We would like to express our sincere gratitude for your continued support of Tosei REIT Investment Corporation.

Since our listing on the J-REIT market in November 2014, Tosei REIT Investment Corporation has pursued steady growth with the maximization of unitholder value as our top management priority.

Among the “vast existing building stock” in the Japanese real estate market, the Investment Corporation identifies small- to medium-sized offices, retail facilities, residential properties, hotels, and logistics facilities as its core investment segment, and primarily invests in properties located within the Tokyo metropolitan area.

In managing our portfolio, we make maximum use of the “good judgment,” “leasing capability,” and “revitalization capability” possessed by our sponsor, Tosei Corporation, to accurately assess each property’s inherent earning power and potential for value enhancement. Rather than focusing solely on a property’s age or size, we enhance its competitiveness through appropriate renovations, leasing strategies, and operational management, thereby increasing earnings and asset value to generate returns for our unitholders.

Even amid changes in the real estate market and financial environment, we will not pursue the expansion of asset size as an end in itself. Instead, we will prioritize investments that contribute to the sustainable growth of distributions per unit and NAV per unit, and we will rigorously adhere to disciplined management. We will appropriately balance the acquisition, holding, value enhancement, and sale of properties, while maintaining financial soundness and striving to improve the profitability and stability of our portfolio.

Furthermore, we view sustainability initiatives—such as improving environmental performance, enhancing tenant satisfaction, and fostering harmonious coexistence with local communities—as key factors in enhancing the medium- to long-term competitiveness of our real estate assets, and we will pursue value creation that is distinctive to Tosei REIT.

Moving forward, we will continue to accurately assess changes in the investment environment and strive for highly transparent management while valuing dialogue with our unitholders. Furthermore, we will spare no effort to maximize unitholder returns by maintaining and increasing stable distributions and enhancing the value of our investment units over the medium to long term.

We respectfully ask for your continued understanding and support of Tosei REIT.