Third Fiscal Period Results(January 1, 2003 – June 30, 2003)

August 20, 2003

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Japan Prime Realty Investment Corporation

This document contains a translation of selected information described in the Financial Report (Kessan Tanshin)
dated August 20, 2003 prepared under the timely disclosure requirements of the Tokyo Stock Exchange, as well as
the Financial Statements and Performance Information Report prepared pursuant to the Investment Trust Law ofJapan, for the period from January 1, 2003 to June 30, 2003 of Japan Prime Realty Investment Corporation (“JPR”).
This English language document was prepared 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 originalsof this document.
English translations for legal, accounting, tax and business concepts used herein may not convey precisely identicalconcepts of the equivalent Japanese terms. 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 and English documents contained herein, the original Japanese documents will govern themeaning 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 thecompleteness, 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 this document 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 (Japanese GAAP), which may materially differ in certain respects from generally accepted accounting
principles in other jurisdictions.
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, and actual
results may differ materially from those in the forward-looking statements as a result of various factors.
Contact Information:
Tokyo Realty Investment Management, Inc.
Investor Relations Group
Takeshi Maki+813-3516-1606

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Japan Prime Realty Investment Corporation is listed on the First Section of the Tokyo Stock Exchange with the securities
code number 8955. (URL http://www.jpr-reit.co.jp/jpr_e/index.html)
Board of Directors Meeting: August 19, 2003
Payment of dividends: September 1, 2003 (planned)

PERFORMANCE (January 1, 2003 – June 30, 2003)(1) Business Results(Amounts less than a million yen discarded)(Millions of yen, except per share information)

Operating
Revenues%
ChangeNet
Operating
Profits%
ChangeRecurring
Profits%
ChangeNet Income%
ChangeJun. 30, 2003

¥5,2645.9%¥2,246(1.8%)¥1,991(0.6%)¥1,990(0.6%)

Dec. 31, 2002

4,972

11.3%

2,288

17.4%

2,002

171.2%

2,001

171.6%(Yen)

EPS

Net Income/
NAV<Reference>(Annualized)

Recurring
Profits/Total Assets<Reference>(Annualized)

Recurring Profits/
Operating Revenues

Jun. 30, 2003

¥6,872

3.4%

6.8%

1.6%

3.2%

37.8%

Dec. 31, 2002

6,912

3.4%

6.8%

1.9%

3.8%

40.3%

Notes: 1. EPS is calculated based on the average number of investment units during the term, as follows
Fiscal period ended Jun. 30, 2003: 289,600 units
Fiscal period ended Dec. 31, 2002: 289,600 units
2. Changes in accounting standards: No
3. Percentages for operating revenues, net operating profits, recurring profits and net income show changes from the previous fiscal period, are rounded
to the nearest first decimal place
4. 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
5. Annualized result =For the period ended December 31, 2002:
Actual result/Actual investment days (184 days) x 365 days
For the period ended June 30, 2003:
Actual result/Actual investment days (181 days) x 365 days

(2) Cash Distributions(Millions of yen, except DPS and exceeding profit distribution per unit)

DPS

Distribution
AmountExceedingProfitDistribution Per
Unit

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution/
NAV

Jun. 30, 2003

¥6,873¥1,990——100.0%

3.4%

Dec. 31, 2002

6,912

2,001

—

—

99.9%

3.4%

–

Note: Dividend payout ratio is rounded to the nearest first decimal place.

(3) Financial Position(Millions of yen)

Total Assets

NAV

NAV Ratio

NAV Per Unit

Jun. 30, 2003

¥144,989¥58,97240.7%¥203,634

Dec. 31, 2002

106,578

58,98355.3

203,673

Note: 1. Number of units outstanding at the end of the period
Fiscal period ended Jun. 30, 2003:
289,600 units
Fiscal period ended Dec. 31, 2002:
289,600 units

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THIRD FISCAL PERIOD HIGHLIGHTS
Market Environment
Office Building Leasing
Amid a prolonged economic slump, overall demand was weak in Japan’s market for leased office space during thethird fiscal period ended June 30, 2003, owing to accelerated corporate restructuring and integration. The “Year2003 Problem,” which refers to expectations for a substantial increase in the supply of new large-scale officebuildings, is surfacing in the relatively resilient Tokyo market for leased office space. The office building market isbecoming polarized throughout Japan. Judging from recent lease market trends, tenants are moving into newer
buildings, as vacancy rates are increasing noticeably at properties in less competitive areas with aging buildings, andprime properties are enjoying lower vacancy rates with adjustments to match demand.

Commercial Facility Leasing
According to commercial facility leasing statistics from the Ministry of Economy, Trade and Industry, large-scaleretail store sales totaled approximately ¥22 trillion in fiscal year 2002, a decline of 0.8% from the previous fiscal year
(down 2.0% on a same-store basis), a narrowing from the 1.7% year-on-year decline in fiscal year 2001 (down 2.9%
on a same-store basis). At supermarket and department stores, conditions are stable relative to the decline in sales, as
fixed rents are adopted more often than sales-based leasing.

Real Estate
In the real estate market, on the supply side, companies need to improve their balance sheets by disposing of realestate to resolve non-performing assets and by introducing impairment accounting, which in turn had led to anincreasing quantity of prime real estate, including office buildings and commercial facilities, in the market. On the
demand side, investors are becoming more stringent in the selection of properties, except for some prime real estatein central Tokyo.

Acquisitions
To create a stable revenue stream from its portfolio, JPR strove to improve the balance of its portfolio and todiversify its asset holdings by geographical location and type of use. To this end, the Company worked to expand its
asset base by targeting investment in large-scale office buildings and commercial facilities in central Tokyo locations,which are expected to generate stable cash flow. In expanding its asset base, the Company makes every effort toacquire prime properties from the real estate market based on its efficient project execution capabilities and a firm
grasp of seller needs through the information gathering activities of its highly experienced staff of professional fund4

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managers.
As a result, during the fiscal period ended June 30, 2003, JPR acquired the MS Shibaura Building (unit ownership,
investment of ¥11.2 billion) on March 28 as a property that will stably contribute to earnings. In addition, JPR
acquired the beneficial interest held by Kuraray Fudosan Co., Ltd. and T.H. PROPERTYS Co., Ltd. (co-ownership
55.3%, investment of ¥8.0 billion) in the Kuraray Nissay Building, a commercial facility located in central Osakawith The Loft Co., Ltd. as a key tenant, on May 15, 2003. The Company also acquired the Jinnan 1-chome Building(investment of ¥12.0 billion) on June 30, 2003, as a commercial facility located in central Tokyo with Tower Records
Japan, Inc. as a major tenant.
These additional acquisitions totaled ¥31.2 billion on an acquisition price basis, bringing the total number of assets
held to 30 properties, total acquisition price to ¥125.7 billion, total leasable floor space to 201,808.72 square meter,
and the total number of tenants to 324. JPR believes that these acquisitions helped to improve the balance and qualityof its portfolio.
Note: The major tenant of the Jinnan 1-chome Building was The Seibu Department Stores, Ltd. on the acquisition date (June 30,2003), and changed to Tower Records Japan, Inc. on the following day (July 1).

MS Shibaura Building
Location

4-13-23 Shibaura, Minato-ku, Tokyo

Acquisition Date

March 28, 2003

Acquisition Price¥11.2 billion (excluding acquisition costs, property tax, and city planning tax)

Type of Ownership

Land: Leasehold (36.0%)
Bldg.: Unit ownership (2F〜8F/1Ｆ(Partial))/ Co-ownership (Underground parking facility)

Total Site Area

8,992.18 ㎡

Total floor area

31,020.21 ㎡

Total Leasable Floor Space

14,429.08 ㎡

Type of Structure

SRC･RC･S B2/13F

Completion Date

February 26, 1988

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Kuraray Nissay Building
Location

16-7 Chayamachi, Kita-ku, Osaka, Osaka

Acquisition Date

May 15, 2003 for portions of Kuraray Fudosan Co., Ltd. and T.H.
PROPERTYS Co., Ltd.

Acquisition Price¥8.0 billion (excluding acquisition costs, property tax, city planning tax, andconsumption tax)

Type of Ownership

Land: 2 parcels co-ownership 3,133.05 ㎡ (65.8%) (Kuraray Fudosan Co., Ltd.)
2 parcels 385.63 ㎡ (T.H. PROPERTYS Co., Ltd.)
Bldg.: Co-ownership (55.3%)

Total Site Area

3,518.68 ㎡

Total floor area

17,897.56 ㎡

Total Leasable Floor Space

10,282.31 ㎡

Type of Structure

SRC B1/8F

Completion Date

April 17, 1990

Jinnan 1-chome Building
Location

1-22-14 Jinnan, Shibuya-ku, Tokyo

Acquisition Date

June 30, 2003

Acquisition Price¥12.0 billion (excluding acquisition costs, property tax, and city planning tax)

Type of Ownership

Land: Ownership
Bldg.: Ownership

Total Site Area

1,010.47 ㎡

Total floor area

8,449.56 ㎡

Total Leasable Floor Space

8,076.85 ㎡

Type of Structure

SRC･S B3/8F

Completion Date

February 10, 1992

Notes:
1.

Total site area and total floor area include areas held by other owners and joint owners

2.

Total leasable floor space is the area owned by JPR, including floor space under co-ownership, at buildings and facilities thatis leasable for offices, stores and warehouses on a contractual basis.

3.

Type of structure uses the following abbreviations. S = steel structure, RC = reinforced concrete, SRC = steel reinforced
concrete

4.

JPR acquired the remaining beneficial interest in the Kuraray Nissay Building from the Nippon Life Insurance Company on
July 16, 2003, thus JPR acquired all ownership rights to land and buildings. Refer to Subsequent Events at the end of thisreport for details on the additional acquisition.
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Debt Financing
JPR procures capital to steadily expand assets in line with its conservative financial strategy. The balance of total
outstanding debt as of June 30, 2003 was ¥69.5 billion, compared with ¥38.9 billion as of December 31, 2002. Of thisamount, 57.6% is medium to long-term interest-bearing debt with a maturity of more than one year to reduce
exposure to the risk of potential increases in interest rates. The average maturity is 5.1 years (see note 1). The averageinterest rate during the fiscal period ended June 30, 2003 was 1.2% (see note 2). The interest-bearing debt ratio was
54.9% (see note 3) and the interest-bearing debt to total assets ratio was 47.9% (see note 4).

Notes:
1.

Medium to long-term interest-bearing debt is interest-bearing debt with terms of more than one year. The average maturity of
medium to long-term interest-bearing debt is calculated using the weighted average of each debt over the number of years to
repayment starting at the end of the fiscal period ended June 30, 2003. The balance of outstanding medium to long-term
interest-bearing debt stood at ¥40.0 billion as of June 30, 2003.

2.

Average interest rate is the weighted average interest rate of outstanding debt as of June 30, 2003.

3.

Interest-bearing debt ratio (%) = Interest-bearing debt / (Interest-bearing debt + Total unitholders’ equity) x 100
Total unitholders’ equity was ¥56,982 million.

4.

Interest-bearing debt to total assets ratio (%) = Interest-bearing debt / Term-end total assets x 100
Total assets as of June 30, 2003 was ¥144,989 million.

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FORECASTS FOR FOURTH FISCAL PERIOD ENDING DECEMBER 31, 2003
(Millions of yen, except DPS and exceeding profit distribution per unit)

Operating
Revenues

Net
Operating
Profits¥6,128¥2,738Fourth Fiscal
Period Ending
December 31,
2003

RecurringDPS
Net Income(excluding exceeding
profit distribution per unit)

Exceeding Profit
Distribution Per
Unit¥2,408¥5,600—

Profits¥2,251

Reference: Estimated EPS for the fiscal period: ¥5,600
The above-mentioned forecasts are based on “Assumptions for the Fourth Fiscal Period Forecast (from July 1, 2003 to December 31, 2003)” in the Financial
Report as described below. Actual results will be subject to market conditions, and the forecasts do not guarantee any cash distribution amounts

Assumptions for Fourth Fiscal Period Forecast(from July 1, 2003 to December 31, 2003)
Item
Calculation period

Properties owned

Investment unit issued

Interest-bearing debt ratio

Operating costs and expenses

Cash Distribution

Assumption
From July 1, 2003 to December 31, 2003 (184 days).
As of June 30, 2003 the Company owned 30 properties. The Company purchased the beneficiary interest to the Kuraray
Nissay Building on July 16, 2003, and acquired the Gotanda First Building on July 23, 2003. The Company plans topurchase the Nagoya Kowa Building on September 1, 2003. (The Kuraray Nissay Building is treated as one property,
including the beneficiary interest portion acquired on May 15, 2003.)
Forecasts take into account profit gains on the planned sale of the Yasuda-Life Tenroku Building on September 3,
2003, and the resulting decline in revenues thereafter.
Actual numbers may change due to the acquisition or sale of properties.
Calculations assume 430,000 investment units issued and outstanding as of December 31, 2003, reflecting the 289,600
investment units outstanding as of June 30, 2003, and the additional issuance of 140,400 investment units in July andAugust 2003.
As of June 30, 2003, interest-bearing debt was approximately 54.9% (unitholders’ equity of ¥56.982 billion, short-term
debt of ¥29.5 billion, long-term debt of ¥40.0 billion). A portion of the funds raised from the issuance of new
investment units in July and August 2003, however, was used for the acquisition of additional beneficiary interest in the
Kuraray Nissay Building, the acquisition of the Gotanda First Building and the repayment of short-term debt (¥20.8
billion). Moreover, the Company plans to acquire the Nagoya Kowa Building with funds on hand and short-term debt(¥2.4 billion). We anticipate an interest-bearing debt ratio of 36.4% after these transactions.
The following formula is used for the interest-bearing debt ratio found in the table:
Interest-bearing debt ratio = Interest-bearing debt / (Interest-bearing debt + Unitholders’ equity) X 100
Fixed asset tax and urban planning tax incurred on property purchased after January 1, 2003, (MS Shibaura Building,
Kuraray Nissay Building, Jinnan 1-chome Building, Gotanda First Building and Nagoya Kowa Building) are includedin the acquisition price, and not charged as operating expenses. (However, fixed asset tax and urban planning tax
charged to the owner on January 1, 2004, are accounted for as operating expenses in the fiscal period ending June 30,
2004.)
Forecasts assume the distribution of an amount in excess of 90% of net income available for distribution, limited to theamount of profit. Forecasts also assume that there will be no distribution in excess of profit, in accordance withcorporate policy.

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Statement of Income and Retained Earnings (January 1, 2003 - June 30, 2003)(JPY in Thousands)
Item

Operating Revenues
Rental revenues
Non-rental revenues
Operating Expenses
Property management fees
Utility expenses
Property and other taxes
Casualty insurance
Repairs and maintenance
Other rental expenses
Property Net Operating Income (NOI)
Depreciation
Operating Profits
Asset management fees
Administrative service fees
Other operating expenses
Net Operating Profits
Non-Operating Revenues
Interest received
Other non-operating revenues

Non-Operating Expenses
Interest expense
Loan arrangement fees
Other non-operating expenses

Recurring Profits
Income Before Income Taxes
Income Taxes
Net Income
Retained Earnings Brought Forward
Retained Earnings at End of Period

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3rdPeriod

2nd Period(Jan. 1, 2003 –Jun. 30 2003)
5,264,525
4,898,820
365,705
1,658,694
125,111379,307425,826
34,194
116,158
578,098
3,605,831
894,606
2,711,225
243,468
51,077
170,2112,246,469
80,719(Jul. 1, 2002 –Dec. 31, 2002)
4,972,930
4,568,144
404,786
1,484,112
104,500
444,611
336,958
34,261
52,400511,382
3,488,818
823,336
2,665,482
236,635
65,51975,184
2,288,144
13,16891
80,628

1,092
12,076

335,842

298,463

320,685
15,147
10

274,087
19,393
4,983

1,991,346
1,991,346
969
1,990,377
122
1,990,499

2,002,849
2,002,849
1,051
2,001,798
40
2,001,838%Change

5.9%

11.8%

3.4%
1.7%

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Balance Sheets (as of June 30, 2003)
Assets(JPY in Thousands)rdnd

End of 3 Period

End of 2 Period(as of Jun. 30, 2003)(as of Dec. 31, 2002)

Cash and bank deposits

1,420,448

2,146,711

Entrusted cash and deposits

17,683,380

10,011,150

Rental receivables

63,77460,094

Consumption tax refundable

127,735-

Prepaid expenses

105,631

98,84318

2254,416

2,692

19,455,402

12,319,512

658,985629,685

Entrusted buildings

52,723,526

45,057,409

Entrusted structures

7,197

2,715

Machinery and equipment

11,227

11,227

1,003,985

969,280

290

-

8,295

873

331,677

325,39373,271,619

48,849,915

16,882

11,928(2,518,883)(1,624,277)

125,514,800

94,234,148

Deposits

10,10010,100Long-term prepaid expenses

9,177

14,702

Total Investments and Other Assets

19,27724,802(22.3%)

Total Fixed Assets

125,534,077

94,258,950

33.2%

Total Assets

144,989,479

106,578,462

36.0%

Item

% Change

Current Assets

Deferred tax assets
Other current assets
Total Current Assets

57.9%

Fixed Assets
Property and equipment
Buildings

Entrusted machinery and equipment
Tools, furniture and fixtures
Entrusted tools, furniture and fixtures
Land
Entrusted land
Entrusted construction in progress
Less accumulated depreciation
Total Property and Equipment

33.2%

Investments and Other Assets

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Balance Sheets (as of June 30, 2003)
Liabilities(JPY in Thousands)rdnd

End of 3 Period

End of 2 Period(as of Jun. 30, 2003)(as of Dec. 31, 2002)

Trade accounts payable

772,249

434,007

Accounts payable

330,772

264,850

Short-term debt

29,500,000

3,930,000

Accrued expenses

32,363

7,296

948

822

531,244339,236-

79,95931,167,576

5,056,170

40,000,000

35,000,000

122,115

128,196

14,727,289

7,410,258

Total Long-Term Liabilities

54,849,404

42,538,454

28.9%

Total Liabilities

86,016,980

47,594,624

80.7%

56,982,000

56,982,000

Retained earnings

1,990,499

2,001,838

Total Unitholders’ Equity

58,972,499

58,983,838(0.0%)

Total Liabilities and Unitholders’ Equity

144,989,479

106,578,462

36.0%

Item

% Change

Current Liabilities

Accrued income taxes
Rents received in advance
Other current liabilities
Total Current Liabilities

516.4%

Long-Term Liabilities
Long-term debt
Deposits received from tenants
Entrusted deposits received from tenants

Unitholders’ Equity
Unitholders’ capital, 5,000,000 units
authorized, and 289,600 units issued

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Statement of Cash Flows (January 1, 2003 - June 30, 2003)rd

3 Period(Jan. 1, 2003 –Jun. 30 2003)

Item
Cash Flows from Operating Activities
Income before income taxes
Depreciation
Interest income
Interest expense
Increase in Rent receivables
Decrease (Increase) in consumption tax refundable
Increase in prepaid expenses
Increase (Decrease) in trade accounts payables
Increase (Decrease) in accounts payable
Increase (Decrease) in Accrued taxes
Increase in rents received in advance
Increase (Decrease) in deposits received from tenants
Change in other current assets/liabilities
SubtotalInterest received
Interest paid
Income taxes paid
Net cash provided by operating activities(JPY in Thousands)
2nd Period(Jul. 1, 2002 –Dec. 31, 2002)

1,991,346
894,606(91)
320,685(3,681)(127,735)(6,788)338,243
86,155(41,770)
192,008(38,189)(46,198)
3,558,591
91(295,619)(840)
3,262,223

2,002,849
823,336(1,093)274,087(21,636)
596,493(24,463)(274,196)(207,369)(5,632)
2,693(287,182)
5,112
2,882,999
1,093(274,424)(1,600)2,608,068

Cash Flows from Investing Activities
Purchases of property and equipment
Purchases of entrusted property and equipment
Payment of leasehold and security deposits received
Proceeds from leasehold and security deposits received
Payment of entrusted leasehold and security deposits received
Proceeds from entrusted leasehold and security deposits received
Payment of leasehold and security deposits
Net cash used in investing activities(35,874)(32,139,384)(21,338)
15,256(369,597)
7,686,629(24,864,308)(966,304)(1,719,557)(7,674)
135,870(234,488)
271,352(100)(2,520,901)

Cash Flows from Financing Activities
Proceeds from short-term borrowings
Repayment of short-term borrowings
Proceeds from long-term borrowings
Distributions to unitholders
Net cash provided by financing activities
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at beginning of Period
Cash and Cash Equivalents at end of Period

27,570,000(2,000,000)
5,000,000(2,021,948)
28,548,052
6,945,967
12,157,861
19,103,828

1,930,000(701,784)
1,228,216
1,315,383
10,842,478
12,157,861

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Subsequent Events
Additional Issue of New Investment Units
JPR decided in a Board of Directors meeting held on June 17, 2003, to issue new investment units as follows. The
issuance payments were completed on July 14 and August 8, 2003 under the conditions stated below. As a result,unitholders’ equity totaled ¥89,113,803,600 and the number of issued and outstanding investment units were
430,000 units as of August 9, 2003.
① Primary Offering for the Additional Issue of New Investment Units(1) Total number of units to be issued 134,400(2) Offer price¥237,160 per unit

(3) Total amount of offer price¥31,874,304,000(4) Purchase price¥228,859 per unit

(5) Gross proceeds¥30,758,649,600(6) Closing dateJuly 14, 2003
(7) Starting date of computation for cash distribution of the 4th fiscal period July 1, 2003

② Third-party Allotment (Greenshoe option)(1) Total number of units to be issued 6,000(2) Purchase price¥228,859 per unit

(3) Gross proceeds¥1,373,154,000(4) Third party
Mizuho Securities Co., Ltd.
(6) Closing dateAugust 8, 2003
(7) Starting date of computation for cash distribution of the 4th fiscal period July 1, 2003

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Reference
1. Asset Acquisitions and Divestitures(1) JPR has acquired the following properties. Details as of the acquisition date are as follows.
Kuraray Nissay Building
Location

16-7 Chayamachi, Kita-ku, Osaka, Osaka

Acquisition Date

July 16, 2003 for a portion of Nippon Life Insurance Company

Acquisition Price¥5.0 billion (excluding acquisition costs, property tax, city planning tax, andconsumption tax)

Type of Ownership

Land: 2 parcels co-ownership 3,133.05 ㎡ (34.2%)
Bldg.: Co-ownership (44.7%)
JPR acquired the remaining beneficial interest in the Kuraray Nissay Building from the
Nippon Life Insurance Company on July 16, 2003, thus JPR acquired all ownershiprights to land and buildings.

Total Site Area

3,518.68 ㎡

Total floor area

17,897.56 ㎡

Total Leasable Floor Space

8,304.66 ㎡

Type of Structure

SRC B1/8F/

Completion Date

April 17, 1990

Gotanda First Building
Location

2-8-1 Nishigotanda, Shinagawa-ku, Tokyo

Acquisition Date

July 23, 2003

Acquisition Price¥2.92 billion (excluding acquisition costs, property tax, and city planning tax)

Type of Ownership

Land: Co-ownership (61.8%)
Bldg.: Unit ownership (B1, 1F(Partial), 6F〜11F)

Total Site Area

1,551.19 ㎡

Total floor area

10,553.34 ㎡

Total Leasable Floor Space

4,240.98 ㎡

Type of Structure

SRC･RC B2/11F

Completion Date

July 28, 1989

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Japan Prime Realty Investment Corporation(2) JPR has agreed to purchase the following property. Details as of the contract signing date are as follows.
Nagoya Kowa Building
Location

Property 1: 3-24-24 Nishiki, Naka-ku, Nagoya
Property 2: 3-24-27 Nishiki, Naka-ku, Nagoya

Contract Date

August 8, 2003

Planned Acquisition Date

September 1, 2003

Acquisition Price¥4.55 billion (excluding acquisition costs, property tax, and city planning tax)

Type of Ownership

Land: ownership
Bldg.: ownership

Total Site Area

Property 1: 761.84 ㎡

Property 2: 230.47 ㎡

Total floor area

Property 1: 7,174.31 ㎡

Property 2: 86.34 ㎡

Total Leasable Floor Space

5,461.90 ㎡

Type of Structure

Property 1: S B1/11F

Property 2: S 1F

Completion Date

Property 1: January 31, 2003

Property 2: December 25, 1986

2. Sale of Properties
JPR has signed an agreement to sell the following property. Details are current as of the contract signing date.
Yasuda-Life Tenroku Building
Location

12-24, Naniwa-cho, Kita-ku, Osaka, Osaka

Contract Date

August 8, 2003

Planned Sale Date

September 3, 2003

Sale Price¥600 million (excluding acquisition costs, property tax, and city planning tax)

Type of Ownership

Land: Ownership
Bldg.: Ownership

Total Site Area

642.06 m2

Total floor area

3,851.23 m2

Total Leasable Floor Space

2,395.12 m2

Type of Structure

SRC B1/8F

Completion Date

June 26, 1991

Notes:
1.

Total site area and total floor area include areas held by other owners and joint owners.

2.

Total leasable floor space is the area owned by JPR, including floor space under co-ownership, at buildings and facilities thatis leasable for offices, stores and warehouses on a contractual basis.

3.

Type of structure uses the following abbreviations. S = steel structure, RC = reinforced concrete, SRC = steel reinforced
concrete

4.

For the Nagoya Kowa Building, property 2 is the parking facility for property 1.
15

CONSOLIDATED

Japan Prime Realty Investment Corporation

Real estate portfolio after property acquisition (as of June 30, 2003)
Area

Tokyo
CBDs

Location

Acquired

OfficeKanematsu Bldg.

Chuo-ku, Tokyo

Dec. 2001

16,27612.9%

15,600

OfficeKanematsu Bldg. Annex

Chuo-ku, Tokyo

Dec. 2001

2,874

2.3%

2,570

OfficeYasuda-Life Ningyo-cho Bldg.

Chuo-ku, Tokyo

Nov. 2001

2,100

1.7%

1,920

Nov. 2001

1,670

1.3%

OfficeShin-Kojimachi Bldg.

Chiyoda-ku, Tokyo

Nov. 2002

550

0.4%

2,220

1.8%

2,250

OfficeCrest Yasuda Bldg.

Chiyoda-ku, Tokyo

Jun. 2002

4,000

3.2%

3,640

OfficeMS Shibaura Bldg.

Minato-ku, Tokyo

Mar. 2003

11,2008.9%

12,000RetailJinnan 1-chome Bldg.

Shibuya-ku, Tokyo

Jun. 2003

12,0009.5%

12,00050, 670

40. 3%

49, 980

OfficeArca East

Sumida-ku, Tokyo

Nov. 2001

5,880

4.7%

6,090

OfficeJPR Chiba Bldg.

Chiba, Chiba

Dec. 2001

2,350

1.9%

2,220

OfficeAsahi-Life Yokohama Nihon
Odori Bldg.

Yokohama,
Kanagawa

Nov. 2001

2,927

2.3%

2,831

OfficeYasuda-Life Ikebukuro Bldg.

Toshima-ku, Tokyo

Jun. 2002

2,040

1.6%

2,040

OfficeShinyokohama 2nd Center
Bldg.

Yokohama,
Kanagawa

Sep. 2002

920

0.7%

1,080

RetailTanashi ASTA

Nishitokyo, Tokyo

Nov. 2001

10,200

8.1%

10,860RetailTsurumi fuga 1

Yokohama,
Kanagawa

Nov. 2001

3,040

2.4%

3,187

27, 357

21. 7%

28, 308

Subtotal

Other
CitiesAppraisal Valueas of Jun. 30, 2003
(Yen in millions)

Property Name

Subtotal

GreaterTokyo

Acquisition Price% of Total(yen in millions)

Type

OfficeNiigata Ekinan Center Bldg.

Niigata, Niigata

Nov. 2001

2,140

1.7%

2,150

OfficeYasuda-Life Osaka Bldg.

Osaka, Osaka

Dec. 2001

8,300

6.6%

8,600

OfficeYasuda-Life Tenroku Bldg.

Osaka, Osaka

Nov. 2001

418

0.3%

554

OfficeTokyo Tatemono Honmachi
Bldg.

Osaka, Osaka

Nov. 2001

4,150

3.3%

4,170

OfficeAsahi-Life Takamatsu 2nd
Bldg.

Takamatsu, Kagawa

Nov. 2001

872

0.7%

800

OfficeJPR Takamatsu Bldg.

Takamatsu, Kagawa

Dec. 2001

2,130

1.7%

1,510

OfficeYasuda-Life Hakata Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,900

2.3%

2,740

OfficeAsahi-Life Fukuoka 3rd/4th
Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,873

2.3%

2,799

OfficeYasuda-Life Naha Bldg.

Naha, Okinawa

Nov. 2001

1,560

1.2%

1,610

OfficeNorth 33 Bldg.

Sapporo, Hokkaido

Jun. 2002

3,700

2.9%

3,370

OfficePark East Sapporo

Sapporo, Hokkaido

Jun. 2002

2,150

1.7%

2,230

OfficeSompo Japan Sendai Bldg.

Sendai, Miyagi

Jun. 2002

3,150

2.5%

3,230

OfficeSompo Japan Wakayama
Bldg.

Wakayama,
Wakayama

Jun. 2002

1,670

1.3%

1,670

OfficeTenjin 121 Bldg.

Fukuoka, Fukuoka

Jun. 2002

2,810

2.2%

2,670

OfficeSK Hiroshima Bldg.

Hiroshima,
Hiroshima

Oct. 2002

947

0.8%

986

RetailKuraray Nissay Bldg.

Osaka, Osaka

May. 2003

8,000

6.4%

7,830

Subtotal
Total

1647, 770

38. 0%

46, 919

125, 797

100. 0%125, 207

CONSOLIDATED

Japan Prime Realty Investment Corporation

Real estate portfolio after property acquisition (as of June 30, 2003)
Area

Tokyo
CBDs

Greater
Tokyo

Type

Property Name

Leasable Area

# of
Tenants

Occupancy

Rental Revenue(yen in thousands)% of Total

OfficeKanematsu Bldg.

7,958.59㎡

10

87.4%

480,094

9.1%

OfficeKanematsu Bldg. Annex

2,291.13㎡

1

100.0%

105,471

2.0%

OfficeYasuda-Life Ningyo-cho Bldg.

2,784.78㎡

4

100.0%

106,390

2.0%

2,105.44㎡

7

91.7%

79,976

1.5%

OfficeShin-Kojimachi Bldg.

100.0%

31,716

0.6%

94.2%

111,692

2.1%

Crest Yasuda Bldg.

3,265.34㎡

6

63.5%

113,200

2.2%

OfficeMS Shibaura Bldg.

14,429.08㎡

6100.0%

316,769

6.0%

RetailJinnan 1-chome Bldg.

8,076.85㎡

1

100.0%−−

Subtotal

41, 812.57㎡

38

94.3%

1,233, 616

23.4%

OfficeArca East

7,050.10㎡

4

100.0%

348,877

6.6%

OfficeJPR Chiba Bldg.

5,557.05㎡

25

83.7%

154,995

3.0%

OfficeAsahi-Life Yokohama Nihon
Odori Bldg.

6,066.56㎡

8

88.0%

132,901

2.5%

OfficeYasuda-Life Ikebukuro Bldg.

4,535.03㎡

6

61.5%

86,011

1.6%

OfficeShinyokohama 2nd Center
Bldg.

2,641.43㎡

10

96.0%

71,913

1.4%

RetailTanashi ASTA

31,121.71㎡

1100.0%

672,182

12.8%

RetailTsurumi fuga 1

9,578.60㎡

1

100.0%

153,279

2.9%

66, 550.48㎡

55

94.8%

1,620, 158

30.8%

OfficeNiigata Ekinan Center Bldg.

5,206.82㎡

16

100.0%

133,123

2.5%

OfficeYasuda-Life Osaka Bldg.

9,588.17㎡

20

100.0%

378,719

7.2%

OfficeYasuda-Life Tenroku Bldg.

2,395.12㎡

6100.0%

58,051

1.1%

OfficeTokyo Tatemono Honmachi
Bldg.

7,210.25㎡

10

98.6%

262,239

5.0%

OfficeAsahi-Life Takamatsu 2nd
Bldg.

2,518.31㎡

18

74.5%

52,6381.0%

OfficeJPR Takamatsu Bldg.

5,036.78㎡

20

76.7%

98,551

1.9%

OfficeYasuda-Life Hakata Bldg.

6,568.80㎡

26

86.4%

157,285

3.0%

OfficeAsahi-Life Fukuoka 3rd/4th
Bldg.

8,439.77㎡

15

92.2%

207,809

3.9%

OfficeYasuda-Life Naha Bldg.

3,947.07㎡

14

97.3%

114,893

2.2%

OfficeNorth 33 Bldg.

6,642.76㎡

16

83.0%

198,872

3.8%

OfficePark East Sapporo

7,646.59㎡

19

82.1%

168,582

3.2%

OfficeSompo Japan Sendai Bldg.

7,046.44㎡

10100.0%

207,222

3.9%

OfficeSompo Japan Wakayama
Bldg.

4,892.17㎡

16

96.8%

124,837

2.4%

OfficeTenjin 121 Bldg.

3,292.02㎡

10

91.5%

118,553

2.2%

OfficeSK Hiroshima Bldg.

2,732.29㎡

14

72.0%

62,205

1.2%

RetailKuraray Nissay Bldg.

10,282.31㎡

1100.0%

67,172

1.3%

93, 445. 67㎡

231

92. 2%

2, 410, 751

45. 8%

201, 808. 72㎡

324

93. 5%

5, 264, 525

100. 0%Subtotal
T otal3
10

OfficeSubtotal

Other
Cities901.36㎡
3,006.80㎡

17

CONSOLIDATED