20th Fiscal Period Results(July 1, 2011 – December 31, 2011)

February 29, 2012

Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation (JPR)
Tokyo Stock Exchange (Code 8955)
Board of Directors Meeting: February 29, 2012
Payment of Distribution: March 16, 2012 (planned)
Website: http://www.jpr-reit.co.jp/jpr_e/index.html
Inquiries: Katsuhito Ozawa, Director and Chief Financial Officer
Tokyo Realty Investment Management, Inc.
Tel: +81-3-3516-1591
E-mail: k-ozawa@trim-reit.co.jp

1Japan Prime Realty Investment Corporation

Performance (July 1, 2011 –December 31, 2011)(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

Operating
Income% Change

Ordinary Income% Change

Dec. 31, 2011

11,772

2.1%

5,763

2.9%

4,201

3.1%

June 30, 2011

11,529(2.9)%

5,603(4.8)%

4,075(0.9)%(Yen)

Net Income% Change

EPU

Net Income/
NAV

Ordinary Income/
Total Assets

Ordinary Income/Operating Revenues

Dec. 31, 2011

4,200

4.7%

5,874

2.4%

1.2%

35.7%

June 30, 2011

4,010

(0.7)%

5,609

2.3%

1.1%

35.3%

Notes: 1. EPU is calculated based on the average number of investment units during the term
Fiscal period ended Dec. 31, 2011: 715,000 units
Fiscal period ended June 30, 2011: 715,000 units
2. Changes in accounting standards: No
3. Net income/NAV and Ordinary Income/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
AmountDec. 31, 2011

5,876

4,201

0

0

100.0%

2.4%

June 30, 2011

5,611

4,011

0

0

100.0%

2.3%

Dividend
Payout Ratio

Distribution/
NAV

Notes: 1. Dividend payout ratio is rounded to the nearest tenth.
2. With regard to the cash distributions for the 19th and 20th fiscal period, JPR decided to distribute part of the retained earnings brought
forward that had been internally reserved through the 18th and 19th fiscal period. This was conducted with the aim of having the profit
distributions deducted as expenses based on application of the special provision on taxation of investment corporations (Article 67-15 of the
Act on Special Measures Concerning Taxation) and in order to minimize the burden to unitholders incurred by accrual of corporate income
tax, etc. As a result, the cash distribution per unit came to 5,611 yen for the 19th fiscal period and 5,876 yen for the 20th fiscal period.

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

NAV

NAV Ratio

NAV Per Unit

Dec. 31, 2011

360,699

175,64048.7%

245,651

June 30, 2011

360,004

175,45248.7%

245,387

Reference: Net Assets
Fiscal period ended Dec. 31, 2011: 175,640 millions of yen
Fiscal period ended June 30, 2011: 175,452 millions of yen(4) Cash Flows(Millions of yen)

Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at end of
periodDec. 31, 2011

6,092

(3,934)（3,829）26,780June 30, 2011

6,125

(498)

（5,200）28,451

2

Japan Prime Realty Investment Corporation

Forecasts for 21th Fiscal Period Ending June 30, 2012
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

21th Fiscal PeriodEnding June 30, 2012

Operating
Revenues

Operating
IncomeOrdinary
IncomeNet
Income12,172

6,224

4,577

4,576

(excluding exceeding
profit distribution per unit)

Exceeding Profit
Distribution Per
Unit

6,400

－

DPU

Reference: Estimated EPU for the fiscal period: 6,400 yen

The above-mentioned forecasts are based on “Assumptions for the 21th Fiscal Period Forecast(January 1, 2012 – June 30, 2012)” as below. The aforementioned forecasts are based onassumptions and information available to management as of February 29, 2012.
As a result, actual operating revenues, operating income, ordinary income, net income, distribution
per unit and exceeding profit distribution per unit will be subject to changes in market conditions.
Accordingly, the forecasts are not a guarantee of any cash distribution amounts.
Assumptions for the 21th Fiscal Period Forecast(January 1, 2012 – June 30, 2012)
Item
PeriodProperty Portfolio

Assumptions
21th fiscal period: January 1, 2012 to June 30, 2012
(investment period: 182 days)• The number of properties is assumed to be 57 properties JPR owns as ofFebruary 29, 2012, plus the acquisition of “Otemachi 1-6 Project (land withleasehold)” (tentative name) scheduled for March 12, 2012. Furthermore, theassumed average occupancy rate at end of month is 94.6%.
•In practice, these assumptions may vary due to such events as the acquisition of
additional properties or the sale of existing properties.

Operating Revenues•Operating revenues are calculated in consideration of the market environment,competitiveness of properties, tenant conditions, etc. based on the effective
lease agreements as of the end of the 20th fiscal period.
•It is assumed that there are no delinquencies and defaults in rent payments bytenants.
•Gain and loss on sales of real estate properties is not assumed.

Operating Expenses•Out of real estate rental expenses, which account for a major part of operating
expenses, outsourcing expenses other than depreciation is calculated based on
information as of the 20th fiscal period and by reflecting the variation elementsof expenses based on the past results. Outsourcing expenses are assumed to be
493 million yen.
•Property taxes and city planning taxes indicate the volume to be paid during theperiod out of the levied volume and is assumed to be 1,070 million yen.
Moreover, in general practice property tax and city planning tax levied on
properties acquired are settled after prorating for the period with the previous
owner at the time of acquisition, but JPR includes the amount equivalent to such
settlement in the acquisition costs for the property.
•Repair and maintenance costs forecast to be required during the period isallocated as expenses. However, since there is the possibility that costs forrepairs and maintenances will suddenly occur due to issues that are difficult topredict such as damage to the building and since it is generally an expense thatvaries greatly by year and do not occur periodically and other factors, it mayvary greatly from the assumed expenses for repairs and maintenances for theperiod.

3Japan Prime Realty Investment Corporation•Depreciation, including accompanying expenses and future additional capital
expenditures are calculated utilizing the straight line method and is assumed tobe 1,750 million yen.
Non Operating
Expenses

Interest-Bearing Debt
Ratio

Total Units
Outstanding•Interest expenses, interest expenses on investment corporation bonds andborrowing expenses, which account for a major part of non-operating expenses,
are assumed to be 1,665 million yen.
•As of February 29, 2012, the interest-bearing loans payable is 163,005 million
yen (short-term debt: 12,400 million yen; current portion of long-term debt:
24,748 million yen; long-term debt: 74,357 million yen; current portion of
investment corporation bonds: 9,000 million yen; and investment corporation
bonds: 42,500 million yen) and interest-bearing debt ratio stands at 48.8%.
• It is assumed that JPR will finance the acquisition of “Otemachi 1-6 Project(land with leasehold)” (tentative name), scheduled to be acquired on March 12,2012, by borrowing funds.
• It is assumed that all borrowings whose repayment will arrive during the fiscal
period ending June. 30, 2012 will be refinanced, except for scheduled paymentof 424 million yen. The interest-bearing debt ratio is expected to be 53.8% at theend of the fiscal period ending June 2012.
•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• The 715,000 investments units outstanding as of December 31, 2011 areassumed.
• As for distribution per unit, it is assumed that all revenues will be distributed
based on the distribution methods provided in the Articles of Incorporation.

Distribution Per Unit

•There is the possibility that the distribution per unit may vary due to various
factors including variation of rental revenue due to transfer of assets undermanagement and tenants moving out, and unpredicted repairs and maintenance.

Exceeding Profit
Distribution Per Unit•Distribution exceeding the profit (exceeding profit distribution per unit) iscurrently not assumed.
• It is assumed that there will be no changes in legislation, taxation, accounting
standards, regulations applying to publicly listed companies, rules andrequirements imposed by the Investment Trusts Association, Japan that will
impact the aforementioned forecasts.
• It is also assumed that there will be no unexpected material changes in general
economic and real estate market conditions.

Others4Japan Prime Realty Investment Corporation

Financial Statements
Balance Sheets (June 30, 2011 and December 31, 2011)
End of 19th Period(June 30, 2011)

Item
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Deferred tax assets
Other
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures
Accumulated depreciation
Structures, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
LandLand in trust
Construction in progress
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold right
Other
Total intangible assets
Investments and other assets
Lease and guarantee deposits
Long-term prepaid expenses
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment corporation bond issuance costs
Total deferred assets
Total assets

5('000 Yen)
End of 20th Period% Change(Dec. 31, 2011)

14,619,039
13,832,244
209,621
151,521
11
5,354
28,817,793

13,647,529
13,132,684
168,364
218,622－
4,594
27,171,795(5.7)

50,219,520(5,973,016)
44,246,504
75,159,186(18,417,887)
56,741,299
33,292(5,650)27,642
108,762(37,564)
71,198561,538(226,351)
335,187
1,394,406(881,173)
513,232
37,236(17,246)
19,989104,414(65,123)
39,290103,206,385
120,491,113
44,138
3,605
325,739,586

50,640,038(6,749,650)
43,890,388
75,389,949(19,394,293)
55,995,656
40,334(6,726)33,608109,241(41,402)67,839572,397(244,149)
328,248
1,407,495(921,208)
486,287
37,912(19,653)
18,259104,732(71,072)
33,660106,648,291
120,491,113
90,914－
328,084,267

0.7

4,794,109
8,405
4,802,514

4,794,109
7,146
4,801,255(0.0)

49,520465,803515,323
331,057,425

49,520422,583
472,103333,357,626

(8.4)
0.7

129,651
129,651

169,685
169,68530.9

360,004,870

360,699,107

0.2

Japan Prime Realty Investment Corporation

Balance Sheets (June 30, 2011 and Dec 31, 2011)('000 Yen)
End of 19th Period(June 30, 2011)

End of 20th Period(Dec. 31, 2011)

Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term loans payable
Current portion of investment corporation bonds
Accounts payable-otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Provision for loss on disaster
Other
Total current liabilities

1,509,373
10,000,000
21,116,000
5,000,000
499,538
327,241605
189,967
1,599,028
3,093
35,00040,279,847

1,445,952
12,400,000
17,616,000
9,000,000
523,418
337,468
605
126,906
1,759,735－－
43,210,085

7.3

Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total noncurrent liabilities

42,500,000
84,147,000
7,342,133
10,283,837
144,272,970

42,500,000
81,489,000
7,711,990
10,147,460
141,848,450(1.7)

Total liabilities

184,552,817

185,058,535

0.3

171,339,818

171,339,818

73,94673,94673,94673,946

4,038,287

4,226,806

4,112,234
175,452,052

4,300,752
175,640,571

4.6
0.1

175,452,052

175,640,571

0.1

360,004,870

360,699,107

0.2

Item

% Change

Liabilities

Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary retained earnings
Deposits for advanced depreciation
Total voluntary deposits
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

6Japan Prime Realty Investment Corporation

Statements of Income and Retained Earnings(Jan. 1, 2011 – June 30, 2011 and July 1, 2011 – Dec. 31, 2011)(‘000 Yen)
Item

19th Fiscal Period(Jan. 1, 2011 –June 30, 2011)

20th Fiscal Period(July 1, 2011 –Dec. 31, 2011)

11,529,624
11,529,624

11,772,766
11,772,766

5,296,139
415,874

5,357,207
421,61371,07474,6596,600
49,30087,1385,926,127

6,600
43,737
105,346
6,009,163

1.4

5,603,496

5,763,602

2.9

3,998

2,790

42,132

5,486

5,847
51,9792,514
10,791

981,853
105,648944,718
147,084

469,446457,769

Operating revenue
Rent revenue-real estate
Total operating revenue% Change

2.1

Operating expenses
Expenses related to rent business
Asset management fee
Administrative service and asset
custody fees
Directors' compensations
Trust fees
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Income on settlement of management
association accounts
Other
Total non-operating income(79.2)

Non-operating expenses
Interest expenses
Borrowing expenses
Interest expenses on investment
corporation bonds
Amortization of investment corporationbond issuance costs
Other
Total non-operating expenses

20,911

20,1392,148
1,580,007

3,681
1,573,392(0.4)

Ordinary income

4,075,468

4,201,000

3.1

Loss on disaster

64,122－

Total extraordinary losses

64,122－－

Income before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes

4,011,345
605
11
616

4,201,000
605
11
616

4.7

0.0

Net income

4,010,728

4,200,383

4.7

27,55826,422(4.1)

4,038,287

4,226,806

4.7

Extraordinary loss

Retained earnings brought forward
Unappropriated retained earnings(undisposed loss)

7

Japan Prime Realty Investment Corporation

Statements of Changed in Net Assets(Jan. 1, 2011 – June 30, 2011 and July 1, 2011 – Dec. 31, 2011)

19th Fiscal Period(Jan. 1, 2011 –June 30, 2011)(‘000 Yen)
20th Fiscal Period(July 1, 2011 –Dec. 31, 2011)

171,339,818

171,339,818－
171,339,818－
171,339,818

73,94673,946－－73,946－73,946

4,088,758

4,038,287(4,061,200)－
4,010,728(50,471)
4,038,287(4,011,865)－
4,200,383
188,518
4,226,806

4,162,705

4,112,234(50,471)
4,112,234

188,518
4,300,752

175,502,523

175,452,052(50,471)
175,452,052

188,518
175,640,571

175,502,523

175,452,052(50,471)
175,452,052

188,518
175,640,571

Unitholders' equity
Unitholders' capital
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Surplus
Voluntary deposits
Balance at the end of previous period
Changes of items during the period
Provision of deposits for advanced depreciation
Total change of items during the period
Balance at the end of current period
Unappropriated retained earnings (undisposed loss)
Balance at the end of previous period
Changes of items during the period
Dividends from surplus
Provision of deposits for advanced depreciation
Net income
Total changes of items during the period
Balance at the end of current period
Total surplus
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Total unitholders' equity
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period8Japan Prime Realty Investment Corporation

Statements of Cash Flows(Jan. 1, 2011 – June 30, 2011 and July 1, 2011 – Dec. 31, 2011)

Item

19th Fiscal Period(‘000 Yen)
20th Fiscal Period(Jan. 1, 2011 –June 30, 2011)(July 1, 2011 –Dec. 31, 2011)

Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bond issuance costs
Increase (decrease) in provision for loss on desaster
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable-other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities

4,011,345
1,912,497
20,911
3,093(3,998)
1,451,299(33,467)
37,990102,120(27,962)
32,452
100,103(29,080)
7,577,304
3,998(1,456,087)
515
6,125,730

4,201,000
1,825,438
20,139(3,093)(2,790)1,402,487
41,257(67,100)(50,384)
32,839(63,061)
160,706(16,097)
7,481,343
2,790(1,392,260)
241
6,092,114

Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets
Payments for tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities(224,162)(160,979)(5,000)－(208,068)
128,448(225,754)
197,310(498,206)(3,933,256)(250,208)－(40,115)410,015(321,835)
201,244(3,934,156)－－
17,000,000(15,141,000)－(3,000,000)(4,059,636)(5,200,636)

16,800,000(14,400,000)
8,000,000(14,158,000)
8,939,826(5,000,000)(4,010,855)(3,829,028)

Net cash provided by (used in) financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from corporate bonds
Redemption of investment corporation bonds
Dividends paid
Net cash provided by (used in) financing activities

426,887(1,671,070)

Cash and cash equivalents at beginning of period

28,024,396

28,451,284

Cash and cash equivalents at end of period

28,451,284

26,780,213

Net changes in cash and cash equivalents

9Japan Prime Realty Investment Corporation

Notes to Financial Statements＜Change in Accounting Policies＞
There are no important 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 Dec. 31, 2011
Ratings Agency

Corporate Credit Rating (Outlook)

Rating and Investment Information, Inc.

AA－ (Stable)

Moody’s Japan K.K.

A2 (Negative)

Standard & Poor’s Ratings Japan K.K.

A (Stable)ole on January 15,009.

10

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of Dec. 31, 2011)

RetailTokyo CBDs

OfficeArea Type

Property Name

Location

AcquiredKanematsu Bldg.
Kanematsu Bldg. Annex
JPR Ningyo-cho Bldg.

Chuo-ku, Tokyo
Chuo-ku, Tokyo
Chuo-ku, Tokyo

Shin-Kojimachi Bldg.

Chiyoda-ku, TokyoJPR Crest Takebashi Bldg.
MS Shibaura Bldg.
Gotanda First Bldg.

Chiyoda-ku, Tokyo
Minato-ku, Tokyo
Shinagawa-ku, Tokyo

Fukuoka Bldg.

Chuo-ku, Tokyo

JPR Ichigaya Bldg.
Oval Court Ohsaki Mark West

Chiyoda-ku, Tokyo
Shinagawa-ku, Tokyo

Shinjuku Square Tower

Shinjuku-ku, TokyoBYGS Shinjuku Bldg.

Shinjuku-ku, Tokyo

Across Shinkawa Bldg. Annex
Shinjuku Center Bldg.
Minami Azabu Bldg.
Shinagawa Canal Bldg.
Rokubancho Bldg.
JPR Harajuku Bldg.
Tokyo Tatemono Kyobashi Bldg.
JPR Nihonbashi-horidome Bldg.
JPR Sendagaya Bldg.
Ginza Sanwa Bldg.
JPR Shibuya Tower Records Bldg.
JPR Daikanyama
JPR Jingumae 432

Chuo-ku, Tokyo
Shinjuku-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Chiyoda-ku, Tokyo
Shibuya-ku, Tokyo
Chuo-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Chuo-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo

Shinjuku Sanchome East Bldg.

Shinjuku-ku, Tokyo

Dec. 2001
Dec. 2001
Nov. 2001
Nov. 2001
Nov. 2002
Nov. 2004
Jun. 2002
Mar. 2003
Jul. 2003
Oct. 2003
Apr. 2005
May 2004
Jun. 2004
Jul. 2004
Sep. 2008
Nov. 2004
Apr. 2005
Jul. 2010
Nov. 2004
Mar. 2008
Jul. 2008
Dec. 2008
Dec. 2009
Dec. 2009
Feb. 2010
Mar. 2010
May. 2010
Aug. 2011
Jun. 2003
Oct. 2004
Mar. 2006
Mar. 2007
Apr. 2008

OfficeTachikawa Business Center Bldg.

Rise Arena Bldg.
Yume-ooka Office Tower
Olinas Tower
Tokyo Tatemono Yokohama Bldg.
Tanashi ASTA
Cupo-la Main Bldg.
JPR Musashikosugi Bldg.
Musashiurawa Shopping Square
Kawasaki Dice Bldg.
Subtotal
Niigata Ekinan Center Bldg.
Tokyo Tatemono Honmachi Bldg.
JPR Hakata Bldg.
JPR Naha Bldg.
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.
Tenjin 121 Bldg.
JPR Dojima Bldg.
JPR Hakata-chuo Bldg.
JPR Nagoya Fushimi Bldg.
OfficeChiyoda-ku, Tokyo
Sumida-ku, Tokyo
Chiba, Chiba
Yokohama, Kanagawa
Yokohama, Kanagawa
Kawaguchi, Saitama
Taito-ku, Tokyo
Tachikawa, Tokyo
Toshima-ku, Tokyo
Yokohama, Kanagawa
Sumida-ku, Tokyo
Yokohama, Kanagawa
Nishitokyo, Tokyo
Kawaguchi, Saitama
Kawasaki, Kanagawa
Saitama, Saitama
Kawasaki, Kanagawa
Niigata, Niigata
Osaka, Osaka
Fukuoka, Fukuoka
Naha, Okinawa
Sendai, Miyagi
Wakayama, Wakayama
Fukuoka, Fukuoka
Osaka, Osaka
Fukuoka, Fukuoka
Nagoya, Aichi

JPR Umeda Loft Bldg.

Osaka, Osaka

Benetton Shinsaibashi Bldg.
Housing Design Center Kobe
JPR Chayamachi Bldg.
Subtotal

Osaka, Osaka
Kobe, Hyogo
Osaka, Osaka

RetailOther Cities

RetailGreater Tokyo

Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
Subtotal
Arca East
JPR Chiba Bldg.
JPR Yokohama Nihon Odori Bldg.
Shinyokohama 2nd Center Bldg.
Kawaguchi Center Bldg.
JPR Ueno East Bldg.

Total

11

Aug. 2008
Nov. 2001
Dec. 2001
Nov. 2001
Sep. 2002
Feb. 2004
Mar. 2004
Sep. 2005
Feb. 2007
Mar. 2007
Jul. 2007
Jun. 2009
Dec. 2010
Nov. 2001
Mar. 2006
Sep. 2006
Mar. 2007
Apr. 2007
Nov. 2001
Nov. 2001
Nov. 2001
Nov. 2001
Jun. 2002
Jun. 2002
Jun. 2002
Jan. 2004
Jun. 2004
Mar. 2005
May 2003
Jul. 2003
May 2005
Sep. 2005
Aug. 2006

16,276
2,874
2,100
1,670
550
200
4,000
11,200
2,920
1,800
1,120
5,100
3,500
10,000
180

% of
Total
4.7
0.8
0.6
0.5
0.2
0.1
1.2
3.2
0.8
0.5
0.3
1.5
1.0
2.9
0.1

10,200
2,060
2,260
1,922
823
285
3,470
13,400
2,850
2,086
1,094
4,760
4,280
7,690
106

% of
Total
3.2
0.7
0.7
0.6
0.3
0.1
1.1
4.3
0.9
0.7
0.3
1.5
1.4
2.4
0.0

15,121

4.4

13,7004.4

710
21,000
3,760
1,870
2,800
8,400
5,250
5,100
15,0503,400
12,000
2,160
4,275

0.2
6.1
1.1
0.5
0.8
2.4
1.5
1.5
4.4
1.0
3.5
0.6
1.2

819
13,300
2,730
1,790
3,090
7,250
5,210
5,740
10,2003,430
12,600
1,280
3,750

0.3
4.2
0.9
0.6
1.0
2.3
1.7
1.8
3.2
1.1
4.0
0.4
1.2

2,740

0.8

2,330

0.7

Acquisition Price(yen in millions)Appraisal Value(yen in millions)

3,400

1.0

2,620

0.8

170,526
5,880
2,350
2,927
920
8,100
3,250
888
2,300
5,831
6,510
31,3007,000
10,200
2,100
7,260
4,335
15,080116,231
2,140
4,150
2,900
1,560
3,150
1,670
2,810
2,140
1,920
4,137

49.4
1.7
0.7
0.8
0.3
2.3
0.9
0.3
0.7
1.7
1.9
9.1
2.0
3.0
0.6
2.1
1.3
4.4
33.7
0.6
1.2
0.8
0.5
0.9
0.5
0.8
0.6
0.6
1.2

147,125
5,890
1,550
2,460
815
8,020
4,620
1,050
1,830
5,890
5,560
32,300
6,990
12,300
2,480
5,280
3,920
14,664
115,619
2,090
3,210
2,890
1,460
3,320
1,670
2,070
2,180
1,640
2,660

46.8
1.9
0.5
0.8
0.3
2.5
1.5
0.3
0.6
1.9
1.8
10.3
2.2
3.9
0.8
1.7
1.2
4.7
36.7
0.7
1.0
0.9
0.5
1.1
0.5
0.7
0.7
0.5
0.8

13,0003.8

13,500

4.3

5,430
7,220
6,000
58,227

1.6
2.1
1.7
16.9

4,270
6,460
4,540
51,960

1.4
2.1
1.4
16.5

344,984

100.0

314,704

100.0

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of Dec. 31, 2011)
Area Type

Property Name
Kanematsu Bldg.
Kanematsu Bldg. Annex
JPR Ningyo-cho Bldg.
Shin-Kojimachi Bldg.
JPR Crest Takebashi Bldg.
MS Shibaura Bldg.
Gotanda First Bldg.

OfficeOfficeRetailOfficeRetailOther Cities

Greater Tokyo

Greater Tokyo

RetailTokyo CBDs

Fukuoka Bldg.
JPR Ichigaya Bldg.
Oval Court Ohsaki Mark West
Shinjuku Square Tower
BYGS Shinjuku Bldg.
Across Shinkawa Bldg. Annex
Shinjuku Center Bldg.
Minami Azabu Bldg. *Shinagawa Canal Bldg.
Rokubancho Bldg. *JPR Harajuku Bldg.
Tokyo Tatemono Kyobashi Bldg. *JPR Nihonbashi-horidome Bldg.
JPR Sendagaya Bldg.
Ginza Sanwa Bldg.
JPR Shibuya Tower Records Bldg.
JPR Daikanyama
JPR Jingumae 432
Shinjuku Sanchome East Bldg.
Yurakucho Ekimae Bldg. *(Yurakucho Itocia)
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.
Rise Arena Bldg.
Yume-ooka Office Tower
Olinas Tower
Tokyo Tatemono Yokohama Bldg.
Tanashi ASTA
Cupo-la Main Bldg. *JPR Musashikosugi Bldg. *Musashiurawa Shopping Square
Kawasaki Dice Bldg.
Niigata Ekinan Center Bldg.
Tokyo Tatemono Honmachi Bldg.
JPR Hakata Bldg.
JPR Naha Bldg.
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.
Tenjin 121 Bldg.
JPR Dojima Bldg.
JPR Hakata-chuo Bldg.
JPR Nagoya Fushimi Bldg.
JPR Umeda Loft Bldg.
Benetton Shinsaibashi Bldg. *Housing Design Center Kobe *JPR Chayamachi Bldg.
Total

Number of Occupancy
Tenants
Ratio（%）
8
95.0
1
100.0
2
45.9
95.7
9
67.4
0.0
8
94.9
7
93.2
2
100.0
100.0
1
100.0
9
100.0
3
100.0
99.1
23
99.1
24
97.3
4
100.0
22
87.5
1
100.0
4
100.0
1
100.0
7
88.5
2
100.0
7
100.0
5
89.9
8
98.4
1
100.0
4
100.0
5
89.8
1
100.0

360,986
85,48572,59577,31820,275
12,180126,701
518,125
135,793
87,35633,983
170,841
187,256
190,741
2,930
506,640
33,390470,795(注２)
68,100(注２)
223,144(注２)
198,390
268,841
74,325345,576
38,84969,14574,498

% of
Total
3.1
0.7
0.6
0.7
0.2
0.1
1.1
4.4
1.2
0.7
0.3
1.5
1.6
1.6
0.0
4.3
0.3
4.0
(注２)
0.6
(注２)
1.9
(注２)
1.7
2.3
0.6
2.9
0.3
0.6
0.6

100.0

74,498

0.6

1
33
12
13
1
1
1
3
19
8
10
25
18
12
14
13
9
5
3
1
1
1
7

85.3
85.4
100.0
85.5
83.2
83.6
100
100
100.0
87.9
98.6
100.0
100.0
100.0
100.0
100.0
98.2
100.0
78.0
91.3
93.8
99.9
88.4
91.4
100.0
100.0
89.7
100.0
100.0
100.0
100.0

229,779
120,799
128,669
50,141
379,973
141,978
61,346
91,725
240,186
322,526
1,120,647
308,348596,400(注２)(注２)
129,061
470,553
133,210
107,667
149,576
94,548
194,779
118,875
90,219120,625
71,922
90,761
402,411(注２)(注２)
139,701

2.0
1.0
1.1
0.4
3.2
1.2
0.5
0.8
2.0
2.7
9.5
2.6
5.1
(注２)
(注２)
1.1
4.0
1.1
0.9
1.3
0.8
1.7
1.0
0.8
1.0
0.6
0.8
3.4
(注２)
(注２)
1.2

501

95.6

11,772,766

100.0

Leasable Area（㎡）
7,994.02
2,291.13
2,804.56
2,107.58
901.36312.533,265.34
14,470.72
4,243.58
1,250.06
687.344,224.96
4,088.44
10,982.03
168.75
15,237.87
1,253.39
8,861.34
3,405.73
1,700.57
2,488.36
4,760.09
3,499.31
5,299.86
6,177.74
1,899.27
8,076.85
651.29
1,027.33
2,347.81

Leased Area（㎡）
7,592.34
2,291.13
1,287.64
2,016.98
607.11
0.00
3,100.29
13,490.04
4,243.58
1,250.06
687.344,224.96
4,088.44
10,880.22
167.1814,826.53
1,253.39
7,753.89
3,405.73
1,700.57
2,488.36
4,212.12
3,499.31
5,299.86
5,553.22
1,868.33
8,076.85
651.29922.21
2,347.81

1,101.92

1,101.92

1

7,022.76
5,541.45
6,066.53
2,642.38
15,461.98
6,490.05
1,747.13
2,983.91
6,023.39
12,011.73
23,987.40
6,494.09
31,121.71
5,963.00
19,740.95
14,960.69
13,066.69
5,326.88
7,162.60
6,581.15
3,946.41
7,128.81
4,874.91
3,257.73
3,930.21
3,290.42
7,086.37
18,586.97
5,303.98
35,444.13
2,484.39

5,990.25
4,729.78
6,066.53
2,258.68
12,856.65
5,427.84
1,747.13
2,983.91
6,023.39
10,562.66
23,652.51
6,494.09
31,121.71
5,963.00
19,740.95
14,960.69
12,825.79
5,326.88
5,587.31
6,007.78
3,702.66
7,121.39
4,307.10
2,977.99
3,930.21
3,290.42
6,356.18
18,586.97
5,303.98
35,444.13
2,484.39

4
31
13
13
36
6

423,311.93

404,721.65

17

Rental Revenue(yen in thousands)*Note : Buildings leased to a single tenant. JPR was unable to obtain tenants' approval to the disclosure of rental information.

12

Japan Prime Realty Investment Corporation

Disclaimer
This document contains a translation of selected information described in the Financial Report (Kessan
Tanshin) dated February 29, 2012 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 theInvestment Trust Law of Japan and the Financial Instruments and Exchange Law, for the period from July 1,
2011 to Dec. 31, 2011 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 toas the originals of this document. English translations for legal, accounting, tax and business concepts usedherein 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 theoriginal 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 informationor make any representations other than as contained in this document in relation to the matters set out in thisdocument, and if given or made, such information or representation must not be relied upon as having beenauthorized 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, 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, andvarious factors may cause actual results to differ materially from those in the forward-looking statements.

13