11th Fiscal Period Results(January 1, 2007 – June 30, 2007)

August 2007

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CONSOLIDATED

Japan Prime Realty Investment Corporation

Japan Prime Realty Investment Corporation (JPR)
Tokyo Stock Exchange (Code 8955)
Board of Directors Meeting: August 17, 2007
Payment of Dividends: September 10, 2007 (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

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Japan Prime Realty Investment Corporation

PERFORMANCE (January 1, 2007 – June 30, 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

June 30, 2007

10,056

10.7%

5,108

16.8%

4,373

20.0%

Dec. 31, 2006

9,088

5.8%

4,373

8.7%

3,643

5.6%
(Yen)

Net Income% Change

EPU

Net Income/
NAV

Recurring Profits/
Total Assets

Recurring Profits/
Operating Revenues

June 30, 2007

4,372

20.0%

7,223

3.1%

1.7%

43.5%

Dec. 31, 2006

3,642

5.6%

6,872

3.1%

1.5%

40.1%

Notes: 1. EPU is calculated based on the average number of investment units during the term
Fiscal period ended Dec. 31, 2006:
530,000 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 beginningand end of the period(2) Cash Distributions(Millions of yen, yen for DPU)

ExceedingProfitDistribution
AmountDividend
Payout Ratio

Distribution/
NAV

DPU

Distribution
AmountExceedingProfitDistribution Per
Unit

June 30, 2007

6,996

4,372

0

0

99.9%

2.7%

Dec. 31, 2006

6,873

3,642

0

0

100.0%

3.1%

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

June 30, 2007

271,398

161,098

59.4%

257,757

Dec. 31, 2006

244,691

119,07448.7%

224,668

Reference: Net Assets
Fiscal period ended Dec. 31, 2006:
Fiscal period ended June 30, 2007:

119,074 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

June 30, 2007

11,066(28,862)

21,15228,007

Dec. 31, 2006

5,292

(13,229)

8,508

24,6503

CONSOLIDATED

Japan Prime Realty Investment Corporation

FORECASTS FOR 12th FISCAL PERIOD ENDING DECEMBER 31, 2007
(Millions of yen, yen for DPU and exceeding profit distribution per unit)

12th Fiscal PeriodEnding December
31, 2007

Operating
Revenues

Net
Operating
Profits

10,354

4,926

Recurring
Profits

4,063

Net Income(excluding exceeding profit
distribution per unit)

DPU

Exceeding Profit
Distribution Per
Unit

4,062

6,500

－

Reference: Estimated EPU for the fiscal period: 6,500 yen

The above-mentioned forecasts are based on “Assumptions for the 12th Fiscal Period Forecast (July 1, 2007 December 31, 2007)” as below. The aforementioned forecasts are based on assumptions and information
available to management as of August 17, 2007. 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 tochanges in market conditions.
Accordingly, the forecasts are not a guarantee of any cash distribution amounts.

Assumptions for the 12th Fiscal Period Forecast(July 1, 2007 – December 31, 2007)
Item

Assumptions

Period12th fiscal period: July 1, 2007 to December 31, 2007
(investment period: 184 days)

Property Portfolio

In addition to the existing 48 properties and preferred securities (one issue) held
as of June 30, 2007, JPR acquired Yume-ooka Office Tower on July 10, 2007
and the assumption is that Kawasaki Dice TMK will be liquidated during the12th fiscal period. The assumed average occupancy rate at end of month is
98.5%.
In practice, these assumptions may vary due to such events as the acquisition of
additional properties or the sale of existing properties.

Units Outstanding

Interest-Bearing Debt
Ratio

The 625,000 investment units outstanding as of June 30, 2007 is assumed.
The interest-bearing debt ratio as of June 30, 2007 stands at 37.2%. However,
JPR acquired Yume-ooka Office Tower (acquisition price: 6.51 billion yen) on
July 10, 2007 using short-term debt, and repaid 10.4 billion yen in short-term
debt and 4,783 million yen in long-term debt on July 27, 2007 through the July23, 2007 issue of corporate bonds (15.0 billion yen). Accordingly, theinterest-bearing debt ratio as of the date of this report has increased to 38.9%.

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Japan Prime Realty Investment Corporation

Forecasts for the 12th fiscal period are based on the assumption that theinterest-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

Operating Expenses

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 that wereacquired on or after January 1, 2007, adjustments such as property taxes and city
planning taxes levied on these properties for the initial year of acquisition havebeen included in acquisition costs. Therefore, 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 at January 1, 2008 will be appropriated as operating expenses
for fiscal periods ending June 2008 and after.)

Distribution per Unit

JPR does not currently anticipate distributions in excess of earnings per unit.
Limited to JPR’s retained earnings, the forecast is based on a distribution of theamount obtained by dividing the profit available for dividend by the number ofunits outstanding and rounded down to the nearest yen.

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Japan Prime Realty Investment Corporation

Financial Statements
Balance Sheets (June 30, 2007 and December 31, 2006)
Assets(‘000 Yen)
End of 11th Period(June 30, 2007)

Item

Current Assets:
Cash and bank deposits
Entrusted cash and deposits

End of 10th Period(December 31, 2006)

13,189,044
14,818,371

10,653,563
13,997,165% Change

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

218,417
96,794
149
120,563
12,50428,455,845

134,365
138,530
192―
9,811
24,933,629

14.1%

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

18,431,800
72,363,796
4,714
70,743
151,968
1,358,449
13,85965,02228,581,792
108,824,129
6,428―(11,749,209)
218,123,491

10.6%

9,044
9,044

5,471
5,471

65.3%

1,558,460
10,100250
1,568,810

1,558,460
10,100250
1,568,810―

Total Fixed Assets

242,900,542

219,697,773

10.6%

42,43960,55542,43960,555(29.9%)

271,398,827

244,691,958

10.9%

Deferred Assets:
Corporate bond issuance costs
Total Deferred Assets
Total Assets

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Japan Prime Realty Investment Corporation

Balance Sheets (June 30, 2007 and December 31, 2006)
Liabilities(‘000 Yen)Item

End of 11th Period(June 30, 2007)

End of 10th Period(December 31, 2006)

Trade accounts payable

998,128

923,005

Short-term borrowings

3,500,000

19,500,000

Current portion of long-term borrowings

4,783,000

7,500,000

Current portion of corporate bonds

10,000,000―

Other accounts payable

566,524

473,515

Accrued expenses

173,958

184,597

Accrued income taxes

663

609

Accrued consumption taxes―

145,485

1,044,124

1,014,037

21,066,400

29,741,250

Corporate bonds

36,500,000

46,500,000

Long-term borrowings

38,183,000

35,966,000

Leasehold and security deposits received

3,613,756

3,098,556

10,937,479

10,311,883

Total Long-Term Liabilities

89,234,236

95,876,439(6.9%)

Total Liabilities

110,300,636

125,617,689(12.2%)

156,725,438

115,431,503

35.8%

Retained earnings

4,372,752

3,642,765

20.0%

Total Unitholders’ Equity

161,098,190

119,074,268

35.3%

Total Liabilities and Unitholders’ Equity

271,398,827

244,691,958

10.9%% Change

Current Liabilities:

Rent received in advance
Total Current Liabilities(29.2%)

Long-Term Liabilities:

Entrusted leasehold and security deposits
received

Unitholders’ Equity:
Unitholders’ capital
5,000,000 units authorized
625,000 and 530,000 units issued and outstandingat June 30, 2007 and at December 31, 2006,
respectively

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Japan Prime Realty Investment Corporation

Statements of Income and Retained Earnings (January 1, 2007 – June 30, 2007 and July 1, 2006 December 31, 2006)(‘000 Yen)
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

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
83,23310th Fiscal Period(July 1, 2006 –December 31, 2006)
9,088,175
9,056,584―
31,591
4,714,416
4,151,317
356,054
63,682
5,700
51,98785,674
4,373,758
4,380
1,135
―

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

3,245
734,652
378,90718,507289,135
42,221―
5,879
3,643,487
3,643,487
643
275
3,642,568
197
3,642,765% Change
10.7%

5.0%

16.8%
2,047.5%

12.8%

20.0%
20.0%

20.0%
(61.8%)
20.0%

Statements of Changes in Unitholders’ Equity (January 1, 2007 – June 30, 2007 and July 1, 2006 –December 31, 2006)

Balance as of July 1, 2006
Changes during the period
Cash distributions paid
Net Income
Balance as of Dec. 31, 2006
Balance as of Jan. 1, 2007
Changes during the period
Cash distributions paid
Net Income
Balance as of June 30, 2007

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

8

Retained earnings
3,449,967
192,798(3,449,770)
3,642,568
3,642,765
3,642,765
729,986(3,642,690)
4,372,676
4,372,752(‘000 Yen)
Total
118,881,470
192,798(3,449,770)
3,642,568
119,074,268
119,074,268
42,023,921(3,642,690)
4,372,676
161,098,190

CONSOLIDATED

Japan Prime Realty Investment Corporation

Statements of Cash Flows (January 1, 2007 – June 30, 2007 and July 1, 2006 – December 31, 2006)

11th Fiscal Period(Jan. 1, 2007 –June 30, 2007)

Item(‘000 Yen)
10th Fiscal Period(July 1, 2006 –December 31, 2006)

Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Amortization of corporate bond issuance costs
Interest income
Interest expense(Increase) decrease in rent receivables(Increase) in accrued consumption taxes refundable
Decrease (increase) in prepaid expenses
Increase (decrease) in trade accounts payable
Increase in other accounts payable(Decrease) in accrued consumption taxes payable
Increase 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

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

3,643,487
1,580,353
42,221(1,135)
668,043
22,636―(40,629)(50,749)
26,577(2,494)67,650―(8,633)
5,947,328
1,135(652,899)(2,588)5,292,976

Cash Flows from Investing Activities:
Purchases of property and equipment
Purchases of entrusted property and equipment
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(9,654,748)(20,410,726)(16,648)585,426(497,112)
1,131,208(28,862,600)(7,578,563)(6,393,190)(29,734)
420,911(125,521)
476,231(13,229,867)

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

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

24,500,000(19,000,000)
17,000,000(15,000,000)
4,500,000(43,628)―(3,447,579)
8,508,792
571,900
24,078,828
24,650,729

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Japan Prime Realty Investment Corporation

Notes to Financial Statements＜Change in Accounting Policies＞
11th Fiscal Period(January 1, 2007 – June 30, 2007)
Accounting
for Deferred
Assets―10th Fiscal Period(July 1, 2006 – December 31, 2006)
Corporate Bond Issuance Costs
Corporate bond issuance costs are
depreciated utilizing the straight-line
method over the depreciation periods.
The corporate bond issuance costs
recorded on the balance sheets for the
9th fiscal period and before weredepreciated over three years, with anequal amount depreciated in each fiscal
period.
This has resulted in increasing thecorporate bond issuance costs by 7,163
thousand yen, decreasing depreciationof corporate bond issuance costs by thesame amount, and increasing recurring
profits and income before income taxes
by the same amount, compared to theprevious method.

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Japan Prime Realty Investment Corporation

Subsequent Events<Issue of Corporate Bonds>
Based on a comprehensive resolution concerning the issue of corporate bonds made at the meeting of theBoard of Directors held on December 20, 2006, JPR decided to issue corporate bonds as follows on July 11,2007 and payment completed on July 23, 2007.
<Eighth Series of Unsecured Corporate Bonds>
Name:
Japan Prime Realty Investment Corporation’s Eighth Series of Unsecured Corporate Bonds
Total issue amount:
9 billion yen
Issue price:
100 yen with a par value of 100 yen
Interest:
1.85% p.a.
Subscription date:July 11, 2007
Payment date:July 23, 2007
Collateral:
Unsecured and unguaranteed
Redemption method and maturity date:
The total amount of the principal shall be redeemed on July 23, 2012.
The bonds may be redeemed at the option of JPR at any time from the day immediately following
the payment date unless otherwise determined by the book-entry transfer agent.
Use of proceeds:
To repay debt
<Ninth Series of Unsecured Corporate Bonds>
Name :
Japan Prime Realty Investment Corporation’s Ninth Series of Unsecured Corporate Bonds
Total issue amount:
6 billion yen
Issue price:
100 yen with a par value of 100 yen
Interest:
2.10% p.a.
Subscription date:July 11, 2007
Payment date:July 23, 2007
Collateral:
Unsecured and unguaranteed
Redemption method and maturity date:
The total amount of the principal shall be redeemed on July 23, 2014.
The bonds may be redeemed at the option of JPR at any time from the day immediately following
the payment date unless otherwise determined by the book-entry transfer agent.
Use of proceeds:
To repay debt

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Japan Prime Realty Investment Corporation

Reference
Property Acquisition
JPR acquired the following property.
<Yume-ooka Office Tower>
Property Overview
Location
6-1, Kamiookanishi 1-chome, Konan-ku, Yokohama-shi, Kanagawa
Land: Proprietary ownership
Type of Ownership(Co-ownership: 19.7% of the total site area)
Bldg.: Unit ownership
Total Site Area
12,011.00 m2 (JPR’s portion: 2,368.94 m2 )Total Floor Area
185,974.87 m2 (JPR’s portion: 14,525.18 m2 of the proprietary floor area)
Type of Structure
S,SRC, RC; B3/27F
Completion
March 1997
Number of Tenants
36
Total Leasable Floor Space
12,042.54 m2
Total Leased Floor Space
12,042.54 m2
Occupancy Rate
100%
Acquisition Price
6,510 million yen
Type of Asset
Real estate
Contract Date
July 10, 2007
* The number of tenants, total leasable floor space, total leased floor space and occupancy rate are the figures as of August 17,
2007.

Details of Corporate Credit Ratings as of June 30, 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 changed the outlook of JPR’s corporate credit ratings from “Stable” to “Positive”
on March 16, 2007.
Rating and Investment Information, Inc. upgraded the corporate credit rating from A+ to AA- on April 13, 2007.

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Japan Prime Realty Investment Corporation

Real estate portfolio (as of June 30, 2007)
Area

Tokyo
CBDs

Type

Property Name

Location

Acquired

OfficeKanematsu Bldg.

Chuo-ku, Tokyo

Dec. 2001

16,276

6.6%

16,400

OfficeKanematsu Bldg. Annex

Chuo-ku, Tokyo

Dec. 2001

2,874

1.2%

3,190

OfficeJPR Ningyo-cho Bldg.

Chuo-ku, Tokyo

Nov. 2001

2,100

0.9%

2,620

Nov. 2001

1,670

0.7%

2,036

OfficeShin-Kojimachi Bldg.

Chiyoda-ku, Tokyo

Nov. 2002

550

0.2%

872

Nov. 2004

200

0.1%

302

OfficeJPR Crest Takebashi Bldg.

Chiyoda-ku, Tokyo

Jun. 2002

4,000

1.6%

4,010

OfficeMS Shibaura Bldg.

Minato-ku, Tokyo

Mar. 2003

11,2004.6%

19,000

OfficeGotanda First Bldg.

Shinagawa-ku, Tokyo

Jul. 2003

2,920

1.2%

3,720

OfficeFukuoka Bldg.

Chuo-ku, Tokyo

OfficeJPR Ichigaya Bldg.

OfficeOct. 2003

1,800

0.7%

1,988

Apr. 2005

1,120

0.5%

1,042

Chiyoda-ku, Tokyo

May 2004

5,100

2.1%

5,430

Oval Court Ohsaki Mark West Shinagawa-ku, Tokyo

Jun. 2004

3,500

1.4%

4,350

Jul. 2004

10,000

4.1%

12,010Nov. 2004

2,900

Apr. 2005

8,921

4.8%

12,300

OfficeShinjuku Square Tower

Shinjuku-ku, Tokyo

OfficeBYGS Shinjuku Bldg.

Shinjuku-ku, Tokyo

OfficeAcross Shinkawa Bldg. Annex

Chuo-ku, Tokyo

Nov. 2004

710

0.3%

887

RetailJPR Shibuya Tower Records
Bldg.

Shibuya-ku, Tokyo

Jun. 2003

12,0004.9%

14,800RetailJPR Daikanyama

Shibuya-ku, Tokyo

Oct. 2004

2,160

0.9%

1,730

RetailJPR Jingumae 432

Shibuya-ku, Tokyo

Mar. 2006

4,460

1.8%

4,550

RetailShinjuku Sanchome East Bldg.

Shinjuku-ku, Tokyo

Mar. 2007

540

0.2%

555

95, 001

38. 7%

111, 792

Subtotal

GreaterTokyo

Appraisal Valueas of June 30,% of Total
2007(yen in millions)

Acquisition Price(yen in millions)

OfficeArca East

Sumida-ku, Tokyo

Nov. 2001

5,880

2.4%

7,090

OfficeJPR Chiba Bldg.

Chiba, Chiba

Dec. 2001

2,350

1.0%

2,090

OfficeJPR Yokohama Nihon Odori
Bldg.

Yokohama,
Kanagawa

Nov. 2001

2,927

1.2%

2,770

OfficeShinyokohama 2nd Center
Bldg.

Yokohama,
Kanagawa

Sep. 2002

920

0.4%

1,540

OfficeKawaguchi Center Bldg.

Kawaguchi, Saitama

Feb. 2004

8,100

3.3%

10,300

OfficeJPR Ueno East Bldg.

Taito-ku, Tokyo

Mar. 2004

3,250

1.3%

4,790

OfficeTachikawa Business Center
Bldg.

Tachikawa, Tokyo

OfficeRise Arena Bldg.

RetailRetailSep. 2005

888

0.4%

1,420

Feb. 2007

2,300

0.9%

2,420

Toshima-ku, Tokyo

Mar. 2007

5,831

2.4%

8,050

Tanashi ASTA

Nishitokyo, Tokyo

Nov. 2001

10,2004.2%

13,200Cupo-la Main Bldg.

Kawaguchi, Saitama

Mar. 2006

2,100

0.9%

2,790

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Japan Prime Realty Investment Corporation

Area

GreaterTokyo

Appraisal Valueas of June 30,% of Total
2007(yen in millions)

Type

Property Name

Location

Acquired

RetailJPR Musashikosugi Bldg.

Kawasaki, Kanagawa

Sep. 2006

7,260

3.0%

7,030

RetailMusashiurawa Shopping
SquareSaitama, Saitama

Mar. 2007

4,335

1.8%

4,400

RetailKawasaki Dice Bldg.

Kawasaki, Kanagawa

Apr. 2007

15,080

6.1%

15,18471, 421

29. 1%

83, 074

Subtotal

Other
CitiesAcquisition Price(yen in millions)

OfficeNiigata Ekinan Center Bldg.

Niigata, Niigata

Nov. 2001

2,140

0.9%

2,090

OfficeMeiji Yasuda-Life Osaka
Umeda Bldg.

Osaka, Osaka

Dec. 2001

8,300

3.4%

11,000

OfficeTokyo Tatemono Honmachi
Bldg.

Osaka, Osaka

Nov. 2001

4,150

1.7%

4,230

OfficeJPR Hakata Bldg.

Fukuoka, Fukuoka

Nov. 2001

2,900

1.2%

3,020

OfficeJPR Naha Bldg.

Naha, Okinawa

Nov. 2001

1,560

0.6%

1,530

OfficeNorth 33 Bldg.

Sapporo, Hokkaido

Jun. 2002

3,700

1.5%

2,980

OfficeSompo Japan Sendai Bldg.

Sendai, Miyagi

Jun. 2002

3,150

1.3%

4,260

OfficeSompo Japan Wakayama Bldg.

Wakayama,
Wakayama

Jun. 2002

1,670

0.7%

1,960

OfficeTenjin 121 Bldg.

Fukuoka, Fukuoka

Jun. 2002

2,810

1.1%

2,950

OfficeJPR Nagoya Sakae Bldg.

Nagoya, Aichi

Sep. 2003

4,550

1.9%

5,960

OfficeJPR Dojima Bldg.

Osaka, Osaka

Jan. 2004

2,140

0.9%

2,740

OfficeJPR Hakata-chuo Bldg.

Fukuoka, Fukuoka

Jun. 2004

1,920

0.8%

2,180

OfficeMitsubishi UFJ Lease &Finance Nagoya Head Office
Bldg.

Nagoya, Aichi

Mar. 2005

4,137

1.7%

5,040

RetailJPR Umeda Loft Bldg.

Osaka, OsakaMay 2003

8,000

Jul. 2003

5,000

5.3%

16,210Retail

Shtrasse Ichibancho

Sendai, Miyagi

Feb. 2005

4,200

1.7%

4,070

RetailBenetton Shinsaibashi Bldg.

Osaka, OsakaMay 2005

5,430

2.2%

6,320

RetailHousing Design Center Kobe

Kobe, Hyogo

Sep. 2005

7,220

2.9%

8,070

Retail

Chayamachi Grande Bldg.

Osaka, Osaka

Aug. 2006

6,000

2.4%

5,700

78, 977

32. 2%

90, 310245, 399

100. 0%285, 176

Subtotal
T otal14

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Japan Prime Realty Investment Corporation

Real estate portfolio (as of June 30, 2007)
Area

Tokyo
CBDs

Occupancy

7,994.02㎡

10

100.0%

452,845

4.8%

Kanematsu Bldg. Annex

2,291.13㎡

1

100.0%

102,443

1.1%

OfficeJPR Ningyo-cho Bldg.

2,788.98㎡

4

100.0%

100,783

1.1%

OfficeShin-Kojimachi Bldg.

2,105.44㎡
901.36㎡
312.53㎡

11100.0%
100.0%
100.0%

74,30627,176
11,755

0.8%
0.3%
0.1%

OfficeJPR Crest Takebashi Bldg.

3,265.34㎡

9100.0%

136,267

1.4%

OfficeMS Shibaura Bldg.

14,429.09㎡

8100.0%

540,942

5.7%

OfficeGotanda First Bldg.

4,243.58㎡

1

100.0%

135,964

1.4%

OfficeFukuoka Bldg.

1,250.06㎡
687.34㎡

2

100.0%
100.0%

64,66737,8220.7%
0.4%

OfficeJPR Ichigaya Bldg.

4,186.09㎡

9100.0%

188,5422.0%

OfficeOval Court Ohsaki Mark West4,088.44㎡

4

100.0%

176,193

1.9%

OfficeShinjuku Square Tower

10,982.03㎡

23

100.0%

303,328

3.2%

OfficeBYGS Shinjuku Bldg.

11,357.50㎡

25

98.4%

482,271

5.1%

OfficeAcross Shinkawa Bldg. Annex

1,253.39㎡

4

100.0%

47,9200.5%

RetailJPR Shibuya Tower Records
Bldg.

8,076.85㎡

1

100.0%

345,576

3.6%

RetailJPR Daikanyama

653.99㎡

4100.0%

47,056

0.5%

RetailJPR Jingumae 432

1,027.33㎡

4

86.6%

92,1981.0%

RetailShinjuku Sanchome East Bldg.

478.51㎡

1100.0%

9,524

0.1%

82, 373. 00㎡

121

99. 6%

3, 377, 586

35. 6%

Property Name

Leasable Area

OfficeKanematsu Bldg.

OfficeSubtotal(yen in thousands)% of Total

OfficeArca East

7,022.76㎡

6

100.0%

282,376

3.0%

OfficeJPR Chiba Bldg.

5,562.97㎡

28

94.0%

143,687

1.5%

6,066.53㎡

12

100.0%

138,5141.5%

2,641.19㎡

14

100.0%

74,8280.8%

OfficeGreaterTokyo

Rental Revenue# ofTenants

Type

OfficeJPR Yokohama Nihon Odori
Bldg.
Shinyokohama 2nd Center
Bldg.

OfficeKawaguchi Center Bldg.

15,461.98㎡

40

98.3%

471,240

5.0%

OfficeJPR Ueno East Bldg.

6,512.45㎡

8

90.9%

189,9212.0%

OfficeTachikawa Business Center
Bldg.

1,747.13㎡
2,980.90㎡

20

100.0%
100.0%

57,41761,4440.6%
0.6%

OfficeRise Arena Bldg.

6,023.39㎡

1

100.0%

61,936

0.7%

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Japan Prime Realty Investment Corporation

Area

GreaterTokyo

Property Name

Leasable Area

# of
Tenants

Occupancy

RetailTanashi ASTA

31,121.71㎡

1100.0%

596,400

6.3%

RetailTsurumi fuga 1

－

－

－

80,666

0.8%

RetailCupo-la Main Bldg.

5,963.00㎡

1

100.0%

128,774

1.4%

RetailJPR Musashikosugi Bldg.

19,740.95㎡

1

100.0%

197,0642.1%

RetailMusashiurawa Shopping
Square14,960.69㎡

3

100.0%

73,551

0.8%

RetailKawasaki Dice Bldg.

13,089.96㎡

20

99.2%

206,8192.2%

138, 895. 61㎡

155

99. 1%

2, 764, 644

29. 0%

5,205.82㎡

11

100.0%

132,0191.4%

9,600.37㎡

27

98.4%

369,4843.9%

7,210.25㎡

9

97.3%

244,160

2.6%

－

－

－

51,953

0.5%

*1

*2

*2

Subtotal
OfficeOfficeOfficeOther
CitiesNiigata Ekinan Center Bldg.
Meiji Yasuda-Life Osaka
Umeda Bldg.
Tokyo Tatemono Honmachi
Bldg.
*1

(yen in thousands)% of Total

OfficeJPR Takamatsu Bldg.

OfficeJPR Hakata Bldg.

6,581.15㎡

28

100.0%

156,996

1.7%

OfficeJPR Naha Bldg.

3,947.70㎡

18

93.8%

103,843

1.1%

OfficeNorth 33 Bldg.

6,642.98㎡

24

89.5%

159,118

1.7%

OfficeSompo Japan Sendai Bldg.

7,118.60㎡

17

99.9%

205,456

2.2%

OfficeSompo Japan Wakayama Bldg.

4,874.91㎡

18

96.8%

122,172

1.3%

OfficeTenjin 121 Bldg.

3,292.02㎡

14

100.0%

119,347

1.3%

OfficeJPR Nagoya Sakae Bldg.

5,461.90㎡

21

100.0%

218,527

2.3%

OfficeJPR Dojima Bldg.

3,941.40㎡

9

87.0%

125,408

1.3%

OfficeJPR Hakata-chuo Bldg.

3,349.57㎡

6

100.0%

91,786

1.0%

OfficeMitsuibishi UFJ Lease &Finance Nagoya Head OfficeBldg.

7,123.07㎡

1

100.0%

190,203

2.0%

RetailJPR Umeda Loft Bldg.

18,586.97㎡

1

100.0%

402,411

4.2%

Retail

Shtrasse Ichibancho

4,136.95㎡

1

100.0%

128,388

1.4%

RetailBenetton Shinsaibashi Bldg.

*25,303.98㎡

1

100.0%

126,660

1.3%

RetailHousing Design Center Kobe

*2

35,444.13㎡

1

100.0%

267,500

2.8%

Retail

Chayamachi Grande Bldg.

2,484.39㎡

8

100.0%

138,438

1.5%

140, 306. 16㎡

215

98. 6%

3, 353, 876

35. 3%

361, 574. 77㎡

491

99. 0%

9, 496, 106

100. 0%Subtotal
T otalRental Revenue

Type*1: JPR sold a beneficiary interest of "Tsurumi fuga 1" and "JPR Takamatsu Bldg." on April 11, 2007.
*2: Buildings leased to a single tenant. JPR was unable to obtain tenants' approval to the disclosure of rental information.

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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
August 17, 2007 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 January 1, 2007 to June 30, 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.

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