Dear Investors,
I, Jumpei Norimatsu, took office as Executive Officer of Top REIT, Inc. (Top REIT) as of August 1, 2011, after being appointed to the post at the Fourth General Meeting of Unitholders of Top REIT held on July26, 2011. I intend to do my utmost to meet your expectations and look forward to serving you.
Concerning the recent economic situation in Japan and overseas, while the worsening European debtproblem and concerns of slowdown in the U.S. economy, stagnating growth of emerging countries another factors are causing increasingly greater instability, the Japanese economy showed signs of a gradualrebound from the Great East Japan Earthquake that hit in March 2011. However, persistent concerns overthe appreciation of the yen and it hovering at a high level due to fiscal and monetary uncertainty inEurope and the U.S., as well as flooding in Thailand forcing the shutdown of factories of local Japanesefirms, raised a sense of uncertainty over corporate earnings in Japan. These, among other factors, suggestthat the situation is still unpredictable. Under such circumstances, it is not expected to be easy to steer TopREIT through this difficult phase, but we will strive to overcome such difficulties together with the assetmanager.
As for performance in the fiscal period ended October 31, 2011 (eleventh fiscal period) of Top REIT,decrease in rent revenue owing to agreement being reached in April on reduction of rent amount in majorrent revisions, and termination of the lease contract with a major tenant of Akasaka Oji Building inSeptember resulted in operating revenue of 5,812 million yen (period-on-period decrease of 2.6%),ordinary income of 1,986 million yen (period-on-period decrease of 9.5%) and net income of 1,985million yen (period-on-period decrease of 8.0%). In addition, Top REIT declared a dividend per unit of12,809 yen.
Top REIT will remain committed to prudent management of portfolio assets even under the forecastedprolonged severe environment, along with the quest to achieve the NEXT STAGE that has been pursuedfrom before by steadily expanding asset size. We thank you and ask for your continued support andunderstanding.
I, Jumpei Norimatsu, took office as Executive Officer of Top REIT, Inc. (Top REIT) as of August 1, 2011, after being appointed to the post at the Fourth General Meeting of Unitholders of Top REIT held on July26, 2011. I intend to do my utmost to meet your expectations and look forward to serving you.
Concerning the recent economic situation in Japan and overseas, while the worsening European debtproblem and concerns of slowdown in the U.S. economy, stagnating growth of emerging countries another factors are causing increasingly greater instability, the Japanese economy showed signs of a gradualrebound from the Great East Japan Earthquake that hit in March 2011. However, persistent concerns overthe appreciation of the yen and it hovering at a high level due to fiscal and monetary uncertainty inEurope and the U.S., as well as flooding in Thailand forcing the shutdown of factories of local Japanesefirms, raised a sense of uncertainty over corporate earnings in Japan. These, among other factors, suggestthat the situation is still unpredictable. Under such circumstances, it is not expected to be easy to steer TopREIT through this difficult phase, but we will strive to overcome such difficulties together with the assetmanager.
As for performance in the fiscal period ended October 31, 2011 (eleventh fiscal period) of Top REIT,decrease in rent revenue owing to agreement being reached in April on reduction of rent amount in majorrent revisions, and termination of the lease contract with a major tenant of Akasaka Oji Building inSeptember resulted in operating revenue of 5,812 million yen (period-on-period decrease of 2.6%),ordinary income of 1,986 million yen (period-on-period decrease of 9.5%) and net income of 1,985million yen (period-on-period decrease of 8.0%). In addition, Top REIT declared a dividend per unit of12,809 yen.
Top REIT will remain committed to prudent management of portfolio assets even under the forecastedprolonged severe environment, along with the quest to achieve the NEXT STAGE that has been pursuedfrom before by steadily expanding asset size. We thank you and ask for your continued support andunderstanding.
Jumpei Norimatsu
Executive Officer
Executive Officer
TOP REIT, Inc.
Norimatsu joined The Sumitomo Trust and Banking Co., Ltd. (currently Sumitomo Mitsui Trust Bank, Limited.) in 1971. After serving as Executive Officer and General Manager of Business Promotion Department, and Director as well as Executive Officer and General Manager of the Corporate Administration Department，he was appointed as Managing Director of STB Leasing Co., Ltd. in June 2003, and appointed as President of Sumishin Realty Co., Ltd. (currently Sumitomo Mitsui Trust Realty Co., Ltd.) in June 2006. Norimatsu has been serving as the Corporate Auditor of the Sumishin Shinko Co., Ltd. (currently Sumitomo Mitsui Trust General Service Co., Ltd.) since June 2010, and concurrently appointed as Executive Officer of Top REIT, Inc. in August 2011.
