Translation
Japan Prime Realty Investment Corporation
Financial Report for the 24th Fiscal Period Results (July 1, 2013 – December 31, 2013)
February 14, 2014

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 :March 26, 2014
Scheduled date of commencement of distribution payout:
March 10, 2014
Preparation of supplementary explanatory materials on financial results: Yes / No
Holding of briefing session on financial results:
Yes / No (for analysts and institutional investors)[Amounts are rounded down to the nearest million yen, except for per unit figures.]

1. Status of Management and Assets in 24th Fiscal Period (July 1, 2013 – December 31, 2013)(1) Management Status
For the six months ended

December 31, 2013
June 30, 2013

For the six months ended

December 31, 2013
June 30, 2013[% figures represent the increase (decrease) compared with the previous fiscal period]

Operating Revenues
million yen%
2.4
13,591
2.4
13,278Net Income per Unit
(EPU)
yen
6,004
6,030

Operating Income
million yen
%
(0.3)
6,368
(5.6)
6,385

Net Income / Net Assets

Ordinary Income
million yen
%
(1.5)
4,899
(1.0)
4,975
Ordinary Income /Total Assets

%
2.5
2.5

Net Income
million yen
%
(0.4)
4,954
(1.0)
4,974
Ordinary Income /Operating Revenues

%
1.2
1.2

%
36.1
37.5

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

yenmillion yen
December 31, 2013
6,006
4,954
June 30, 2013
6,031
4,975
(Note 1) Dividend payout ratio is rounded to the first decimal place.
For the six months ended

yen
0
0

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution /Net Assets

million yen
0
0

%
100.0
100.0

%
2.5
2.5

(3) Financial Position
As ofDecember 31, 2013
June 30, 2013

Total Assets
million yen
413,974
409,715Net Assets
million yen
197,095
197,116

Net Assets / Total Assets
%
47.6
48.1

Net Asset Per Unityen
238,903
238,929(4) Cash Flows
Cash Flows fromOperating Activities
For the six months ended

December 31, 2013
June 30, 2013

million yen
6,721
7,785

Cash Flows from
Investing Activities
million yen(7,132)(6,886)

1

Cash Flows from
Financing Activities
million yen
(372)
1,523

Cash and Cash
Equivalents
at End of Period
million yen
21,63722,420Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

2. Forecasts for 25th Fiscal Period Ending June 30, 2014

Operating Revenues

Operating Income

Ordinary Income

million yen

million yen

million yen

%

%

%

Net Income

million yen

25th Fiscal PeriodEnding June 30,
13,630
0.3
6,348
(0.3)
4,992
1.9
4,991
2014
(Reference) Estimated net income per unit for the 25th fiscal period ending June 30, 2014: 6,050 yen

DPU [excluding Exceeding
Profitexceeding profit
distribution per Distribution
unit]
Per Unit
%
yen
yen
0.8

6,050

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 December 31, 2013:
825,000 units
As of June 30, 2013:
825,000 units(b) Number of treasury units at end of period
As of December 31, 2013:
0 units
As of June 30, 2013:
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 25th fiscal period ending June 30, 2014 are calculated as of February 14, 2014 based on
the assumptions described on page 7 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 a guarantee of the distribution amount.

This is an English-language translation of original Japanese announcement on our web site released on
February 14, 2014. However, no assurance or warranties are given with respect to the accuracy or completenessof this English-language translation. The Japanese original shall prevail in the case of discrepancies between
this translation and the Japanese original.
20Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

1. Affiliated Juridical Persons of the Investment Corporation
Structure of the Investment Corporation
Description is omitted because there were no major changes to the “Structure of the Investment Corporation”
set out in the most recent securities report (yuka shoken hokokusho) (submitted on September 26, 2013).
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 September 26,2013).
(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, theInvestment 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. Subsequently,
JPR conducted five public offerings and other equity financing measures, with the number of investment
units issued and outstanding totaling 825,000 units at present. JPR has assigned the asset management of its
portfolio to Tokyo Realty Investment Management, Inc., through which JPR aims to maximize unitholder
value by efficiently managing the portfolio primarily comprising office properties and retail properties.

b) Management Environment
During the 24th fiscal period, the market environment continued to show trends for the weakening yen
and higher stock prices in light of the prevailing expectations for economic recovery through the“Abenomics” initiatives. The higher stock prices were also bolstered by the expectations forcontinuous business upturn thanks to the anticipated economic ripple effect of the infrastructuredevelopment and enhancement projects associated with the selection of Tokyo as the host of the 2020
Olympic Games.
In terms of actual demand, domestic demand from consumer spending and public works remained
strong, although exports somewhat lacked momentum.
The Office Property Leasing Market
In the 23 wards of Tokyo, the supply and demand balance in the office property leasing market has
been improving due to expansion in new demand, including increased office space within the samebuildings, in accordance with the recovery of business confidence, on top of new supply becoming
more controlled. Given this situation, the rent levels for new contracts have taken an upward turn forClass S and Class A buildings. Moreover, there are growing requirements for properties with highfacility specifications, mainly from cost-conscious companies, from the viewpoint of energy saving
and business continuity plans, among other considerations. Accordingly, the environment appears tohave become increasingly favorable for such properties or those that claim high tenant satisfaction interms of management to benefit from the recovery in the market conditions more than others.
The Retail Property Leasing Market
Recovery of business confidence helped improve consumers’ willingness to buy, with consumption ofluxury goods remaining strong particularly due to the financial assets effect as a result of higher stock
prices. Urban retail properties in good locations, such as Ginza and Omotesando, have seen vacancies
drop, with rents presumably taking an upward turn and increasing. On the other hand, there has arisena gap among tenants in terms of their ability to bear rent burdens, as the positive impact of the recovery
in consumer spending has not yet spread across all retail businesses.
The For-Sale Real Estate Market
The transaction volume expanded, including deals of large-scale projects, as initial public offerings andpublic offerings by REITs took place one after another against the backdrop of a favorable fundprocurement environment. However, with a distinct trend of acquisitions of properties by REITs being
made from their sponsors, the supply and demand situation in the for-sale real estate market is becoming
increasingly tighter, mainly for quality properties. Under such circumstances, the transaction price of real
properties is being formed with the anticipated recovery in the leasing market taken into account.

3

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Periodc) 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 andstabilizing earnings of the portfolio while paying attention to balancing diversification of the portfolio,
both in terms of location and asset class.
During the 24th fiscal period, JPR acquired Science Plaza-Yonbancho Plaza (acquisition price: 2.66
billion yen) and Shibadaimon Center Building (acquisition price: 3.42 billion yen), resulting in thebalance of assets under management now totaling 62 properties, or 404.7 billion yen on an acquisition
price basis, as of the end of December 2013. The total leasable floor space is now 467,207m2 and thenumber of tenants has reached 610.
Operational Management of Portfolio
The vacancy rate in the office property leasing market showed a downward trend in the 24th fiscal
period, given the supply and demand balance improving in Tokyo and other areas. Under suchcircumstances, 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 and improving occupancy
rates. As a result, JPR successfully kept the occupancy rate at a high level, which stood at 96.5% at endof the 24th 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 in savingenergy, at its multiple properties. Furthermore, in association with the latest renovation works of
air-conditioning systems, JPR was granted subsidies of the 2012 Home and Building Energy-Efficient
Renovation Promotion Program*1 for two of its properties.
In addition, JPR is proactively engaged in environmental friendliness, continuously working to obtainenvironmental certifications (the DBJ Green Building Certification*2 and the recognition by
GRESB*3).
*1 The Program has been established by the Ministry of Land, Infrastructure, Transport and Tourism to promote energy-efficientrenovation and activate related investments by soliciting public subscription widely from private-sector operators, etc. onenergy-efficient renovation projects for housing and buildings and financially supporting part of the development expenses
within the limits of the budget.
*2 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”).
*3 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 20 organizations
worldwide such as European pension asset managers.

Fund Procurement
JPR is engaged in conservative financial operations, setting the ceiling of the interest-bearing debt ratio(Note 1) at 55% as a rule and working to control the ratio largely at 50% or lower in practice.
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 24th fiscal period, JPR procured funds of 23 billion yen in total, including borrowings associatedwith property acquisitions and refinancing of loans upon maturity. As a result, the balance of total
outstanding borrowings as of the end of the fiscal period was 135.2 billion yen, with corporate bondsof 56.5 billion yen.

4

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

As of the end of the 24th fiscal period, JPR had an interest-bearing debt ratio of 48.0%, long-term andfixed interest-bearing debt ratio (Note 2) of 97.2%, average interest rate (Note 3) of 1.35%, andaverage maturity (4) of 3.5 years. Furthermore, the current portion of long-term interest-bearing debt
was 30.2 billion yen.

The following represents the issuer ratings for JPR as of the end of this fiscal period.
Details of Corporate Credit Ratings as of December 31, 2013
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
Moody's Japan K.K.(Note 5)
A3 (Stable)(Note 1) Interest-bearing debt ratio: interest-bearing debt / (total assets + real estate appraisal profit and loss)

Real estate appraisal profit and loss represents the difference between the appraisal value at end of period and the book value at
end of period of the specified assets owned by JPR.
(Note 2) Long-term and fixed interest-bearing debt ratio: long-term, fixed-interest interest-bearing debt / total interest-bearing debt
(Note 3) Average interest rate is arrived at by calculating a weighted average of interest rates for all interest-bearing debt as of the end of
the 24th fiscal period based on the balance of each interest-bearing debt
(Note 4) Average maturity is arrived at by calculating a weighted average of maturities from the end of the 24th fiscal period to therepayment deadlines for all interest-bearing debt based on the balance of each interest-bearing debt.
(Note 5) JPR had its ratings assigned by Moody’s Japan K.K. withdrawn on January 21, 2014.

d) Operating Results and Cash Distributions
As a result of the aforementioned management performance, JPR posted operating revenues of 13,591
million yen, ordinary income of 4,899 million yen and net income of 4,954 million yen for its 24th
fiscal period ended December 31, 2013. With regard to the cash distributions, JPR decided to distributepart of the retained earnings brought forward that had been internally reserved through the 23rd 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 6,006 yen for the 24th
fiscal period.
2) Forecast for the Next Fiscal Perioda) Outlook for Management Status
As for the prospects of the Japanese economy, expectations are placed on private capital investment
increasing in line with the recovery of corporate performances, while growth in external demand isalso hoped for in accordance with the developed economies picking up. On the other hand, there is aconcern about the expectations for economic recovery being tapered by the wide fluctuations between
rush demand and a reactionary fall in demand before and after the increase in the consumption tax rate.
Whether the economic recovery, which has been preceded by expectations, will turn out to be acontinuous recovery in the economy accompanied by actual demand will require monitoring.
In the office property leasing market, the general recovery in the market situation will presumably be amodest one, with polarization by property further advancing amid continued improvement in the
supply and demand condition. 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 is likely to become even more important to discern thegrowth potential of earnings of respective properties.
Currently, REITs are positioned as powerful buyers of properties. However, their ability to procure
funds will be largely affected by the interest rate levels. As such, it will be required to keep attentive
monitoring of the future trends in interest rates.
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 are heading for expansion, as a decrease in purchase cap rate and expected cap rate
5

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

levels has been observed along with increasing expectations for recovery in the for-sale office property
market conditions, and we believe property supply to the transaction market will increase going
forward. As for retail properties as well as office properties in regional cities, which allow us to expect
higher yields than the Tokyo office properties, JPR will work to invest in strictly selected blue-chipproperties that can keep stable revenues at a certain level in order to complement the stability ofearnings from the entire portfolio. JPR will strive to acquire new properties under reasonable terms bynegotiating 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 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 better terms andconditions.
ii) Management of Portfolio
JPR will aim to secure stable earnings over a medium to long term by working to prevent move-outs ofexisting tenants and encourage them to expand office spaces in the same buildings 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 in anticipation of the recovery in the leasing market andaccelerate decision making- Conduct strategic value enhancement works with intent to improve property earnings and tenantsatisfaction- Reinforce responses to energy saving, business continuity plans and other matters commanding highsocial requestsiii) 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 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/jpr_e/) as well as its specified website forretail investors (http://www.jpr-reit.co.jp/kojin/index.html (Japanese only)) as a vital means for
implementing voluntary disclosure, and JPR has promptly disclosed performance information and has
provided videos on its primary properties using this site. We are committed to further enriching our
information disclosure activities.
iv) Significant Subsequent Events
Issuance of unsecured investment corporation bonds
On January 28, 2014, JPR made the following decision to issue investment corporation bonds basedon the comprehensive resolution adopted at the Board of Directors’ meeting held on April 25, 2013.
Payment for the investment corporation bonds was completed on February 5, 2014.

6

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

Name of the bonds
Total issue amountInterest rate
Collateral

Redemption method
and redemption date
Use of funds

Japan Prime Realty Investment Corporation 19th Series of Unsecured
Investment Corporation Bonds(with special pari passu conditions among specified investment corporation
bonds)
5 billion yen
Subscription date
January 28, 2014
1.11% per annum
Payment dateFebruary 5, 2014
Unsecured /Purchase price
100 yen per 100 yen of theunguaranteed
investment corporation
bonds
The total amount of the bonds will be redeemed on February 5, 2024.Thebonds may be repurchased and cancelled at any time on and after the day
following the payment date, unless otherwise determined by the book-entry
transfer agent
Redemption of investment corporation bondsb) Outlook for Management Status (Operating Results) for the 25th Fiscal Period
JPR expects the following management status in the 25th fiscal period (from January 1, 2014 to June30, 2014).
13,630 million yen
6,348 million yen
4,992 million yen
4,991 million yen
6,050 yen

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

0 yen

For the assumptions underlying this outlook for management status, please refer to “Assumptions forthe 25th Fiscal Period Forecast (January 1, 2014 – June 30, 2014)” 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.

Assumptions for the 25th Fiscal Period Forecast(January 1, 2014 – June 30, 2014)
Item
PeriodProperty
Portfolio

Operating
Revenues

Assumptions
25th fiscal period: January 1, 2014 to June 30, 2014
(investment period: 181 days)
・ The number of properties is assumed to be 62 properties that were held by JPR as ofFebruary 14, 2014. Furthermore, the assumed period-average occupancy rate at end ofmonth is 96.6%.
・ 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 December 2013, with consideration given to the market
environment, competitiveness of the properties, status of negotiations with tenants andother 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.

7

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

OperatingExpenses

Non-Operating
Expenses

Interest-Bearing
Debt Ratio

Total Units
Outstanding

・ 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 fiscal
period ended December 2013. Outsourcing expenses are assumed to be 530 million yen for
the fiscal period ending June 30, 2014.
・ For property taxes and city planning taxes, the amount to be paid in the fiscal period ending
June 30, 2014 has been calculated out of the levied tax amount, and is assumed to be 1,992
million yen. In general practice, the property taxes and city planning taxes levied on
properties acquired are settled after prorating for the period with the previous owner at thetime of acquisition, but JPR includes the amount equivalent to such settlement in theacquisition costs for the property.
・ For expenditures for the repair and maintenance of buildings, the amount expected to berequired in the fiscal period ending June 30, 2014 has been recorded. However, theexpenditures for repair and maintenance for the fiscal period could differ significantly fromthe estimated amount, as expenditures may arise due to damage to the building caused by
unexpected factors, etc., and because the variance in amounts generally tends to grow fromyear 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 for the fiscal period ending June 30,
2014 is assumed to be 1,837 million yen.
・ As for major non-operating expenses, JPR assumes 1,374 million yen for interest paid,interest on corporate bonds and fees related to loan arrangement
・ The interest-bearing debt ratio as of February 14, 2014 stands at 50.0%, withinterest-bearing debt of 191,759 million yen (comprised of 2,000 million yen in short-term
debt, 133,259 million yen in long-term debt and 56,500 million yen in corporate bonds).
・ It is assumed that all borrowings whose repayment dates will arrive during the fiscal period
ending June 30, 2014 will be refinanced, except for scheduled repayment of 166 million
yen.
・ The interest-bearing debt ratio is expected to be 49.9% at end of the fiscal period ending
June 2014.
・ The following formula is used in calculating the interest-bearing debt ratio in this table.
Interest-bearing debt ratio =Interest-bearing debt / (Interest-bearing debt + Unitholders’ capital) x 100.
・ The 825,000 investment units outstanding as of December 31, 2013 are assumed.

Distribution Per
Unit

・ 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
and real estate market conditions.

(3) Investment Risks
The description is omitted, since there are no significant changes from the “Investment risks” disclosed in
the latest securities report (submitted on September 26, 2013).

8

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th 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
Total deferred assets
Total assets

9

End of 23rd Fiscal
PeriodEnd of 24th Fiscal
Period(Jun. 30, 2013)(Dec. 31, 2013)¥10,852,097
11,568,818
321,458
145,408
8,023
22,895,806¥9,781,000
11,856,805
271,134
189,193
41,342
22,139,475

56,930,266(8,971,882)
47,958,383
80,339,792(22,438,604)
57,901,188
44,858(10,165)
34,692
113,070(53,337)
59,733
713,742(293,404)
420,338
1,567,896(1,039,658)
528,237
44,529(24,556)
19,972
127,009(85,579)
41,429111,638,476
162,616,535
66,3295,319
381,290,637

57,160,036(9,805,723)
47,354,313
82,586,390(23,401,876)
59,184,514
44,971(11,469)
33,501
116,410(57,188)
59,222725,203(314,764)
410,438
1,576,395(1,078,490)
497,905
46,995(26,479)
20,516
143,976(90,068)
53,907
111,638,476
167,095,445
80,888－386,429,131

4,794,109
4,763
4,798,872

4,794,109
4,166
4,798,276

49,520475,065
524,585
386,614,096

49,520379,617429,137
391,656,545

205,794
205,794¥409,715,697

178,453
178,453¥413,974,474

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th 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 deposits
Deposits for advanced depreciation
Total voluntary deposits
Unappropriated retained earnings(undisposed losses)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

10

End of 23rd Fiscal
PeriodEnd of 24th Fiscal
Period(Jun. 30, 2013)(Dec. 31, 2013)¥1,824,580－
30,468,000
5,000,000
694,658
208,428605
191,538
2,515,043
40,902,854¥1,698,960
2,000,000
12,235,000
16,000,000
690,523
214,546605
174,150
2,446,217
35,460,003

51,500,000
100,190,000
7,959,356
12,046,833
171,696,190
212,599,044

40,500,000
121,024,000
7,553,159
12,342,195
181,419,354
216,879,357

192,044,238

192,044,238

73,94673,94673,94673,946

4,998,468

4,976,931

5,072,414
197,116,653
197,116,653¥409,715,697

5,050,878
197,095,116
197,095,116¥413,974,474

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th 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 issuance
costs
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

23rd Fiscal
Period24th Fiscal
Period(Jan. 1, 2013 –Jun. 30, 2013)(Jul. 1, 2013 –Dec. 31, 2013)¥13,278,813
13,278,813¥13,591,659
13,591,659

6,208,456
468,82978,8836,600
36,752
94,2506,893,772
6,385,040

6,534,916
473,242
81,4866,600
35,16791,8687,223,280
6,368,378

2,012

2,084

48,287

9,680

9,713
60,013

4,868
16,634

896,962
138,013
408,001

887,736
129,716
438,20323,35627,341

3,346
1,469,680
4,975,373

2,134
1,485,133
4,899,879－－
4,975,373
605
605
4,974,768
23,699¥4,998,468

54,76454,764
4,954,643
605
605
4,954,038
22,893¥4,976,931

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period(3) Statements of Unitholders’ Equity(Thousands of Yen)

23rd Fiscal
Period(Jan. 1, 2013 –Jun. 30, 2013)
Unitholders' equity
Unitholders' capital
Balance at beginning of current period
Changes of items during the period
Issuance of units
Total changes of items during the period
Balance at end of current period
Surplus
Voluntary deposits
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

24th Fiscal
Period(Jul. 1, 2013 –Dec. 31, 2013)¥192,044,238¥192,044,238－－
192,044,238－－
192,044,238

73,94673,946－73,946－73,946

5,050,424

4,998,468(5,026,725)
4,974,768(51,956)
4,998,468(4,975,575)
4,954,038(21,536)
4,976,931

5,124,371

5,072,414(51,956)
5,072,414(21,536)5,050,878

197,168,609

197,116,653(51,956)
197,116,653(21,536)
197,095,116

197,168,609

197,116,653(51,956)¥197,116,653(21,536)¥197,095,116

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th 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 amount23rd Fiscal Period(January 1, 2013 –June 30, 2013)
4,998,468,027 yen
4,975,575,000 yen(6,031 yen)
22,893,027 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
4,975,575,000 yen, which is thelargest integral multiple of thenumber 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

24th Fiscal Period(July 1, 2013 –December 31, 2013)
4,976,931,439 yen
4,954,950,000 yen(6,006 yen)
21,981,439 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
4,954,950,000 yen, which is thelargest integral multiple of thenumber 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.

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period(5) Statements of Cash Flows(Thousands of Yen)

Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bond issuance costs
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable-other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
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
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
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

23rd Fiscal Period

24th Fiscal Period(Jan. 1, 2013 –Jun. 30, 2013)(Jul. 1, 2013 –Dec. 31, 2013)¥4,975,373
1,884,122
23,356(2,012)
1,304,963(92,129)
259,150
57,973437,933
39,369127,344
54,041
21,7989,091,286
2,012(1,307,984)
124
7,785,438¥4,954,643
1,869,541
27,341(2,084)
1,325,940
50,323－(43,784)(61,827)(7,844)(17,388)(68,825)
13,8638,039,898
2,084(1,319,821)(619)
6,721,541(343,297)(7,446,034)(256,076)
506,908(190,202)
842,206(6,886,496)(359,383)(6,712,299)(667,534)
189,216(248,327)
666,105(7,132,223)

7,000,000(7,000,000)
11,820,000(12,219,000)
6,947,523(5,025,496)
1,523,026
2,421,968
19,998,947¥22,420,916

2,000,000－
21,000,000(18,399,000)－(4,973,428)(372,428)(783,110)
22,420,916¥21,637,805

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period(6) Notes to the Going Concern Assumption
No relevant items.
(7) Notes to Significant Accounting Policies
The disclosure is omitted, since there are no significant changes from the descriptions in the latest
securities report (submitted on September 26, 2013).
(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 23rd Fiscal Period(as of June 30, 2013)¥122,639
3,595
399,183

Total¥525,418(Thousands of yen)
End of 24th Fiscal Period(as of December 31, 2013)¥120,771
3,424
399,183¥523,378

Secured liabilities are as follows:

Tenant leasehold and security deposits
Total

End of 23rd Fiscal Period(as of June 30, 2013)¥15,536¥15,536(Thousands of yen)
End of 24th Fiscal Period(as of December 31, 2013)¥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 23rd Fiscal Period(as of June 30, 2013)¥28,000,000¥28,000,000(Thousands of yen)
End of 24th Fiscal Period(as of December 31, 2013)¥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 23rd Fiscal Period(as of June 30, 2013)¥50,000

15(Thousands of yen)
End of 24th Fiscal Period(as of December 31, 2013)¥50,000

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

Notes to Statements of Income and Retained Earnings
Breakdown of Rent Revenue-Real Estate and Expenses Related to Rent Business23rd Fiscal Period(January 1, 2013 June 30, 2013)
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
Income equivalent to expenses for restoration
to as is condition(Thousands of yen)
24th Fiscal Period(July 1, 2013 December 31, 2013)¥8,922,614
1,439,000
1,847,619
230,708
21,67014,25634,008¥9,015,753
1,469,500
1,859,271
245,758
52,93014,612
36,247

12,509,879

12,694,073

684,413
5,541
29,323

833,925
5,662
28,40629,73012,992Other miscellaneous income

19,925

16,599Subtotal

768,934

897,586¥13,278,813¥13,591,659

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¥505,069
768,052
1,884,698
26,666244,149
213,735
563,301
1,883,591
119,191¥516,552
969,327
1,879,199
27,316330,109217,389
556,013
1,869,009
169,998

Total expenses related to rent business¥6,208,456¥6,534,916¥7,070,356¥7,056,743

C. Profits (A-B)

16

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

Financial Instruments
1. Matters Concerning Status of Financial Instruments(1) Policy on Handling 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 June 30, 2013, 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).
(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)
¥10,852,097
11,568,818(30,468,000)(5,000,000)(51,500,000)(¥100,190,000)

Estimated Fair
Value (Note 1)¥10,852,097
11,568,818(31,024,288)(5,105,525)(52,397,133)(¥101,514,029)

Difference¥556,288
105,525
897,133¥1,324,029

The following are the carrying values and estimated fair values as of December 31, 2013, 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).

17Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period(Thousands of yen)
Carrying Value(Note 1)
¥9,781,000
11,856,805(2,000,000)(12,235,000)(16,000,000)(40,500,000)(¥121,024,000)

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

Estimated Fair
Value (Note 1)¥9,781,000
11,856,805(2,000,000)(12,370,436)(16,204,932)(41,537,700)(¥122,963,250)

Difference¥135,436
204,932
1,037,700¥1,939,250(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.

End of 23rd Fiscal Period(as of June 30, 2013)¥7,959,356¥12,046,833

Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust(Thousands of yen)
End of 24th Fiscal Period(as of December 31, 2013)¥7,553,159¥12,342,195(Note 4) Scheduled redemption of monetary claims as of June 30, 2013 and December 31, 2013

End of 23rd Fiscal Period (as of June 30, 2013)(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¥10,852,097

¥-

¥-

¥-

¥-

¥-

Cash anddeposit intrust¥11,568,818

¥-

¥-

¥-

¥-

¥-

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¥9,781,000

¥-

¥-

¥-

¥-

¥-

Cash anddeposit intrust¥11,856,805

¥-

¥-

¥-

¥-

¥-

End of 24th Fiscal Period (as of December 31, 2013)

18(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five YearsJapan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period(Note 5) Scheduled redemption and repayment of short-term loans payable, investment corporation bonds and long-term loans payable as of June30, 2013 and December 31, 2013

End of 23rd Fiscal Period (as of June 30, 2013)

Investment
corporationbonds
Long-term
loans
payableDue in One
Year or Less

Due after
One Yearthrough
Two Years

Due after
Two Years
throughThree Years

Due afterThree Years
through
Four Years(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years¥5,000,000¥24,000,000¥-¥7,000,000¥10,000,000¥10,500,000¥30,468,000¥6,332,000¥26,732,000¥23,732,000¥20,374,000¥23,020,000(Thousands of yen)
Due after
Four Years
Due after
throughFive Years
Five Years

End of 24th Fiscal Period (as of December 31, 2013)

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¥2,000,000

¥-

¥-

¥-

¥-

¥-

Investment
corporationbonds¥16,000,000¥13,000,000¥7,000,000¥5,000,000¥7,000,000¥8,500,000

Long-term
loans
payable¥12,235,000¥19,732,000¥17,332,000¥31,632,000¥16,408,000¥35,920,000

Segment Information[Segment Information]
Disclosure is omitted as JPR is comprised of a single reportable segment engaged in the property rental
business.
[Related Information]
23rd Fiscal Period (January 1, 2013 – June 30, 2013)
1. Information about Products and Services
Disclosure is omitted as sales to external customers for the single product and service segment is in excessof 90% of operating revenues on the Statements of Income and Retained Earnings.
2. Information about Geographic Areas(1) Revenues from Overseas Customers
Disclosure is omitted as revenues from external customers attributed to Japan are in excess of 90% of
total revenues on the Statements of Income and Retained Earnings.
(2) Tangible Fixed Assets
Disclosure is omitted as tangible fixed assets located in Japan are in excess of 90% of total tangible fixed
assets on the Balance Sheets.
3. Information about Major Customers(Thousands of yen)
Customer Name
Y.K. Tokyo Prime Stage

Operating Revenue¥1,439,000

Related Segment
Property rental business24th Fiscal Period (July 1, 2013 – December 31, 2013)
1. Information about Products and Services
Disclosure is omitted as sales to external customers for the single product and service segment is in excess
19Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Periodof 90% of operating revenues on the Statements of Income and Retained Earnings.
2. Information about Geographic Areas(1) Revenues from Overseas Customers
Disclosure is omitted as revenues from external customers attributed to Japan are in excess of 90% of
total revenues on the Statements of Income and Retained Earnings.
(2) Tangible Fixed Assets
Disclosure is omitted as tangible fixed assets located in Japan are in excess of 90% of total tangible fixed
assets on the Balance Sheets.
3. Information about Major Customers(Thousands of yen)
Customer Name
Y.K. Tokyo Prime Stage

Operating Revenue¥1,469,500

Related Segment
Property rental business

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.
23rd Fiscal Period(January 1, 2013 – June 30, 2013)(Thousands of yen)
24th Fiscal Period(July 1, 2013 – December 31, 2013)¥380,518,842¥386,086,796¥5,567,954¥5,138,428¥386,086,796¥365,214,000¥391,225,225¥376,995,000

Carrying Value on the Balance Sheets
Balance at Beginning of Period
Amount of Increase(Decrease) during the Period
Balance at End of Current 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 increase (decrease) during the periods for investment and rental properties, the amount of increase for the 23rd fiscal
period is primarily attributable to acquisition of Omiya Prime East (6,287,358 thousand yen) and Shinyokohama 2nd Center Building(additional ownership) (581,106 thousand yen), and the amount of increase for the 24th fiscal period is primarily attributable toacquisition of Science Plaza-Yonbancho Plaza (2,700,337 thousand yen) and Shibadaimon Center Building (3,449,233 thousand yen).
(Note 3) The estimated fair value at end of the current period is the appraisal value or survey value as appraised by an outside real estateappraiser.

The income (loss) in the 23rd and 24th fiscal periods for investment and rental properties are as presented in
the “Notes to Statements of Income and Retained Earnings.”
Per Unit Information(Yen)
23rd Fiscal Period(January 1, 2013 – June 30, 2013)

24th Fiscal Period(July 1, 2013 - December 31, 2013)¥238,929¥6,030¥238,903¥6,004

Total net assets per unit
Net income per unit

(Note 1) Net income per unit is computed 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)
23rd Fiscal Period(January 1, 2013 – June 30, 2013)

24th Fiscal Period(July 1, 2013 - December 31, 2013)¥4,974,768¥4,974,768
825,000 units¥4,954,038¥4,954,038
825,000 units

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

Average number of units

20

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

Subsequent Events
24th Fiscal Period (July 1, 2013 – December 31, 2013)
Issuance of unsecured investment corporation bonds
On January 28, 2014, JPR made the following decision to issue investment corporation bonds based on thecomprehensive resolution adopted at the Board of Directors’ meeting held on April 25, 2013. Payment for theinvestment corporation bonds was completed on February 5, 2014.
Name of the bonds
Total issue amountInterest rate
Collateral
Redemption method andredemption date
Use of funds

Japan Prime Realty Investment Corporation 19th Series of Unsecured Investment
Corporation Bonds(with special pari passu conditions among specified investment corporation bonds)
5 billion yen
Subscription date
January 28, 2014
1.11% per annum
Payment dateFebruary 5, 2014
Unsecured / unguaranteed
Purchase price
100 yen per 100 yen of theinvestment corporation bonds
The total amount of the bonds will be redeemed on February 5, 2024.The bonds may be
repurchased and cancelled at any time on and after the day following the payment date,unless otherwise determined by the book-entry transfer agent
Redemption of investment corporation bonds

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 and asset retirement obligations, since 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 24th 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

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(Note 1)

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

Unitholders' Capital(million yen)
Variation
Balance120
120
31,00031,12031,120－25,862
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

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)

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.
(Note 2)
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.
(Note 3)
A single investment unit was split into 2.5 units.
(Note 4)
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.
(Note 5)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.
(Note 6)
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.
(Note 7)
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.
(Note 8)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.
(Note 9)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.
(Note 10) New investment units were issued through a third-party allotment at 434,673 yen per unit to repay debt, acquire new specificassets, etc.
(Note 11) New investment units were issued through a public offering at 168,101 yen per unit (underwriting price of 162,382 yen per unit)

21

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period
to repay short-term debt, redeem investment corporation bonds, acquire new specific assets, etc.
(Note 12) 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.
(Note 13) 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 debts.
(Note 14) 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 debts.

4. Change of Directors(1) JPR Directors
There was no change in the directors of JPR during the 24th fiscal period.
The Executive Officer (one person) and Supervising Officers (two persons) are as follows. They werere-appointed at the Ninth General Meeting of Unitholders held on September 11, 2013, and their term ofoffice is two years from September 15, 2013.

Number
of
Owned
Units

Position

Name

Executive
Officer

Hirohito
KanekoRepresentative Counsel, Hirohito Kaneko Law Office0

SosukeYasudaAdviser, Gyosei Audit Corporation
Group representative partner, GYOSEI Certified Public Tax & Accountants’ Co.
Outside Auditor, Nomura Research Institute, Ltd. (part-time)
Outside Auditor, MS&AD Insurance Group Holdings (part-time)0

MasatoDenawaPartner Attorney, Spring Partners

0Supervising
Officers

Other Concurrent Assignments(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.

(2) Directors of the Asset Management Company
Disclosure is omitted as there are no changes (no assumption of office or retirement) with the directors or
the auditor from what is described in the latest securities report (submitted on September 26, 2013).
5. Reference Information(1) JPR’s Asset Structure
Asset TypeReal Estate

Category of
Investment
Area
CentralTokyo
GreaterTokyo
Other Cities

Real Estate in TrustCentralTokyo
GreaterTokyo
Other Cities

Deposits and Other
Assets－Total Assets－

23rd Fiscal Period(as of June 30, 2013)
Assets Owned by
Percentage of Total
JPR
Assets (%)(thousands of yen)

24th Fiscal Period(as of December 31, 2013)
Assets Owned by
Percentage of Total
JPR
Assets (%)(thousands of yen)

80,640,667

19.7

80,654,243

19.5

62,240,380

15.2

61,805,008

14.9

22,051,788

5.4

21,873,507

5.3

125,720,443

30.7

131,782,696

31.8

51,343,259

12.5

51,074,314

12.3

44,090,258

10.8

44,035,454

10.6

23,628,900(－)
409,715,697( 386,086,796)

5.8
(－)
100.0
(94.2)

22,749,249(－)
413,974,474( 391,225,225)

5.5
(－)
100.0
(94.5)(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.

22

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period(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 24th 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

23

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

Area

Type

Property Name

Completed

1,751.13

14,995.09

Kanematsu Bldg.
Annex

Kyobashi 2-chome, Chuo-ku, Tokyo

679.094,351.46

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

JPR Crest Takebashi
Bldg.
MS Shibaura Bldg.
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)

Ningyocho 1-chome, Chuo-ku,
TokyoKojimachi 4-chome, Chiyoda-ku,
Tokyo
Kanda-Nishikicho 3-chome,
Chiyoda-ku, Tokyo

Feb. 1993

8,992.18

31,020.21

1,551.19

10,553.34

1,302.17

11,627.74

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

1,058.04

5,888.82

SRC B1/9F

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

277.12668.09198.101,006.81

2,578.69

24,617.65

6,808.12

71,957.65

Shibaura 4-chome Minato-ku, Tokyo
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

24

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
May 1990
Mar. 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 24th 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

7,781.96

Aug. 1991

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

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, Osaka25

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 24th 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 24th fiscal
period, indicated in a percentage rounded to the first decimal place.

26

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

Acquisition Price
Area

Type

(million yen)

Investment
Ratio
(%)

Kanematsu Bldg.

Dec. 27, 2001

16,276

4.0

11,700

3.1

Kanematsu Bldg. Annex

Dec. 27, 2001

2,874

0.7

2,280

0.6

JPR Ningyo-cho Bldg.

Nov. 16, 2001

2,100

0.5

2,260

0.6

Shin-Kojimachi Bldg.

Nov. 16, 2001

1,670

Nov. 21, 2002

550

0.6

3,000

0.8

Nov. 12, 2004

200

JPR Crest Takebashi Bldg.

Jun. 21, 2002

4,000

1.0

2,840

0.8

MS Shibaura Bldg.

Mar. 28, 2003

11,2002.8

11,0002.9

Gotanda First Bldg.

Jul. 23, 2003

2,920

0.7

2,700

0.7

Fukuoka Bldg.

Oct. 15, 2003

1,800

0.4

1,830

0.5

Apr. 15, 2005

1,120

0.3

960

0.3

JPR Ichigaya Bldg.

May 28, 2004

5,100

1.3

4,640

1.2

Oval Court Ohsaki Mark West

Jun. 1, 2004

3,500

0.9

4,460

1.2

Shinjuku Square Tower

Jul. 2, 2004

10,000

2.5

7,543

2.0

Sep. 26, 2008

180

0.0

103

0.0

Nov. 9, 2004

2,900

Apr. 12, 2005

8,921

3.7

13,600

3.6

Jul. 13, 2010

3,300

Across Shinkawa Bldg. Annex

Nov. 26, 2004

710

0.2

809

0.2

Shinjuku Center Bldg.

Mar. 27, 2008

21,0005.2

12,8003.4

Minami Azabu Bldg.

Jul. 14, 2008

3,760

0.9

2,330

0.6

Shinagawa Canal Bldg.

Dec. 19, 2008

1,870

0.5

1,780

0.5

Rokubancho Bldg.

Dec. 2, 2009

2,800

0.7

3,180

0.8

JPR Harajuku Bldg.

Dec. 25, 2009

8,400

2.1

6,980

1.9

Tokyo Tatemono Kyobashi Bldg.

Feb. 12, 2010

5,250

1.3

4,950

1.3

JPR Nihonbashi-horidome Bldg.

Mar. 31, 2010

5,100

1.3

5,920

1.6

JPR Sendagaya Bldg.

May 31, 2010

15,0503.7

11,1002.9

Ginza Sanwa Bldg.

Aug. 29, 2011

3,400

0.8

3,350

0.9

Otemachi Tower (Land with
Leasehold Interest)

Mar. 13, 2012

36,0008.9

37,90010.1

Science Plaza-Yonbancho Plaza

Dec. 6, 2013

2,660

0.7

2,780

0.7

Shibadaimon Center Bldg.

Dec. 6, 2013

3,420

0.8

3,730

1.0

JPR Shibuya Tower Records Bldg.

Jun. 30, 2003

12,0003.0

12,6003.3

JPR Daikanyama

Oct. 5, 2004

2,160

0.5

1,460

0.4

JPR Jingumae 432

Mar. 24, 2006

4,275

1.1

3,320

0.9

Mar. 14, 2007

540

Apr. 24, 2008

2,200

0.7

2,500

0.7

Aug. 27, 2008

3,400

0.8

2,730

0.7

212,606

52.5

189,135

50.2

Property Name

Fukuoka Bldg. (additional
acquisition in 7th period)

OfficeShinjuku Square Tower (additional
acquisition in 14th Period)

BYGS Shinjuku Bldg.

RetailCentral Tokyo

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

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

Acquisition Date

Subtotal of Central Tokyo

27

Price

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

Acquisition Price

OfficeType

Property Name

Acquisition Date

Nov. 16, 2001

5,880

1.5

6,040

1.6

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

Dec. 13, 2001

2,350

0.6

1,670

0.4

Nov. 16, 2001

2,927

0.7

2,380

0.6

0.4

1,700

0.5

Sep. 25, 2002

920

Mar. 28, 2013

570

Kawaguchi Center Bldg.

Feb. 13, 2004

8,100

2.0

7,400

2.0

JPR Ueno East Bldg.

Mar. 1, 2004

3,250

0.8

4,430

1.2

Tachikawa Business Center Bldg.

Sep. 30, 2005

888

0.2

1,060

0.3

Feb. 28, 2007

2,300

0.6

1,850

0.5

Mar. 22, 2007

5,831

1.4

6,450

1.7

(additional acquisition in 11th period)

Rise Arena Bldg.
Yume-ooka Office Tower

Jul. 10, 2007

6,510

1.6

5,410

1.4

Olinas Tower
Tokyo Tatemono Yokohama
Bldg.
Omiya Prime East

Jun. 29, 2009

31,3007.7

33,4008.9

Dec. 27, 2010

7,000

1.7

6,970

1.8

Mar. 22, 2013

6,090

1.5

6,370

1.7

Tanashi ASTA

Nov. 16, 2001

10,2002.5

12,5003.3

Cupo-la Main Bldg.

Mar. 31, 2006

2,100

0.5

2,540

0.7

JPR Musashikosugi Bldg.

Sep. 28, 2006

7,260

1.8

5,260

1.4

Musashiurawa Shopping Square

Mar. 19, 2007

4,335

1.1

4,090

1.1

Kawasaki Dice Bldg.

Apr. 12, 2007

15,0803.7

14,800

3.9

OfficeSubtotal of Greater Tokyo

Other Cities

122,891

30.4

124,320

33.0

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

Nov. 16, 2001

2,140

0.5

2,230

0.6

Nov. 16, 2001

4,150

1.0

3,230

0.9

Nov. 16, 2001

2,900

0.7

2,640

0.7

JPR Naha Bldg.

Nov. 16, 2001

1,560

0.4

1,350

0.4

Sompo Japan Sendai Bldg.

Jun. 26, 2002

3,150

0.8

3,280

0.9

Sompo Japan Wakayama Bldg.

Jun. 26, 2002

1,670

0.4

1,580

0.4

Tenjin 121 Bldg.

Jun. 21, 2002

2,810

0.7

2,080

0.6

JPR Dojima Bldg.

Jan. 23, 2004

2,140

0.5

2,020

0.5

JPR Hakata-chuo Bldg.

Jun. 11, 2004

1,920

0.5

1,630

0.4

JPR Nagoya Fushimi Bldg.

Mar. 22, 2005

4,137

1.0

2,830

0.8

Yakuin Business Garden

Aug. 8, 2012

10,996

2.7

11,400

3.0

May 15, 2003

8,000

Jul. 16, 2003

5,000

3.2

13,8003.7

Benetton Shinsaibashi Bldg.

May 30, 2005

5,430

1.3

4,360

1.2

Housing Design Center Kobe

Sep. 28, 2005

7,220

1.8

6,470

1.7

JPR Chayamachi Bldg.

Aug. 30, 2006

6,000

1.5

4,640

1.2

JPR Umeda Loft Bldg.
Retail(million yen)

Investment
Ratio
(%)

Price

Arca East

Tachikawa Business Center Bldg.

RetailGreater Tokyo

Area

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

Subtotal of Other Cities
Total

28

69,223

17.1

63,54016.9

404,720100.0

376,995

100.0

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th 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 24th 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)

1
1,469,500 thousand yen
10.8%
11,034.78m2
11,034.78m2
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 24th 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 24th fiscal period (December
31, 2013).
(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

Total No. of
Tenants

Total Leasable Floor Space

Occupancy Rate

June 30, 2009

51

476

393,532.31m2

96.8%

December 31, 2009

53

476

400,751.87m2

96.4%
95.5%

June 30, 2010

55

460

410,326.04m2

December 31, 2010

56

479

420,544.51m2

93.5%

June 30, 2011

56

493

421,371.51m2

94.7%

December 31, 2011

57

501

423,311.93m2

95.6%
94.1%

June 30, 2012

58

502

434,340.04m2

December 31, 2012

59

534

450,943.43m2

94.9%

June 30, 2013

60

564

460,452.47m2

96.9%

July 31, 2013

60

567

460,468.76m2

97.5%

576

2

459,504.22m

96.7%

578

2

459,521.21m

96.8%

2

August 31, 2013
September 30, 2013

60
60

October 31, 2013

60

580

459,523.07m

96.9%

November 30, 2013

60

583

459,523.08m2

96.7%

December 31, 2013

62

610

467,207.05m2

96.5%(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 24th fiscal period, as well as the total rental income for the 24th
fiscal period.
Total Number of Tenants
Total Leased Floor Space
Total Leasable Floor Space
Total Rental Income

610
450,766.26m2
467,207.05m2
13,591,659 thousand yen

29

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period2) Overview of Lease Status for Respective Properties
24th Fiscal Period (July 1, 2013 – December 31, 2013)
Area

Type

Property Name

Kanematsu Bldg.

Office(thousand
yen)

Ratio

377,4322.8

2,291.13

2,291.131

100.0(Note 2)

(Note 2)

JPR Ningyo-cho Bldg.

2,804.56

2,804.56

4

100.0

84,418

0.6

Shin-Kojimachi Bldg.

3,319.60

3,024.60

14

91.1

105,072

0.8

JPR Crest Takebashi Bldg.

3,265.34

1,678.18

5

51.4

73,406

0.5

MS Shibaura Bldg.

14,469.72

14,469.72

8

100.0

401,223

3.0

Gotanda First Bldg.

4,243.58

4,243.582

100.0

133,800

1.0

Fukuoka Bldg.

1,250.06

1,250.06

100.0(Note 2)

(Note 2)687.34687.34100.0(Note 2)

(Note 2)4,224.96

4,224.96

9

100.0

167,709

1.2

3

100.0

180,7211.3

97.4

197,237

1.5

97.4

3,030

0.0

25

92.2

495,574

3.6

JPR Ichigaya Bldg.

RetailRental Revenues

Kanematsu Bldg. Annex

Fukuoka Bldg. (additional
acquisition in 7th period)

Central Tokyo

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)
7,994.02
7,592.33
9
95.0

1

Oval Court Ohsaki Mark West4,088.44

4,088.44

Shinjuku Square Tower
Shinjuku Square Tower(additional acquisition in 14th
Period)BYGS Shinjuku Bldg.

10,982.03

10,696.95

168.15164.36

15,211.49

14,025.57

Across Shinkawa Bldg. Annex

1,253.39

1,053.173

84.0

42,315

0.3

Shinjuku Center Bldg.

8,863.98

8,002.8930

90.3

439,630

3.2

Minami Azabu Bldg.

3,405.73

3,405.731

100.0(Note 2)

(Note 2)

Shinagawa Canal Bldg.

1,700.57

1,528.84

4

89.9

58,9630.4

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

221,247

1.6

Tokyo Tatemono Kyobashi Bldg.

3,551.01

856.742

24.1(Note 2)

(Note 2)

JPR Nihonbashi-horidome Bldg.

5,299.89

5,299.89

7

100.0

196,443

1.4

JPR Sendagaya Bldg.

6,177.74

6,177.746

100.0

240,205

1.8

Ginza Sanwa Bldg.

1,899.27

1,899.27

8

100.0

117,738

0.9

Otemachi Tower (Land with
Leasehold Interest)

11,034.78

11,034.78

1

100.0

1,469,500

10.8

Science Plaza-Yonbancho Plaza

3,325.27

2,998.47

23

90.2

15,2480.1

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

4,359.59

4,359.59

7

100.0

18,8840.1

8,076.85

8,076.851

100.0(Note 2)

(Note 2)651.29498.283

76.5

27,436

0.2

JPR Jingumae 432

1,027.33

889.596

86.6

69,446

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)30

25

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

24th Fiscal Period (July 1, 2013 – December 31, 2013)
Area

Type

Property Name

OfficeRetailOther Cities

OfficeRetailGreater Tokyo

Arca East

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)
7,022.76
6,540.64
5
93.1

Rental Revenues(thousand
yen)

Ratio

254,835

1.9

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

5,537.74

5,110.61

37

92.3

132,527

1.0

6,066.53

6,066.53

13

100.0

130,576

1.0

5,284.75

4,828.98

16

91.4

96,3880.7

Kawaguchi Center Bldg.

15,455.90

14,501.32

42

93.8

363,219

2.7

JPR Ueno East Bldg.

6,490.05

6,430.05

8

100.0

171,976

1.3

Tachikawa Business Center Bldg.
Tachikawa Business Center Bldg.
(additional acquisition in 11th
period)Rise Arena Bldg.

1,699.49

1,699.49

100.0

62,9520.5

2,983.91

2,882.99

96.6

90,5490.7

6,023.39

6,023.391

100.0(Note 2)

(Note 2)

Yume-ooka Office Tower

12,013.05

11,456.95

34

95.4

322,397

2.4

Olinas Tower
Tokyo Tatemono Yokohama
Bldg.
Omiya Prime East

23,987.40

22,596.64

10

94.2

1,007,396

7.4

6,494.09

6,494.09

14

100.0

302,248

2.2

6,871.45

6,871.45

4

100.0

268,678

2.0

Tanashi ASTA

31,121.71

31,121.71

1

100.0

(Note 2)

(Note 2)18

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

129,361

1.0

Kawasaki Dice Bldg.

12,116.35

11,961.03

29

98.7

487,108

3.6

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

5,326.88

5,326.888

100.0

127,691

0.9

7,163.08

6,749.86

10

94.2

163,746

1.2

6,568.43

6,419.9333

97.7

145,963

1.1

JPR Naha Bldg.

3,946.36

3,759.61

20

95.3

85,0230.6

Sompo Japan Sendai Bldg.

7,129.05

6,797.20

13

95.3

179,001

1.3

Sompo Japan Wakayama Bldg.

4,875.12

4,794.03

12

98.3

112,214

0.8

Tenjin 121 Bldg.

3,257.73

3,257.73

16

100.0

99,804

0.7

JPR Dojima Bldg.

3,930.71

3,490.40

8

88.8

97,8040.7

JPR Hakata-chuo Bldg.

3,290.42

2,872.53

5

87.3

79,215

0.6

JPR Nagoya Fushimi Bldg.

7,086.37

6,356.18

3

89.7

130,769

1.0

Yakuin Business Garden

16,654.33

15,790.14

16

94.8

422,255

3.3

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.

2,484.39

2,484.39

6

100.0

141,5491.0

467,207.05

450,766.26

610

96.5

13,591,659

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., Rise Arena
Bldg. and Kawasaki Dice Bldg.: when a single tenant leases multiple rooms, it is counted as one if the tenant uses the same property.
If the leased rooms are in multiple buildings, the tenant is counted in plural.
The tenants of Shinjuku Square Tower, Shinjuku Center Bldg., Rise Arena Bldg. and Kawasaki Dice Bldg. have sublet space tosublessees and lease agreements have been executed where the rent paid by the tenants fluctuates in accordance with the leaseconditions of the sublessees and thus the numbers of sublessees have been entered as the numbers of tenants.
(Note 2) JPR does not disclose the rental revenues and their ratio of the properties due to inevitable reasons.

31

Japan Prime Realty Investment Corporation (8955) Financial Report for 24th Fiscal Period

3) Ten Largest Tenants
The following table shows the ten largest tenants in terms of leased floor space as of December 31, 2013.

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

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

7.8%

3

Seiyu GK

Tanashi ASTA

31,121.71

6.9%

4

Ito-Yokado Co., Ltd.

JPR Musashikosugi Bldg.

19,740.95

4.4%

5The LOFT Co., Ltd.

JPR Umeda Loft Bldg.

18,586.97

4.1%

6

Y.K. Tokyo Prime Stage

Otemachi Tower (Land with Leasehold
Interest)

11,034.78

2.4%

7

Olympic Group Corporation

Musashiurawa Shopping Square

9,558.51

2.1%

8

Tower Records Japan Inc.

JPR Shibuya Tower Records Bldg.

8,076.85

1.8%

9Sompo Japan Insurance Inc.

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

7,941.96

1.8%

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.

32

37,166.37

8.2%