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Investor Presentaiton

Forecasts for the 22nd Fiscal Period JPR 21st Fiscal Period 22nd Fiscal Period Forecast Acquire excellent properties and repay borrowings using proceeds obtained from add-on offering to reinforce business foundations toward stable management in the 23rd fiscal period and after while securing the DPU level under normal operations without extraordinary events 1. Rent revenues (JPY mn) Change Jan. 1, 2012 Jun. 30, 2012 Amount % Jul. 1, 2012 - Dec. 31, 2012 Amount % Amount % Rental Revenues Other rental revenues Rent revenue - real estate (1) 11,626 719 12,345 94.2% 5.8% 100.0% 12,132 727 12,859 94.3% 5.7% 505 4.3% 7 1.1% 100.0% 513 4.2% Operating revenue 12,345 100.0% 12,859 100.0% 513 4.2% Increase/decrease by contract revision: (Note) The increase/decrease includes variations in 22nd period due to factors changed in 21st period) ⚫ Properties acquired in 21st period: • Properties owned at end of 20th period: Increase by new move-ins: Decrease by cancellation: -368 mn yen +176 mn yen -369 mn yen - 176 mn yen +564 mn yen Property and other taxes 1,031 8.4% 1,025 8.0% -6 -0.6% ■ Properties acquired in 22nd period: +309 mn yen Other expenses related to rent business 2,432 19.7% 2,652 20.6% 220 9.1% Outsourcing expenses 496 4.0% 510 4.0% 13 2.8% Utilities expenses 682 5.5% 817 6.4% 135 19.8% Casualty insurance 27 0.2% 30 0.2% 2 9.4% Repairs and maintenance 347 2.8% 379 2.9% 31 9.1% Property management fees 214 1.7% 214 1.7% 0 -0.4% 2. Other rental revenues ■ Properties owned at end of 20th period: Incidental income: Cancellation penalty, etc.: ⚫ Properties acquired in 22nd period: -49 mn yen +23 mn yen -65 mn yen +57 mn yen Management association accounts 555 4.5% 565 4.4% 9 1.7% Others 107 0.9% 136 1.1% 28 27.1% 3. Expenses related to rent business Depreciation 1,754 14.2% 1,830 14.2% 76 4.4% Expenses related to rent business (2) 5,217 42.3% 5,508 42.8% 291 5.6% ⚫ Properties owned at end of 20th period: Utilities expenses: +134 mn yen +90 mn yen Asset management fees 443 3.6% 461 3.6% 17 4.0% Adm. service/custody fees 74 0.6% 81 0.6% 6 8.7% Directors' compensation 6 0.1% 6 0.1% Trust fees 42 0.3% 42 0.3% 0 0.6% Other operating expenses 167 1.4% 133 1.0% -33 -20.0% Operating expenses Operating income 5,952 48.2% 6,234 48.5% 282 4.7% 6,393 51.8% 6,624 51.5% 231 3.6% Profits ((1) (2)) Net operating income (NOI) 7,127 57.7% 7,350 57.2% 222 3.1% 8,882 71.9% 9,181 71.4% 298 3.4% Non-operating income Interest expenses (incl. investment corporation bonds) Borrowing expenses 62 0.5% 2 0.0% -60 -96.8% 1,459 11.8% 1,394 10.8% -64 -4.4% 373 3.0% 148 1.2% -224 -60.2% Amortization of investment corporation bond issuance costs New unit issuance costs Other non-operating expenses Non-operating expenses Ordinary income 23 0.2% 19 0.2% -4 -17.4% Repairs and maintenance: ⚫ Properties acquired in 22nd period: 4. Other operating expenses . Undeductible consumption taxes: 5. Non-operating income ⚫ Settlement of management association accounts: 6. Interest expenses Interest expenses for loans: (Decrease in interest expenses due to early repayment: • Interest expenses for investment corporation bonds: +156 mn yen 54 mn yen -71 mn yen +30 mn yen 57 mn yen +6 mn yen -60 mn yen ) 110 0.9% 110 2 0.0% 2 0.0% 0 12.9% 1,858 15.1% 1,675 13.0% -183 -9.9% 7. Borrowing expenses ■Fees for early repayment: 4,597 37.2% 4,951 38.5% 354 7.7% 4,597 37.2% 4,951 38.5% 4,596 4,622 37.4% 37.2% 4,950 38.5% 4,975 38.7% 6,430 yen (715,000) 6,000 yen (825,000) Income before income taxes Net income Unappropriated retained earnings Distributions per unit (Note 1) Total number of units outstanding at end of period Assumptions for the 22nd Fiscal Period Forecast Assets owned: Total of 59 properties (58 properties owned as of the end of the 21st fiscal period + 1 property acquired in the 22nd fiscal period) ■Average Monthly Occupancy during Period: 93.9% (based on confirmed contract status only, reflecting newly concluded contracts and already notified cancellations, etc.) ■Total units outstanding: 825,000 units ■Ratio of interest-bearing debts (on a unitholders' capital basis): 48.5% (at end of 22nd fiscal period) Japan Prime Realty Investment Corporation The forecasts for the 22nd fiscal period were calculated based on the left "Assumptions for the 22nd Fiscal Period Forecast." Actual operating revenue, ordinary income, net income and cash distributions per unit may change as a result of the acquisition of new properties or the sale of owned properties, etc. Furthermore, the forecasts are in no way a guarantee of cash distribution amounts. 354 7.7% 8. New unit issuance costs: -219 mn yen +110 mn yen 353 7.7% 353 7.6% -430 yen (110,000) (Note) Amounts have been rounded down to the nearest specified unit and percentages have been rounded to the first decimal place. 7
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