Top REIT Investment Corporation
Top REIT Investment Corporation 13th Business Report (Semi-Annual Report 13th) May 1, 2012 – October 31, 2012 Letter from the Executive Officer of the Investment Corporation Dear Investors, Thank you for your continued loyal patronage to Top REIT, Inc. (Top REIT). The Japanese economy, which was anticipated to see recovery backed by robust domestic demand arising from restoration/reconstruction from the Great East Japan Earthquake, is in a seesaw state due to the still simmering European debt problem, exports-related stagnation owing to the U.S., Chinese and other economic slowdown, sense of personal consumption settling down and other factors. The outlook is that recovery is expected in the U.S., China, etc. and so gradual recovery is anticipated even in the domestic economy, but the situation remains unpredictable since it is largely dependent on overseas circumstances. On the other hand, concerning J-REITs, the Bank of Japan maintaining/expanding its monetary easing policy led to an ongoing stable financing environment, along with it continuing to also purchase investment units. Furthermore, discussion of system reform for revitalization of the J-REIT market is also underway. These developments resulted in strong J-REIT market conditions, with the Tokyo Stock Exchange REIT Index recovering to 1,000 points in September 2012 and on an upward trend. Under such circumstances, the financial results of Top REIT in the thirteenth fiscal period were operating revenue of 5,636 million yen (period-on-period decrease of 1.0%), ordinary income of 2,002 million yen (period-on-period decrease of 1.3%), net income of 2,001 million yen (period-on-period increase of 0.1%) and dividend per unit of 12,912 yen.
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