JPR’s Evolution

Steady Expansion of Asset Size and Enhancement of Portfolio Quality

The fifth J-REIT to be publicly listed in Japan, Japan Prime Realty Investment Corporation (JPR) is a mixed-type J-REIT that invests in a combination of office buildings, urban retail properties, etc.
Since our listing, we have built up a track record of stable management by steadily enhancing asset size while pursuing diversified investment by asset class and area, which is an advantage of our portfolio management.
Going forward, we aim to improve the portfolio quality while steadily expanding the asset size through highly selective investment in prime properties.

Asset Size Expansion

(billion yen)

Change in Diversified Investment

At the time of listing, our portfolio management standards were as follows: the target investment ratio by area was approximately 60% for Tokyo vs. 40% for other regions, while the target investment ratio by asset class was approximately 80% for office properties vs. 20% for urban retail properties, etc. However, in the fiscal period ended December 2009 (16th fiscal period), we revised our standards, making it our policy to focus investment on Tokyo office properties.

Investment Ratios by Asset Class

Asset Class Investment Ratio
Office 70~90%
Urban retail properties, etc. 10~30%

Investment Ratios by Area

Area Investment Ratio
Tokyo 80~90%
Other Cities 10~20%

Through focusing investment on office properties in Tokyo, the investment ratio by asset class at the end of the current fiscal period is 80.9% for offices, while the investment ratio by area is 84.3% for Tokyo. The investment ratio for office properties in Tokyo is 68.5%, representing a 25.0-point increase compared with the end of the 1st fiscal period.

End of 1th Fiscal Period

ncrease in ratio of investment in
Tokyo offices based on focused investment

End of 44th Fiscal Period

  • The figures in the graphs are investment ratios, which indicate the applicable category expressed as a percentage of the total acquisition price. The figures are rounded to one decimal place.
  • The investment area defined as “Tokyo” covers “Central Tokyo” and “Greater Tokyo.” The area category definitions are as follows:
    Central Tokyo: Chiyoda, Chuo, Minato, Shinjuku, Shinagawa, and Shibuya wards
    Greater Tokyo: All other areas of Tokyo and Chiba, Kanagawa, and Saitama prefectures
    Other cities: Other regions