Message From The President

Since its founding in 1986, NTT Urban Development has achieved growth with office building development and leasing operations at the core of its businesses, based on real properties it had inherited from NTT, its parent company. Following its merger with other real estate companies in the NTT Group across Japan, NTT Urban Development has made aggressive forays into new operating fields, such as residential property sales business, as the only NTT Group member that specializes in comprehensive real estate operations. To coincide with its share listing in November 2004, NTT Urban Development adopted an entirely new corporate identity. Under that new corporate identity, the Company has pursued its theme of creating comfortable environments with an optimal balance among people, living places, and the environment, and contributing to the development of local communities.

The Urbannet Shijo-Karasuma Building (also known commercially as LAQUE Shijo-Karasuma), a commercial-business complex completed in Kyoto in October 2010, is an embodiment of this idea on which NTT Urban Development bases its operations. NTT Urban Development is undertaking projects such as the Otemachi 1-Chome No. 2 Urban Area Redevelopment Project Type 1 in Tokyo, the Osaka Station North District Phase 1 Development Area Project and the Fukuoka Tenjin Project, with the same enterprising spirit at present.

NTT Urban Development has launched overseas operations, too, with the acquisition of an office building in London as its first step. We have steadily bolstered our position overseas in stages, including entries into new business fields, such as J-REIT market.

NTT Urban Development this year celebrated the 25th anniversary of its founding. I would like to express here our heartfelt appreciation for the courtesies you have extended to us over the years.

Market conditions for real estate business operators have remained uncertain in recent years. In the meantime, the real estate business has been undergoing qualitative changes in response to developments such as operational globalization, changes environment, diversifying customer needs that reflect changing lifestyles and values, and shorter periods for investment recovery. To respond rapidly to these changes in external conditions, NTT Urban Development has developed the NTT Urban Development Group Medium-Term Management Plan 2012, which covers the period of three years from fiscal 2010. With a goal of “contributing to the development of towns and communities by providing high quality and comfortable business spaces and living with urban development capabilities cultivated over many years,” we seek to secure a new era of growth by ensuring stable profitability while developing new growth opportunities in an uncertain business environment. We will pursue these initiatives under our key medium-term policies of (1) restructuring the business base and (2) pursuing growth in consideration of financial soundness.

NTT Urban Development will continue to meet the expectations and trust of its stakeholders by achieving growth, through redoubling its commitment to corporate governance, striving to reduce the burden on the environment and promoting our CSR activities. We ask for your continued understanding and support.

As of January 2011

President and Chief Executive Officer
NTT Urban Development Corporation