June 12, 2009

Summary of Earnings Results for theSixth Fiscal Period(From November 1, 2008 to April 30, 2009)
Top REIT, Inc. (listed on the Tokyo Stock Exchange with securities code 8982) hereby announces its earnings
results for the fiscal period ended April 30, 2009 (sixth fiscal period).

1. Earnings Results for the Sixth Fiscal Period
Sixth Fiscal Period:
Fifth Fiscal Period:

From November 1, 2008 to April 30, 2009
From May 1, 2008 to October 31, 2008

(1) Business Results
Sixth
Fiscal Period
Fifth
Fiscal Period

Sixth
Fiscal Period
FifthFiscal Period

Operating
Revenue

Period-on-Period
ChangeOperating
IncomePeriod-on-Period
ChangeOrdinary
IncomePeriod-on-Period
Change¥5,606mn

0.4%¥2,700mn

1.9%¥2,047mn

2.7%¥5,584mn

15.9%¥2,651mn

12.7%¥1,994mn

8.2%

Net
IncomePeriod-on-Period
ChangeNet
Incomeper Unit

Ratio ofNet Income toUnitholders’Equity¥2,046mn

2.7%¥13,205

2.4%

1.2%

36.5%

¥1,993mn

8.2%¥12,864

2.4%

1.1%

35.7%

Total Amount of
Dividends in
Excess ofEarnings

Dividend
Payout Ratio

Ratio of
Dividends to
Net Assets

Ratio ofRatio of
Ordinary Income to Ordinary Income toTotal Assets
Operating Revenue(Note) Net income per unit is rounded to the nearest yen.

(2) Dividends
Dividend
per Unit
Sixth
Fiscal Period
Fifth
Fiscal Period

Dividend in
Excess ofEarnings
per Unit(excluding dividend inexcess of earnings)

Total AmountofDividends¥13,206¥2,046mn¥0¥–mn100.0%

2.4%¥12,863¥1,993mn¥0¥–mn100.0%

2.4%(3) Financial Position

Sixth
Fiscal Period
Fifth
Fiscal Period

Total Assets

Net Assets

Ratio of
Unitholders’ Equity toTotal Assets

Net Assets per Unit

¥172,850mn¥84,208mn

48.7%¥543,280¥173,241mn¥84,141mn

48.6%¥542,846(Reference) Unitholders’ equity

Sixth Fiscal Period: ¥84,208mn
Fifth Fiscal Period: ¥84,141mn(Note) Net assets per unit is rounded to the nearest yen.

1(4) Cash Flows

Sixth
Fiscal Period
Fifth
Fiscal Period

Net Cash
Provided by (Used in)Operating Activities

Net Cash
Provided by (Used in)Investing Activities

Net Cash
Provided by (Used in)
Financing Activities

Cash andCash Equivalents
at End of Period¥2,951mn(¥434mn)(¥2,253mn)¥9,132mn¥3,816mn(¥7,009mn)(¥2,842mn)¥8,869mn

2. Forecast of Earnings Results for the Seventh Fiscal Period
Seventh Fiscal Period: From May 1, 2009 to October 31, 2009

SeventhFiscal Period

Operating
Revenue

Period-on-Period
ChangeOperating
IncomePeriod-on-Period
ChangeOrdinary
IncomePeriod-on-Period
Change¥5,614mn

0.1%¥2,625mn(2.8%)¥1,938mn(5.3%)Net
IncomeSeventhFiscal Period¥1,937mn

Period-on-Period
Dividend per Unit
Change(excluding dividend in excess of earnings)(5.3%)¥12,500

Dividend in Excess of Earningsper Unit¥0(Note) Estimated net income per unit for the seventh fiscal period: ¥12,500

Explanation on the Appropriate Use of Earnings Results Forecasts, and Other Matters of Special Note
The earnings results forecasts and other forward-looking statements contained in this document are based on
information currently available to and certain assumptions deemed reasonable by Top REIT. Accordingly, the actual
results may differ materially due to a variety of factors. Moreover, the forecasts should not be construed as aguarantee of the dividend amount.

3. Others(1) Changes in Accounting Policies
a. Changes accompanying revisions in accounting standards, etc.:
b. Changes aside from a. above:NoNo(2) Number of Investment Units Issued and Outstanding
a. Number of investment units (including own investment units) issued and outstanding at end of fiscal period
Sixth Fiscal Period: 155,000 units
Fifth Fiscal Period: 155,000 units
b. Number of own investment units issued and outstanding at end of fiscal period
Sixth Fiscal Period:
0 units
Fifth Fiscal Period:
0 units

This summary of earnings results is translated from the Japanese “Kessan Tanshin” report, dated June 12, 2009,
which is prepared in accordance with generally accepted accounting principles in Japan and Japanese law.
Unless otherwise stated, fractions less than the specified unit are rounded down to the nearest specified unit formonetary amounts and rounded to the nearest specified unit for percentage figures.

24. Asset Management Performance(1) Acquisition and Selling of Assets
Top REIT began the sixth fiscal period with 14 properties (total acquisition value: ¥162,347 million). Whiledeliberations were made over the possible acquisition of properties with a focus on office buildings located incentral Tokyo, which Top REIT had carefully selected from the extensive property information received
through the “optimal application of sponsor strengths”, the result of close monitoring of the real estate market
conditions and other developments caused reason for Top REIT to decide to forgo the acquisition of new
properties in the sixth fiscal period.
As a result, the total acquisition value of Top REIT’s assets at the end of the sixth fiscal period remains thesame as the end of the fifth fiscal period at ¥162,347 million.
(2) Management and Maintenance of Portfolio Assets
The basic asset management strategy of Top REIT centers on sustaining and increasing revenue over themedium to long term by maintaining and improving tenant satisfaction (the “Tenants First” policy) and keeping
operational management costs at an appropriate level.
Top REIT strives to sustain relationships of trust with tenants and discern tenant needs via property
management companies, and thereby maintain high occupancy rates. Moreover, floor space expansion
targeting existing tenants, solicitation of new tenants and other efforts were appropriately taken. As a result ofsuch undertakings, the occupancy rate of Top REIT’s entire portfolio at the end of the sixth fiscal period was99.2%. In addition, contrary to office market trends of falling rent levels and revisions in rents, Top REIT
reviewed renewal and new advertised rents and also revised rents as appropriate with tenants. Furthermore,
Top REIT reduced the trust fees for some assets under management by changing the trustee and changing thestructure upon renewal of the trust agreement.
Regarding maintenance, Top REIT followed up on ensuring an appropriate perception of the operational
management conditions and steady implementation of asset management plans for each property. Top REIT
also carried out repair work that contribute to enhancing the competitiveness of properties and maintaining andimproving the functionality of properties based on asset management plans, took steps to keep the costs of theconstruction work at an appropriate level and reviewed the timing of conducting the construction work, andconducted other efficient management of the reserve for repairs.

5. Procurement of Funds
Top REIT procures funds by adopting a financial policy that is based on stable financial management. During
the sixth fiscal period, a total of ¥26,000 million of Top REIT’s loans became due for repayment in March 2009,of which ¥25,740 million was refinanced and ¥260 million was repaid by using cash reserves.
While the ¥26,000 million prior to the refinancing was comprised of ¥16,700 million in long-term loans and¥9,300 million in short-term loans, the ¥25,740 million after the refinancing is comprised of ¥12,462 million in
long-term loans and ¥13,278 million in short-term loans. In the refinancing, Top REIT pays heed to achieving abalance between short-term loans and long-term loans in light of interest rate trends and diversifying repayment
dates. Moreover, while ¥11,500 million of the ¥26,000 million prior to the refinancing were loans with fixedinterest rates, all of the ¥25,740 million after the refinancing are loans with floating interest rates.
As a result, as at the end of the sixth fiscal period, the total amount of loans stands at ¥81,740 million and theratio of loans to total assets (LTV) at 47.3%. Of the total amount of loans, 83.8% are long-term loans (includingthe current portion of long-term loans) and 62.1% are loans with fixed interest rates.

3The credit ratings of Top REIT as of the date of this report are as follows:
Rating Agency

Issuer Rating [Outlook]

Moody’s Investors Service, Inc. (Moody’s)

A3 [Negative] (Note)

Rating and Investment Information, Inc. (R&I)

AA– [Stable](Note) Changes were made to the issuer rating and outlook on April 21, 2009.

6. Outlook for the Seventh and Eighth Fiscal PeriodsThe earnings results forecasts for the seventh fiscal period (from May 1, 2009 to October 31, 2009) and theeighth fiscal period (from November 1, 2009 to April 30, 2010) are as follows:
Fiscal Period

Seventh Fiscal Period

Eighth Fiscal Period[period of asset management][184 days][181 days]

Operating revenue¥5,614mn¥5,568mn

Ordinary income¥1,938mn¥1,938mn

Net income¥1,937mn¥1,937mn

Dividend per unit
(excluding dividend in excess of earnings)¥12,500¥12,500¥0¥0Dividend in excess of earnings per unit

(Note) The earnings results forecasts presented above are the current figures calculated based on certain
assumptions. Accordingly, the actual operating revenue, ordinary income, net income, dividend per unit
and dividend in excess of earnings per unit may vary due to changes in the circumstances. Moreover,the forecasts should not be construed as a guarantee of the dividend amount.

47. Financial Statements(1) Balance Sheets(Unit: thousand yen)Fifth Fiscal Period(as of October 31, 2008)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Deferred tax assets
Income taxes receivable
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Lease and guarantee deposits
Long-term prepaid expenses
Deferred tax assets
Other
Total investments and other assets
Total noncurrent assets
Deferred assets
Deferred organization expenses
Total deferred assets
Total assets

5Sixth Fiscal Period(as of April 30, 2009)

3,054,980
5,814,175
44,267
61,6211,839
1,863
25,043–
9,003,791

4,572,154
4,559,919
35,85099,695232
1,609
23,897(523)
9,292,836

1,111,657(27,517)
1,084,139
3,630
(579)
3,051
11,436(2,029)
9,407
506
(84)
421
4,888,525
55,414,168(4,735,387)
50,678,781
654,166(98,398)
555,768
194,250(30,332)
163,918
98,979(21,093)
77,886
106,523,104
147
163,985,153

1,115,185(48,213)
1,066,972
3,630(1,014)
2,616
11,436(3,551)
7,885
506
(147)
358
4,888,525
55,821,348(5,822,551)
49,998,796
654,166(119,642)
534,523
195,190(40,223)
154,966
99,570(31,807)
67,763
106,523,104–
163,245,514

297
297

276
276

10,00063,50371,32585,042229,871
164,215,322

10,000116,837
63,937
104,512295,287
163,541,078

22,68022,680173,241,793

17,01017,010172,850,925

(Unit: thousand yen)Fifth Fiscal Period(as of October 31, 2008)
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Derivatives liabilities
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Derivatives liabilities
Total noncurrent liabilities
Total liabilities
Net Assets
Unitholders’ equity
Unitholders’ capital
Surplus
Unappropriated retained earnings (undisposed loss)
Total surplusTotal unitholders’ equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

6

Sixth Fiscal Period(as of April 30, 2009)

82,9009,300,000
16,700,000
256,456
211,782
57
197,557
742,5148,307
2,240
27,501,815

90,535
13,278,000
9,000,000
257,127
182,75385
47,689760,984–
5,114
23,622,290

56,000,000
169,769
5,235,545
193,533
61,598,849
89,100,664

59,462,000
141,082
5,239,934
177,21065,020,228
88,642,51982,260,100

82,260,100

1,993,858
1,993,858
84,253,958

2,046,935
2,046,935
84,307,035(112,828)(112,828)(98,629)(98,629)

84,141,129
173,241,793

84,208,405
172,850,925

(2) Statements of Income(Unit: thousand yen)Fifth Fiscal Period(May 1, 2008 –October 31, 2008)
Operating revenue
Rent revenue – real estate
Other lease business revenue
Total operating revenue
Operating expenses
Expenses related to rent business
Loss on retirement of real estate properties
Asset management fee
Asset custody fee
Administrative service fees
Directors’ compensationsAudit fee
Provision of allowance for doubtful accounts
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Amortization of deferred organization expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

7

Sixth Fiscal Period(November 1, 2008 –April 30, 2009)

5,572,19512,545
5,584,740

5,580,387
26,546
5,606,933

2,370,668
897
434,587
7,811
58,8523,600
10,000–46,8062,933,224
2,651,516

2,346,377–
426,421
7,778
60,9973,600
10,000523
50,2842,905,982
2,700,950

16,078
6,868
22,947

13,822
3,821
17,644642,118
5,670
31,779679,568
1,994,895
1,994,895
1,055
(5)
1,050
1,993,845
12
1,993,858

626,618
5,670
38,523670,8122,047,782
2,047,782
1,149(209)939
2,046,842
93
2,046,935

(3) Statements of Cash Flows(Unit: thousand yen)Fifth Fiscal Period(May 1, 2008 –October 31, 2008)
Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Loss on retirement of real estate properties
Amortization of deferred organization expenses
Amortization of right of trademark
Increase (decrease) in allowance for doubtful accounts
Interest income and interest income on securities
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes refund receivable
Decrease (increase) in income taxes receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in other current assets
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable – other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits in trust
Repayments of tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period8

Sixth Fiscal Period(November 1, 2008 –April 30, 2009)

1,994,895
1,147,426
897
5,670
21
–
(16,078)
642,118(2,306)
390,782
1,473
2,259
254
10,76916,020198,814
24,13916,414(20,342)
4,413,227
16,097(611,678)(1,041)
3,816,605

2,047,782
1,151,729
–
5,670
21
523
(13,822)626,618
8,417–
253(38,074)(23,076)
26,504
3,936(149,867)
18,469(53,333)(16,462)3,595,289
13,822(656,873)(1,120)2,951,117––(8,847)(5,708,454)(1,544)
239,345(1,530,149)(7,009,649)(470,000)
470,000–(410,137)(28,686)
84,784(80,395)(434,434)–(1,000,000)––(1,842,020)(2,842,020)(6,035,063)
14,904,219
8,869,155

13,278,000(9,300,000)
12,462,000(16,700,000)(1,993,765)(2,253,765)
262,917
8,869,155
9,132,073

8. Portfolio Data
AssetClassAcquisition
Value

Appraisal
Investment
Value atBreakdown
End of Period(Note)(million yen)(million yen)

NEC Head Office Building

41,95048,000

28.1

Harumi Island Triton Square OfficeTower Y

33,00041,50024.3

Akasaka Oji Building

9,660

14,400

8.4

Kanda Park Plaza

5,156

5,513

3.2

Shiba-Koen Building

5,770

4,210

2.5

Harumi Island Triton Square OfficeTower Z

20,00017,100

10.0

Tokyo
Metropolitan
Area

Faret East Building

2,091

2,950

1.7

KansaiNittetsu Honmachi Building

1,100

1,580

0.9

118,727

135,253

79.2Sagamihara Shopping Center

12,00011,000

6.4

Ito-Yokado Higashi-Narashino Store

8,900

5,483

3.2

Musashiurawa Shopping Square

4,335

3,910

2.3

25,235

20,393

11.9

Fukasawa House Towers H&I

10,6357,990

4.7

Ecology Toyosu Procentury

5,160

4,650

2.7

Subtotal (2 properties)

15,795

12,640

7.4

Central Tokyo

2,590

2,584

1.5

2,590

2,584

1.5

162,347

170,870

100.0

Area

Property Name(%)

Central TokyoOffice
Building

Subtotal (8 properties)

RetailProperty

Tokyo
Metropolitan
Area

Subtotal (3 properties)Tokyo
Residential Metropolitan
AreaProperty

OtherProperty

OAK PLAZA

Subtotal (1 property)

Total(Note) The investment breakdown is the appraisal value at end of period for the applicable property or theapplicable asset class expressed as a percentage of the sum total of the appraisal value at end of period
for all properties in the portfolio and is rounded to one decimal place.

9For more information, please visit our website http://www.top-reit.co.jp/english/
Contact for inquiries in Japanese:
Top REIT Asset Management Co., Ltd. (Asset Manager)
Koji Murata, Director, General Manager, Finance Department+81-3-3243-2181
Contact for inquiries in English:
Top REIT Asset Management Co., Ltd. (Asset Manager)
E-mail address: info-top@top-reit-am.co.jp

DISCLAIMER:
Top REIT, Inc. makes no assurance or warranty with respect to the completeness or accuracy of this English
translation. In the event of any discrepancy between the Japanese original and this English translation, theJapanese original shall prevail. For complete and accurate information, please refer to the Japanese original.

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