13th Fiscal Period Results(January 1, 2008 – June 30, 2008)

August 18, 2008

CONSOLIDATED

Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation (JPR)
Tokyo Stock Exchange (Code 8955)
Board of Directors Meeting: August 18, 2008
Payment of Dividends: September 10, 2008 (planned)
Website: http://www.jpr-reit.co.jp/jpr_e/index.html
Inquiries: Yasuo Furuya, Director and Chief Financial Officer
Tokyo Realty Investment Management, Inc.
Tel: +81-3-3516-1591
E-mail: ya-furuya@trim-reit.co.jp

1

CONSOLIDATED

Japan Prime Realty Investment Corporation

PERFORMANCE (January 1, 2008 – June 30, 2008)(1) Business Results(Amounts less than a million yen discarded)(Millions of yen, yen for per unit information / Percentage change from previous fiscal period)

Operating
Revenues% Change

Net Operating
Profits% Change

Recurring Profits% Change

June 30, 2008

10,830

3.6%

5,280

5.5%

4,452

6.8%

Dec. 31, 2007

10,449

3.9%

5,006

(2.0)%

4,170(4.6)%(Yen)

Net Income% Change

EPU

Net Income/
NAV

Recurring Profits/
Total Assets

Recurring Profits/
Operating Revenues

June 30, 2008

4,451

6.8%

7,121

2.8%

1.5%

41.1%

Dec. 31, 2007

4,169

(4.6)%

6,671

2.6%

1.5%

39.9%

Notes: 1. EPU is calculated based on the average number of investment units during the term
Fiscal period ended June 30, 2008: 625,000 units
Fiscal period ended Dec. 31, 2007: 625,000 units
2. Changes in accounting standards: No
3. Net income/NAV and Recurring Profits/Total Assets are calculated based on the average of unitholders’ equity (NAV) and Total Assets as of the
beginning and end of the period(2) Cash Distributions(Millions of yen, yen for DPU)

DPU

Distribution
AmountExceeding Profit
Distribution Per
Unit

Exceeding Profit
Distribution
AmountJune 30, 2008

7,122

4,451

0

0

100.0%

2.8%

Dec. 31, 2007

6,671

4,169

0

0

99.9%

2.6%

Dividend
Payout Ratio

Distribution/
NAV

Note: Dividend payout ratio is rounded to the nearest tenth.

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

NAV

NAV Ratio

NAV Per Unit

June 30, 2008

303,459

161,177

53.1%

257,883

Dec. 31, 2007

278,842

160,895

57.7%

257,432

Reference: Net Assets
Fiscal period ended June 30, 2008:
Fiscal period ended Dec. 31, 2007:

161,177 millions of yen
160,895 millions of yen(4) Cash Flows(Millions of yen)

Cash Flows from
Investing Activities

June 30, 2008

6,604

(23,909)

19,59633,588Dec. 31, 2007

7,857

(6,831)

2,263

31,297

2

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at end of
periodCash Flows fromOperating Activities

CONSOLIDATED

Japan Prime Realty Investment Corporation

FORCASTS FOR 14th FISCAL PERIOD ENDING DECEMBER 31, 2008
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

14th Fiscal PeriodEnding Dec. 31, 2008

Operating
Revenues

Net
Operating
Profits

Recurring
Profits

Net
Income11,195

5,474

4,376

4,375

(excluding exceeding
profit distribution per unit)

Exceeding Profit
Distribution Per
Unit

7,000

0

DPU

Reference: Estimated EPU for the fiscal period: 7,000 yen

The above-mentioned forecasts are based on “Assumptions for the 14th Fiscal Period Forecast (July 1,2008 – December 31, 2008)” as below. The aforementioned forecasts are based on assumptions andinformation available to management as of August 18, 2008. As a result, actual operating revenues, net
operating profits, recurring profits, net income, distribution per unit and exceeding profit distribution perunit will be subject to changes in market conditions.
Accordingly, the forecasts are not a guarantee of any cash distribution amounts.

Assumptions for the 14th Fiscal Period Forecast(July 1, 2008 – December 31, 2008)
Item

Assumptions

Period14th fiscal period: July 1, 2008 to December 31, 2008
(investment period: 184 days)

Property
Portfolio

In addition to the existing 50 properties and preferred securities (one issue) held
as of June 30, 2008, JPR acquired Minami Azabu Building on July 14, 2008.
JPR is also scheduled to acquire Yurakucho Ekimae Building (Yurakucho
Itocia) on August 27, 2008 and Shinagawa Canal Building in December 2008.
The assumed average occupancy rate at end of month is 97.1%.
In practice, these assumptions may vary due to such events as the acquisition of
additional properties or the sale of existing properties.

Units
Outstanding

The 625,000 investment units outstanding as of June 30, 2008 is assumed.

Interest-Bearing
Debt Ratio

The interest-bearing debt ratio as of June 30, 2008 stands at 44.1%.
JPR undertook short-term debt of 3.9 billion yen in acquiring Minami Azabu Building.
Accordingly, the interest-bearing debt-ratio as of the date of this report stands at 44.8%.
The interest-bearing debt ratio is expected to rise to 45.5% after undertaking additional
debt regarding to the acquisition of Yurakucho Ekimae Building (Yurakucho Itocia),
and to rise to 45.9% after undertaking additional debt regarding to the acquisition of
Shinagawa Canal Building.
The following formula is used in calculating the interest-bearing debt ratio in this table.
Interest-bearing debt ratio =Interest-bearing debt ÷ (Interest-bearing debt + Unitholders’ capital) × 100

3

CONSOLIDATED

Japan Prime Realty Investment Corporation

OperatingExpenses

JPR acquired Shinjuku Center Building, Shinjuku Sanchome East Building (additional
ownership), and Minami Azabu Building and is scheduled to acquire Yurakucho
Ekimae Building (Yurakucho Itocia) and Shinaagwa Canal Building on January 1, 2008
and after. Adjustments such as property taxes and city planning taxes levied on theseproperties for the initial year of acquisition have been included in acquisition costs.
Therefore, no operating expenses have been incurred for these in the previous fiscal
period. However, above property taxes and city planning taxes levied will beappropriated as operating expenses for fiscal periods ending June 2009 and after.

Distribution per
Unit

JPR does not currently anticipate distributions in excess of earnings per unit. Limited to
JPR’s retained earnings, the forecast is based on a distribution of the amount obtainedby dividing the profit available for dividend by the number of units outstanding androunded down to the nearest yen.

4

CONSOLIDATED

Japan Prime Realty Investment Corporation

Financial Statements
Balance Sheets (June 30, 2008 and December 31, 2007)
Assets('000 Yen)Item

End of 13th Period(June 30, 2008)

End of 12th Period(December 31, 2007)

18,461,764

16,307,505

Current Assets:
Cash and bank deposits
Entrusted cash and deposits

15,126,982

14,990,073

Rental receivables

222,607174,320

Prepaid expenses

118,836

150,911

Deferred tax assets

32

67

Other current assets

27,925

251,563

33,958,148

31,874,441

Buildings

28,136,636

25,721,274

Entrusted buildings

Total Current Assets% Change

6.5

Fixed Assets:
Property and Equipment:
79,874,090

79,462,451

Structures

17,558

6,376

Entrusted structures

88,27982,640Machinery and equipment

335,716

304,863

Entrusted machinery and equipment

1,435,934

1,340,537

Tools, furniture and fixtures

18,077

15,624

Entrusted tools, furniture and fixtures

86,31078,086

Land

56,542,608

36,600,710

Entrusted land

117,128,148

117,128,148

490,575

622,755(16,702,966)(14,884,604)

267,450,965

246,478,860

Construction in progress
Less: accumulated depreciation
Total Property and Equipment

8.5

Intangible Assets:
Leasehold right
Other intangible assets
Total Intangible Assets
Investments and Other Assets:
Investment securities

1,542,818

―

9,604

10,3681,552,423

10,36814,872.8

344,651

344,651

Deposits

17,00010,100

Other

900

900

362,551355,651

1.9

269,365,940

246,844,880

9.1

Deferred Assets:
Corporate bond issuance costs

135,885

122,765

Total Deferred Assets

135,885

122,76510.7

303,459,974

278,842,087

8.8

Total Investments and Other Assets
Total Fixed Assets

Total Assets

5

CONSOLIDATED

Japan Prime Realty Investment Corporation

Balance Sheets (June 30, 2008 and December 31, 2007)
Liabilities('000 Yen)
End of 13th Period

End of 12th Period(June 30, 2008)(December 31, 2007)

Current Liabilities:
Trade accounts payable

1,386,300

1,143,623

Short-term borrowings

14,792,000

―

Item

―

10,000,000

Other accounts payable572,798

536,924

Accrued expenses

279,203

297,440

Current portion of corporate bonds

Accrued income taxes

648

652

Accrued consumption taxes

166,601

123,162

Rent received in advance

1,168,758

1,140,748

Total Current Liabilities

18,366,311

13,242,552

Long-Term Liabilities:
Corporate bonds

54,500,000

51,500,000

54,183,000

38,183,000

4,164,487

3,975,087% Change

38.7

Long-term borrowings
Leasehold and security deposits
received
Entrusted leasehold and security
deposits received
Total Long-Term Liabilities

11,069,161

11,046,281

123,916,649

104,704,369

18.3

Total Liabilities

142,282,960

117,946,921

20.6

156,725,438

156,725,438―

Retained earnings

4,451,575

4,169,727

6.8

Total Unitholders’ Equity

161,177,014

160,895,166

0.2

Total Liabilities and Unitholders’ Equity

303,459,974

278,842,087

8.8

Unitholders’ Equity:
Unitholders’ capital
5,000,000 units authorized
625,000 units issued and outstanding

6

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Income and Retained Earnings (Jan. 1, 2008 – June 30, 2008 and Jul. 1, 2007 – Dec. 31, 2007)(‘000 Yen)
13th Fiscal Period(Jan. 1, 2008 –June 30, 2008)
10,830,941

12th Fiscal Period(July 1, 2007 –December 31, 2007)
10,449,831

10,830,941

10,415,033―

34,7975,550,329

5,443,585

Real estate rental expenses

4,909,878

4,816,845

Asset management fees

416,576

400,929

66,21869,035

6,600

6,300

Item
Operating Revenues
Real estate rental revenues
Dividends received
Operating Expenses

Administrative service and custodian
fees
Directors’ fee% Change
3.6

2.0

Trust fees

55,75855,879Other operating expenses

95,297

94,594

5,280,611

5,006,245

5.5

99,78914,86918,70314,061

433.5

79,595

―

5,323

4,642

Non-Operating Expenses

928,197

854,410

Interest expense

434,963334,466

Loan arrangement fees

16,243

16,393

462,796474,899

9,512

8,010

4,682

20,641

Recurring Profits

4,452,203

4,170,538

6.8

Income Before Income Taxes

4,452,203

4,170,538

6.8

945

981

Operating Profits
Non-Operating Revenues
Interest income
Income on settlement of management
association accounts
Other non-operating revenues

Interest expense on corporate bonds
Amortization of corporate
issuance costs
Other non-operating expensesbond

Current income taxes
Deferred income taxes

8.6

34

81

4,451,222

4,169,475

6.8

Retained Earnings Brought Forward

352

252

40.0

Retained Earnings at End of Period

4,451,575

4,169,727

6.8

Net Income

7

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Changes in Unitholders’ Equity (Jan. 1, 2008 – June 30, 2008 and Jul. 1, 2007 – Dec. 31, 2007)(‘000 Yen)
Unitholders’ capital

Retained earnings

Total

Balance as of June 30, 2007

156,725,438

4,372,752

161,098,190

Changes during the period―(203,024)(203,024)

Cash distributions paid―

(4,372,500)(4,372,500)

Net Income―

4,169,475

4,169,475

Balance as of Dec. 31, 2007

156,725,438

4,169,727

160,895,166

Changes during the period―

281,847

281,847

Cash distributions paid―

(4,169,375)(4,169,375)

Net Income―

4,451,222

4,451,222

156,725,438

4,451,575

161,177,014

Balance as of June 30, 2008

8

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Cash Flows(Jan. 1, 2008 – June 30, 2008 and Jul. 1, 2007 – Dec. 31, 2007)

Item
Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Amortization of corporate bond issuance costs
Interest income
Interest expense(Increase) decrease in rental receivables
Decrease in accrued consumption taxes refundable
Decrease (increase) in prepaid expenses
Increase in trade accounts payable
Increase in other accounts payable
Increase in accrued consumption taxes
Increase in rent received in advance
Decrease in entrusted fixed properties due to sale
Decrease in investment securities
Change in other current assets/liabilities
SubtotalInterest received
Interest paid
Income taxes paid (refunded)
Net cash provided by operating activities

13th Fiscal Period(‘000 Yen)
12th Fiscal Period(Jan. 1, 2008 –Jun. 30, 2008)(July 1, 2007 –Dec. 31, 2007)

4,452,203
1,819,525
9,512(14,869)
897,760(48,286)―
32,07569,216
23,77443,43928,010――(40,191)
7,272,168
14,869(915,997)
233,406
6,604,447

4,170,538
1,810,540
8,010(14,061)
809,365
44,096
120,563(54,116)
84,456
3,738
123,162
96,623
13,982
1,558,460(14,802)8,760,557
14,061(685,883)(230,951)
7,857,784(22,145,989)(471,016)(1,543,218)―(6,900)(6,499,695)(418,800)(6,624)(344,651)―(624,781)(139,812)

853,372445,027(174,842)(108,423)

Cash Flows from Investing Activities:
Purchases of property and equipment
Purchases of entrusted property and equipment
Purchases of intangible assets
Purchases of investment securities
Payments of leasehold and guarantee deposits
Payments of leasehold and security deposits
received
Proceeds from leasehold and security deposits
received
Payments of entrusted leasehold and security
deposits received
Proceeds from entrusted leasehold and security
deposits received
Net cash used in investing activities

203,720

241,415(23,909,654)(6,831,563)

Cash Flows from Financing Activities:
Proceeds from short-term borrowings
Repayments of short-term borrowings

20,800,000(6,008,000)

10,400,000(13,900,000)

Proceeds from long-term borrowings

16,000,000―

Repayments of long-term borrowings
Proceeds from corporate bonds―(4,783,000)
15,000,000

3,000,000―

Repayments of corporate bonds
Payments of corporate bond issuance cost
Distributions to unitholders
Net cash provided by financing activities
Net changes in cash and cash equivalents
Cash and cash equivalents at beginning of period(10,000,000)(22,632)(4,172,992)
19,596,375
2,291,168
31,297,578(88,335)(4,364,722)
2,263,942
3,290,162
28,007,415

Cash and cash equivalents at end of period

33,588,746

31,297,578

9

CONSOLIDATED

Japan Prime Realty Investment Corporation

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

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

Reference
Details of Corporate Credit Ratings as of June 30, 2008
Ratings Agency

Corporate Credit Rating (Outlook)

Rating and Investment Information, Inc.

AA－ (Stable)

Moody’s Investors Service, Inc.

A2 (Stable)

Standard & Poor’s Rating Services

A (Stable)

10

CONSOLIDATED

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of June 30, 2008)
Kanematsu Bldg.

Chuo-ku, Tokyo

Dec. 2001

16,276

% of
Total
5.9%

Kanematsu Bldg. Annex

Chuo-ku, Tokyo

Dec. 2001

2,874

1.0%

JPR Ningyo-cho Bldg.

Chuo-ku, Tokyo

Nov. 2001

2,100

0.8%

2,850

Nov. 2001

1,670

0.6%

2,169

Area Type

Property Name

Location

Shin-Kojimachi Bldg.
2nd period additional acquisition

Chiyoda-ku, Tokyo

OfficeOfficeRetailNov. 2002

550

0.2%

929

Nov. 2004

200

0.1%

322

Jun. 2002

4,000

1.5%

4,100

Mar. 2003

11,200

4.1%

19,100Gotanda First Bldg.

Shinagawa-ku, Tokyo

Jul. 2003

2,920

1.1%

4,000

Oct. 2003

1,800

0.7%

2,060

Apr. 2005

1,120

0.4%

1,080

Chiyoda-ku, Tokyo

May 2004

5,100

1.9%

5,590

Oval Court Ohsaki Mark West

Shinagawa-ku, Tokyo

Jun. 2004

3,500

1.3%

4,570

Shinjuku Square Tower

Shinjuku-ku, Tokyo

Jul. 2004

10,0003.6%

14,000BYGS Shinjuku Bldg.

Shinjuku-ku, Tokyo

Nov. 2004

2,900

Apr. 2005

8,921

4.3%

12,600Across Shinkawa Bldg. Annex

Chuo-ku, Tokyo

Nov. 2004

710

0.3%

1,090

Shinjuku Center Bldg.

Shinjuku-ku, Tokyo

Mar. 2008

21,0007.6%

20,90015,200Fukuoka Bldg.

Chuo-ku, Tokyo

JPR Shibuya Tower Records Bldg.

Shibuya-ku, Tokyo

Jun. 2003

12,000

4.4%

JPR Daikanyama

Shibuya-ku, Tokyo

Oct. 2004

2,160

0.8%

1,740

JPR Jingumae 432

Shibuya-ku, Tokyo

Mar. 2006

4,460

1.6%

4,630

Shinjuku Sanchome East Bldg.

Shinjuku-ku, Tokyo

2,740

1.0%

2,590

118,201
5,880

43.0%
2.1%

139,820
7,790
1,930

Sumida-ku, Tokyo

Mar. 2007
Apr. 2008
Nov. 2001

JPR Chiba Bldg.

Chiba, Chiba

Dec. 2001

2,350

0.9%

JPR Yokohama Nihon Odori Bldg.

Yokohama, Kanagawa

Nov. 2001

2,927

1.1%

2,770

Shinyokohama 2nd Center Bldg.

Yokohama, Kanagawa

Sep. 2002

920

0.3%

1,670
10,800

Kawaguchi Center Bldg.

Kawaguchi, Saitama

Feb. 2004

8,100

2.9%

JPR Ueno East Bldg.

Taito-ku, Tokyo

Mar. 2004

3,250

1.2%

5,690

Sep. 2005

888

0.3%

1,450

11th period additional acquisition

Tachikawa, Tokyo

Feb. 2007

2,300

0.8%

2,540

Mar. 2007

5,831

2.1%

8,290

Rise Arena Bldg.

Toshima-ku, Tokyo

Yume-ooka Office Tower

Yokohama, Kanagawa

Jul. 2007

6,510

2.4%

6,720

Tanashi ASTA

Nishitokyo, Tokyo

Nov. 2001

10,2003.7%

13,300Cupo-la Main Bldg.

Kawaguchi, Saitama

Mar. 2006

2,100

0.8%

2,810

JPR Musashikosugi Bldg.

Kawasaki, Kanagawa

Sep. 2006

7,260

2.6%

7,090

Musashiurawa Shopping Square

Saitama, Saitama

Mar. 2007

4,335

1.6%

4,410

Kawasaki Dice Bldg.

Kawasaki, Kanagawa

Apr. 2007

15,0805.5%

15,184

Niigata, Niigata

Nov. 2001

77,931
2,140

28.3%
0.8%

92,4442,260

Meiji Yasuda-Life Osaka Umeda Bldg.
Tokyo Tatemono Honmachi Bldg.

Osaka, Osaka
Osaka, Osaka

Dec. 2001
Nov. 2001

8,300
4,150

3.0%
1.5%

11,6004,280

JPR Hakata Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,900

1.1%

3,250

JPR Naha Bldg.

Naha, Okinawa

Nov. 2001

1,560

0.6%

1,720

North 33 Bldg.

Sapporo, Hokkaido

Jun. 2002

3,700

1.3%

2,960

Sompo Japan Sendai Bldg.

Sendai, Miyagi

Jun. 2002

3,150

1.1%

4,320

Sompo Japan Wakayama Bldg.

Wakayama, Wakayama

Jun. 2002

1,670

0.6%

1,970

Tenjin 121 Bldg.

Fukuoka, Fukuoka

Jun. 2002

2,810

1.0%

3,180

JPR Nagoya Sakae Bldg.

Nagoya, Aichi

Sep. 2003

4,550

1.7%

6,190

JPR Dojima Bldg.

Osaka, Osaka

Jan. 2004

2,140

0.8%

3,210

JPR Hakata-chuo Bldg.

Fukuoka, Fukuoka

Jun. 2004

1,920

0.7%

2,360

Mitsubishi UFJ Lease & Finance Nagoya
Head Office Bldg.

Nagoya, Aichi

Mar. 2005

4,137

1.5%

4,600

JPR Umeda Loft Bldg.

Osaka, OsakaMay 2003

8,000

Jul. 2003

5,000

4.7%

16,300

Shtrasse Ichibancho

Sendai, Miyagi

Feb. 2005

4,200

1.5%

3,180

Benetton Shinsaibashi Bldg.

Osaka, OsakaMay 2005

5,430

2.0%

5,660

Housing Design Center Kobe

Kobe, Hyogo

Sep. 2005

7,220

2.6%

8,100

JPR Chayamachi Bldg.

Osaka, Osaka

Aug. 2006

6,000

2.2%

5,580

78,97728.7%

90,720275,109100.0%

322,984

Subtotal
Niigata Ekinan Center Bldg.

Office3,300

Chiyoda-ku, Tokyo

Tachikawa Business Center Bldg.

Retail

17,000

Minato-ku, Tokyo

Subtotal
Arca East

Greater Tokyo

Appraisal Value(yen in millions)

MS Shibaura Bldg.

JPR Ichigaya Bldg.

Other Cities

Acquisition Price(yen in millions)

JPR Crest Takebashi Bldg.

7th period additional acquisition

RetailTokyo CBDs

6th period additional acquisition

Acquired

Subtotal
Total

11

CONSOLIDATED

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of June 30, 2008)

OfficeType

RetailTokyo CBDs

Area

OfficeRetailGreater Tokyo
Greater Tokyo

Office141

98.8%

3,827,038,601

35.3%

7,022.76㎡
5,566.59㎡
6,066.53㎡
2,641.19㎡
15,461.98㎡
6,512.45㎡
1,747.13㎡
2,980.90㎡
6,023.39㎡
12,009.75㎡
31,121.71㎡

6
29
12
13
39
8
4
15
1
35
1

100.0%
89.1%
100.0%
100.0%
98.5%
90.9%
100.0%
89.9%
100.0%
94.5%
100.0%

296,516,981
137,059,688
143,648,708
75,586,488
486,508,473
191,255,045
58,925,815
102,527,098
238,836,294
324,244,314
596,400,000

2.7%
1.3%
1.3%
0.7%
4.5%
1.8%
0.5%
0.9%
2.2%
3.0%
5.5%

Kanematsu Bldg.
Kanematsu Bldg. Annex
JPR Ningyo-cho Bldg.
Shin-Kojimachi Bldg.
2nd period additional acquisition
6th period additional acquisition
JPR Crest Takebashi Bldg.
MS Shibaura Bldg.
Gotanda First Bldg.
Fukuoka Bldg.
7th period additional acquisition
JPR Ichigaya Bldg.
Oval Court Ohsaki Mark West
Shinjuku Square Tower
BYGS Shinjuku Bldg.
Across Shinkawa Bldg. Annex
Shinjuku Center Bldg.
JPR Shibuya Tower Records Bldg.
JPR Daikanyama
JPR Jingumae 432
Shinjuku Sanchome East Bldg.

7,994.02㎡
2,291.13㎡
2,791.88㎡
2,105.44㎡
901.36㎡
312.53㎡
3,265.34㎡
14,429.09㎡
4,243.58㎡
1,250.06㎡
687.34㎡
4,186.09㎡
4,088.44㎡
10,982.03㎡
11,357.50㎡
1,253.39㎡
8,041.63㎡
8,076.85㎡
653.99㎡
1,027.33㎡
2,347.81㎡

Arca East
JPR Chiba Bldg.
JPR Yokohama Nihon Odori Bldg.
Shinyokohama 2nd Center Bldg.
Kawaguchi Center Bldg.
JPR Ueno East Bldg.
Tachikawa Business Center Bldg.
11th period additional acquisition
Rise Arena Bldg.
Yume-ooka Office Tower
Tanashi ASTA
Cupo-la Main Bldg.

*1*1

JPR Musashikosugi Bldg .
Musashiurawa Shopping Square
Kawasaki Dice Bldg.

Subtotal

Retail

92,286.83㎡

Leasable Area

Subtotal

Other Cities

9
4
22
24
4
24
1
3
5
1

Occupancy
Ratio
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
96.5%
97.1%
100.0%
97.4%
100.0%
72.1%
100.0%
100.0%

Property Name

# of
Tenants
8
1
4
7
3
1
9
8
2
1

Rental Revenue
465,038,966
109,601,562
107,555,366
75,051,430
32,087,497
12,198,589
143,301,348
582,419,771
139,327,917
64,667,520
41,468,160
191,514,134
195,762,709
319,454,545
491,804,958
51,135,189
263,846,672
345,576,000
58,968,729
97,091,160
39,166,379

% of
Total
4.3%
1.0%
1.0%
0.7%
0.3%
0.1%
1.3%
5.4%
1.3%
0.6%
0.4%
1.8%
1.8%
2.9%
4.5%
0.5%
2.4%
3.2%
0.5%
0.9%
0.4%

(yen in thousands)

5,963.00㎡

1

100.0%

126,641,455

1.2%

19,740.95㎡

1

100.0%

197,064,120

1.8%

14,960.69㎡
13,089.96㎡

3
20

100.0%
99.2%

129,061,584
484,488,831

1.2%
4.5%

150,908.98㎡

188

98.3%

3,588,764,894

33.0%

Niigata Ekinan Center Bldg.
Meiji Yasuda-Life Osaka Umeda Bldg.
Tokyo Tatemono Honmachi Bldg.
JPR Hakata Bldg.
JPR Naha Bldg.
North 33 Bldg.
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.
Tenjin 121 Bldg.
JPR Nagoya Sakae Bldg.
JPR Dojima Bldg.
JPR Hakata-chuo Bldg.

5,205.78㎡
9,600.37㎡
7,210.25㎡
6,581.15㎡
3,947.70㎡
6,642.98㎡
7,118.60㎡
4,874.91㎡
3,281.12㎡
5,461.90㎡
3,941.40㎡
3,349.57㎡

10
27
9
27
18
26
16
16
13
21
8
5

98.2%
98.4%
98.7%
97.7%
97.6%
98.9%
100.0%
91.6%
100.0%
100.0%
83.4%
92.5%

132,717,366
378,506,210
244,289,023
162,084,876
111,018,655
168,444,484
206,879,079
117,987,877
119,990,758
225,190,647
115,999,516
85,291,749

1.2%
3.5%
2.3%
1.5%
1.0%
1.6%
1.9%
1.1%
1.1%
2.1%
1.1%
0.8%

Mitsuibishi UFJ Lease & Finance
Nagoya Head Office Bldg.

7,123.07㎡

1

100.0%

190,863,398

1.8%

JPR Umeda Loft Bldg.
Shtrasse Ichibancho

18,586.97㎡
4,136.95㎡

10

100.0%
0.0%

402,411,000
221,089,658

3.7%
2.0%

Benetton Shinsaibashi Bldg.

*1

Housing Design Center Kobe
JPR Chayamachi Bldg.
Subtotal
Total*15,303.98㎡

1

100.0%

126,660,000

1.2%

35,444.13㎡

1

100.0%

267,500,004

2.5%

2,484.39㎡

8

100.0%

138,213,637

1.3%

140,295.22㎡

208

95.6%

3,415,137,937

31.5%

383,491.03㎡

537

97.5%

10,830,941,432

100.0%*1: Buildings leased to a single tenant. JPR was unable to obtain tenants' approval to the disclosure of rental information.

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Japan Prime Realty Investment Corporation

Disclaimer

This document contains a translation of selected information described in the Financial Report (Kessan Tanshin)
dated August 18, 2008 and prepared under the timely disclosure requirements of the Tokyo Stock Exchange, as
well as the Financial Statements and Performance Information Report written pursuant to the Investment Trust
Law of Japan and the Financial Instruments and Exchange Law, for the period from January 1, 2008 to June 30,
2008 of Japan Prime Realty Investment Corporation (JPR).
This English language document was provided solely for the convenience of and reference by non-Japanese
investors and is not intended to constitute a disclosure document. The Japanese language Financial Report,
Financial Statements and Performance Information Report for the aforementioned period should be referred to as
the originals of this document. English translations for legal, accounting, tax and business concepts used herein
may not convey precisely identical concepts of the equivalent Japanese terms. The figures presented in the financial
statements and other data including real estate portfolio details may differ from the Company’s Business Reports
due to rounding. With respect to any and all terms herein, including without limitation, financial statements, if there
exist any discrepancies in the meaning or interpretation thereof between the original Japanese documents andEnglish documents contained herein, the original Japanese documents will govern the meaning and interpretation.
Neither JPR, Tokyo Realty Investment Management, Inc. nor any of their respective directors, officers, employees,
partners, shareholders, agents or affiliates will be responsible or liable for the completeness, appropriateness or
accuracy of English translations or the selection of the portion(s) of any document(s) translated into English. No
person has been authorized to give any information or make any representations other than as contained in thisdocument in relation to the matters set out in this document, and if given or made, such information or
representation must not be relied upon as having been authorized by JPR, Tokyo Realty Investment Management,
Inc. or any of their respective directors, officers, employees, partners, shareholders, agents or affiliates.
The financial statements of JPR have been prepared in accordance with generally accepted accounting principles inJapan, which may materially differ in certain respects from generally accepted accounting principles in otherjurisdictions.
Many provisions of this document contain information that constitutes forward-looking statements. These
forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, andvarious factors may cause actual results to differ materially from those in the forward-looking statements.

13

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