Growth Strategy Going Forward

Aiming to Achieve Stable Growth over the medium to long term

The office property leasing market had remained on a somewhat stagnant note since 2020 under the impact of the novel coronavirus (COVID-19) infection. However, since October 2021 when the declaration of a state of emergency state was lifted, the number of inquiries for new leasing cases has been increasing. This, together with the normalization of decision-making by companies, allows us to feel that economic activities are recovering.

Under such circumstances, JPR conducted strategic asset replacement in the 40th fiscal period and, by distributing part of the gain on sale of properties to unitholders, secured distribution per unit of 7,550 yen as forecasted without conducting reversal of internal reserves that it initially planned to do.

Going forward, while continuously paying close attention to the impact of COVID-19, we will flexibly respond to changes in social conditions and endeavor achieving appropriate asset management to grasp new opportunities for growth.

Change in Distribution per Unit and Medium-term Target


(Note)Distribution per unit as medium-term target is a management target set by TRIM, and there is no guarantee that the figure is achieved.

Factors of stable growth

Quality of the Portfolio
  • Portfolio centering on office properties in Tokyo, featuring both growth potential and stability
  • Quality of individual properties exerting competitiveness
Vigorously Selective Investment in Prime Properties
  • Vigorously selective investment that focuses on location and price
  • Dynamic investment utilizing acquisition capacity
  • Continuous endeavors to reinforce the pipelines
Leasing Focused on Rents
  • Strategic utilization of rent-free periods and value enhancement measures
  • Reinforcement of endeavors to raise new contract rents and upward revision of rents upon contract renewal
Strong Financial Base
  • Financial strategy based on lengthening of loan periods, diversifying repayment dates and borrowing funds at fixed interest rates
  • Appropriate control of debt costs

Click here for Growth of Portfolio