Presentation Material for the 1st Quarter of FY2021 (Ending December 31, 2021) - May 12, 2021
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Presentation Material for the 1st Quarter of FY2021
(Ending December 31, 2021)
May 12, 2021
Contents
■ Summary p.3 ■ Appendix p.29
■ Consolidated Statement of Income p.4 Long-Term Vision and Medium-Term Business Plan p.30
for the First Quarter of FY2021
■ Consolidated Balance Sheet p.5 Progress of Investment Plans p.36
for the First Quarter of FY2021
Investment Plan for FY2021 p.37
■ Balance of Real Estate for Sale p.7
Medium-Term Business Plan Progress Report p.38
■ Main Impacts of the COVID-19 Pandemic p.8
Shareholder Returns p.39
■ Assessment of the Market Environment and
p.9
Future Policies Fair Value of Rental Properties p.40
■ ESG Report: Recent Initiatives p.10 Commercial Properties Business: p.41
Major Development Projects
■ Full-Year Earnings Forecast for FY2021 p.11
Commercial Properties Business: p.42
■ Business Results by Segment p.12 Features of the Yaesu-Nihonbashi-Kyobashi Area
Quarterly Segment Data p.45
■ (1) Commercial Properties Business p.13
List of Facilities p.46
(2) Residential Business p.17
Market Data p.47
(3) Asset Service p.23
(4) Other p.25
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
2
Summary
Business Results for the First Quarter of FY2021
• Although hotels, retail facilities, and parking lots have been affected by the spread of COVID-19, the mainstay businesses
of leasing of office buildings and for-sale condominiums remained strong, and both revenue and profit increased due to
factors such as an increase in property sales to investors. (Amount of property sales to investors: ¥20.5 billion, gross profit
therefrom: ¥6.8 billion)
Topics
• Issued publicly offered hybrid bonds (sustainability bonds). (February)
• Received gold award, the highest such award given by the Minister of the Environment in the ESG Finance Awards Japan
(February)
• Completed the entire “Nishijin Reborn Project” in Fukuoka-shi, Fukuoka (March); grand opening of the “PRALIVA”
commercial building (April)
• Change of rating. Long-term issuer rating increased from “A-” to “A” by the Japan Credit Rating Agency (March)
• Appointment of the Company's first female outside director. (March)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
3
Consolidated Statement of Income
for the First Quarter of FY2021
• Although hotels, retail facilities, and parking lots have been affected by the spread of COVID-19, the mainstay
businesses of leasing of office buildings and for-sale condominiums remained strong, and both revenue and
profit increased due to factors such as an increase in property sales to investors. (Amount of property sales to
investors: ¥20.5 billion, gross profit therefrom: ¥6.8 billion)
2021/12
2020/12 2021/12 Increase/ Achievement
Unit: ¥ billion Main factors for increase/decrease Full-year
1Q actual 1Q actual Decrease Rate
Forecasts
Operating revenue 97.0 102.6 5.6 355.0 29%
Commercial properties 31.6 28.7 (2.8) 167.0 17%
Residential 43.8 57.8 14.0 120.0 48%
Asset service 14.8 11.3 (3.5) 46.0 25%
Other 6.6 4.6 (1.9) 22.0 21%
Operating profit 13.4 21.0 7.6 ・Operating revenue and business profit 54.0 39%
Increase due to an increase in property sales to investors in the
Share of profit (loss) of entities residential business
0.0 (0.2) (0.2) (1.0) -
accounted for using equity method
Business profit*1 13.4 20.7 7.3 53.0 39%
Commercial properties 9.2 9.3 0.0 45.5 20%
Residential 4.7 13.1 8.4 15.5 85%
Asset service 1.5 0.8 (0.7) 3.0 27%
Other 0.4 (0.0) (0.5) (1.0) -
Elimination/Corporate (2.5) (2.4) 0.0 (10.0) -
Non-operating income 1.1 1.4 0.3 3.5 41%
Increase in financing costs associated with issuance of hybrid
Non-operating expenses 2.2 2.7 0.5 9.5 29%
bonds, etc.
Interest expense 1.7 1.6 (0.1)
Ordinary profit 12.3 19.7 7.4 48.0 41%
Extraordinary income 1.7 1.3 (0.3) Decrease in gain on sale of investment securities 2.0 66%
Impact of posting of loss on valuation of investment securities in
Extraordinary loss 1.9 0.0 (1.8) the previous fiscal year - -
profit before income tax 12.1 21.0 8.8 50.0 42%
Profit attributable to owners of
parent 8.0 13.8 5.8 33.0 42%
*1: Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
4
Consolidated Balance Sheet
for the First Quarter of FY2021
• Total assets increased by ¥48.4 billion due to factors such as a temporary increase in cash and deposits and an
increase in investment securities associated with the rise in fair value of listed shares.
Increase/
Unit: ¥ billion 2020/12-end 2021/3-end Main factors for increase/decrease
Decrease
Total assets 1624.6 1,673.0 48.4
Current assets 447.7 478.6 30.8 ・ Real estate for sale
Although this increased due to the acquisition of land for logistics properties and for-
Cash and deposits 54.6 88.8 34.1 sale condominiums, etc., it decreased due to progress in property sales to investors
Real estate for sale 348.5 346.3 (2.2) and sales of condminiums
Other 44.5 43.4 (1.0)
Non-current assets 1176.8 1,194.4 17.5
Property, plant and equipment 806.2 809.6 3.3 ・ Investments and other assets
Increase in investment securities associated with the rise in fair value of listed shares
Intangible assets 130.5 130.4 (0.1) and other factors
Investments and other assets 240.0 254.3 14.3
Total liabilities 1225.5 1,254.6 29.0
・ Interest-bearing debt
Interest-bearing debt 976.8 1,001.0 24.1 Increase due to issuance of hybrid bonds and other factors
Other liabilities 248.6 253.6 4.9
Total net assets 399.1 418.4 19.3
・ Shareholders’ equity
Shareholders’ equity 300.2 309.0 8.8 Profit attributable to owners of the parent +¥13.8 billion; Dividends paid -¥5.0 billion
Accumulated other comprehensive ・ Accumulated other comprehensive income
income
89.1 99.2 10.1
Increase in valuation difference on available-for-sale securities
Non-controlling interests 9.7 10.0 0.3
Capital adequacy ratio 24.0% 24.4% 0.4p
Debt equity ratio *1
2.5 2.5 (0.1) ・ Net debt equity ratio: 2.2x
Interest-bearing debt / EBITDA multiple*2 13.4 - -
*1: Debt equity ratio = Interest-bearing debt / Equity capital
*2: Interest-bearing debt / EBITDA multiple = Interest-bearing debt / (Operating profit + Interest & dividend income + Share of profit (loss) of entities accounted for using equity method
+ Depreciation expense + Goodwill amortization expense)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
5
Consolidated Balance Sheet
for the First Quarter of FY2021
Breakdown of Property and
Equipment and Intangible Assets Total assets: ¥1,673.0 billion Breakdown of
Interest-Bearing Debt
Asset service Current assets 478.6 Liabilities 1,254.6
¥16.9 billion
2%
Cash and deposits 88.8 Interest-bearing debt 1,001.0
Residential Other Commercial papers Other
business ¥23.3 billion Real estate for sale 346.3 Loans payable 693.4 ¥40.0 billion ¥2.5 billion
¥28.2 billion 2% 4%
Real estate for sale 159.7 Bonds payable 265.0 0%
3%
Real estate for sale in process 105.2 Commercial paper 40.0
Real estate for development 81.3 Other 2.5
Bonds payable
Other 43.4 Other liabilities 253.6
¥265.0 billion
Non-current assets 1,194.4 27%
Loans payable
Property, plant and equipment 809.6 ¥693.4 billion
Commercial Properties
Intangible assets 130.4 69%
business
¥871.4 billion
93%
Investments and other assets 254.3 Net assets 418.4
Shareholders’ equity 309.0
Accumulated other
comprehensive income
99.2
Non-controlling interests 10.0
Breakdown of Real Status of Debt
Estate for Sale Equity Ratio
2021/3-end
Real estate for Asset service
development (land) Taking into account
¥48.2 billion hybrid loans/bonds*3
Real estate for sale ¥81.3 billion 14%
(completed) 24%
Commercial Properties Debt equity ratio*1 2.5x 1.9x
¥159.7 billion business
46% ¥127.7 billion Net debt equity ratio*2 2.2x 1.7x
37%
Real estate for sale in Residential business
process (underway) *1: Debt equity ratio = Interest-bearing debt / Equity capital
¥170.2 billion *2: Net debt equity ratio = (Interest-bearing debt - Cash and
¥105.2 billion 49% deposits) / Equity capital
30% *3: Calculated by taking into account the total equity credit of
¥74.0 billion concerning ¥148.0 billion of the total amount
procured from the hybrid loan and hybrid bonds
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6
Balance of Real Estate for Sale
• In the first quarter, although the acquisition of land for development of logistics properties in the Commercial Properties business
and land for for-sale condominiums in the Residential business progressed, the balance of real estate for sale decreased to ¥346.3
billion as a result of progress in sales of for-rent condominium property sales to investors and for-sale condominiums.
• Meanwhile, investment in properties for sale to investors increased by approximately ¥10.0 billion to approximately ¥350.0 billion on
a total investment basis. Condominium sales and the land bank increased steadily to approximately 8,100 units.
(¥ billion)
Property sales to investors
400
(commercial properties, for-rent condominiums,
348.5 346.3 asset service, other)
337.3 2.7
16.4 Balance of real estate for sale (as of March 31, 2021):
50.1 48.2 Asset service ¥214.7 billion (up ¥8.2 billion from the end of 2020)
300 283.4 51.7
→p.24
3.6 43.3 38.6 For-rent Total investment amount*1(based on decisions made):
43.5 29.1 condominiums Approx. ¥350.0 billion (up ¥10.0 billion from the end of 2020)
221.9 →p.21 ⇒Estimated gain on sale*2: Approx. ¥76.0 billion
3.7 20.4
200 35.7 110.2 127.7 Logistics, hotels, [Projects to be acquired in 2021]
1.7 107.9 retail, offices
153.7 147.1 85.2 2 logistics facilities, 2 medium-size offices, 2 for-rent
55.4 →p.15
condominiums and 2 under asset solution business
112.8 27.7
101.2 1.7
100 24.6 [Projects already sold in 2021]
1 urban retail property, 4 for-rent condominiums
153.7 142.0
125.3 130.6 132.0 131.6 For-sale 9 under asset solution business
101.2 112.8
92.9 condominiums,
etc.
0
2013/12 2014/12 2015/12 2016/12 2017/12 2018/12 2019/12 2020/12 2021/3 For-sale condominiums
Transfer from non-current assets to real estate for sale Balance of real estate for sale:
¥131.6 billion (down ¥10.4 billion from the end of 2020)
End of 2018 End of 2019
Offices and for-rent Offices: ¥10.0 billion End of 2020 Land bank (including 980 units scheduled to be posted in 2021):
condominiums Senior residences: approx. Offices: ¥24.0 billion
Approx. 8,100 units (600 units acquired in FY2021 1Q)
Total of approx. ¥ 35.0 billion ¥13.0 billion, etc.
*1: Calculated by aggregating total investment amount, in which construction costs, etc. that arise after the acquisition are added to the book value of each property at the time of acquisition.
*2: Calculated by subtracting gain on sale of properties sold in FY2021 from the estimated gain on sale as of the end of 2020 and then adding the estimated gain on sale of properties that have
been decided to be newly acquired in FY2021. 7
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Main Impacts of the COVID-19 Pandemic
• The leasing business of hotels and retail facilities, the parking business, and the leisure business have continued
to be particularly affected by the COVID-19 outbreak.
• Meanwhile the commercial property leasing business has been stable. The for-sale condominium business and
the property sales to investors continued to perform well.
Main Items
Anticipated Impacts of COVID-19 in FY2021 Impacts of COVID-19 in the First Quarter of FY2021
Affected
• In the leasing of hotels and retail facilities, sales will not recover
to the level prior to the spread of COVID-19, and revenues are
Commercial anticipated to decrease somewhat as a result of anticipating • Although hotels and retail facilities continued to be affected, the
Properties the replacement of some tenants and operators. commercial property leasing business as a whole progressed
(Leasing) • However, the volume of assets affected is limited, and an without any substantial changes from the initial plans.
increase in revenue and profit is expected in the commercial
property leasing business as a whole.
• In the sales of condominiums, show houses and sales centers
Residential will only operate on a reservation basis, and it is anticipated • Although visitors to show houses and sales centers at the
(Sales) that sales will be conducted as planned while ensuring that same time were limited, sales progressed well.
measures to prevent infection are implemented.
• Although operation is difficult in the parking business, it is
anticipated that the situation will gradually recover from spring • In the parking business, as a result of the demands to refrain
Asset service
and generally return to the same level as other years by the from going out, parking lot occupancy remained low, especially
(Parking
end of the year. However, it is anticipated that the recovery of for park and ride lots in front of major regional train stations and
business)
some large parking lots will take until the next fiscal year and parking lots attached to large commercial facilities.
later.
• Dog-friendly hotels (Regina Resort) are expected to recover
from spring, and earnings are expected to increase year on
• All dog-friendly hotels (Regina Resort) and spa facilities (Ofuro
Other year.
no Osama) continued to be affected.
(Leisure • Operation of spa facilities (Ofuro no Osama) is forecast to
• At golf courses, although sales of food and beverage services
business) recover to pre-COVID-19 levels next fiscal year or later.
remained low, operating rates remained strong.
• Recovery of visitors to golf courses. Income expected to
increase compared to the previous year’s results.
Property sales • Sales of properties will be expanded centered on offices and
• In the first quarter, sales of retail facilities and for-rent
to investors for-rent condominiums in good locations with strong investment
condominiums were implemented.
demand.
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8
Assessment of the Market Environment and
Future Policies
• Although the direct impacts of COVID-19 on the Company were limited.
• New products are being planned with an eye to post-COVID diversification of working and living styles.
• As for the real estate transaction market, demand is expected to remain strong, especially for logistics facilities and for-rent
condominiums which are expected to generate stable cash flow. We will proactively promote investments to secure new projects.
Assessment of the Future Market Environment and Tokyo Tatemono’s Initiatives
• Although there has not been a significant impact on rents or vacancy rates in the Specific initiatives
Company’s portfolio, the vacancy rate is rising in the market, and it is necessary to
We will partner with
monitor the lengthening of leasing periods of existing vacancies. Bitkey Inc., which is
• However, the likelihood of vacancy rates and rent levels significantly deteriorating is scheduled to introduce
expected to be low because the Company will not complete any major projects until 2025, the “Workhub” platform
Offices there is little new supply in the market in 2021 and 2022, and the Company has a superior
at Tokyo Square
Garden. It will improve
portfolio (in terms of size and location). the convenience of
services provided and
• The major trend of preferring good locations and high specifications remains unchanged, promote the creation of
but with the spread of telework, etc., product planning for offices with heightened a comfortable office
productivity has become necessary. environment. Concept of the Bitkey ID
• Demand for for-sale condominiums remains excellent among real consumers. In addition
to highly convenient central Tokyo locations, properties in suburban areas are also Specific initiatives
expected to perform well. Implementation of
• Stable demand is also expected in for-rent condominiums with no major changes in the product planning with
consideration for
Residential business environment. working from home
• However, due to the spread of telework, there is increasing demand for balancing a and sanitation at
comfortable working environment with a relaxing living environment, and we will promote Brillia Oshima
Parkside.
new product development such as securing co-working spaces in common areas and
Private base Contactless
workspaces in residences. faucet
• In the parking business, although occupancy rates are down recently, growth is expected in the medium to long term due to the recovery of travel
Asset
demand and an increase in the number of parking spaces.
service • The brokerage business is expected to continue to perform well backed by a solid real estate transaction market.
• In the fund business, steady growth is expected to be backed by strong investment needs for domestic real estate.
Other • In the leisure business, although inbound demand is weak, domestic travel is expected to recover well and golf demand is expected to be strong.
Real • In the real estate transaction market, investors’ appetite for investment in real estate is increasing. In particular, demand for investment in
estate conveniently located offices and logistics facilities as well as for-rent condominiums is expected to remain strong in future as they are expected to
transaction generate stable revenue.
market (This fiscal year, we have already secured new projects for two offices and two logistics facilities and two for-rent condominiums)
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9
ESG Report: Recent Initiatives
• Received gold award, the highest such award given by the Minister of the Environment in the ESG Finance Awards Japan*1
(February)
• Five companies in the Tokyo Tatemono Group certified as Health and Productivity Enterprises in 2021 (March)
• Acquired Association for Business Innovation in harmony with Nature and Community Certification (ABINC Certification) at Tokyo
Square Garden (March), started field trials of recycling of waste plastic (April)
Received the Gold Award in the ESG Finance Awards Environmentally friendly initiatives at Tokyo Square Garden
Japan
In July 2020, the Company issued the first ■ Acquired Association for Business Innovation in harmony
sustainability bonds in the Japanese real with Nature and Community Certification (ABINC Certification)
estate sector.
They were issued to obtain funds for urban
development in the Yaesu-Nihonbashi- The area around Tokyo Station where the property
Kyobashi area around Tokyo Station centered is located is near the Imperial Palace and Tokyo
on the large-scale redevelopment project Bay, and is home to many birds and insects.
contributing to the solution of environmental In order to preserve this biodiversity, “Kyobashi no
and social issues. Oka,” a multi-layered greening space covering
approximately 3,000 square meters, has been
established on the property to promote
environmental conservation initiatives in
In pursuit of diverse values including environmental and social aspects, it
consideration of biodiversity.
has been awarded the highest gold award in recognition for its broad
coverage of sustainability themes.
Tokyo Square Garden
■ Commenced field trials of waste plastic recycling
March 2019: Issuance of Green Hybrid Bonds
● First issuance of green hybrid bonds in Japan (world-first in the real estate sector) Together with Bridgestone Corporation and RECREATE
COLLECT
● Received the Minister of the Environment (Silver Award) in the ESG Finance Awards TBM Co., Ltd., the Company commenced a
Japan
material recycling*2 field trial collecting used
・ Issuance period: 40 years Amount issued: ¥50 billion
plastics from the Bridgestone head office in
Tokyo Square Garden, and recycling plastic TRANSPORT EVALUATE
July 2020: Issued sustainability bonds (this issue)
・ Issuance period: 5 years Amount issued: ¥20 billion
resources sorted by automatic sorting
・ Issuance period: 10 years Amount issued: ¥20 billion equipment.
In the future, the recycled plastic will be
SORT PELLETIZE
February 2021: Issued sustainability hybrid bonds reused as office supplies in the building.
・ Issuance period: 40 years Amount issued: ¥40 billion
*1 Established by the Ministry of the Environment for the purpose of evaluating and recognizing investors, financial institutions, etc. who have been actively engaged in ESG finance and green
projects and have had an excellent impact on the environment and society, along with initiatives by companies producing an impact on corporate value and the environment by incorporating
important environment-related opportunities and risks into management strategies to improve corporate value, and to share these with society.
*2 Used products and waste generated in the production process are collected, processed to be easily reused and used as ingredients or raw materials for new products.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
10Full-Year Earnings Forecast for FY2021
(No update from the time of announcement of financial results)
• The outlook for FY2021 is an increase in revenue and profit as a result of increase in property sales to investors in the
Commercial Properties business and the Residential business and the recovery of occupancy rates in the parking lots and
resort facilities, and other factors, while the impacts of the COVID-19 pandemic continuing in certain areas.
2020/12 2021/12 Increase/
Unit: ¥ billion Main factors for increase/decrease
Actual Forecasts Decrease
Operating revenue 334.9 355.0 20.0
・ Operating revenue
Commercial properties 144.5 167.0 22.4 Increase in revenue due to an increase in property sales to investors in
Residential 99.1 120.0 20.8 the Commercial Properties business and the Residential business, and
the recovery of occupancy rates in the parking lots and resort facilities,
Asset service 46.6 46.0 (0.6) and other factors.
Other 44.5 22.0 (22.5)
Operating profit 49.6 54.0 4.3
・ Breakdown of Share of profit (loss) of entities accounted for using
Share of profit (loss) of entities equity method
accounted for using equity method
0.2 (1.0) (1.2) ¥0.5 billion for commercial properties (+¥0.0 billion), -¥1.5 billion for
other business (-¥1.2 billion)
Business profit*1 49.8 53.0 3.1
・ Business profit
Commercial properties 40.8 45.5 4.6 Increase in profit due to increase in property sales to investors in the
Residential 7.1 15.5 8.3 Commercial Properties business and Residential business,
improvement of gross profit on sales of condominiums, and other
Asset service 2.6 3.0 0.3 factors.
Other 8.6 (1.0) (9.6)
Elimination/Corporate (9.5) (10.0) (0.4)
Non-operating income 5.6 3.5 (2.1) Decrease in gain on investment in partnership, etc.
Non-operating expenses 8.2 9.5 1.2 Increase in equity in losses
Ordinary profit 47.0 48.0 0.9
Extraordinary income 4.7 2.0 (2.7)
Extraordinary loss 4.8 - (4.8)
Profit before income tax 46.9 50.0 3.0
Profit attributable to owners of parent 31.7 33.0 1.2
Cash flows from operating activities 43.5 10.0
Cash flows from investing activities (66.7) (60.0)
Cash flows from financing activities 38.3 35.0
*1: Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method
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11Business Results by Segment
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12(1) Commercial Properties Business: Business Results for
the First Quarter of FY2021 and Full-Year Earnings Forecast for FY2021
• In the first quarter, although revenues decreased due to a decline in revenues from property sales to investors and
lower rental revenue from hotels and retail facilities due to the spread of the COVID-19 pandemic, income remained
the same as a result of strong performance of leasing of office buildings, etc.
2020/12 2021/12 Increase/ 2021/12 Achievement
Unit: ¥ billion Main factors for increase/decrease
1Q actual 1Q actual Decrease Forecasts Rate
Operating revenue 31.6 28.7 (2.8) 167.0 17%
New operations +¥0.0 billion; Full-year operations +¥0.6 billion;
Leasing of buildings 18.6 18.4 (0.1) Sale, reconstruction, etc. -¥0.6 billion; Existing buildings -¥0.2 billion;
75.5 24%
Sales of real estate 4.2 1.8 (2.4) Property sales to investors -¥2.4 billion 54.0 3%
Building management
service, etc.
8.5 8.2 (0.2) 37.0 22%
Dividends 0.1 0.1 0.0 0.5 30%
Operating profit 9.1 9.2 0.1 45.0 21%
Business profit 9.2 9.3 0.0 45.5 20%
2020/12 2021/12 Increase/
Unit: ¥ billion Main factors for increase/decrease
Actual Forecasts Decrease
Operating revenue 144.5 167.0 22.4
New operations +¥0.1 billion; Full-year operations +¥2.4 billion;
Leasing of buildings 74.9 75.5 0.5 Sale, reconstruction, etc. -¥2.0 billion; Existing buildings; +¥0.0 billion
Sales of real estate 32.8 54.0 21.1 Property sales to investors +¥21.1 billion
Building management
service, etc.
36.0 37.0 0.9
Dividends 0.6 0.5 (0.1)
Property sales to investors +¥4.8 billion (FY2020 cumulative total:
Operating profit 40.4 45.0 4.5 ¥7.2 billion; FY2021 cumulative total: ¥12.0 billion)
Business profit 40.8 45.5 4.6 Equity in income (loss) of affiliated companies +¥0.0 billion (¥0.5 billion)
New and full-year operations
・ 2021 new operations: Candeo Hotels Kyoto Karasuma Rokkaku (completed in March 2021)
・ 2021 full-year operations: Hareza Tower (completed May 2020), Nonoaoyama Shop & Restaurant (completed May 2020), T-LOGI Kuki (completed June 2020)
* New operations: Impact of increase in revenue attributable to the buildings that were completed or acquired in the fiscal year under review; Full-year operations: Impact of increase in revenue
attributable to the buildings that were completed or acquired in the previous fiscal year contributing to full-year operations;
Sale, reconstruction, etc.: Impact of decrease in revenue attributable to decrease in buildings in operation due to sale, reconstruction, etc.
Existing buildings: Total amount of the effects of rent revisions, end of rent-free periods, occupancy rate changes, etc. at buildings other than those of new operations, full-year operations and
sale, reconstruction, etc.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
13(1) Commercial Properties Business:
Office Building Portfolio
• At the end of March, average rent was ¥31,061 per tsubo and the occupancy rate remained high at 96.6%.
Number of
At end of March 2021 Leasable area (Yen/tsubo) 98.6% 98.8% 98.9% 98.9% 99.0% 98.0% 98.7% 97.7% 100%
buildings 96.6%
40,000
Owned office buildings*1 *2 46 514,907 m2
30,361 30,405 30,470 30,583 30,846 30,288 30,161 30,835 31,061
Subleased buildings ー 96,678 m 2 30,000 90%
Commercial facilities, buildings
ー 282,120 m2 20,000
for redevelopment, etc.
Total leasable area of 80%
ー 893,705 m2
commercial properties business 10,000
0 70%
2019/3 2019/6 2019/9 2019/12 2020/3 2020/6 2020/9 2020/12 2021/3
Other
Less than 300 1,000 tsubo 16.9%
tsubo and over 30 years and older Tokyo metropolitan area
19.9% 19.4% 28.7% (excluding 23 wards) 3 central wards
Under 10 years old 2.5% of Tokyo
47.3% 40.6%
300–499
tsubo 23 wards (excluding
22.8% 500–999 tsubo 20–29 years old 5 central wards) of
37.9% 9.4% Tokyo Shibuya &
10–19 22.9%
years old Average Shinjuku
14.6% building age*3 wards
19 years 17.1%
*1 Please refer to the note on page 45 for the definition for the subject of calculation of the number of owned office buildings, average rent and occupancy.
*2 DNP Gotanda Building,” which was acquired at the end of September 2019, is not included in “Owned office buildings” nor in areas subject to calculation of average rent,
occupancy rate, and breakdown of leasable area.
*3 The weighted average based on leasable area.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
14(1) Commercial Properties Business:
Initiatives for Property Sales to Investors
• In the first quarter, new projects for logistics properties and medium-size office buildings we secured.
• The balance of real estate for sale increased by ¥17.5 billion from the end of FY2020 to ¥127.7 billion and the value
of stock in terms of total investment amount increased by approximately ¥20.0 billion to approximately ¥240.0 billion.
Construction
As of the end of 2020: Area Property name Status
Transfer from fixed assets of completed
(¥ billion) approx. ¥24.0 billion Tenjin, Fukuoka TENJIN249 July 2018 Sold
As of the end of 2019: Gotanda FUNDES Gotanda July 2019 In operation
150 Transfer from fixed assets of
slightly less than ¥10.0 billion Ginza FUNDES Ginza Nov. 2019 In operation
As of the end of 2018:
127.7 Tenjin, Fukuoka Tenjin Nishidori Project (provisional name) Spring 2022
Under
Transfer from fixed assets of development
slightly less than ¥20.0 billion 110.2
107.9 * Apart from what is listed, 1 acquisition has been made.
100
85.2
55.4
Real estate
50
for sale
(completed)
24.6
0
2016/12 2017/12 2018/12 2019/12 2020/12 2021/3
Total investment amount (based on decisions made)*:
approx. ¥240.0 billion
FUNDES Gotanda FUNDES Ginza
Assume average NOI yield at stable occupancy of around 5%
* Calculated by aggregating the total investment amount, in which construction costs, etc. that arise
after the acquisition are added to the book value of each property at the time of acquisition.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
15(1) Commercial Properties Business:
Initiatives for Property Sales to Investors
Number of Construction
Property name Opening Status Area Hotel name Status
guestrooms completed
T-LOGI Kuki Jul. 2020 In operation Roppongi Candeo Hotels Tokyo Roppongi 149 Sept. 2017 In operation
T-LOGI Yokohama Aoba (provisional name) Spring 2022 Under development Ginza The Square Hotel Ginza 182 Aug. 2018 In operation
T-LOGI Narashino (provisional name) Spring 2022 Under development Asakusa Hotel Gracery Asakusa 125 Sept. 2018 In operation
T-LOGI Ayase (provisional name) Summer 2022 Under development Midosuji (1) the b Osaka Midosuji 306 Feb. 2019 In operation
T-LOGI Narashino II (provisional name) Summer 2022 Under development Omiya Candeo Hotels Omiya 321 Aug. 2019 In operation
T-LOGI Chiba Kita (provisional name) Fall 2022 Under development Hoshino Resorts OMO5 Kyoto
Sanjo, Kyoto 122 Dec. 2019 In operation
Sanjo
T-LOGI Akiruno (provisional name) Spring 2023 To be acquired Candeo Hotels Kyoto Karasuma
Shijo, Kyoto 106 Mar. 2021 In operation
T-LOGI Fukuoka (provisional name) TBD Under development Rokkaku
Under
Midosuji (2) TBD TBD Summer 2023
Osaka Logistics Facility Project (provisional name) TBD Under development development
Under
T-LOGI Kazo (provisional name) TBD Under development Akihabara TBD TBD TBD
development
T-LOGI Ichinomiya (provisional name) TBD To be acquired
T-LOGI Samukawa (provisional name) TBD Under development
Construction
Property name Status
T-LOGI Sagamihara (provisional name) TBD Under development completed
Under
T-LOGI Kyoto Fushimi (provisional name) TBD Under development Kodemmacho Project (provisional name) Spring 2022
development
* Apart from what is listed, 2 acquisitions have been made. Sendai Hirose-dori Project (provisional name) Spring 2023 To be acquired
* Projects acquired in 2021 are highlighted in red. Under
TBD (Area: in front of Sapporo Station) Winter 2023
development
Under
Shibaura Project (provisional name) Spring 2024
development
Sendai Project (provisional name) Spring 2024 To be acquired
* Apart from what is listed, 1 acquisition has been made.
* Projects acquired in 2021 are highlighted in red.
T-LOGI Yokohama Aoba (provisional name)
(to be completed in spring 2022)
⇒ Major domestic logistics company to become
tenant in January 2021.
Bulk leasing.
T-LOGI Kuki T-LOGI Yokohama Aoba (provisional name)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
16(2) Residential Business: Business Results for the First
Quarter of FY2021 and Full-Year Earnings Forecast for FY2021
• In the first quarter, although the number of condominium sales posted decreased from 646 in the same period of the
previous fiscal year to 520, both revenue and income increased significantly due to an increase in gross margins
and an increase in property sales to investors.
2020/12 2021/12 Increase/ 2021/12 Achievement
Unit: ¥ billion Main factors for increase/decrease
1Q actual 1Q actual Decrease Forecasts Rate
Operating revenue 43.8 57.8 14.0 120.0 48%
Number of condo sales posted: 520 units; Condo unit price: ¥67.01 million;
Sales of condominiums 35.8 34.8 (0.9) Gross margin: 29.9%
63.5 55%
Sales of residential
houses
- - - - -
Sales of residential
land, etc.
1.6 15.3 13.6 Sales of for-rent condominiums +¥15.0 billion 28.0 55%
Residence leasing 1.3 1.4 0.1 6.0 25%
Fee from sales
outsourcing services
0.3 0.7 0.4 1.0 77%
Building management
service, etc.
4.6 5.4 0.7 21.5 25%
Gross profit from property sales of for-rent condominiums +¥5.2 billion
Operating profit 4.7 13.1 8.4 (FY2020 1Q: - ; FY2021 1Q: ¥5.2 billion)
15.5 85%
Business profit 4.7 13.1 8.4 15.5 85%
2020/12 2021/12 Increase/
Unit: ¥ billion Main factors for increase/decrease
Actual Forecasts Decrease
Operating revenue 99.1 120.0 20.8
Number of condo sales posted: 980 units; Condo unit price: ¥64.80 million;
Sales of condominiums 64.4 63.5 (0.9) Gross margin: 24.0%
Sales of residential
houses
- - -
Sales of residential Sales of for-rent condominiums +¥23.6 billion (FY2020 cumulative total:
land, etc.
8.8 28.0 19.1 ¥2.4 billion; FY2021 cumulative total: ¥26.0 billion)
Residence leasing 5.5 6.0 0.4
Fee from sales
outsourcing services
1.0 1.0 (0.0)
Building management
service, etc.
19.2 21.5 2.2
Gross profit from property sales of for-rent condominiums +¥7.8 billion
Operating profit 7.1 15.5 8.3 (FY2020 cumulative total: ¥0.2 billion; FY2021 cumulative total:
¥8.0 billion)
Business profit 7.1 15.5 8.3
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
17(2) Residential Business:
For-Sale Condominiums – Main Operating Indicators
• In the first quarter, gross margin maintained a favorable level at 29.9%.
• Inventory of completed condominiums remained at a low level of 179 units as of the end of the first quarter due to
steady progress of sales.
• The achievement rate at the end of the first quarter against the number of units planned for the period stood at
approximately 88%, and contracts progressed smoothly.
23 wards of 2018/12 2019/12 2020/12 2021/12
Kansai Tokyo Tokyo
and others 10.5% excluding
At beginning 77% 83% 73% 76%
19.0% 23 wards
Kansai and 0.2%
23 wards of At end of 1Q 91% 89% 83% 88%
Other Tokyo others
Tokyo
metropolitan 43.7%
51.1%
area At end of 2Q 94% 94% 87% －
29.0% Other Tokyo
metropolitan area At end of 3Q 97% 98% 95% －
Tokyo excluding 45.6%
23 wards
980 units
0.9% Number of condo sales posted 988 units 1,315 units 1,196 units
(Scheduled)
FY2020 1Q FY2021 1Q
646 units posted 520 units posted
(Units) (Units)
1,500
1500 33.3% 400 Of which, contracted:
29.8% ■Tokyo
1,315 321 41 units
1,196 30% ■Tokyo metropolitan area 305
29.9%
24.6% 300 ■Kansai and others
22.4% 980 (1Q actual) 243
1,000
1000 971 988
216
24.0% 20% 177 179
(Full-year 200 174
130
forecast)
500
500 94 83
10% 100
520
00 0% 0
2017/12 2018/12
2017/12 2018/12 2019/12
2019/12 2020/12
2020/12 2021/12
2021/12 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6 2020/9 2020/12 2021/3
* Dotted line indicates full-year forecast.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
18(2) Residential Business:
For-Sale Condominiums – Main Property Sales Posting Schedule (1)
• Profitable properties, such as SHINTO CITY and Brillia Tower Nishijin are scheduled to be posted in FY2021.
• Acquired land for approximately 600 units in the first quarter, securing a land bank for approximately 8,100 units
(including the number of units scheduled to be posted in 2021).
No. of condo
sales to be
No. of units
Main properties slated for completion posted by
for sale*1
Tokyo
Tatemono
Brillia Kita Urawa 65 65
To be completed in 2021
SHINTO CITY (Districts I and II) 1,000 250 *2
Brillia Tower Nishijin 306 245
Brillia Ueno Garden 99 79
Brillia Tower Ariake MID CROSS 300 300 *2
Brillia Kyoto Matsugasaki 109 109
To be completed in 2022
SHINTO CITY (District III) 411 103 *2 Brillia Tower Nishijin SHINTO CITY (District I)
Brillia City Nishi-Waseda 454 454
Brillia Tower Seiseki Sakuragaoka Blooming Residence 520 312
Approx. 10,900 units Approx. 8,100 units
SHIROKANE The SKY 770 270
Brillia Tower Hamarikyu 144 144
To be completed in 2023 or later
Brillia Tower Maebashi 203 162 Yet to be incorporated
into land bank Kansai and
Brillia Tower Dojima 466 TBD Approx. 2,800 units others
27.9% 23 wards of
HARUMI FLAG Tokyo
(Harumi 5-chome West District Category 1 Urban 4,145 489 *3 43.9%
Redevelopment Project) Incorporated into
land bank Other Tokyo
Nishishinjuku 3-chome West District Urban metropolitan
TBD TBD Approx. 8,100 units
Redevelopment Project
area
Tokyo
Shakujii Park Danchi Condominium Reconstruction 21.3%
TBD TBD excluding
Project
23 wards
Including 980 units 6.8%
*1: Of the total number of units including units for sale, the number of units excluding
land right holders’ residential units. scheduled to be
*2: Including also the number of units scheduled for sale over several years. posted in 2021
*3: Completion date was postponed in line with the postponement of the Olympic Games.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
19(2) Residential Business:
For-Sale Condominiums – Main Property Sales Posting Schedule (2)
• Going forward, the plan is to continue posting sales of properties that draw great attention every fiscal year, such
as large-scale redevelopment projects in central Tokyo and large-scale tower condominiums in central areas of
regional cities.
• Already secured approximately 5,700 units of land bank scheduled to be posted by FY2024, the final fiscal year
of the Medium-Term Business Plan.
Brillia Tower Nishijin Brillia Tower Ariake Brillia Tower Seiseki Sakuragaoka SHIROKANE The SKY Brillia Tower Dojima
(Total units: 306; Units to be MID CROSS Blooming Residence (Total units: 1,247; Units to be posted: (Total units: 466; Units to be posted: TBD)
posted: Approx. 245) (Total units: 520; Units to be posted: 312) Approx. 270)
(Total units: 300; Units to be
posted: 300)
2021 2022 2023 2024
SHINTO CITY Districts I and II, District III Brillia City Nishi-Waseda Brillia City Fujimino*1 Brillia Tower Hamarikyu HARUMI FLAG*2
(Total units: Approx. 1,411; Units to be posted: Approx. 353) (Total units: 454; Units to be (Total units: 708; Units to be posted: (Total units: 420; Units to be posted: (Total units: 4,151; Units to be posted:
posted: 454) Approx. 283) 144) Approx. 490)
*1 Scheduled completion - District 1: 2022, *2: Completion date was changed in
District 2: 2023, District 3: 2024 line with the postponement of the
Olympic Games.
The number of units scheduled to
Land bank scheduled to be posted in 2021-2024: Approx. 5,700 units already secured be posted in fiscal 2024 has not
been determined.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
20(2) Residential Business: For-Rent Condominiums
• In the first quarter, 2 for-rent condominium projects were newly acquired.
• The balance of real estate for sale decreased by ¥4.7 billion from the end of FY2020 to ¥38.6 billion due to progress
in sales, and the value of stock in terms of total investment amount decreased by approximately ¥5.0 billion to
approximately ¥65.0 billion.
Total no. Construction
Property name
of units (to be) completed
Status
Brillia ist Nishiazabu Kasumicho 21 July 2008 In operation
(¥ billion)
Grapes Asakusa 98 Dec. 2009 In operation
500
50 Brillia ist Nakano Central Park 17 May 2012 In operation
43.3
As of the end of 2018: Brillia ist Ueno Okachimachi 33 Nov. 2017 In operation
38.6 Brillia ist Kiyosumi Shirakawa 47 Jan. 2018 Sold
400
40 Transfer from fixed assets of
slightly more than ¥15.0 billion Brillia ist Yotsuya Honshiocho 85 June 2018 Sold
(Excluding properties held for 29.1 Brillia ist Bunkyo Myogadani 43 Mar. 2019 In operation
300
30 a long period of time) Brillia ist Sendagaya 149 May 2019 Sold
Brillia ist Komagome 75 Feb. 2020 Sold
20.4
Brillia ist Ryogoku 85 Mar. 2020 In operation
20
200
Brillia ist Shinjuku Akebonobashi 49 Apr. 2020 In operation
Minn Ueno*2 - June 2020 In operation
10 Real estate
100 Brillia ist Motoasakusa 49 Nov. 2020 In operation
for sale
1.7 1.7 (completed)
Brillia ist Akabane 48 Feb. 2021 In operation
Brillia ist Shinnakano 42 Feb. 2021 In operation
0 Under
Asakusabashi 1-chome Project (provisional name) 49 Oct. 2021 development
2016/12 2017/12 2018/12 2019/12 2020/12 2021/3
Under
Omori Sanno Project (provisional name) 59 Dec. 2021 development
Under
Toyomachi 6-chome Project (provisional name) 49 Feb. 2022 development
Total investment amount*1 (based on decisions made): approx. ¥65.0 billion Under
Kitaueno 2-chome Project (provisional name) 36 Feb. 2022 development
Assume average NOI yield at stable occupancy of around 5% Under
Higashi-Nakanobu 2-Chome Project (provisional name) 99 Apr. 2022 development
Under
Machiya Station Front Project (provisional name) 59 May 2022 development
Shibuya Honmachi Project (provisional name) 47 Aug. 2022
Under
development
Total no. Construction Under
Property name Status Nishiwaseda Project (provisional name) TBD Sep. 2022
of units (to be) completed development
Brillia ist Shinonome Canal Court 423 Mar. 2005 In operation Under
Kuramae 4-chome Project (1) (provisional name) 49 Nov. 2022 development
Brillia ist Tower Kachidoki 536 Jan. 2011 In operation Under
Aobadai Student Dormitory Project (provisional name) 130 Dec. 2022 development
KURASU AOYAMA Under
229 May 2020 In operation Kuramae 4-chome Project (2) (provisional name) 74 Jan. 2023
(Nonoaoyama Building) development
Tsukui Nonoaoyama 49 May 2020 In operation Under
Senzokuike Project (provisional name) TBD Jan. 2023 development
HARUMI FLAG Approx. Under Under
TBD Ikejiri Ohashi Project (provisional name) 200 Nov. 2024
(Post Olympic Village Site Development) 1,500 development development
Under
*1: Calculated by aggregating the total investment amount, in which construction costs, etc. that arise after Sendagaya II Project (provisional name) TBD TBD development
the acquisition are added to the book value of each property at the time of acquisition. * Apart from what is listed, 1 acquisition has been made.
*2: “Minn Ueno” was developed as an apartment hotel (lodging facility) in light of the location characteristics.
* Projects acquired in 2021 are highlighted in red.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
21(2) Residential Business: For-Rent Condominiums
KURASU AOYAMA (Nonoaoyama Building) Brillia ist Motoasakusa
(Construction completion in 2020) (Construction completion in 2020)
[Location] 3-4-3 Kita-aoyama, Minato-ku, Tokyo [Location] 1-16-2 Motoasakusa, Taito-ku, Tokyo
[Access] 5-minute walk from Omotesando Station on the Tokyo [Access] 3-minute walk from Shin-okachimachi Station on the
Metro Chiyoda Line and others, 7-minute walk from Toei Oedo Line, 6-minute walk from Inaricho Station
Gaienmae Station on the Tokyo Metro Ginza Line on the Tokyo Metro Ginza Line, 10-minute walk from
[Scale] 25 floors above ground, Ueno Station on the Tokyo Metro Ginza Line and
1 below Hibiya Line
[Floor plan] 1 to 3 bedrooms [Scale] 14 floors above ground
[Total no. of units] 229 units [Floor plan] 1K, 1DK, 1LDK-3LDK
Other, stores, [Total no. of units] 75 units
state-authorized day care
center, community center,
serviced housing
for the elderly
(Left) Entrance hall
Exterior (Right) Exterior
Brillia ist Shinnakano Brillia ist Akabane
(Construction completion in 2021) (Construction completion in 2021)
[Location] 3-41-7 Chuo, Nakano-ku, Tokyo [Location] 37-9 Iwabuchimachi, Kita-ku, Tokyo
[Access] 5-minute walk from Shinnakano Station on the [Access] 2-minute walk from Akabane-Iwabuchimachi Station
Tokyo Metro Marunouchi Line on the Tokyo Metro Namboku Line
13-minute walk from Nakano Station on the JR 10-minute walk from Akabane Station on JR Lines
Chuo/Sobu Line and Tokyo Metro Tozai Line [Scale] 12 floors above ground
[Scale] 12 floors above ground [Floor plan] 1R, 1DK, 1LDK, 2DK, 2LDK
[Floor plan] 1R, 1DK, 1LDK [Total no. of units] 48 units
[Total no. of units] 42 units
(Left) Entrance hall (Left) Entrance hall
(Right) Exterior (Right) Exterior
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
22(3) Asset Service: Business Results for the First Quarter of
FY2021 and Full-Year Earnings Forecast for FY2021
• In the first quarter, although the brokerage business was steady, revenue and profit decreased due to a decrease in
property sales to investors in asset solution and a decline in occupancy in the parking business.
2020/12 2021/12 Increase/ 2021/12 Achievement
Unit: ¥ billion Main factors for increase/decrease
1Q actual 1Q actual Decrease Forecasts Rate
Operating revenue 14.8 11.3 (3.5) 46.0 25%
Brokerage 0.7 1.0 0.2 Increase in brokerage turnover 4.5 23%
Property sales to investors -¥3.4 billion (FY2020 1Q: ¥7.0 billion;
Asset solution 7.9 4.4 (3.4) FY2021 1Q: ¥3.6 billion)
14.5 31%
Management service, etc. 1.1 1.1 0.0 4.5 25%
Parking business 5.0 4.7 (0.3) Decline in occupancy due to the impacts of the COVID-19 pandemic 22.5 21%
Property sales to investors -¥0.6 billion (FY2020 1Q: ¥1.4 billion; FY2021
Operating profit 1.5 0.8 (0.7) 1Q: ¥0.8 billion), Parking business -¥0.4 billion
3.0 27%
Business profit 1.5 0.8 (0.7) 3.0 27%
2020/12 2021/12 Increase/
Unit: ¥ billion Main factors for increase/decrease
Actual Forecasts Decrease
Operating revenue 46.6 46.0 (0.6)
Brokerage 3.4 4.5 1.0
Property sales to investors -¥5.6 billion (FY2020 cumulative total:
Asset solution 20.0 14.5 (5.5) ¥16.6 billion; FY2021 cumulative total: ¥11.0 billion)
Management service, etc. 4.2 4.5 0.2
Parking business 18.8 22.5 3.6 Recovery of occupancy, increase in parking spaces, etc.
Gross profit from property sales to investors -¥1.3 billion (FY2020
Operating profit 2.6 3.0 0.3 cumulative total: ¥2.8 billion; FY2021 cumulative total: ¥1.5 billion),
Recovery of occupancy in Parking business +¥1.6 billion
Business profit 2.6 3.0 0.3
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
23(3) Asset Service: Main Operating Indicators
• Asset solution: Securing stock mainly in central Tokyo through selective investment that utilizes sharp real
estate assessment abilities.
• Parking business: The number of parking spaces decreased by 1,807 from the end of FY2020 to 74,366
due to cancellations in some parking lots.
(Parking spaces)
(¥ billion) 80,000 75,267 76,173
74,176 74,366
60 68,578 69,401 69,683
66,938 66,736 67,353
51.5 49.9 48.0
60,000
43.3
40 35.6
40,000
27.7
20
20,000
0 0
2016/12 2017/12 2018/12 2019/12 2020/12 2021/3 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6 2020/9 2020/12 2021/3
Other
0.4% Other
Major regional 7.7%
cities
16.5%
Commercial
facilities &
Greater Tokyo (Tokyo Central Tokyo hotels Office buildings
and 3 neighboring (23 wards of 27.4% 43.6%
prefectures) Tokyo)
19.5% 63.7% Condominiums
for sale & rent
21.3%
Breakdown by Area of Location Breakdown by Asset Type
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
24(4) Other: Business Results for the First Quarter of
FY2021 and Full-Year Earnings Forecast for FY2021
• With the transfer of the business operating senior residences, etc. in December 2020, the Senior & Child Care
Business Division and Leisure Business Division will be integrated from FY2021. In these presentation materials,
the Senior & Child Care business and Leisure business have been combined to be disclosed as the “Leisure &
Child Care business.”
• In the first quarter, revenue and income decreased due to the transfer of the business operating senior residences,
etc. in FY2020 and the absence of revenues associated with the sale of senior residences.
2020/12 2021/12 Increase/ 2021/12 Achievement
Unit: ¥ billion Main factors for increase/decrease
1Q actual 1Q actual Decrease Forecasts Rate
Operating revenue 6.6 4.6 (1.9) 22.0 21%
Repercussion to the sale of the senior business and senior residences
posted in FY2020 -¥0.9 billion
Leisure & Child Care business 5.0 3.6 (1.4) Decrease in the number of visitors and decline in occupancy due to the 18.0 20%
impacts of the COVID-19 pandemic -¥0.2 billion
Fund business 1.4 1.0 (0.4) Impact of temporary fees in FY2020 3.5 30%
Other 0.1 0.0 (0.0) 0.5 5%
Operating profit 0.5 0.2 (0.2) 0.5 48%
Business profit 0.4 (0.0) (0.5) (1.0) -
2020/12 2021/12 Increase/
Unit: ¥ billion Main factors for increase/decrease
Actual Forecasts Decrease
Operating revenue 44.5 22.0 (22.5)
Repercussion to the sale of the senior business and senior residences
Leisure & Child Care business 40.6 18.0 (22.6) posted in FY2020 -¥25.0 billion
Recovery of occupancy of leisure business +¥2.5 billion
Fund business 3.7 3.5 (0.2)
Other 0.1 0.5 0.3
Sales of senior residences -¥7.3 billion (FY2020 cumulative total: ¥7.3
Operating profit 8.8 0.5 (8.3) billion; FY2021 cumulative total: ¥0.0 billion)
Recovery of occupancy of leisure business +¥0.3 billion
Business profit 8.6 (1.0) (9.6)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
25(4) Other: Initiatives for Fund Business
• Under the Medium-Term Business Plan, further expansion of profit opportunities for the Group will be pursued through
sales of developed/owned properties to REITs and such sponsored by the Company
• Japan Prime Realty Investment Corporation (JPR), which has been entrusted asset management by the consolidated
subsidiary Tokyo Realty Investment Management, Inc. (TRIM), steadily expanded assets in both private funds and
private REITs operated by Tokyo Tatemono Investment Advisors Co., Ltd.
Tokyo Tatemono Private REIT, Inc.
A J-REIT with a combined portfolio of office and urban A diversified private REIT investing in various
retail properties, etc. asset types
Total acquisition price ¥467.5 billion Total acquisition price : ¥61.2 billion
Appraisal value ¥549.9 billion Appraisal value : ¥64.8 billion
* As of March 31, 2021
Portfolio Overview Portfolio Overview
Number of Leasable Occupancy Average Number of Total floor Occupancy Average
NOI yield
properties area rate building age properties area*1 rate*2 building age
66 501,000 m2 99.3% 4.9% 23.8 years 28 268,000 m2 96.0% 15.3 years
*1: Sum total of total floor area of each entire building, and thus includes
areas that are not owned.
*2: Occupancy rate is as of March 31, 2020. Other figures are as of
Investment Ratio by Use/Area December 16, 2020.
Investment Ratio by Use
* As of December 16, 2020
Commercial facility Other
22.4%
10.0%
Office (Tokyo CBDs)
Office (Other cities) 47.3%
9.4%
Offices
Residential 52.0%
36.0%
Office (Greater Tokyo)
20.9%
* As of December 31, 2020
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
26(4) Other: Initiatives for Overseas Business
• Engaging in investment in businesses in China and Asia where high returns can be expected by obtaining business
opportunities in growth markets as one of the measures in the property sales business.
• Balance of investment was approximately ¥58.0 billion at the end of March 2021.
Basic Strategy
・ Conduct business centering on partnerships with local partners who are familiar with the local market and have superior development and sourcing capabilities.
・ Dispatch resident officers from the Company to the area in order to manage risks based on the Company’s view and enhance relationship with the partners.
・ Invest mainly in for-sale condominium projects with quick turnover primarily in China and countries in Asia in which the Company has invested before.
Scale FY of
Status
Name of project Location Main uses Total area (Total number of construction
(End of March)
units/total floor area) completion
Shenyang Tomorrow Square Residential,
Shenyang City Approx. 199,000 m² Approx. 5,900 units 2013 onward Sold out
Project commercial, office
Residential,
Qingdao Project Qingdao City Approx. 86,000 m² Approx. 1,800 units 2015 onward Sold out
commercial
Xuzhou Qiaohu Project Xuzhou City Residential Approx. 122,000 m² Approx. 2,000 units 2020 onward On sale
Residential,
Yangzhou-South Project Yangzhou City Approx. 94,000 m² Approx. 1,200 units 2019 onward On sale
commercial
China
Residence, Xuzhou
Yangzhou-East Project Yangzhou City Approx. 64,000 m² Approx. 1,200 units 2023 onward Before sale
commercial
Residential,
Yinchuan Jinfeng Project Yinchuan City Approx. 98,000 m² Approx. 1,500 units 2021 onward On sale
commercial
Jiaxing Tongxiang Project Jiaxing City Residential Approx. 42,000 m² Approx. 500 units 2020 onward On sale
Xuzhou Chengbei Project Xuzhou City Residential Approx. 68,000 m² Approx. 1,500 units 2023 onward On sale
Residential,
Yangzhou Chengxi Project Yangzhou City Approx. 97,000 m² Approx. 1,500 units 2022 onward On sale
commercial
79 Robinson Road Singapore Office Approx. 4,400 m² Approx. 57,400 m² 2020 Completed
Former Museum Site Office, Suspended
Yangon, Myanmar Approx. 16,000 m² Approx. 92,000 m² TBD
Redevelopment Project commercial, hotel of construction
Sukhumvit 26 Project Bangkok, Thailand Residential Approx. 3,200 m² Approx. 150 units 2021 On sale
Sathorn 12 Project Bangkok, Thailand Residential Approx. 2,900 m² Approx. 250 units 2022 On sale
Asia
Sukhumvit 38 Project Bangkok, Thailand Residential Approx. 5,700 m² Approx. 300 units 2025 Before sale
Office building :
Approx. 47,000 m²
Dharmawangsa Project Jakarta, Indonesia Office, residential Approx. 16,000 m² 2022 On sale
Residence:
Approx. 90 units
Loggia Project Jakarta, Indonesia Residential Approx. 11,900 m² Approx. 500 units 2024 onward On sale
■Project city ■Local subsidiary
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
27(4) Other: Initiatives for Overseas Business
79 Robinson Road * CPF Building Redevelopment Xuzhou Qiaohu Project in China
(Construction started in 2017 and completed in 2020)
A complex development project for residential and commercial properties in
A rare, high-grade office was developed in Xuzhou, a Tier 3 city where infrastructure development and foreign capital
Singapore’s central business district, advancement are rapidly progressing (the Company is participating in the
Tanjong Pagar. There are plans to connect residential portion only.)
the property directly to a subway station in
the future, and we have received
applications for approximately 90% of units.
Total project cost:
Approx. ¥37.0 billion
Total project cost: Approx. ¥75.0 billion Tokyo Tatemono’s stake:
Tokyo Tatemono’s stake: Approx. 15% Approx. 25%
For-sale Condominium Development Yangzhou Chengxi Project in China
Projects in Bangkok, Thailand (3 projects)
A residential development project
Development of three high-grade in Yangzhou, a Tier 5 city where
for-sale condominiums in the the needs of actual demand are
Sukhumvit Area and the Sathorn strong, marking the Company’s
Area located in the central district third project in the city.
of Bangkok.
Total project cost: Total project cost:
Approx. ¥50.0 billion Approx. ¥37.0 billion
Tokyo Tatemono’s stake: Tokyo Tatemono’s stake:
Approx. 50% Approx. 25%
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28Appendix
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
29Long-Term Vision and Medium-Term Business Plan
• In February 2020, announced a long-term vision for 2030, “Becoming a Next-Generation Developer,” and the Medium-
Term Business Plan for FY2020-FY2024.
• Aim to achieve goals of Medium-Term Business Plan and realize the long-term vision through initiatives that contribute
to the evolution of ESG management and the promotion of our five key strategies.
* For details, please refer to “Long-Term Vision, Medium-Term
Business Plan” announced on February 12, 2020.
Previous Long-Term Vision to 2030
Medium-Term
“Becoming a Next-Generation Developer” Business Plan 2020-2024 Medium-Term
Consolidated business
Business Plan
profit*
Achieve the dual goals of “solving social issues” and ¥120.0 billion
“company growth” at higher levels
Consolidated
Target for 2030: business profit*
Contributing to the ¥75.0 billion
Consolidated business
achievement of the SDGs 51.6
profit* of ¥120.0 billion
2019 2024 Around
Steadily expand stable leasing profit, making it 2030
the core of our profit composition
Target a well-balanced profit structure, mindful of
capital efficiency
(1) Promotion of Large-Scale (4) Strengthening of Brokerage,
* Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method Fund, and Parking Businesses
Redevelopment
(2) Further Strengthening of
(5) Growth in Overseas Business
Condominium Business
(3) Expansion of Property Sales to
Investors
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