June 18, 2007
SUMMARY OF EARNINGS DIGEST (Kessan Tanshin)
FOR THE FISCAL PERIOD ENDED April 30, 2007
(From November 1, 2006 to April 30, 2007)
Top REIT, Inc. is listed on the Tokyo Stock Exchange with the securities code number 8982.
URL:http://www.top-reit.co.jp/
Contact: Top REIT Asset Management Co.,Ltd.
Hiroyuki Hayashi, General Manager, Planning & Administrative Dept.
Tel:+81-3-3243-2181
Date of the meeting of the board of directors for settlement of accounts: June 18, 2007
Scheduled date for commencing dividend payments: July 17, 2007 (Scheduled)This summary of earnings digest (kessan tanshin) has been prepared in accordance with generally accepted
accounting principles in Japan and Japanese law. Figures less than one million yen have been rounded

1.

PERFORMANCE FOR THE SECOND FISCAL PERIOD(From November 1, 2006 to April 30,2007)(1) Business Results
Operating
Revenue

Percentage
ChangeOperating
IncomePercentage
ChangeOrdinary
IncomePercentage
ChangeSecond Fiscal Period¥4,526(-16.5%)¥2,647(-18.8%)¥2,324(-14.9%)¥2,323(-14.9%)

First Fiscal Period¥5,420－%¥3,258－%¥2,731－%¥2,729－%Net Income
Per Unit

Net Income to
Net Assets
Ratio(Millions of Yen)Net
Percentage
IncomeChange<Reference>
Annualized

Ordinary
Income toTotal Capital
Ratio<Reference>
Annualized(Yen)
Ordinary
Income toOperating
Revenues
Ratio

Second Fiscal Period¥14,992

2.7%

5.5%

1.7%

3.4%

51.4%

First Fiscal Period¥17,707

3.4%

5.0%

2.6%

3.9%

50.4%

Notes:
1.

2.

3.

4.
5.

6.

The second fiscal period was from November 1, 2006 to April 30, 2007, a period of 181 days.
The actual asset management period of the first fiscal period, was from March 1, 2006 to October 31, 2006, aperiod of 245 days.
Net income per unit is calculated by using the average number of investment units outstanding for the periods.
The Second Fiscal period: 155,000 units
The First Fiscal period : 154,146 units(the average number of investment units for the actual period of asset
management).
Percentages of change for operating revenue, operating income, ordinary income and net income represent thepercentages of increase or decrease as compared with the preceding fiscal period. Such percentages are notapplicable for the first fiscal period.
Changes in accounting policies: Applicable.
Annualized percentages = Percentages for the fiscal period under review /The Second Fiscal period: (181days) x 365 days
The First fiscal period : (245days) x 365 days (Number of days in the actual period of asset management）
Net income to net assets ratio and ordinary income to total capital ratio are calculated by using the average ofthe amounts of net assets as of the first date of the period and as of the last date of the period, and the averageof the amounts of total capital as of the first date of the period and as of the last date of the period. For thiscalculation, the first date of actual asset management of the first fiscal period (March 1, 2006) is deemed as thefirst date of the period.

1(2) Dividend
Dividend perUnit(Yen)(Excluding
Dividend in
Excess ofEarnings)

Total Amountof Dividends(Millions ofYen)

Dividend in
Excess ofEarnings perUnit(Yen)

Total Amountof Dividends in
Excess ofEarnings

Dividend
Payout Ratio

Dividend Ratio
to Net Asset

Second Fiscal Period¥14,992,¥2,323¥0－100.0%

2.7%First Fiscal Period¥17,609¥2,729¥0－100.0%

3.2%(3) Financial PositionYen)(Millions of Yen,Total Assets(Millions of Yen)

Net Assets (Millions ofYen)

Net Assets
to Total Assets

Net Assets
per Unit(Yen)

Second Fiscal Period¥146,317¥84,51157.8%¥545,239

First Fiscal Period¥128,340¥84,903

66.2%¥547,764

Notes:The total number of units outstandings as of April 30, 2007 is 155,000Units

2. FORECAST OF RESULTS FOR THE THIRD FISCAL PERIOD(May 1, 2007－October 31,2007)(Millions of Yen,Yen)
OperatingRevenues(Millions ofYen)
Third Fiscal Period¥4,698OrdinaryIncome(Millions of Yen)Net
Income(Millions of Yen)

Dividend per Unit(Yen)(Excluding Excessof Earnings)

Dividend in Excessof Earnings perUnit (Yen)¥1,644¥1,643¥10,600－

Reference: Estimated net income per unit for the third fiscal period: ¥10,600
Note: Forecasts presented in this document are based on “Assumptions for Forecasts for the Third Fiscal Period(from May 1, 2007 to October 31, 2007).” Forecasts for operating revenues, ordinary income, net income, dividendper unit may differ significantly from actual results due to changes in operating conditions and a variety offactors. Accordingly, Top REIT does not guarantee any forecasted dividend amount.

The information above is translated from the first page of the Japanese “Kessan Tanshin”
report, dated June 18, 2007. TOP REIT Inc. makes no assurance or warranty with respect
to the completeness or accuracy of this English translation. To guarantee complete andaccurate information, please refer to the original report in Japanese.

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