Financial Report for the 48th Fiscal Period Results (July 1, 2025 - December 31, 2025)

February 16, 2026

Asset Management Company: Tokyo Tatemono Realty Investment Management, Inc. Representative: Satoshi Eida, President and Chief Executive Officer Contact: Yoshinaga Nomura, Director, General Manager,

Finance and Administration Division

Scheduled date of submission of securities report: March 26, 2026 Scheduled date of commencement of distribution payout: March 10, 2026

TEL: +81-3-3516-1591

Preparation of supplementary explanatory materials on financial results: Holding of briefing session on financial results:

/ No

Yes

Yes

/ No (for analysts and institutional investors)

1. Financial Results for the 48th Fiscal Period (July 1, 2025 - December 31, 2025)

   [Amounts are rounded down to the nearest million yen, except for per unit figures.]

   1. Operating Results [% figures represent the increase (decrease) compared with the previous fiscal period]

      	Operating Revenue		Operating Income		Ordinary Income		Net Income
      For the six months ended	million yen	%	million yen	%	million yen	%	million yen	%
      December 31, 2025	20,346	(2.2)	10,547	(6.3)	9,446	(8.5)	9,446	(8.5)
      June 30, 2025	20,803	6.2	11,253	15.8	10,329	17.5	10,329	17.5

      	Net Income per Unit (EPU)	Net Income / Net Assets	Ordinary Income / Total Assets	Ordinary Income / Operating Revenue
      For the six months ended	yen	%	%	%
      December 31, 2025	2,387	3.4	1.7	46.4
      June 30, 2025	2,602	3.8	1.9	49.7

      (Note) JPR conducted the split of investment units (four units for one existing unit) with June 30, 2025, as the record date of the split and July 1, 2025, as the effective date. Net income per unit is calculated on the assumption that the split had taken place at the beginning of the 47th fiscal period.

   2. Distributions

      	Distribution per Unit (DPU) [excluding exceeding profit distribution amount]	Distribution Amount	Exceeding Profit Distribution per Unit	Exceeding Profit Distribution Amount	Dividend Payout Ratio	Distribution / Net Assets
      For the six months ended	yen	million yen	yen	million yen	%	%
      December 31, 2025	2,111	8,545	-	-	90.4	3.1
      June 30, 2025	8,030	7,916	-	-	76.6	2.9

      (Note 1) JPR conducted the split of investment units (four units for one existing unit) with July 1, 2025, as the effective date. (Note 2) Dividend payout ratio is rounded down to the first decimal place. The dividend payout ratio is calculated by using the

      following formula.

      Dividend payout ratio = Distribution amount / Net income x 100

      (Note 3) The difference between the distribution amount and net income for the six months ended December 31, 2025, is attributable to the fact that part of reserve for reduction entry (46 million yen) was reversed while part of unappropriated retained earnings (946 million yen) was internally reserved as reserve for reduction entry.

      (Note 4) The difference between the distribution amount and net income for the six months ended June 30, 2025, is attributable to the amount of provision of reserve for reduction entry of replaced property (2,415 million yen).

   3. Financial Position

      	Total Assets	Net Assets	Net Assets / Total Assets	Net Assets Per Unit
      As of	million yen	million yen	%	yen
      December 31, 2025	562,639	285,266	50.7	70,466
      June 30, 2025	544,024	273,333	50.2	69,316

      (Note) JPR conducted the split of investment units (four units for one existing unit) with June 30, 2025, as the record date of the split and July 1, 2025, as the effective date. The net assets per unit is calculated on the assumption that the split had taken place at the beginning of the 47th fiscal period.

   4. Cash Flows

      	Cash Flows from Operating Activities	Cash Flows from Investing Activities	Cash Flows from Financing Activities	Cash and Cash Equivalents at End of Period
      For the six months ended December 31, 2025 June 30, 2025	million yen 19,383 14,610	million yen (33,935) (25,887)	million yen 9,086 (4,911)	million yen 28,327 33,792

2. Forecasts for the 49th Fiscal Period Ending June 30, 2026 (January 1, 2026 - June 30, 2026) and the 50th Fiscal Period Ending December 31, 2026 (July 1, 2026 - December 31, 2026)

   [Amounts are rounded down to the nearest million yen, except for per unit figures.] [% figures represent the increase (decrease) compared with the previous fiscal period]

   	Operating Revenue		Operating Income		Ordinary Income		Net Income		DPU [excluding exceeding profit distribution per unit]	Exceeding Profit Distribution Per Unit
   	million yen	%	million yen	%	million yen	%	million yen	%	yen	yen
   49th Fiscal Period Ending June 30, 2026	20,746	(2.0)	10,731	1.7	9,573	1.3	9,573	1.3	2,139	-
   50th Fiscal Period Ending December 31, 2026	19,382	(6.6)	9,234	(14.0)	7,962	(16.8)	7,962	(16.8)	2,120	-

   (Reference) Estimated net income per unit (forecast net income / forecast number of investment units at end of period) 49th fiscal period ending June 30, 2026: 2,364 yen

   50th fiscal period ending December 31, 2026: 1,966 yen

   (Note 1) For the DPU for the 49th fiscal period ending June 30, 2026, it is assumed that part of gain on sale of real estate will be internally reserved in application of the Special Provisions for Taxation in Cases of Repurchase of Specified Assets (Article 65-7 of the Act on Special Measures Concerning Taxation). It is calculated on the assumption that part of reserve for reduction entry of replaced property will be reversed and distributed.

   (Note 2) DPU for the 50th fiscal period ending December 31, 2026, is calculated on the assumption that part of reserve for reduction entry and reserve for reduction entry of replaced property will be reversed and distributed.

3. Other

   1. Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement

      1. Changes in accounting policies accompanying amendments to accounting standards, etc.: None

      2. Changes in accounting policies other than in (a): None

      3. Changes in accounting estimates: None

      4. Retrospective restatement: None

   2. Number of Investment Units Issued and Outstanding

      1. Number of investment units (including treasury units) issued and outstanding at end of period

         As of December 31, 2025: 4,048,256 units As of June 30, 2025: 985,814 units

      2. Number of treasury units at end of period

As of December 31, 2025: 0 units As of June 30, 2025: 0 units

(Note) JPR conducted the split of investment units (four units for one existing unit) with July 1, 2025, as the effective date.

With regard to the number of investment units, which serves as the basis for calculating net income per unit, please refer to "Per Unit Information," on page 25.

• This financial report is not subject to audit procedures by public accountants or audit corporations.

• Special note

The forecasts for the 49th fiscal period ending June 30, 2026, and the 50th fiscal period ending December 31, 2026, based on the assumptions described on pages 10 and 11 of this report. Accordingly, actual operating revenue, operating income, ordinary income, net income, DPU and exceeding profit distribution per unit may differ from the forecasts. Moreover, the forecasts should not be construed as a guarantee of the distribution amount.

1. Management Status

   1. Overview of Fiscal Period under Review

      1. Milestones of JPR

         Japan Prime Realty Investment Corporation (JPR) was established on September 14, 2001, under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended), and was listed on the Real Estate Investment Trust Section of Tokyo Stock Exchange, Inc. (the Tokyo Stock Exchange) on June 14, 2002, with 289,600 outstanding investment units. With the subsequently implemented public offerings and other capital raising measures by JPR, the number of investment units issued and outstanding totals 4,048,256 units as of the end of the 48th fiscal period (December 31, 2025). JPR has assigned the asset management of its portfolio to Tokyo Tatemono Realty Investment Management, Inc. (hereafter the "Asset Management Company"), through which JPR aims to maximize unitholder value by efficiently managing the portfolio primarily comprising office properties and retail properties.

      2. Management Environment

         During the 48th fiscal period, the Japanese economy was on a moderate recovery trend, despite slight weakness observed in consumer sentiment due to rising general prices. On the demand side, capital investment made strong progress against the backdrop of stable corporate performance, and in terms of supply, production remained solid. However, the intensifying labor shortage in a wide range of industries and the ongoing gradual increase in long-term interest rates have raised concerns about the impact on the overall economy.

         The Office Property Leasing Market

         In the office property leasing market, relocation for expansion and expansion of office spaces in the same buildings by tenants are increasing and the vacancy rate in central Tokyo continues to decline due to strong corporate performance and increasing demand for office space with comfort and functionality. In addition, the average rent is also rising in many areas. Similar trends are observed in Greater Tokyo and regional cities.

         The Retail Property Leasing Market

         At urban retail properties which JPR targets for investment, the impact of rising costs, which are caused by rising general prices, and labor shortages were seen in some areas. However, the number of customers visiting stores and sales are on the rise due to the increase in demand from inbound foreign tourists and rise in wages, and cases of rent increases are also growing.

         Hotels continued to perform strongly, supported by robust demand from inbound foreign tourists, which reached a record-high level.

         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 are becoming 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 searching for ways to effectively acquire properties, such as by diversifying the range of target assets for investment and conducting asset replacement.

      3. Portfolio Management Status

Acquisition of New Properties and Asset Replacement

JPR investigates possible investments mainly in office properties in the Tokyo area, in addition to office properties in regional cities and retail properties, etc., with the primary aim of improving the quality of the portfolio and achieving stable growth of earnings while giving attention to the diversification of the portfolio, both in terms of location and asset type.

During the 48th fiscal period, JPR sold Housing Design Center Kobe (sale price: 7.24 billion yen) in November 2025. In addition, JPR acquired four properties namely GRAND FRONT OSAKA (Umekita Plaza and South Building) (quasi co-ownership interest: 4.6%, acquisition price: 9.2 billion yen), GRAND FRONT OSAKA (North Building) (quasi co-ownership interest: 4.6%, acquisition price: 8 billion yen), FUNDES Kamata (acquisition price: 8.01 billion yen) and Hotel Gracery Asakusa (acquisition price: 6.7 billion yen), and sold a 65% ownership interest in JPR Yokohama Nihon Odori Bldg. (sale price corresponding to ownership interest: 2.879 billion yen) in December. JPR has 9.5% quasi co-ownership interest in GRAND FRONT OSAKA combined with the 4.9% quasi co-ownership interest it acquired in December 2021. As a result of these transactions, the balance of JPR's assets under management totaled 67 properties, or 556.8 billion yen on an acquisition price basis as of the end of December 2025, with the total leasable floor space standing at 488,718 m2and the number of tenants at 1,263.

Operational Management of Portfolio

In the office property leasing market in the 48th fiscal period, the vacancy rate is declining due to the increasing trend of positive tenant needs, such as relocation for expansion and expansion of office spaces in the same buildings, against the backdrop of strong office demand, as mentioned in Management Environment above. Under such circumstances, JPR endeavored to attract new tenants through strategic leasing activities and enhance the satisfaction of existing tenants by maintaining close cooperation with property management companies and brokers, with an aim to secure stable earnings across the entire portfolio as well as its occupancy rate. As a result of these efforts, the occupancy rate at the end of the 48th fiscal period was kept at a high level, as it rose 0.4 percentage points period-on-period to 99.2%. In addition, rents also continued to be on an upward trend.

In terms of property management, JPR continued to proactively implement value enhancement works based on tenant needs, on the ground of its brand concept A/3S (Amenity/Service, Safety and Save Energy) that has been established with an aim to create spaces where the workers feel satisfaction.

On top of this, JPR is engaged in a variety of environmental initiatives. In terms of construction work, JPR conducted replacement of lighting equipment with LED lamps, replacement of air conditioning units, replacement of power-receiving and transforming facilities, renewal of elevators, replacement of toilets, coating of heat shielding film, etc., which are expected to be effective for CO2 emissions-reduction efforts, at its multiple properties.

JPR also continues its endeavors to obtain environmental certifications. As of December 31, 2025, JPR has acquired CASBEE for Building Certification*1for 43 properties in total (including a newly certified property). JPR has acquired DBJ Green Building Certification*2for 6 properties in total. JPR has also obtained BELS certification*3for 5 properties in total including one newly certified property (including one property certified as ZEB Oriented*5and one property certified as ZEB Ready*6(newly certified) by ZEB*4certification type).

On top of these certifications JPR acquired, its endeavors on environmental issues were so acknowledged that it was designated as "Green Star" in the GRESB*7Real Estate Assessment for 2025, marking the twelfth consecutive year of recognition with the highest ranking in the survey. JPR has also been granted the highest rank of "5 Stars" in the rating, which makes relative assessment based on total scores, for seven consecutive years.

*1 CASBEE, which stands for Comprehensive Assessment System for Built Environment Efficiency, is a system for comprehensively assessing the environmental performance of buildings. Efforts to develop and popularize the system in Japan are being carried out under the leadership of the Ministry of Land, Infrastructure, Transport and Tourism.

*2 The DBJ Green Building Certification is a certification system to select superior real estate that meets the demand of the times by scoring buildings based on the scoring model originally developed by Development Bank of Japan Inc. Its purpose is to promote properties that are environmentally friendly, equipped to mitigate disasters and prevent crime, as well as meet the social requirements surrounding real estate from various stakeholders ("Green Buildings").

*3 BELS is an abbreviation for Building-Housing Energy-efficiency Labeling System. It is a performance-labeling system created for the purpose that a third-party organization accurately conducts the evaluation and indication of energy-efficiency performance of non-residential buildings in accordance with the Assessment Guidelines on Energy Efficiency Performance of Non-residential Buildings (2013) established by the Ministry of Land, Infrastructure, Transport and Tourism.

*4 ZEB is an abbreviation of Net Zero Energy Building, and refers to buildings that aim to balance out the annual primary energy they consume to zero, while realizing a comfortable indoor environment.

*5 ZEB Oriented refers to special use buildings with a total floor space of 10,000 m2or more that have adopted measures to achieve energy conservation and reduced primary energy consumption by at least 40% from the standards set in the Act on the Improvement of Energy Consumption Performance of Buildings.