Distribution per unit (actual)

46th Fiscal Period Ended December 2024

7,935 yen per unit

Unitholders recorded on the unitholders registry as of Dec. 31, 2024 are eligible to receive the cash distributions.
Furthermore, the final trading day on the Tokyo Stock Exchange for cash distribution eligibility was Dec. 26, 2024.
Payment of cash distributions started on Mar. 10, 2025.

Distribution per unit (forecast)

47th Fiscal Period Ending June 2025

7,950 yen per unit

yen per unit

(Reference information)*1
When including the effect of the
acquisition of own investment units

8,030 yen per unit

yen per unit

Forecasted cash distribution is calculated based on information currently available to management as of Feb. 17, 2025.
As a result, the actual cash distribution is not guaranteed and may differ due to changes in market and other conditions.
The cash distribution is payable to all unitholders of record as of Jun. 30, 2025.
The last trading day for the Tokyo Stock Exchange is Jun. 26, 2025.
*1 The figure includes the effect of the acquisition of own investment units (calculated based on the closing unit price on Jan. 31, 2025) announced on Feb. 17, 2025.

48th Fiscal Period Ending December 2025*1

2,002 yen per unit

Approximate value
before investment unit split

8,008 yen per unit

(Reference information)*2
When including the effect of the
acquisition of own investment units

2,025 yen per unit

Approximate value
before investment unit split

8,100 yen per unit

Forecasted cash distribution is calculated based on information currently available to management as of Feb. 17, 2025.
As a result, the actual cash distribution is not guaranteed and may differ due to changes in market and other conditions.
The cash distribution is payable to all unitholders of record as of Dec. 31, 2025.
The last trading day for the Tokyo Stock Exchange is Dec. 26 2025.
*1 JPR decided on the split of investment units (four units for one existing unit) with Jul. 1, 2025, as the effective date.
*2 The figures include the effect of the acquisition of own investment units (calculated based on the closing unit price on Jan. 31, 2025) announced on Feb. 17, 2025.

yen per unit

yen per unit

yen per unit

yen per unit

Changes in Cash Distributions

• Distribution per unit
• Distribution per unit(forecast)

Initiatives on stable DPU

Generally, J-REITs are characterized by the fact that they distribute almost 100% of the profits obtained from the rent revenues of owned real estate, etc. in order to satisfy the conduit requirements (Note). In this regard, office properties are prone to be affected by the business cycle and market conditions, showing a tendency in which rents and occupancy rates increase in booming periods and decrease in recession periods, causing distribution per unit to fluctuate accordingly.
The feature that JPR’s distribution per unit has a small band of fluctuation is presumably due to the following factors.

・JPR owns many, highly-competitive blue-chip properties.
・Urban retail properties, etc. bolster the stability of earnings.
・Tenants are highly diversified, with large tenants of office properties occupying a small percentage.
・JPR made investments to newly acquire properties in the recession periods, with an aim to enhance the revenue base.

Going forward, JPR will continue its endeavors to achieve steady growth of distribution per unit.

• Conduit requirements represent the requirements for corporations to be exempt from taxation. For J-REITs, the requirements include that they must distribute at least 90% of the distributable income to their investors and that the unitholding ratio of their largest unitholder is 50% or lower.