16th Fiscal Period Results(July 1, 2009 – December 31, 2009)

February 16, 2010

CONSOLIDATED

Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation (JPR)
Tokyo Stock Exchange (Code 8955)
Board of Directors Meeting: February 16, 2010
Payment of Distribution: March 10, 2010 (planned)
Website: http://www.jpr-reit.co.jp/jpr_e/index.html
Inquiries: Katsuhito Ozawa, Director and Chief Financial Officer
Tokyo Realty Investment Management, Inc.
Tel: +81-3-3516-1591
E-mail: k-ozawa@trim-reit.co.jp

1

CONSOLIDATED

Japan Prime Realty Investment Corporation

Performance (July 1, 2009 – December 31, 2009)(1) Business Results(Amounts less than a million yen discarded)(Millions of yen, yen for per unit information / Percentage change from previous fiscal period)

Operating
Revenues% Change

Operating
Income% Change

Ordinary Income% Change

Dec. 31, 2009

11,493(19.8)%

5,827(11.3)%

4,333(22.2)%

June 30, 2009

14,330

28.3%

6,568

19.8%

5,572

25.7%
(Yen)

Net Income% Change

EPU

Net Income/
NAV

Ordinary Income/
Total Assets

Ordinary Income/Operating Revenues

Dec. 31, 2009

4,332

85.8%

6,932

2.7%

1.3%

37.7%

June 30, 2009

2,331

(47.4)%

3,731

1.5%

1.7%

38.9%

Notes: 1. EPU is calculated based on the average number of investment units during the term
Fiscal period ended Dec. 31, 2009: 625,000 units
Fiscal period ended June 30, 2009: 625,000 units
2. Changes in accounting standards: No
3. Net income/NAV and Ordinary Income/Total Assets are calculated based on the average of unitholders’ equity (NAV) and Total Assets as of the
beginning and end of the period(2) Cash Distributions(Millions of yen, yen for DPU)

DPU

Distribution
AmountExceeding Profit
Distribution Per
Unit

Exceeding Profit
Distribution
AmountDec. 31, 2009

6,933

4,333

0

0

100.0%

2.7%

June 30, 2009

3,731

2,331

0

0

99.9%

1.5%

Dividend
Payout Ratio

Distribution/
NAV

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, 2009

332,380

161,05848.5%

257,693

June 30, 2009

329,163

159,057

48.3%

254,492

Reference: Net Assets
Fiscal period ended Dec. 31, 2009:
Fiscal period ended June 30, 2009:

161,058 millions of yen
159,057 millions of yen(4) Cash Flows(Millions of yen)

Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at end of
periodDec. 31, 2009

7,274

(12,307)(1,690)28,279June 30, 2009

15,042(31,151)

16,54435,003

2

CONSOLIDATED

Japan Prime Realty Investment Corporation

Forecasts for 17th Fiscal Period Ending June 30, 2010
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

Operating
Revenues

Net
Operating
Profits

Ordinary
IncomeNet
Income12,109

6,216

4,720

4,719

17th Fiscal PeriodEnding Jun. 30, 2010

(excluding exceeding
profit distribution per unit)

Exceeding Profit
Distribution Per
Unit

6,600

－

DPU

Reference: Estimated EPU for the fiscal period: 6,600 yen

The above-mentioned forecasts are based on “Assumptions for the 17th Fiscal Period Forecast(January 1, 2010 – June 30, 2010)” as below. The aforementioned forecasts are based onassumptions and information available to management as of February 16, 2010. As a result, actual
operating revenues, net operating profits, ordinary income, net income, distribution per unit andexceeding 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 17th Fiscal Period Forecast(January 1, 2010 – July 31, 2010)
Item
PeriodProperty Portfolio

Assumptions
17th fiscal period: January 1, 2010 to June 30, 2010
(investment period: 181 days)• In addition to the 54 properties held as of February 16, 2010, JPR assumes that it will
acquire the JPR Sendagaya Bldg. in May 2010 (planned) and that it will sell the JPR
Nagoya Sakae Bldg. by March 31, 2010 (planned). Furthermore, the assumed averageoccupancy rate at end of month is 95.8%.
•In practice, these assumptions may vary due to such events as the acquisition of
additional properties or the sale of existing properties.
•Operating revenues are calculated in consideration of the market environment,competitiveness of properties, tenant conditions, etc. based on the effective leaseagreements as of the end of the 16th fiscal period.

Operating Revenues•It is assumed that there are no delinquencies and defaults in rent payments by tenants.
•Profit from the sale of the JPR Nagoya Sakae Bldg. is assumed to be 352 million yen.
•Profit from the sale of parts of the site for JPR Jingumae 432 is assumed to be 105 million
yen.
•Out of real estate rental expenses, which account for a major part of operating expenses,
outsourcing expenses other than depreciation is calculated based on information as of the
16th fiscal period and by reflecting the variation elements of expenses based on the past
results. Outsourcing expenses is assumed to be 496 million yen.

Operating Expenses•Property taxes and city planning taxes indicate the volume to be paid during the period
out of the levied volume and is assumed to be 963 million yen. Concerning the Tokyo
Tatemono Kyobashi Bldg., which JPR acquired after January 1, 2010, and the JPR
Sendagaya Bldg., which JPR plans to acquire, the property taxes and city planning taxes
levied on these properties for the initial year of acquisition have been included inacquisition costs, and no operating expenses have been incurred for these. (However,property taxes and city planning taxes to be levied on the owners of the properties as ofJanuary 1, 2011 will be appropriated as operating expenses for fiscal periods ending June
2011 and after.)3

CONSOLIDATED

Japan Prime Realty Investment Corporation• Repair and maintenance costs forecast to be required during the period is allocated as
expenses. However, since there is the possibility that costs for repairs and maintenances
will occur due to issues that are difficult to predict such as damage to the building andsince it is generally an expense that varies greatly by year and do not occur periodically
Operating Expenses and other factors, it may vary greatly from the assumed expenses for repairs andmaintenances for the period.
• Depreciation, including accompanying expenses and future additional capital
expenditures, are calculated utilizing the straight-line method and is assumed to be 1,874
million yen.
• Interest expenses, interest expenses on investment corporation bonds and borrowing
expenses, which account for a major part of non-operating expenses, are assumed to be
Non Operating
1,482 million yen.
Expenses•JPR assumes 47 million yen as one-time expenses accompanying the additional issuance of
new investment units.
•As of February 16, the interest-bearing debt is 150,872 million yen (short-term debt: 16,252
million yen; current portion of long-term debt: 11,716 million yen; long-term debt: 85,404
million yen; and investment corporation bonds: 37,500 million yen) and interest-bearing
debt ratio stands at 47.0%.
•JPR assumes that it will obtain capital through the additional issuance of new investment
units scheduled for February 2010 and through the third-party allotment in the secondaryoffering (over-allotment option) scheduled for March 2010, and that it will gain proceedsfrom the sale of the JPR Nagoya Sakae Bldg. JPR intends to apply these funds to theInterest-Bearing Debt acquisition of the Tokyo Tatemono Kyobashi Bldg. as well as to the repayment ofborrowings.
Ratio• JPR plans to procure funds through borrowings to acquire the JPR Sendagaya Bldg. in
May 2010.
• Due to the above, the interest-bearing debt ratio is expected to be 46.1% at the end of the
fiscal period ending June 2010.
•There is no arrival of repayment or redemption other than the above interest-bearing debt.

Total Units
Outstanding

Distribution Per Unit

Exceeding Profit
Distribution Per Unit

Others

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• Forecast units outstanding as of June 30, 2010 are 715,000 units. This is based on the625,000 units outstanding as of December 31, 2009, plus the 82,000 units as an additional
issuance of new investment units in February 2010 and the 8,000 units (maximum) for thethird-party allotment in the secondary offering (over-allotment option) in March 2010.
• Distribution per unit is based on the assumption that distributions will comply with themonetary distribution policy stipulated in JPR’s Articles of Incorporation.
• There is the possibility that the distribution per unit may vary due to various factors
including variation of rental revenue due to transfer of assets under management andtenants moving out, and unpredicted repairs and maintenance.
• Distribution exceeding the profit (exceeding profit distribution per unit) is currently notassumed.
• It is assumed that there will be no changes in legislation, taxation, accounting standards,
regulations applying to publicly listed companies, rules and requirements imposed by theInvestment Trusts Association Japan, that will impact the aforementioned forecasts.
• It is also assumed that there will be no unexpected material changes in general economic
and real estate market conditions.

4

CONSOLIDATED

Japan Prime Realty Investment Corporation

Financial Statements
Balance Sheets (Jun. 30, 2009 and Dec. 31, 2009)('000 Yen)
Item
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Deferred tax assets
Consumption taxes receivable
Other
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures
Accumulated depreciation
Structures, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust,Land
Land in trust
Construction in progress
Total property, plant and equipment
Intangible assets
Leasehold right
Other
Total intangible assets
Investments and other assets
Lease and guarantee deposits
Long-term prepaid expenses
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment corporation bond issuance costs
Total deferred assets
Total assets

5

End of 15th Period(Jun. 30, 2009)

End of 16th Period(Dec. 31, 2009)

20,987,712
14,015,752
198,512
184,23392
357,367
173,71235,917,383

13,972,954
14,306,729
168,177
190,31629－
6,164
28,644,372(20.2)

45,628,942-3,354,991
42,273,950
72,018,462-14,114,110
57,904,351
28,482-3,14325,33986,714-24,316
62,398506,001-142,903
363,098
1,301,822-707,751
594,070
26,809-9,32817,48186,735-38,702
48,03380,501,678
109,229,828
46,301
291,066,531

46,691,236-4,068,032
42,623,203
72,920,852-15,174,017
57,746,834
30,181-4,02626,15589,443-27,373
62,070537,435-165,585
371,850
1,304,524-749,755
554,769
34,079-11,368
22,71097,559-45,167
52,392
83,009,500
117,058,000
22,377
301,549,865

3.6

1,542,818
4,854
1,547,673

1,542,818
5,111
1,547,929

0.0

49,000472,336
521,336
293,135,541

49,000491,015
540,015
303,637,811

3.6

110,596
110,596

97,84897,848(11.5)

329,163,520

332,380,032

1.0% Change

CONSOLIDATED

Japan Prime Realty Investment Corporation

Balance Sheets (Jun. 30, 2009 and Dec. 31, 2009)('000 Yen)
Item
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term loans payable
Current portion of investment corporation
Accounts payable-otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Total current liabilities
Noncurrent liabilities
Investment corporation bondLong-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in
Total noncurrent liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Unappropriated retained earnings
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

6

End of 15th Period(Jun. 30, 2009)

End of 16th Period(Dec. 31, 2009)

1,511,945
16,152,000
716,000
17,000,000
623,163
277,368658－
1,166,950
37,448,086

1,107,794
16,252,000
6,716,000
7,000,000
548,051
394,952624
312,246
1,416,980
33,748,648(9.9)

37,500,000
78,862,000
6,028,254
10,267,498
132,657,752

37,500,000
83,404,000
6,009,582
10,659,132
137,572,715

3.7

170,105,838

171,321,364

0.7

156,725,438

156,725,438

2,332,243
2,332,243
159,057,682

4,333,229
4,333,229
161,058,667

46.2
1.3

159,057,682

161,058,667

1.3

329,163,520

332,380,032

1.0% Change

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Income and Retained Earnings(Jan. 1, 2009 – Jun. 30, 2009 and Jul. 1, 2009 – Dec. 31, 2009)(‘000 Yen)
15th Fiscal Period(Jan. 1, 2009 –Jun. 30, 2009)

16th Fiscal Period(Jul. 1, 2009 –Dec. 31, 2009)

Rent revenue-real estate

11,030,526

11,493,470

Gain on sales of real estate properties
Total operating revenue

3,300,033－
11,493,470

Item% Change

Operating revenue

14,330,560(19.8)

Operating expenses
Expenses related to rent business

4,961,198

Loss on sales of real estate properties

2,154,094

5 ,0 1 0 ,7 4 6－Loss on sales of investment securities

38,651－

Asset management fee

345,480

416,127

66,52067,7546,600
69,4346,600
48,244

Other operating expenses

120,087

116,423

Total operating expenses

7,762,068

5,665,896(27.0)

6,568,491

5,827,573(11.3)

24,164

6,846

40,816－

Administrative service and asset
custody fees
Directors' compensations
Trust fees

Operating income
Non-operating income
Interest income
Income on settlement of management
association accounts
Other

6,205

11,204

71,186

18,050Interest expenses

550,706

957,607

Borrowing expenses
Interest expenses on investment
corporation bonds
Amortization of investment corporationbond issuance costs
Other

26,20074,221

473,593

462,820

12,54012,748

4,256

4,542

1,067,297

1,511,938

41.7

5,572,380

4,333,685(22.2)

3,239,449
3,239,449
2,332,930－－
4,333,685

85.8

Income taxes-current

1,038

762

Income taxes-deferred

(18)

62

1,019

825

2,331,911

4,332,860

85.8

332

368

10.8

2,332,243

4,333,229

85.8

Total non-operating income(74.6)

Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary income
Extraordinary loss
Loss on cancellation of contracts
Total extraordinary losses
Income before income taxes

Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed
loss)

7

(19.0)CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Changed in Net Assets(Jan. 1, 2009 – Jun. 30, 2009 and Jul. 1, 2009 – Dec. 31, 2009)(‘000 Yen)
15th Fiscal Period(Jan. 1, 2009 –Jun. 30, 2009)

16th Fiscal Period(Jul. 1, 2009 –Dec. 31, 2009)

156,725,438

156,725,438－
156,725,438－
156,725,438

4,432,832

2,332,243

Distributions from surplus-4,432,500-2,331,875

Net income

2,331,911

4,332,860

Total changes of items during the period-2,100,588

2,000,985

2,332,243

4,333,229

4,432,832

2,332,243

Unitholders' equity
Unitholders' capital
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Surplus
Unappropriated retained earnings (undisposed
loss)
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period
Total surplus
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period-2,100,588

2,000,985

2,332,243

4,333,229

161,158,271

159,057,682-2,100,588

2,000,985

159,057,682

161,058,667

161,158,271

159,057,682-2,100,588

2,000,985

159,057,682

161,058,667

Total unitholders' equity
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period

8

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Cash Flows(Jan. 1, 2009 – Jun. 30, 2009 and Jul. 1, 2009 – Dec. 31, 2009)

Item
Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bondissuance costs
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes refund
receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable-other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Decrease in property,plant and equipment

15th Fiscal Period(‘000 Yen)
16th Fiscal Period(Jan. 1, 2009 –Jun. 30, 2009)(Jul. 1, 2009 –Dec. 31, 2009)

2,332,930
1,796,620

4,333,685
1,850,874

12,54012,748(24,164)
1,024,299(25,769)(6,846)1,420,427
30,335(357,367)

357,367(19,748)
30,486
10,302(164,797)
6,629
504,550(6,083)(115,192)
23,046
312,246
250,029－

Decrease in property, plant and equipment in trust

11,246,034－

Decrease in investment securities
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities

344,651(675,595)
16,041,605
24,164(1,023,844)
639
15,042,565－
105,5228,568,160
6,846(1,302,843)
2,425
7,274,589(31,751,199)(410,147)(314)(32,000)(3,590,282)(9,032,089)(1,052)－(83,457)(114,984)

1,679,365

78,769(806,563)(292,145)

252,889

643,841(31,151,426)(12,307,943)

Increase in short-term loans payable

5,280,000

16,252,000

Decrease in short-term loans payable(6,300,000)(16,152,000)

Proceeds from long-term loans payable

22,020,000

10,900,000

Repayment of long-term loans payable(25,000)(358,000)－(4,430,264)(10,000,000)

Net cash provided by (used in) financing activities
Net changes in cash and cash equivalents
Cash and cash equivalents at beginning of period

16,544,735
435,874
34,567,590(1,690,426)(6,723,781)
35,003,464

Cash and cash equivalents at end of period

35,003,464

28,279,683

Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets
Payments for lease and guarantee deposits
Repayments of tenant leasehold and security
deposits
Proceeds from tenant leasehold and security
deposits
Repayments of tenant leasehold and security
deposits in trust
Proceeds from tenant leasehold and security
deposits in trust
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities

Redemption of investment corporation bonds
Dividends paid

9(2,332,426)

CONSOLIDATED

Japan Prime Realty Investment Corporation

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

Subsequent Events<Issue of New Investment Units through Public Offering>
Payment in connection with new investment units, the issue and pricing of which were approved
were approved at the board of Directors meeting held on January 21, 2010 and February 1, 2010,
respectively, and was completed on February 8, 2010, terms and conditions briefly as below. As aresult, unitholders’ capital totaled 170,040,762,600 yen, while the number of investment units andoutstanding was 707,000 units as of February 8, 2010.
Total number of units to be offered: 82,000 units
Issue price (offer price): 168,101 yen per unit
Total amount of issue price (offer price): 13,784,282,000 yen
Amount to be paid in (purchase price): 162,382 yen
Gross proceeds (purchase price): 13,315,324,000 yen
Payment date: February 8, 2010
Starting date of computation for cash distribution: January 1, 2010
<Issue of New Investment Units through Third-Party Allotment>
JPR resolved to undertake a secondary offering (over-allotment option) by way of third-party
allotment at Board of Directors meeting held on January 21, 2010 and February 1, 2010, brief details
as follows. JPR also proved the granting of an option (the “Greenshoe Option”) by way ofthird-party allotment to Mizuho Securities Co., Ltd. The greenshoe option may be exercised by nolater than March 5, 2010.
Number of units to be offered: 8,000 units (maximum)
Amount to be paid in (purchase price): 162,382 yen
Gross proceeds (purchase price): 1,299,056,000 yen (maximum)
Third-party allottee: Mizuho Securities Co., Ltd.
Payment date: March 12, 2010
Starting date of computation for cash distribution: January 1, 2010
<Sale of Property>
As of January 21, 2010, JPR decided to sell the following property in accordance with JPR’s
investment policy stipulated in its regulations.
Sales price excludes settlement amount equivalent to property tax and city planning tax, consumption
10

CONSOLIDATED

Japan Prime Realty Investment Corporation

tax and other expenses.
Details of the buyer have not been disclosed at the request of the buyer.
JPR Nagoya Sakae Bldg.
1) Asset type: Real estate2) Sale price: 4,937 million yen
3) Contract date: To be concluded by March 6, 2010 (planned)
4) Delivery date: To be concluded by March 31, 2010 (planned) after conclusion of purchaseand sale agreement
5) Impact on profit and loss: JPR plans to record gain on sale of property in amount ofapproximately 352 million yen in capital as operating revenues during the 17th fiscal period(January 1, 2010 – June 30, 2010)(Note) The property includes parking lot on separate site

Reference

Details of Corporate Credit Ratings as of Dec. 31, 2009
Ratings Agency

Corporate Credit Rating (Outlook)

Rating and Investment Information, Inc.

AA－ (Stable)

Moody’s Investors Service, Inc.

A2 (Negative)

Standard & Poor’s Rating Services

A (Stable)*Note: The outlooks for the issuer rating and unsecured long-term debt rating by Moody's Investors Service were changed
from stable on January 15, 2009.

11

CONSOLIDATED

Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of December 31, 2009)
Kanematsu Bldg.

Chuo-ku, Tokyo

Dec. 2001

16,276

% of
Total
5.2

Kanematsu Bldg. Annex

Chuo-ku, Tokyo

Dec. 2001

2,874

0.9

2,330

JPR Ningyo-cho Bldg.

Chuo-ku, Tokyo

Nov. 2001

2,100

0.7

2,540

Nov. 2001

1,670

0.5

2,055

Nov. 2002

550

0.2

880

Nov. 2004

200

0.1

305

2nd period additional acquisition

Chiyoda-ku, Tokyo

6th period additional acquisition

OfficeTokyo CBDs

Chiyoda-ku, Tokyo

Jun. 2002

4,000

1.3

3,640

MS Shibaura Bldg.

Minato-ku, Tokyo

Mar. 2003

11,2003.6

14,700Gotanda First Bldg.

Shinagawa-ku, Tokyo

Jul. 2003

2,920

0.9

2,850

Oct. 2003

1,800

0.6

2,125

Apr. 2005

1,120

0.4

1,115

5,100

1.6

5,100

7th period additional acquisition

Chiyoda-ku, Tokyo

May 2004

Oval Court Ohsaki Mark West

Shinagawa-ku, Tokyo

Jun. 2004

3,500

1.1

4,320

Jul. 2004

10,000

3.2

9,660

0.1

135

3.8

10,90014th period additional acquisition

RetailBYGS Shinjuku Bldg.

OfficeSep. 2008

180

Nov. 2004

2,900

Apr. 2005

8,921

Across Shinkawa Bldg. Annex

Chuo-ku, Tokyo

Nov. 2004

710

0.2

965

Shinjuku Center Bldg.

Shinjuku-ku, Tokyo

Mar. 2008

21,0006.8

13,700Minami Azabu Bldg.

Minato-ku, Tokyo

Jul. 2008

3,760

1.2

3,000

Shinagawa Canal Bldg.

Minato-ku, Tokyo

Dec. 2008

1,870

0.6

1,640

Rokubancho Bldg.

Chiyoda-ku, Tokyo

Dec. 2009

2,800

0.9

3,010

Ryoshin Harajuku Bldg.

Shibuya-ku, Tokyo

Dec. 2009

8,400

2.7

8,480

JPR Shibuya Tower Records Bldg.

Shibuya-ku, Tokyo

Jun. 2003

12,0003.9

12,600JPR Daikanyama

Shibuya-ku, Tokyo

Oct. 2004

2,160

0.7

1,310

JPR Jingumae 432

Shibuya-ku, Tokyo

Mar. 2006

4,460

1.4

4,200

Mar. 2007

540

Apr. 2008

2,200

0.9

2,350

Shinjuku Sanchome East Bldg.

Shinjuku-ku, Tokyo
Chiyoda-ku, Tokyo

Sumida-ku, Tokyo

Aug. 2008

3,400

1.1

2,660

Nov. 2001

138,611
5,880

44.6
1.9

128,870
5,900

JPR Chiba Bldg.

Chiba, Chiba

Dec. 2001

2,350

0.8

1,620

JPR Yokohama Nihon Odori Bldg.

Yokohama, Kanagawa

Nov. 2001

2,927

0.9

2,470

Shinyokohama 2nd Center Bldg.

Yokohama, Kanagawa

Sep. 2002

920

0.3

925

Kawaguchi Center Bldg.

Kawaguchi, Saitama

Feb. 2004

8,100

2.6

9,520

JPR Ueno East Bldg.

Taito-ku, Tokyo

Mar. 2004

3,250

1.0

5,190

Sep. 2005

888

0.3

1,230

Feb. 2007

2,300

0.7

2,160

Mar. 2007

5,831

1.9

6,020

Tachikawa Business Center Bldg.
11th period additional acquisition
Rise Arena Bldg.

RetailShinjuku-ku, Tokyo
Shinjuku-ku, Tokyo

Yurakucho Ekimae Bldg.
(Yurakucho Itocia)
Subtotal
Arca East

Tachikawa, Tokyo
Toshima-ku, Tokyo

Yume-ooka Office Tower

Yokohama, Kanagawa

Jul. 2007

6,510

2.1

5,640

Olinas Tower

Sumida-ku, Tokyo

Jun. 2009

31,30010.1

31,500Tanashi ASTA

Nishitokyo, Tokyo

Nov. 2001

10,2003.3

12,200Cupo-la Main Bldg.

Kawaguchi, Saitama

Mar. 2006

2,100

0.7

2,480

JPR Musashikosugi Bldg.

Kawasaki, Kanagawa

Sep. 2006

7,260

2.3

5,940

Musashiurawa Shopping Square

Saitama, Saitama

Mar. 2007

4,335

1.4

3,890

Kawasaki Dice Bldg.

Kawasaki, Kanagawa

Apr. 2007

15,0804.9

14,664

Niigata, Niigata

Nov. 2001

109,231
2,140

35.2
0.7

111,349
2,090

Subtotal
Niigata Ekinan Center Bldg.

OfficeChuo-ku, Tokyo

JPR Ichigaya Bldg.
Shinjuku Square Tower

Retail12,300JPR Crest Takebashi Bldg.

Fukuoka Bldg.

Greater Tokyo

Appraisal Value(yen in millions)

Acquired

Property Name

Shin-Kojimachi Bldg.

Other Cities

Acquisition Price(yen in millions)

Location

Area TypeTokyo Tatemono Honmachi Bldg.

Osaka, Osaka

Nov. 2001

4,150

1.3

3,660

JPR Hakata Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,900

0.9

2,970

JPR Naha Bldg.

Naha, Okinawa

Nov. 2001

1,560

0.5

1,600

Sompo Japan Sendai Bldg.

Sendai, Miyagi

Jun. 2002

3,150

1.0

3,460

Sompo Japan Wakayama Bldg.

Wakayama, Wakayama

Jun. 2002

1,670

0.5

1,820

Tenjin 121 Bldg.

Fukuoka, Fukuoka

Jun. 2002

2,810

0.9

2,590

JPR Nagoya Sakae Bldg.

Nagoya, Aichi

Sep. 2003

4,550

1.5

5,000

JPR Dojima Bldg.

Osaka, Osaka

Jan. 2004

2,140

0.7

2,450

JPR Hakata-chuo Bldg.

Fukuoka, Fukuoka

Jun. 2004

1,920

0.6

1,830

Mitsubishi UFJ Lease & Finance Nagoya
Head Office Bldg.

Nagoya, Aichi

Mar. 2005

4,137

1.3

3,420

JPR Umeda Loft Bldg.

Osaka, OsakaMay 2003

8,000

Jul. 2003

5,000

4.2

15,100

Benetton Shinsaibashi Bldg.

Osaka, OsakaMay 2005

5,430

1.7

4,590

Housing Design Center Kobe

Kobe, Hyogo

Sep. 2005

7,220

2.3

6,540

JPR Chayamachi Bldg.

Osaka, Osaka

Aug. 2006

Subtotal
Total

12

6,000

1.9

4,640

62,77720.2

61,760310,619100.0

301,979

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Japan Prime Realty Investment Corporation

Real Estate Portfolio (as of December 31, 2009)
Area

Type

Leased Area（㎡）
6,771.23

459,969

% of
Total
4.0

Kanematsu Bldg. Annex

2,291.13

2,291.13

1

100.0

98,3530.9

JPR Ningyo-cho Bldg.

2,791.88

2,791.88

4

100.0

106,580

0.9

Shin-Kojimachi Bldg.

2,105.44

1,980.49

94.1

82,2690.7

2nd period additional acquisition

901.36901.36100.0

32,1030.3

6th period additional acquisition

312.53312.53100.0

12,9690.1

JPR Crest Takebashi Bldg.

3,265.34

2,912.20

8

89.2

119,388

1.0

MS Shibaura Bldg.

14,385.84

14,240.39

8

99.0

580,532

5.1

Gotanda First Bldg.

4,243.58

4,243.582

100.0

137,042

1.2

Fukuoka Bldg.

1,250.06

1,250.06

100.0

87,3560.8

687.34687.34100.0

38,9730.3

4,212.25

3,489.83

7

82.8

162,667

1.4

Oval Court Ohsaki Mark West4,088.44

4,088.443

100.0

182,138

1.6

Shinjuku Square Tower

10,982.03

8,885.91

80.9

247,1382.2

168.74136.54BYGS Shinjuku Bldg.

11,350.62

10,685.59

Across Shinkawa Bldg. Annex

1,253.39

Shinjuku Center Bldg.

8,041.63

Minami Azabu Bldg. *3,405.73

Tokyo CBDs

OfficeKanematsu Bldg.

JPR Ichigaya Bldg.

OfficeRetail14th period additional acquisition

RetailRetail10

120

Occupancy
Ratio（%）
84.9(yen in thousands)

80.9

3,797

0.0

22

94.1

466,698

4.1

1,053.173

84.0

44,792

0.4

6,846.10

19

85.1

510,410

4.4

3,405.73

1

100.0

(注２)

(注２)

Shinagawa Canal Bldg.

1,700.57

1,384.843

81.4

36,7550.3

Rokubancho Bldg. *2,488.36

2,488.36

1

100.0

(注２)

(注２)
0.1

Ryoshin Harajuku Bldg.

4,760.13

4,760.13

8

100.0

9,843

JPR Shibuya Tower Records Bldg.

8,076.85

8,076.851

100.0

345,576

3.0

JPR Daikanyama

651.29651.294

100.0

41,822

0.4

JPR Jingumae 432

1,027.33

1,027.33

5

100.0

88,581

0.8

Shinjuku Sanchome East Bldg.
Yurakucho Ekimae Bldg. *(Yurakucho Itocia)
Arca East
JPR Chiba Bldg.

2,347.81

2,347.81

1

100.0

78,3060.7

1,101.92

1,101.92

1

100.0

(注２)

(注２)

7,022.76
5,568.35

7,022.76
4,380.22

6
28

100.0
78.7

259,457
118,287

2.3
1.0
1.2

JPR Yokohama Nihon Odori Bldg.

6,066.53

5,901.37

12

97.3

135,056

Shinyokohama 2nd Center Bldg.

2,641.19

2,369.78

11

89.7

69,412

0.6

Kawaguchi Center Bldg.

15,461.98

14,999.03

38

97.0

473,357

4.1

JPR Ueno East Bldg.

6,467.59

6,097.00

7

Tachikawa Business Center Bldg.

1,747.13

1,747.13

2,980.90

2,425.05

Rise Arena Bldg.

6,023.39

6,023.39

Yume-ooka Office Tower

12,011.07

Olinas Tower

94.3

206,812

1.8

100.0

62,153

0.5

81.4

83,977

0.7

1

100.0

242,751

2.1

10,367.87

31

86.3

320,643

2.8

23,987.40

23,987.40

12

100.0

1,178,783

10.3

Tanashi ASTA
Cupo-la Main Bldg. *31,121.71
5,963.00

31,121.71
5,963.00

1
1

100.0
100.0

596,400
(注２)

5.2
(注２)

JPR Musashikosugi Bldg. *Musashiurawa Shopping Square

19,740.95

19,740.95

1

100.0

(注２)

(注２)

14,960.69

14,960.69

3

100.0

129,061

1.1

Kawasaki Dice Bldg.

13,089.96

12,981.11

20

99.2

478,422

4.2

Niigata Ekinan Center Bldg.
Tokyo Tatemono Honmachi Bldg.

5,326.89
7,210.25

5,326.89
7,116.17

10
9

100.0
98.7

133,216
247,626

1.2
2.2

11th period additional acquisition

OfficeGreater Tokyo
Greater Tokyo
Other Cities

7th period additional acquisition

Number of
Tenants
7

Rental Revenue

Leasable Area（㎡）
7,976.30

Property Name

18

JPR Hakata Bldg.

6,581.15

6,356.6227

96.6

160,079

1.4

JPR Naha Bldg.

3,946.98

3,703.23

17

93.8

105,108

0.9

Sompo Japan Sendai Bldg.

7,141.65

6,762.15

14

94.7

201,173

1.8

Sompo Japan Wakayama Bldg.

4,874.91

4,874.91

17

100.0

123,169

1.1

Tenjin 121 Bldg.

3,281.12

3,001.38

12

91.5

122,218

1.1

JPR Nagoya Sakae Bldg.

5,461.90

4,657.4417

85.3

223,563

1.9

JPR Dojima Bldg.

3,930.21

3,663.39

7

93.2

113,168

1.0

JPR Hakata-chuo Bldg.

3,331.78

2,913.89

5

87.5

87,5540.8

Mitsuibishi UFJ Lease & Finance
Nagoya Head Office Bldg.

7,123.07

7,123.07

1

100.0

189,817

1.7

JPR Umeda Loft Bldg.
Benetton Shinsaibashi Bldg. *18,586.97
5,303.98

18,586.97
5,303.98

1
1

100.0
100.0

402,423
(注２)

3.5
(注２)

Housing Design Center Kobe *35,444.13

35,444.13

1

100.0

(注２)

(注２)

JPR Chayamachi Bldg.

2,484.39

2,484.39

7

100.0

141,970

1.2

400,751.87

386,219.10

476

96.4

11,493,470

100.0

Total

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

13

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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 16, 2010 and prepared under the timely disclosure requirements of the Tokyo Stock
Exchange, as well as the Financial Statements and Performance Information Report written pursuant to theInvestment Trust Law of Japan and the Financial Instruments and Exchange Law, for the period from July 1,
2009 to December 31, 2009 of Japan Prime Realty Investment Corporation (JPR).
This English language document was provided solely for the convenience of and reference by non-Japanese
investors and is not intended to constitute a disclosure document. The Japanese language Financial Report,
Financial Statements and Performance Information Report for the aforementioned period should be referred toas the originals of this document. English translations for legal, accounting, tax and business concepts usedherein may not convey precisely identical concepts of the equivalent Japanese terms. The figures presented in
the financial statements and other data including real estate portfolio details may differ from the Company’s
Business Reports due to rounding. With respect to any and all terms herein, including without limitation,
financial statements, if there exist any discrepancies in the meaning or interpretation thereof between theoriginal Japanese documents and English documents contained herein, the original Japanese documents will
govern the meaning and interpretation. Neither JPR, Tokyo Realty Investment Management, Inc. nor any of
their respective directors, officers, employees, partners, shareholders, agents or affiliates will be responsible or
liable for the completeness, appropriateness or accuracy of English translations or the selection of the
portion(s) of any document(s) translated into English. No person has been authorized to give any informationor make any representations other than as contained in this document in relation to the matters set out in thisdocument, and if given or made, such information or representation must not be relied upon as having beenauthorized by JPR, Tokyo Realty Investment Management, Inc. or any of their respective directors, officers,
employees, partners, shareholders, agents or affiliates.
The financial statements of JPR have been prepared in accordance with generally accepted accounting
principles in Japan, which may materially differ in certain respects from generally accepted accounting
principles in other jurisdictions.
Many provisions of this document contain information that constitutes forward-looking statements. These
forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, andvarious factors may cause actual results to differ materially from those in the forward-looking statements.

14

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