Fourth Fiscal Period Results(July 1, 2003 – December 31, 2003)

February, 2004

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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
February 17, 2004 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 of Japan, forthe period from July 1, 2003 to December 31, 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 andis not intended to constitute a disclosure document. The Japanese language Financial Report, Financial Statements andPerformance 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 identicalconcepts of the equivalent Japanese terms. The figures presented in the financial statements may differ from theCompany’s Financial Report (Kessan Tanshin) 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 and English 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 inthis 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 in Japan(Japanese GAAP), 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, 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

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: February 17, 2004
Payment of Dividends: March 3, 2004 (planned)

PERFORMANCE (July 1, 2003 – December 31, 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%
ChangeDec 31, 2003

6,421

22.0%

2,933

30.6%

2,468

24.0%

2,467

24.0%

Jun. 30, 2002

5,264

5.9%

2,246

(1.8%)

1,991(0.6%)

1,990(0.6%)
(Yen)

EPS

Net
Income/NAV<Reference>(Annualized)

Recurring
Profits/Total Assets<Reference>(Annualized)

Recurring Profits/
Operating Revenues

Dec. 31, 2003

5,895

3.3%

6.5%

1.6%

3.2%

38.4%

Jun. 30, 2002

6,872

3.4%

6.8%

1.6%

3.2%

37.8%

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, 2003:
418,502 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 beginningand end of the period
5.
Annualized result =For the period ended June 30, 2003:
Actual result/Actual investment days (181 days) x 365 days
For the period ended December 31, 2003:
Actual result/Actual investment days (184 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

Dec. 31, 2003

5,738

2,467

―

―

99.9%

3.3%

Jun. 30, 2002

6,873

1,990

―

―

100.0%

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

Dec. 31, 2003

156,576

91,581

58.5%

212,979

Jun. 30, 2002

144,989

58,97240.7%

203,634

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, 2003:
430,000 units

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FOURTH FISCAL PERIOD HIGHLIGHTS

Market Environment
Office Building Leasing
Tokyo’s market for leased office space remained weak during the period under review, reflecting theprolonged slump in demand. Difficult conditions were exacerbated by the “Year 2003 Problem,” which
continued to drive up vacancy rates and exert downward pressure on lease rentals. Despite expectations
that the upswing in vacancy rates will plateau as the impact of new building completions begins to settle,
there are concerns that the effects of the oversupply of leased office space will shift from large-scalebuildings to medium- and small-sized properties. In certain areas of Greater Tokyo and some portions ofother major cities the markets for leased office space remained strong during JPR’s fourth fiscal period.
Overall conditions were harsh, however, characterized by vacancy increases and rent decreases, impacted
by a spate of business restructuring and corporate integration-driven relocation.
Commercial Facility Leasing
Signs of a recovery in Japanese consumer spending that emerged mid-year gave way in the second half toa subdued consumer mindset, fanned by uncertainties concerning future economic trends and anxiety
over social welfare and pensions. Making matters worse, the continued opening of large-scale retail storesnationwide has placed increasing pressure on the market for leased commercial facility space. Against thisbackdrop, rents are increasing in the upmarket commercial districts of Tokyo’s central business districts(CBDs), such as Ginza and Aoyama, buoyed by the presence of prominent brand stores and a willingness
on the part of retailers to open flagship stores in these areas. In addition, rents have fared comparatively
well amid the growing shift from suburban to urban Tokyo by large-scale home appliance stores, home
centers and shopping centers. In suburban areas, new store rents have begun to fall, reflecting the limited
number of store openings, signs of a drop in the level of competition, and lower property andconstruction costs. Concerns are also evident as pressure mounts for rent reductions at the time ofcontract renewal due to the year-on-year drop in existing store sales.
Real Estate
In the real estate market, property sales have picked up owing to corporate restructurings, moves byfinancial institutions to resolve the non-performing loans issue, the introduction of asset-impairment
accounting, and other factors. On the demand side, investors are becoming increasingly stringent in theselection of properties, and the trend toward a polarized market is becoming more prominent.
Acquisitions and Sales
Under these circumstances, JPR strove to create a stable revenue stream, improve the balance of its
portfolio, and to diversify its asset holdings by geographical location and type of use. To this end, basedon strict selection criteria the Company acquired prime office buildings that are expected to generate
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stable cash flow. In the fiscal period under review, JPR increased its ownership in the Kuraray Nissay
Building on July 16, 2004 for an investment of ¥5.0 billion. In addition, the Company acquired theGotanda First Building (co-ownership, investment of ¥2.92 billion) on July 23, the Nagoya Kowa
Building (investment of ¥4.55 billion) on September 1, and the Fukuoka Building (unit ownership,co-ownership, investment of ¥1.80 billion) on October 15. Meanwhile, JPR sold the Yasuda-Life
Tenroku Building for ¥0.6 billion on September 3, 2004 (Note: For further details, please refer to theProperty Portfolio Asset Management―Value-Enhanced Properties section).
Following these activities, as of December 31, 2003, JPR held 32 properties, totaling ¥139.64 billion on
an acquisition price basis, with total leasable floor space of 218,734.67 square meters, and 357 tenants.
Kuraray Nissay Building
Location
Acquisition Date
Acquisition Price
Type of Ownership
Total Site Area
Total Floor Area
Total Leasable Floor Space

16-7, Chayamachi, Kita-ku, Osaka-shi, Osaka
July 16, 2003
¥13.0 billion (excluding acquisition costs, property tax, and city
planning tax)
Co-ownership
3,518.68 ㎡
17,897.56 ㎡
18,586.97 ㎡

Type of Structure
Completion Date

SRC, B1/8F
April 17, 1990

Gotanda First Building
Location
Acquisition Date
Acquisition Price

Total Site Area
Total Floor Area
Total Leasable Floor SpaceType of Structure

2-8-1, Nishigotanda, Shinagawa-ku, Tokyo
July 23, 2003
¥2.92 billion (excluding acquisition costs, property tax, and city
planning tax)
Land: Co-ownership (61.8%)
Bldg.: Unit ownership (B1, 1Ｆ(Partial), 6F-11F)
1,551.19 ㎡
10,553.34 ㎡
4,240.98 ㎡
SRC･RC･B2/11F

Completion Date

July 1989

Type of Ownership

Nagoya Kowa Building
Location
Acquisition Date
Acquisition Price

3-24-24, Nishiki, Kaka-ku, Nagoya
September 1, 2003
¥4.5 billion (excluding acquisition costs, property tax, and city
planning tax)
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Type of Ownership
Total Site Area
Total Floor Area
Total Leasable Floor SpaceType of Structure
Completion Date

Land: Ownership
Bldg.: Ownership
992.31 ㎡
7,260.65 ㎡
5,461.90 ㎡
S B1/11F
Property 1:January 31, 2003
Property 2: December 25, 1986

Fukuoka Building
Location

2-8-17, Yaesu, Chuo-ku, Tokyo

Acquisition Date

October 15, 2003

Acquisition Price¥1.8 billion (excluding acquisition costs, property tax, and city
planning tax)

Type of Ownership

Land: Co-ownership (14.3%)
Bldg.: Unit ownership (6F, 10Ｆ(Partial))

Total Site Area

1,302.17 ㎡

Total Floor Area

11,627.74 ㎡

Total Leasable Floor Space

1,250.05 ㎡

Type of Structure

SRC B2/10F

Completion Date

May 31, 1990

Yasuda-Life Tenroku Building
Location
Sales Date
Sales Price
Type of Ownership
Total Site Area
Total Floor Area
Total Leasable Floor Space12-24, Naniwa-cho, Kita-ku, Osaka, Osaka
September 3, 2003
¥600 million (excluding acquisition costs, property tax, and city
planning tax)
Ownership
642.06 ㎡
3,851.23 ㎡
2,395.12 ㎡

Type of Structure
Completion Date

SRC B1/8F
June 26, 1991

Property Portfolio Asset Management
Implementing Property Management Evaluation
Each year in July, JPR evaluates the performance and capabilities of its property management companies(PMs), excluding retail facilities. To this end, STB Research Institute, an independent third-party, iscommissioned to conduct a detailed evaluation survey, which covers a total of 83 categories. For theperiod under review, the Company was generally satisfied with the performance of property managementcompanies. Areas for improvement were relayed back to each PM with the aim of further strengthening
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the management structure and raising the level of tenant services.
Occupancy Rate
The market for leased office space remains mired in a prolonged slump. Despite efforts to improve
competitiveness through selective renovation, repairs and maintenance, and wide-ranging measures tocultivate new tenants, the property portfolio occupancy rate stood at 92.7% as of December 31, 2003,
down 0.8 of a percentage point from the end of the previous period.
Cost Reductions
JPR surpassed its original cost-cutting target for outsourcing expenses as a percentage of its entire
portfolio. For the third and fourth fiscal periods, the Company achieved a reduction of 3.5% on acontract basis, against an original target of 3% (contract base for property holdings as of the end of thesecond fiscal period).
Value-Enhanced Properties
A percentage of JPR’s property portfolio is comprised of real estate offering high profitability andpotential for substantial capital gain. One such property was the Yasuda-Life Tenroku Building, which
was sold by the Company during the period under review. Purchased in November 2001, this building
had an occupancy rate of 55%. In the ensuing period, JPR raised the occupancy rate to 100%, undertook
appropriate repairs and maintenance, and successfully realized a gain from property transfer of ¥170
million.
In addition, renovations to the JPR Ikebukuro Building (formerly the Yasuda-Life Ikebukuro Building)remain on track, with completion scheduled for April 2004.
Funds Procurement
In its fourth fiscal period, JPR procured funds totaling ¥32.13 billion through the issue of additional
investment units, and continued with efforts to enhance borrowing capacity and to reinforce its financial
position. Based on its fundamental policy to secure financial stability, the Company procured funds withthe aim of steadily expanding its property portfolio. As a result, the balance of total outstanding debt as ofDecember 31, 2003 stood at ¥52.47 billion, down from ¥69.5 billion at the previous period-end. In aneffort to reduce exposure to the risk of potential increases in interest rates, 75.4% of this amount islong-term interest-bearing debt with a maturity of more than one year (average maturity 4.6 years, seeNote 1). The average interest rate during the fiscal period ended December 31, 2003 was 1.3% (see Note2). The interest-bearing debt ratio was 37.1% (see Note 3), and the interest-bearing debt to total assets
ratio was 33.5% (see Note 4).
Notes:
１. Average maturity of long-term interest-bearing debt, which is interest-bearing debt with a maturity ofmore than one year, is calculated using the weighted average of each debt over the number of years to
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repayment starting at the end of the fiscal period ended December 31, 2003. The balance ofoutstanding long-term interest-bearing debt stood at ¥39.57 billion as of December 31, 2003.
２. Average interest rate is the weighted-average interest rate of outstanding debt as of December 31,
2003.
３. Interest-bearing debt ratio (%) = Interest-bearing debt / (Interest-bearing debt + Total unitholders’equity) x 100
Total unitholders’ equity was ¥89.11 billion as of December 31, 2003.
４. Interest-bearing debt to total assets ratio (%) = Interest-bearing debt ¥ Period-end total assets x 100
Total assets as of December 31, 2003 were ¥156.57 billion.

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FORECASTS FOR FIFTH FISCAL PERIOD ENDING JUNE 30, 2004
(Millions of yen, except DPS and exceeding profit distribution per unit)

Operating
Revenues

Net
Operating
Profits

６，６８６

２,８８７

Fifth Fiscal PeriodEnding June 30,
2004

Recurring
Profits

２,４０９

DPS
Net Income(excluding exceeding profit
distribution per unit)

Exceeding Profit
Distribution Per
Unit

２,４０８

５,６００

−

Reference: Estimated EPS for the fiscal period: ¥5,600
The above-mentioned forecasts are based on “Assumptions for the Fifth Fiscal Period Forecast (from January 1, 2004 to June 30, 2004)” in this Financial Report.
Actual results will be subject to market conditions, and the forecasts do not guarantee any cash distribution amounts

Assumptions for the Fifth Fiscal Period Forecast(January 1- June 30, 2004)
Item
Calculation period
Properties owned

Assumption
From January 1 to June 30, 2004 (182 days)
As of December 31, 2003, the Company owned 32 properties. The Company purchased the Doujima F Building on January
23, 2004, the Kawaguchi Center Building on February 13, 2004, and plans to acquire the SEF Building on March 1, 2004, fora total of 35 properties.
Actual number of properties owned may change due to the subsequent acquisition or sale of properties.

Investment units issued

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 and August
2003.

Interest-bearing debt ratio

As of December 31, 2003, the interest-bearing debt ratio was approximately 37.1% (unitholders’ equity of ¥89.11 billion,
short-term debt of ¥12.9 billion, long-term debt of ¥39.56 billion). In the ensuing period, together with cash on hand, theCompany procured short-term debt of ¥2 billion to assist in the acquisition of the Doujima F Building, and short-term debt of¥7.5 billion to purchase the Kawaguchi Center Building. In addition, together with cash on hand, the Company intends toprocure ¥3.5 billion in short-term debt following execution of purchase and sale agreement relating to the SEF Building. JPR
anticipates an interest-bearing debt ratio of 42.7% after these transactions.
The following formula is used to calculate the interest-bearing debt ratio:
Interest-bearing debt ratio = Interest-bearing debt / (Interest-bearing debt + Unitholders’ equity) x 100

Operating costs
and expenses

Fixed asset tax, urban planning tax and other imposts applicable to the acquisitions of the Doujima F Building and the
Kawaguchi Center Building, and the intended purchase of the SEF Building after January 1, 2004 are included in theacquisition prices for each property and are not charged as operating expenses. (However, fixed asset tax and urban planningtax charged to the owner on January 1, 2005 are accounted for as operating expenses in the fiscal period ending June 30, 2005.)

Cash distributions

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 with corporate
policy.

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Balance Sheets (as of December 31, 2003)
Assets(JPY in Thousands)

End of Fourth Period

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

Cash and bank deposits

4,149,910

1,420,448

Entrusted cash and deposits

12,961,107

17,683,380

Rental receivables

105,570

63,774

Prepaid expenses

117,338

105,631

Deferred tax assets

57

18

Consumption tax refundable―

127,735

643

54,416

17,334,625

19,455,402

Buildings

2,540,669

658,985

Entrusted buildings

55,442,091

52,723,526

Entrusted structures

7,381

7,197

Machinery and equipment

11,227

11,227

1,054,813

1,003,985

290

290

8,781

8,295

Land

3,171,216

331,677

Entrusted land

80,524,150

73,271,619

2,444

16,882(3,538,923)(2,518,883)

139,224,139

125,514,800

Deposits

10,10010,100Long-term prepaid expenses

7,322

9,177

Total Investments and Other Assets

17,422

19,277(9.6%)

Total Fixed Assets

139,241,561

125,534,077

10.9%

Total Assets

156,576,186

144,989,479

8.0%

Item

% Change

Current Assets

Other current assets
Total Current Assets(10.9%)

Fixed Assets
Property and equipment

Entrusted machinery and equipment
Tools, furniture and fixtures
Entrusted tools, furniture and fixtures

Entrusted construction in progress
Less accumulated depreciation
Total Property and Equipment

10.9%

Investments and Other Assets

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Balance Sheets (as of December 31, 2003)
Liabilities(JPY in Thousands)
End of Fourth Period

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

979,067

772,249

Short-term debt

12,900,000

29,500,000

Accounts payable

350,816

330,772

Accrued expenses

10,93432,363

Accrued income taxes

1,027

948

Accrued consumption tax

56,860―Rents received in advance555,270

531,244

14,853,974

31,167,576

39,566,000

40,000,000

484,079

122,115

10,090,893

14,727,289

Total Long-Term Liabilities

50,140,972

54,849,404(8.6%)

Total Liabilities

64,994,946

86,016,980(24.4%)

89,113,804

56,982,000

Retained earnings

2,467,436

1,990,499

Total Unitholders’ Equity

91,581,240

58,972,499

55.3%

Total Liabilities and Unitholders’ Equity

156,576,186

144,989,479

8.0%

Item

% Change

Current Liabilities
Trade accounts payable

Total Current Liabilities(52.3%)

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

Unitholders’ Equity
Unitholders’ capital, 430,000 and 289,600 units
issued at Dec. 31, 2003 and at June 30, 2003,
respectively

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Statements of Income and Retained Earnings (July 1, 2003 – December 31, 2003)(JPY in Thousands)
Item

Fourth Fiscal

Third Fiscal

PeriodPeriod(Jul. 1, 2003 –Dec. 31, 2003)
Operating Revenues
Real estate rental revenues
Rental revenues
Non-rental revenues
Gain on sale of real estate
Operating Expenses
Real estate rental expenses
Rental expenses
Asset management fees
Administrative service fees
Directors’ fees
Custodian fees
Other operating expenses
Operating Profits
Non-Operating Revenues
Interest received
Administrative cooperative accountrevenues
Restoration revenues
Other non-operating revenues

6,421,099
6,250,395――
170,704
3,487,138
2,996,386―
276,344
75,6075,700
38,68994,412
2,933,961
1,329
103
―

(Jan. 1, 2003 –Jun. 30,
2003)
5,264,525―
4,898,820
365,705―
3,018,056―
2,553,300
243,468
51,0775,700―
164,5112,246,469
80,71991
63,071―
1,226

13,4194,137

Non-Operating Expenses
Interest expense
Loan arrangement fees
New unit issuance costs
Other non-operating expenses
Recurring Profits
Income Before Income Taxes
Income Taxes
Deferred Taxes
Net Income
Retained Earnings Brought Forward
Retained Earnings at End of Period

466,923
350,649
30,70482,0233,547
2,468,367
2,468,367
1,047
(38)
2,467,358
78
2,467,436

335,842
320,685
15,147―10
1,991,346
1,991,346
965
4
1,990,377
122
1,990,499

12%Change

22.0%

15.5%

30.6%
(98.4%)

39.0%

24.0%

24.0%
(35.9%)
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Statements of Cash Flows (July 1, 2003 – December 31, 2003)

Fourth Fiscal Period(Jul. 1, 2003 –Dec. 31, 2003)(JPY in Thousands)
Third Fiscal Period(Jan. 1, 2003 –Jun. 30, 2003)

2,468,367
1,044,355(103)
350,649(41,796)
127,735(11,708)
206,818
18,56356,86024,026―418,919
59,176
4,721,861
103(372,078)(968)
4,348,918

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

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
Net cash used in investing activities(4,721,223)(10,454,938)(11,629)
373,594(5,997,449)
1,361,052(19,450,593)(35,874)(32,139,384)(21,338)
15,256(369,597)
7,686,629(24,864,308)

Cash Flows from Financing Activities
Proceeds from short-term debt
Repayment of short-term debt
Proceeds from long-term debt
Repayment of long-term debt
Proceeds from issue of investment units
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

6,130,000(22,730,000)―(434,000)
32,131,804(1,988,940)
13,108,864(1,992,811)
19,103,828
17,111,017

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

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
Decrease in tangible fixed trust assets
Change in other current assets/liabilities
SubtotalInterest received
Interest paid
Income taxes paid
Net cash provided by operating activities

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Subsequent Events
Corporate Bond Issue
Pursuant to a resolution of its Board of Directors on January 28, 2004, JPR undertook an issue
of unsecured corporate bonds. Payment for the issue of corporate bonds was completed on
February 12, 2004.
Brief details of the corporate bond issue are as follows:(1) First Series of Corporate Bonds① Name of the Bond Issue:
Japan Prime Realty Investment Corporation’s First Series of Unsecured Bonds
The Unsecured Bonds rank pari passu at least equally in right of payment with all otherunsecured indebtedness. Private placement with transfer restrictions to qualified institutional
investors.
② Total Issue Amount:¥10 billion③ Issue Price:¥100 with a par value of ¥100
④ Interest Rate:
0.84% p.a.
⑤ Subscription Date:
January 29, 2004
⑥ Payment Date:
February 12, 2004
⑦ Collateral:
Unsecured, unguaranteed⑧ Maturity Date and Redemption Method:
Principal redemption in full on February 12, 2008. Bonds may be redeemed at any time from the
day immediately following the payment date.
⑨ Use of Proceeds:
Repayment of existing debt and other(2) Second Series of Corporate Bonds① Name of the Bond Issue:
Japan Prime Realty Investment Corporation’s Second Series of Unsecured Bonds

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The Unsecured Bonds rank pari passu at least equally in right of payment with all other unsecured
indebtedness. Private placement with transfer restrictions to qualified institutional investors.
② Total Issue Amount:¥7 billion③ Issue Price:¥100 with a par value of ¥100
④ Interest Rate:
1.38% p.a.
⑤ Subscription Date:
January 29, 2004
⑥ Payment Date:
February 12, 2004
⑦ Collateral:
Unsecured, unguaranteed⑧ Maturity Date and Redemption Method:
Principal redemption in full on February 12, 2010. Bonds may be redeemed at any time from the
day immediately following the payment date.
⑨ Use of Proceeds:
Repayment of existing debt and other(3) Third Series of Corporate Bonds① Name of the Bond Issue:
Japan Prime Realty Investment Corporation’s Third Series of Unsecured Bonds
The Unsecured Bonds rank pari passu at least equally in right of payment with all other unsecured
indebtedness. Private placement with transfer restrictions to qualified institutional investors.
② Total Issue Amount:¥5 billion③ Issue Price:¥100 with a par value of ¥100
④ Interest Rate:
2.32% p.a.
⑤ Subscription Date:
January 29, 2004
⑥ Payment Date:
February 12, 2004
⑦ Collateral:
Unsecured, unguaranteed

15

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Japan Prime Realty Investment Corporation⑧ Maturity Date and Redemption Method:
Principal redemption in full on February 12, 2014. Bonds may be redeemed at any time from the day
immediately following the payment date.
⑨ Use of Proceeds:
Repayment of existing debt and other16

CONSOLIDATED

Japan Prime Realty Investment Corporation

Reference
１. Acquisitions
Doujima F Building
Location

2-1-23, Sonezakisinchi, Kita-ku, Osaka-shi, Osaka

Type of Ownership

Full ownership of land and building.

Total Site Area

668.11 m2

Total Floor Area

5,696.01 m2

Type of Structure

SRC B2/9F

Completion

October 1993

Number of Tenants

10

Total Leasable
Space

Floor 3,941.27 m2

Total
Space

Floor 3,633.63 m2

LeasedOccupancy Rate

92%

Acquisition Price¥2,140 million

Type of Asset

Beneficiary interest

Acquisition Date

January 23, 2004

Kawaguchi Center Building
Location

4-1-8, Honcho, Kawaguchi-shi, Saitama Prefecture

Type of Ownership

Proprietary and co-ownership of land; Unit ownership of building

Total Site Area

Total site area: 4,524.61 m2 (Proprietary ownership area: 79.33 m2;
Co-ownership area: 4,445.28 m2; Unit ownership area: 3,845.35 m2).

Total Floor Area

Total floor area: 28,420.85 m2 (Total floor area of which the Company
holds part proprietary, co-ownership, or unit ownership: 24,585.20 m2).

Type of Structure

S, SRC B2/15F

Completion

February 1994

Number of Tenants

38

Total Leasable
Space

Floor 15,478.43 m2

Total
Space

Floor 15,276.11 m2

LeasedOccupancy Rate

99%

Acquisition Price¥8,100 million

Type of Asset

Beneficiary interest

Acquisition Date

February 13, 2004
17

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Japan Prime Realty Investment Corporation

２. Property for which Purchase and Sale Agreement has been Executed(Brief details of the Purchase and Sale Agreement are as follows.)
SEF Building
Location

1-3-5, Matsugaya, Taito-ku, Tokyo

Type of Ownership

Full ownership of land and building.

Total Site Area

1,242.97 m2

Total Floor Area

8,490.44 m2

Type of Structure

SRC B1/8F

Completion

October 1992

Number of Tenants

10

Total Leasable
Space

Floor 6,512.44 m2

Total
Space

Floor 6,397.17 m2

LeasedOccupancy Rate

98%

Acquisition Price¥3,250 million

Type of Asset

Real estate

Contract
Date

Execution February 13, 2004 (Scheduled Acquisition Date: March 1, 2004)

18

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Japan Prime Realty Investment Corporation

Real estate portfolio
Area

Property Name

Location

Acquired

OfficeKanematsu Bldg.

Chuo-ku, Tokyo

Dec. 2001

16,27611.6%

14,100

OfficeKanematsu Bldg. Annex

Chuo-ku, Tokyo

Dec. 2001

2,874

2.1%

2,500

OfficeJPR Ningyo-cho Bldg.

Chuo-ku, Tokyo

Nov. 2001

2,100

1.5%

1,870

Nov. 2001

1,670

1.2%

Shin-Kojimachi Bldg.

Chiyoda-ku, Tokyo

Nov. 2002

0.4%
1.6%

2,180

Crest Yasuda Bldg.

Chiyoda-ku, Tokyo

Jun. 2002

4,000

2.9%

3,250

OfficeMS Shibaura Bldg.

Minato-ku, Tokyo

Mar. 2003

11,2008.0%

11,700

OfficeGotanda First Bldg.

Shinagawa-ku, Tokyo

Jul. 2003

2,920

2.1%

2,920

OfficeFukuoka Bldg.

Chuo-ku, Tokyo

Oct. 2003

1,800

1.3%

1,800

RetailJinnan 1-chome Bldg.

Shibuya-ku, Tokyo

Jun. 2003

12,000

8.6%

12,00055, 390

39.7%

52, 320

OfficeArca East

Sumida-ku, Tokyo

Nov. 2001

5,880

4.2%

5,900

OfficeJPR Chiba Bldg.

Chiba, Chiba

Dec. 2001

2,350

1.7%

2,181

OfficeAsahi-Life Yokohama Nihon
Odori Bldg.

Yokohama,
Kanagawa

Nov. 2001

2,927

2.1%

2,816

OfficeJPR Ikebukuro Bldg.

Toshima-ku, Tokyo

Jun. 2002

2,040

1.5%

2,110

OfficeShinyokohama 2nd Center
Bldg.

Yokohama,
Kanagawa

Sep. 2002

920

0.6%

1,020

RetailTanashi ASTA

Nishitokyo, Tokyo

Nov. 2001

10,2007.3%

10,840RetailTsurumi fuga 1

Yokohama,
Kanagawa

Nov. 2001

Subtotal

Other
Cities550
2,220

OfficeSubtotal

GreaterTokyo

Appraisal Valueas of Dec. 31, 2003
(Yen in millions)

Type

OfficeTokyo
CBDs(as of December 31, 2003)
Acquisition Price% of Total(yen in millions)

3,040

2.2%

3,188

27, 357

19.6%

28, 055

OfficeNiigata Ekinan Center Bldg.

Niigata, Niigata

Nov. 2001

2,140

1.5%

2,086

OfficeMeiji Yasuda-Life Osaka
Umeda Bldg.

Osaka, Osaka

Dec. 2001

8,300

5.9%

8,600

OfficeYasuda-Life Tenroku Bldg.

Osaka, Osaka

Nov. 2001−−−

OfficeTokyo Tatemono Honmachi
Bldg.

Osaka, Osaka

Nov. 2001

4,150

3.0%

4,210

OfficeAsahi-Life Takamatsu 2nd
Bldg.

Takamatsu, Kagawa

Nov. 2001

872

0.6%

740

OfficeJPR Takamatsu Bldg.

Takamatsu, Kagawa

Dec. 2001

2,130

1.5%

1,330

OfficeJPR Hakata Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,900

2.1%

2,700

OfficeAsahi-Life Fukuoka 3rd/4th
Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,873

2.1%

2,730

OfficeJPR Naha Bldg.

Naha, Okinawa

Nov. 2001

1,560

1.1%

1,580

OfficeNorth 33 Bldg.

Sapporo, Hokkaido

Jun. 2002

3,700

2.6%

3,130

OfficePark East Sapporo

Sapporo, Hokkaido

Jun. 2002

2,150

1.5%

2,070

OfficeSompo Japan Sendai Bldg.

Sendai, Miyagi

Jun. 2002

3,150

2.3%

3,200

OfficeSompo Japan Wakayama
Bldg.

Wakayama,
Wakayama

Jun. 2002

1,670

1.2%

1,670

OfficeTenjin 121 Bldg.

Fukuoka, Fukuoka

Jun. 2002

2,810

2.0%

2,660

OfficeSK Hiroshima Bldg.

Hiroshima,
Hiroshima

Oct. 2002

947

0.7%

925

OfficeNagoya Kowa Bldg.

Nagoya, Aichi

Sep. 2003

4,550

3.3%

4,605

May. 2003

8,000
9.3%

12,600RetailKuraray Nissay Bldg.

Osaka, Osaka

Jul. 2003

5,000
13,000Subtotal
T otal1956, 90240.7%

54,836

139, 649

100.0%

135,211CONSOLIDATED

Japan Prime Realty Investment Corporation

Real estate portfolio
Area

Tokyo
CBDs

Type

Property Name

Leasable Area

OfficeKanematsu Bldg.

7,958.58㎡

11

97.5%

411,689

6.6%

OfficeKanematsu Bldg. Annex

2,291.13㎡

1

100.0%

104,309

1.7%

OfficeJPR Ningyo-cho Bldg.

2,784.78㎡

4

100.0%

105,200

1.7%

2,105.44㎡

7

81.9%

67,091

1.1%

OfficeShin-Kojimachi Bldg.

901.36㎡

3100.0%

31,4670.5%

3,006.80㎡

10

87.3%

98,5581.6%

3,265.34㎡

9100.0%

100,841

1.6%

OfficeMS Shibaura Bldg.

14,429.08㎡

6

86.4%

570,232

9.1%

OfficeGotanda First Bldg.

4,240.98㎡

4

100.0%

130,125

2.1%

OfficeFukuoka Bldg.

1,250.06㎡

1

100.0%

27,4660.4%

Jinnan 1-chome Bldg.

8,076.85㎡

1

100.0%

345,576

5.5%

Subtotal47, 303. 60㎡

47

94. 6%

1, 893, 996

30.3%

OfficeArca East

7,050.10㎡

4

85.4%

354,111

5.7%

OfficeJPR Chiba Bldg.

5,558.06㎡

27

88.6%

161,247

2.6%

OfficeAsahi-Life Yokohama Nihon
Odori Bldg.

6,066.54㎡

10

94.8%

145,375

2.3%

OfficeJPR Ikebukuro Bldg.

4,597.35㎡

6

76.8%

99,227

1.6%

OfficeShinyokohama 2nd Center
Bldg.

2,640.80㎡

9

82.4%

73,318

1.2%

RetailTanashi ASTA

31,121.71㎡

1100.0%

672,182

10.7%

Tsurumi fuga 1
Subtotal

9,578.60㎡

1

100.0%

153,279

2.4%

66, 613. 16㎡

58

94. 7%

1, 658, 739

26.5%

OfficeNiigata Ekinan Center Bldg.

5,206.82㎡

16

100.0%

136,216

2.2%

OfficeMeiji Yasuda-Life Osaka
Umeda Bldg.

9,588.16㎡

20

100.0%

393,185

6.3%

OfficeYasuda-Life Tenroku Bldg.

−

−

−

21,953

0.4%

OfficeTokyo Tatemono Honmachi
Bldg.

7,210.25㎡

10

98.6%

261,630

4.2%

OfficeAsahi-Life Takamatsu 2nd
Bldg.

2,518.30㎡

20

76.6%

53,0070.9%

OfficeJPR Takamatsu Bldg.

5,032.29㎡

20

68.1%

96,434

1.5%

OfficeJPR Hakata Bldg.

6,571.89㎡

27

92.5%

160,456

2.6%

OfficeAsahi-Life Fukuoka 3rd/4th
Bldg.

8,439.77㎡

15

91.1%

194,243

3.1%

OfficeJPR Naha Bldg.

3,947.07㎡

14

97.3%

121,493

1.9%

OfficeNorth 33 Bldg.

6,643.01㎡

18

67.8%

115,118

1.8%

OfficePark East Sapporo

7,647.76㎡

24

77.6%

115,462

1.9%

OfficeSompo Japan Sendai Bldg.

7,047.24㎡

9

98.4%

206,707

3.3%

OfficeSompo Japan Wakayama
Bldg.

4,892.17㎡

16

100.0%

130,990

2.1%

OfficeTenjin 121 Bldg.

3,292.02㎡

9

66.8%

94,133

1.5%

OfficeSK Hiroshima Bldg.

2,732.29㎡

15

78.2%

58,532

0.9%

OfficeNagoya Kowa Bldg.

5,461.90㎡

18

90.3%

127,772

2.0%

RetailKuraray Nissay Bldg.

18,586.97㎡

1

100.0%

410,329

6.6%

104, 817. 91㎡

252

90. 6%

2, 697, 660

43.2%

218, 734. 67㎡

357

92. 7%

6, 250, 395

100. 0%Subtotal
Total% of Total

Crest Yasuda Bldg.

RetailOther
CitiesOccupancy

Rental Revenue(yen in thousands)

OfficeRetailGreaterTokyo(as of December 31, 2003)# ofTenants

20

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