Japan Prime Realty
Investment Corporation

43rd
Presentation Material For the Fiscal Period
Ended June 2023
(Asset Manager)
Tokyo Realty Investment Management, Inc.

Table of Contents

1. Summary of Financial Results

4

2. Operational Status and Growth Strategy

7

1. Internal Strategy

12

2. External Strategy

18

3. Financial Strategy

21

4. Sustainability

23

3. Financial Results and Operating Forecasts

28

4. Appendix

36

2

Overview of JPR■ Overview of JPR

Name

Securities code

Japan Prime Realty Investment
Corporation(abbreviated as JPR)
8955

Listing dateJune 14, 2002
(20 years since listing)End of fiscal
periodJune and December

Operational
standard of
portfolio(Targetinvestment
ratio)

Asset Manager

Sponsors(shareholding
ratio)(Ratio by area)
Tokyo 80-90%
Other cities 10-20%(Ratio by asset class)
Office 70-90%
Urban Retail etc. 10-30%
Tokyo Realty Investment
Management, Inc.
(abbreviated as TRIM)

Tokyo Tatemono Co., Ltd. (100%)
Sole sponsor from April 2023

■ Characteristics of JPR

1

A track record of stable management for over20 years
JPR has steadily expanded its asset size while enhancing thequality of its portfolio.

robust portfolio focused on office properties in
2 ATokyo
JPR has established a portfolio that is focused on office properties inTokyo, which feature growth potential, with retail properties andoffice properties in regional cities to complement profitability.

3 Superiority pipeline of a developer-sponsored REIT
JPR has exerted its superiority as a REIT sponsored by Tokyo
Tatemono Co., Ltd. to acquire properties with excellent location
characteristics centering on large-scale development projects.

of internal growth through high level
4 Realizationof operation
JPR engages in strategic leasing and has maintained a highportfolio occupancy rate.

of a financial base that is stable
5 Establishment
over the long term
JPR maintains a conservative loan-to-value (LTV) ratio and astable high credit rating.
JPR has established a strong financial base by diversifying its
funding sources and repayment dates.

6 Commitment to sustainability

JPR seeks an improvement in unitholder value and contributes tothe realization of a sustainable society through the proactive
implementation of initiatives that squarely address social issues.

Asset size

67 properties 497.0 bn. yen

Ratio by asset(Area) Tokyo 84.3%(Asset class) Office 80.9%

Acquisition price and ratio of
properties from sponsor pipelines

375.2 bn. yen 75.5%

Period-average Occupancy Rate
based on concluded contracts

97.6%

Credit rating

JCR AA (stable)

R&I AA- (stable)
LTV

40.3%

■ Inclusion in MSCI ESG SelectLeaders Index■ 5 Stars, the highest mark,in GRESB Real Estate
Assessment■ CDP Climate Change Program
A- (Leadership level)31. Summary of Financial Results

4

1. Summary of Financial
Results

Financial Results for the June 2023 Fiscal Period and Operating Forecasts

December 2022
Period Result(million yen)

June 2023
Period Result

Period-on-period
comparison
Increase/
Rate of
Decrease
ChangeCompared with
forecast
Increase/
Rate of
Decrease
ChangeOperating revenue

18,73918,173

-566

-3.0%

+71

+0.4%

Rental income-realestate

9,193

8,981

-212

-2.3%

+74

+0.8%

Operating income

9,273

8,859

-413

-4.5%

+99

+1.1%

Ordinary income

8,469

8,099

-370

-4.4%

+108

+1.4%

+108

+1.4%

±0

-%

Net income

8,469

8,098

-370

-4.4%

Distribution per unit*1

7,750

7,600

-150

-1.9%

(yen)

December 2023
June 2024
Period Forecast Period Forecast

17,396

17,278-4.3%(period-on-period)-0.7%(period-on-period)

9,002

9,031

+0.2%
(period-on-period)+0.3%(period-on-period)

8,056

8,060

-9.1%
(period-on-period)+0.1%(period-on-period)

7,260

7,280

-10.4%(period-on-period)+0.3%(period-on-period)

7,259

7,279

-10.4%(period-on-period)+0.3%(period-on-period)

7,600

7,600

-%

-%
(period-on-period)(period-on-period)*1. Distribution per unit is calculated after adding or subtracting provision or reversal of reserve for reduction entry from each period's income.
Dec. ’22 period

Jun. ‘23 Period

Dec. '23 Period(Forecast)Jun. ’24 period(Forecast)

Provision of reserve
for reduction entry

815

520

-

-

Reversal of reserve
for reduction entry

73

-

318

299

(million yen)5

1. Summary of Financial
Results

Fluctuation in Distribution per Unit

Rental revenue was trending toward recovery, reflecting progress in leasing.
Adjusted EPU hit bottom in the June 2023 period and is expected to recover steadily.

Plus item

Minus item

(yen/unit)
Increase in rent and common charge(move-in/ move-out)+90
Increase in rent and common charge(rent revision etc.)-17

Decrease in rent and common charge(move-in/ move-out)+22
Increase in rent and common charge(rent revision etc.)
+26

DPU

7,750
Adjusted
EPU

7,441

Dec. ’22

48

Increase in rent and common charge(move-in/ move-out)+40
Increase in rent and common charge(rent revision etc.)-7

Total property to beacquired+169
Shinjuku Center+46
Osaka Dojima Bldg. +46
Tenjin Nishidori+42
Sola City+35
Total property to betransferred-158
Umeda Loft-72
Gotanda First-54
Crest Takebashi-32

DPU
Retainedearnings, etc.
Gain ontransfer ofproperty

Decrease incancellation
penalties

884

Adjusted
EPU

Rents 114
Assetandreplacement
7,269
90
common
11 26
chargeproperty tax
OtherJun. '23 Period

5537,600

Sola City+65
Crest Takebashi -34

Income equivalent
to expense forrestoration tooriginal condition

33
Rents
and
commoncharge

DPU

DPU

66

107

Asset
replacement

32

Repairs andmaintenance

13

7,280

Other

Dec. ’23 period (forecast)

7,600

7,600

Use ofinternal
reserves
Adjusted
320
EPU

Absence ofincomeequivalent to
expense forrestoration

73
Rents
and
commonchargeproperty tax

46

126 136

Use ofinternal
reserves
Adjusted
300
EPU

17 7,300
Other

Repairs andmaintenanceJun. ’24 period (forecast)

1. Fluctuations in distribution per unit are shown as amounts calculated by dividing the amounts of changes in each fiscal period by the number of investment units outstanding as of the end of the fiscal period
preceding each such period.
2. "Adjusted EPU" is net income per unit before recording of gain (loss) on sale of real estate, etc.

6

2. Operational Status and Growth Strategy

7

2. Operational Status
and Growth Strategy

Stronger Sponsorship by Tokyo Tatemono

JPR's asset manager (TRIM) became a wholly owned subsidiary of Tokyo Tatemono in April 2023.
JPR's goal is to enhance unitholder value leveraging its stronger collaboration with Tokyo Tatemono, which has become its
sole sponsor.
Medium-Term Business Plan and Long-Term Vision of theTokyo Tatemono Group (Strengthening the Fund Business)

Change in sponsors■ Before change

Fund businessYasuda Real
Estate Co., Ltd.

Shareholding ratio
75%

Taisei
Corporation

Meiji Yasuda
Life Insurance
Company

10%

10%

10%

Tokyo Tatemono Group
Development

Value
added

Property sales

Assumed AUM in 2024
1.5 trillion yen

Provisionof services

Japan Prime Realty
Investment Corporation

Recovery ofinvestments
Asset management agreement

AM

PM/BM
Fee income■ After change (From April 26, 2023)

Tokyo Tatemono Private
REIT, Inc.

Creation of new fund, etc.

Acquisitions using Tokyo Tatemono's pipeline

Sole sponsor

Shareholding: 100％

JPR will continue to carefully select prime properties and invest in them using thepipeline of Tokyo Tatemono, which has become its sole sponsor, and improve thequality of the portfolio through strategic asset replacement.
(Top five owned properties in terms of acquisition price)

Asset management agreement
The Otemachi Tower(land with Leasehold
Interest)
36.0 billion yen

Olinas Tower
31.3 billion yen

Shinjuku Center Bldg.
24.3 billion yen

Grand Front Osaka
21.3 billion yen

Tokyo Square Garden
18.4 billion yen

All of the properties above were developed by Tokyo Tatemono.

8

2. Operational Status
and Growth Strategy

Growth Strategy

Aim for sustainable improvement in unitholder value through the continuous external growth, effective asset
replacement, and the strategic utilization of gain on transfer and retained earnings

Unitholder
value

Expand scale/Improve
quality of portfolio throughsponsor pipeline

Growthdrivers

Stabilize distributions
through capitalization of gain
on transfer and utilization ofretained earnings

Properties acquired using
sponsor pipelines*1

Pace of expansion in asset size

Retained earnings*1✓ Total acquisition price:375.2 bn. yen✓ 2016-2019: 29.2 bn. yen✓ Total: 4.6 bn. yen✓ 2020-: 57.5 bn. yen✓ 4,652 yen per unit

→75.5% of total portfolio

Operationalframework

Achieve continuous external
growth utilizing low LTV

Diversified robust portfolio
focused on favorably locatedoffice properties in Tokyo

High level of operational
capability throughcollaboration with Tokyo
Tatemono, which is thesponsorCommitment to sustainability*1. Amounts and percentages indicated under "Properties acquired using sponsor pipelines" and "Retained earnings" are figures as of the end of the Jun. '23 period.

9

2. Operational Status
and Growth Strategy

DPU Strategy

Adjusted EPU bottomed out in the 43rd fiscal period (which ended June 2023) and is rebounding steadily, reflecting
progress in leasing.
Aim for the early achievement of the immediate target, 7,600 yen, while seeking to maintain stable distributions byutilizing retained earnings.
Change in Distribution per Unit and Medium-term Target
Adjusted EPU*1

Gain on transfer, etc.*2(yen/unit)

Use of internal reserves

Gain on transfer, etc.
through asset
replacement

Maintain stable distributions
through utilization of internal reserves

Medium-term
TargetImmediate target
Minimum
distribution
7,600

Retained earnings
per unit (yen)

7,750
7,441

7,600

7,600

7,600

7,269

7,280

7,300

'22.12

'23.6

4,129

4,652

'23.12

7,800

7,600

成長ドライバーGrowthdrivers

Growth drivers

稼働回復ofRecovery+occupancy
外部成長+
External
growthContinuous
external growth（Forecast）（Forecast）

'24.6

列1

'25.6

'25.12'26.6(period)'27.12

4,332

4,032

←Ample level of retained earnings relative to other J-REITs*1. "Adjusted EPU" is net income per unit before recording of gain on sale of real estate, etc.
*2. "Gain on transfer, etc." is gain (loss) on sale of real estate, etc. less the impact of property transfer on general management expenses and retained earnings.

10

2. Operational Status
and Growth Strategy

Operational Status Summary
ResultInternal
GrowthStrategy

Business environment perception

Jun. ‘23 period

Period-on-period
comparison

Occupancy rate basedon concluded contracts

97.6%+0.6ptRatio of increase/decrease on rent
revision and replacement- 0.8%-0.6%• Arrangements for charging changed, and net
electricity expenses improved.

External
GrowthStrategy

Financial
StrategyJun. ’23 period

Period-on-period
comparison

Asset size

497.0 bn. yen+8.2 bn. yen

Number of
Properties

67 properties+2 properties• Implement asset replacement with sponsor andachieve enhancement of portfolio quality.

Jun. ’23 period

Period-on-period
comparison

LTV

40.3%

+0.3ptAverage debt cost

0.76%

±0.0ptAverage maturity

4.4 years-0.3 years• Borrowed a green loan of 5.0 billion yen (June2023).

Achieved SBT certification (April 2023).

Sustaina
bility• Set new GHG (greenhouse gas) emissions
reduction targets to achieve net zero
emissions in 2050 and achieved SBTi
certification.

Future initiatives• In the Tokyo office market, demand isrecovering. Despite new supply, thevacancy rate remains roughly flat.
• Office buildings are increasingly to be
selected based on location/spec.

• Implement flexible leasing activities basedon accurate understanding of changes in
the market environment and tenant needs.
• Continue to monitor impact of increase in
office supply centered on central Tokyo• The property sales market remains
overheated, and opportunities to acquire
properties on the open market are limited.
• Tokyo Tatemono, which is the sponsor,
will pursue expansion of property sales toinvestors and expansion of AUM ofaffiliated REITs, etc.

• Acquire well-located properties in major
regional cities in addition to officebuildings in Tokyo, taking full advantageof the sponsor pipeline.
• Enhance the quality of the portfolio andprofitability through strategical asset
replacement.
• Resume consideration of acquisition of
hotels of urban commercial real estate.

• The Bank of Japan announced that it
would adopt more flexible yield curb
control, but it continues with its monetaryeasing policy.
• The debt financing environment remains
relatively favorable.

• Conservatively control LTV• Exercise debt management based onawareness of soundness and costs.
• Use medium maturities, taking thediversification of repayment dates into
consideration.

• The importance of efforts to address
sustainability issues in Japan andoverseas, including climate change risks
and human capital, is continuing toincrease.

• Make steady progress on 2030 strategy
targets and material issues throughcooperation with relevant parties both
inside and outside the company.
• Implement strategies to reduce GHG
emissions which take energy costs andother factors into consideration.

11

2-1. Internal Strategy

Features of Portfolio (as of June 30, 2023)

JPR has built a robust portfolio diversified in terms of area, grade, asset class and rent zone, with a focus on
excellently located office buildings in Tokyo.
Ratio by grade/asset class(all properties, ratio of acquisition price)

Chuo Ward

Other cities

Retail properties

19.1%

Ratio by area(all properties, ratio of acquisition price)

7.3%
S Class

15.7%

Chiyoda Ward

13.8%

Office properties in
Other Cities

B Class

12.4%

11.9%

A Class

19.2%
C Class
Greater Tokyo 10.4%
outside Tokyo’s
7.2% 10.5%
23 wards
Land with leaseholdinterest
Tokyo’s 23 wards

Great Tokyo
outside Tokyo’s
23 wards

15.9%

18.2%

4.3%

12.2%
Tokyo’s
18 wards

Minato Ward

11.5%
10.3%

Shinjuku Ward

Shibuya Ward

Diversification of grade and asset class

Well-balance regional diversification
with focus on Tokyo

Ratio by Rent Zone
(office properties, ratio of acquisition price)

Ratio by number of minutes walk from nearest
station (all properties, ratio of acquisition price)

Less than
15 thousand yen

8.8%

30 thousand
yen or more

17.7%

25.3%
15 to less than 20
thousand yen

9.6%

Within3-5 minutes

Directly linked

17.5%

17.5%

13.4%

25 to less than 30
thousand yen
20 to less than 25
thousand yen

34.9%

Within5-10 minutes

73.5%

Focus on office buildings in rent zone 15 toless than 20 thousand yen per tsubo, which
are in highest demand

Within
1 minute
Within
1-3 minutes

29.1%

26.4%
73.0%
Over 70% of properties are located within a
3-minute walk of the nearest station

1. Ratio by Rent Zone (office properties, ratio of acquisition price) figures do not include Grand Front Osaka.

122-1. Internal Strategy

Diversification of Portfolio

Build a stable portfolio with good investment ratio diversification.
Through tenant replacement, the number of office tenants with occupancy of 1.0% or more was reduced toonly one.
Tenant diversification (based on end users by property;
as percentage of area)

Investment ratio diversification
12.0%

1.6％ on average

End of Dec. ’19 period
OfficeLand with leasehold interest

Less than 1.0%
Tenants
65.7%

Retail properties
10.0%

Sponsors, etc.
1.0% or more Office Tenantswith 1.0% orYakuinBusiness
A company 1.3%
more
GardenPortfolio mostly consists ofproperties in which investment
ratio is 3.0% or less

8.0%

NOI yield

Retail properties
with 1.0% or more

Rise Arena Bldg.

B company

1.3%

Olinas Tower

C company

1.1%

JPR Nagoya
Fushimi Bldg.

D company

1.0%

Total

6.0%

4.6%

Olinas Tower

4.8％ on average
4.0%

Shinjuku Center Bldg.

Less than 1.0%
Tenants
73.8%

The Otemachi Tower(Land with leasehold interest)↑
JPR owns the land with leasehold interest,
and revenue is extremely stable.

2.0%

Reduced tenantconcentration risk throughreplacement of office tenants

End of Jun. ’23 period
Retail properties
with 1.0% or moreSponsors, etc.
with 1.0% ormore
1.0% or more Office Tenants

0.0%
0.0%

2.0% 3.0% 4.0%

6.0%

Investment ratio

8.0%

10.0%

JPR Nagoya
Fushimi Bldg.
Total

D company

1.0%
1.0%

1. NOI yield is based on book value.

132-1. Internal Strategy

Occupancy Status

Vacancies have been being filled steadily.
The occupancy rate based on generated rents bottomed in the June 2022 fiscal period and is rebounding.
Occupancy rate (the average occupancy rate as of the end of each month)

Major Move-Ins/Move-Outs■’23.12■’23.6

Occupancy rate based on concluded contracts

99.5%

'20.6

99.4%
99.1%

'20.12

98.2%

97.4%

'21.6

96.9%

95.8%

'21.12

97.8%

95.1%

'22.6

97.0%

95.5%

'22.12

97.6%

96.4%

'23.6

■’23.12 (period)

Move-outs

Occupancy rate based on generated rents
99.6%■’23.698.3%

JPR Harajuku Bldg.

-2,254

1,558

JPR Yokohama Bldg.

-214 -1,052

1,182

Kanematsu Bldg.

-1,222821

Olinas Tower-1,046

2,102

Shinjuku Square Tower

-621

1,015

96.7%

'23.12 (period)(Forecast)Move-ins-423

Tenjin 121 Bldg.
JPR Omiya Bldg.

296

(m2)

547

334
522

702
1,986

-4,234

Status of move-ins and move-outs

Comparison with market occupancy rate
Occupancy rate based on concluded contracts
Occupancy rate of business districts in Tokyo

Move-in spaces

Occupancy rate

Move-out spaces

Move-out rate

（㎡）

99.6%

98.4%

20,000
99.4%

98.2%

96.9%

97.8%

97.0%

97.6%

98.3%

10,000

0.8

2.6

4.2

6

1.6

1.0

2.5

1.3

0
96.3%

94.5%

93.6%

93.6%

93.6%

93.7%

-10,000-20,000

'20.6

2.5

'20.12'21.6'21.12'22.6'22.12'23.6'23.12 (period)

3
0

-0.7

'20.6

(Forecast)-1.3'20.12

-3.8
'21.6

-2.9
'21.12

'22.6

-3

-2.5

-1.8

-1.2

'22.12'23.6-6'23.12 (period)-3.9(Forecast)

1. Only figures for occupancy rate based on concluded contracts include Grand Front Osaka.
2. Occupancy rate of business districts: Averaging figures published by Miki Shoji Co., Ltd in each month that belongs to the JPR’s relevant fiscal period.

14

2-1. Internal Strategy

Status of Rent

The contracts with most of the tenants have been renewed without a downward revision.
Ratio of Increase/Decrease on Rent Revision/
Tenant Replacement (% of Total Contracts)

Monthly Rent Revision Increase/ Decease(million yen)40

Upward revision(tenant replacement)

Upward revision(existing tenant)■ Rent revision

Downward revision(existing tenant andtenant replacement)(period)

3.6

20

'21.6
3.6

29.2

7.6

0

-35.8

6.6
16.1
-6.1

2.9

3.7

6.7

4.3

-6.8

-6.1

1.3
1.7

0.8
2.9

-3.6

-9.7

3.2
-8.8

Of which,
reduction of large
tenants -34.6-20

Upward revision
Decrease in rent

■ Tenant replacement

No change

Upward revision

No change

Decrease in rent

26.6

72.1

1.2

10.8

67.6

21.6

'21.12

17.9

80.2

1.9

39.6

16.7

43.8

'22.6

15.8

82.6

1.6

45.8

8.5

45.8

'22.12 12.1

85.5

2.4

32.4

12.6

83.5

3.8

28.6

0

50

17.6

50.0

-40
'20.6

'20.12'21.6'21.12'22.6'22.12'23.6'23.12(period)

'23.6

16.7

54.8

(Forecast)

100 (%) 0

50

100 (%)

Status of gap in rent
(Office/By fiscal period of rent renewal）

Average free rent period(month)(million yen)+60

6Lower than market rent

Higher than market range (new contract, etc.)

Within market range

Higher than market range (except for new contract)+40

4Rent gap

2
0

1.0

1.2

'20.6

'20.12

2.4
'21.6

3.7

3.5

'21.12

'22.6

4.3

+1.3

+20

%
(period-on period
comparison -0.1pt)

2.7+0'22.12'23.6 (period)-20'23.12'24.6'24.12'25.6
1. Rent gap figure is only figure including Grand Front Osaka.
2. Forecast of monthly rent increase/decrease (forecast increase) for Dec. ’23 period is sum total of upward or downward revisions and increases or decreases in rent upon tenant replacement.

(period)15

2-1. Internal Strategy

Leasing Status of Properties Requiring Priority Action

Properties for which leasing
activities are being stepped up

Properties for which leasing
activities progressed

MS Shibaura Bldg.

Olinas Tower
Leasable area

1,483 tsubo(Ratio in portfolio)(1.0%)• A large building with 600 tsubo per floor, located an 8minute walk from JR Tamachi Station.
• Two tenants will move out at the end of December 2023
and March 2024, and the occupancy rate will fall to 66.1%.
• Large-scale renovations are planned after the tenants moveout (installation of LED lighting, improvements to air
conditioning and common areas)• Seek to fill the vacant space quickly by implementing flexible
leasing activities

Dec. '23

Jan. '24

Apr. '24

100%

93.2%

66.1%

Progress

570 tsubo

Leasable area
(Ratio in portfolio)

86.9%

Jun. '23

96.7%

Leasable area

215 tsubo(Ratio in portfolio)(0.1%)

Mar. '22

Dec. '22

Aug. '23

77.9%

89.6%

97.0%

Only 1 floor left
Progress

637 tsubo

411 tsubo

Leasable area

164 tsubo(0.3%)(Ratio in portfolio)(0.1%)• The occupancy rate has increased, and the building has
become a multi-tenant building following existing tenants'
expansion of floor space and multiple new tenants moving in.
• The occupancy rate increased to 96.7%. However, acancellation note has been received, and the occupancy rateis expected to be 92.9% in February 2024.

Oct. '22

1,386 tsubo• This integrated office, retail, and residential development isa landmark building in the Kinshicho area.
• Making progress in leasing by capturing demand forrelocation to expand to neighboring areas and opening new
offices in the area

JPR Harajuku Bldg.

Shinjuku Square Tower

Progress• Early leasing of 4 out of 5 floors due to success in increasing
value through renovation work on common areas• Continue to promote leasing, capturing strong demand for
office space in the area.

Feb. '24

Oct. '22

Mar. '23

Aug. '23

92.9%

100.0%

44.4%

88.6%

1. For buildings co-owned with other rights holders, the area equivalent to JPR's equity interest is shown.
2. Progress at Shinjuku Square Tower is as of June 2023.

16

2-1. Internal Strategy

Retail Property

Maintain high occupancy, with long-term fixed rent as the basic format.
Sales also recover as economy returns to normal.

Changes in sales at main retail properties(compared with same month in 2019)

Average occupancy rate (Retail properties)

125.0%

100.0

（%）

99.3

99.9

99.5

99.7

99.5

100.0%

100.0
75.0%
FUNDES Ueno

50.0%

90.0

FUNDES Suidoubashi

25.0%

Kawasaki Dice Bldg.

0.0%

80.0

'20.12'21.6'21.12'22.6'22.12'23.6

2020.6(period)

Status of lease contract (Retail properties, Space ratio)
Tenant sectors

2020.122021.62021.122022.62022.12*1. Stores that are continuously open during the target period are counted.

2023.6（year/month）

Main retail properties

Type of rent

Services

3.0%

4.7%
3.6%

3.0%

Bars &
restaurants

Urban type

Fixed rent andcommission

Other

Commission

0.7%

Retail

90.4%

Fixed rent

94.5%

Type of rent
16.6%

Remaining contract period
2 years or more and 5.7%
less than 3 years
Less than 2
years
18.8%

9.1%

3 years or
83.4%
more and less
Ordinarybuilding lease than 5 years

5 years
or more66.5%

JPR Chayamachi
Bldg.

JPR Ginza Namikidori Building

FUNDES
Tenjin Nishidori

FUNDES Ueno

Station-front
type

Fixed term
building lease

JPR Shibuya
Tower Records Bldg.

Kawasaki DICE Bldg.

Tanashi ASTA

JPR Musashikosugi
Bldg.

Housing Design Center
Kobe

17

2-2. External Strategy

Acceleration of pace of property acquisitions utilizing sponsor pipeline

The pace of expansion in JPR‘s asset size accelerated, partly due to the Medium-Term Business Plan of Tokyo
Tatemono, which is the sponsor.
Tokyo
TatemonoCo., Ltd.

2015-2019
Tokyo Tatemono's previous Medium-Term Business Plan

2020-2024
Tokyo Tatemono's current Medium-Term Business Plan

Key Strategies (excerpt)

Further expansion of Group AUM and profit opportunities

Expand property sales toinvestors

Total investment amount 120.0 billion yen (as of the end of June2023)*1

Strengthen fund business

AUM, including affiliated REITs, of 1.5 trillion yen (forecast of ‘24)

Changes in asset size
Growth from 2020: 57.5 billion yen(100 million yen)(Acquisition: 84.5 billion yen Sale: 26.9 billion yen)

5,500

2016-2019
Growth between 2016 and 2019:29.2 billion yen(Acquisition: 41.4 billion yen Sale: 12.2 billion yen)

5,000

4,848
4,675

4,656

Dec. '20
PeriodJun. '21
Period

4,571

JPR

4,500

4,350

4,350

4,350

4,350

Jun. '17
PeriodDec. '17
PeriodJun. '18
PeriodDec. '18
Period

4,395

4,395

Jun. '19
PeriodDec. '19
Period

4,922

4,887

4,970

4,214
4,103

4,103

Dec. '15
PeriodJun. '16
Period

4,000

3,500

Dec. '16
PeriodJan. '17
PublicOffering

Jun. '20
PeriodFeb. '20
PublicOffering

Dec. '21
PeriodJun. '22
PeriodDec. '22
PeriodJun. '23
PeriodJan. '22
PublicOffering*1. Balance of real estate for sale except for logistics properties in commercial properties business of Tokyo Tatemono Co., Ltd. (Total investment amount)18

2-2. External Strategy

Continuous implementation of asset replacement strategy

Achieve realization of unrealized gains and improvement in portfolio quality through asset replacement withsponsor
2017

2020

2019

Property to beacquiredTokyo Square
GardenJPR Kojimachi
Bldg.

FUNDES
Ueno

Sponsorpipeline

Sponsorpipeline

18.4 billion yen

5.75 billion yen 3.8 billion yen

Sponsorpipeline

2021

JPR Shinsaibashi
West

Sencity Bldg.

Sponsorpipeline

Sponsorpipeline

3.75 billion yen

Otemachi Financial
City North Tower
Sponsorpipeline

13.87 billion yen

11.4 billion yen

Assets transferredAssetreplacement

Asset
replacement

Tokyo Tatemono Kyobashi Bldg.

JPR Hakata Bldg.

Sponsors

Sponsors

Building age
35 years

Building age 38 years

Utilization of sponsor pipelines

Rise Arena Bldg.
(Additional
Grand Front Osakaownership)
SponsorPreferential
negotiation right pipeline

7.3 billion yen

21.3 billion yen

Tokyo Tatemono
Higashi-Shibuya
Bldg.

Shinjuku Center
Bldg. (Additional
ownership)

Ochanomizu
Sola City

Sponsorpipeline

Sponsorpipeline

Sponsorpipeline

11.3 billion yen

3.32 billion yen 2.46 billion yen 3.31 billion yen

6.49 billion yen

Assetreplacement

Asset
replacement

Gotanda First Bldg.

JPR Crest
Takebashi Bldg.

Sponsors

Sponsors

Building age
33 years

Building age
23 years

JPR Umeda Loft Bldg.

Sponsors

Building age
51 years

FUNDES Tenjin
Nishi DoriSponsorpipeline

Asset
replacement

Tokyo Tatemono
Honmachi Bldg.

Osaka
DojimaBldg.

Building age
31 yearsSponsorpipeline

Trends in retained earnings balance and Policy◼

(Breakdown of owned properties by seller)

Expanded retained earnings through strategical asset replacement（Trends in retained earnings balance）

Properties acquired otherthan from sponsors
121.7 billion yen

Properties
acquisition fromsponsors
282.6 billion yen

24.5%

4.6

（billion yen）

Steady expansion

56.9%
Properties
acquired basedon information
provided bysponsors
92.5 billion yen

2023

2022

18.6%

1. JPR makes decision based on circumstances at the time of acquisition.

Policy on utilization ofretained earnings

4.1
3.4

⚫

The policy is to use it tomaintain stable distributions
until “the immediate EPU
target” is achieved⚫

Preparing for unexpected
events such as disasters andproperty transfer losses,
reserve a certain amount

2.5

Properties
acquired using
sponsor pipelines

75.5%

1.9
0.7

'20.6

1.1

'20.12'21.6'21.12'22.6'22.12'23.6 (period)
（予想）

19

Sponsor Pipeline

2-2. External Strategy

Actively take advantage of sponsor pipeline to expand acquisition opportunities
Properties owned by Tokyo Tatemono Co., Ltd. and JPR in
the vicinity of Tokyo Station

Tokyo Tatemono's pipeline
Real estate for long-term ownership reclassified as real estate for sale
■ Properties reclassified as real estate for sale
Between the end of December 2018 and the end of December 2022:
Approx. 54.0 billion yen■ Properties acquired by JPR
JPR Kojimachi Bldg.

5.75 billion yen

Acquired June 2019

JPR Shinsaibashi West3.75 billion yen

Acquired January 2020

Otemachi Financial City North Tower

11.4 billion yen

Acquired December 2020

Grand Front Osaka

21.3 billion yen

Acquired December 2021

Tokyo Tatemono Higashi-Shibuya Bldg.

11.3 billion yen

Acquired January 2022

Real estate for sale developed/acquired on the assumption of sale
■ Medium-sized office
T-PLUS Sendai Hirose Dori

April 2023

completed

T-PLUS Sapporo

December 2023

To be completed

T-PLUS Sendai

January 2024

To be completed(Tentative name) Shibaura 4chome Office Building Project

January 2024

To be completed■ Urban compact retail properties
FUNDES Kamata

February 2024

To be completed

Candeo Hotels Tokyo Roppongi

September 2017

Completed

The Square Hotel Ginza

August 2018

Completed

Hotel Gracery Asakusa

September 2018

Completed

FUNDES Suidoubashi

3.25 billion yen

Acquired December 2016

FUNDES Ueno

3.8 billion yen

Acquired June 2019

FUNDES Tenjin Nishi Dori3.31 billion yen

Acquired January 2023

Osaka Dojima Bldg.

2.46 billion yen

Acquired January 2023

■ Urban hotel■ Properties acquired by JPR

20

2-3. Financial Strategy

Financial Status

Build strong financial base through lengthening of maturity and flattening of repayment amount andconservative LTV control
Debt procurement results in the Jun. ‘23 fiscal period(short-term loans excepted)

Amount raised

Beforerefinancing

Funding10.0 billion yen

7.0 billion yen

Increase/
Decrease

Diversification
status of repayment dates （as of August 17, 2023）
200（100
millionyen）

Long-term loans payable

Investment corporation bonds

New debt procurement (Jun. '23 fiscal period)

New debt procurement (Dec. '23 fiscal period)

150-30 billion yen
30

Average maturity

8.0 years

5.6 years-2.4 years

100

20

50 30

0.99%

0.54%

-0.45pt

130

10

60

70 80

148

30
109 100

90 90
40

Status of interest-bearing debts

102

110

96 90

10
60 50 1420

55

0Dec. '22

Jun. ’23

Period-onperiod
comparison

Interest-bearing debt

202.9
billion yen

205.4
billion yen+25 billion
yen

LTV

40.0%

40.3%

+0.3ptAverage maturity

4.7 years

4.4 years-0.3 years

Average debt cost

0.76%

0.76%

±0.0ptRatio of long-term,
fixed interest rate
debts

100.0%

97.3% *

-2.7ptStatus of rating

130
50

Commitment limit
24.0 billion yen

35

85

Average debt interest
rate

10

50

10

30

10
(period)（期）

Change in LTV(%)

45Control, aiming for maximum LTV of 40-45%

43

PublicOffering

41

40.8

39.5

'19.12'20.6

PublicOffering

40.6

41.7

Debt acquisition capacity:
Approx. 44.0 billion yen

40.0

40.6

40.0

39
'20.12

'21.6

40.3

'21.12'22.6'22.12'23.6

Initiatives in response to rising interest rates* 100% as of August 17, 2023.

JCR

R&I

AA (Stable)AA- (Stable)

Low LTV

Shift to long-term, fixedinterest rate debt

Cost control throughnegotiated debt
procurement

Use of medium
maturities

Diversification of
repayment dates

21

2-3. Financial Strategy

Diverse Status of Lenders (as of August 17, 2023)

Diversifying fund procurement sources with a lender formation comprising 39 financial institutions and throughissuance of investment corporation bonds(Breakdown of investment
corporation bonds)

Sumitomo Mitsui Trust Bank, Ltd.

1.0

Mitsui Sumitomo Insurance Company, Ltd.

1.0

Hiroshima Bank, Ltd.

1.0

The Hyakugo Bank, Ltd.

1.0

Tokio Marine & Nichido Fire Insurance

1.0

The Chiba Bank, Ltd.

Investment

1.0

Daido Life Insurance Company

corporation bonds

1.0

Daishi Hokuetsu Bank, Ltd.

1.0

The 77 Bank, Ltd.

Mizuho Bank, Ltd.
24.0

37.9

(Of which sustainability loan 0.6)
(Of which green loan 1.0)

1.0

The Gunma Bank, Ltd. 【New】

Green loan 1.0
1

The Keiyo Bank, Ltd. 【New】

Green loan 1.0
10Bank of Kyoto, Ltd.

Name

MUFG Bank, Ltd.
21.0

1.0
（Of which sustainability loan 0.5）
10Kansai Mirai Bank, Ltd.
The Ashikaga Bank, Ltd. 【New】

Interest-bearing
Sumitomo Mitsui
Banking Corporation
debt
15.0
205.4 bn. yen

1.0

Green loan 1.0
10

Resona Bank, Ltd.

2.0

The Yamanashi Chuo Bank, Ltd.

2.0

Development Bank ofJapan, Inc.
10.9

The Yamagata Bank, Ltd. 【New】 Sustainability loan 2.0
20
The Hachijuni Bank, Ltd.

2.0

Nippon Life Insurance Company

2.0

Sompo Japan Insurance Inc.

2.0

The Kiyo Bank, Ltd.

2.0

The Iyo Bank, Ltd.

2.0

Yamaguchi Bank, Ltd.

3.0

The Chugoku Bank, Ltd.

3.0

Taiyo Life Insurance Company

3.0

The Nishi-Nippon City Bank, Ltd.

3.0

The Shinkumi Federation Bank

4.0

SBI Shinsei
Bank, Ltd.
10.0

Shinkin Central Bank 7.0
Meiji Yasuda Life
Sumitomo Life Insurance Company 4.2
Insurance
Company
4.0

Aozora Bank, Ltd. 6.4

The Bank ofFukuoka, Ltd.
6.0

The Norinchukin Bank 7.0

Mizuho Trust & Banking Co., Ltd. 7.0

Amount7th series of bonds

4.5

19th series of bonds

5.0

21st series of bonds

4.0

22nd series of bonds

3.0

23rd series of bonds

3.0

24th series of bonds(Green bond)25th series of bonds(Green bond)26th series of bonds
27th series of bonds(Sustainability Bonds)
28th series of bonds(Green bond)

5.0
6.0
3.0
1.4
1.0

(Status of commitment line)
LenderCreditlimit

Mizuho Bank, Ltd.

4.0

MUFG Bank, Ltd.

4.0

Sumitomo Mitsui
Banking Corporation

4.0

Mizuho Trust &Banking Co., Ltd.

4.0

Aozora Bank, Ltd.

4.0

Resona Bank, Ltd.

4.0

Total

24.0

22

2-4. Sustainability

External Evaluations and Initiatives

Focus on increased acquisition of external evaluations and improving evaluations and becoming a signatory
to/supporting initiatives.
GRESB Real Estate
Assessment

CDP Climate Change
ProgramMSCI ESG Credit Rating*1

MSCI Japan ESG SelectLeaders Index*1

A

Included forthird consecutive year

TCFD

Principles for Financial
Action for the 21st Century

Achieved

5 Stars

UpgradedtoA-

for fourthconsecutive
year

SBTi
(Science Based Targets initiative)

Certified in April 2023

United Nations Global Compact

Participated as
the Tokyo
Tatemono Group(Signed by Tokyo
Tatemono)

PRI

Achieved
rating forthird consecutive year

(Principles of Responsible Investment)(Task Force on Climate-related
Financial Disclosures)

Became a signatory
in May 2019

Declared support
in May 2021

(Asset Manager)

CASBEE Certification

Certification
41
properties(Included in May 2021)

Became a signatory
in February 2022

(Asset Manager)(Asset Manager)

DBJ Green Building
Certification

BELS certification and ZEB
certification

Certification
13
properties

Certification3
properties
1 property
certified as

ZEB Oriented(JPR Omiya Bldg.)*1. JPR's use of data produced by MSCI ESG Research LLC or its affiliates ("MSCI") and JPR's use of MSCI logos, trademarks, service marks or index names do not constitute a sponsorship, guarantee, recommendation, or
promotion of JPR by MSCI. MSCI's services and data are the property of MSCI or the entity providing such information and are provided "AS IS" without warranty of any kind. MSCI's names and logos are trademarks orservice marks of MSCI.

23

2-4. Sustainability

Environment

GHG (greenhouse gas) emissions reduction targets were certified by the SBTi in April 2023.
Energy consumption increased in 2022, but JPR reduced GHG emissions by using power from renewablesources of energy and purchasing non-fossil certificates.
Certified by SBTi (Science Based Targets initiative)◼

Graphs showing results

JPR has become the third J-REIT whose net-zero target has met SBTi's
net-zero standard criteria and been SBT certified.
➢ Certified targets◼

◼

Target
year

Base
year

Scope of GHG

GHG emissions
reduction targets

2030

2019

Scope 1 + 2

46％*1

2050

2019

Scope 1 + 2 + 3

Net zero*1. The percentage reduction certified is rounded.

Energy consumption increased as the ratio of employees commuting tothe office rose and restaurants returned to business as usual.
Reduced GHG emissions by using power from renewable sources ofenergy and purchasing non-fossil certificates.

➢ Energy consumption
電気Electricity

熱
Heat

ガス
Gas

(MWh)

140,000
120,000

122,803119,712122,106

2019

2020

2021

128,154

100,000
80,00060,000Measures to reduce GHG emissions➢ 2030 target: 46.2％ reduction in
GHG emissions
Reduction measures and percentage
reduction (plan)
Reductions in categories 1, 2
and 5*-5％

Reductions due to theintroduction of renewable energy
sources and the purchase ofnon-fossil value certificates-25％➢ 2050 target: Net zero emissions
Reduction measures (plan)
Improvement of environmental performancethrough asset replacement
Introduction of renewable energy sources
and purchase of non-fossil value certificates
Adoption of new technologies, changes inlaws

Reductions chiefly due torenovations for energy saving-15％

Achieving reductions by lowering
emissions coefficients-35％

Decrease in emission factor due to progressin the transformation of the energy mix(Takes into consideration annual emission increase of approx.
3% associated with expansion in asset size (+33%))* Category 1: emissions through supply chain; Category 2: emissions from capital goods; Category 5: emissions from waste disposal.

40,00020,00002022 (year)➢ GHG emissions
Scope 1

Scope 2

Scope 3(t-CO₂)80,00060,00074,931

70,56917.9%
reduction

68,962
61,550*1

40,00020,0000
2019(Base year)

2020

2021

2022 (year)*1 2022 figures for Category 5 in Scope 3 are figures calculated by TRIM and have not received third-party assurance.

242-4. Sustainability

Environment

Addressing climate change transition risks (policy, laws and regulations, markets, reputation)
Acquisition of Environmental Certification

Analysis of CRREM (Carbon Risk Real Estate Monitor)

Aim to achieve the 2030 target of an environmental certificationacquisition coverage rate of 80% or more (4-star/"A" rating or higher).
100

JPR will improve properties with high environmental impact.

80A) Scenario based on the existing energy saving renovation plan
• Scenario reflecting the energy saving renovations that are planned

60

(%)

70.5

40

2°C pathway

Energy saving renovation plan scenario

80

20

Timing of becoming a stranded asset

60

73.1

27.3

28.3

34.0

40.2

45.9

49.3

13.4
0

40

'18.12 '19.6 '19.12 '20.6 '20.12 '21.6 '21.12 '22.6 '22.12 '23.6 (period)

20

2050

2045

2040

2035

2020

0

100

• Scenario reflecting greater investment in energy saving renovations and theintroduction of renewable energy

Exclusively owned areas

Renewable energy introduction plan scenario

80

Timing of becoming a stranded asset

60

Making progress steadily in exclusively owned areas as well as common
areas. Will actively continue to switch to LED lighting.
(%)

2°C pathway

1.5°C pathway

2030

Progress of switch to LED◼

B) Scenario reflecting a renewable energy introduction plan

GHG emission intensity(kgCO2/m2)

2030 target:
80%

59.6

1.5°C pathway

100

GHG emission intensity(kgCO2/m2)◼

◼

Compared with Scenario A, in Scenario B, investing in energy saving
renovations and the introduction of renewable energy will delay thetiming of real estate becoming a stranded asset.

2030

◼

CRREM is a tool for visualizing real estate transition risks. It determines
when real estate will become a stranded asset.

2025

◼

100

85.4

86.1

89.3

49.1

52.8

'21.12'22.6

Common areas
90.0

94.1

80
60

40

40

20

20

1. CRREM converts data for co-owned properties to data for 100% owned properties. Net zero emissions inassets that JPR has no management authority over are not assumed.

2050

2045

2040

2035

2030

2025

2020

0

43.6

59.2

64.6

0
'21.6

'22.12'23.6 (period)

1. Lighting classed as tenant assets is excluded from the calculation of rate of progress.
2. Figure excludes Grand Front Osaka.

25

2-4. Sustainability

SocialImproving tenant satisfaction and taking measures to address water damage at portfolio properties◼
◼

◼

Tenant satisfaction surveys

Addressing water damage risk

Overall satisfaction hit a record high in 2023.

◼

JPR shares the findings with property managers and on-site building
managers to improve satisfaction and uses it as an indicator for PM
appraisal.

Installing protective panels to address water damage risks(An installed protective panel)(An installed simple protection panel)

Questions about ESG performance are added in 2023. JPR has foundthat tenants are highly interested in saving energy.
Number of buildings surveyed (left axis)
調査物件数（左軸）
Overall satisfaction (right axis)
総合満足度（右軸）

50

4.00

Record high
3.48

3.39
3.29

3.24

3.33

3.27
25

3.29

3.54

3.47

3.39

(Entrance of JPR Ueno East Bldg.)

3.52

3.44

◼

3.16

31

(Service entrance on the firstfloor of Olinas Tower)

3.50

3.51

3.49

3.43

3.35

3.50

Olinas Tower has received the ResReal silver rating for its strong
tangible and intangible disaster response capabilities.

3.00

32

31

32

32

36

37

37

38

41

45

39

40

40

42

40

39

40

➢ What is ResReal?
• ResReal is a certification
system that quantifies andvisualizes properties'
resilience to natural disasters.

2.50

0

2.00
'05

'06

'07

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18

'19

'21

'22

'23

Overview of the 2023 tenant satisfaction survey
Overall satisfaction: Average value with 4 points being the highest
Survey period: May 2023 to June 2023
Survey scope: 40 properties, 470 tenants
Questionnaire item: management and administration, responses to tenants, crime prevention
and safety, emergency responses and environmental preservation, etc.
1. In 2020, the survey was not conducted due to the spread of COVID-19 pandemic.

(Olinas Tower)26

2-4. Sustainability

Governance

The plan is to introduce asset management fees based on sustainability indicators (they will be proposed at theunitholders' meeting to be held in September this year).
*New fees will take effect from January 1, 2024 if they areapproved at the unitholders' meeting to be held on September 5,
2023.

Asset management fee (proposal of change)

JPR officers◼

Bolstering supervisory functions, enabling supervision from a broad
perspective to ensure soundness

Position

Executive
Officer

Name◼

Attendance atmeetings of Boardof Directors in 43rdfiscal period

Current Assignment

Yoshihiro President and CEO Tokyo Realty Investment
JozakiManagement, Inc.

In light of the changes in the environment surrounding the real estatemarket, JPR is planning to introduce asset management fees based onsustainability indicators and to increase the connection between thefees and returns for investors.
Item

Calculation of compensation
Total acquisition price×0.045%+ fees based on sustainability indicators ((i) to (iii) below)

7/7(100%)
Management fee 1

7/7(100%)

Supervising
Officer

MasatoDenawaSupervising
OfficerGroup Representative Partner of Gyosei Certified
Nobuhisa
Public Tax & Accountants' Co.
Kusanagi
Representative Partner of Nobuhisa Kusanagi Office

Supervising
Officer

Konomi
Ikebe

Partner Attorney, Spring Partners

Grand Fellow, Graduate School of Horticulture,
Chiba University(Asset-linked fee)

7/7
(100%)

Management fee 2(Revenue-linked fee)Management fee 3

7/7(100%)(Cash distributionlinked fee)Management fee 4(Acquisition/Merger
fee)

Asset management fee (results)

Management fee 5(Sale fee)

Item
Management fee 1(Asset-linked fee)Management fee 2(Revenue-linked fee)Management fee 3(Cash distribution-linked
fee)Management fees 4/5(Acquisition/Merger fee)
(Sale fee)

Calculation of compensation
Total acquisition price×0.05%

Remuneration(Jun. ’23 period)

244 million yen(i) GHG emissions: Total acquisition price × 0.002％ × a multiplier in Table
1(ii) Environmental certification: Acquisition price ×0.001% × a multiplier inTable 2(iii) GRESB Assessment: Total acquisition price × 0.001% × a multiplier inTable 3
Total revenue × 1.2% (No change)
Distributable base amount (excluding gains/losses on real estate sales, etc.)
×3.8%×Rate of fluctuation of distributable base amount per unit
Acquisition price ×1.0% (0.5% when acquired from related parties)
Gain on sale of property ×12.5%*1* The amount obtained when the sale price is multiplied by 0.5% shall be the minimum fee.

Share
29.1%

(Table 1)
Multiplier

1 + GHG (green house gas) emissions reduction rate

(Table 2)
Total revenue×1.2%

207 million yen

24.7%

Distributable base amount (including
gains/losses on real estate sales, etc.)
×3.8%×Rate of fluctuation of distributablebase amount per unit

306 million yen

36.4%

Sale price × 0.5%

82 million yen

Environmental certification★~★★★

(CASBEE/DBJ Green Building/BELS)(includes uncertified
assets)

★★★★

★★★★★

Multiplier

1.0

1.1

1.2

(Table 3)
9.8%

GRESB
Assessment

★

★★

★★★

★★★★

★★★★★

Multiplier

0.8

0.9

1.0

1.1

1.2

27

3. Financial Results and Operating Forecasts

28

Overview of Financial Results for the 43rd Fiscal Period (Jun. ‘23)
(period-on-period comparison)

3.Financial Results andOperating Forecasts

Results of the 43rd fiscal period ended Jun 2023 DPU:7,600 yen (down 150 yen, period-onperiod)
Item

Dec. '22
PeriodJun. '23
Period18,73917,392
1,347
9,466
8,199
210
1,056
9,273
8
811
8,469
8,469
815
73
7,750

18,173
17,291
881
9,314
8,310
1,003
8,859
37
797
8,099
8,098
520
7,600

Operating revenue
Rental revenue
Gain on sale of property

Operating expense
Expenses related to rent business
Revenue
Loss in an exchange of properties
and profit
General and adminisutrative expenses(millionyen)
Operating income
Non-operating income
Non-operating expenses
Ordinary income
Net income
Transferred from reserve

Reserve (million yen)

Reversal amount of reserve

DPU (yen) (per unit)

Change-566-100-465 ④-152+111-210 ⑤
-52
-413
+28
-14
-370
-370
-294
-73
-150

Item
Rental revenue
Rental revenue
Rents and common charge

Land rent
Other fixed income
Other rental revenue
Incidental income
Cancellation penalty, etc.
Income equivalent to expense forrestoration

Other variable income
Expenses related to rent businessOutsourcing fees
Utilities expenses
Property and other taxes

Insurance premiums
Repairs and maintenance
Property management fees
Management association accounts

Depreciation

Rental revenue (existing properties)①②[Rent and common charge] Increased mainly due to progress in leasing
activities[Income equivalent to expense for restoration] Decreased due to the absence ofincome posted in the previous period.

Expenses related to rent business (existing properties)③[Property and other taxes] Property tax increased due to the expenses incurredfor properties acquired in the previous year.

Gain and loss on sale of property④⑤[Gain on sale of property] Dec. '22 period: 1,347 million yen
Jun. '23 Period: 881 million yen[Loss on the exchange of real estate] Absence of the amount posted in theprevious period

Other expenses related torent business

NOI
NOI yield (book value)
Rental income-real estate
After-depreciation (book value)
Occupancy rate based on cncluded contract(period average)

Dec. '22
PeriodJun. '23
PeriodChange17,392
16,032
13,831
1,802
398
1,360
1,006
82
182
89
8,199
703
1,301
2,507
30
432
306
643
2,055
219
11,248
4.8%
9,193
3.9%
97.0%

17,291
16,146
13,948
1,801
396
1,145
1,001
17
59
66
8,310
707
1,285
2,594
29
433
312
637
2,044
265
11,025
4.8%
8,981
3.9%
97.6%

-100
+114
+116
-0
-2
-214
-4
-64
-123
-22
+111
+3
-15
+87
-0
+1
+5
-5
-10
+45
-222
- pt
-212
- pt
+0.6ptReplaced *1
properties

Existing
properties※2

-4
+69
+69
+1
-1
-74
+1
-68
-9
+2
-15
+6
-3
-9
-0
-6
+1
-13
+10
-2

-96
+44
+47
-1
-1
-140
-5
+4
-114
-25
+127
-2
-12
+96
-0
+8
+3
-5
+2
+35
-220

+11

-223

①

②

③

*1. Increase or decrease as a result of replacement of the following assets is calculated
Dec. '22 period: Additional acquisition of Shinjuku Center Bldg.
Transfer of Gotanda First Bldg., transfer of JPR Umeda Loft Bldg. (third andfinal transfer, 30% ownership interest)
Jun. '23 period: Acquisition of Osaka Dojima Bldg., acquisition of FUNDES Tenjin Nishidori,acquisition of Ochanomizu Sola City
Sale of JPR Crest Takebashi Bldg.
*2. Increase or decrease for existing properties, excluding the above, is calculated (the major
factors behind the increase/decrease for existing properties are described in ① to ③)29

3.Financial Results andOperating Forecasts

Overview of Financial Results for the 43nd Fiscal Period (Jun. ‘23)
(period-on-period comparison)

Total assets increased slightly as a result of implementation of the asset replacement strategy.
Increase or decrease in cash and deposits

Item
Current Asset
Cash and deposits (including trust)
Other current asset

Noncurrent assets
Property, plant and equipment
Intangible assets
Investments and other assets

Deferred assets
Investment corporaton bond issuance costs

Investment unit issuance expenses

BalanceSheet(millionyen)

Total assets
Current liabilities
Short-term loans payable
Current portion of long-term loans payable
Current portion of investments corporation bonds

Other current liabilities

Noncurrent liabilities
Long-term loans payable
Investment corporation bonds
Tenant leasehold and security deposits

Total liabilities
Unitholders' capital
SurplusReserve for reduction entry

Unappropriated retained earnings

Total net assets

Dec. 31 '22
Period46,26145,506755
461,196
447,979
11,804
1,412
197
165
31
507,655
30,52421,0002,000
7,524
203,527
144,000
35,90023,627
234,051
261,751
11,852
3,376
8,476
273,603

Jun. 30 '23
Period40,08739,341
746
469,808
456,565
11,816
1,426
173
150
22
510,069
37,2145,500
20,0005,000
6,714
198,880
144,000
30,90023,980236,095
261,751
12,2234,118
8,104
273,974

Change-6,174-6,165-8+8,612+8,586
+12
+13
-24
-14
-9
+2,414+6,690+5,500-1,000+3,000-809-4,646-5,000+353+2,043
+370
+741
-371
+370

Item

ChangeNet cash provided by operating activities+13,056

Income before income taxes+8,099Depreciation and amortization+2,046

Other, net

53.9%

53.7%

-13,994

Purchase of property, plant and equipment-14,381
Other, net+387

Net cash provided by financing activities-5,226

Proceeds from lisbilities+12,500

Repayment of liabilities-10,000

Dividends paid

-7,726

Total cash and deposits-6,165

Increase or decrease in noncurrent assets
Item
Sold properties

Item Capital expenditures
Depreciation
OthersTotal noncurrent assets

Change+9,138+1,453-2,044+64+8,612

Increase or decrease in liabilities
Item

Balance at start of
New procurement
periodRepayment/
redemption

Balance at end of
periodChangeShort-term loans payable-+5,500-5,500+5,500Item Long-term loans payable

165,000+7,000-8,000

164,000-1,000Investment corporation bonds

37,900--2,00035,900-2,000202,900+12,500-10,000

205,400+2,500Total liabilities

Unitholder's equity ratio+2,911

Net cash provided by investing activities-0.2pt30

3.Financial Results andOperating Forecasts

Overview of Financial Results for the 43rd Fiscal Period (Jun. ‘23)
(compared with forecast)

Results of the 43rd fiscal period ended June 2023: DPU was in line with the forecast
Item
Operating revenue
Rental revenue
Gain on sale of property
Operating expense

Revenue
Expenses related to rent businessand profit
Selling, general and adminisutrative expenses(million
Operating incomeyen)
Non-operating income
Non-operating expenses
Ordinary income
Net income
Reserve(million yen)Transferred from reserve

DPU (yen) (per unit)
Number of units outstanding (unit)

Jun. '23
PeriodJun. '23
Period（forecast）（actual）

18,101
17,220
881
9,341
8,314
1,027
8,760
31
801
7,990
7,990

18,173
17,291
881
9,314
8,310
1,003
8,859
37
797
8,099
8,098

+71
+71
+0
-27
-3
-24
+99
+5
-3
+108
+108

411

520

+108

7,600

7,600

-

997,178

997,178-

ChangeItem
Rental revenue
Rental revenue
Rents and common charge

Land rent
Other fixed income
Other rental revenue
Incidental income
Cancellation penalty, etc.
Income equivalent to expense forrestoration

Other variable income
Expenses related to rent businessOutsourcing fees
Utilities expenses
Property and other taxes

Rental Revenue①②

Insurance premiums[Rent and common charge] Reflects progress with leasing activities[Income equivalent to expense for restoration] Increased due to agreed
cancellations with tenants

Repairs and maintenance
Property management fees
Management association accounts

Expenses related to rent business③

Depreciation[Utilities expense] Net utilities expenses, incidental income minus utilities expenses(②-④), improved significantly (+86 million yen) due to a change in arrangements
for charging electricity bills and so on

Other expenses related torent business

NOI
NOI yield (book value)
Rental income-real estate
After-depreciation (book value)
Occupancy rate based on concluded contract(period average)

Jun. '23
Period（forecast）

Jun. '23
Period（actual）

Change17,22016,12813,930
1,801
395
1,092
1,023
5
63
8,314
711
1,392
2,591
29
372
304
640
2,041
230
10,947
4.7%
8,906
3.8%
97.3%

17,291
16,146
13,948
1,801
396
1,145
1,001
17
59
66
8,310
707
1,285
2,594
29
433
312
637
2,044
265
11,025
4.8%
8,981
3.9%
97.6%

+71
+18
+17
-0
+1
+53
-21
+12
+59
+3
-3
-4
-107
+3
+0
+61
+8
-3
+3
+34
+78
+0.1pt+74+0.1pt+0.3pt

①

②
③

④

31

3.Financial Results andOperating Forecasts

Forecasts of Financial Results for the 44th Fiscal Period (Dec. ‘23)
(compared with 43rd period)

Forecast of the Dec. ‘23 fiscal period, DPU: 7,600 yen (the same as the forecast for the Jun. ‘23
fiscal period)
ItemJun. '23
PeriodDec. '23
PeriodChangeItem

Jun. '23
Period（forecast）
Operating revenue
Rental revenue
Gain on sale of property
Operating expense
Revenue andprofit(million yen)

Expenses related to rent business
General and administrative expenses

Operating income
Non-operating income
Non-operating expenses
Ordinary income
Net income

Reserve(millionyen)

DPU (yen)Transferred from reserve

Reversal amount of reserve(per unit)

18,173
17,291
881
9,314
8,310
1,003
8,859
37
797
8,099
8,098
520
7,600

17,396
17,396
9,339
8,393
946
8,056
7
803
7,260
7,259
318
7,600

997,178

-777
+104
-881
+25
+82
-56
-803
-30
+5
-838
-838
-520
+318
-

997,178-

Rental revenue (existing properties)①②[Rent and common charge] Likely to increase mainly due to progress in leasing[Income equivalent to expense for restoration] Likely to increase due to agreed
cancellations with tenants

Reserve③

Change（forecast）

Rental revenue
Rental revenue
Rents and common charge
Land rent
Other fixed income

Other rental revenue
Incidental income
Cancellation penalty, etc
Income equivalent to expense forrestoration

Other variable income
Expenses related to rent businessOutsourcing fees③

Utilities expenses
Property and other taxes
Insurance premiums

Number of units outstanding

Dec. '23
Period[Reversal of reserve for reduction entry] Retained earnings will be utilized to ensure
DPU of 7,600 yen

Repairs and maintenance
Property management fees
Management association accounts

Depreciation
Other expenses related to rent business

NOI
NOI yield (book value)
Rental income-real estate
After-depreciation (book value)
Occupancy rate based on concluded contract(period average)

17,291
16,146
13,948
1,801
396
1,145
1,001
17
59
66
8,310
707
1,285
2,594
29
433
312
637
2,044
265
11,025
4.8%
8,981
3.9%
97.6%

17,396
16,185
13,992
1,801
391
1,211
1,010
5
125
69
8,393
715
1,269
2,582
29
539
310
644
2,059
243
11,062
4.7%
9,002
3.8%
98.3%

+104
+38
+44
-0
-5
+65
+8
-12
+66
+2
+82
+8
-16
-12
-0
+105
-2
+6
+14
-22
+36
-0.1pt+21-0.1pt+0.7ptReplaced *1
properties

Existing *2
properties

+17
+9
+11
-1
+0
+7
-0
+8
-14
+0
-0
-5
+0
-1
-0
-10
+4
+20

+86
+28
+32
+1
-5
+57
+9
-12
+66
-5
+96
+7
-15
-6
-0
+107
-1
+6
+25
-26
+16

+31

-9

*1. Increase or decrease as a result of replacement of the following assets is calculated
Jun. ‘23 Period: Acquisition of Ochanomizu Sola City and sale of JPR Crest Takebashi Bldg
*2. Increase or decrease for existing properties, excluding the above, is calculated (the major factors
behind the increase/decrease for existing properties are described in ① to ③)

32

①

②

3.Financial Results andOperating Forecasts

Forecasts of Financial Results for the 45th Fiscal Period (Jun. ‘24)(compared with 44th period)

Forecast of the Jun. ‘24 fiscal period, DPU: 7,600 yen (the same as the forecast for the Dec.
‘23 fiscal period)
Dec. '23
PeriodJun. '24
Period（forecast）（forecast）

DPU (yen) (per unit)

17,396
17,396
9,339
8,393
946
8,056
7
803
7,260
7,259
318
7,600

17,27817,278
9,217
8,247
970
8,060
25
806
7,280
7,279
299
7,600

-117
-117
-121
-145
+23
+4
+18
+3
+19
+19
-19
-

Number of units outstanding

997,178

997,178-

Item
Operating revenue
Rental revenue
Operating expense
Expenses related to rent business

Revenue andGeneral and administrative expenses
profitOperatingincome(million yen)
Non-operating income
Non-operating expenses
Ordinary income
Net income
Reserve (million yen)

Reversal amount of reserve

ChangeItem
Rental revenue
Rental revenue
Rents and common charge

Land rent
Other fixed income
Other rental revenue
Incidental income
Cancellation penalty, etc.
Income equivalent to expense forrestoration

Other variable income③

Expenses related to rent businessOutsourcing fees
Utilities expenses
Property and other taxes

Rental revenue (existing properties)①②

Insurance premiums[Rent and common charge] Likely to increase mainly due to progress in leasing[Income equivalent to expense for restoration] Absence of income posted in the previous
periodRepairs and maintenance
Property management fees

Reserve③

Management association accounts[Reversal of reserve for reduction entry] Retained earnings will be utilized to ensure DPUof 7,600 yen

Depreciation
Other expenses related torent business

NOI
NOI yield (book value)
Rental income-real estate
After-depreciation (book value)

Dec. '23
Period（forecast）

Jun. '24
Period（forecast）

Change17,396
16,185
13,992
1,801
391
1,211
1,010
5
125
69
8,393
715
1,269
2,582
29
539
310
644
2,059
243
11,062
4.7%
9,002
3.8%

17,278
16,271
14,064
1,815
391
1,007
942
64
8,247
710
1,172
2,634
29
403
316
647
2,088
244
11,120
4.8%
9,031
3.9%

-117
+86
+72
+13
+0
-203
-67
-5
-125
-5
-145
-4
-96
+52
-0
-136
+5
+2
+29
+1
+57
+0.1pt+28+0.1pt①②

33

3.Financial Results andOperating Forecasts

Change in Rental Business Profits and Gain or loss on the sale ofproperties

Item
Operating revenue
Rental revenue (fixed income)Rents and common charge

Land rent
Other fixed income
Other rental revenue (variable income)incidental income
Cancellation penalty, etc.
Income ecquivalent to expense for restoration to original condition

Other variable income
Expenses related to rent business (excluding depreciation)

Rental businessprofits(million yen)

Outsourcing fees
Utilities expenses
Property and other taxes
Insurance premiums
Repairs and maintenance
Property management fees
Management association accounts
Other expenses related to rent business

NOI
Depreciation
Expenses related to rent business

Gain or loss on sale ofproperties (million yen)

Rental income-real estate（a）
Capital expenditures
NCF
Gain on sale of real estate（b）

Loss on sale of real estate（c）※
Rental income-real estate, etc. (million yen, a+b-c）

Jun. '22 Period

Dec. '22 Period

Change17,01916,092
13,899
1,802
390
927
798
11
42
75
5,900
699
952
2,523
29
469
307
630
287
11,118
2,045
7,946
9,072
1,381
9,737
1,338
10,410

3.9%
4.0%
4.5%
0.0%
2.2%
1.3%

5.3%
11.2%
12.0%
4.2%
-11.7%

3.2%
-3.8%
2.8%
4.9%
-13.7%
6.1%

7.7%

Jun. '23 Period

Change17,392
16,032
13,831
1,802
398
1,360
1,006
82
182
89
6,144
703
1,301
2,507
30
432
306
643
219
11,248
2,055
8,199
9,193
1,503
9,745
1,347
210
10,329

2.2%
-0.4%
-0.5%
0.0%
46.7%
26.0%

4.1%
0.6%
36.6%
-0.7%
-8.0%

1.2%
0.5%
3.2%
1.3%
8.8%
0.1%

-0.8%

17,291
16,146
13,948
1,801
396
1,145
1,001
17
59
66
6,266
707
1,285
2,594
29
433
312
637
265
11,025
2,044
8,310
8,981
1,453
9,571
881
9,862

Dec. '23 Period

Jun. '24 Period

Change（forecast）

Change（forecast）

Change

-0.6%
0.7%
0.8%
0.0%

17,396
16,185
13,992
1,801
391
1,211
1,010
5
125
69
6,333
715
1,269
2,582
29
539
310
644
243
11,062
2,059
8,393
9,002
2,224
8,838
9,002

0.6%
0.2%
0.3%
0.0%

17,278
16,271
14,064
1,815
391
1,007
942
64
6,158
710
1,172
2,634
29
403
316
647
244
11,120
2,088
8,247
9,031
1,567
9,553
9,031

-0.7%
0.5%
0.5%
0.8%

-15.8%
-0.4%

2.0%
0.5%
-1.2%
3.5%
0.3%

-2.0%
-0.5%
1.4%
-2.3%
-3.3%
-1.8%

-4.5%

5.7%
0.9%

1.1%
1.1%
-1.3%
-0.5%
24.4%

0.3%
0.7%
1.0%
0.2%
53.0%
-7.7%

-8.7%

-16.8%
-6.7%

-2.8%
-0.6%
-7.6%
2.0%
-25.2%

0.5%
1.4%
-1.7%
0.3%
-29.5%
8.1%

0.3%* “Gain (loss) on transfer of property” for the Dec. ’22 period is a loss on the exchange of real estate, etc.

34

3.Financial Results andOperating Forecasts

Change in Rental Business Revenue

Rental revenue for the Dec. ‘23 period is expected to rise approx. 30 million yen (period-on-period)
Rental revenue for the Jun. ‘24 period is expected to rise approx. 80 million yen (period-on-period)

Rent revenue (factor for period-on-period changes)
Rent revenue

Plus item

Minus item

(million yen)Rents and common charge

Rents and common charge

Rents and common charge

+116

+44

+72

Moveins+316

Moveins+334

Moveouts-294
Acquisition
Revision Transfer

16,032

etc.

Jun. ’23 period

16,185+11

Others

Revision
etc.

-2

-6

Acquisition +254
Transfer -185

2022.12Acquisition
Transfer

16,146+69+25

Moveins+309

Moveouts-294

OthersMoveouts-219

16,271
Revision Others
etc.

-17

+14

-5

Acquisition +70
Transfer -59

Dec. ’23 period (forecast)Jun. ’24 period (forecast)35

4. Appendix

36

4. Appendix

LTV
NOI yield
Afterdepreciation
yield
Implied cap
rate

Fund Summary(book value)(appraisal value)(acquisition value)(book value)(appraisal value)(acquisition value)(book value)(appraisal value)(NOI yield)(After-depreciation
yield)FFO
AFFO
FFO per unit
EPU
Cash distribution per unit
Dividend yield
ROE
Reserve for reduction entry perunit
Net asset per unit
NAV per unit
Investment unit price(immediately before the ex-rightdate)
NAV multiple
PBR
PER
FFO ratio
Unitholder’s equity ratio(FFO)
Pay out ratio(AFFO)

Dec. 2020 Period
40.6%
33.2%
4.9%
5.2%
4.1%
4.0%
4.2%
3.4%
4.3%

Jun. 2021 Period
40.6%
33.1%
4.8%
5.1%
4.1%
3.9%
4.1%
3.3%
3.6%

Dec. 2021 Period
41.7%
33.8%
4.6%
4.8%
3.8%
3.7%
3.9%
3.1%
3.7%

Jun. 2022 Period
40.0%
31.9%
4.5%
4.8%
3.8%
3.7%
3.9%
3.1%
3.8%

Dec. 2022 Period
40.0%
32.0%
4.5%
4.8%
3.8%
3.7%
3.9%
3.1%
3.9%

Jun. 2023 Period
40.3%
32.4%
4.5%
4.8%
3.7%
3.7%
3.9%
3.0%
4.0%

3.5%

2.9%

3.0%

3.1%

3.2%

3.3%

9,510 million yen
7,855 million yen
9,924 yen
8,181 yen
7,750 yen
4.5%
6.1%

9,436 million yen
8,066 million yen
9,847 yen
8,474 yen
7,657 yen
3.4%
6.3%

9,006 million yen
7,404 million yen
9,398 yen
8,236 yen
7,550 yen
3.7%
6.1%

9,315 million yen
7,933 million yen
9,341 yen
8,631 yen
7,800 yen
3.8%
6.3%

9,388 million yen
7,885 million yen
9,414 yen
8,493 yen
7,750 yen
4.1%
6.2%

9,261 million yen
7,807 million yen
9,287 yen
8,121 yen
7,600 yen
4.3%
5.9%

1,152 yen

1,969 yen

2,657 yen

3,386 yen

4,129 yen

4,652 yen

267,570 yen
372,725 yen

268,295 yen
375,544 yen

268,875 yen
383,368 yen

273,684 yen
394,302 yen

274,378 yen
394,241 yen

274,749 yen
391,230 yen

346,500 yen

444,000 yen

403,500 yen

408,000 yen

378,500 yen

357,500 yen

0.9 times
1.3 times
21.2 times
17.5 times
52.9%
78.1%
94.5%

1.2 times
1.7 times
26.2 times
22.5 times
53.1%
77.8%
91.0%

1.1 times
1.5 times
24.5 times
21.5 times
52.0%
80.3%
97.7%

1.0 times
1.5 times
23.6 times
21.8 times
53.8%
83.5%
98.0%

1.0 times
1.4 times
22.3 times
20.1 times
53.9%
82.3%
98.0%

0.9 times
1.3 times
22.0 times
19.2 times
53.7%
81.8%
97.1%

1. [after-depreciation] Implied cap rate = [after depreciation] NOI

5. Dividend yield = Cash distribution per unit (annualized, most recent

10. PER (price earnings ratio) = Investment unit price / EPU (annualized,(annualized, forecast for the next fiscal period x 2) / (market
capitalization + interest-bearing debts – cash and deposits + tenant

result x 2) / investment unit price6. ROE (return on equity) = Net income (annualized, most recent result x

most recent result x 2)
11. FFO multiple = Investment unit price / FFO per unit (annualized, mostleasehold and security deposits)
2. FFO = Net income + depreciation – gain on loss on sale of real estate
properties (including loss on retirement of non-current assets)
3. AFFO = FFO – capital expenditures
4. EPU = Net income / number of units outstanding (end of period)2) / net assets
7. NAV per unit = (Net assets + unrealized gains or losses – total cash
distributions) / number of units outstanding (end of period)
8.
NAV multiple = Investment unit price / NAV per unit
9.
PBR (price book-value ratio) = Investment unit price / net assets per
unit

recent result x 2)
12. Unitholder’s equity ratio = Net assets / total assets
13. FFO payout ratio = Total cash distributions / FFO
14. AFFO payout ratio = Total cash distributions / AFFO
15. Reserve for reduction entry indicates the figure calculated by adding or
subtracting the amounts brought forward or reversed in the relevant
fiscal period to or from the balance at the end of the fiscal period.

37

4. Appendix

Portfolio■ Asset size (based on acquisition price, 100million yen),Occupancy rate (%)
Office properties in Tokyo

Occupancy Rate

Retail properties

Breakdown by area and by asset class(as of Jun. 30, 2023)

Occupancy rate
(average)

Office properties in Tokyo 340.4 billion yen

96.8%

Office properties in Other Cities 61.5 billion yen
Retail properties 95.0 billion yen

Office properties in Other Cities
95.2

94.0 93.8

92.6 93.1

94.3 94.9

96.1

97.7 98.3

99.0 98.7

98.0

97.0 96.2 96.4

96.1
93.6 94.0

95.0 94.8 94.4

3,809 3,919

1,257
922

1,396

1,636

1,796

1,976 2,026

2,092

2,224

2,453 2,519

2,751 2,806

2,994 3,106

3,312 3,415 3,415

95.6

96.9 97.0 97.2 97.5 97.4

3,986 4,047 4,047 4,055 4,095

97.8 98.3 98.5 98.4 98.2

4,103 4,103 4,21499.2 99.2 99.5 99.6 99.4

4,350 4,350 4,350 4,350 4,395 4,395

98.2

4,571 4,675 4,656

96.9

97.8 97.0 97.6

4,848 4,922 4,887 4,970

3,449

945

120
.0
110
.0
100
90. 0
0.0
80.
70.
60. 0
0
50.
0
40. 0
0
30.
20.
10. 0
0
0.0

1

2
'02

3

4
'03

5

6
'04

7

8
'05

9

10
'06

11

12

13

'07

14

15

'08

16

17

'09

18
'10

19

20
'11

21

22
'12

23

24
'13

25

26

27

'14

28
'15

29

30

31

'16

32
'17

33

34

35

'18

36
'19

37

38
'20

39

40
'21

41

42
'22

43

(period)'23(year)■ Every kind of ratio
Ratio by Asset Class

Ratio by Area

(Ratio of Acquisition Price)(Ratio of Acquisition Price)

Urban Retail
Property, etc.

15.7%

Portfolio
management
standards
70 - 90%
for officeproperties

GreaterTokyo
Office
80.9%

29.7%

(Office Properties, Ratio of
Acquisition Price)
Medium-sized(3,000 m2 to lessthan 10,000 m2)
25.5%

Other cities

19.1%

Ratio by Asset Size

Portfolio
management
standards
80 - 90%
for Tokyo
Central
Tokyo
54.5%

Large-sized(10,000 m2 to lessthan 30,000 m2)
21.1%

53.4%
Very large(30,000 m2 or
more)

Ratio by Number of Minutes
Walk from Nearest Station(Ratio of Acquisition Price)
Within 5-10
minutes
9.6%

Directly
linked17.5%

Ratio by Contract Type(Office Properties, Area Ratio)

Fixed-term lease contract

15.3%

Within 3-5
minutes17.5%

Within 1-3
minutes
26.4%

Within 1
minute29.1%

Ordinary
lease contract

84.7%

38

4. Appendix

Move-Ins and Move-Outs of Tenants (as of June 30, 2023)■ Breakdown and changes in move-ins and move-outs(Move-in/move-out spaces by area and asset class: m2)
Move-ins

Move-outs

Net
Increase/
Decrease

Office properties inCentral Tokyo

4,953

4,416

537

Office properties inGreater Tokyo

4,894

2,883

2,010

Office properties in
Other Cities

1,270

682

588

Retail properties

484

390

94

11,603

8,373

3,230

Total

■ Reasons for move-ins and move-outs

Eviction, etc.
Downscaling or 14%
cost reduction
2%

Better locationor building
14%

New
establishment
or expansion
69%

Eviction, etc.
6%Moveins42

New establishment
or expansion
4%

Moveouts
23
Downscaling or
cost reduction
65%

Better locationor building4%■ Move-in/move-out spaces by property(Move-ins)(move-out)

Move-outs

Kanematsu Bldg.

-401-1,222

JPR Ningyo-cho Bldg.

0

-379

379

Shin-Kojimachi Bldg.

294

-101

395

Shinjuku Square Tower

1,015

0

BYGS Shinjuku Bldg.

-10

-219

208

Shinjuku Center Bldg.

166

0

166

JPR Harajuku Bldg.

-695-2,254

Science Plaza - Yonbancho Plaza

-56

-56

0

Tokyo Square Garden

224

-13

238

Tokyo Tatemono Higashi Shibuya Bldg.

0

-169

169

JPR Jingumae 432

-235

-235

0

JPR Ginza Namiki-dori Bldg.

0

-155

155

JPR Chiba Bldg.

78

-142

221

Kawaguchi Center Bldg.

-378

-482

103

Tachikawa Business Center Bldg.

222

0

222

Yume-ooka Office Tower

112

0

112

Olinas Tower

1,055-1,046

JPR Yokohama Bldg.

1,052-1,052

JPR Omiya Bldg.

1,986

0

Sencity Bldg.

-14

-159

Sompo Japan Sendai Bldg.

-12

Tenjin 121 Bldg.

-126

-423

296

JPR Shinsaibashi West

224

-246

471

Osaka Dojima Bldg.

502

0

502

FUNDES Tenjin Nishidori

329

0

329

Move-ins

（㎡）

821

1,015

1,558

2,102
0
1,986
144

-12 0

39

4. Appendix

Yields (as of June 30, 2023)■ Yields by area and by asset class(based on book value)■ NOI yield by property (based on book value)
Central Tokyo

Greater Tokyo and Other Cities(NOI yield)（%）

10

Circle size = portfolio asset size (book value) Center of circle= NOI yield
Officeproperties
OfficeOfficein Greater properties
properties
Tokyoin Otherin Central
RetailCitiesTokyo
properties

6.2%

5
4.0%

0
Kanematsu Bldg.

5
2.9

JPR Ningyocho Bldg.
Shin-Kojimachi Bldg.
JPR Crest Takebashi Bldg.

JPR Ichigaya Bldg.

4.8%
Portfolio average
4.8%

BYGS Shinjuku Bldg.

0

Minami Azabu Bldg.
Shinagawa Canal Bldg.
Rokubancho Bldg.
JPR Harajuku Bldg.
JPR Nihonbashi-horidome Bldg.

(After-depreciation yield)
Circle size = portfolio asset size (book value) Center of circle（%）= after-depreciation yield

10

5

OfficeOfficeproperties
Officeproperties in Greater
properties
in Central
Tokyoin OtherTokyo
Cities

4.9%

4.0%

JPR Sendagaya Bldg.
Ginza Sanwa Bldg.
Otemachi site (land with leasehold…
Science Plaza - Yonbancho Plaza
Shibadaimon Center Bldg.
Tokyo Square Garden

Retailproperties

4.1%

JPR Kojimachi Bldg.
Otemachi Financial City North Tower
Tokyo Tatemono Higashi-Shibuya…
Ochanomizu Sola CityJPR Shibuya Tower Records Bldg.

3.4%

Portfolio average
3.9%

JPR Jingumae 432
Shinjuku Sanchome East Bldg.
Yurakucho Ekimae Bldg.

0

JPR Ginza Namiki-dori Building
FUNDES Suidobashi
Average of Central Tokyo

5

Kawaguchi Center Bldg.
JPR Ueno East Bldg.

6.9
5.9
6.9
5.1
6.5
5.6
5.5

Tachikawa Business Center Bldg.
Rise Arena Bldg.

8.4
4.5
5.2
3.5
3.9
5.3
4.9
2.9
6.2
3.4
3.0
3.6
5.8
6.7
2.9
3.4
2.7
3.7
3.2
4.7
2.7
3.2
3.1
3.0
3.3
3.9

Yume-ooka Office Tower
Olinas Tower
JPR Yokohama Bldg.
JPR Omiya East

8.6

Sencity Bldg.

10.5
8.8
9.0

9.8
9.5

Tanashi ASTA
Cupo-la Main Bldg.
JPR Musashikosugi Bldg.

4.1

6.5
4.9
4.5
6.2

Musashiurawa Shopping Square
Kawasaki DICE Bldg.
FUNDES Ueno
Average of Greater Tokyo
Niigata Ekinan Center Bldg.
JPR Naha Bldg.
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.
Tenjin 121 Bldg.
JPR Dojima Bldg.

5.1

JPR Nagoya Fushimi Bldg.

7.1
7.8

Yakuin Business Garden
JPR Shinsaibashi Bldg.

2.9

JPR Shinsaibashi West
GRAND FRONT OSAKA (Umekita Plaza…
GRAND FRONT OSAKA (North Building)
Osaka Dojima Bldg.
Housing Design Center Kobe
JPR Chayamachi Bldg.
FUNDES Tenjin Nishidori
Average of Other Cities

15

6.8
7.5
7.8

Shinyokohama 2nd Center Bldg.

3.4

(%)

10

JPR Yokohama Nihon Odori Bldg.

Across Shinkawa Bldg. Annex
Shinjuku Center Bldg.

0Arca East Bldg.

Oval Court Ohsaki Mark West
Shinjuku Square Tower

(%)

15

JPR Chiba Bldg.

6.3
6.0
5.1
4.9
6.5

Kanematsu Bldg. Annex

MS Shibaura Bldg.

5.4%

10

2.5
2.7

11.4
10.3
10.6
11.8

8.7

5.0

4.3
5.6
4.9
3.2
5.3

40

4. Appendix

Diversification of Tenants (as of June 30, 2023)■ Ratio of tenant occupancy◼

◼

■ 20 largest tenants (by property; based on end tenants)

The number of office tenants other than the sponsors, etc. with tenant
occupancy of 1% or more is only 1 (combined occupancy: 1.0%)(excluding property comprising land with leasehold interest).

Category(No. of tenants)

Many of the retail tenants have long-term lease contracts, and thepossibility for them to cancel is rather small.
Retail tenants with
1% or more

23.6%
Sponsors, etc. with
1% or more

■ Ratio by tenant’s industry(office properties, area ratio)*1
Medical and Welfare
Transportation
3.3% Others
0.6%
0.5%
Public Services
1.2%
Construction
7.0%
Services
Real Estate
28.4%
11.3%
Manufacturing
8.6%

Information andCommunications
12.8%
Wholesale and Retail Finance and
15.2%
Insurance
10.9%*1. Figures exclude GRAND FRONT OSAKA.

ABC Development
Corporation

Housing Design Center Kobe

35,444.13

7.3

Seiyu GK

Tanashi ASTA

31,121.71

6.4

19,740.95

4.0

9,558.51

2.0

8,076.85

1.7

A company

Cupo-la Main Bldg.

5,963.00

1.2

Ｂ companyMusashiurawa Shopping
Square5,285.40

1.1

Sponsors, etc.
Tokyo Prime Stage
with 1% or moreInc.
(1 company)

The Otemachi Tower (landwith Leasehold Interest)

7,875.50

1.6

Other tenantswith 1% or more C company(1 company)

JPR Nagoya Fushimi Bldg.

4,904.64

1.0

D company

Yakuin Business Garden

4,719.50

1.0

E company

Shinjuku Center Bldg.

4,482.38

0.9

F company

Sompo Japan Sendai Bldg.

4,379.30

0.9

G company

Shinjuku Square Tower

4,242.48

0.9

H company

Oval Court Ohsaki MarkWest

4,088.44

0.8

I company

Niigata Ekinan Center Bldg.

4,078.97

0.8

J company

MS Shibaura Bldg.

3,922.74

0.8

K company

Olinas Tower

3,544.12

0.7

L company

Olinas Tower

3,544.12

0.7

M company

Rise Arena Bldg.

3,522.90

0.7

N company

BYGS Shinjuku Bldg.

3,460.16

0.7

Other tenants with
1.0%
1% or more

73.8%

Occupying property

Ito-Yokado Co., Ltd. JPR Musashikosugi Bldg.
Retail tenants
Olympic Group
Musashiurawa Shoppingwith 1% or more Corporation
Square(7 companies) Tower Records
JPR Shibuya Tower
Japan Inc.
Records Bldg.

1.6%

Less than 1%

Ratio of
Leased space
occupancy(㎡)(%)

TenantLess than 1%(1,215companies)41

4. Appendix

Rent and Occupancy■ Change in occupancy rate and rents
Item

Jun. 2020 Period

Dec. 2020 Period

Jun. 2021 Period

Dec. 2021 Period

Jun. 2022 Period

Dec. 2022 Period

Jun. 2023 Period

99.4

99.1

97.7

95.8

96.9

95.9

96.9

99.3

98.7

96.5

94.2

93.3

93.7

95.1

Average rent (entire area), yen

18,801

18,977

19,166

19,445

19,496

19,566

19,538Average rent (central Tokyo), yen

22,18322,31322,451

22,53322,50422,716

22,794

Average rent (greater Tokyo), yen

18,13918,196

18,217

18,42018,362

18,35918,317

Average rent (other cities), yen

13,72013,912

14,067

14,606

14,66014,653

14,709

-4.8

-3.2

-0.6

-0.6

-0.4

+1.4

+1.3

100.0

100.0

99.3

99.5

99.9

99.7

99.5

100.0

100.0

99.2

99.2

99.4

99.6

99.4

Occupancy rate based on concluded
contract, %Occupancy rate based on generated
rents, %OfficeGap in rent (%)

RetailOccupancy rate based on concluded
contract, %Occupancy rate based on generated
rents, %■ Status of rent revision, rent through tenant replacement andcontribution rate (Jun. ‘23)(%)

Increase/
Decrease(million yen)

Increase/
Decrease
Ratio (%)

95.1

89.2

+1.9

+0.3

23

9.6

9.0

+2.9

+6.4

Decrease in rent

7

12.3

11.6

-1.0

-0.3

Neither upward or
downward revision of
rent

152

73.1

68.6

-

-

Tenant replacement

42

11.5

10.8

-7.8

-10.2

Upward revision

12

2.2

2.1

+0.8

+7.2

Decrease in rent

23

8.2

7.8

-8.7

-14.5

7

1.0

1.0

-

-

224

106.6

100.0

-5.9

-0.8

Number ofcontracts(thousand m2)

182

Upward revision

Item
Rent Revisions

Neither upward or
downward revision of
rent
Total (Rent revision +Tenant replacement)

Area

Area ratio■ Leased area by rent level/ratio of contracts withupward rent revision (contracts renewed Jun. ’23 period)
Item

Area

(thousand m2)

Area ratio(%)

Ratio ofcontractswith upwardrevision (%)

Lower than market rent

13.8

23.7

28.3

Within market range

13.1

22.5

6.3

Market rent more

31.4

53.8

1.5

■ Leased area by rent level (contracts renewed Dec.
‘23. period - Jun. ’25 period)
Item

Area (thousand m2)

Area ratio (%)

Lower than market rent

51.1

19.5

Within market range

77.6

29.7

Market rent more

133.0

50.8

42

4. Appendix

Status of Utilities Expense (Electricity Bills)

Arrangements for charging tenants changed, and net electricity expenses improved.
Arrangements for charging tenants

Changes in electricity bills

Under the contracts for almost all properties, the building owner now
does not pay variable costs (fuel adjustment charge + renewableenergy power promotion surcharge) for exclusively owned areas.

(million yen)

Revenue

Expenses

1,200<As of June 30, 2022>
1,019

1,000

17.1%
Combination of
fixed unit price andvariable unit price30.5%
Tenant directcontracts

12.6%
Pass-through39.7%
Fixed unit price

800

711

757

1,019

789

964

757

913

728

601
600

60.3%

400

Contracts under which the building owner does not pay variable costs(fuel adjustment charge, etc.) for exclusively owned areas.

2000<As of June 30, 2023>

2022.62022.122023.62023.12(Revised
forecast)

55.6%

29.5%

Combination of fixed unit price andvariable unit priceTenant directcontracts

11.4% 3.4%
Pass- Fixedthrough unit
price

96.6%
Contracts under which the building owner does not pay variable costs(fuel adjustment charge, etc.) for exclusively owned areas.

(i) Net electricity
revenue/expenses(per unit)

2024.6 (period)(Revised
forecast)

-111

-262

-230

-207

-186

(-111 yen)(-263 yen)(-231 yen)(-207 yen)(-186 yen)(ⅱ) Previous
forecast(per unit)――(iii) Improvementin net revenue/
expenses = (i)-(ii)(per unit)

―

―

-300

-262

(-301 yen)(-263 yen)

+70(+70 yen)+56(+56 yen)

―

―

43

4. Appendix

Value Enhancing Construction WorkStrengthening a Property by Renovating It
Housing Design Center Kobe◼

Thirty years after the opening, the entire building is being renovated.

◼

Common areas are being renovated first.

（men toilet）

After(A multi-function restroom)（ladies toilet）

After

BeforeBeforeBefore

After

After

After
After

BeforeBeforeBefore44

Summary of Newly Acquired Property

4. Appendix

Osaka Dojima Bldg.

Other Cities

OfficeSponsors

Acquire an office building in a prime area, Dojima area in Osaka, from Tokyo Tatemono, the sponsor.

Acquisition Highlights◼ This property has good access to public transportation. It is a five-minute walk from Nishiumeda
station on the Osaka Metro Yotsubashi Line and a nine-minute walk from the JR Osaka station.
◼ The standard floor has a regular shape and an area of approximately 155 tsubo. Tenants canuse the space efficiently and design layouts flexibly.
◼ The property has drive-in parking in the basement. The building has a high-grade appearance.
JPR rates the property as one from which it can expect stable revenue over the medium to longterm.
◼ Completed lease-up of vacant space promptly after acquisition

Map of Surrounding Area

Acquisition date

January 11, 2023

Acquisition price

2,460 million yen

Appraisal value

2,700 million yen

Total rentable area
/ floors

Type of Ownership

3,074.30㎡/7F
Land: Ownership (coownership: co-ownershipinterest 95.4%)
Building: Sectional
ownershipbuilding age

26years

NOI yield

4.9%

After-depreciation yield

4.3%

Occupancy rate

100.0%■ The surrounding area is expected
to develop further due to ONE
DOJIMA PROJECT, a large
redevelopment project of Tokyo
Tatemono.

Market Environment
in Dojima Area
■ The office market in the Dojima area
has been remaining stable.
Vacancy rates in Dojima, Nakanoshima area
and in Osaka*1
12.0%

Vacancy rate in Dojima,
Nakanoshima area

10.0%

Vacancy rate in Osaka

8.0%

6.0%

4.0%

2.0%

SellerTokyo Tatemono Co., Ltd.

2023Q22022

2023Q1

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

0.0%

*1. Prepared by TRIM based on materials published by
CBRE K.K.

45

2-2. External Strategy

Summary of Newly Acquired Property

FUNDES Tenjin Nishidori

Other Cities

RetailSponsors

Acquire a new urban compact retail facility that Tokyo Tatemono, the sponsor, has developed.
Acquisition Highlights◼ It faces Tenjin Nishidori street in Fukuoka Tenjin, which has the largest concentration of retailfacilities in Kyushu, and is conveniently located in terms of public transportation. It is a fiveminute walk from Nishitetsu Fukuoka (Tenjin) station on the Nishitetsu Tenjin-Omuta Line.
◼ The property has high visibility, located on a corner lot. The area has only a small number ofrelatively new retail facilities. Thus, the property is highly competitive.
◼ Completed lease-up of vacant space promptly after acquisition

Map of Surrounding Area
■ Tenjin Nishidori is a prime areathat has a concentration of
popular retail facilities.
Acquisition date

January 11, 2023

Acquisition price

3,310 million yen

Appraisal value

3,590 million yen

Market Environment inFukuoka Tenjin Area
■ Commercial needs are expected toincrease in the Fukuoka Tenjin area as
the Tenjin Big Bang project is being
implemented.
Numerical targets inTenjin Big Bang project✓ Aiming to rebuild 30 buildings in ten
years leading up to 2024 to create newspace and jobs

Total rentable area
/floors

1,054.30㎡/8F

Type of Ownership

Land: Ownership
Building: Ownership✓ Gross floor area: approximately 1.7-foldbuilding age

1 year✓ Number of employees: approx. 2.4-fold

NOI yield

3.8%

After-depreciation yield

3.3%

Occupancy rate
Seller✓ Economic effect: 850.0 billion yen per
year

100.0%
Tokyo Tatemono Co., Ltd.

46

2-2. External Strategy

Summary of Newly Acquired Property

Ochanomizu Sola City

Central Tokyo

OfficeSponsors

Acquired large-scale multi-purpose building, which is directly connected to Tokyo Metro Shin-ochanomizu Station and aone-minute walk from JR Ochanomizu Station

Acquisition Highlights◼ Large-scale multi-purpose building completed in 2013. Can cater for various business needs.
Ochanomizu Sola City, with a service area including a square surrounded by restaurants andshops on B1, conference rooms on the 1st and 2nd floors, university and education-related
facilities on the 3rd to 5th floors, and the 6th floor and higher designed for offices.
◼ Floors are large regularly shaped spaces without pillars with a standard floor area ofapproximately 900 tsubo and can be efficiently and freely configured according to tenantrequirements.
◼ Built with a seismically isolated structure and has emergency power generators capable ofproviding emergency power for approximately 72 hours. Has a high environmental
performance, adopting environmentally friendly technologies with the installation of a solar
power generation system and utilization of spring water from subways.

Market environment in area surrounding Ochanomizu■ The occupancy rate in the Ochanomizu area has been relatively low in recent years,
including during and since the COVID crisis.
Planned acquisition date

April 12, 2023

Planned acquisition price

6,490 million yen

Appraisal value

7,170 million yen

Completion of the property
7.0%

Vacancy rate in Tokyo's Central 5 wards

6.0%

Total rentable area/
Number of floors

2,235.01 m2/23 floors
above ground5.0%

Ownership (quasi-coownership interest (3.4%)of trust beneficial interest)

4.0%

Type of ownership
Building age

Vacancy rate in Kanda/Iidabashi area

3.0%

10 years
2.0%

NOI yield

3.3%

After-depreciation yield

2.7%

Occupancy rate

99.0%

Seller

1.0%

0.0%

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023Q1 2023Q2

Yasuda Real Estate Co., Ltd.

* Prepared by TRIM based on materials published by CBRE K.K.

47

4. Appendix

Appraisal Value (as of June 30, 2023)

Unrealized gains and ratio of unrealized gains remained at a high level
Status of change in appraisal value

Appraisal value and unrealized gains
Appraisal value

Unrealized gains

592.0 billion yen 123.7 billion yen(up 5 billion yen from42nd period(Dec. ‘22))(down 3.5 billion yen
from 42nd period(Dec. ‘22))◼

Ratio of unrealized
gains

◼

26.4%

The property sales market remained buoyant and the downward trend incap rates continued.
The appraisal value of certain properties declined, chiefly due torevaluations for property tax and city planning tax (FY2024), the obtainingof revised engineering reports, and reviews of utilities expenses.
(Appraisal Value)(period-on period
comparison -1.3pt)

1. Impact of acquired and sold properties is not included in calculation of change from previous period.

(number of property)(Direct Cap Rate)(number of property)

Dec. ’22
periodJun. ’23
periodLowering

20

29

14

Same

45

36

26

Rising02

Dec. ’22
periodJun. ’23
periodIncrease

24

27

Same

25

Decrease

16

Changes in unrealized gains and losses

123.7 billion yen(100 mn. yen)

1,400

(%)

30

1,200

26.4%

1,000

20

800

600

10

400
200

0

0
-200
-400

'02.6

'04.12'06.12'08.12'10.12'12.12'14.12'16.12'18.12'20.12'22.12-10(period)48

4. Appendix
Property nameAppraisal Value by Property (as of June 30, 2023)

Direct cap Chang
DCF
Appraisal
Chang DCF Chang
Book
Change (NCF Cap)
discount
terminal
value
e
e
e
value
(%)
rate
cap
(mn yen)(mn yen)(% pt) (%) (% pt) (%) (% pt) (mn yen)

Unrealized
gain orloss(mn yen)

Property name

Direct cap Chang
DCF
Appraisal
Chang DCF Chang
Book
Change (NCF Cap)
discount
terminal
value
e
e
e
value
(%)
rate
cap
(mn yen)(mn yen)(% pt) (%) (% pt) (%) (% pt) (mn yen)

Unrealized
gain or loss
(mn yen)Kanematsu Bldg.

14,100-400

3.4%

0.1 3.2%

0.1 3.6%

0.1

14,635-534

Rise Arena Bldg.

18,500-100

3.5%- 3.2%-

3.6%-

12,336

Kanematsu Bldg. Annex

2,960

-90

3.8%

0.1 3.6%

0.1 4.0%

0.1

2,366

+594

Yume-ooka Office Tower

7,400

-240

3.7%

-0.1 3.4%

-0.1

3.8%

-0.1

5,038

+2,361JPR Ningyo-cho Bldg.

3,140

+30

3.6%

- 3.4%

-

3.7%

-

2,091

+1,049Olinas Tower

40,200+100

3.4%- 3.1%-

3.5%-

25,508+14,691

Shin-Kojimachi Bldg.

4,300

-210

3.4%

- 3.1%

-

3.5%

-

2,416

+1,884

JPR Yokohama Bldg.

10,100-500

3.7%- 3.5%

-

3.8%

-

7,372

+2,728

MS Shibaura Bldg.

15,500-800

3.9%- 3.6%-

4.0%-

10,738+4,762Omiya Prime East

10,700-500

3.8%-0.1 3.6%

-0.1

3.9%

-0.1

5,553

+5,146JPR Ichigaya Bldg.

4,940

-

3.6%

- 3.4%

-

3.8%

-

5,208

-267

Sencity Bldg.

15,700+300

3.9%-0.1 3.6%

-0.1

4.0%

-0.1

13,995+1,704

Oval Court Ohsaki Mark West

5,180

+60

3.8%

- 3.6%

-

4.0%

-

2,689

+2,490Tanashi ASTA

11,100-5.2%- 5.1%

-

5.4%

-

6,860

+4,239Shinjuku Square Tower

15,400+100

3.6%- 3.4%-

3.8%-

12,782+2,617Cupo-la Main Bldg.

3,080

+40

4.6%

-0.1 4.4%

-0.1

4.8%

-0.1

1,541

+1,539BYGS Shinjuku Bldg.

19,300-100

3.5%- 3.3%-

3.7%-

15,477+3,823

JPR Musashikosugi Bldg.

5,370

+50

4.7%

- 4.5%

-

4.9%

-

7,084

-1,714

808

+3

4.4%

- 4.2%

-

4.6%

-

566

+242

Musashiurawa Shopping Square

4,300

+20

4.9%

- 4.8%

-

5.1%

-

3,427

+872

Shinjuku Center Bldg.

21,500-800

3.0%- 2.7%-

3.1%-

24,115-2,614

Kawasaki Dice Bldg.

12,800-1,000

4.1%- 4.0%-

4.3%-

12,839-39

Minami Azabu Bldg.

3,390

-30

3.6%

- 3.4%

-

3.7%

-

3,765

-374

FUNDES Ueno

4,090

-40

3.5%

-0.1 3.2%

-0.1

3.6%

-0.1

3,711

+379

Shinagawa Canal Bldg.

2,320

-40

3.7%

- 3.4%

-

3.8%

-

1,859

+460

Niigata Ekinan Center Bldg.

2,180

+10

5.4%

- 5.4%

-

5.6%

-

1,500

+680

Rokubancho Bldg.

3,730

+10

3.8%

- 3.5%

-

3.8%

-

2,903

+826

JPR Naha Bldg.

2,370

+20

4.7%

-0.1 4.7%

-0.1

4.9%

-0.1

1,631

+738

JPR Harajuku Bldg.

10,500-3.6%- 3.4%

-

3.8%

-

8,865

+1,634

Sompo Japan Sendai Bldg.

4,140

+20

4.5%

-0.1 4.2%

-0.1

4.6%

-0.1

2,302

+1,838JPR Nihonbashi-horidome Bldg.

6,850

+30

4.1%

-0.1 3.9%

-0.1

4.3%

-0.1

4,822

+2,028

Sompo Japan Wakayama Bldg.

1,510

+30

5.8%

-0.1 5.6%

-0.1

6.0%

-0.1

1,303

+207

JPR Sendagaya Bldg.

11,900-3.7%-0.1 3.5%

-0.1

3.9%

-0.1

14,661-2,760Tenjin 121 Bldg.

4,080

-110

3.8%

-0.1 3.4%

-0.1

3.9%

-0.1

1,963

+2,116

JPR Dojima Bldg.

4,020

-30

3.7%

-0.1 3.5%

-0.1

3.8%

-0.1

2,081

+1,938JPR Nagoya Fushimi Bldg.

3,490

+10

4.7%

-0.1 4.3%

-0.1

4.7%

-0.1

3,787

-296
+13,731

Across Shinkawa Bldg. Annex+6,164

3,880

+110

2.9%

-0.1 2.6%

-0.1

3.0%

-0.1

3,682

+198

The Otemachi Tower (Land with Leasehold Interest)

54,600-2.5%- 2.4%-

2.6%-

38,388+16,211

Science Plaza - Yonbancho Plaza

3,470

-10

3.6%

- 3.2%

-

3.7%

-

2,758

+712

Yakuin Business Garden

23,700-3.6%-0.1 3.4%

-0.1

3.7%

-0.1

9,969

Shibadaimon Center Bldg.

6,600

-160

3.3%

- 3.0%

-

3.4%

-

4,163

+2,437

JPR Shinsaibashi Bldg.

4,700

+80

3.6%

-0.1 3.3%

-0.1

3.7%

-0.1

5,287

-587

Tokyo Square Garden

21,400-100

2.5%- 2.3%-

2.7%-

18,243+3,157

JPR Shinsaibashi West

4,910

+10

3.7%

-0.1 3.5%

-0.1

3.8%

-0.1

3,956

+954

Ginza Sanwa Bldg.

6,250

-40

3.0%

- 2.8%

-

3.1%

-

5,834

+416

GRAND FRONT OSAKA(Umekita Plaza and South Building)

12,300-3.1%-0.1 2.9%

-0.1

3.2%

-0.1

11,822+477

Otemachi Financial City North Tower

13,000-2.3%- 2.0%-

2.4%-

11,467+1,532

GRAND FRONT OSAKA(North Building)

10,100-3.2%-0.1 3.0%

-0.1

3.3%

-0.1

9,530

+570

Tokyo Tatemono Higashi Shibuya Bldg.

12,300+100

3.4%-0.1 3.5%

-0.1

3.6%

-0.1

11,553+746

Osaka Dojima Bldg.

2,760

+60

3.8%

-0.1 3.5%

-0.1

3.9%

-0.1

2,508

+252

7,170

-

2.9%

- 2.7%

-

3.0%

-

6,529

+641

Housing Design Center Kobe

7,340

+10

5.3%

-0.1 5.1%

-0.1

5.4%

-0.1

6,089

+1,251JPR Chayamachi Bldg.

8,390

-20

3.3%

- 3.0%

-

3.4%

-

5,965

+2,424FUNDES Tenjin Nishidori

3,640

+50

3.4%

-0.1 3.1%

-0.1

3.4%

-0.1

3,347

+292

JPR Kojimachi Bldg.

Ochanomizu Sola City

14,600-200

3.2%-0.1 3.0%

-0.1

3.3%

-0.1

11,398+3,202JPR Jingumae 432

4,100

-110

2.9%

- 3.0%

-

3.1%

-

4,248

-148

Shinjuku Sanchome East Bldg.

2,370

-350

3.1%

-0.1 2.6%

-0.1

3.3%

-0.1

2,503

-132

JPR Shibuya Tower Records Bldg.

3,510

+110

2.8%

-0.1 2.4%

-0.1

2.9%

-0.1

3,249

+261

Total

592,098-4,607468,368+123,730

JPR Ginza Namiki-dori Bldg.

11,100-2.8%- 2.5%-

2.8%-

10,132+968

Central Tokyo

313,638-2,857267,246+46,391

FUNDES Suidoubashi

3,470

+30

3.3%

-0.1 3.1%

-0.1

3.4%

-0.1

3,144

+325

Greater Tokyo

178,830-1,890128,083+50,747

Arca East

6,600

-140

3.6%

- 3.3%

-

3.7%

-

4,183

+2,416

Other Cities

99,630+14073,039+26,590

JPR Chiba Bldg.

1,910

-

5.2%

- 5.0%

-

5.4%

-

2,126

-215

JPR Yokohama Nihon Odori Bldg.

2,460

-

4.8%

- 4.6%

-

5.0%

-

2,302

+158

Shinyokohama 2nd Center Bldg.

2,630

-

4.1%

-0.1 3.9%

-0.1

4.2%

-0.1

1,417

+1,212

Kawaguchi Center Bldg.

11,400+100

4.3%-0.1 4.0%

-0.1

4.4%

-0.1

7,112

+4,288JPR Ueno East Bldg.

5,870

+30

3.5%

- 3.3%

-

3.6%

-

2,838

+3,031

Tachikawa Business Center Bldg.

4,620

-10

3.9%

- 3.6%

-

4.0%

-

2,839

+1,781

Yurakucho Ekimae Bldg. (Yurakucho Itocia)

1. Direct cap indicates the capitalization rate that serves as the standard for calculating the value estimated by income approach based on the direct capitalization method.
2. DCF discount rate and DCF terminal cap indicate the period income discount rate and the terminal capitalization rate that serve as the standard for calculating the value estimated by income approach based on the discounted cash flow (DCF)
method.
3. Impact of sold properties is not included in calculation of change in appraisal value from previous period.

49

4. Appendix

Sustainability Initiatives

Commit to sustainability for the long term.
Position sustainability as a top management priority and continue actively implementing sustainability initiatives.
JPR Initiative

TRIM Initiative- Apr. 2019 Established Sustainability Committee.
- May 2019 Became a signatory of PRI (Principles of
Responsible Investment).
- May 2021 Declared support for TCFD.
- Jul. 2021 Enacted Human Rights Policy.
- Jul. 2021 Enacted Sustainable Procurement Standards.
- Mar. 2019
- Jul. 2020
- Dec. 2020
- Jan. 2021

Began issuing Sustainability Report.
Participated in CDP Climate Change Program.
Acquired BELS certification for the first time.
Determined materiality (JPR/TRIM).

- May. 2021 Included in MSCI Japan ESG Select Leaders index.
- Aug. 2021 Set target of reducing GHG emissions to net-zero.

2005

2019

- Aug. 2005 Launched Tenant Satisfaction Survey.
- Jan. 2006 Formulated brand strategy.
- Oct. 2006 Launched Best Performance Award.
- Aug. 2011 Acquired DBJ Green Building Certification
for the first time.
- Sep. 2013 Achieved "Green Star" status for the firsttime in GRESB Real Estate Assessment.
- Jun. 2018 Acquired CASBEE for Real Estate
Certification for the first time.

2022- Jan. 2023 Updated materialities (JPR/TRIM).
- Feb. 2023 Externally recruited special committee member(real estate appraiser) to Investment Committee.
- Apr. 2023 Achieved certification by SBTi (GHG emissions
reduction target for 2030 and net zero emissions
target for 2050)

2023- Jan. 2022 Welcomed outside advisor to Sustainability
Committee.
- Jun. 2022 Reset 2030 target for green certificationacquisition rate.
- Sep. 2022 Acquired ZEB certification for the first time.
- Nov. 2022 Established GHG emission reduction plan andsubmitted to SBTi.
- Feb. 2022 Became signatory to the Principles for Financial
Action for the 21st Century.

- Dec. 2015 Launched Employee Satisfaction Survey.
- Apr. 2017 Launched employee awards program.
- May 2017 Enacted Sustainability Policy.

50

4. Appendix

JPR’s Commitment to Sustainability (1)Actively implementing sustainability initiatives for diverse stakeholders based on Sustainability Policy

Major Stakeholder engagement

Sustainability policy➢Initiatives on Behalf of Tenants
We will work with integrity and responsibility in responding to tenants,
and endeavor to provide them with new and distinct values as well as
enhancing their satisfaction.

• Proactively disclosing information
including ESG-related information• Pursuing dialogue with investors• Maintaining a robust governancesystem• Strengthening the risk
management structure➢Initiatives on Behalf of the Environment
Recognizing the importance of addressing environmental issues, wewill aim to reduce the environmental load by managing the assets wemanage.
• We will promote energy saving and the reduction of greenhouse gas

emissions.
• We will endeavor for the effective use of water resources and workon the "3Rs" (reuse, reduce and recycle) of waste.
• We will strive to proactively disclose information on environmental
issues.

• Developing professionals• Promoting physical and mental
health and work-life balance• Promoting diversity• Developing environments that allows
employees to fulfil their potential➢Initiatives on Behalf of the Employees

Investors(Unitholders)

Tenants/
Local
communities

Employees

Environment/
Business
partners• Acquiring environmental
certifications and improving
evaluations• Reducing CO2 emissions and waste• Implementing energy-saving
construction work
• Thoroughly implementing humanrights due diligence

Active disclosure of sustainability information➢Initiatives on Behalf of Local Communities
We will focus on collaborating with local communities through theassets we manage, in an effort to contribute to enhancing the value ofthe entire area in which such assets are located.

• Improving tenant satisfaction• Creating safe, secure and pleasantworking environments• Building resilience• Contributing to local communities

Increasing disclosure of sustainability information and renewing JPR's
website• Disclosure of quantitative information such as environment-related data
and TRIM employee data•

We will respect each of our employees to realize an employee-friendly
workplace, helping them to enhance their skills in their specialties.

➢Initiatives on Behalf of the Society
We will abide by laws and regulations as well as the rules of society,and will conduct business operations with a focus on transparency andobjectivity while holding on to our high moral standards.

51

4. Appendix

JPR’s Commitment to Sustainability (2)JPR will review the items below according to social needs.
(Materialities of JPR and TRIM and strategic targets)
Materialities* Added items
Policies

Promoting acquisition of environmental certification

Strategies⚫
⚫

Improving green certification acquisition rate
Improving environmental ratings

Achieving reductions by lowering emissions coefficients
Achieving reductions with energy saving renovations⚫ Achieving reductions by introducing renewable energy⚫ Reducing waste and improving recycling rate⚫

Reducing GHG emissions

E Action on climate change
Efficient use of water resources
Strengthening climate change risk management
Working with tenants to address climate change
Improving tenantsatisfaction with safety,
security and comfort

S
Creating a rewarding
workplace environment

Improving satisfaction by providing tangible andintangible services (safety, security and comfort)

⚫

⚫

⚫

⚫

⚫

Implementing water-saving construction work

Improving overall tenant satisfaction (safety, security andcomfort)⚫

Average tenant satisfaction score*⚫

Improvement of business efficiency and process

Promoting diversity & inclusion⚫

Target 2030: Achieving 10% reduction in water use per
floor area (compared with the 2017 level)

Ratio of green lease agreements*

Building an efficient business structure⚫

Target 2030: Achieving 46.2％ reduction in GHG emissions(compared to the 2019 level)
Target 2050: Achieving net zero
⚫ Rate of introduction of renewable energy*⚫ Ratio of LED lighting*⚫

Fostering professionals who support corporate growth

Creating a rewarding workplace environment

Target 2030: Environmental certification acquisition
coverage rate of 80% or more (4-star/"A" rating or higher)

Expansion of green lease agreement

⚫

⚫

SDGs

Building industry-leading climate change risk response
capabilities

Strengthening human resources through training andself-development support

Maintaining and improving physical and mental health

Target/KPI

Realization of physical, mental health and work-lifebalance
Providing an environment where each person can play anactive role
Promoting the active participation of diverse humanresources⚫
⚫

Training expenses per employee*
Training hours per employee*(Target) 70% or more of annual paid leave taken (everyyear)*⚫ Percentage of participation in health examinations*⚫ Overtime hours per employee*⚫
⚫

Average employee satisfaction*
Response rate of employee satisfaction survey*(Target) Ratio of female managers of 10% or more in2030*⚫ Ratio of female employees*⚫ Number of employees aged 60 or over*Number of results briefings per year*
Number of meetings with institutional investors in Japan*
Number of meetings with overseas institutional investors*⚫ Number of events for individual investors in which JPR
participates*⚫

Implementation of transparent management throughactive IR

Strengthening corporate

G governanceImproving overall strength of Sustainability Promotion
Framework
Respect for human rights

Industry-leading information disclosure⚫ Active dialogue with investors
⚫

⚫
⚫

⚫

GRESB Assessment*
MSCI ESG scores*
CDP evaluation*

Raising awareness of human right policies both inside andoutside the company⚫

Human rights workshops held (per year)*⚫
⚫

⚫

Obtaining industry-leading ESG valuation⚫

Enhancing a strong corporate governance⚫

Maintaining a strong corporate governance(Target) 12 Compliance Committee meetings per year*(Target) Six compliance workshops per year*(Target) A compliance workshop participation rate of 100%*⚫ Internal audits per year*

Strengthening risk management⚫

Building industry-leading management capabilities(Target) Four or more Risk Management Committee
meetings per year*52

4. Appendix

JPR’s Commitment to Sustainability (3)JPR considers that climate change will have a significant impact on its business.
It identifies risks and opportunities and assesses their impacts in order to develop a response.
Identification of risks and opportunities created by climate change◼
◼

Identify risks and opportunities associated with climate change and analyze the effects in the 1.5℃/2℃ scenario and in the 4℃ scenario.
Aim to reduce greenhouse gas emissions and mitigate the effects of JPR's business activities on climate change by using energy efficiently and promoting
the use of renewable energy.

➢ Identify risks and examine their financial impact
Type ofrisks

Transition
risk

Physicalrisks

Risk that was identified

Financial impact

Time span

Level of impact
1.5℃/2℃

Level of impact
4℃

Strategies

Increase in operation costs
resulting from the introductionof a carbon tax

Carbon tax imposed under tightened environmental laws and regulations
leads to an increase in the risks surrounding the operations of owned
properties.

Medium to
long

High

High

Promoting replacement with LED lighting⚫ Switching to contracts with electric power companies withlow emission coefficients⚫ ZEB Certification acquired

Cost increase resulting from theincrease of energy prices

Rises in electricity rates, etc. caused by increases in fossil fuel prices lead torises in operating costs.

Short,
medium,and longHigh

Middle⚫

Loss of tenants due to a delay intaking green building measures

A delay in taking green building measures results in a failure to cater to theneeds of companies aiming to achieve carbon neutrality. This leads to a lossof tenants and a loss of fixed-amount income, such as rents and CAM charges.

Short,
medium,and long

High

Low

Withdrawal of investors due to adelay in taking green building
measures

A delay in taking green building measures leads to financial institutions'withdrawal from loans and investments, resulting in increased funding costs.

Medium to
long

High

Low

Increase in energy consumption
attributed to chronic
temperature increase

Rises in temperature in summer associated with climate change causing an
increased use of air-conditioning, which in turn leads to higher energy costs.

Medium tolong

MiddleMiddle⚫

⚫

Power saving
Increasing the percentage of properties that have acquired
environmental certification

Promoting financial institutions' understanding by increasing
the number of green buildings in the portfolio and disclosing
appropriate information⚫ Reinforcing the funding base by enhancing relationships withinvestors who are interested in ESG.
⚫

⚫
⚫

Requesting tenants to introduce the Cool Biz dress code (noties, short-sleeve shirts)
Reducing consumption of the standby power of airconditioning, etc.

Monitoring the latest risks in areas where individual
properties are located⚫ Regular onsite inspection of each property's equipment
conditions⚫ Improving and repairing equipment as a measures
addressing water damage⚫ Increasing resilience by holding disaster drills⚫

Increase in repair costs
associated with water damage
risk

If the risk of water damage due to climate change, such as that caused bytyphoons or flooding, increases owned properties may incur water damage,resulting in the generation of repair costs.

Short,
medium,and long

High

High

➢ Identify opportunities and examine their financial impact
Type ofopportunity

Opportunity that was
identified

Opportunities

Increase in rents for green
buildings

Financial impact

Time span

Tenants are increasingly demanding properties with high environmental
performance due to tougher laws and regulations, resulting in an increase of
asset value and real estate rental revenues.

Medium tolong

Level of impact Level of impact
1.5℃/2℃
4℃
High

Low

Strategies⚫

Increasing the percentage of properties that have acquired
environmental certification

53

4. Appendix

Unitholders (as of June 30, 2023)■ Number of units by unitholder type
（997,178 units in total）
Individuals
35,677(4%)

Securities
Companies
35,976(4%)
Foreign Investors
156,374(16%)

Other domestic
corporations
81,982(8%)

Financial
Institutions
687,169(69%)

Of which,
investment Trusts
Of which,incorporating
JPR
investment
Trustsunits
incorporating
JPR
units
387,875
372,362
(39%)
(37%)

■ Top unitholders
Rank

Name

Number of
Share (%)
Owned Units

1

Custody Bank of Japan, Ltd. (Trust
Account)

312,808

31.4

2

The Master Trust Bank of Japan, Ltd.
(Trust Account)

158,283

15.9

3

The Nomura Trust and Banking Co.,
Ltd. (Investment Trust Account)

46,466

4.7

4Tokyo Tatemono Co., Ltd.

29,3002.9

5Kawasaki Gakuen

25,000

2.5

6

Meiji Yasuda Life Insurance Company

24,000

2.4

7

STATE STREET BANK WEST CLIENTTREATY 505234

13,806

1.4

8SSBTC CLIENT OMNIBUS ACCOUNT

13,208

1.3

9STATE STREET BANK AND TRUSTCOMPANY 505103

12,043

1.2

10

The Shinkumi Federation Bank

11,0891.1

646,003

64.8■ Number of unitholders by unitholder type

Financial Institutions
188
(2%)

Other domestic
corporations
212
(2%)

(10,554 unitholders in total)
Foreign Investors
260(2%)
Securities Companies
20(0%)

Individuals
9,874
(94%)

Total

54

4. Appendix

Investment Unit Price and Distribution per Unit

■ Changes in unit price
(円)
(yen)

日経平均株価（指数化）

JPR

800,000
600,000
400,000
200,000
0
'02.6

'03.6

'04.6

'05.6

'06.6

'07.6

'08.6

'09.6

'10.6

'11.6

'12.6

'13.6

'14.6

'15.6

'16.6

'17.6

'18.6

'19.6

'20.6

'21.6

'22.6

'23.6

'08.6

'09.6

'10.6

'11.6

'12.6

'13.6

'14.6

'15.6

'16.6

'17.6

'18.6

'19.6

'20.6

'21.6

'22.6

'23.6

■ Changes in JPR dividend yield(%)(year/
month)

10年国債利回り

JPR
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
'02.6

'03.6

'04.6

'05.6

'06.6

'07.6

(year/
month)■ Changes in cash distribution per unit
(yen)

6,912 6,873
5,738

6,081

6,671 6,370 6,411 6,509 6,873 6,996 6,671

7,122 7,092

6,933 6,770
5,680 5,611 5,876

6,430

6,093 6,031 6,006

6,588
6,150 6,351 6,419

22

25

6,756 7,048

7,213 7,223 7,245 7,326 7,380 7,493

7,595 7,750 7,657 7,550 7,800 7,750 7,600

31

37

3,731
2,545

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

23

24

26

27

28

29

30

32

33

34

35

36

38

39

40

41

42

43 (period)

1. Prepared by TRIM based on Refinitiv data.
2. Nikkei stock average (indexation) in Changes in Unit Price is calculated on the basis that June 14, 2002 = 200,000 yen.
3. JPR dividend yield is calculated by dividing the sum of dividend for the last two periods by daily unit price.

55

4. Appendix

Asset Manager■ Summary of asset manager■ Sponsors(as of June 30, 2023)(as of June 30, 2023)

Name

Tokyo Realty Investment Management, Inc. (TRIM)

Name

Tokyo Tatemono Co., Ltd.

Address

4-16 Yaesu 1-chome, Chuo-ku, Tokyo

Address

4-16 Yaesu 1-chome, Chuo-ku, Tokyo

Date of Foundation

April 28, 2000

Date of Foundation

October 1, 1896

Paid-in Capital

350 million yen

Business Description

Asset management for investment corporation

President and CEO

Yoshihiro Jozaki

Main BusinessDirectors

7 (4 full-time and 3 part-time)

Development, leasing and management of office buildings,
commercial facilities, and others
Development, sales, leasing and management of condominiums
and detached houses
Sale/purchase, brokerage and consulting for real estate;parking lot development and management
Leisure business, Logistics facilities development, asset
management business, overseas business, and real estateappraisal

Number of Officers

48

No. of seconded staff from sponsors

10■ Organization chart(as of June 30, 2023)■ Sponsors support

Shareholder’s Meeting
Auditors

No.

Summary of sponsors support

1

Personnel support through dispatching personnel to TRIM
and other measures

2

Provision of know-how on real estate management ingeneral, including tenant leasing and technical support

3

Supply of properties and provision on information onproperty acquisition

Board of Directors
President and CEO
Investment Committee

Compliance Committee
Risk Management Committee
Compliance OfficeSustainability Committee

Investment
Management
Division I
Investment
Management
Department I
Investment
Management
Department II
Investment
Management
Department III

Investment
Management
Division II
InvestManagement
Department

Financial Management
Division
Investment
Strategy
Department

Asset Engineering
Department

Investment
Research
Department

Sustainability
Group

Finance & IR
Department

FinancialGroup

Corporate Business
Management
Department

Investor
Relations
Group

56

4. Appendix

Large supply of offices■ Supply, absorption and vacancy rates in Tokyo’s 23 wards■ Breakdown of office building supply by area and by size
(forecast)(By area)(year)

Average new supply in
1986-2022: 102

Average new supply
in 2023-2027: 932023

75％ (940,000 m2)(320,000 m2)
25% (32万㎡)

2024

72％ (520,000 m2)(210,000 m2)
28% (21万㎡)

2025

75％ (1,020,000 m2)(340,000 m2)
25% (34万㎡)

2026

72％ (520,000 m2)(200,000 m2)
28% (20万㎡)

179
161

2027

141

136

55％ (320,000 m2)(26万㎡)m2)
45% (260,000(26万㎡)

126

3 central wards

Other 20 wards(By size)

96
85 86

85

73

5.6

69

72

5.9

61

(year)

80% (1,000,000 m2)

2023

58

20% (260,000 m2)

48
37

4.0

2024

76% (550,000 m2)

24% (170,000 m2)

2.6
1.9

1.8

2018

2019

-2

2017

2020

2021

2022

2023

2024

2025

2026

2027

2025

66% (900,000 m2)

34% (460,000 m2)

2026

68% (490,000 m2)

32% (230,000 m2)

2027

75% (440,000 m2)（年）

100,000 sqm or more

25% (140,000 m2)

Less than 100,000 sqm

1. Source: Prepared by TRIM based on the 2023 Survey of Large Office Building Market Trends in Tokyo’s 23 Wards published on May 25, 2023.
2. Absorption refers to newly occupied space (Vacant space as of end of previous period + New supply － Vacant space as of end of current period).

57

4. Appendix

Office Property Leasing Market■ Changes in the supply and the vacancy rate of Tokyo CBDs
(tsubo)Supply(%)

Vacancy rate

14.5

600,000■ Changes in the average rent of Tokyo CBDs
(yen/tsubo)

Class A Bldg.

Class B Bldg.

Class C Bldg.

45,00012.5

500,000

10.5
400,000

35,0008.5

300,000

6.5

200,000

25,0004.5

100,000

2.5

0

0.5

15,000

5,000(year)

'11.6

'13.6

'15.6

'17.6

'19.6

'21.6

'23.6

(year/
month)

1. Prepared by TRIM based on the office market information published by Miki Shoji Co., Ltd.

■ Monthly vacancy rates in Tokyo CBDs(%)

Chiyoda Ward
Minato Ward
Shibuya Ward

10.0

■ Changes in the vacancy rate of Tokyo CBDs(%)

Chuo Ward
Shinjuku Ward
Tokyo's Central 5 Wards

Class A Bldg.

Class B Bldg.

Class C Bldg.

12.0
10.0

9.0
8.0

8.0

7.0
6.0

6.0
5.0

4.0

4.0
2.0

3.0
2.0

0.0
'11.6

1.0
'22.7

'22.8

'22.9

'22.10 '22.11 '22.12

'23.1

'23.2

1. Source: Prepared by TRIM based on data published by Miki Shoji Co., Ltd.

'23.3

'23.4

'23.5

'23.6 (year/
month)

'13.6

'15.6

'17.6

'19.6

'21.6

'23.6

(year/
month)

1. Prepared by TRIM based on the statistics data publicized by Sanko Estate Co., Ltd. and NLI Research Institute.
2. Please refer to glossary for definition of building classes.

58

4. Appendix

Commuting to the Office in Japan

A large percentage of office workers commute to the office in Japan. The office vacancy rate is
low compared with other major cities around the world.
■ Trends in office attendance rates in Tokyo■ The percentage of employees communing to the office thatcompanies consider ideal

100.0%

Downgradingof COVID-19
to Class 5

Largeenterprises

35.2%

31.7%

80.0%

Mediumenterprises

28.2%

57.7%

60.0%

-80%
40.0%
21.1

21.4

21.7

21.10

22.1

22.4

22.7

22.10

23.1

23.4

(year/
month)

80-90%

100%

Source: Prepared by TRIM based on the results of a special survey on capital expenditure plans in
FY2023: an awareness survey on corporate behavior of the Development Bank of Japan* In this survey, a large enterprise is defined as an enterprise with capital of 1.0 billion yen or more.
A medium-sized enterprise is defined as an enterprise with capital of less than 1.0 billion yen.

Source: Prepared by TRIM based on the results of a survey on the percentage of telework of the Tokyo
Metropolitan Government■ Percentage of employees who (can) work from home in Japan andin the U.S. and Europe■ Office vacancy rate in major cities in the world (Q1 2023)
San Francisco

66.9%

66.3%

49.9%

51.7% 53.4%
36.9%

America

29.4%

Los Angeles

24.0%

Washington DC
50.5%
39.7%

UnitedSwitzerland Germany
Kingdom

Employees who can work from home

50.3%
34.9%

Sweden

44.9%
27.9%

Italy

20.3%

New York
32.0%
22.9%

Poland

29.7%
19.0%

Japan

14.2%

London11.7%

Sydney11.3%

Shanghai

10.6%

Singapore

5.5%Frankfurt

5.4%

Berlin

4.1%

Tokyo
Employees who worked from home

Source: An international comparison survey on lifestyles when living with COVID-19 of NRI (July and August, 2022)(Note) The ratio for employees who worked from home is the ratio of employees who worked at least one day in thepast month.

Paris
Seoul

4.1%
2.6%
1.2%

Source: Prepared by TRIM based on data published by CBRE59

4. Appendix

For-Sale Property Market■Expected cap rate of retail properties andeconomy hotel for lodging■Expected cap rate of office (major cities)(%)

Tokyo (Marunouchi, Otemachi)
NagoyaOsaka (Midosuji)
Osaka (Umeda)
Fukuoka

Retail property (Ginza)
Retail property (Osaka)
Economy hotel for lodging (Tokyo)
Economy hotel for lodging (Osaka)
(%)

8.0

7.5

7.0
6.5

6.0
5.5
5.0
4.5
4.0

3.5

3.0

0
2.5

2.00

(year/
month)(year/
month)

1. Prepared by TRIM based on the Japanese real estate investor survey publicized Japan Real Estate Institute.

60

Portfolio Map

4. Appendix

Chuo, Minato, Shinjuku, Shinagawa■Central Tokyo Chiyoda,
and Shibuya Wards

SaitamaMusashiurawa
Prefecture

A-30

Shinjuku

Ichigaya

A-12

A-14

A-7

A-17

A- 4

A-9
A-24
A-4

A-23

Chiyoda WardTokyo

A-1
A-2

A-26

B-8
A-13

A-5

Tachikawa

B-7
B-9

Tanashi

Ikebukuro
Shinjuku

Tokyo Shibuya

Tokyo

A-22
A-3

A-6

Minato Ward

A-1

Kinshicho

B-14

Chiba

B-4

KawasakiB-5

Hamamatsucho

A-15

B-1

B-2

A-25

A-29

B-11

Musashikosugi

Chuo Ward

ShibuyaB-7

ShinagawaShinbashi

A-18

Chiba
Prefecture

B-3

Kawaguchi
B-1

A-21

Harajuku

B-6

A-3

A-27

Shibuya Ward

B-5

A-20

A-28

All other areas of Tokyo, Chiba, Kanagawa
and Saitama Prefectures

B-13

Omiya

Shinjuku Ward
A-11

■Greater Tokyo

B-6

Kanagawa Shin-Yokohama
Prefecture
Yokohama
B-12
B-3

TamachiB-10

Kamioka

B-1

Arca East

B-2

JPR Chiba Bldg.

B-3

JPR Yokohama Nihon Odori Bldg.

B-5

Shinyokohama 2nd Center Bldg.

B-6

Kawaguchi Center Bldg.

B-7

JPR Ueno East Bldg.

B-8

Tachikawa Business Center Bldg.

B-9

Rise Arena Bldg.

B-10

Yume-ooka Office Tower

B-11

Olinas Tower

B-12

JPR Yokohama Bldg.

B-13

Omiya Prime East

B-14

Sencity Bldg.

B-1

Tanashi ASTA

B-3

Cupo-la Main Bldg.

B-4

JPR Musashikosugi Bldg.

B-5

Musashiurawa Shopping Square

B-6

Kawasaki Dice Bldg.

B-7

FUNDES Ueno

C-12

Sompo Japan Sendai Bldg.

C-1

Niigata Ekinan Center Bldg.

C-19

JPR Nagoya Fushimi Bldg.

C-9

JPR Naha Bldg.

A-6■Other Cities
GotandaShinagawa
A-16

A-10

OhsakiShinagawa Ward
A-1

Kanematsu Bldg.

A-2

Kanematsu Bldg. Annex

A-3

JPR Ningyo-cho Bldg.

A-4

Shin-Kojimachi Bldg.

A-18

JPR Harajuku Bldg.

A-6

MS Shibaura Bldg.

A-9

JPR Ichigaya Bldg.

A-10

Oval Court Ohsaki Mark West

A-11

Shinjuku Square Tower

A-12

BYGS Shinjuku Bldg.

A-13

Across Shinkawa Bldg. Annex

A-14

Shinjuku Center Bldg.

A-15

C-17

JPR Dojima Bldg.

C-21

JPR Shinsaibashi Bldg.

C-22

JPR Shinsaibashi West

C-23

GRAND FRONT OSAKA (Umekita Plaza and South Bldg.)

C-24

GRAND FRONT OSAKA (North Bldg.)

C-25

Osaka Dojima Bldg.

C-5

JPR Chayamachi Bldg.
SendaiMinami Azabu Bldg.

A-26

A-16

Shinagawa Canal Bldg.

A-27

JPR Kojimachi Bldg.

C-14

Tenjin 121 Bldg.

A-17

Rokubancho Bldg.

A-28

Otemachi Financial City North Tower

C-20

Yakuin Business Garden

A-29

Tokyo Tatemono Higashi Shibuya Bldg.

C-6

FUNDES Tenjin Nishidori

A-30

Ochanomizu Sola City

A-20

JPR Nihonbashi-horidome Bldg.

A-21

JPR Sendagaya Bldg.

Tokyo Square Garden

A-1

JPR Shibuya Tower Records Bldg.

A-3

JPR Jingumae 432

A-4

Shinjuku Sanchome East Bldg.

(Land with Leasehold Interest)

A-5

Yurakucho Ekimae Bldg. (Yurakucho Itocia)

A-24

Science Plaza - Yonbancho Plaza

A-6

JPR Ginza Namiki-dori Bldg.

A-25

Shibadaimon Center Bldg.

A-7

FUNDES Suidobashi

A-22

Ginza Sanwa Bldg.

A-23

The Otemachi Tower

Niigata

NagoyaKobe

Fukuoka

Osaka
Wakayama
Naha

C-4

Housing Design Center Kobe

C-13

Sompo Japan Wakayama Bldg.

61

4. Appendix

Portfolio List (Central Tokyo)

A-1 Kanematsu Bldg.
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

A-2 Kanematsu Bldg. Annex
16,276 million yen
14,995 ㎡
95.0％
Kyobashi,Chuo-ku
2001.12
1993.2A-6 MS Shibaura Bldg.
11,200 million yen

Acquisition
Date
Completed2003.331,020 ㎡
100.0％
MinatoWard

1988.2

A-12 BYGS Shinjuku Bldg.

Acquisition
Date
Completed

Acquisition
Date
Completed

A-3 JPR Ningyo-cho Bldg.
2,874 million yen
4,351 ㎡
100.0％
Kyobashi,Chuo-ku
2001.12
1993.2A-9 JPR Ichigaya Bldg.

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

25,733 ㎡
98.3％
Shinjuku,
Shinjuku-ku‘04.11/’05.4/‘10.7
1985.4

A-16 Shinagawa Canal Bldg.

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

5,888 ㎡
84.0％
Kudanminami,
Chiyoda-ku
2004.5
1989.3710 million yen
5,535 ㎡
100.0％
Shinkawa,
Chuo-ku
2004.111994.6

A-17 Rokubancho Building

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

2,041 million yen

Acquisition
Date
Completed‘08.12/’19.3

5,216 ㎡
100.0％
Konan, Minato-ku

2008.7

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

Acquisition
Date
Completed

A-4 Shin-Kojimachi Bldg.
2,100 million yen
4,117 ㎡
100.0％
Chuo Ward
Nihonbashiningyocho, Chuo-ku
2001.11
1989.12

A-10 Oval Court Ohsaki Mark West5,100 million yen

A-13 Across Shinkawa Bldg. Annex
15,121 million yen

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed3,500 million yen
28,575 ㎡
100.0％
Higashigotanda,
Shinagawa-ku
2004.6
2001.6

A-14 Shinjuku Center Building
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

4,205 ㎡
100.0％
Rokubancho,
Chiyoda-ku
2009.12
1991.10

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

Acquisition
Date
Completed

2,420 million yen
5,152 ㎡
97.0％
Kojimachi,
Chiyoda-ku‘01.11/’02.11/’04.11
1984.10

A-11 Shinjuku Square Tower
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

14,966 million yen
78,796 ㎡ (entire
redevelopment area)

96.7％
Nishishinjuku,
Shinjuku-ku‘04.7/’08.9/‘15.3/’15.10
1994.10

A-15 Minami Azabu Bldg.
24,320 million yen
176,607 ㎡
96.4％
Nishishinjuku,
Shinjuku-ku‘08.3/’22.12
1979.10

A-18 JPR Harajuku Bldg.
2,800 million yen

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

3,760 million yen
4,570 ㎡
100.0％
Minamiazabu,
Minato-ku
2008.7
1992.6

A-20 JPR Nihonbashi-horidome Building
8,400 million yen
6,466 ㎡
77.1％
Jingumae,
Shibuya-ku
2009.12
1989.3AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

5,100 million yen
7,190 ㎡
100.0％
Nihonbashihorido
mecho, Chuo-ku
2010.3
2002.6

1. The “Total Floor Space” indicates the area of the entire building (including the interests owned by other sectional owners or co-owners) based on the registry.

62

4. Appendix

Portfolio List (Central Tokyo)

A-21 JPR Sendagaya Bldg.
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

15,050 million yen
7,683 ㎡
100.0％
Sendagaya,
Shibuya-ku
2010.52009.5

A-25 Shibadaimon Center Bldg.
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

4,213 million yen
11,419 ㎡
100.0％
Shibadaimon,
Minato-ku‘13.12/’14.7
1993.7

A-29 Tokyo Tatemono Higashi-Shibuya Bldg.
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

11,300 million yen
15,662 ㎡
100.0％
Higashi,
Shibuya-ku
2022.1
1993.5A-4 Shinjuku Sanchome East Bldg.
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
CompletedA-23 The Otemachi Tower(Land with Leasehold Interest)

A-22 Ginza Sanwa Bldg.

2,740 million yen
24,617 ㎡
100.0％
Shinjuku,
Shinjuku-ku‘07.3/’08.4
2007.1

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

3,400 million yen

Acquisition
Date
Completed2011.88,851 ㎡
100.0％
Ginza, Chuo-ku

1982.10

Aｰ26 Tokyo Square Garden
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

Acquisition
Date
Completed112,645 ㎡
99.3％
Kyobashi, Chuoku‘17.2/’17.4
2013.2Acquisition
Date
Completed

Period-end
occupancy rate
Address

100.0％

Acquisition
Date
Completed

11,034 ㎡

Otemachi,Chiyoda-ku
2012.32014.4 (Reference)

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

98,897 ㎡
99.0%
Kandasurugadai,
Chiyoda-ku
2023.42013.23,400 million yen
71,957 ㎡
100.0％
Yurakucho,
Chiyoda-ku
2008.82007.10

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
CompletedA-24 Science Plaza - Yonbancho Plaza
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

2,660 million yen
24,560 ㎡
98.3％
Yonbancho,
Chiyoda-ku
2013.12
1995.2

A-28 Otemachi Financial City North Tower
5,750 million yen
4,438 ㎡
100.0％
Kojimachi,
Chiyoda-ku
2019.6
1999.2A-1 JPR Shibuya Tower Records Bldg.
6,490 million yen

A-5 Yurakucho Ekimae Building(Yurakucho Itocia)
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

36,000 million yen

A-27 JPR Kojimachi Bldg.
18,400 million yen

A-30 Ochanomizu Sola City
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

Acquisition
Price
Site area

12,000 million yen
8,449 ㎡
100.0％
Jinnan,Shibuya-ku
2003.6
1992.2A-6 JPR Ginza Namiki-dori Building
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

10,100 million yen

Acquisition
Date
Completed2016.12

1,821 ㎡
100.0％
Ginza, Chuo-ku

2008.6

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

11,400 million yen
239,769 ㎡(including South Tower)

99.9％
Otemachi,Chiyoda-ku
2020.122012.10A-3 JPR Jingumae 432
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

4,275 million yen
1,066 ㎡
77.1％
Jingumae,
Shibuya-ku
2006.32006.2A-7 FUNDES Suidobashi
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

3,250 million yen
1,477 ㎡
87.2％
Kandamisakicho,
Chiyoda-ku
2016.122015.7

1. The “Total Floor Space” indicates the area of the entire building (including the interests owned by other sectional owners or co-owners) based on the registry.

63

4. Appendix

Portfolio List (Central Tokyo and Greater Tokyo)

B-1 Arca East

B-2 JPR Chiba Bldg.
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

5,880 million yen

Acquisition
Date
Completed2001.1134,281 ㎡
100.0％
Kinshi, Sumida-ku

1997.3B-6 Kawaguchi Center Bldg.
8,100 million yen
28,420 ㎡
97.6％
Kawaguchi,
Saitama2004.2Acquisition
Date
Completed1994.2

B-10 Yume-ooka Office Tower

Acquisition
Date
Completed

2,350 million yen

Acquisition
Date
Completed2001.12

9,072 ㎡
100.0％
Chiba, Chiba

1991.1B-7 JPR Ueno East Bldg.

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

B-3 JPR Yokohama Nihon Odori Bldg.

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

185,974 ㎡
100.0％
Yokohama,
Kanagawa
2007.7
1997.3B-14 Sencity Bldg.

8,490 ㎡
100.0％
Matsugaya,
Taito-ku
2004.3
1992.10

13,870 million yen

Period-end
occupancy rate
Address

93.9％

Acquisition
Date
Completed2020.3

158,663 ㎡ (entire
redevelopment area)

Chiba, Chiba

1993.4

9,146 ㎡
100.0％
Yokohama,
Kanagawa
2001.11
1989.10

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

3,188 million yen

Acquisition
Date
Completed‘05.9/’07.2

14,706 ㎡
98.0％
Tachikawa, Tokyo

1994.1231,300 million yen

Period-end
occupancy rate
Address

94.0％

Acquisition
Date
Completed2009.6257,842 ㎡(including retail andresidential blocks)

Taihei, Sumida-ku

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

B-5 Shinyokohama 2nd Center Bldg.
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

1,490 million yen
7,781 ㎡
100.0％
Yokohama,
Kanagawa‘02.9/’13.3
1991.8B-9 Rise Arena Bldg.
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

13,131 million yen
91,280 ㎡ (including
residential block)100.0％
Higashiikebukuro,
Toshima-ku‘07.3/’21.10
2007.1

B-13 JPR Omiya Bldg.

B-12 JPR Yokohama Bldg.

AcquisitionPrice
Total Floor
Space

7,000 million yen
8,772 ㎡
83.8％
Yokohama,
Kanagawa
2010.12
1981.5AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

6,090 million yen

Acquisition
Date
Completed2013.39,203 ㎡
100.0％
Saitama, Saitama

2009.2

2006.2B-1 Tanashi ASTA

AcquisitionPrice
Total Floor
Space

Acquisition
Date
Completed

2,927 million yen

B-8 Tachikawa Business Center Bldg.
3,250 million yen

B-11 Olinas Tower
6,510 million yen

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

B-4 JPR Musashikosugi Bldg.

B-3 Cupo-la Main Bldg.

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

10,200 million yen

Acquisition
Date
Completed2001.1180,675 ㎡
100.0％
Nishitokyo, Tokyo

1995.2AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

2,100 million yen
48,321 ㎡
100.0％
Kawaguchi,
Saitama2006.32006.1

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

7,254 million yen
18,394 ㎡
100.0％
Kawasaki,Kanagawa
2006.91983.3

1. The “Total Floor Space” indicates the area of the entire building (including the interests owned by other sectional owners or co-owners) based on the registry.

64

4. Appendix

Portfolio List (Greater Tokyo and Other Cities)

B-5 Musashiurawa Shopping Square
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

4,335 million yen

Acquisition
Date
Completed2007.328,930 ㎡
100.0％
Saitama, Saitama

2005.10C-9 JPR Naha Bldg.

B-6 Kawasaki Dice Bldg.
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

B-7 FUNDES Ueno
15,080 million yen
36,902 ㎡
98.4％
Kawasaki,Kanagawa
2007.4
2003.8

C-12 Sompo Japan Sendai Bldg.

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

1,560 million yen

Acquisition
Date
Completed2001.115,780 ㎡
100.0％
Naha, Okinawa

1991.10

C-17 JPR Dojima Bldg.

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

2,140 million yen

Acquisition
Date
Completed2004.1

5,696 ㎡
100.0％
Osaka, Osaka

1993.10

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed3,800 million yen

Acquisition
Date
Completed2019.62,235 ㎡
100.0％
Ueno, Taito-ku

2017.7

C-13 Sompo Japan Wakayama Bldg.

3,150 million yen
10,783 ㎡
99.7％
Sendai, Miyagi
2002.6
1997.12

C-19 JPR Nagoya Fushimi Bldg.

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

C-1 Niigata Ekinan Center Bldg.

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address
Acquisition
Date
Completed

1,670 million yen
6,715 ㎡
99.8％
Wakayama,
Wakayama
2002.6
1996.7

C-20 Yakuin Business Garden

4,137 million yen
10,201 ㎡
99.8％
Nagoya, Aichi
2005.3
1991.3AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

2,140 million yen

Acquisition
Date
Completed2001.11

19,950 ㎡
100.0％
Niigata, Niigata

1996.3C-14 Tenjin 121 Bldg.
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

2,810 million yen

Acquisition
Date
Completed2002.68,690 ㎡
78.4％
Fukuoka, Fukuoka

2000.7

C-21 C-21 JPR Shinsaibashi Bldg.

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

10,996 million yen

Acquisition
Date
Completed2012.822,286 ㎡
99.9％
Fukuoka, Fukuoka

2009.1

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

5,430 million yen

Acquisition
Date
Completed2005.55,303 ㎡
100.0％
Osaka, Osaka

2003.2(Extended 2005.1)

C-23 GRAND FRONT OSAKA(Umekita Plaza and South Building)C-22 JPR Shinsaibashi West
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

3,750 million yen

Acquisition
Date
Completed2020.1

7,738 ㎡
99.9％
Osaka, Osaka

1986.9AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

11,800 million yen

Acquisition
Date
Completed2021.12

10,226 ㎡ (Umekita Plaza)
181,371 ㎡ (South Bldg.)
93.9％
Osaka, Osaka‘13.2 (Umekita Plaza)’13.3 (South Bldg.)

C-24 GRAND FRONT OSAKA (North
Building)
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

9,500 million yen

Acquisition
Date
Completed2021.12290,030 ㎡
98.0％
Osaka, Osaka

2013.2

C-25 Osaka Dojima Bldg.
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

2,460 million yen

Acquisition
Date
Completed2023.1

4,977㎡
100.0%
Osaka, Osaka

1996.7

1. The “Total Floor Space” indicates the area of the entire building (including the interests owned by other sectional owners or co-owners) based on the registry.

65

4. Appendix

Portfolio List (Other Cities)

C-4 Housing Design Center Kobe
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

7,220 million yen

Acquisition
Date
Completed2005.933,877㎡
100.0％
Kobe, Hyogo

1994.6C-6 FUNDES Tenjin Nishi DoriC-5 JPR Chayamachi Bldg.
AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

6,000 million yen

Acquisition
Date
Completed2006.83,219㎡
100.0％
Osaka, Osaka

1994.6

AcquisitionPrice
Total Floor
Space
Period-end
occupancy rate
Address

3,310 million yen

Acquisition
Date
Completed2023.1

1,135㎡
100.0%
Fukuoka, Fukuoka

2022.3

1. The “Total Floor Space” indicates the area of the entire building (including the interests owned by other sectional owners or co-owners) based on the registry.

664. Appendix

Introduction to the JPR Website http://www.jpr-reit.co.jp/8955

The website was updated in March 2023, and sustainability initiatives, among other newcontent, have been added.
Sustainability Initiatives

A range of initiatives at JPR and TRIM are described in aneasy-to-understand way.

Chart Generator(IR Information)

Profitability indicators, etc. in different fiscal periods(up to 10 periods) are graphically compared.

• Operating results• Unitholder’s equity ratio• Per unit indicators• State of liabilities

Financial statements(financial information)

Financial statements are posted on the website for easier access.

• Balance Sheet• Statements of Income• Cash Flow Statement

67

Disclaimer• This material contains information that constitutes forward-looking statements. Such forward-looking statements
are made by Japan Prime Realty Investment Corporation (JPR) and Tokyo Realty Investment Management, Inc.
(TRIM) based on information currently available, and are therefore not guarantees of future performance. Actual
results may differ materially from those in the forward-looking statements as a result of various factors including
known or unknown risks and uncertainties.
• This material is solely for the purpose of providing information, and is not intended for the purpose of offering or
soliciting investment, or as a means of marketing activities. Please refer any inquiries for possible purchase ofinvestment units or investment corporation bonds of JPR to your securities companies.

• Although JPR takes all possible measures to ensure the accuracy of the content provided in this material(including references to legislation and taxation), it makes no guarantee as to the accuracy or reliability of thecontent. Furthermore, the content may be subject to change without prior notice.

68