12th Fiscal Period Results(July 1, 2007 – December 31, 2007)

February 2008

CONSOLIDATED

Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation (JPR)
Tokyo Stock Exchange (Code 8955)
Board of Directors Meeting: February 18, 2008
Payment of Dividends: March 12, 2008 (planned)
Website: http://www.jpr-reit.co.jp/jpr_e/index.html
Inquiries: Yasuo Furuya, Director and Chief Financial Officer
Tokyo Realty Investment Management, Inc.
Tel: +81-3-3516-1591
E-mail: ya-furuya@trim-reit.co.jp

1

CONSOLIDATED

Japan Prime Realty Investment Corporation

PERFORMANCE (JULY 1, 2007 – DECEMBER 31, 2007)(1) Business Results(Amounts less than a million yen discarded)(Millions of yen, yen for per unit information / Percentage change from previous fiscal period)

Operating
Revenues% Change

Net Operating
Profits% Change

Recurring Profits% Change

Dec. 31, 2007

10,449

3.9%

5,006

(2.0)%

4,170(4.6)%

June 30, 2007

10,056

10.7%

5,108

16.8%

4,373

20.0%
(Yen)

Net Income% Change

EPU

Net Income/
NAV

Recurring Profits/
Total Assets

Recurring Profits/
Operating Revenues

Dec. 31, 2007

4,169

(4.6)%

6,671

2.6%

1.5%

39.9%

June 30, 2007

4,372

20.0%

7,223

3.1%

1.7%

43.5%

Notes: 1. EPU is calculated based on the average number of investment units during the term
Fiscal period ended Dec. 31, 2007: 625,000 units
Fiscal period ended June 30, 2007: 625,000 units
2. Changes in accounting standards: No
3. Net income/NAV and Recurring Profits/Total Assets are calculated based on the average of unitholders’ equity (NAV) and Total Assets as of the
beginning and end of the period(2) Cash Distributions(Millions of yen, yen for DPU)

DPU

Distribution
AmountExceeding Profit
Distribution Per
Unit

Exceeding Profit
Distribution
AmountDividend
Payout Ratio

Distribution/
NAV

Dec. 31, 2007

6,671

4,169

0

0

99.9%

2.6%

June 30, 2007

6,996

4,372

0

0

99.9%

2.7%

Note: Dividend payout ratio is rounded to the nearest tenth.

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

Total Assets

NAV

NAV Ratio

NAV Per Unit

Dec. 31, 2007

278,842

160,895

57.7%

257,432

June 30, 2007

271,398

161,098

59.4%

257,757

Reference: Net Assets
Fiscal period ended Dec. 31, 2007:
Fiscal period ended June 30, 2007:

160,895 millions of yen
161,098 millions of yen(4) Cash Flows(Millions of yen)

Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash Equivalents
at end of period

Dec. 31, 2007

7,857

(6,831)

2,263

31,297

June 30, 2007

11,066(28,862)

21,15228,007

2

CONSOLIDATED

Japan Prime Realty Investment Corporation

FORCASTS FOR 13th FISCAL PERIOD ENDING JUNE 30, 2008
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

13th Fiscal PeriodEnding June 30, 2008

Operating
Revenues

Net
Operating
Profits

10,4904,997

Profits

Net
Income(excluding exceeding profit
distribution per unit)

Exceeding Profit
Distribution Per
Unit

4,219

4,218

6,750

0

Recurring

DPU

Reference: Estimated EPU for the fiscal period: 6,750 yen

The above-mentioned forecasts are based on “Assumptions for the 13th Fiscal Period Forecast (January 1,
2008 – June 30, 2008)” as below. The aforementioned forecasts are based on assumptions and information
available to management as of February 18, 2008. As a result, actual operating revenues, net operating
profit, recurring profit, net income, distribution per unit and exceeding profit distribution per unit will be
subject to changes in market conditions.
Accordingly, the forecasts are not a guarantee of any cash distribution amounts.

Assumptions for the 13th Fiscal Period Forecast(January 1, 2008 – June 30, 2008)
Item
PeriodProperty Portfolio

Assumptions
13th fiscal period: January 1, 2008 to June 30, 2008
(investment period: 182 days)
It is assumed that JPR holds 49 properties and preferred securities (one issue) as ofDecember 31, 2007. The assumed average occupancy rate at end of month is 97.8％.
In practice, these assumptions may vary due to such events as the acquisition of
additional properties or the sale of existing properties.

Units Outstanding

The 625,000 investment units outstanding as of December 31, 2007 is assumed.
The interest-bearing debt ratio as of December 31, 2007 stands at 38.9%.
However, JPR undertook short-term debt of 4 billion yen and long-term debt of 6 billion
yen on February 5, 2008 and repaid the First Series Corporate Bonds of 10 million yen
on February 12, 2008. Accordingly, the interest-bearing debt ratio as of the date of thisreport stands at 38.9%.

Interest-Bearing Debt
Ratio

Forecasts for the 13th fiscal period are based on the assumption that the interest-bearing
debt ratio will hover at this level.
The following formula is used in calculating the interest-bearing debt ratio in this table.
Interest-bearing debt ratio =Interest-bearing debt ÷ (Interest-bearing debt + Unitholders’ capital) × 100

3

CONSOLIDATED

Japan Prime Realty Investment Corporation

Concerning Tachikawa Business Center Building (additional acquisition), Shinjuku
Sanchome East Building, Musashiurawa Shopping Square, Rise Arena Building,Kawasaki Dice Building and Yume-ooka Office Tower acquired in 2007, adjustments
Operating Expenses

such as property taxes and city planning taxes levied on these properties for the initial
year of acquisition have been included in acquisition costs. Therefore, no operating
expenses have been incurred for these in the previous fiscal period. However, any
property taxes and city planning taxes levied will be appropriated as operating expenses
for fiscal periods ending June 2008 and after.
JPR does not currently anticipate distributions in excess of earnings per unit. Limited toDistribution per Unit

JPR’s retained earnings, the forecast is based on a distribution of the amount obtainedby dividing the profit available for dividend by the number of units outstanding androunded down to the nearest yen.

4

CONSOLIDATED

Japan Prime Realty Investment Corporation

Financial Statements
Balance Sheets (December 31, 2007 and June 30, 2007)
Assets(‘000 Yen)Item

End of 12th Period(December 31, 2007)

End of 11th Period(June 30, 2007)% Change

Current Assets:
16,307,505
14,990,073
174,320
150,91167

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
Other
Total Investments and Other Assets
Total Fixed Assets
Deferred Assets:
Corporate bond issuance costs
Total Deferred Assets
Total Assets

13,189,044
14,818,371
218,417
96,794
149
120,563
12,50428,455,845

12.0%(14,884,604)
246,478,860

21,108,028
79,049,528
5,260
74,774
271,023
1,346,426
14,86070,901
34,551,599
117,128,148
783,5968,962(13,090,418)
241,322,687

2.1%

10,36810,368

9,044
9,044

14.6%

344,651
10,100900
355,651
246,844,880

1,558,460
10,100250
1,568,810
242,900,542(77.3%)
1.6%

122,765
122,765
278,842,087

42,43942,439271,398,827

189.3%
2.7%―
251,563
31,874,441

25,721,274
79,462,451
6,376
82,640304,863
1,340,537
15,62478,08636,600,710
117,128,148
622,755―

5

CONSOLIDATED

Japan Prime Realty Investment Corporation

F
Balance Sheets (December 31, 2007 and June 30, 2007)
Liabilities(‘000 Yen)Item

End of 12th Period(December 31, 2007)

End of 11th Period(June 30, 2007)% Change

Current Liabilities:
1,143,623

998,128――

3,500,000

10,000,000

10,000,000

Other accounts payable

536,924566,524

Accrued expenses

297,440

173,958

652

663

Accrued consumption taxes

123,162―

Rent received in advance

1,140,748

1,044,124Total Current Liabilities

13,242,552

21,066,400

Long-Term Liabilities:
Corporate bonds

51,500,000

36,500,000

Long-term borrowings

38,183,000

38,183,000

Leasehold and security deposits received

3,975,087

3,613,756

Entrusted leasehold and security deposits
received

11,046,281

10,937,479

Total Long-Term Liabilities

104,704,369

89,234,236

17.3%

Total Liabilities

117,946,921

110,300,636

6.9%

156,725,438

156,725,438―

Retained earnings

4,169,727

4,372,752(4.6)%

Total Unitholders’ Equity

160,895,166

161,098,190(0.1)%

Total Liabilities and Unitholders’ Equity

278,842,087

271,398,827

2.7%

Trade accounts payable
Short-term borrowings
Current portion of long-term borrowings
Current portion of corporate bonds

Accrued income taxes

4,783,000(37.1%)

Unitholders’ Equity:
Unitholders’ capital
5,000,000 units authorized
625,000 units issued and outstanding

6

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Income and Retained Earnings(July 1, 2007 - December 31, 2007 and January 1, 2007 – June 30, 2007)(‘000 Yen)
12th Fiscal Period(July 1, 2007 –December 31, 2007)
10,449,831
10,415,033

Item
Operating Revenues
Real estate rental revenues
Gain on sale of real estate
Dividends received
Operating Expenses
Real estate rental expenses
Asset management fees
Administrative service and custodian fees
Directors’ fee
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
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―
34,797
5,443,585
4,816,845
400,92969,0356,300
55,87994,594
5,006,245
18,70314,061―

11th Fiscal Period(January 1, 2007 –June 30, 2007)
10,056,610
9,496,106
530,194
30,3094,948,423
4,315,000
391,824
81,9195,700
55,54998,4295,108,186
94,071
7,075
83,233

4,642
854,410
334,466
16,393474,899
8,010―
20,641
4,170,538
4,170,538
981
81
4,169,475
252
4,169,727

3,762
828,469
361,542
16,405343,584
18,11683,0095,811
4,373,788
4,373,788
1,068
43
4,372,676
75
4,372,752% Change
3.9%

10.0%

(2.0)%(80.1)%

3.1%(4.6)%(4.6)%(4.6)%
234.5%(4.6)%

Statements of Changes in Unitholders’ Equity(July 1, 2007 – December 31, 2007 and January 1, 2007 – June 30, 2007)

Balance as of Jan. 1, 2007
Changes during the period
Cash distributions paid
Net Income
Balance as of June 30, 2007
Balance as of July 1, 2007
Changes during the period
Cash distributions paid
Net Income
Balance as of Dec. 31, 2007

Unitholders’ capital
115,431,503
41,293,935
156,725,438
156,725,438―
156,725,438

7

Retained earnings
3,642,765
729,986(3,642,690)
4,372,676
4,372,752
4,372,752(203,024)(4,372,500)
4,169,475
4,169,727(‘000 Yen)
Total
119,074,268
42,023,921(3,642,690)
4,372,676
161,098,190
161,098,190(203,024)(4,372,500)
4,169,475
160,895,166

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Cash Flows(July 1, 2007 – December 31, 2007 and January 1, 2007 – June 30, 2007)

Item

12th Fiscal Period(‘000 Yen)
11th Fiscal Period(July 1, 2007 –Dec. 31, 2007)(Jan. 1, 2007 –June 30, 2007)

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 accrued consumption taxes refundable(Increase) decrease in prepaid expenses
Increase in trade accounts payable
Increase in other accounts payable
Increase (decrease) in accrued consumption taxes payable
Increase in rent received in advance
Decrease in entrusted fixed properties due to sale
Decrease in investment securities
Change in other current assets/liabilities
SubtotalInterest received
Interest paid
Income taxes paid
Net cash provided by operating activities

4,170,538
1,810,540
8,010(14,061)
809,365
44,096
120,563(54,116)
84,456
3,738
123,162
96,623
13,982
1,558,460(14,802)8,760,557
14,061(685,883)(230,951)
7,857,784

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(6,499,695)(418,800)(6,624)(344,651)(139,812)
445,027(108,423)
241,415(6,831,563)

Cash Flows from Financing Activities:
Proceeds from short-term debt
Repayment of short-term debt
Proceeds from long-term debt
Repayment of long-term debt
Proceeds from corporate bonds
Payment of corporate bond issuance cost
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

10,400,000(13,900,000)―(4,783,000)
15,000,000(88,335)―(4,364,722)
2,263,942
3,290,162
28,007,415
31,297,578

8

4,373,788
1,682,549
18,116(7,075)705,127(84,051)(120,563)
41,736
114,41330,686(145,485)
30,087
5,145,005―(7,499)
11,776,835
7,075(715,765)(1,573)
11,066,571(9,654,748)(20,410,726)――(16,648)585,426(497,112)
1,131,208(28,862,600)

3,500,000(19,500,000)
7,000,000(7,500,000)――
41,293,935(3,641,218)
21,152,716
3,356,686
24,650,729
28,007,415

CONSOLIDATED

Japan Prime Realty Investment Corporation

Notes to Financial Statements＜Change in Accounting Policies＞
There are no changes in accounting policies for this fiscal period.

Subsequent Events
There are no material subsequent events for this fiscal period.

Reference
Details of Corporate Credit Ratings as of December 31, 2007
Ratings Agency

Corporate Credit Rating (Outlook)

Rating and Investment Information, Inc.

AA－ (Stable)

Moody’s Investors Service, Inc.

A2 (Stable)
Long-term: A－ (Positive)

Standard & Poor’s Rating Services*

Short-term: A－2* Standard & Poor’s Rating Services upgraded JPR’s long-term corporate credit rating from “A-” to “A”
and short-term corporate credit rating from “A-2” to “A-1” on January 16, 2008.

9

CONSOLIDATED

Japan Prime Realty Investment Corporation

Real estate portfolio (as of December 31, 2007)
Area Type

Property Name

Location

Dec. 2001

16,276

6.5%

Chuo-ku, Tokyo

Dec. 2001

2,874

1.1%

3,300

JPR Ningyo-cho Bldg.

Chuo-ku, Tokyo

Nov. 2001

2,100

0.8%

2,710

Nov. 2001

1,670

0.7%

2,163

Chiyoda-ku, Tokyo

Nov. 2002

550

0.2%

926

Nov. 2004

200

0.1%

321

Chiyoda-ku, Tokyo

Jun. 2002

4,000

1.6%

4,010

MS Shibaura Bldg.

Minato-ku, Tokyo

Mar. 2003

11,2004.4%

19,600Gotanda First Bldg.

Shinagawa-ku, Tokyo

Jul. 2003

2,920

1.2%

3,980

Oct. 2003

1,800

0.7%

2,040

OfficeJPR Crest Takebashi Bldg.

Fukuoka Bldg.
7th period additional acquisition

Apr. 2005

1,120

0.4%

1,070

May 2004

5,100

2.0%

5,550

Oval Court Ohsaki Mark West

Shinagawa-ku, Tokyo

Jun. 2004

3,500

1.4%

4,500

Shinjuku Square Tower

Shinjuku-ku, Tokyo

Jul. 2004

10,0004.0%

13,900BYGS Shinjuku Bldg.

Shinjuku-ku, Tokyo

Nov. 2004

2,900

Apr. 2005

8,921

4.7%

12,300Across Shinkawa Bldg. Annex

Chuo-ku, Tokyo

Nov. 2004

710

0.3%

1,090

JPR Shibuya Tower Records Bldg.

Shibuya-ku, Tokyo

Jun. 2003

12,0004.8%

15,500RetailJPR Daikanyama

Shibuya-ku, Tokyo

Oct. 2004

2,160

0.9%

1,740

JPR Jingumae 432

Shibuya-ku, Tokyo

Mar. 2006

4,460

1.8%

4,650

Shinjuku Sanchome East Bldg.

Shinjuku-ku, Tokyo

Mar. 2007

540

0.2%

563

37.7%
2.3%

116,813
7,340

OfficeSubtotal
Arca East

Sumida-ku, Tokyo

Nov. 2001

95,0015,880

JPR Chiba Bldg.

Chiba, Chiba

Dec. 2001

2,350

0.9%

1,930

JPR Yokohama Nihon Odori Bldg.

Yokohama, Kanagawa

Nov. 2001

2,927

1.2%

2,730

Shinyokohama 2nd Center Bldg.

Yokohama, Kanagawa

Sep. 2002

920

0.4%

1,630

Kawaguchi Center Bldg.

Kawaguchi, Saitama

Feb. 2004

8,100

3.2%

10,800JPR Ueno East Bldg.

Taito-ku, Tokyo

Mar. 2004

3,250

1.3%

5,410

Sep. 2005

888

0.4%

1,430

Feb. 2007

2,300

0.9%

2,510
8,090

Tachikawa Business Center Bldg.

Retail11th period additional acquisition

Tachikawa, Tokyo

Rise Arena Bldg.

Toshima-ku, Tokyo

Mar. 2007

5,831

2.3%

Yume-ooka Office Tower

Yokohama, Kanagawa

Jul. 2007

6,510

2.6%

6,620

Tanashi ASTA

Nishitokyo, Tokyo

Nov. 2001

10,2004.0%

13,300Cupo-la Main Bldg.

Kawaguchi, Saitama

Mar. 2006

2,100

0.8%

2,800

JPR Musashikosugi Bldg.

Kawasaki, Kanagawa

Sep. 2006

7,260

2.9%

7,080

Musashiurawa Shopping Square

Saitama, Saitama

Mar. 2007

4,335

1.7%

4,420

Kawasaki Dice Bldg.

Kawasaki, Kanagawa

Apr. 2007

15,0806.0%

15,392

Niigata, Niigata

Nov. 2001

77,931
2,140

30.9%
0.8%

91,482
2,210

Osaka, Osaka

Dec. 2001

8,300

3.3%

11,200Subtotal
Niigata Ekinan Center Bldg.
Meiji Yasuda-Life Osaka Umeda Bldg.

OfficeChuo-ku, Tokyo

16,900Chiyoda-ku, Tokyo

JPR Ichigaya Bldg.

RetailAppraisal Value as ofDec. 31, 2007
(yen in millions)Chuo-ku, Tokyo

6th period additional acquisition

Tokyo CBDs

% of
Total

Kanematsu Bldg. Annex

2nd period additional acquisition

Greater Tokyo

Acquisition Price(yen in millions)

Kanematsu Bldg.

Shin-Kojimachi Bldg.

Other Cities

AcquiredTokyo Tatemono Honmachi Bldg.

Osaka, Osaka

Nov. 2001

4,150

1.6%

4,270

JPR Hakata Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,900

1.2%

3,190

JPR Naha Bldg.

Naha, Okinawa

Nov. 2001

1,560

0.6%

1,710

North 33 Bldg.

Sapporo, Hokkaido

Jun. 2002

3,700

1.5%

2,960

Sompo Japan Sendai Bldg.

Sendai, Miyagi

Jun. 2002

3,150

1.3%

4,320

Sompo Japan Wakayama Bldg.

Wakayama, Wakayama

Jun. 2002

1,670

0.7%

1,970

Tenjin 121 Bldg.

Fukuoka, Fukuoka

Jun. 2002

2,810

1.1%

3,180

JPR Nagoya Sakae Bldg.

Nagoya, Aichi

Sep. 2003

4,550

1.8%

6,190

JPR Dojima Bldg.

Osaka, Osaka

Jan. 2004

2,140

0.8%

2,900

JPR Hakata-chuo Bldg.

Fukuoka, Fukuoka

Jun. 2004

1,920

0.8%

2,360

Mitsubishi UFJ Lease & Finance Nagoya
Head Office Bldg.

Nagoya, Aichi

Mar. 2005

4,137

1.6%

5,040

JPR Umeda Loft Bldg.

Osaka, OsakaMay 2003

8,000

Jul. 2003

5,000

5.2%

16,300

Shtrasse Ichibancho

Sendai, Miyagi

Feb. 2005

4,200

1.7%

3,820

Benetton Shinsaibashi Bldg.

Osaka, OsakaMay 2005

5,430

2.2%

6,280

Housing Design Center Kobe

Kobe, Hyogo

Sep. 2005

7,220

2.9%

8,070

JPR Chayamachi Bldg.

Osaka, Osaka

Aug. 2006

Subtotal
Total

10

6,000

2.4%

5,730

78,97731.4%

91,700251,909100.0%

299,995

CONSOLIDATED

Japan Prime Realty Investment Corporation

Real estate portfolio (as of December 31, 2007)

OfficeType

RetailTokyo CBDs

Area

Property Name

Leasable Area

Kanematsu Bldg.
Kanematsu Bldg. Annex
JPR Ningyo-cho Bldg.
Shin-Kojimachi Bldg.
2nd period additional acquisition
6th period additional acquisition
JPR Crest Takebashi Bldg.
MS Shibaura Bldg.
Gotanda First Bldg.
Fukuoka Bldg.
7th period additional acquisition
JPR Ichigaya Bldg.
Oval Court Ohsaki Mark West
Shinjuku Square Tower
BYGS Shinjuku Bldg.
Across Shinkawa Bldg. Annex
JPR Shibuya Tower Records Bldg.
JPR Daikanyama
JPR Jingumae 432
Shinjuku Sanchome East Bldg.

OfficeRetailGreater Tokyo

Greater Tokyo

Subtotal

82,373.00㎡

Arca East
JPR Chiba Bldg.
JPR Yokohama Nihon Odori Bldg.
Shinyokohama 2nd Center Bldg.
Kawaguchi Center Bldg.
JPR Ueno East Bldg.
Tachikawa Business Center Bldg.
11th period additional acquisition
Rise Arena Bldg.
Yume-ooka Office Tower
Tanashi ASTA
Cupo-la Main Bldg.

*1*1

JPR Musashikosugi Bldg.
Musashiurawa Shopping Square
Kawasaki Dice Bldg.

RetailOfficeSubtotal

Other Cities

7,994.02㎡
2,291.13㎡
2,788.98㎡
2,105.44㎡
901.36㎡
312.53㎡
3,265.34㎡
14,429.09㎡
4,243.58㎡
1,250.06㎡
687.34㎡
4,186.09㎡
4,088.44㎡
10,982.03㎡
11,357.50㎡
1,253.39㎡
8,076.85㎡
653.99㎡
1,027.33㎡
478.51㎡# ofTenants
9
1
4
7
3
1
9
8
1

Rental Revenue

9
4
23
25
4
1
3
5
1

97.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
96.3%
98.5%
100.0%
100.0%
76.6%
100.0%
100.0%

470,728
108,950
104,980
75,54332,15912,260143,592
581,455
140,877
64,667
41,468193,250
188,276
300,738
484,198
51,070345,576
43,50588,87915,959

% of
Total
4.5%
1.0%
1.0%
0.7%
0.3%
0.1%
1.4%
5.6%
1.4%
0.6%
0.4%
1.9%
1.8%
2.9%
4.6%
0.5%
3.3%
0.4%
0.9%
0.2%

1

Occupancy(yen in thousands)

119

99.6%

3,488,130

33.5%

7,022.76㎡
5,566.59㎡
6,066.53㎡
2,641.19㎡
15,461.98㎡
6,512.45㎡
1,747.13㎡
2,980.90㎡
6,023.39㎡
12,042.54㎡
31,121.71㎡

6
29
10
13
39
8
4
16
1
35
1

100.0%
91.1%
97.2%
100.0%
97.1%
90.9%
100.0%
96.1%
100.0%
91.1%
100.0%

296,103
145,454
144,358
75,338466,918
193,514
59,106
91,501
244,442
320,142596,400

2.8%
1.4%
1.4%
0.7%
4.5%
1.9%
0.6%
0.9%
2.3%
3.1%
5.7%

5,963.00㎡

1

100.0%

136,160

1.3%

19,740.95㎡

1

100.0%

197,064

1.9%

14,960.69㎡
13,089.96㎡

3
20

100.0%
99.2%

129,061
486,880

1.2%
4.7%

150,941.77㎡

187

99.1%

3,582,441

34.3%

Niigata Ekinan Center Bldg.

5,205.78㎡

10

100.0%

133,971

1.3%

Meiji Yasuda-Life Osaka Umeda Bldg.

9,600.37㎡

27

98.4%

379,879

3.6%

Tokyo Tatemono Honmachi Bldg.
JPR Hakata Bldg.
JPR Naha Bldg.
North 33 Bldg.
Sompo Japan Sendai Bldg.
Sompo Japan Wakayama Bldg.
Tenjin 121 Bldg.
JPR Nagoya Sakae Bldg.
JPR Dojima Bldg.
JPR Hakata-chuo Bldg.

7,210.25㎡
6,581.15㎡
3,947.70㎡
6,642.98㎡
7,118.60㎡
4,874.91㎡
3,281.12㎡
5,461.90㎡
3,941.40㎡
3,349.57㎡

9
26
19
26
17
18
13
19
9
5

98.9%
96.0%
100.0%
98.9%
99.9%
96.8%
100.0%
87.8%
87.0%
92.5%

245,457
168,446
112,869
161,985
207,452
121,689
120,023
229,591
116,328
87,354

2.4%
1.6%
1.1%
1.6%
2.0%
1.2%
1.2%
2.2%
1.1%
0.8%

Mitsuibishi UFJ Lease & Finance
Nagoya Head Office Bldg.

7,123.07㎡

1

100.0%

192,692

1.9%

JPR Umeda Loft Bldg.
Shtrasse Ichibancho

18,586.97㎡
4,136.95㎡

1
1

100.0%
100.0%

402,411
128,388

3.9%
1.2%

Benetton Shinsaibashi Bldg.

*1

Housing Design Center Kobe
JPR Chayamachi Bldg.
Subtotal
Total*15,303.98㎡

1

100.0%

126,660

1.2%

35,444.13㎡

1

100.0%

267,500

2.6%

2,484.39㎡

8

100.0%

141,7441.4%

140,295.22㎡

211

98.6%

3,344,439

32.1%

373,609.99㎡

517

98.4%

10,415,033

100.0%*1: Buildings leased to a single tenant. JPR was unable to obtain tenants' approval to the disclosure of rental information.

11

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Japan Prime Realty Investment Corporation

Disclaimer
This document contains a translation of selected information described in the Financial Report (Kessan Tanshin) dated
February 18, 2008 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 the period from July 1, 2007 to December 31, 2007 of Japan Prime Realty Investment Corporation (JPR).
This English language document was provided solely for the convenience of and reference by non-Japanese investors
and is not intended to constitute a disclosure document. The Japanese language Financial Report, Financial
Statements and Performance Information Report for the aforementioned period should be referred to as the originalsof this document. English translations for legal, accounting, tax and business concepts used herein may not convey
precisely identical concepts of the equivalent Japanese terms. The figures presented in the financial statements andother data including real estate portfolio details may differ from the Company’s Business Reports due to rounding.
With respect to any and all terms herein, including without limitation, financial statements, if there exist any
discrepancies in the meaning or interpretation thereof between 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 ofEnglish translations or the selection of the portion(s) of any document(s) translated into English. No person has beenauthorized to give any information or make any representations other than as contained in this document in relation
to the matters set out in this document, and if given or made, such information or representation must not be relied
upon as having been authorized by JPR, Tokyo Realty Investment Management, Inc. or any of their respective
directors, officers, employees, partners, shareholders, agents or affiliates.
The financial statements of JPR have been prepared in accordance with generally accepted accounting principles inJapan, 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 various
factors may cause actual results to differ materially from those in the forward-looking statements.

12

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