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Investor Presentaiton

JPR Changes in Rent Revenue and Unit Rent Rent revenue on same-store basis and average unit rent continued on downward trends, impacted by reductions in contract rents and other factors Changes in Rent Revenue (from Properties Owned as of the End of the 16th Period) (JPY mn) 14,000 (+3.1%) (+2.6%) (+0.9%) 12,000 11,014 10,684 617 10,731 10,825 (+1.6%) 10,996 (+5.7%) 11,626 Entire portfolio 754 10,000 967 1,243 1,433 2,339 Properties acquired or sold since the 16th fiscal period 8,000 7,125 7,315 6,847 6,000 6,672 6,662 (+2.7%) (-6.4%) (-2.6%) (-0.1%) 6,414 (-3.7%) Office properties owned as of the end of the 16th fiscal period 4,000 2,916 (-1.0%) 2,000 2,941 2,944 (0.1%) 2,909 (-0.2%) 2,900 (-0.3%) 0 16th Period 17th Period 18th Period 19th Period 20th Period 2,872 (-1.0%) 21st Period Retail properties owned as of the end of the 16th fiscal period ■Rent revenue of entire portfolio increased significantly as a result of new property acquisition ■Office buildings owned as of the end of the 16th fiscal period decreased period-on-period as a result of declines in occupancy rate ■Concerning retail properties, since the 16th fiscal period, none have been acquired or sold and rent revenue has generally been stable, serving to support entire portfolio (Note 1) Values for the entire portfolio are the sum of rents, common charges, parking rates and other revenues (excluding such variable revenues as incidental income) for all properties owned in respective periods (including properties sold during the respective periods). Values for the office properties owned as of the end of the 16th fiscal period and Retail properties owned as of the end of the 16th fiscal period are the sum of rents, common charges, parking rates and other revenues (excluding such variable revenues as incidental income) for properties owned as of the end of the 16th fiscal period but excluding those sold by the end of the 21st fiscal period. Furthermore, BYGS Shinjuku Building, of which JPR additionally acquired the remainder of common areas at the end of the 18th fiscal period, has been excluded from the Office properties owned as of the end of the 16th fiscal period and included in the Properties acquired or sold since the 16th fiscal period category. (Note 2) Values have been rounded down to million yen, and the rates of period-on-period change have been rounded to the first decimal place. Changes in Average Rent of Office Buildings (for Properties Owned as of the End of the 16th Period) Average unit rent (including common charges; thousand yen/tsubo) 20.0 18.8 (-0.3%) 18.7 (-1.5%) 18.5 (-3.1%) 17.9 (-2.2%) 17.5 18.0 (-2.8%) 17.0 (+0.9%) (-1.2%) (-1.0%) 15.2 15.4 15.2 16.0 15.0 (-0.9%) 14.9 (-2.7%) 14.5 Entire office buildings owned at end of 16th period Entire portfolio 14.0 15.0 14.9 14.6 14.4 (-0.8%) 14.2 (-1.9%) (-1.7%) (-1.4%) 12.0 13.8 (-2.9%) 10.0 10.0 8.0 9.9 (-1.8%) 9.8 9.9 (-0.4%) (+0.9%) 9.9 (0.0%) 9.7 (-1.6%) ■Average unit rent of entire portfolio continues to be on downward trend, albeit modest ■Degree of decrease for office buildings owned as of the end of the 16th fiscal period grew to -2.8% period-on-period for the 21st fiscal period ■Average unit rent of retail properties remained relatively stable 21st Period Entire properties owned at end of 16th period Entire retail properties owned at end of 16th period Japan Prime Realty Investment Corporation (Note 1) Values for Entire portfolio are the average unit rent (monthly rent revenue per tsubo of occupied spaces including common charges at end of each fiscal period) for all properties owned in respective periods (including properties sold during the respective periods). Values for Properties Owned as of the End of the 16th Period, Office properties owned as of the end of the 16th fiscal period and Retail properties owned as of the end of the 16th fiscal period are the average unit rent (monthly rent revenue per tsubo of occupied spaces including common charges at end of each fiscal period) for properties owned as of the end of the 16th fiscal period but excluding those sold by the end of the 21st fiscal period. Furthermore, BYGS Shinjuku Building, of which JPR additionally acquired the remainder of common areas at the end of the 18th fiscal period, has been excluded from the Properties Owned as of the End of the 16th Period and the Office properties owned as of the end of the 16th fiscal period categories. (Note 2) The period-on-period figures have been rounded to the first decimal place. 00 0.0 16th Period 17th Period 18th Period 19th Period 20th Period 15
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