It is my pleasure to introduce Asia Pacific Land (APL), an international real estate investment and advisory firm that is entering its eighth year serving the Japanese market.

The real estate market in Japan is undergoing a dramatic transformation. Real estate investors are now focusing on improving cash flow, and tenants require more creative solutions in property and asset management. With respect to these trends, APL operates its real estate business with a forward-looking corporate vision representing a blend of conventional Japanese real estate business acumen with a rigorous Western valuation based on discounted cash flow.

Having begun my real estate career in Japan over seventeen years ago, I am personally committed to ensuring that we pursue each opportunity in Japan with an open mind, fairness and integrity. Our market research and property analysis are among the most rigorous in the industry. Through this we attain superior knowledge of each asset's risks and potential returns. As a private venture firm, we remain agile and responsive to new opportunities, drawing on capital resources from a network of institutional investors. Once a property is acquired, our asset management team takes a collaborative approach with tenants to ensure above-market occupancy and cash flow. In this manner, we have a unique ability to identify and unlock hidden value.

We look forward to continue building our business in this market, and stand committed to serving our clients, partners, and shareholders.


WILLIAM D. SCHOENFELD
President, Asia Pacific Land