¥16,408,000¥17,100,000¥32,320,000(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

End of 27th Fiscal Period (as of June 30, 2015)

Due in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years

Short-termloanspayable¥ 1,000,000

¥–

¥–

¥–

¥–

¥–

Investment
corporation
bonds

¥–

¥7,000,000¥10,000,000¥2,000,000¥4,000,000¥18,500,000

Long-term
loans
payable¥23,332,000¥24,732,000¥21,374,000¥17,200,000¥14,000,000¥32,320,000

Investment and Rental Properties
JPR owns office properties (urban commercial facilities), retail properties and complex properties for leasingin Tokyo and other regions. The following is the carrying value on the balance sheets, amount of increase(decrease) during the period and estimated fair value of these investment and rental properties.
(Thousands of yen)
26th Fiscal Period(July 1, 2014 – December 31, 2014)

27th Fiscal Period(January 1, 2015 – June 30, 2015)

390,001,463

389,724,535(276,927)

2,887,478¥389,724,535¥387,697,000

392,612,013
401,948,000

Carrying Value on the Balance Sheets
Balance at Beginning of Period
Amount of Increase(Decrease) during the Period
Balance at End of Period
Estimated Fair Value at End of Period(Note 1) The carrying value on the balance sheets is the cost of acquisition less accumulated depreciation.
(Note 2) Of the amount of change during 26th fiscal period, the amount of increase is primarily attributable to the additional acquisition of
Shibadaimon Center Building (826,787 thousand yen), and the amount of decrease is primarily attributable to depreciation (1,841,016
thousand yen). Of the amount of change during the 27th fiscal period, the amount of increase is primarily attributable to the additional
acquisition of Shinjuku Square Tower (4,076,809 thousand yen), and the amount of decrease is primarily attributable to depreciation(1,854,217 thousand yen).
(Note 3) The estimated 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 26th and 27th fiscal periods for investment and rental properties are as presented in
the “Notes to Statements of Income and Retained Earnings.”
19

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

Per Unit Information(Yen)
26th Fiscal Period(July 1, 2014 – December 31, 2014)

27th Fiscal Period(January 1, 2015 – June 30, 2015)¥239,246¥6,349¥247,529¥6,759Total net assets per unit
Net income per unit

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

(Thousands of yen)
26th Fiscal Period(July 1, 2014 – December 31, 2014)

27th Fiscal Period(January 1, 2015 – June 30, 2015)¥5,238,670–¥5,238,670
825,000 units¥5,603,074–¥5,603,074
828,876 units

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

Average number of units

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

Omission of Disclosure
JPR omits the disclosure of notes to statements of unitholders’ equity, statements of cash flows, leasetransactions, securities, derivative transactions, 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
Capital increases and other changes in the status of unitholders’ capital since inception through the 27th fiscal
period are summarized as follows.
Date

Event

September 14, 2001
November 16, 2001
January 22, 2002
June 14, 2002
July 15, 2003
August 9, 2003
February 1, 2005
March 1, 2005
February 6, 2007
March 7, 2007
February 8, 2010
March 12, 2010
July 30, 2012
August 29, 2012
June 16, 2015
June 24, 2015

Established by private placement
Additional private placement
Split of investment units
Initial public offering
Additional public offering
Third-party allotment
Additional public offering
Third-party allotment
Additional public offering
Third-party allotment
Additional public offering
Third-party allotment
Additional public offering
Third-party allotment
Additional public offering
Third-party allotment(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)

Number of Units
Outstanding
Variation
Balance240
240
62,00062,24093,360155,600
134,000
289,600
134,400
424,000
6,000
430,000
95,000525,000
5,000
530,000
90,000620,000
5,000
625,000
82,000707,000
8,000
715,000
101,420
816,4208,580
825,000
45,700870,700
2,300
873,000

Unitholders' Capital(million yen)
Variation
Balance120
120
31,00031,120–31,12025,862
56,98230,75887,7401,373
89,11325,001
114,115
1,315
115,431
39,120154,552
2,173
156,725
13,315170,040
1,299
171,339
19,089190,429
1,614
192,044
17,472
209,516879
210,395

Remarks(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)(Note 10)(Note 11)
(Note 12)(Note 13)
(Note 14)
(Note 15)
(Note 16)

JPR was formed by the investment of three companies Tokyo Tatemono Co., Ltd. (100 units), Taisei Corporation (100 units), andTokyo Realty Investment Management, Inc. (40 units) at 500,000 yen per unit.
An additional offering was made via private placement at 500,000 yen per unit. JPR then acquired 13 beneficiary interests in realestate trust and started management.
A single investment unit was split into 2.5 units.
New investment units were issued through a public offering at 200,000 yen per unit (underwriting price of 193,000 yen per unit)
to repay short-term debt, finance the acquisition of new specific assets, etc.
New investment units were issued through a public offering at 237,160 yen per unit (underwriting price of 228,859 yen per unit)
to repay short-term debt, acquire new specific assets, etc.
New investment units were issued through a third-party allotment at 228,859 yen per unit to repay short-term debt, acquire new
specific assets, etc.

20

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period(Note 7)(Note 8)(Note 9)(Note 10)(Note 11)
(Note 12)(Note 13)
(Note 14)
(Note 15)
(Note 16)

New investment units were issued through a public offering at 272,440 yen per unit (underwriting price of 263,177 yen per unit)
to repay short-term debt, acquire new specific assets, etc.
New investment units were issued through a third-party allotment at 263,177 yen per unit to repay short-term debt, acquire new
specific assets, etc.
New investment units were issued through a public offering at 449,820 yen per unit (underwriting price of 434,673 yen per unit)
to repay debt, acquire new specific assets, etc.
New investment units were issued through a third-party allotment at 434,673 yen per unit to repay debt, acquire new specificassets, etc.
New investment units were issued through a public offering at 168,101 yen per unit (underwriting price of 162,382 yen per unit)
to repay short-term debt, redeem investment corporation bonds, acquire new specific assets, etc.
New investment units were issued through a third-party allotment at 162,382 yen per unit to repay short-term debt, redeem
investment corporation bonds, acquire specific assets, etc.
New investment units were issued through a public offering at 194,610 yen per unit (underwriting price of 188,222 yen per unit)
to partly fund acquisition of new specific assets and repay debt.
New investment units were issued through a third-party allotment at 188,222 yen per unit to partly fund acquisition of new
specific assets and repay debt.
New investment units were issued through a public offering at 394,875 yen per unit (underwriting price of 382,320 yen per unit)
to repay debt, etc.
New investment units were issued through a third-party allotment at 382,320 yen per unit to repay debt, etc.

4. Change of Directors(1) JPR Directors
A. There was no change in the directors of JPR during the 27th fiscal period.
The Executive Officer (one person) and Supervising Officers (two persons) are as follows.
Name

Executive
Officer

Hirohito
KanekoRepresentative Counsel, Hirohito Kaneko Law Office–

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

MasatoDenawaPartner Attorney, Spring Partners–

Supervising
Officers

Other Concurrent Assignments

Numberof Owned
Units

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

B. Planned Change of Directors for the 28th Fiscal Period
JPR made a resolution at the Board of Directors meeting held on July 28, 2015 to hold the General
Meeting of Unitholders on September 8, 2015 and submit agenda items concerning appointment of
directors to the General Meeting of Unitholders. The candidates for the executive officer, substituteexecutive officer, supervising officers and substitute supervising officer are as follows:

Position

Name

Other Concurrent Assignments
Dec. 2001

Candidate
for theExecutive
OfficeHirohito
KanekoApr. 1979
Apr. 1977

Executive Officer, Japan Prime Realty Investment Corporation(currently held position)
Representative Counsel, Hirohito Kaneko Law Office (currently
held position)
Bar admission (Tokyo Bar Association),
Joined Shigeru Yamada Law Office21

Number
of
Owned
Units

－

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

Jun. 2010
Mar. 2010

Candidate
for theSubstituteExecutive
Officer

SatoshiOkuboOct. 2005
Mar. 2005
Oct. 1998
Jan. 1996
Apr. 1995
Apr. 1994
Apr. 1992
Apr. 1977
Jun. 2015
Sep. 2014
Apr. 2013
Apr. 2011
Apr. 2009

Candidate
for theSupervising
Officer

Sep. 2007
MasatoDenawaJul. 2007
Feb. 2005
Jul. 2003
Apr. 2002
Jun. 2000
Jan. 1999
Apr. 1991
Apr. 1990
Oct. 2009

Candidate
for theSupervising
Officer

Nobuhisa
Kusanagi

Apr. 2008
Sept. 2007
Oct. 1996
Apr. 1989
Jun. 2014
May 2014
Jul. 2009

Candidate
for theSupervising
Officer

MasaakiSugiyama

Jun. 2006
Aug. 1997
Aug. 1987
Jan. 1977
May 1974
Nov. 1972

Appointed as President and CEO, Tokyo Realty Investment
Management, Inc. (currently held position)
Appointed as Auditor (part time), Tokyo Tatemono Real Estate Sales
Co., Ltd.
Appointed as Advisor, Tokyo Tatemono Co., Ltd.
Appointed as Director and Head of Kansai Branch OfficeAppointed as Director and Head of Osaka Branch OfficeAppointed as General Manager, Residential Management Dept.
Appointed as Group Leader, Second Leasing Group, Second
Building Leasing Dept.
Appointed as Manager, Management Planning Office, Corporate
Planning Division
Appointed as Manager, Corporate Planning Division and Manager,
International Planning Office, Corporate Planning Division
Appointed as Manager, Corporate Communications Office andManager, Corporate Planning Division
Joined Tokyo Tatemono Co., Ltd.
Outside Auditor of Ichikawa Co., Ltd. (currently held position)
Adjunct professor (part-time) at Keio Law School (Advanced
Commercial Law)
Senior-practicing-attorney-professor for civil advocacy, The Legal
Training and Research Institute of Japan, Supreme Court of Japan
Practicing-attorney-professor for civil advocacy, The Legal Training
and Research Institute of Japan, Supreme Court of Japan
Adjunct professor (part-time) at Keio Law School (Advanced
Commercial Law)
Supervising Officer of Japan Prime Realty Investment Corporation(currently held position)
Director of Advicelink Co., Ltd. (currently held position)
Outside Auditor of Ulvex Inc.
Okinobu, Ishihara & Sei Law Office renamed to Spring Partners
Adjunct professor (part-time) at Keio University Faculty of Law(Civil law practice)
Outside Auditor of Kinkan Co., Ltd. (currently held position)
Partner of Okinobu, Ishihara & Sei Law Office (currently held
position)
Okinobu & Ishihara Law Office renamed to Okinobu, Ishihara & Sei
Law Office
Registered with Daiichi Tokyo Bar Association
Joined Okinobu & Ishihara Law OfficeGroup Representative Partner of GYOSEI Certified Public Tax &Accountants’ Co. (currently held position)
Joined GYOSEI Certified Public Tax & Accountants’ Co.
Joined Frontier Management Inc.
Joined Chuo Audit Corporation (later MISUZU Audit Corporation)
Joined Kinki Nippon Tourist Co., Ltd.
Outside Director of Fukuda Denshi Co., Ltd. (currently held
position)
Outside Auditor of TSI HOLDINGS CO., LTD. (currently held
position)
Representative, Masaaki Sugiyama Accounting Office (currently
held position)
Chairman of Board of Auditors at KPMG AZSA & Co. (currently
KPMG AZSA LLC)
Representative Partner of Asahi & Co. (currently KPMG AZSA
LLC)Partner of Asahi Shinwa & Co. (currently KPMG AZSA LLC)
Representative, Masaaki Sugiyama Tax Accountant Office (currently
held position)
Joined Masamitsu Serizawa Accounting Firm
Joined Peat Marwick Mitchell & Co.

(2) Directors of the Asset Management Company
A. Change of Director(1) Assumption of officeDirector
Director(non-executive)

Naoki Kabata (as of March 26, 2015)
Yoichi Ishizaki (as of April 1, 2015)

22

１

－

－

－

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period(2) Retirement
Director
Director(non-executive)

Kazuki Sugise (as of March 25, 2015)
Hiroshi Takahara (as of March 31, 2015)

Career summary of the new directors is as follows.

Name

Career Highlights, Representation of Other Entities, Etc.
Mar. 2015

Mar. 2013
Naoki Kabata

Oct. 2010
Nov. 2007
May 2004
Apr. 1989
Aug. 2015

Apr. 2015
Apr. 2015
Jun. 2012
Mar. 2012
Dec. 2010
Oct. 2010
YoichiIshizakiJul. 2010
Apr. 2009
May 2006
Jul. 2005
Sep. 2004
Jun. 2001
Apr. 1998
Apr. 1997
Apr. 1983

Appointed as Director and General Manager, Investment Management
Division of Tokyo Realty Investment Management, Inc. (currently held
position)
Seconded to Tokyo Realty Investment Management, Inc.
Appointed as General Manager, Nagoya Branch of Tokyo Tatemono Co.,Ltd.
Appointed as Group Leader, Nagoya Branch of Tokyo Tatemono Co.,Ltd.
Appointed as Group Leader, Urban Development Department of Tokyo
Tatemono Co., Ltd.
Joined Tokyo Tatemono Co., Ltd.
Joined Kumagai Gumi Co., Ltd.
Appointed as General Manager, Project Development Department II,
Urban Development Division of Taisei Corporation (currently held
position)
Appointed as Director, Tokyo Realty Investment Management, Inc.
(part-time) (currently held position)
Appointed as General Manager, Planning & Management Department,
Urban Development Division of Taisei Corporation
Appointed as President and Representative Director of Yokkaichi School
Service Co., Ltd.
Appointed as Director of Green Site Japan Co., Ltd.
Appointed as General Manager, Controlled Development Department,
Sales and Marketing Department, Nagoya Branch of Taisei Corporation
Appointed as Manager, Nagoya Branch of Taisei Corporation (in chargeof development)
Appointed as Manager, Project Development Department, Urban
Development Division of Taisei Corporation (in charge of development)
Appointed as Senior Manager, Project Development Department, Urban
Development Division of Taisei Corporation
Appointed as Senior Manager, Urban Redevelopment Department, Urban
Development Division
Appointed as Senior Manager, Project Development Department, Urban
Development Division of Taisei Corporation
Appointed as Manager, Project Development Department, Urban
Development Division of Taisei Corporation
Appointed as Manager, Development Office, Sales and Marketing
Department, Tohoku Branch of Taisei Corporation
Appointed as Manager, Development Department of Taisei Corporation
Appointed as Manager, Planning Office, Planning Department of Taisei
Corporation
Joined Taisei Corporation

B. Change of Auditor
No relevant items.

23

Numberof Owned
Units

－

－

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

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

Asset TypeCentralTokyo
GreaterTokyo

26th Fiscal Period(as of December 31, 2014)
Assets Owned by
Percentage of Total
JPR
Assets (%)(thousands of yen)

27th Fiscal Period(as of June 30, 2015)
Assets Owned by
Percentage of Total
JPR
Assets (%)(thousands of yen)

79,435,093

19.2

79,182,734

18.9

58,865,744

14.2

58,479,210

14.0

21,546,427

5.2

21,367,962

5.1

133,519,662

32.2

137,634,395

32.9

52,555,983

12.7

52,214,251

12.5

Other Cities

43,801,624

10.6

43,733,460

10.4

Deposits and Other
Assets–Total Assets–

24,367,034(–)
414,091,570(389,724,535)

5.9
(–)
100.0
(94.1)

26,169,827(–)
418,781,841(392,612,013)

6.2
(–)
100.0
(93.8)

Real Estate

Other Cities

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

(2) Investment Assets
1) Overview of Investment Assets
The overview of the real estate and beneficiary interest in real estate in which JPR invests are as follows.
All of the real estate and beneficiary interests in real estate are shown in the table below.
Descriptions in the table below are based on the following policies.
・The table below indicates the properties JPR owned as of the end of the 27th fiscal period.
・JPR defines the categories of investment areas as designated below.
Category

Investment Area

Central Tokyo

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

Greater Tokyo

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

Other Cities

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

24

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

Area

Type

Property Name

Completed

1,751.13

14,995.09

Kanematsu Bldg.
Annex

Kyobashi 2-chome, Chuo-ku, Tokyo

679.06

4,351.46

SRC B1/8F

Feb. 1993

550.06

4,117.70

SRC, RC
B1/8F

Dec. 1989

657.805,152.98

SRC B1/9F

Oct. 1984

636.904,790.68

SRC B1/9F

Sep. 1999

8,992.18

31,020.21

1,551.19

10,553.34

1,302.17

JPR Crest Takebashi
Bldg.

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

Shibaura 4-chome Minato-ku, Tokyo

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

Kyobashi 2-chome, Chuo-ku, Tokyo

Shin-Kojimachi Bldg.

Across Shinkawa
Bldg. Annex
Shinjuku Center Bldg.
Minami Azabu Bldg.
Shinagawa Canal
Bldg.
Rokubancho Bldg.
JPR Harajuku Bldg.
Tokyo Tatemono
Kyobashi Bldg.
JPR
Nihonbashi-horidome
Bldg.
JPR Sendagaya Bldg.
Ginza Sanwa Bldg.
Otemachi Tower(Land with Leasehold
Interest)
Science Plaza-Yonbancho Plaza
Shibadaimon Center
Bldg.
JPR Shibuya Tower
Records Bldg.
JPR Daikanyama

RetailTotal Floor
Space (m2)Kanematsu Bldg.

JPR Ningyo-cho Bldg.

Central Tokyo

Site Area(m2)

Location

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

Feb. 1993

11,627.74

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

May 1990

1,058.04

5,888.82

SRC B1/9F

Mar. 1989

4,006.00

28,575.80

8,409.52

78,796.00

3,522.46

25,733.10

858.485,535.90

14,917.11

176,607.89

778.094,570.63

S 9F

Jun. 1992

Konan 2-chome, Minato-ku, Tokyo

828.82

5,216.21

S B1/8F

Jul. 2008

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

716.95

4,205.09

SRC B3/7F

Oct. 1991

1,205.07

6,466.94

SRC B1/9F

Mar. 1989

Kyobashi 3-chome, Chuo-ku, Tokyo

547.104,419.79

SRC, S
B1/10F

Jan. 1981

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

937.597,190.82

SRC B1/9F

Jun. 2002

2,217.49

7,683.19

S 8F

May 2009

1,119.27

8,851.00

SRC B2/9F

Oct. 1982

11,034.78－––

5,289.01

24,560.36

1,915.50

11,419.93

Jinnan 1-chome, Shibuya-ku, Tokyo

1,010.47

8,449.56

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

277.12668.09198.101,066.81

2,578.69

24,617.65

6,808.12

71,957.65

Nishi-Gotanda 2-chome,
Shinagawa-ku, Tokyo
Yaesu 2-chome, Chuo-ku, Tokyo
Kudan-Minami 4-chome,
Chiyoda-ku, Tokyo
Higashi-Gotanda 2-chome,
Shinagawa-ku, Tokyo
Nishi-Shinjuku 6-chome,
Shinjuku-ku, Tokyo
Shinjuku 2-chome, Shinjuku-ku,
Tokyo
Shinkawa 1-chome, Chuo-ku, Tokyo
Nishi-Shinjuku 1-chome,
Shinjuku-ku, Tokyo
Minami-Azabu 2-chome, Minato-ku,
TokyoSendagaya 4-chome, Shibuya-ku,
Tokyo
Ginza 4-chome, Chuo-ku, Tokyo
Otemachi 1-chome, Chiyoda-ku,
Tokyo
Yonbancho 9-chome, Chiyoda-ku,
TokyoShibadaimon 1-chome, Minato-ku,
Tokyo

Yurakucho 2-chome, Chiyoda-ku,
Tokyo

25

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

S, RC, SRC
B2/12F
S, SRC
B1/10F
SRC, S
B3/8F
RC B2/2F
S, SRC
B1/7F
S, SRC, RC
B3/14F
S, SRC
B4/20F

Feb. 1988
Jul. 1989

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

Feb. 1995
Jul. 1993
Feb. 1992
Jul. 2002
Feb. 2006
Jan. 2007
Oct. 2007

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

Type

Greater Tokyo

OfficeArea

Property Name

Kinshi 3-chome, Sumida-ku, Tokyo

3,755.01

34,281.86

JPR Chiba Bldg.

Shinmachi, Chuo-ku, Chiba, Chiba

1,382.35

9,072.57

JPR Yokohama
Nihon Odori Bldg.
Shinyokohama 2nd
Center Bldg.
Kawaguchi Center
Bldg.
JPR Ueno East
Bldg.
Tachikawa BusinessCenter Bldg.

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

1,100.59

9,146.52

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

Mar. 1997
Jan. 1991
Oct. 1989

841.71

7,781.93

Honcho 4-chome, Kawaguchi, Saitama

4,524.61

28,420.85

Matsugaya 1-chome, Taito-ku, Tokyo

1,242.97

8,490.44

2,047.22

14,706.36

9,377.28

91,280.94

12,011.00

185,974.87

27,335.29

257,842.41

1,110.28

8,772.51

SRC B1/9F

May 1981

Aug. 1991
Feb. 1994
Oct. 1992

Olinas Tower

Taihei 4-chome, Sumida-ku, Tokyo

Tokyo Tatemono
Yokohama Bldg.

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

2,268.09

9,203.98

S 9F

Feb. 200912,326.30

80,675.27

SRC B2/17F

Feb. 1995

15,008.28

48,321.96

4,761.62

18,394.32

Bessho 7-come, Saitama, Saitama

8,317.99

28,930.36

Ekimae-Honcho, Kawasaki, Kanagawa

4,475.45

36,902.01

2,706.99

19,950.42

1,432.64

14,619.52

SRC B3/9F

Feb. 1970

1,214.63

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

959.875,780.71

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

1,895.67

10,783.52

SRC B1/12F

Dec. 1997

1,128.45

6,715.07

S 9F

Jul. 1996

1,164.39

8,690.95

S, SRC 13F

Jul. 2000

668.11

5,696.01

SRC B2/9F

Oct. 1993

680.633,874.81

SRC 8F

Feb. 1993

1,610.38

10,201.44

SRC B1/9F

Mar. 1991

4,348.43

22,286.35

SRC 14F

Jan. 2009

Chayamachi, Kita-ku, Osaka, Osaka

3,518.68

17,897.56

SRC B1/8F

Apr. 1990

Benetton
Shinsaibashi Bldg.

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

609.315,303.98

S B2/10F

Feb. 2003
Jan. 2005
Expanded

Housing Design
Center Kobe
JPR Chayamachi
Bldg.

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

3,994.47

33,877.71

SRC, S
B2/11F

Jun. 1994

592.45

3,219.36

S, SRC 9F

Jun. 1994

Cupo-la Main Bldg.
RetailSRC B1/11F

Completed

Yume-ooka Office
Tower

Tanashi ASTA

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

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

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

Omiya Prime East

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

RetailTotal Floor
Space (m2)Arca East

Rise Arena Bldg.

Other Cities

Site Area(m2)

Location

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

Chayamachi, Kita-ku, Osaka, Osaka26

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

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

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

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

2) Price and Investment Ratio
・“Acquisition Price” is the deal price (rounded down to the nearest million yen) described in the realestate transaction contracts or trust beneficiary interest transfer contracts, and does not include
expenses related to acquisitions of the relevant properties and consumption taxes.
Furthermore, the total amount is also rounded down to the nearest million yen after summing up
respective acquisition prices including fractions.
・For “Appraisal Value at End of Period,” JPR adopts the assessed value in the real estate appraisal
reports or the survey value in the real estate price survey reports, prepared by the real estateappraisers indicated below, based on the asset evaluation method designated by JPR and the rules of
The Investment Trusts Association, Japan. The adopted appraisal value has been rounded down to thenearest million yen.
Japan Real Estate InstituteTanizawa Sogo Appraisal Co., Ltd.
CBRE KK
Daiwa Real Estate Appraisal Co.,
Ltd.

Japan Valuers Co., Ltd.

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

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

Period” represents the ratio of the Acquisition Price and the Appraisal Value at End of Period ofrespective properties, including fractions not indicated herein, to the total amounts of the Acquisition
Price or the Appraisal Value at End of Period of the properties owned by JPR at end of the 27th fiscal
period, indicated in a percentage rounded to the first decimal place.

27

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

Acquisition PriceType

Central Tokyo

OfficeArea(million yen)

Investment
Ratio
(%)

Kanematsu Bldg.

Dec. 27, 2001

16,276

4.0

12,400

3.1

Kanematsu Bldg. Annex

Dec. 27, 2001

2,874

0.7

2,240

0.6

JPR Ningyo-cho Bldg.

Nov. 16, 2001

2,100

0.5

2,390

0.6

Shin-Kojimachi Bldg.

Nov. 16, 2001

1,670

Nov. 21, 2002

550

0.6

3,010

0.7

Nov. 12, 2004

200

JPR Crest Takebashi Bldg.

Jun. 21, 2002

4,000

1.0

2,910

0.7

MS Shibaura Bldg.

Mar. 28, 2003

11,2002.7

11,3002.8

Gotanda First Bldg.

Jul. 23, 2003

2,920

0.7

2,170

0.5

Fukuoka Bldg.

Oct. 15, 2003

1,800

Apr. 15, 2005

1,120

0.7

2,940

0.7

JPR Ichigaya Bldg.

May 28, 2004

5,100

1.2

4,780

1.2

Oval Court Ohsaki Mark West

Jun. 1, 2004

3,500

0.9

4,540

1.1

Property Name

Acquisition Date

Price

Jul. 2, 2004

10,000Shinjuku Square Tower

Sep. 26, 2008
Mar. 25, 2015
Nov. 9, 2004

180
4,000
2,900

3.5

12,100

3.0

BYGS Shinjuku Bldg.

Apr. 12, 2005

8,921

3.7

14,500

3.6

Jul. 13, 2010

3,300

Across Shinkawa Bldg. Annex

Nov. 26, 2004

710

0.2

828

0.2

Shinjuku Center Bldg.

Mar. 27, 2008

21,0005.1

13,5003.4

Minami Azabu Bldg.

Jul. 14, 2008

3,760

0.9

2,540

0.6

Shinagawa Canal Bldg.

Dec. 19, 2008

1,870

0.5

1,770

0.4

Rokubancho Bldg.

Dec. 2, 2009

2,800

0.7

3,230

0.8

JPR Harajuku Bldg.

Dec. 25, 2009

8,400

2.1

7,350

1.8

Tokyo Tatemono Kyobashi Bldg.

Feb. 12, 2010

5,250

1.3

5,760

1.4

JPR Nihonbashi-horidome Bldg.

Mar. 31, 2010

5,100

1.2

6,140

1.5

JPR Sendagaya Bldg.

May 31, 2010

15,0503.7

11,0002.7

Ginza Sanwa Bldg.

Aug. 29, 2011

3,400

0.8

3,450

0.9

Otemachi Tower (Land with
Leasehold Interest)

Mar. 13, 2012

36,0008.842,30010.5

Science Plaza-Yonbancho Plaza

Dec. 6, 2013

2,660

0.6

3,000

0.7

Dec. 6, 2013

3,420

Jul. 30, 2014

800

1.0

4,970

1.2

JPR Shibuya Tower Records Bldg.

Jun. 30, 2003

12,0002.9

13,600

3.4

JPR Daikanyama

Oct. 5, 2004

2,160

0.5

1,560

0.4

JPR Jingumae 432

Mar. 24, 2006

4,275

1.0

3,640

0.9

0.7

2,690

0.7

Shibadaimon Center Bldg.

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

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

Mar. 14, 2007

540

Apr. 24, 2008

2,200

Aug. 27, 2008

3,400

0.8

2,910

0.7

217,406

53.1

205,518

51.1

Subtotal of Central Tokyo

28

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

Acquisition Price

OfficeType

Property Name

Acquisition Date

Nov. 16, 2001

5,880

1.4

6,220

1.5

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

Dec. 13, 2001

2,350

0.6

1,700

0.4

Nov. 16, 2001

2,927

0.7

2,390

0.6

0.4

1,640

0.4

Sep. 25, 2002

920

Mar. 28, 2013

570

Kawaguchi Center Bldg.

Feb. 13, 2004

8,100

2.0

7,530

1.9

JPR Ueno East Bldg.

Mar. 1, 2004

3,250

0.8

4,350

1.1

Tachikawa Business Center Bldg.

Sep. 30, 2005

888

Feb. 28, 2007

2,300

0.8

3,120

0.8

Mar. 22, 2007

5,831

1.4

7,350

1.8

Yume-ooka Office Tower

Jul. 10, 2007

6,510

1.6

5,740

1.4

Olinas Tower
Tokyo Tatemono Yokohama
Bldg.
Omiya Prime East

Jun. 29, 2009

31,3007.6

34,5008.6

Dec. 27, 2010

7,000

1.7

7,530

1.9

Mar. 22, 2013

6,090

1.5

6,850

1.7

Tanashi ASTA

Nov. 16, 2001

10,2002.5

13,1003.3

Cupo-la Main Bldg.

Mar. 31, 2006

2,100

0.5

2,630

0.7

JPR Musashikosugi Bldg.

Sep. 28, 2006

7,260

1.8

5,340

1.3

Musashiurawa Shopping Square

Mar. 19, 2007

4,335

1.1

4,090

1.0

Kawasaki Dice Bldg.

Apr. 12, 2007

15,0803.7

15,100

3.8

OfficeSubtotal of Greater Tokyo

Other Cities

122,89130.0

129,180

32.1

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

Nov. 16, 2001

2,140

0.5

2,330

0.6

Nov. 16, 2001

4,150

1.0

3,280

0.8

Nov. 16, 2001

2,900

0.7

2,750

0.7

JPR Naha Bldg.

Nov. 16, 2001

1,560

0.4

1,370

0.3

Sompo Japan Sendai Bldg.

Jun. 26, 2002

3,150

0.8

3,470

0.9

Sompo Japan Wakayama Bldg.

Jun. 26, 2002

1,670

0.4

1,640

0.4

Tenjin 121 Bldg.

Jun. 21, 2002

2,810

0.7

2,290

0.6

JPR Dojima Bldg.

Jan. 23, 2004

2,140

0.5

2,280

0.6

JPR Hakata-chuo Bldg.

Jun. 11, 2004

1,920

0.5

1,700

0.4

JPR Nagoya Fushimi Bldg.

Mar. 22, 2005

4,137

1.0

2,920

0.7

Yakuin Business Garden

Aug. 8, 2012

10,9962.7

13,000

3.2

May 15, 2003

8,000

Jul. 16, 2003

5,000

3.2

13,7003.4

Benetton Shinsaibashi Bldg.

May 30, 2005

5,430

1.3

4,390

1.1

Housing Design Center Kobe

Sep. 28, 2005

7,220

1.8

6,660

1.7

JPR Chayamachi Bldg.

Aug. 30, 2006

6,000

1.5

5,470

1.4

JPR Umeda Loft Bldg.
Retail(million yen)

Investment
Ratio
(%)

Price

Arca East

Rise Arena Bldg.

RetailGreater Tokyo

Area

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

Subtotal of Other Cities
Total

29

69,223

16.9

67,25016.7

409,520100.0

401,948100.0

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period(3) Major Investment Assets
The following is the investment property with rental revenues exceeding 10% of total rental revenues of theentire portfolio of JPR for the 27th fiscal period.
<Property Name: Otemachi Tower (Land with Leasehold Interest)>
Total Number of Tenants
Rental Revenues (Note 1)
Percentage to Total Rental Revenues (Note 2)
Total Leased Floor Space (Note 3)
Total Leasable Floor Space (Note 3)
Changes in Occupancy Rate in Last 5 years (Note 2)(Note 4)2
1,555,500 thousand yen
10.9%
11,034.78m2
11,034.78m2
June 30, 2015
100.0%
December 31, 2014
100.0%
June 30, 2014
100.0%
December 31, 2013100.0%
June 30, 2013100.0%
December 31, 2012
100.0%
June 30, 2012
100.0%(Note 1) Rental revenues represent the property’s operating revenues for the 27th fiscal period, rounded down to the nearest
thousand yen.
(Note 2) The figure has been rounded to the first decimal place.
(Note 3) The total leased floor space and total leasable floor space are those as of the end of the 27th fiscal period (June 30,2015).
(Note 4) The changes in occupancy rate in last 5 years shows only the occupancy rates after JPR acquired it.

(4) Information Concerning Tenants
1) Overview of Lease Status by JPR as a Whole
No. of Properties
December 31, 2010
June 30, 2011
December 31, 2011

Total No. of
Tenants

56
56
57

Total Leasable Floor Space

Occupancy Rate

479

420,544.51 m2

93.5%

493

2

421,371.51 m

94.7%

501

2

95.6%

2

423,311.93 m

June 30, 2012

58

502

434,340.04 m

94.1%

December 31, 2012

59

534

450,943.43 m2

94.9%

564

2

460,452.47 m

96.9%

610

2

467,207.05 m

96.5%

2

June 30, 2013
December 31, 201360
62

June 30, 2014

62

628

467,175.54 m

97.8%

December 31, 2014

62

632

468,232.24 m2

97.0%

640

2

468,231.59 m

97.4%

641

2

468,251.68 m

97.4%

643

2

475,048.51 m

97.9%

2

January 31, 1015
February 28, 2015
March 31, 2015

62
62
62

April 30, 2015

62

645

475,048.51 m

98.1%

May 31, 2015

62

644

475,006.39 m2

97.2%

June 30, 2015

62

647

475,007.79 m2

96.7%(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 27th fiscal period, as well as the total rental income for the 27th
fiscal period.
Total Number of Tenants
Total Leased Floor Space
Total Leasable Floor Space
Total Rental Income

647
459,336.94 m2
475,007.79 m2
14,251,821 thousand yen

30

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period2) Overview of Lease Status for Respective Properties
27th Fiscal Period (January 1, 2015 – June 30, 2015)
Type

RetailCentral Tokyo

OfficeArea

Property Name

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

Rental Revenues(thousand
yen)

Ratio

Kanematsu Bldg.

8,029.47

6,404.988

79.8

365,389

2.6

Kanematsu Bldg. Annex

2,291.13

0.00

0

0.0

(Note 2)

(Note 2)

JPR Ningyo-cho Bldg.

2,804.56

2,804.56

4

100.0

88,693

0.6

Shin-Kojimachi Bldg.

3,319.37

3,319.37

16

100.0

97,432

0.7

JPR Crest Takebashi Bldg.

3,265.34

3,265.34

6

100.0

92,6790.7

MS Shibaura Bldg.

14,468.38

12,507.68

9

86.4

304,929

2.1

Gotanda First Bldg.

4,241.22

6.93

1

0.2

290,738

2.0

Fukuoka Bldg.

1,937.40

1,937.401

100.0(Note 2)

(Note 2)JPR Ichigaya Bldg.

4,224.32

3,724.96

9

88.2

154,584

1.1

Oval Court Ohsaki Mark West4,088.44

4,088.443

100.0

180,114

1.3

Shinjuku Square Tower

17,947.61

17,310.84

24

96.5

237,400

1.7

BYGS Shinjuku Bldg.

15,216.93

14,884.79

25

97.8

543,873

3.8

Across Shinkawa Bldg. Annex

1,253.39

1,253.39

4

100.0

36,956

0.3

Shinjuku Center Bldg.

8,863.98

8,532.3932

96.3

462,978

3.2

Minami Azabu Bldg.

3,405.73

3,405.731

100.0(Note 2)

(Note 2)

Shinagawa Canal Bldg.

1,700.57

1,700.57

5

100.0

63,7340.4

Rokubancho Bldg.

2,488.36

2,488.361

100.0(Note 2)

(Note 2)

JPR Harajuku Bldg.

4,760.09

4,760.099

100.0

229,489

1.6

Tokyo Tatemono Kyobashi Bldg.

3,551.01

3,162.15

8

89.0

167,791

1.2

JPR Nihonbashi-horidome Bldg.

5,299.89

5,299.89

6

100.0

191,355

1.3

JPR Sendagaya Bldg.

6,177.74

6,177.74

7

100.0

239,651

1.7

Ginza Sanwa Bldg.

1,899.27

1,899.278

100.0

118,784

0.8

Otemachi Tower (Land with
Leasehold Interest)

11,034.78

11,034.78

2

100.0

1,555,500

10.9

Science Plaza-Yonbancho Plaza

3,325.27

3,184.11

24

95.8

112,258

0.8

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

5,401.46

5,401.469

100.0

170,7621.2

8,076.85

8,076.851

100.0(Note 2)

(Note 2)651.29651.294

100.0

35,0980.2

JPR Jingumae 432

1,027.33

889.596

86.6

78,095

0.5

Shinjuku Sanchome East Bldg.

2,347.81

2,347.811

100.0(Note 2)

(Note 2)

Yurakucho Ekimae Bldg.
(Yurakucho Itocia)

1,101.92

1,101.921

100.0(Note 2)

(Note 2)31

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

27th Fiscal Period (January 1, 2015 – June 30, 2015)

OfficeType

OfficeRetailOther Cities

RetailGreater Tokyo

Area

Property Name

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

Rental Revenues(thousand
yen)

Ratio

Arca East

7,022.76

7,022.76

6

100.0

267,826

1.9

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

5,536.17

5,150.9336

93.0

141,552

1.0

6,066.53

6,066.53

13

100.0

123,4830.9

5,284.75

5,122.98

19

96.9

100,501

0.7

Kawaguchi Center Bldg.

15,420.09

15,187.27

42

98.5

394,814

2.8

JPR Ueno East Bldg.

6,490.05

6,086.38

8

93.8

176,988

1.2

Tachikawa Business Center Bldg.

4,683.40

4,683.40

20

100.0

Rise Arena Bldg.

6,023.39

6,023.39

1

100.0

145,838(Note 2)1.0
(Note 2)

Yume-ooka Office Tower

11,974.67

11,117.26

35

92.8

322,539

2.3

Olinas Tower
Tokyo Tatemono Yokohama
Bldg.
Omiya Prime East

23,987.40

23,987.40

13

100.0

993,7477.0

6,494.09

6,494.09

14

100.0

297,195

2.1

6,871.45

6,871.45

4

100.0

264,101

1.9

Tanashi ASTA

31,121.71

31,121.71

1

100.0

(Note 2)

(Note 2)Cupo-la Main Bldg.

5,963.00

5,963.001

100.0(Note 2)

(Note 2)

JPR Musashikosugi Bldg.

19,740.95

19,740.95

1

100.0

(Note 2)

(Note 2)

Musashiurawa Shopping Square

14,960.69

14,960.69

3

100.0

126,996

0.9

Kawasaki Dice Bldg.

12,116.35

12,116.35

29

100.0

481,507

3.4

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

5,326.88

5,326.888

100.0

129,180

0.9

7,163.07

6,679.9310

93.3

153,636

1.1

6,568.43

6,558.18

42

99.8

141,453

1.0

JPR Naha Bldg.

3,946.36

3,865.11

20

97.9

88,347

0.6

Sompo Japan Sendai Bldg.

7,129.14

7,129.14

15

100.0

180,726

1.3

Sompo Japan Wakayama Bldg.

4,875.12

4,794.03

12

98.3

111,385

0.8

Tenjin 121 Bldg.

3,257.73

3,257.73

16

100.0

98,481

0.7

JPR Dojima Bldg.

3,930.71

3,930.71

8

100.0

114,6140.8

JPR Hakata-chuo Bldg.

3,290.42

3,290.426

100.0

80,704

0.6

JPR Nagoya Fushimi Bldg.

7,086.37

6,700.01

3

94.5

131,798

0.9

Yakuin Business Garden

16,654.33

16,644.71

17

99.9

441,269

3.1

JPR Umeda Loft Bldg.

18,586.97

18,586.97

1

100.0

(Note 2)

(Note 2)Benetton Shinsaibashi Bldg.

5,303.98

5,303.981

100.0(Note 2)

(Note 2)

Housing Design Center Kobe

35,444.13

35,444.13

1

100.0

(Note 2)

(Note 2)

JPR Chayamachi Bldg.

2,485.79

2,485.79

6

100.0

144,1811.0

475,007.79

459,336.94

647

96.7

14,251,821

100.0

Total

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

32

Japan Prime Realty Investment Corporation (8955) Financial Report for 27th Fiscal Period

3) Ten Largest Tenants
The following table shows the ten largest tenants in terms of leased floor space as of June 30, 2015.

Rank

TenantProperty Name

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

1

Tokyo Tatemono Co., Ltd

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

2

ABC Development Corporation

Housing Design Center Kobe

35,444.13

7.7%

3

Seiyu GK

Tanashi ASTA

31,121.71

6.8%

4

Ito-Yokado Co., Ltd.

JPR Musashikosugi Bldg.

19,740.95

4.3%

5The LOFT Co., Ltd.

JPR Umeda Loft Bldg.

18,586.97

4.0%

6Olympic Group Corporation

Musashiurawa Shopping Square

9,558.51

2.1%

7

Sompo Japan Nipponkoa Insurance Inc.

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

8,253.43

1.8%

8

Tower Records Japan Inc.

JPR Shibuya Tower Records Bldg.

8,076.85

1.8%

9

Y.K. Tokyo Prime Stage

Otemachi Tower (Land with Leasehold
Interest)

7,875.50

1.7%

10

Taisei-Yuraku Real Estate Co., Ltd.

Rise Arena Bldg.

6,023.39

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

33

45,343.40

9.8%