To Our Shareholders
Hiroshi Mori
Executive Director
Mori Hills REIT Investment Corporation ("MHR") has enjoyed a positive reception from financial investors since it’s listing on the Tokyo Stock Exchange on November 30, 2006. Investors have recognized MHR’s exceptional portfolio, strong relationship with Mori Building, valuable brand recognition and capable management team.
Our overriding mission at MHR is maximizing shareholder value. Mori Hills REIT is the realization of Mori Building’s goal of creating an investment vehicle that will enable all investors to own premium, central Tokyo property and participate in the enhancement of our cities. To achieve this goal and maintain the trust of our investors, we will continue to strive to provide thorough and timely disclosure of information to both domestic and overseas investors, and to achieve robust internal and external growth.
The Central Tokyo office and luxury residential market is experiencing low vacancy and higher rents and we anticipate increasing demand for premium space accompanied by limited new supply for at least several years. MHR’s entire current property portfolio is located in central Tokyo, and Mori Building has been focused on the central Tokyo real estate market for almost 50 years. Our team is negotiating rent revisions that reflect market fundamentals and enable revenue growth.
In the current market environment it is extremely difficult to acquire property of the standard of MHR’s current portfolio. Fortunately our support agreement with Mori Building provides MHR with first negotiating rights on sale of Mori Building property, and Mori Building's pipeline of property and ambitious development plans puts MHR in a unique position for long-term growth.
Hiroshi Mori
Executive Director
Mori Hills REIT Investment Corporation
