as of June 30, 2026

Financial Results for All Fiscal PeriodsXLS14.0KB

	47th	48th	49th	50th (Forecast)	51st (Forecast)
	(Jun. 30, 2025)	(Dec. 31, 2025)	(Jun. 30, 2026)	(Dec. 31, 2026)	(Jun. 30, 2027)
Operating revenue (million yen)	20,803	20,346	20,760	19,593	19,553
Ordinary income (million yen)	10,329	9,446	9,607	8,019	8,081
Net income (million yen)	10,329	9,446	9,607	8,018	8,080
Total cash distributions (million yen)	7,916	8,545	8,691	-	-
Total assets (million yen)	544,024	562,639	563,081	-	-
Total unitholders’ equity (million yen)	273,333	285,266	286,328	-	-
Equity ratio (%)	50.2	50.7	50.9	-	-
Unitholder’s equity per unit (yen)	277,267	70,466	70,728	-	-
Distribution per unit (yen)	8,030	2,111	2,147	2,150	2,170

• The forecasted figures in the above table are the current forecasts of operating results, and should not be construed as a guarantee of the amount of distribution per unit.
• Figures in yen have been rounded down to the nearest specified unit.

Market Environment

The Office Property Leasing Market

In the office property leasing market, the preference for office space equipped with features such as comfort and functionality is increasing, in addition to the demand for relocations for better location and expansion, amid corporate performance still going strong. As such, the vacancy rate in central Tokyo continues to trend downward, and average rent is also on an upward trend in many areas. With robust demand, similar trends are observed in Greater Tokyo and regional cities.

The Retail Property Leasing Market

At urban retail properties, which JPR targets for investment, some aspects were seen to be affected by factors such as the rise in costs caused by rising general prices, and labor shortages. Backed by other factors such as pickup in private consumption and inbound tourism demand on the other hand, the number of customers visiting stores and sales are on the rise, and cases of rent increases are also growing.
Hotels continued to perform strongly, supported by robust inbound tourism demand, as the number of international visitors to Japan remains high.

The For-Sale Real Estate Market

Although there are concerns such as rising interest rates and soaring construction costs, active transactions continue to take place in the for-sale real estate market, backed by strong investment appetite from both domestic and international investors. Office properties, where the leasing market remains particularly strong, tend to be strongly preferred due to expectations for rent increase, and their transactions continue to be active along with hotels in areas where the accommodation demand of inbound tourists continues to be seen. This keeps a challenging acquisition environment, amidst the scarcity of blue-chip properties that are JPR’s investment targets. While investors continue to pay close attention to how general price trends, interest rate trends, the situation in and outside Japan and various economic policies may affect market conditions going forward, they are also still searching for ways to effectively acquire properties, such as by diversifying the range of target assets for investment and conducting asset replacement.