Eighth Fiscal Period Results(July 1, 2005 – December 31, 2005)

February 2006

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Japan Prime Realty Investment Corporation

This document contains a translation of selected information described in the Financial Report (Kessan Tanshin) dated
February 17, 2006 and prepared under the timely disclosure requirements of the Tokyo Stock Exchange, as well as the
Financial Statements and Performance Information Report written pursuant to the Investment Trust Law of Japan, for theperiod from July 1, 2005 to December 31, 2005 of Japan Prime Realty Investment Corporation (JPR).
This English language document was provided solely for the convenience of and reference by non-Japanese investors andis not intended to constitute a disclosure document. The Japanese language Financial Report, Financial Statements andPerformance Information Report for the aforementioned period should be referred to as the originals of this document.
English translations for legal, accounting, tax and business concepts used herein may not convey precisely identicalconcepts of the equivalent Japanese terms. The figures presented in the financial statements and other data including realestate portfolio details may differ from the Company’s Business Reports due to rounding. With respect to any and allterms herein, including without limitation, financial statements, if there exist any discrepancies in the meaning orinterpretation thereof between the original Japanese documents and English documents contained herein, the original
Japanese documents will govern the meaning and interpretation. Neither JPR, Tokyo Realty Investment Management, Inc.
nor any of their respective directors, officers, employees, partners, shareholders, agents or affiliates will be responsible or
liable for the completeness, appropriateness or accuracy of English translations or the selection of the portion(s) of any
document(s) translated into English. No person has been authorized to give any information or make any representations
other than as contained in this document in relation to the matters set out in this document, and if given or made, suchinformation or representation must not be relied upon as having been authorized by JPR, Tokyo Realty Investment
Management, Inc. or any of their respective directors, officers, employees, partners, shareholders, agents or affiliates.
The financial statements of JPR have been prepared in accordance with generally accepted accounting principles in Japan(Japanese GAAP), which may materially differ in certain respects from generally accepted accounting principles in otherjurisdictions.
Many provisions of this document contain information that constitutes forward-looking statements. These
forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and actual
results may differ materially from those in the forward-looking statements as a result of various factors.
Contact Information:
Tokyo Realty Investment Management, Inc.
Investor Relations Group
Takeshi Maki+81-3-3516-1606

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Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation is listed on the Tokyo Stock Exchange with the securities code number 8955. (URL
http://www.jpr-reit.co.jp/jpr_e/index.html)
Board of Directors Meeting: February 17, 2006
Payment of Dividends: March 9, 2006 (planned)

PERFORMANCE (July 1, 2005 – December 31, 2005)(1) Business Results(Amounts less than a million yen discarded)(Millions of yen, yen for per unit information)

Operating
Revenues%
ChangeNet
Operating
Profits%
ChangeRecurring
Profits%
ChangeNet Income%
ChangeDec. 31, 2005

8,587

(1.0%)

3,984(0.8%)

3,399(0.7%)

3,398(0.7%)

June 30, 2005

8,503

(10.6%)

3,954(14.0%)

3,377(17.7%)

3,376(17.7%)(Yen)

EPU

Net Income/
NAV<Reference>(Annualized)

Dec. 31, 2005

6,411

2.9%

(5.7%)

1.5%(3.0%)

39.6%

June 30, 2005

6,599

3.2%

(6.5%)

1.6%(3.3%)

39.7%

Recurring Profits/
Total Assets<Reference>(Annualized)

Recurring Profits/
Operating Revenues

Notes: 1. EPU is calculated based on the average number of investment units during the term, as follows
Fiscal period ended June 30, 2005:
511,547 units
Fiscal period ended Dec. 31, 2005:
530,000 units
2. Changes in accounting standards: Yes: For the fiscal period under review, the Company introduced accounting standards for the impairment of fixed assets
presented in the “Accounting Standard for Impairment of Fixed Assets.
3. Percentages for operating revenues, net operating profits, recurring profits and net income show changes from the previous fiscal period, and are rounded
to the nearest first decimal place
4. Net income/NAV and recurring profits/total assets are calculated based on the average of unitholders’ equity (NAV) and total assets as of the beginning andend of the period
5.
Annualized result =For the period ended June 30, 2005:
Actual result/Actual investment days (181 days) x 365 days
For the period ended Dec. 31, 2005:
Actual result/Actual investment days (184 days) x 365 days

(2) Cash Distributions(Millions of yen, yen for DPU )ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution/
NAV

DPU

Distribution
AmountExceedingProfitDistribution Per
Unit

Dec. 31, 2005

6,411

3,397

―

―

99.9%

2.9%

June 30, 2005

6,370

3,376

―

―

100.0%

2.8%

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

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

Total Assets

NAV

NAV Ratio

NAV Per Unit

Dec. 31, 2005

225,882

118,82952.6%

224,206

June 30, 2005

216,574

118,80754.9%

224,165

Note: Number of units outstanding at the end of the period
Fiscal period ended June 30, 2005:
Fiscal period ended Dec. 31, 2005:

530,000 units
530,000 units

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EIGHTH FISCAL PERIOD HIGHLIGHTS
Market Environment

Office Building Leasing Market
Following a lull in the general economy, the business environment continued its gradual recovery during
the fiscal period ended December 31, 2005. Demand was strong for office buildings mainly in Tokyo,
boosted by the upswing in corporate performance.
Vacancy rates in Tokyo’s central business districts (CBDs) fell below 5%, a key benchmark, and continue
to exhibit steady improvement. In addition to major companies, medium-sized firms are increasingly
seeking relocation to large-sized office buildings, creating a situation of insufficient rental space. On theback of this increased demand, rents on a contractual basis appear to have entered a positive phase.
Also in other major cities such as Osaka, Nagoya, Fukuoka and Sapporo, vacancy rates enjoyedimprovement. While rent levels remained weak in other major cities, rates on an offered basis appeared tohave bottomed out.

Retail Property Leasing Market

During the period under review, the first signs of a pickup across the broad retail sector were evident,
underpinned by improved employment and disposable income, prompting a turnaround in personal
consumption and a positive shift in the consumer price index. The upswing in consumption trends wasseen in the recovery in year-end sales at department stores and supermarkets. In large-scale retail store
openings, particularly in suburban areas, market conditions experienced significant change. Part of thischange can be attributed to actions taken under new regulatory requirements relating to existing urban
development laws. In addition to the aforementioned, the overall retail property leasing market in urban
areas was firm due to new store openings and increased demand for floor space from existing stores.

Real Estate Trading Market

Amid a prolonged low interest rate level, domestic and overseas funds were again channeled into the realestate market in search of higher yields, intensifying competition in the acquisition of additional
properties. This was particularly evident in Tokyo’s CBD market where concerns for the lack of prime
properties for acquisition generated a sharp rise in tender prices. Investors allowed higher acquisition
prices based on expectations of increases in rental rates and capital appreciation, especially for large-size
prime office buildings in Tokyo. This created an overheated market, which seems to be spreading into
other major cities.

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New Acquisitions
Under the circumstances previously described, JPR continued with efforts to create a stable revenue
stream, improve the balance of its portfolio, and to diversify its asset holdings across categories ofgeographical location and asset class. To this end, and based on strict selection criteria, JPR acquired
prime office buildings and retail properties that are expected to generate stable cash flows. In the fiscal
period under review, JPR acquired the Housing Design Center Kobe (for an investment of ¥7,220
million) and the Tachikawa Business Center Building (for an investment of ¥880 million). As a result of
these acquisitions, JPR held 42 properties as of December 31, 2005, totaling ¥202,660 million on an
acquisition basis, with total leasable floor space of 308,205.26 m2 and 441 tenants.
In addition, JPR focused on the acquisition of development properties. As a result, JPR executed apurchase agreement in connection with the acquisition of the Rise Arena Building (provisional name)(Higashi-Ikebukuro 4-chome Redevelopment Project). The project is scheduled for completion in
January 2007, with settlement in March 2007 for an investment of ¥5,460 million.
Furthermore, JPR acquired preferred securities issued by the Kawasaki Dice Special Purpose Company(for an investment of ¥1,550 million). In line with this purchase, JPR has also acquired a preferential rightto purchase the Kawasaki Dice Building (Preferential Purchase Negotiating Rights) in the event that it isfor sale.
Sales of Properties
In an effort to diversify asset holdings by geographical location and to better secure a portfolio
characterized by efficient and stable cash flows and profitability, JPR undertook the sale of the SK
Hiroshima Building (sales price ¥1,040 million) and the Park East Sapporo (sales price ¥2,400 million).
Property Portfolio Asset Management

Brand Strategy

Consistent with its efforts to establish a brand strategy, JPR has adopted the A/3S concept thatemphasizes “Amenities” based on a three “S” platform of “Service, Safety and Saving Energy.” Throughits brand strategy, JPR is endeavoring to promote the optimal use of building space to enhance comfort,
convenience and efficiency. At the same time, JPR strives to upgrade its property holdings. As part ofthese efforts, JPR implemented the following measures during the fiscal period under review. From a“Service” perspective, JPR worked to enhance building entrances. Entrances and lobbies were decorated
to match seasonal events such as the Star Festival (Tanabata Matsuri), Halloween and Christmas. From a“Safety” perspective, JPR installed security cameras, undertook construction to upgrade safety at parking
facilities and established designated areas for smoking. From a “Saving Energy” perspective, conscious of5

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the environment and the need to conserve natural resources, JPR has introduced toilets that regulate theuse of water. At the same time, JPR has implemented a series of energy management measures as a part ofits energy saving initiatives. In its commitment to tenant satisfaction, JPR conducted a survey to measure
the level of success of its brand strategy and to identify new concerns and requirements. Through thesemeasures, JPR is continuously improving its service level with the aim of increasing tenant satisfaction.

Environmental Measures
Consistent with its stance toward safety and the environment, and to clarify and resolve any issues
relating to the use of asbestos, JPR identified 33 properties of the total 42 properties held as of January 31,
2006 for assessment based on the year of construction completion in relation to the implementation ofasbestos-related statutory requirements. Assessments confirmed that spraying materials were in 26
properties. Of this total, asbestos was used in four properties: the MS Shibaura Building; the Fukuoka
Building; the Across Shinkawa Building Annex, and; the Kawaguchi Center Building. JPR has confirmed
asbestos used in each building is appropriately contained or is in a stable status and is in compliance withall relevant statutory requirements.

Occupancy Rate
Based on its brand strategy, JPR strives to improve the level of tenant satisfaction from both a facilities
and service perspective. Endeavoring to retain all tenants, JPR also actively pursues new leasing activities
in an effort to reduce vacancy rates and to promptly attract replacement tenants in the event of relocation.
In addition to these efforts, the leasing market has enjoyed favorable conditions buoyed by companies
expanding their business activities and increasing the number of employees. As a result, the overall
property portfolio occupancy rate stood at 97.2% as of December 31, 2005, up 1.8 percentage points
from the end of the previous period.
Funds Procurement
In its eighth fiscal period, JPR continued efforts to expand its property portfolio through procuring
short-term funds for greater flexibility and long-term, fixed-rate funds. This was to cover the risk of anincrease in future interest rates, better diversify the debt repayment profile and promote improved
stability. In connection with existing debt finance, JPR also established a new commitment line totaling¥20,000 million and a registered limit for the flexible issue of unsecured corporate bonds totaling¥100,000 million in consideration of the risks associated with refinance.
As a result of these endeavors, the balance of total outstanding debt as of December 31, 2005 stood at

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Japan Prime Realty Investment Corporation¥48,960 million, with the balance of unsecured corporate bonds totaling ¥42,000 million. With the aimof reducing exposure to the risk of potential increases in interest rates, 75.3% of total outstanding debt islong-term debt with a maturity of more than one year and an average maturity of 4.7 years (see Note 1).
Furthermore, the average interest rate during the fiscal period ended December 31, 2005 was 1.3% (seeNote 2). The interest-bearing debt ratio was 44.1% (see Note 3), and the interest-bearing debt to total
assets ratio was 40.3% (see Note 4).

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Details of JPR’s corporate bonds and corporate credit ratings are as follows:
Details of Corporate Bonds and Corporate Credit Ratings as of December 31, 2005
Ratings Agency
Standard & Poor’s

Corporate Credit Rating

Corporate Bonds(Bond Issues One through Six)

Long-term: A- (Stable)
Short-term: A-2 (Stable)

A-

Moody’s Investor Services

A3 (Stable)

A3

Rating and Investment Information, Inc.

A+ (Stable)

A+

Notes:
1.

Average maturity of long-term interest-bearing debt, which is interest-bearing debt with a maturity of more than one year, is calculatedusing the weighted average of each debt over the number of years to repayment starting at the end of the fiscal period ended December
31, 2005. The balance of outstanding long-term interest-bearing debt stood at ¥83,466 million as of December 31, 2005. An amount
totaling ¥15,000 million of long-term borrowing payable within one year is recorded as current portion of long-term borrowings. This
amount is not included in calculations involving average maturity.

2.

Average interest rate is the weighted-average interest rate of outstanding debt as of December 31, 2005.

3.

Interest-bearing debt ratio (%) = Interest-bearing debt / (Interest-bearing debt + Total unitholders’ equity) x 100
Total unitholders’ equity was ¥115,431 million as of December 31 2005.

4.

Interest-bearing debt to total assets ratio (%) = Interest-bearing debt / Period-end total assets x 100
Total assets as of December 31, 2005 were ¥225,882 million.

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FORECASTS FOR NINTH FISCAL PERIOD ENDING JUNE 30, 2006
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

Operating
Revenues

Net
Operating
Profits

8,516

3,858

Ninth Fiscal PeriodEnding June 30,
2006

Recurring
Profits

3,287

Net Income(excluding exceeding profit
distribution per unit)

DPU

Exceeding Profit
Distribution Per
Unit

3,286

6,200

—

Reference: Estimated EPU for the fiscal period: ¥6,200

The above-mentioned forecasts are based on “Assumptions for the Ninth Fiscal Period Forecast (from January
1, 2006 to June 30, 2006)” as below. The aforementioned forecasts are based on assumptions and information
available to management as of the date of this report. As a result, actual operating revenues, recurring profit, net
income and distributions per unit will be subject to changes in market conditions. Accordingly, the forecasts are
not a guarantee of any cash distribution amounts.
Assumptions for the Ninth Fiscal Period Forecast(January 1, 2006 to June 30, 2006)
Item
Calculation period

Assumption
From January 1, 2006 to June 30, 2006 (181 days)

As of December 31, 2005, JPR owned 42 properties and held preferred securities. In addition, JPR intends to acquire the
Cupo-la Main Building (1-1 Kawaguchi Redevelopment Project) in March 2006 and the JPR Jingumae 432 for a total of 44
Properties owned

properties and ownership of preferred securities. An average month-end occupancy rate for the period is forecast at 97.4%.
The actual number of properties owned may change due to the acquisition of new properties and the sale of existing properties.

Investment units issued

Based on 530,000 investment units issued and outstanding as of December 31, 2005.
Based on an interest-bearing debt ratio of 44.1% as of December 31, 2005.
In accordance with purchase agreements, JPR intends to acquire the Cupo-la Main Building (1-1 Kawaguchi Redevelopment

Interest-bearing debt ratio

Project) and the JPR Jingumae 432. After the procurement of funds to facilitate the aforementioned acquisitions, theinterest-bearing debt ratio is expected to be 45.8% and will remain at this level to the end of the period.
Interest-bearing debt ratio = Interest-bearing debt / (Interest-bearing debt + Total unitholders’ equity) x 100
Property taxes and urban planning taxes applicable to the acquisitions of the Cupo-la Main Building (1-1 Kawaguchi

Operating costs
and expenses

Redevelopment Project) and the JPR Jingumae 432 after January 1, 2006 are included in the acquisition prices of each property
and are not reported as operating expenses. (However, property taxes and urban planning taxes charged to property owners on
January 1, 2007 are reported as operating expenses from the fiscal period ending June 30, 2007.)
Forecasts assume the distribution of an amount of net income available for distribution, divided by total units outstanding andlimited to the amount of unappropriated profits.

Cash distributions

Amounts less than ¥1 are discarded. Forecasts also assume that there will be no distribution in excess of profit, in accordancewith corporate policy.

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Balance Sheets (as of December 31, 2005 and June 30, 2005)
Assets(Yen in Thousands)
Item

End of Eighth Period(as of December 31,
2005)

Current Assets:
Cash and bank deposits
Entrusted cash and deposits
Rental receivables
Prepaid expenses
Deferred tax assets
Consumption tax refundable
Other current assets
Total Current Assets
Fixed Assets:
Property and equipment:
Buildings
Entrusted buildings
Structures
Entrusted structures
Machinery and equipment
Entrusted machinery and equipment
Tools, furniture and fixtures
Entrusted tools, furniture and fixtures
Land
Entrusted land
Construction in progress
Entrusted construction in progress
Less: accumulated depreciation
Total Property and Equipment
Intangible Assets:
Other intangible assets
Total Intangible Assets
Investments and Other Assets:
Investment securities
Deposits
Long-term prepaid expenses
Other
Total Investments and Other Assets
Total Fixed Assets

End of Seventh Period(as of June 30, 2005)% Change

10,875,646
13,035,294
126,225
145,600
676――
24,183,444

6,980,692
13,323,433
191,262
88,256670
51,772
3,446
20,639,534

17.2%

14,828,967
70,282,732
3,830
62,512
141,734
1,326,357
8,416
49,64722,309,882
99,611,067
5,433―(8,608,682)
200,021,898

9,651,597
71,539,976
2,763
58,561
79,3151,305,930
8,416
34,727
19,967,713
100,430,869
2,060
1,050
(7,307,244)
195,775,737

2.2%

6,467
6,467

3,335
3,335

93.9%

1,558,460
10,100292
250―
10,1001,675
2501,569,102

12,025201,597,468

195,791,098

101,263

143,377

101,263

143,377(29.4%)

225,882,175

216,574,010

4.3%

12,948.5%
3.0%

Deferred Assets:
Corporate bond issuance costs
Total Deferred Assets
Total Assets
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Balance Sheets (as of December 31, 2005 and June 30, 2005)
Liabilities(Yen in Thousands)
Item

End of Eighth Period(as of December 31, 2005)

End of Seventh Period(as of June 30, 2005)

Trade accounts payable

782,906

900,821

Short-term borrowings

7,500,000

5,200,000

Current portion of long-term borrowings

15,000,000―

Other accounts payable

435,459

435,198

Accrued expenses

165,059

161,014

1,159

1,598

Accrued consumption taxes

223,857―

Rent received in advance

921,591

850,132

25,030,033

7,548,765

Corporate bonds

42,000,000

42,000,000

Long-term borrowings

26,466,000

36,466,000

Leasehold and security deposits received

3,739,949

1,991,341

9,816,551

9,760,259

Total Long-Term Liabilities

82,022,500

90,217,601(9.1%)

Total Liabilities

107,052,534

97,766,366

9.5%

115,431,503

115,431,503

Retained earnings

3,398,137

3,376,139

Total Unitholders’ Equity

118,829,641

118,807,643

0.0%

Total Liabilities and Unitholders’ Equity

225,882,175

216,574,010

4.3%% Change

Current Liabilities:

Accrued income taxes

Total Current Liabilities

231.6%

Long-Term Liabilities:

Entrusted leasehold and security deposits
received

Unitholders’ Equity:
Unitholders’ capital
5,000,000 units authorized
530,000 units issued and outstanding at
December 31, 2005 and at June 30, 2005,
respectively

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Statements of Income and Retained Earnings (July 1, 2005 – December 31, 2005 and January 1, 2005
– June 30, 2005)

Eighth Fiscal Period(July 1, 2005 –December 31, 2005)
8,587,373
8,372,711
214,662
4,602,617
4,044,243―
345,844
73,471
5,700
52,28881,0693,984,756
13,80596―

Item
Operating Revenues
Real estate rental revenues
Gain on sale of real estate
Operating Expenses
Real estate rental expenses
Loss on sale of real estate
Asset management fees
Administrative service and custodian fees
Directors’ fees
Trust fees
Other operating expenses
Operating Profits
Non-Operating Revenues
Interest income
Income on settlement of management
association accounts
Other non-operating revenues
Non-Operating Expenses
Interest expense
Loan arrangement fees
Interest expense on corporate bonds
Amortization of corporate bond issuance costs
New unit-issuance costs
Other non-operating expenses
Recurring Profits
Income Before Income Taxes
Income taxes
Deferred taxes
Net Income
Retained Earnings Brought Forward
Retained Earnings at End of Period

13,709599,292
264,210
5,957
281,358
42,113―
5,651
3,399,269
3,399,269
1,178(6)
3,398,097
39
3,398,137

12(Yen in Thousands)
Seventh Fiscal Period% Change(January 1, 2005 –June 30, 2005)
8,503,222
1.0%
7,801,176
702,0464,548,529
1.2%
3,768,567
235,239
337,264
86,666
5,700
52,69062,401
3,954,693
0.8%
91,223(84.9%)
148
77,278
13,796
668,857
245,541
18,299278,620
42,11365,46918,812
3,377,059
3,377,059
1,627
(638)
3,376,070
69
3,376,139(10.4%)

0.7%
0.7%

0.7%
(42.5%)
0.7%

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Statements of Cash Flows (July 1, 2005 – December 31, 2005 and January 1, 2005 – June 30, 2005 )Eighth Fiscal Period(July 1, 2005 –December 31, 2005)(Yen in Thousands)
Seventh Fiscal Period(January 1, 2005 –June 30, 2005)

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

3,399,269
1,531,780
42,113(96)545,569
60,62951,772(57,344)(302,858)
2,605
223,857
71,4583,154,113(27,286)
8,695,586
96(541,524)(1,617)
8,152,540

3,377,059
1,444,282
42,113(148)
524,161(32,620)(51,772)
43,374
107,075(13,668)(37,940)
37,765
6,503,192
418,489
12,361,363
148(545,806)(1,005)
11,814,700

Cash Flows from Investing Activities:
Purchases of property and equipment
Purchases of entrusted property and equipment
Purchases of intangible assets
Purchases of investment securities
Payment of leasehold and security deposits received
Proceeds from leasehold and security deposits received
Payment of entrusted leasehold and security deposits received
Proceeds from entrusted leasehold and security deposits received
Net cash used in investing activities(7,583,649)(1,163,463)(3,583)(1,558,460)(147,309)
1,914,214(474,687)
545,429(8,471,509)(14,552,818)(10,188,629)――(67,254)
817,312(836,570)
489,763(24,338,196)

Cash Flows from Financing Activities:
Proceeds from short-term debt
Repayment of short-term debt
Proceeds from long-term debt
Proceeds from issuance of units
Distributions to unitholders
Net cash provided by financing activities
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

7,500,000(5,200,000)
5,000,000―(3,374,217)
3,925,782
3,606,814
20,304,126
23,910,940

5,200,000(21,100,000)
6,500,000
26,317,700(2,868,807)
14,048,892
1,525,396
18,778,729
20,304,126

Item

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Reference
１. Acquisitions
The Cupo-la Main Building (1-1 Kawaguchi Redevelopment Project)
LocationYet to be determinedType of Ownership

Co-ownership of land; Unit ownership of building

Total Site Area

15,008.28 m2 (JPR’s portion: 1,100.74 m2)

Total Floor Area

49,287.28 m2 (JPR’s portion: 5,963.00 m2)

Type of Structure

S, B2/8F (Cupo-la Main Building)Completion

March 2006 (Planned)

Number of Tenants
1
Total Leasable Floor 5,963.00 m2
Space
Total Leased Floor 5,963.00 m2
Space
Occupancy Rate

100%

Acquisition Price¥2,100 million

Type of Asset

Real estate

Contract Date

November 24, 2004 (Planned acquisition date: March 31, 2006)

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JPR Jingumae 432
LocationYet to be determinedType of Ownership

Full ownership of land; Full ownership of building

Total Site Area

218.21 m2

Total Floor Area

1,081.44 m2

Type of Structure

S, SRC, B1/7F

Completion

March 2006 (Planned)

Number of Tenants
5
Total Leasable Floor 1,029.48 m2
Space
Total Leased Floor 1,029.48 m2
Space
Occupancy Rate

100%

Acquisition Price¥4,460 million

Type of Asset

Beneficiary interest

Contract Date

February 7, 2006 (Planned acquisition date: March 24, 2006)

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Real estate portfolio (as of December 31, 2005)
Area

Type

Property Name

Location

Acquired

Acquisition Price(yen in millions)% of Total

Appraisal Value asof Dec. 31, 2005
(yen in millions)

OfficeKanematsu Bldg.

Chuo-ku, Tokyo

Dec. 2001

16,2768.0%

13,500

OfficeKanematsu Bldg. Annex

Chuo-ku, Tokyo

Dec. 2001

2,874

1.4%

2,810

OfficeJPR Ningyo-cho Bldg.

Chuo-ku, Tokyo

Nov. 2001

2,100

1.0%

2,040

Nov. 2001

1,670
1.2%

2,570

OfficeChiyoda-ku, Tokyo

Shin-Kojimachi Bldg.

Nov. 2002

550

Nov. 2004

200
2,420

Tokyo
CBDs

OfficeJPR Crest Takebashi Bldg.

Chiyoda-ku, Tokyo

Jun. 2002

4,000

2.0%

3,440

OfficeMS Shibaura Bldg.

Minato-ku, Tokyo

Mar. 2003

11,2005.5%

12,900

OfficeGotanda First Bldg.

Shinagawa-ku, Tokyo

Jul. 2003

2,920

1.4%

3,080

Oct. 2003

1,800

Fukuoka Bldg.

Chuo-ku, Tokyo

Apr. 2005

1,120

1.5%

2,900

Office2,920
OfficeJPR Ichigaya Bldg.

Chiyoda-ku, Tokyo

May 2003

5,100

2.5%

5,300

OfficeOval Court Ohsaki MarkWest

Shinagawa-ku, Tokyo

Jun. 2004

3,500

1.7%

4,140

OfficeShinjuku Square Tower

Shinjuku-ku, Tokyo

Jul. 2004

10,000

4.9%

9,350

Nov. 2004

2,900

OfficeBYGS Shinjuku Bldg.

Shinjuku-ku, Tokyo

5.8%

11,900

Apr. 2005

8,921
11,821

OfficeAcross Shinkawa Bldg. Annex

Chuo-ku, Tokyo

Nov. 2004

710

0.4%

739

RetailJPR Shibuya Tower Records
Bldg.

Shibuya-ku, Tokyo

Jun. 2003

12,0005.9%

15,100RetailJPR Daikanyama

Shibuya-ku, Tokyo

Oct. 2004

2,160

1.1%

1,750

90, 001

44. 4%

91, 519

Subtotal

GreaterTokyo

OfficeArca East

Sumida-ku, Tokyo

Nov. 2001

5,880

2.9%

5,990

OfficeJPR Chiba Bldg.

Chiba, Chiba

Dec. 2001

2,350

1.2%

2,050

OfficeJPR Yokohama Nihon Odori
Bldg.

Yokohama,
Kanagawa

Nov. 2001

2,927

1.4%

2,450

OfficeShinyokohama 2nd Center
Bldg.

Yokohama,
Kanagawa

Sep. 2002

920

0.5%

1,230

OfficeKawaguchi Center Bldg.

Kawaguchi, Saitama

Feb. 2004

8,100

4.0%

9,650

OfficeJPR Ueno East Bldg.

Taito-ku, Tokyo

Mar. 2004

3,250

1.6%

3,660

OfficeTachikawa Business Center
Bldg.

Tachikawa, Tokyo

Sep. 2005

888

0.4%

922

RetailTanashi ASTA

Nishitokyo, Tokyo

Nov. 2001

10,2005.0%

13,000RetailTsurumi fuga 1

Yokohama,
Kanagawa

Nov. 2001

3,040

1.5%

3,630

37, 555

18. 5%

42, 582

Subtotal

16

CONSOLIDATED

Japan Prime Realty Investment Corporation

Area

Other
CitiesType

Property Name

Location

Acquired

Acquisition Price(yen in millions)% of Total

Appraisal Value asof Dec. 31, 2005
(yen in millions)

OfficeNiigata Ekinan Center Bldg.

Niigata, Niigata

Nov. 2001

2,140

1.1%

2,130

OfficeMeiji Yasuda-Life Osaka
Umeda Bldg.

Osaka, Osaka

Dec. 2001

8,300

4.1%

9,160

OfficeTokyo Tatemono Honmachi
Bldg.

Osaka, Osaka

Nov. 2001

4,150

2.0%

4,060

OfficeJPR Takamatsu Bldg.

Takamatsu, Kagawa

Dec. 2001

2,130

1.1%

1,400

OfficeJPR Hakata Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,900

1.4%

2,760

OfficeJPR Naha Bldg.

Naha, Okinawa

Nov. 2001

1,560

0.8%

1,480

OfficeNorth 33 Bldg.

Sapporo, Hokkaido

Jun. 2002

3,700

1.8%

2,910

OfficePark East Sapporo

Sapporo, Hokkaido

−

−

−

−

OfficeSompo Japan Sendai Bldg.

Sendai, Miyagi

Jun. 2002

3,150

1.6%

3,420

OfficeSompo Japan Wakayama
Bldg.

Wakayama,
Wakayama

Jun. 2002

1,670

0.8%

1,680

OfficeTenjin 121 Bldg.

Fukuoka, Fukuoka

Jun. 2002

2,810

1.4%

2,650

OfficeSK Hiroshima Bldg.

Hiroshima,
Hiroshima

−

−

−

−

OfficeJPR Nagoya Sakae Bldg.

Nagoya, Aichi

Sep. 2003

4,550

2.2%

5,480

OfficeDojima F Bldg.

Osaka, Osaka

Jan. 2004

2,140

1.1%

2,180

OfficeSemba Fukuoka Bldg.

Fukuoka, Fukuoka

Jun. 2004

1,920

0.9%

2,050

OfficeUFJ Central Leasing Head
Office Bldg.

Nagoya, Aichi

Mar. 2005

4,137

2.0%

4,230

May 2003

8,000

RetailJPR Umeda Loft Bldg.

Osaka, Osaka

6.4%

13,910Jul. 2003

5,000
13,000Retail

Shtrasse Ichibancho

Sendai, Miyagi

Feb. 2005

4,200

2.1%

3,850

RetailBenetton Shinsaibashi Bldg.

Osaka, OsakaMay 2005

5,430

2.7%

5,650

RetailHousing Design Center Kobe

Kobe, Hyogo

Sep. 2005

7,220

3.6%

7,500

75, 10737. 1%

76, 500

202, 663

100. 0%210, 601

Subtotal
T otal17

CONSOLIDATED

Japan Prime Realty Investment Corporation

Real estate portfolio (as of December 31, 2005)
Area

Type

Property Name

Leasable Area

# of
Tenants

Occupancy

Rental Revenue(yen in thousands)% of Total

OfficeKanematsu Bldg.

7,994.02㎡

10

100.0%

434,317

5.2%

OfficeKanematsu Bldg. Annex

2,291.13㎡

1

100.0%

105,738

1.3%

OfficeJPR Ningyo-cho Bldg.

2,788.98㎡

4

100.0%

100,377

1.2%

OfficeTokyo
CBDs

Shin-Kojimachi Bldg.

7100.0%

69,9300.8%

901.36㎡

3100.0%

30,5170.4%

312.53㎡

1

100.0%

11,8820.1%

3,319.33㎡

11

100.0%

112,329

1.3%

OfficeJPR Crest Takebashi Bldg.

3,265.34㎡

9100.0%

132,824

1.6%

OfficeMS Shibaura Bldg.

14,429.09㎡

8100.0%

521,002

6.2%

OfficeGotanda First Bldg.

4,243.58㎡

2

100.0%

133,918

1.6%

OfficeFukuoka Bldg.

1,937.40㎡

2

100.0%

102,489

1.2%

OfficeJPR Ichigaya Bldg.

4,186.09㎡

9100.0%

188,019

2.2%

OfficeOval Court Ohsaki MarkWest

4,088.44㎡

4

100.0%

171,879

2.1%

OfficeShinjuku Square Tower

10,982.03㎡

21

89.6%

249,532

3.0%

OfficeBYGS Shinjuku Bldg.

11,363.35㎡

22

90.6%

417,076

5.0%

OfficeAcross Shinkawa Bldg. Annex

1,253.39㎡

4

100.0%

47,867

0.6%

RetailJPR Shibuya Tower Records
Bldg.

8,076.85㎡

1

100.0%

345,576

4.1%

RetailJPR Daikanyama

653.99㎡

4100.0%

41,9240.5%

80, 873. 01㎡

112

97. 3%

3, 104, 875

37. 1%

Subtotal

GreaterTokyo

2,105.44㎡

OfficeArca East

7,022.76㎡

5

93.1%

203,046

2.4%

OfficeJPR Chiba Bldg.

5,562.97㎡

28

90.5%

143,237

1.7%

OfficeJPR Yokohama Nihon Odori
Bldg.

6,066.53㎡

11

97.5%

139,077

1.7%

OfficeShinyokohama 2nd Center
Bldg.

2,641.19㎡

14

96.0%

68,1240.8%

OfficeKawaguchi Center Bldg.

15,478.43㎡

38

99.5%

498,415

6.0%

OfficeJPR Ueno East Bldg.

6,512.45㎡

9100.0%

192,387

2.3%

OfficeTachikawa Business Center
Bldg.

1,747.13㎡

4

100.0%

28,166

0.3%

RetailTanashi ASTA

31,121.71㎡

1100.0%

596,400

7.1%

RetailTsurumi fuga 1

9,578.60㎡

1

100.0%

145,200

1.7%

85, 731. 77㎡

111

98. 4%

2, 014, 054

24. 0%

Subtotal

18

CONSOLIDATED

Japan Prime Realty Investment Corporation

Area

Other
CitiesType

Property Name

Leasable Area

# of
Tenants

Occupancy

Rental Revenue(yen in thousands)% of Total

OfficeNiigata Ekinan Center Bldg.

5,205.82㎡

12

100.0%

134,255

1.6%

OfficeMeiji Yasuda-Life Osaka
Umeda Bldg.

9,600.62㎡

24

94.2%

360,781

4.3%

OfficeTokyo Tatemono Honmachi
Bldg.

7,210.25㎡

10

98.8%

251,534

3.0%

OfficeJPR Takamatsu Bldg.

5,037.06㎡

29

85.6%

102,082

1.2%

OfficeJPR Hakata Bldg.

6,581.15㎡

26

87.7%

157,214

1.9%

OfficeJPR Naha Bldg.

3,947.69㎡

14

84.6%

99,297

1.2%

OfficeNorth 33 Bldg.

6,642.98㎡

23

96.9%

174,580

2.1%

OfficePark East Sapporo

−

−

−

102,106

1.2%

OfficeSompo Japan Sendai Bldg.

7,118.61㎡

13

94.2%

194,448

2.3%

OfficeSompo Japan Wakayama
Bldg.

4,891.36㎡

16

91.6%

112,813

1.3%

OfficeTenjin 121 Bldg.

3,292.02㎡

12

88.1%

112,292

1.3%

OfficeSK Hiroshima Bldg.

−

−

−

28,872

0.3%

OfficeJPR Nagoya Sakae Bldg.

5,461.90㎡

20

100.0%

230,029

2.7%

OfficeDojima F Bldg.

3,941.40㎡

9

84.9%

121,420

1.5%

OfficeSemba Fukuoka Bldg.

3,349.57㎡

5

87.5%

82,6271.0%

OfficeUFJ Central Leasing Head
Office Bldg.

7,123.07㎡

1

100.0%

193,754

2.3%

RetailJPR Umeda Loft Bldg.

18,586.97㎡

1

100.0%

402,413

4.8%

Retail

Shtrasse Ichibancho

2,861.91㎡

1

100.0%

128,388

1.5%

RetailBenetton Shinsaibashi Bldg.

5,303.98㎡

1

100.0%＊＊

RetailHousing Design Center Kobe

35,444.13㎡

1

100.0%＊＊

141, 600. 49㎡

218

96. 3%

3, 253, 781

38. 9%

308, 205. 26㎡

441

97. 2%

8, 372, 711

100. 0%Subtotal
T otal＊ Buildings leased to a single tenant. JPR was unable to obtain tenants' approval to the disclosure of rental information.

19

CONSOLIDATED