Script of Results Briefing for the Fiscal Period Ended June 30, 2023

My name is Yoshihiro Jozaki and I am the President and CEO of Tokyo Realty Investment
Management, Inc.
Thank you for attending today’s results briefing for the Japan Prime Realty Investment
Corporation’s 43rd fiscal period ended June 2023.
Let me now move on to my presentation.
First, please turn to page 5.
This shows financial results for the June 2023 fiscal period and operating forecasts for thenext two fiscal periods.
Financial results for the June 2023 fiscal period were operating revenue of 18,173 million
yen, operating income of 8,859 million yen, and net income of 8,098 million yen, withdistribution per unit of 7,600 yen, as previously forecast.
For the December 2023 period, we forecast operating revenue of 17,396 million yen and net
income of 7,259 million yen. Our forecast for distribution per unit is unchanged from theprevious forecast at 7,600 yen, reflecting the utilization of retained earnings, despite theabsence of gain on transfer of property recorded in the previous period.
For the June 2024 fiscal period, we project operating revenue of 17,278 million yen and net
income of 7,279 million yen and we plan to pay a distribution per unit of 7,600 yen, the sameamount as in the previous period.
Please move on to page 6.
Here, I will explain the financial results for the June 2023 fiscal period and forecasts for the
next two periods, using factors for changes in distributions per unit.
Generally speaking, progress is being made with leasing activities, especially at properties
requiring priority action, and rental revenue continues to increase. As a result, adjusted EPU,
which is distribution excluding capital gains, is expected to recover steadily after hitting
bottom in the June 2023 fiscal period.
In the June 2023 fiscal period, an increase in rental revenue due to progress with leasing

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activities was offset by factors such as a decrease in income equivalent to expense forrestoration to original condition and an increase in fixed property tax, and adjusted EPU
was 7,269 yen while DPU was 7,600 yen due to the recording of a gain on transfer ofproperty.
We held part of the gain on transfer of property in reserve as retained earnings to stabilize
future distributions.
Adjusted EPU showed an improvement of 99 yen compared with our initial forecast, mainly
due to improvement in net utilities expenses and an increase in rental revenue.
For the December 2023 period, we forecast adjusted EPU of 7,280 yen, an increase of 11
yen from the previous period, mainly due to an increase in rental revenue and the effect ofasset replacement, and we expect to ensure the minimum DPU of 7,600 yen by utilizing
retained earnings.
For the June 2024 period, we expect the impacts of the absence of income equivalent toexpense for restoration to original condition recorded the previous period and the increasein fixed property tax arising from revaluation to be offset by an increase in rental revenue
driven by continued recovery in occupancy and we forecast adjusted EPU of 7,300 yen, an
increase of 20 yen from the previous period, and we expect to ensure the minimum DPU of7,600 yen by utilizing retained earnings.
Please move on to page 8.
I would now like to explain stronger sponsorship by Tokyo Tatemono.
As a result of JPR’s asset manager becoming a wholly owned subsidiary of Tokyo Tatemono
in April this year, Tokyo Tatemono is now JPR’s sole sponsor.
Tokyo Tatemono has set strengthening the fund business as a goal under its current MediumTerm Business Plan and Long-Term Vision. JPR will use this development as an opportunity
to further strengthen its cooperation with Tokyo Tatemono, with the aim of increasing
opportunities to acquire properties and improving unitholder value through growth indistributions and NAV.
Please move on to page 10.
I will now discuss our DPU strategy.
JPR has set an immediate target for adjusted EPU of 7,600 yen and aims for early

2 / 8achievement of this target through recovery of occupancy and external growth. In themeantime, we will use our abundant retained earnings to ensure a stable level of distributions,with 7,600 yen as the minimum distribution.
Please move on to page 11.
This page explains our perception of the market environment.
In the Tokyo office market, there is concern over the impact of concentrated supply of largescale office buildings; however, demand has recovered to some extent and, as a result, thevacancy rate shows a tendency to remain mostly flat.
There will be a pause in new supply from the second half of this year through to next year
but bi-polarization of the market based on location and spec is likely to increase.
The property sales market still seems overheated, with demand among investors remaining
strong.
JPR’s policy of focusing on acquiring office buildings in Tokyo through sponsor pipelines
remains unchanged; however, we will also consider acquiring well-located properties in major
regional cities as well as urban commercial facilities including hotels, based on anassessment of the conditions of individual properties.
As for the financing environment, long-term interest rates have risen as a result of monetary
policies in Europe and the United States and the BOJ’s tweaking of its yield curve control.
However, we believe that the short-term impact of this will be negligible thanks to JPR’s
longstanding efforts to lengthen maturities and diversify repayment dates.
Please move on to page 12.
Here, let me explain the features of JPR’s portfolio.
JPR has built a diversified, robust portfolio, with a focus on excellently located office buildingsin Tokyo.
In 2023 and 2025, there will be an increase in supply of S-Class office buildings mainly incentral Tokyo; however, with S-Class office buildings making up 7.3% of JPR’s portfolio andproperties in the rent zones between 15,000 yen and less than 30,000 yen, which are inhighest demand, accounting for 73.5% of the portfolio, and with geographical diversification
also playing a part, JPR’s portfolio is unlikely to be directly impacted by the new supply.
In addition, over 70% of portfolio properties are located within a 3-minute walk of the nearest

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station, allowing JPR to tap into demand for better located office space.
Please move on to page 13.

No individual property accounts for more than 10% of total portfolio investment and ourportfolio mostly consists of properties in which our investment ratio is 3% or less. What ismore, through tenant replacement, the number of office tenants with occupancy of 1% ormore has been reduced to only one.
Our low concentration risk i.e. dependence on a specific building or a large tenant is also oneof the factors that enables us to maintain stable occupancy.
Please move on to page 14.
From here, I will explain the operational status.
First, I will discuss the occupancy status.
The occupancy rate based on concluded contracts has recovered steadily after hitting bottom
in the December 2022 period, and was 97.6% in the June 2023 period and is expected toimprove to 98.3% in the December 2023 period. The occupancy rate based on generated
rents is also in a recovery trend and, in line with expectations, has continued to recoversteadily after hitting bottom in the June 2022 period.
As for the status of move-ins and move-outs, as shown in the chart in the bottom right corner,
the area of move-outs which increased during the COVID crisis has mostly decreased to preCOVID levels and, recently, the area of move-ins exceeds the area of move-outs.
The occupancy rate continues to be much higher than the market average and is also at a
relatively high level compared with other J-REITs; however, we intend to strive for furtherimprovement by quickly filling vacancies at properties for which leasing activities are being
stepped up.
Please move onto page 15.
I will now explain the rent situation.
As shown in the chart in the top left hand corner, the extent of downward rent revision has
not changed significantly over the past few periods and yet there has been a net decrease inrent due to less frequent upward revision both for existing tenants and on tenant replacement.

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However, rent was revised downward for only seven out of a total of 182 contracts and wecontinued to succeed in renewing most contracts without any change in rent.
The gap in rents is +1.3% and we intend to approach rent revision negotiations with tenants
based on a careful assessment of individual circumstances
The average free rent period in the period under review increased due to the granting of alonger free rent period for long-term lease contracts.
Please move on to page 16.
I will now explain leasing activities for properties requiring priority action.
Progress was made on leasing activities for all of the three properties identified as properties
requiring priority action in the preceding period and MS Shibaura Bldg. was newly added to
the list in the period under review.
Two tenants will move out of MS Shibaura Bldg. at the end of December and the end of
March next year respectively and the occupancy rate is expected to fall to 66.1%.
Since the building has aged somewhat, we will spend several months after the tenants
moving out installing LED lighting and improving air conditioning and common areas tomaintain and increase the building’s competitiveness. In addition, we will stress the building’s
location characteristics, for example, that it is an 8-minute walk from Tamachi Station on theYamanote Line, and its other advantages such as a standard floor size of 600 tsubo, and wewill seek to fill the vacant space quickly through flexible leasing activities based on anassessment of recent market conditions.
Over the past six months, progress was made on leasing activities for all three properties
identified in the previous period as properties for which leasing activities are being stepped
up, namely Olinas Tower, Shinjuku Square Tower and JPR Harajuku Bldg.
At JPR Harajuku Bldg., we quickly filled four out of the five vacant floors and have our sights
set on finding a tenant for the one remaining floor.
Please move on to page 17.
I will explain retail properties.
JPR’s retail properties are favorably located in very busy areas and most contracts withtenants are long-term contracts with fixed rents. We have also maintained occupancy at the5 / 8

high level of 99.5% and retail properties are positioned as important assets which help
stabilize the portfolio.
As shown in the chart in the top right hand corner, the sales of commercial tenants whichwere affected by COVID-19 have also been recovering steadily recently and especially at
FUNDES Suidoubashi and FUNDES Ueno, which consist mainly of bars & restaurants, sales
are now above pre-COVID levels.
Please move on to page 18.
I will now explain our external growth strategy.
The current Medium-Term Business Plan of Tokyo Tatemono, our sponsor, sets out theintention to strengthen fund business and expand the sale of properties to investors.
Over the past few years, JPR’s assets have grown at an increasingly fast pace thanks tosponsor support. In actual fact, since 2020, we have made acquisitions of 84.5 billion yen
and the net increase in assets after subtraction of transfers is 57.5 billion yen, far exceeding
growth prior to 2020. We are committed to further strengthening cooperation with Tokyo
Tatemono now that it has become our sole sponsor.
Please move on to page 19.
This page shows the results of recent acquisitions and asset replacement. JPR focuses onacquiring office buildings in Tokyo, taking full advantage of the sponsor pipeline and also
continuously replaces assets with the aim of improving portfolio quality.
Property transfers are carried out on the assumption of asset replacement, in principle, andwe select properties based upon consideration of individual circumstances including building
age and future profitability.
Please move on to page 20.
The Tokyo Tatemono pipeline consists mainly of two kinds of properties: properties
reclassified as real estate for sale from noncurrent assets for long-term ownership, andproperties developed or acquired in the assumption of sale.
JPR has acquired from among the properties reclassified from noncurrent assets flagshipproperties such as Otemachi Financial City North Tower and Grand Front Osaka, and fromamong the properties developed on the assumption of sale, we have acquired properties
such as the FUNDES series.

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Please move on to page 21.
I will now explain our financial strategy.
During the June 2023 fiscal period, we procured funding of 7.0 billion yen in total, with anaverage maturity of 5.6 years.
LTV has been kept at the low level of 40.3% and debt acquisition capacity calculated basedon a maximum LTV of 45% is approximately 44.0 billion yen.
Since last year, domestic interest rates have been rising and movements in interest rates
following the revision of yield curve control are also attracting attention; however, the impact
will be negligible in the short term thanks to JPR’s longstanding efforts to lengthen maturities
and diversify repayment dates in addition to JPR’s conservative LTV control.
We are also implementing initiatives such as the use of medium-term maturities taking thediversification of repayment dates into consideration from the viewpoint of controlling debt
costs.
Please move on to page 23.
Lastly, I will explain our initiatives for sustainability.
In recent years, calls for sustainability initiatives have grown stronger and stronger. JPR andTRIM were among the first in the industry to launch initiatives and have become even moreproactive over the past few years.
Consequently, our sustainability initiatives have been highly rated in external assessments
such as the GRSEB and MSCI assessments.
Please move on to page 24.
Regarding the reduction of GHG emissions, we formulated a plan setting net zero as our2050 goal and a 2030 interim target of reducing GHG emissions by 46.2% compared with2019, and we became the third J-REIT to obtain SBT target validation in April this year.
These are by no means easy targets to achieve but we will focus on achieving them througha combination of measures.
Please move on to page 27.

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JPR plans to partially change its asset management fee structure in light of changes in theenvironment surrounding the real estate market and other factors.
We will introduce a fee structure linked to sustainability indicators such as GHG emissions
as part of Management fee 1 and will seek to increase the connection between fees andreturns for investors, including making Management fee 5 a success fee based on gain onsale of property.
That concludes my presentation.
This year, there is concern over the impact of increased supply of S-Class buildings mainlyin central Tokyo; however, JPR is achieving steady recovery in the occupancy rate throughprogress with leasing activities mainly at properties requiring priority action.
JPR intends to enhance unitholder value through a combination of internal growth achievedby continuing to deal appropriately with various issues and further improving the occupancy
rate and external growth achieved through utilization of the pipeline of Tokyo Tatemono,
which is JPR’s sponsor, and through stable distributions achieved through the utilization ofretained earnings.
We look forward to your continued support.

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