Presentation Material for the First Half of FY2020 (Ending December 31, 2020) August 11, 2020
Presentation Material for the First Half of FY2020
(Ending December 31, 2020)
August 11, 2020
Disclaimer
2Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
This material has been translated from a portion of the Japanese original for
reference purposes only. In the event any discrepancy arises between this translated
document and the Japanese original, the original shall prevail. The Company
assumes no responsibility for this translation, nor for direct, indirect, or any other form
of damages that may arise from using this translation. This English version includes
some explanatory notes.
The utmost care is applied to the information presented in this material; nevertheless,
the accuracy and reliability of this information is not guaranteed. Please be aware
that content may be changed without advance notice.
This material contains the current plans and forecasts concerning the business
performance of the Tokyo Tatemono Group. These forecasts are based on the
Company’s assumptions and judgments on the basis of information currently
available to the Company and include various risks and uncertain factors. Actual
results may differ from these forecasts due to changes in the environment and other
various factors.
Contents
■ Summary p.4
■ Business Results for the First Half of FY2020
and Full-Year Earnings Forecast for FY2020p.5
■ Main Impacts of the COVID-19 Pandemic p.6
■ Assessment of the Market Environment and
Future Policiesp.7
■ ESG Report: Recent Initiatives p.8
■ Shareholder Returns p.9
■ Financials p.10
Consolidated Statement of Income
for the First Half of FY2020p.11
Consolidated Balance Sheet
for the First Half of FY2020p.12
Balance of Real Estate for Sale p.14
Consolidated Statement of Cash Flows
for the First Half of FY2020p.15
Investment Plans p.16
■Revision of Full-Year Earnings Forecast for
FY2020p.17
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
■ Business Results by Segment p.19
(1) Commercial Properties Business p.20
(2) Residence Business p.28
(3) Real Estate Service Business p.36
(4) Other p.38
■ Appendix p.43
Long-Term Vision and Medium-Term Business
Planp.44
Main Indicators p.50
Fair Value of Rental Properties p.51
Quarterly Segment Data p.52
List of Facilities p.54
Market Data p.56
3
Summary
Business Results for the First Half of FY2020
• Decrease in revenue and income due to factors such as decrease in sales and gross profits of for-sale condominiums,
decrease in property sales to investors in the commercial properties business and the real estate service business, in
addition to decline in parking and resort facility occupancy due to the impact of the COVID-19 outbreak.
Full-Year Earnings Forecast for FY2020
• As the leasing business of hotels and commercial facilities, the parking lot business, and the leisure business have
been particularly impacted by the COVID-19 outbreak, a portion of the full-year earnings forecast for FY2020, initially
announced at the beginning of the fiscal year (February 5, 2020), has been revised.
• When revising the forecast, the impacts of the partial rent reductions and exemptions at hotels and commercial
facilities as well as a decline in parking and resort facility occupancy were taken into consideration in addition to the
expectation that property sales to investors will include real estate for other uses as an alternative to hotels and
commercial facilities. Furthermore, the earnings forecast is premised on the notion that the business environment
surrounding the Tokyo Tatemono Group will gradually recover and assumes that the business environment will
essentially return to normal toward the end of the fiscal year.
• Despite an increase in property sales to investors, operating income, business income, and ordinary income will
decrease from the previous fiscal year in FY2020 as a result of factors such as decrease in sales of for-sale
condominiums, decline in parking and resort facility occupancy due to the impact of the COVID-19 outbreak, as well as
higher corporate costs associated with head office relocation. However, as for revenue from operations and profit
attributable to owners of the parent, an increase in revenue and income is anticipated and the amounts will remain
unchanged from the forecast announced at the beginning of the fiscal year.
Topics
• The rights conversion plan was approved for Yaesu 1-Chome East B Area Urban Redevelopment Project. (June)
• Completed T-LOGI Kuki, Tokyo Tatemono’s first logistics facility. (June)
• Completed Hareza Tower, an office building, and opened the entirety of Hareza Ikebukuro. (July)
• Issued the first sustainability bond in Japan’s real estate sector (July)
• Released the Integrated Report 2020 (August)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.4
5Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
• Decrease in revenue and income due to factors such as decrease in sales and gross profits of for-sale condominiums,decrease in property sales to investors in the commercial properties business and the real estate service business, inaddition to decline in parking and resort facility occupancy due to the impact of the COVID-19 outbreak.
• As the leasing business of hotels and commercial facilities, the parking lot business, and the leisure business have beenparticularly impacted by the COVID-19 outbreak, a portion of the full-year earnings forecast for FY2020, initiallyannounced at the beginning of the fiscal year (February 5, 2020), has been revised.
• When revising the forecast, the impacts of the partial rent reductions and exemptions at hotels and commercial facilitiesas well as decline in parking and resort facility occupancy were taken into consideration in addition to the expectation thatproperty sales to investors will include real estate for other uses as an alternative to hotels and commercial facilities.Furthermore, the earnings forecast is premised on the notion that the business environment surrounding the TokyoTatemono Group will gradually recover and assumes that the business environment will essentially return to normaltoward the end of the fiscal year.
*1: Business income = Operating income + Equity in income (loss) of affiliated companies
*2: Debt equity ratio = Interest-bearing debt / Equity capital
*3: Interest-bearing debt / EBITDA multiple = Interest-bearing debt / (Operating income + Interest & dividend income + Equity in income (loss) of affiliated companies
+ Depreciation expense + Goodwill amortization expense)
Business Results for the First Half of FY2020 and
Full-Year Earnings Forecast for FY2020
Announced February 5, 2020
Announced August 4, 2020
Unit: Billion yen2019/6
Actual
2020/6
Actual
Increase/
Decrease
2020/12
Forecasts
Revised
2020/12
Forecasts
Achievement
rate
Revenue from operations 186.2 152.4 (33.8) 350.0 350.0 44%
Operating income 32.3 18.5 (13.7) 53.0 48.0 39%
Business income*1 32.1 18.9 (13.2) 52.0 47.5 40%
Profit attributable to owners of the
parent20.0 10.8 (9.2) 31.0 31.0 35%
Unit: Billion yen 2019/12-end 2020/6-endIncrease/
Decrease
2020/12
Forecasts
2020/12
Forecasts
Total assets 1,564.0 1,623.7 59.7 - -
Interest-bearing debt 924.8 1,004.1 79.2 990.0 990.0
Debt equity ratio (times)*2 2.5 2.8 0.3 - -
Interest-bearing debt / EBITDA
multiple (times)*3 12.6 - - - -
P/L
B/S
Main Impacts of the COVID-19 Pandemic
• The leasing business of hotels and commercial facilities, the parking lot business, and the leisure business have
been particularly impacted by the COVID-19 outbreak.
• In terms of property sales to investors, the current policy is to forgo the sale of hotels and commercial facilities and
to sell assets that have not experienced significant change in business environment.
Segment Primary Impacts on Tokyo Tatemono’s Businesses
Commercial
Properties
Leasing hotels and
retail facilities
• Received requests from tenant-operators to reduce or waive rent due to a decline in
sales at hotels and commercial facilities.
• In response to government demands, large commercial facilities were closed from
middle April to middle May.
ResidenceFor-sale
condominiums
• Suspension of new business activities at show houses and sales centers.
(Refrained from business activities with new clients in the Tokyo metropolitan area from
early April to late May.)
Real Estate
ServiceParking lots
• As a result of the demands to refrain from going out, parking lot occupancy dropped
significantly, especially for park and ride lots in front of major regional train stations and
parking lots attached to large commercial facilities.
Other Resorts
• All facilities at the spa facility (Ofuro no Osama) were closed from early April to late May.
• Resort hotel facilities (Regina Resorts) were closed in stages after the state of
emergency was declared and reopened in June.
• Golf courses in the Kanto region were temporarily closed after the state of emergency
was declared. Golf courses reopened in May with a partial limitation on services.
Property Sales to Investors
• Property sales to investors in the commercial properties segment and the real estate
service segment have been forgone.
• As the business environments of properties such as for-rent condominiums and office
buildings have not experienced significant changes, the policy is to sell of these
properties in FY2020 in place of hotels and commercial facilities.
6Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Assessment of the Market Environment and
Future Policies
• While the impact on offices and residences is limited, new product planning will be promoted in view of diversifying
work styles over the long term.
• As for the real estate transaction market, demand is expected to remain firm, especially for logistics facilities and
for-rent condominiums which are expected to generate stable cashflow, and Tokyo Tatemono will make proactive
investments to secure new projects
Assessment of the Future Market Environment and Tokyo Tatemono’s Initiatives
Offices
• The COVID-19 outbreak has had a limited impact on the current office
market. Tokyo Tatemono has not experienced any major cancellations,
and there has been no impact on rents.
• While vacancy rates and average rents are expected to weaken
temporarily going forward, the major trend of preferring good locations and
high specifications remains unchanged.
• On the other hand, with the spread of telework, the office has changed into
a place for “value creation” rather than a place to execute “tasks.” There
will be a need for product design for highly productive offices.
Residences
• Demand for for-sale condominiums is strong among real consumers.
Needs for highly convenient locations remain unchanged.
• No major changes have occurred in the business environment of for-rent
condominiums, and stable cashflow can be expected going forward.
• At the same time, we recognize that the spread of telework will raise
demand for both a comfortable working environment and a relaxing living
environment. We will promote new product development such as securing
co-working spaces in common areas and workspaces in residences.
Real estate
transaction
market
• There have been no major changes to the real estate transaction market with the exception of hotels and retail facilities.
• In particular, demand for investment in conveniently located offices and logistics facilities, for-rent condominiums is
expected to remain strong as they are expected to generate stable revenue.
(This fiscal year, we have already secured new projects for two offices and two logistics facilities, six for-rent
condominiums)
Various initiatives have
been implemented,
such as introducing
various layouts based
on the Activity Based
Working (ABW)
concept at the new
headquarters office.Inside the new
headquarters office
Specific initiatives
In response to the
rapid increase in
needs for telework, we
have installed co-
working spaces in the
common areas and
private communication
spaces at Brillia City
Nishi-WasedaVisualization of
co-working space
Specific initiatives
7Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
ESG Report: Recent Initiatives
• The entire group is further strengthening its sustainability measures with an eye to the ever-expanding ESG investment in
recent years, and by imagining a society “With COVID-19” or “After COVID-19”.
• Endorsed the TCFD proposal as an initiative to address climate change and reduce environmental impact. (June 2020)
• Issued Japan’s first sustainability bond in the real estate sector with the purpose of solving social problems and making
environmental considerations.
31st Unsecured Corporate Bond
32nd Unsecured Corporate Bond
Issuance period 5 years 10 years
Amount issued 20 billion yen 20 billion yen
Interest rate 0.220% 0.500%
Decision date of terms July 10, 2020
Issue date July 16, 2020
Redemption date July 16, 2025 July 16, 2030
Credit ratingIssuer rating: A- / Outlook: Positive(Japan Credit Rating Agency, Ltd.)
Sustainability Finance Framework evaluation
SU1(F) (Japan Credit Rating Agency, Ltd.)*
Funding(Framework)
Community development that contributes to solving social issues in the Yaesu-Nihonbashi-Kyobashi area
(1) Urban Redevelopment Project for Yaesu 1-Chome East Area in front of Tokyo Station (Yaesu Project)
(2) Urban Redevelopment Project for Yaesu 1-Chome North Area (Gofukubashi Project)
(3) Tokyo Square Garden(4) Tokyo Tatemono Nihonbashi Building(5) City Lab Tokyo(6) TOKYO FOOD LAB(7) xBridge-Tokyo/xBridge Tokyo Next(8) Kitchen Studio SUIBA(9) TOKYO IDEA EXCHANGE
<Overview of Sustainability Bond>
* See the Integrated Report 2020 and the Sustainability Report 2020 for details.
Yaesu Project Gofukubashi Project
City Lab Tokyo
An open innovation hub
centered on sustainability
8* The highest possible rating for sustainability finance framework evaluation by the credit rating agency
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Released the Integrated Report 2020 and the Sustainability
Report 2020The Integrated Report 2020 and the
Sustainability Report 2020, which were
released this fiscal year, can be
downloaded from the website.
Integrated Report 2020
https://tatemono.com/ir/library/pdf/integrate
d_2020_all.pdf* The English version is currently being prepared.
Sustainability Report 2020
https://tatemono.com/csr/english/reports/pd
f/2020csrall_e.pdf
FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
(Actual) (Actual) (Actual) (Actual) (Actual) (Actual) (Actual) (Actual) (Forecast)
Profit attributable to owners
of the parent¥10.2 billion ¥10.1 billion ¥82.9 billion ¥16.3 billion ¥19.7 billion ¥22.5 billion ¥27.2 billion ¥29.7 billion ¥31.0 billion
Profit per share ¥23.79 ¥23.55 ¥193.12 ¥75.91 ¥91.00 ¥104.17 ¥125.79 ¥141.59 ¥148.31
Consolidated payout ratio 21.0% 21.2% 3.1% 26.3% 28.6% 28.8% 27.8% 29.0% 30.3%
Consolidated total return ratio 21.0% 21.2% 3.1% 26.3% 28.6% 28.8% 27.8% 62.5% -
Stock price at end of period*1 ¥878 ¥2,336 ¥1,762 ¥1,323 ¥1,563 ¥1,522 ¥1,140 ¥1,709 -
Dividend yield*3 1.1% 0.4% 0.7% 1.5% 1.7% 2.0% 3.1% 2.4% -
Shareholder Returns• Profit attributable to owners of the parent is expected to be the same as announced at the beginning of the fiscal
year, and there is no revision to the dividend forecast for FY2020.
• For FY2020, we estimate an increase of ¥4.0 per share from the previous period of ¥41.0 per share to ¥45.0 per
share (payout ratio of 30.3%)
Shareholder returns policyDuring the period of the medium-term business plan (FY2020–FY2024), establish a baseline consolidated payout ratio of 30% or more and aim to
increase shareholder returns continuously through sustainable growth.
Consider whether to repurchase company shares based on the business environment and financial situation, among other factors.
9
*1: A 1-for-2 reverse stock split was implemented on July 1, 2015. The figures for 2012 to 2015 are calculated by factoring in the reverse stock split.
*2: The interim and year-end per-share dividend for FY2016 both include a ¥2 commemorative dividend to celebrate the 120th anniversary of the company’s founding.
*3: Dividend yield is calculated based on the closing price at the end of that period.
< Per-Share Dividend Trends >(¥)
Plan is for a seventh consecutive year of
dividend increase with income growth
■Interim dividend ■Year-end dividend
6.0 8.0 12.0 14.0 16.0
19.0 22.0
10.0 10.0
6.0
12.0
14.0
16.0
19.0
22.0
23.0
*1 10.0 *1 10.0 *1 12.0
*1 20.0
*2 26.0
30.0
35.0
41.0
45.0
0.0
10.0
20.0
30.0
40.0
50.0
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Financials
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
• Decrease in revenue and income due to factors such as decrease in sales and gross profits of for-sale condominiums,
decrease in property sales to investors in the commercial properties business and the real estate service business, in
addition to decline in parking and resort facility occupancy due to the impact of the COVID-19 outbreak.
11
Announced August 4, 2020
Unit: Billion yen2019/6 Actual
2020/6 Actual
Increase/Decrease
Main factors for increase/decreaseRevised 2020/12
Forecasts
Achievementrate
Revenue from operations 186.2 152.4 (33.8) 350.0 44%
Commercial properties 66.6 58.5 (8.1) 147.0 40%
Residence 82.2 61.4 (20.7) 123.0 50%
Real estate service 25.0 21.7 (3.3) 56.0 39%
Other 12.3 10.7 (1.5) ・Revenue from operations; Business income 24.0 45%
Operating income 32.3 18.5 (13.7) Decrease in revenue and income due to factors such as decrease
in sales and gross profits of for-sale condominiums, decrease in
property sales to investors in the commercial properties business
and the real estate service business, in addition to decline in
parking and resort facility occupancy due to the impact of the
COVID-19 outbreak.
48.0 39%
Equity in income (loss) of affiliated companies
(0.2) 0.3 0.5 (0.5) -
Business income*1 32.1 18.9 (13.2) 47.5 40%
Commercial properties 19.7 16.8 (2.8) 38.5 44%
Residence 12.2 6.3 (5.8) 13.5 47%
Real estate service 3.9 0.4 (3.4) 5.5 8%
Other (0) 0.2 0.2 0.0 -
Elimination/Corporate (3.7) (5.0) (1.3) (10.0) 50%
Non-operating income 1.9 2.5 0.5 Equity in income (loss) of affiliated companies and increase in
dividends, etc.
Decrease in financing costs associated with issuance of hybrid
bonds conducted in the previous fiscal year, etc.
5.0 51%
Non-operating expenses 5.3 4.0 (1.2) 8.5 48%
Interest expense 3.3 3.3 0
Recurring income 28.9 17.0 (11.9) 44.5 38%
Extraordinary income 1.5 2.2 0.7 Increase in gain on sales of investment securities 5.0 46%
Extraordinary loss 0.5 2.7 2.2Posting of loss on valuation of investment securities and loss due
to the COVID-19 outbreak3.0 93%
Income before tax 29.9 16.5 (13.4) 46.5 36%
Profit attributable to owners of the parent
20.0 10.8 (9.2) 31.0 35%
Consolidated Statement of Income for the
First Half of FY2020
Consolidated Balance Sheet for the
First Half of FY2020
• Increase in total assets by ¥59.7 billion as a result of increases due in part to the acquisition of land for development
of for-sale condominiums and land for logistics facilities and the completion of Hareza Tower as well as decreases
due to decrease in investment securities in line with the drop of fair value of the listing shares.
12
*1: Debt equity ratio = Interest-bearing debt / Equity capital
*2: Interest-bearing debt / EBITDA multiple = Interest-bearing debt / (Operating income + Interest & dividend income + Equity in income (loss) of affiliatedcompanies + Depreciation expense + Goodwill amortization expense)
Unit: Billion yen 2019/12-end 2020/6-endIncrease/Decrease
Main factors for increase/decrease
Total assets 1,564.0 1,623.7 59.7
・Real estate for sale
Increase due in part to acquisition of land for development of for-sale
condominiums and land for development of logistics facilities, etc.
Current assets 424.6 472.9 48.3
Cash and deposits 39.5 73.5 34.0
Real estate for sale 337.3 358.9 21.6
Other current assets 47.7 40.3 (7.4)
Fixed assets 1,139.4 1,150.8 11.4 ・Property and equipmentIncrease due in part to construction costs associated with the completion of Hareza Tower and Kita Aoyama 3-chome Project, and the acquisition of buildings for redevelopment
・Investments and other assetsDecrease due in part to a decrease in fair value of investment securities offsetting progress in investment in overseas businesses
Property and equipment 789.6 816.0 26.4
Intangible assets 113.0 111.5 (1.4)
Investments and other assets 236.7 223.2 (13.5)
Total liabilities 1,179.8 1,253.2 73.4
・Interest-bearing debt
Long-term debt + ¥104.4 billion; bonds payable, etc. -¥25.2 billionInterest-bearing debt 924.8 1,004.1 79.2
Other liabilities 254.9 249.0 (5.8)
Total net assets 384.2 370.5 (13.6)
・Shareholders’ equity
Profit attributable to owners of the parent +¥10.8 billion;
Dividends paid -¥4.6 billion
・Accumulated other comprehensive income
Decrease in valuation difference on available for-sale securities
Shareholder’s equity 278.1 284.0 5.9
Accumulated other comprehensive
income96.8 77.0 (19.7)
Non-controlling interests 9.2 9.3 0.1
Capital adequacy ratio 24.0% 22.2% (1.7P)
Debt equity ratio*1 2.5 2.8 0.3 Net debt equity ratio: 2.6
Interest-bearing debt / EBITDA
multiple*2 12.6 - -
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
13
Consolidated Balance Sheet for the
First Half of FY2020
*1 Debt equity ratio = Interest-bearing debt / Equity capital
*2 Net debt equity ratio = (Interest-bearing debt - Cash and deposits) /
Equity capital
*3 Calculated by taking into account the total equity credit of ¥54.0 billion
concerning ¥108.0 billion of the total amount procured from the hybrid
loan and hybrid bonds
Breakdown of Property and
Equipment and Intangible Assets
Breakdown of Real Estate for Sale
Breakdown of
Interest-Bearing Debt
Status of Debt Equity Ratio
Loans payable¥716.4 billion 71%
Bonds payable¥210.0 billion 21%
Commercial paper
¥75.0 billion 8%
Other ¥2.7 billion 0%
Including ¥28.0
billion procured from
a hybrid loan in 2017
Including ¥80.0 billion
procured from hybrid
bonds in 2019
End of June 2020
Taking into account
hybrid loans/bonds*3
Debt equity ratio*1 2.8 times 2.3 times
Net debt equity ratio*2 2.6 times 2.1 times
Commercial properties
¥856.5 billion 92%
Residence¥27.1 billion 3%
Real estate service ¥17.4 billion 2%
Other ¥26.3 billion 3%
Total assets: ¥1,623.7 billion
Current assets 472.9 Liabilities 1,253.2
Cash and deposits 73.5 Interest-bearing debt 1,004.1
Real estate for sale 358.9 Loans payable 716.4
Real estate for sale 175.2 Bonds payable 210.0
Real estate for sale in progress 86.2 Commercial paper 75.0
Real estate for development 97.5 Other 2.7
Other current assets 40.3 Other liabilities 249.0
Fixed assets 1,150.8
Property and equipment 816.0
Intangible assets 111.5
Investments and other assets 223.2 Net assets 370.5
Shareholders’ equity 284.0
Accumulated other comprehensive income 77.0
Non-controlling interests 9.3
<By Segment><By Status of Development>
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Commercial properties
¥124.1 billion 35%
Residence¥168.7 billion 47%
Real estate service¥50.0 billion 14%
Other ¥16.1 billion 4%
Real estate for development
(land)
¥97.5 billion 27%
Real estate for salein progress(underway)
¥86.2 billion 24%
Real estate for sale(completed)
¥175.2 billion 49%
In order to prepare for the
impact of COVID-19, the
company has increased
funding through
borrowings to secure new
investment opportunities
and maintain a strong cash
reserve.
92.9125.3 130.6 132.0 131.8
24.6
55.4
85.2107.9
124.1
1.7
1.7
20.4
29.1
36.8
27.7
35.7
43.5
51.7
50.0
3.7
3.6
16.4
16.1
89.1101.2
112.8
153.7 147.1
221.9
283.4
337.3
358.9
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2012/12 2013/12 2014/12 2015/12 2016/12 2017/12 2018/12 2019/12 2020/6
Balance of Real Estate for Sale
• In the first half, progress in the acquisition of land for development of logistics facilities in the commercial properties business
and progress in the acquisition of land for development of for-rent condominiums in the residence business led to an increase
in the balance of real estate for sale to ¥358.9 billion.
• Stock of properties for sale to investors expanded to approximately ¥345.0 billion based on total investment amount, and land
bank for for-sale condominiums, too, steadily accumulated, securing approximately 8,300 units.
14Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
<Balance of Real Estate for Sale>(Billion yen)
400
350
300
250
200
150
100
50
0
*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 FY2020 from the estimated gain on sale as of the end of 2019 and
then adding the estimated gain on sale of properties that have been decided to be newly acquired in FY2020.
As of the end of 2019:
Transfer from fixed assets to real estate for sale of
¥10.0 billion for commercial properties,
¥13.0 billion for other business.
As of the end of 2018:
Transfer from fixed assets to real estate for sale of
commercial properties and for-rent condominiums
totaling approximately ¥35 billion
◆ Balance of real estate for sale
(As of the end of June 2020):
¥227.1 billion (up ¥21.8 billion from the end of 2019)
◆ Total investment amount*1 (based on decisions made):
Approx. ¥345 billion
(up ¥40 billion from the end of 2019)
⇒Estimated gain on sale*2: Approx. ¥65 billion
[Projects to be acquired in 2020]
2 logistics facilities, 2 medium-size offices, 1 urban
commercial facility, 6 for-rent condominiums and
7 under asset solution business
[Projects already sold in 2020]
2 offices (Minami Semba Building and other) and
13 under asset solution business
Property sales to investors(commercial properties, for-rent condominiums, real estate service, other)
◆ Balance of real estate for sale:
¥131.8 billion (down ¥0.2 billion from the end of 2019)
◆ Land bank
(including 1,150 units scheduled to be posted in 2020):
Approx. 8,300 units
(400 units acquired in the first half of FY2020)
For-sale condominiums, etc.
→p.37
→p.32
→p.26
Other
Real estate service
For-rent condominiums
For-sale condominiums, etc.
Commercial properties
Consolidated Statement of Cash Flows for the
First Half of FY2020
• Although expenditures related to acquisition of fixed assets such as payment of construction costs of Hareza Tower
arose, cash and cash equivalents at end of year increased due to progress in fund procurement including long-term debt.
15
Unit: Billion yen 2019/12-end 2020/6-end Main breakdown2020/12
(Forecasts)
Cash flows from operating activities 24.0 (2.7)
Income before tax deductions +¥16.5 billion; Depreciation +¥9.1
billion; Deposits and security deposits +¥3.2 billion; Inventory
assets -¥12.6 billion; Income taxes paid -¥8.3 billion; Deposits
received -¥6.6 billion
10.0
Cash flows from investing activities (64.0) (35.5)
Purchase of fixed assets -¥26.9 billion; Investment in affiliated
companies -¥4.8 billion
Investments received in real estate specific joint ventures -¥4.6
billion
(85.0)
Cash flows from financing activities 48.0 72.3Long-term debt +¥104.3 billion; Bonds payable -¥15.0;
Commercial paper -¥10.0; Dividends paid -¥4.5 billion60.0
Cash and cash equivalents at end of
period39.4 73.5 -
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Investment Plans
• Plan is to invest gross investment of ¥1,400.0 billion and net investment of ¥500.0 billion cumulatively over five years
in the five key strategies set under the new medium-term business plan.
• For FY2020, a total of ¥240.0 billion is scheduled to be invested. Of this amount, new investment is expected to be
just under ¥100.0 billion, and nearly 50% of investments have been confirmed as of the end of June.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.16
<Investment Plan of New Medium-Term Business Plan (2020–2024)> <Investment Plan for FY2020>
* Inclusive of such amounts as
expenditures for Hareza Tower,
Kita Aoyama 3-chome Project,
parking lot facility development,
CAPEX, etc., and reserves for
acquisition of buildings for large-
scale redevelopment and income-
producing real estate.
Unit: Billion yen
Gross investment 1,400.0
Investment in large-scale
redevelopment230.0
Investment in for-sale condominium
projects430.0
Investment in properties for sale to
investors550.0
Investment in the overseas business 70.0
Other 120.0
Return 900.0
Net investment 500.0
Unit: Billion yen
240.0
15.0
70.0
85.0
15.0
55.0
Unit: Billion yen2019/12
Actual
Announced
August 4, 2020
Revised 2020/12
Forecasts
(A)
Increase/
Decrease
Announced February
5, 2020
2020/12
Forecasts
(B)
Comparison of
revised forecast
with initial FY2020
forecast
(A-B)
Summary of revisions from initial FY2020 forecast
Revenue from operations 323.0 350.0 26.9 350.0 -
・Revenue from operationsDespite a decrease in sales of for-sale condominiums,a decline in parking and resort facility occupancy, anda decrease in leasing revenue from hotels andcommercial facilities, revenue is expected to be in linewith initial forecasts due to an increase in property salesto investors.
Commercial properties 120.9 147.0 26.0 148.0 (1.0)
Residence 131.2 123.0 (8.2) 115.0 8.0
Real estate services 44.1 56.0 11.8 60.0 (4.0)
Other 26.6 24.0 (2.6) 27.0 (3.0)
Operating income 52.4 48.0 (4.4) 53.0 (5.0)
Equity in income (loss) of affiliated companies
(0.7) (0.5) 0.2 (1.0) 0.5Improvement in equity in income (loss) of affiliated companies in the overseas business (+¥0.5 billion)
Business income*1 51.6 47.5 (4.1) 52.0 (4.5)
・Business incomeAlthough gain on sales will increase at for-rentcondominiums, business income is expected to be down-¥4.5 billion compared with initial forecasts due in part toforgoing sales of hotel and commercial facilities, a partialreduction or exemption of leasing revenue, and a declinein occupancy in the parking and leisure businesses.
Commercial properties 37.5 38.5 0.9 43.4 (4.9)
Residence 15.8 13.5 (2.3) 9.0 4.5
Real estate services 5.8 5.5 (0.3) 9.0 (3.5)
Other 0.5 0.0 (0.5) 0.6 (0.6)
Elimination/Corporate (8.2) (10.0) (1.7) (10.0) -
Non-operating income 3.5 5.0 1.4 3.5 1.5
Non-operating expenses 11.3 8.5 (2.8) 10.5 (2.0)Improvement in equity in income (loss) of affiliated companies in the overseas business, decrease in interest expenses
Recurring income 44.6 44.5 (0.1) 46.0 (1.5)
Extraordinary income 2.9 5.0 2.0 2.0 3.0
Extraordinary loss 2.2 3.0 0.7 - 3.0
Income before tax 45.3 46.5 1.1 48.0 (1.5)
Profit attributable to owners of the parent
29.7 31.0 1.2 31.0 -
Cash flows from operating activities 24.0 10.0 10.0 * No revision to cash flow forecast
Cash flows from investing activities (64.0) (85.0) (85.0)
Cash flows from financing activities 48.0 60.0 60.0
Revision of Full-Year Earnings Forecast for FY2020• Upon considering the impact of the COVID-19 outbreak, a portion of the full-year earnings forecast for FY 2020, announced at the
beginning of the fiscal year (February 5, 2020), has been revised.• The revision is based on the premise that the business environment surrounding the Tokyo Tatemono Group will gradually recover,
essentially returning to normal by the end of the fiscal year, takes into account the impacts of the partial rent reductions and exemption athotels and commercial facilities as well as decline in parking and resort facility occupancy, and expects that property sales to investors willinclude real estate for other uses as an alternative to hotels and commercial facilities.
• Despite an increase in property sales to investors, operating income, business income, and ordinary income will decrease from the previous fiscal year in FY2020 as a result of factors such as decrease in sales of for-sale condominiums, decline in parking and resort facility occupancy due to the impact of the COVID-19 outbreak, as well as higher corporate costs associated with head office relocation. However, as for revenue from operations and profit attributable to owners of the parent, an increase in revenue and income is anticipated and the amounts will remain unchanged from the forecast announced at the beginning of the fiscal year.
17
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
MEMO
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.18
Business Results by Segment
(1) Commercial Properties Business:
FY2020 2Q Results & Full-Year Forecasts• Decrease in revenue and income primarily due in part to decline in property sales to investors despite leasing of buildings remaining
at a similar level compared with the same period of the previous year.
• Full-year increase in revenue and income are expected due in part to increases in property sales to investors despite a decline in
building leasing revenue due to the impacts of the COVID-19 outbreak.
20
New and full-year operations
・2020 new operations: Sendai Kakyoin Terrace (completed January 2020), Hareza Tower (completed May 2020), Nonoaoyama Shop & Restaurant
(completed May 2020), T-LOGI Kuki (completed June 2020)
・2020 full-year operations: DNP Gotanda Building (acquired in September 2019); Tokyo Tatemono Kyobashi Building (acquired in June 2019); Urban hotel
(Omiya) (completed in September 2019); Urban hotel (Midosuji) (completed in February 2019); Urban hotel (Kyoto) (completed in
December 2019); FUNDES Ginza (completed in November 2019): FUNDES Gotanda (completed in September 2019)
* 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 period 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.
Announced August 4, 2020
Unit: Billion yen2019/6
Actual
2020/6
Actual
Increase/
DecreaseMain factors for increase/decrease
Revised
2020/12
Forecasts
Achievement
rate
Revenue from operations 66.6 58.5 (8.1) 147.0 40%
Leasing of buildings 36.0 36.9 0.9 New operations +¥0.1 billion; Full-year operations +¥1.6 billion; Sale, reconstruction, etc. -¥0.5 billion; Existing buildings: -¥0.3 billion 73.5 50%
Sales of real estate 12.3 4.2 (8.1) Property sales to investors -¥8.1 billion 37.0 12%
Building management
service, etc.17.9 16.9 (1.0) 36.0 47%
Dividends 0.2 0.2 0.0 0.5 59%
Operating income 19.4 16.6 (2.8)Gross profit from property sales to investors -¥1.8 billion (FY2019 1H: ¥2.7 billion; FY2020 1H: ¥0.8 billion)Yaesu Redevelopment Project reserve floor area acquisition tax -¥1.0 billion
38.0 44%
Business income 19.7 16.8 (2.8) 38.5 44%Announced
August 4, 2020Announced
February 5, 2020
Unit: Billion yen2019/12
Actual
Revised
2020/12
Forecasts
(A)
Increase/
Decrease
2020/12
Initial full-year
forecasts
(B)
A-B Summary of revisions from initial FY2020 forecast
Revenue from operations 120.9 147.0 26.0 148.0 (1.0)
Leasing of buildings 73.9 73.5 (0.4) 76.0 (2.5) Rent reduction and exemption for hotels and commercial facilities
Sales of real estate 12.3 37.0 24.6 31.5 5.5 Forgoing sale of hotels and commercial facilities, replacing sold assets
Building management
service, etc.34.0 36.0 1.9 40.0 (4.0) Decline in outsourced construction
Dividends 0.5 0.5 (0.0) 0.5 -
Operating income 37.0 38.0 0.9 43.0 (5.0)Gross profit from property sales to investors -¥2.0 billion (Initial forecast: ¥8.0 billion; Revised forecast: ¥6.0 billion); Leasing of buildings -¥2.5 billion; Building management service, etc. -¥0.5 billion
Business income 37.5 38.5 0.9 43.4 (4.9)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Under 10 years old48.5%
10–20 years old13.3%
20–30 years old11.6%
30 years and older26.5%
30,293 29,870 29,882
30,361 30,405 30,470 30,583 30,846
30,288
97.8% 97.8%98.4% 98.6% 98.8% 98.9% 98.9% 99.0%
98.0%
80%
90%
100%
26,000
28,000
30,000
32,000
2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6
• The office market remained strong with average rent at ¥30,288 per tsubo and occupancy rate close to full at 98.0% at the end
of June. When excluding the impact of Hareza Tower completed in May 2020, the average rent was ¥31,102 per tsubo and
occupancy rate was 99.1%, indicating a favorable trend.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.21
When excluding Hareza Tower
(completed at the end of May,
tenants started to move in in June)
Average rent: ¥31,102 per tsubo
Occupancy rate: 99.1%
(1) Commercial Properties Business:
Office Building Portfolio
At end of June 2020Number of
buildingsLeasable area
Owned office buildings*1 *2 45 520,929 m²
Subleased buildings ー 97,737 m²
Commercial facilities, buildings
for redevelopment, etc.ー 207,234 m²
Total leasable area of
commercial properties businessー 825,899 m²
*1: The definition for the subject of calculation of the number of owned office buildings, average rent and occupancy rate has been changed, effective from FY2019 1Q.
For details of the standards change, please refer to the note on page 52.
*2: “DNP Gotanda Building,” which was delivered 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.
1,000 tsubo and over19.2%
500–1,000 tsubo38.3%
300–500 tsubo24.5%
Less than 300 tsubo18.1%
3 central wards of Tokyo40.6%
Shibuya & Shinjuku wards
16.9%
23 wards (excluding 5 central wards)
of Tokyo22.6%
Tokyo metropolitan area (excluding 23 wards)
2.5%
Other17.3%
<Breakdown of Leasable Area
by Standard Floor Space>
<Breakdown of Leasable Area
by Building Age>
<Breakdown of Leasable Area
by Area of Location>
<Average Rent (Left axis) / Occupancy Rate (Right axis)>
Average building age*3
18 years
(Yen/tsubo)
• Hareza Tower (office building), the complex development on the former Toshima Ward Office site developed in cooperation with the
government, was completed in May 2020.
• The leasing of the office building has progressed smoothly, with 100% of the building under contract at the time of completion.
Tenants are expected to occupy all floors by the end of 2020.
Hareza Tower (Area name: Hareza Ikebukuro)
1
2
3
4 5
6
7
8
中池袋公園
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.22
CASBEE for Buildings
Rank S
DBJ Green Building
Certification2019 Plan: 5 Stars
BELS5 Stars
ZEB ReadyCertified*
* First project to obtain
certification as a high-
rise mixed-use building
(1) Commercial Properties Business: Development Projects to Be Completed in FY2020
<Property Overview>
<Tokyo Tatemono’s Initiatives>
Tokyo Tatemono has advanced the development jointly with
Toshima Ward as a developer of “Brillia Tower Ikebukuro,” Japan’s
first redevelopment project integrating a main ward government
building and high-rise apartment, and the “HAREZA Tower”
complex development on the former site of Toshima Ward Office
and a public hall.
After the completion of “HAREZA Tower,” Tokyo Tatemono will
move forward with management of the area including Naka-
Ikebukuro Park which falls within the area.
[Total floor space] New hall building : about 10,700 m²
Office building : about 68,600 m²
[Total area] New hall building : 2,983.59 m²
Office building : 3,619.67 m²
[Construction start] December 2016
[Completion date] New hall building : April 2019
Office building : May 2020
Naka-Ikebukuro Park
1 Cinema complex
2 Cinema plaza
3Tokyo Tatemono Brillia HALL
* owned by Toshima Ward
4 Harevutai (live theater)
5 Park plaza
6 Haresuta (satellite studio)
7Multi-purpose hall
* owned by Toshima Ward
8Small hall
* owned by Toshima Ward
Within the buildings are a cinemacomplex and other theaters as well asa full range of commercial facilities
Brillia Tower Ikebukuro (completed in 2015)
Japan’s first large-scale complex tower residence (49
floors, 432 units) integrated with a ward government
building.
1st-10th floors: Toshima Ward Office, commercial
facilities, etc.
11th-49th floors:Residence
Naka-Ikebukuro Park
Hareza Ikebukuro
Office building
(Hareza Tower)
Hall building (Tokyo
Tatemono Brillia HALL)
Toshima Civic Center
New Toshima Ward Buildings
2
18
8
171
20
3
2
4
1
5
7
6
9
10
11
13
1415
16
19
20
8
18
17
21
12
• Tokyo Tatemono owns many office buildings and is promoting large-scale redevelopment, including for Tokyo
Tatemono Headquarters Building and Shin-Gofukubashi Building, in the area around Tokyo Station, a key area.
23
(1) Commercial Properties Business: Map of Office Buildings Owned Around Tokyo Station
BuildingFY of
construction completion
1 The Otemachi Tower 2014
2Otemachi Financial City Grand Cube
2016
3JA Building / Keidanren-Kaikan
2009
4Otemachi Financial City North Tower
2012
5Tokyo Tatemono Muromachi Building
1966
6Tokyo Tatemono Dai3Muromachi Building
1971
7 Nihonbashi TI Building 2012
8Tokyo Tatemono Nihonbashi Building
2015
9 Nihonbashi First Building 1994
10 Shin-Gofukubashi Building 1977
11Tokyo Tatemono Yaesu Building
2011
12Tokyo Tatemono Yaesu
Sakuradori Building1974
13 NTA Nihonbashi Building 1991
14Tokyo Tatemono Headquarters Building
1929
15 Yaesu MEG Building 1986
16 Kyobashi YS Building 1990
17 Empire Building 2017
18 Kyobashi Edogrand 2016
19 Fukuoka Building 1990
20 Tokyo Square Garden 2013
21Tokyo Tatemono Kyobashi Building
1981
■ Construction completed in or before 2000.
■ Construction completed between 2009 and 2017.
Category 1 Urban Redevelopment
Project for Yaesu 1-Chome East
Area in Front of Tokyo Station
Category 1 Urban Redevelopment
Project for Yaesu 1-Chome North Area
: Redevelopment with
Tokyo Tatemono’s
involvement
: Redevelopment with
Tokyo Tatemono’s
participation
: Buildings owned by
Tokyo Tatemono
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
24
(1) Commercial Properties Business:
Major Development Projects
• Promoting “Urban Redevelopment Project for Yaesu 1-Chome East Area in Front of Tokyo Station,” which includes Tokyo
Tatemono Headquarters Building, and “Urban Redevelopment Project for Yaesu 1-Chome North Area,” which includes Shin-
Gofukubashi Building, in the area around Tokyo Station, a hub for transportation and business.
Urban Redevelopment Project for Yaesu 1-Chome
East Area in Front of Tokyo Station (Yaesu Project)
⚫ Large redevelopment project in front of Tokyo Station, including Tokyo Tatemono Headquarters Building.
⚫ Construct a large bus terminal that connects Tokyo with international airports and regional cities.
⚫ Introduce functions that will enhance Tokyo’s global competitive edge, including conference halls and medical facilities.
⇒ Rights conversion plan approved for B Area in June 2020[Total floor space] District A: about 12,000 m²
District B:about 225,000 m²
[Main uses] District A:offices, shops, etc.
District B:offices, medical facilities, bus terminal, conference halls, etc.
[No. of floors] District A:11 floors above ground, 3 below
District B:50 floors above ground, 4 below
[Construction start] Fiscal year 2021 (planned)
[Completion date] Fiscal year 2025 (planned)
Urban Redevelopment Project for Yaesu 1-Chome
North Area (Gofukubashi Project)
⚫ Establish a continuous waterfront promenade and pedestrian network in the area along Nihonbashi River.
⚫ Form a financial hub serving to strengthen global competitive edge.
⚫ Strengthen disaster preparedness and reduce environmental burden.
⇒ Urban development plan decided and designated as National Strategic Special Zone in October 2019
[Total floor space] South Block: about 180,500 m²
North Block: about 1,000 m²
[Main uses] Offices, shops, lodging facility, parking lot, etc.
[No. of floors] South Block: 45 floors above ground, 5 below
North Block: 2 floors above ground, 1 below
[Construction start] Fiscal year 2025 (planned)
[Completion date] South Block: Fiscal year 2030 (planned)
North Block: Fiscal year 2035 (planned)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
25
(1) Commercial Properties Business:
Major Development Projects
• In addition to Yaesu Project and Gofukubashi Project, promoting several projects in the Chuo, Minato and Shibuya wards.
• Redevelopment projects for approximately 320,000 m2 of estimated leasable area are slated for completion one after another
around the period between 2025 and 2030.
Leasable
area
Approx.
320,000 m2
in total
* Estimated leasable area includes leasable area of non-office space, such as conference and commercial facilities
Estimated investment amount:
About ¥230.0 billion
Estimated investment amount:
About ¥330.0 billion
Preparation consortium
establishedRedevelopment 1 Minato Ward
Approx.
200,000 m2
in total
Preparation consortium
establishedRedevelopment 2 Chuo Ward
Preparation consortium
establishedRedevelopment 3 Shibuya Ward
Preparation consortium
establishedRedevelopment 5 Minato Ward
Under discussion Redevelopment 4 Minato Ward
Current status Name of project Area 2020 ・・・・・ 2024 2025 ・・・・・ 2030
Estimated
leasable area*
(owned by Tokyo
Tatemono)
Rights conversion plan
(B Area)Yaesu Project Chuo Ward
Approx.
120,000 m2
in total
Preparation consortium
established
Urban development plan
decided
Gofukubashi
ProjectChuo Ward
■ Project period
(construction start to completion)Ongoing Redevelopment Projects
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
24.6
55.4
85.2
107.9
124.1
0
200
400
600
800
1000
1200
1400
2016/12 2017/12 2018/12 2019/12 2020/6
• In FY2020 H1, new projects were secured, mainly for logistics facilities.
• The balance of real estate for sale increased by ¥16.2 billion from the end of FY2019 to ¥124.1 billion and the value
of stock in terms of total investment amount increased by approximately ¥30.0 billion to approximately ¥220.0 billion.
FUNDES Gotanda FUNDES Ginza
26
* In FY2020, besides the properties listed, acquisition of one property has been decided.
(1) Commercial Properties Business:
Initiatives for Property Sales to Investors
(Billion yen)
<Commercial Properties Business: Balance of Real Estate for Sale> <Urban Compact Commercial Facilities>
Total investment amount* (based on decisions made)*1:
approx. ¥220.0 billion
Assume average NOI yield at stable occupancy of around 5%
*1 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.
Area Property nameConstruction
completedStatus
Suidobashi FUNDES Suidobashi July 2015 Sold
Jimbocho FUNDES Jimbocho Nov. 2016 Sold
Ueno FUNDES Ueno July 2017 Sold
Tenjin, Fukuoka TENJIN249 July 2018 In operation
Gotanda FUNDES Gotanda July 2019 In operation
Ginza FUNDES Ginza Nov. 2019 In operation
Tenjin, FukuokaTenjin Nishidori Project
(provisional name)Spring 2022 Under developmentReal estate
for sale
(completed)
As of the end of 2018: Transfer from fixed assets of slightly less than
¥20.0 billion
As of the end of 2019: Transfer from fixed assets of slightly less than
¥10.0 billion
140
120
100
80
60
40
20
0
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Area Hotel nameNo. of
guestrooms
Construction
completedStatus
Roppongi Candeo Hotels Tokyo Roppongi 149 Sept. 2017 In operation
Ginza The Square Hotel Ginza 182 Aug. 2018 In operation
Asakusa Hotel Gracery Asakusa 125 Sept. 2018 In operation
Midosuji (1) the b Osaka Midosuji 306 Feb. 2019 In operation
Omiya Candeo Hotels Omiya 321 Aug. 2019 In operation
Sanjo, Kyoto (1) Arietta Hotel Kyoto 122 Dec. 2019 In operation
Shijo, Kyoto TBD 106 Spring 2021 Under development
Sanjo, Kyoto (2) TBD TBD TBD Under development
Akihabara TBD TBD TBD Under development
Midosuji (2) TBD TBD TBD Under development
<Urban Hotels><Logistics Facilities>
T-LOGI Kuki (Completed end of June 2020)
27
Lounge in the facility Photographs in the warehouse
<Medium-Size Office Building>
Property nameConstruction
completedStatus
Sendai Kakyoin Terrace Jan. 2020 In operation
TBD (Area: in front of Sapporo Station) Fall 2023 Under development
Kodemmacho Project (provisional name) Spring 2022 Under development
Sendai Kakyoin Terrace
* In FY2020, besides the properties listed, acquisition of one property has been decided.
* Projects acquired in 2020 are highlighted in red.
(1) Commercial Properties Business:
Initiatives for Property Sales to Investors
Property name Opening Status
T-LOGI Kuki Jul. 2020 In operation
Ayase Logistics Facility Project (provisional name) Summer 2022 Under development
Musashi Hikita Logistics Facility Project (provisional name) TBD To be acquired
Yokohama Aoba Logistics Facility Project (provisional name) Spring 2022 Under development
Narashino Logistics Facility Project (provisional name) Spring 2022 Under development
Chiba Kita Logistics Facility Project (provisional name) TBD Under development
Ichinomiya Logistics Facility Project (provisional name) TBD To be acquired
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
• In FY2020 2Q, there was a decrease in revenue and income due in part to the recording of a highly profitable tower condominium
in the same period of the previous year, and the number of condominium sales posted decreased from 937 units to 872 units.
• Full-year decrease in revenue and income are expected due in part to decrease in sales and gross profits of for-sale
condominiums despite a significant increase in the sale of for-rent condominiums.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.28
(2) Residence Business:
FY2020 2Q Results & Full-Year Forecasts
Announced August 4, 2020
Unit: Billion yen2019/6
Actual
2020/6
Forecasts
Increase/
DecreaseMain factors for increase/decrease
Revised
2020/12
Forecasts
Achievement
rate
Revenue from operations 82.2 61.4 (20.7) 123.0 50%
Sales of condominiums 67.4 46.6 (20.7)Number of condo sales posted: 872 units; Condo unit price: ¥53.44
million; Gross margin: 22.9%62.5 75%
Sales of residential houses - - - - -
Sales of residential land, etc. 2.3 2.0 (0.3) Decreases in sold share outs in for-sale condo project 35.0 6%
House leasing 1.9 2.6 0.6 New operations in for-rent condominiums and full-year operations
of properties completed in the previous fiscal year5.5 48%
Fee from sales agency services 0.5 0.6 0.1 1.0 68%
Building management service, etc. 9.9 9.4 (0.5) Decrease in large-scale repair work 19.0 50%
Operating income 12.2 6.3 (5.8) 13.5 47%
Business income 12.2 6.3 (5.8) 13.5 47%
Announced August 4, 2020
Announced February 5, 2020
Unit: Billion yen2019/12
Actual
Revised
2020/12
Forecasts
(A)
Increase/
Decrease
2020/12
Initial full-year
forecasts
(B)
A-B Summary of revisions from initial FY2020 forecast
Revenue from operations 131.2 123.0 (8.2) 115.0 8.0
Sales of condominiums 98.3 62.5 (35.8) 67.0 (4.5)
Revised number of condo sales posted from 1,250 units to 1,150
units (Condo unit price: ¥54.30 million; Gross margin:
approximately 22.0%)
Sales of residential houses 0.0 - (0) - -
Sales of residential land, etc. 8.1 35.0 26.8 22.0 13.0Increase in sale of for-rent condominiums +¥13.0 billion (Initial
forecast: ¥15.0 billion; Revised forecast: ¥28.0 billion
House leasing 4.3 5.5 1.1 5.5 -
Fee from sales agency services 1.1 1.0 (0.1) 0.5 0.5
Building management service, etc. 19.2 19.0 (0.2) 20.0 (1.0)
Operating income 15.8 13.5 (2.3) 9.0 4.5Gross profit from sales of for-rent condominiums +¥4.5 billion
(Initial forecast: ¥3.0 billion; Revised forecast: ¥7.5 billion)
Business income 15.8 13.5 (2.3) 9.0 4.5
700
971 988
1,315
1,150
20.9%
33.3%29.8%
24.6%
22.0%
0%
5%
10%
15%
20%
25%
30%
35%
0
500
1,000
1,500
2016/12 2017/12 2018/12 2019/12 2020/12
872
22.9%
• In FY2020 2Q, gross margin maintained a favorable level at 22.9%.
• Anticipating a delay in sales activities caused by the suspension of new business activities at show houses and sales centers due to
the impacts of the COVID-19 outbreak, the number of condo sales to be posted in the current fiscal year was revised to 1,150 units,
down from the initial forecast of 1,250 units.
• The inventory of completed condominiums was 305 units, primarily in the Tokyo suburban and Tokyo metropolitan areas, as of the
end of FY2020 2Q, and the achievement rate at the end of FY2020 2Q against the revised FY2020 plan for the number of
condominium sales posted stood at 90%.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.29
(Full-year
forecast)
(2Q actual)
* The achievement rate was also revised in line with the revision of the number of
condominium sales to be posted in FY2020
23 wards of Tokyo
61.9%Tokyo excluding 23 wards
14.3%
Other Tokyo
metropolitan area
20.5%
Kansai and others
3.4%
23 wards of Tokyo
46.3%
Tokyo excluding
23 wards
0.8%
Other Tokyo
metropolitan area
26.1%
Kansai and others
26.9%
FY2017 FY2018 FY2019 FY2020
At beginning 80% 77% 83% 76%*
At end of 1Q 88% 91% 89% 86%*
At end of 2Q 93% 94% 94% 90%*
At end of 3Q 99% 97% 98%
Number of condo sales posted 971 units 988 units 1,315 units1,150 units*
(Plan)
<Achievement Rate Against Number of Condominium Sales Posted><Breakdown of Number of Condominium Sales Posted by Area>
<Inventory of Completed Condominiums><Number of Condominium Sales Posted and Gross Margin>
(Units) (Units)■Tokyo
■Tokyo metropolitan area
■Kansai and others
Of which,
contracted:
31 units
FY2019 2Q
937 units posted
FY2020 2Q
872 units posted
138105 87 94
174
130
83
216
321305
0
100
200
300
400
2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6
(2) Residence Business: For-Sale Condominiums – Main Operating Indicators
Incorporated into land bank
Approx. 8,300 units
Yet to be incorporated into
land bankApprox. 2,500 units
• Plan to post sales of properties conveniently located in front of stations in 2020 as well.
• Acquired land for approximately 400 units in FY2020 1H, securing a land bank for approximately 8,300 units
(including the number of units scheduled to be posted in 2020).
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.30
(2) Residence Business: For-Sale Condominiums – Main Property Sales Posting Schedule (1)
<Properties Scheduled to be Posted in 2020>
Brillia TsurumakiBrillia Urawa NakachoBrillia Tower Takasaki
ALPHA RESIDENCIA
<Land Bank><Projects Promoted Under
the Company’s Business>
Approx. 8,300 unitsApprox. 10,800 units
Including 1,150 units
scheduled to be posted in 2020
*1 Of the total number of units including units for sale, the number of units excludingland right holders’ residential units
*2 Including also the number of units scheduled for sale over several years
*3 Completion date was postponed in line with the postponement of the Olympic Games
Main properties slated for completionNo. of units
for sale*1
No. of condo sales
to be posted by
Tokyo Tatemono
To b
e c
om
ple
ted
in 2
020
Brillia Tower Takasaki ALPHA RESIDENCIA 222 100
Brillia City Senri Tsukumodai 158 79
Brillia Ojima 127 127
Brillia Higashinakano Parkside Hills 98 59
Brillia Urawa Nakacho 72 72
Brillia Tsurumaki 72 72
To b
e c
om
ple
ted
in2021
BrilliaTower Nishijin 307 246
SHINTO CITY 1,411 353 *2
Brillia Tower Ariake MID CROSS 300 300 *2
Brillia Ueno Garden 99 79
To b
e c
om
ple
ted
in 2
022 o
r la
ter
Brillia Kyoto Matsugasaki 109 109
Brillia City Nishi-Waseda 454 454
Brillia Tower Seiseki Sakuragaoka Blooming
Residence (provisional name)520 312
SHIROKANE The SKY 770 270
Minato Ward Kaigan 1-chome Reconstruction
Project
(Itohpia Hamarikyu Reconstruction Project)
144 144
HARUMI FLAG (Harumi 5-chome West District
Category 1 Urban Redevelopment Project)4,145 489 *3
Dojima Tower Project (provisional name) TBD TBD
Shakujii Park Danchi Reconstruction Project TBD TBD
Nishishinjuku 3-chome West District
Urban Redevelopment ProjectTBD TBD
23 wards of Tokyo 49.5%
Tokyo excluding 23 wards
4.9%
Other Tokyo metropolitan area
24.7%
Kansai and others20.9%
2021 2022 2023 20242020
• Going forward, the plan is to continue posting sales of properties that draw great attention every fiscal year, such aslarge-scale redevelopment projects in central Tokyo and large-scale tower condominiums in central areas ofregional cities.
• Already secured approximately 6,600 units’ worth of projects, or approximately 80% of estimated cumulative netsales, scheduled to be posted by FY2024, the final fiscal year of the new medium-term business plan.
31Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
(2) Residence Business: For-Sale Condominiums – Main Property Sales Posting Schedule (2)
*1 Completion date was changed in line with the postponement of the Olympic Games.The number of units scheduled to be posted in fiscal 2024 has not been determined.
Land bank scheduled to be posted in the medium-term business plan period: Approx. 6,600 units already secured
(Approx. 80% of estimated cumulative net sales in the period of the medium-term business plan)
SHIROKANE The SKY(Total units: 1,247; Units to be posted: 270)
Minato Ward Kaigan 1-chome
Reconstruction Project (Total units: 420; Units to be posted: Approx. 140)
HARUMI FLAG*1
(Total units: 4,145; Units to be posted: 489)SHINTO CITY(Total units: Approx. 1,400; Units to be posted:
Approx. 350)
Brillia Tower Seiseki Sakuragaoka
Blooming Residence(Total units: 520; Units to be posted: 312)
Brillia Tower Takasaki
ALPHA RESIDENCIA(Total units: 222; Units to be
posted: 100)
Brillia Tower Ariake MID CROSS(Total units: 300; Units to be posted: 300)
BrilliaTower Nishijin(Total units: 307; Units to be
posted: 246)
Dojima Project (provisional name)(Total units: TBD; Units to be posted: TBD)
1.7 1.7
20.4
29.1
36.8
-50
50
150
250
350
2016/12 2017/12 2018/12 2019/12 2020/6
• In FY2020 1H, 6 for-rent condominium projects (including student housing) were newly acquired.
• The balance of real estate for sale increased by ¥7.7 billion from the end of FY2019 to ¥36.8 billion and the value of
stock in terms of total investment amount increased by approximately ¥12.0 billion to approximately ¥62.0 billion.
32
Real estate
for sale
(completed)
35
25
15
5
-5
(Billion yen)
As of the end of 2018:
Transfer from fixed assets of
slightly more than
¥15.0 billion
(Excluding properties held
for a long period of time)
Total investment amount*1 (based on decisions made): approx. ¥62.0 billion
Assume average NOI yield at stable occupancy of around 5%
<For-Rent Condominiums: Balance of Real Estate for Sale> <List of For-Rent Condominiums (Sale to Investors)>
Property nameTotal no.of units
Construction (to be) completed
Status
Brillia ist Kitazawa KEYAKI 44 Aug. 2008 Sold
Brillia ist Nishiazabu Kasumicho 21 July 2008 In operation
Brillia ist Nakano Central Park Residence 17 May 2012 In operation
Brillia ist Nakano Shinbashi 42 Apr. 2016 Sold
Brillia ist Ueno Okachimachi 33 Nov. 2017 In operation
Brillia ist Kiyosumi Shirakawa 47 Jan. 2018 In operation
Brillia ist Yotsuya Honshiocho 85 June 2018 In operation
CREAR PALETTE Kajigaya*2 127 Feb. 2019 Sold
Brillia ist Bunkyo Myogadani 43 Mar. 2019 In operation
Brillia ist Sendagaya 149 May 2019 In operation
Brillia ist Komagome 75 Feb. 2020 In operation
Arcade Ebara Nakanobu 29 Jan. 2020 In operation
Brillia ist Ryogoku 85 Mar. 2020 In operation
Brillia ist Shinjuku Akebonobashi 49 Apr. 2020 In operation
Minn Ueno*3 - July 2020 In operation
Taihei 4-chome Project (provisional name) 45 Sept. 2020 Under development
Motoasakusa 1-chome Project (provisional name)
49 Nov. 2020 Under development
Akabane Iwabuchi Project (provisional name) 49 Feb. 2021 Under development
Asakusabashi 1-chome Project (provisional name)
49 Oct. 2021 Under development
Omori Sanno Project (provisional name) 59 Dec. 2021 Under development
Toyomachi Project (provisional name) 49 Feb. 2022 Under development
Kitaueno Project (provisional name) 36 Feb. 2022 Under development
Machiya Station Front Project(provisional name)
59 Aug. 2022 Under development
Shibuya Honmachi Project (provisional name)
47 Aug. 2022 Under development
Kuramae 4-chome Project (1) 58 Aug. 2023 Under development
Kuramae 4-chome Project (2) 46 Nov. 2023 Under development
Ikejiri Ohashi Project (provisional name) 200 Nov. 2024 Under development
* In FY2020, besides the properties listed, acquisition of 2 properties has been decided.
* Projects acquired in 2020 are highlighted in red.
<List of For-Rent Condominiums (for Long-Term Holding)>
Property nameTotal no.
of units
Construction
(to be) completedStatus
Brillia ist Shinonome Canal Court 423 Mar. 2005 In operation
Brillia ist Tower Kachidoki 536 Jan. 2011 In operation
Nonoaoyama building 229 May 2020 In operation
HARUMI FLAG
(Post Olympic Village Site Development)
Approx.
1,500TBD Under development
*1: Calculated by aggregating the total investment amount, in which construction costs, etc. that ariseafter the acquisition are added to the book value of each property at the time of acquisition.
*2: “CREAR PALETTE Kajigaya” is developed as student housing in light of the location characteristicsand entirely leased to a student housing operator after construction completion.
*3: “Minn Ueno” was developed as an apartment hotel (lodging facility) in light of the locationcharacteristics.
(2) Residence Business: For-Rent Condominiums
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
(2) Residence Business: For-Rent Condominiums
33Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
(Left) Entrance hall
(Right) Exterior
(Left) Common-use lounge
(Right) Exterior
[Location] 1-6-7 Ryogoku, Sumida-ku, Tokyo
[Access] 6-minute walk from Ryogoku Station on the JR Sobu Line
11-minute walk from Ryogoku Station on the Toei Oedo Line
10-minute walk from Morishita Station on the Toei
Shinjuku Line and Toei Oedo Line
[Scale] 13 floors above ground
[Floor plan] 1K, 1DK, 2DK
[Total units] 85 units + 1
shop section
Brillia ist Ryogoku (Construction completion in 2020)
Brillia ist Sendagaya (Construction completion in 2019)
[Location] 31-4, Daikyocho, Shinjuku-ku, Tokyo
[Access] 2-minute walk from Kokuritsu-kyogijo Station on the Toei Oedo Line
5-minute walk from Sendagaya Station on the JR Sobu Line
[Scale] 10 floors above ground
[Floor plan] Studio to 2LDK
[Total units] 149 units + 1 shop section
(Left) Rooftop Terrace, (Right) Exterior
(Left) Common-use lounge
(Right) Exterior
[Location] 1-3-4 Nishigahara, Kita-ku, Tokyo
[Access] 5-minute walk from Komagome Station on the JR
Yamanote Line
5-minute walk from Komagome Station on the Tokyo Metro
Namboku Line
[Scale] 12 floors above ground
[Floor plan] 1K to 2DK
[Total units] 75 units
Brillia ist Komagome (Construction completion in 2020)
[Location] 6-9, Katamachi, Shinjuku-ku, Tokyo
[Access] 3- minute walk from Akebonobashi Station on the Toei
Shinjuku Line
9-minute walk from Yotsuya-sanchome Station on the
Marunouchi Line
[Scale] 14 floors above ground
[Floor plan] 1R, 1K, 1LDK, 2LDK
[Total units] 49 units
Brillia ist Shinjuku Akebonobashi(Construction completion in 2020)
(2) Residence Business: For-Rent Condominium
Project Completed in FY2020 2Q• Nonoaoyama Building, a project making private-sector use of an old, municipally operated former residential site, was
completed in May 2020.
• There are high-quality rental residences suitable for various lifestyles, high-grade serviced housing for the elderly, and a state-authorized day care center.
Nonoaoyama Building
(Kita Aoyama 3-chome Area Urban Development Project Utilizing Private Business Operator)
<Property Overview>
Biotope
Exterior view of commercial zone
34
Use :1F–2F: Shop, state-authorized day
care center, and community center
2F–4F: Serviced housing for the
elderly (49 units)
(Special Facility for Long-Term Care
Service)
5F–25F: Rental residence (229 units)
Total area :7,895.01 m2
Total floor area :Approximately 34,800 m2
Scale :1 floor below ground, 25 floors above
ground
Construction
started
:March 2018
Completion date :May 2020
5F–25F
KURASU
AOYAMARental residence
2F-4F
Tsukui NonoaoyamaServiced housing for the elderly
(Special Facility for Long-Term
Care Service)
1F-2F
NonoaoyamaShop & Restaurant
Shop, community center
Nonoaoyama Building
Kita Aoyama 3-chome Area
Urban Development
Project zone
Gaienmae
Station on the
Ginza Line
Omotesando Station on the
Ginza Line, Hanzomon Line,,
and Chiyoda Line
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Omotesando
Intersection
Aoyama 3-chome
Intersection
MEMO
35Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
• FY2020 2Q: Decrease in revenue and income due in part to decline in occupancy in parking lot operations and
decrease in property sales to investors via asset solutions under which the value of real estate is increased upon
acquisition.
• Full-year increase in revenue and decrease in income is anticipated despite an increase in property sales to
investors, due to the impacts of decline in parking lot occupancy.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.36
(3) Real Estate Service Business:FY2020 2Q Results & Full-Year Forecasts
Announced August 4, 2020
Unit: Billion yen2019/6
Actual
2020/6
Actual
Increase/
DecreaseMain factors for increase/decrease
Revised
2020/12
Forecasts
Achievement
rate
Revenue from operations 25.0 21.7 (3.3) 56.0 39%
Brokerage 1.8 1.3 (0.5) Decrease in brokerage properties and volume 3.5 39%
Asset solution 10.3 9.2 (1.0)Property sales to investors -¥1.2 billion
(FY2019 2Q: ¥8.7 billion; FY2020 2Q: ¥7.5 billion)28.5 33%
Management service, etc. 2.1 2.1 0.0 4.0 55%
Parking lots business 10.6 8.8 (1.8) Decline in occupancy due to the impacts of the COVID-19 outbreak 20.0 44%
Operating income 3.9 0.4 (3.4)
Impacts of the COVID-19 outbreak on the parking lots business -¥1.9 billion
Gross profit from property sales to investors -¥1.1 billion (Cumulative total of
FY2019 2Q: ¥2.6 billion; Cumulative total of FY2020 2Q: ¥1.5 billion)
5.5 8%
Business income 3.9 0.4 (3.4) 5.5 8%
Announced August 4, 2020
Announced February 5, 2020
Unit: Billion yen2019/12
Actual
Revised
2020/12
Forecasts
(A)
Increase/
Decrease
2020/12
Initial full-year
forecasts
(B)
A-B Summary of revisions from initial FY2020 forecast
Revenue from operations 44.1 56.0 11.8 60.0 (4.0)
Brokerage 3.8 3.5 (0.3) 4.5 (1.0) Decrease in brokerage properties and volume
Asset solution 14.3 28.5 14.1 28.5 -
Management service, etc. 4.2 4.0 (0.2) 4.0 -
Parking lots business 21.7 20.0 (1.7) 23.0 (3.0) Decline in occupancy due to the impacts of the COVID-19 outbreak
Operating income 5.8 5.5 (0.3) 9.0 (3.5)Impacts of the COVID-19 outbreak on the parking lots business -¥3.0
billion, brokerage and others -¥0.5 billion
Business income 5.8 5.5 (0.3) 9.0 (3.5)
27.735.6
43.351.5 49.8
0
100
200
300
400
500
600
2016/12 2017/12 2018/12 2019/12 2020/6
• Asset Solution: Despite the continued harsh acquisition environment, securing stock mainly in central Tokyo.
• Parking lots business: The number of parking spaces increased by 4,493 from the end of March 2020 to
74,176 due in part to the integrated outsourcing of multiple sites by Yokoyama City.
37Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
(3) Real Estate Service Business:
Main Operating Indicators
<Asset Solution Business: Balance of Assets Owned> <Parking Lots Business: Number of Parking Spaces>
(Billion yen) (Parking spaces)
<Asset Solution Business: Breakdown of Balance of Assets Owned>
Breakdown by Area of Location Breakdown by Asset Type
60
50
40
30
20
10
0
66,131 67,202
68,101 68,578
66,938 66,736 67,353
69,401 69,683
74,176
55,000
60,000
65,000
70,000
75,000
2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6
Central Tokyo (23 wards of Tokyo)
54.9%
Greater Tokyo (Tokyo and 3 Neighboringprefectures)
24.2%
Major regional cities 20.4%
Other 0.5%
Office buildings32.5%
Condominiums for sale & rent
29.3%
Commercial facilities & hotels
30.8%
Other7.5%
(4) Other: FY2020 2Q Results & Full-Year Forecasts
• FY2020 2Q: Decrease in revenue and increase in income on a business-income basis due to factors such as
increase in AM fees in the fund business and rising occupancy in the senior & child care business despite decline in
occupancy in the leisure business, etc.
• Full-year decrease in revenue and income is expected due in part to decline in occupancy in the leisure business.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.38
Announced August 4, 2020
Unit: Billion yen2019/6
Actual
2020/6
Actual
Increase/
DecreaseMain factors for increase/decrease
Revised
2020/12
Forecasts
Achievement
rate
Revenue from operations 12.3 10.7 (1.5) 24.0 45%
Leisure business 6.9 4.1 (2.8)Decrease in the number of visitors and decline in occupancy due to the
impacts of the COVID-19 outbreak11.5 36%
Senior & child care business 4.1 4.5 0.3 Higher occupancy at senior facilities 9.0 50%
Fund business 1.1 2.0 0.8 Increase in AM fees 3.5 59%
Other 0.1 0.1 (0.0) 0.0 -
Operating income 0.4 0.1 (0.3)
Due to the impacts of the COVID-19 outbreak the leisure business was
-¥0.8 billion;
Fund business +¥0.3 billion; Senior & child care business +¥0.2 billion
1.0 10%
Business income (0.0) 0.2 0.2 0.0 -
Announced August 4, 2020
Announced February 5, 2020
Unit: Billion yen2019/12
Actual
Revised
2020/12
Forecasts
(A)
Increase/
Decrease
2020/12
Initial full-year
forecasts
(B)
A-B Summary of revisions from initial FY2020 forecast
Revenue from operations 26.6 24.0 (2.6) 27.0 (3.0)
Leisure business 14.7 11.5 (3.2) 15.0 (3.5)Decrease in the number of visitors and decline in occupancy due to the
impacts of the COVID-19 outbreak
Senior & child care business 8.4 9.0 0.5 9.0 -
Fund business 3.0 3.5 0.4 3.0 0.5 Increase in AM fees
Other 0.2 0.0 (0.2) 0.0 -
Operating income 1.7 1.0 (0.7) 2.0 (1.0)Due to the impacts of the COVID-19 outbreak the leisure business was
-¥1.3 billion
Business income 0.5 0.0 (0.5) 0.6 (0.6)Leisure business -¥1.3 billion; Improvement in equity in income (loss) of
affiliated companies in the overseas business +¥0.5 billion
(4) Other: Initiatives for Fund Business
• Under the new 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.
• As a measure to strengthen the fund business, shares of Tokyo Realty Investment Management, Inc. (TRIM), the asset
management company of Japan Prime Realty Investment Corporation (JPR) were additionally acquired in April 2020.
39Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
A J-REIT with a combined portfolio of office and urban retail
properties, etc.
* As of December 31, 2019
A diversified private REIT investing in various
asset types
Investment Ratio by Use/Area
Investment Ratio by Use
Portfolio Overview Portfolio Overview
Additional acquisition of TRIM’s shares
Acquisition date: April 28, 2020
Shareholding ratio to the total number of
shares issued and outstanding
Tokyo Tatemono Private REIT, Inc.
: ¥439.5 billion
: ¥522.6 billion
Total acquisition price
Appraisal value
Shareholder Before Current
Tokyo Tatemono Co., Ltd. 52% 75%
Yasuda Real Estate Co., Ltd. 18% 10%
Taisei Corporation 10% 10%
Meiji Yasuda Life Insurance
Company10% 5%
Sompo Japan Insurance Inc. 10% 0%
* As of April 2020
* As of December 31, 2019
* As of December 31, 2019
Number of
propertiesLeasable area
Occupancy
rateNOI yield
Average
building age
63 Approx. 480,000 m² 99.6% 4.7% 23.0 years
Number of
propertiesTotal floor area*1 Occupancy
rate*2
Average
building age
27 Approx. 268,000 m² 98.2% 14.7 years
: ¥60.5 billion
: ¥63.9 billion
Total acquisition price
Appraisal value* As of April 30, 2020
*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 April 30, 2020.
53%
10%
37%
Office building Commercial facility Residence
47.7%
19.1%
9.4%
23.8%
Office (Tokyo CBDs)
Office (Greater Tokyo)
Office (Other cities)
Retail
• 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. Although some construction/sales schedules were delayed
due to the impact of the COVID-19 outbreak, there have been strong sales since sales activities resumed in China.
• Balance of investment was approximately ¥55.0 billion at the end of June 2020.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.40
(4) Other: Initiatives for Overseas Business
■Project city ■Local subsidiary
Xuzhou
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.
* Projects acquired in 2020 are highlighted in red.
Name of project Location Main uses Total areaScale (Total number of units/total floor
space)
FY of construction completion
Status(End of June)
Chin
a
Shenyang Tomorrow Square Project Shenyang CityResidence,
commercial, officeApprox. 199,000 m² Approx. 5,900 units 2013 onward Sold out
Qingdao Project Qingdao CityResidence, commercial
Approx. 86,000 m² Approx. 1,800 units 2015 onward Sold out
Xuzhou Qiaohu Project Xuzhou City Residence Approx. 122,000 m² Approx. 2,000 units 2020 onward On sale
Yangzhou-South Project Yangzhou CityResidence, commercial
Approx. 94,000 m² Approx. 1,200 units 2019 onward On sale
Yangzhou-East Project Yangzhou CityResidence, commercial
Approx. 64,000 m² Approx. 1,200 units 2022 onward Before sale
Yinchuan Jinfeng Project Yinchuan CityResidence, commercial
Approx. 98,000 m² Approx. 1,500 units 2022 onward On sale
Jiaxing Tongxiang Project Jiaxing City Residence Approx. 42,000 m² Approx. 500 units 2020 onward On sale
Xuzhou Chengbei Project Xuzhou City Residence Approx. 68,000 m² Approx. 1,500 units 2022 onward On sale
Yangzhou Chengxi Project Yangzhou CityResidence,
commercialApprox. 97,000 m² Approx. 1,500 units 2022 onward Before sale
Asia
79 Robinson Road Singapore Office Approx. 4,400 m² Approx. 57,400 m² 2020 Completed
Former Site of Yangon Military Museum Redevelopment Project
Yangon, Myanmar
Office, commercial, hotel
Approx. 16,000 m² Approx. 92,000 m² 2021Under
development
Sukhumvit 26 ProjectBangkok,Thailand
Residence Approx. 3,200 m² Approx. 150 units 2021 On sale
Sathorn 12 ProjectBangkok, Thailand
Residence Approx. 2,900 m² Approx. 250 units 2022 On sale
Sukhumvit 38 ProjectBangkok,Thailand
Residence Approx. 5,700 m² Approx. 300 units 2024 Before sale
Dharmawangsa ProjectJakarta,
IndonesiaOffice, residence Approx. 16,000 m²
Office:Approx. 47,000 m²
Residence: Approx. 90 units
2021 On sale
Loggia ProjectJakarta,
IndonesiaResidence Approx. 11,900 m² Approx. 500 units 2024 On sale
(4) Other: Initiatives for Overseas Business
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.41
A residential development project in Yangzhou, a Tier 3 city where the needs of
actual demand are strong, marking the Company’s third project in the city
A rare, high-grade office was developed in Singapore’s
central business district, Tanjong Pagar. There are plans
to connect the property directly to a subway station in the
future, and we have received applications for more than
approximately 70% of units.
Former Site of Yangon Military Museum
Redevelopment Project(Construction started in 2018 and slated for completion in 2021)
A large-scale complex development project
involving development/operation of an office
building, commercial facilities, and a hotel on
the former site of the military museum
(approximately 16,000 m²)
For-sale condominiums development projects
in Bangkok, Thailand (3 projects)
Development of three high-grade for-sale
condominiums in the Sukhumvit Area (near
BTS Phrom Phong) and the Sathorn Area
located in the central district of Bangkok
Yinchuan Jinfeng Project in China
A complex development project for residential and commercial properties in
Yinchuan, a Tier 3 city where the needs of actual demand are persistent,
marking the Company’s first project in the city.
Total project cost: Approx. ¥34.0 billion
Tokyo Tatemono’s stake: Approx. 30%
Total project cost: Approx. ¥75.0 billion
Tokyo Tatemono’s stake: Approx. 15%
Total project cost: Approx. ¥50.0 billion
Tokyo Tatemono’s stake: Approx. 50%
Total project cost: Approx. ¥37.0 billion
Tokyo Tatemono’s stake: Approx. 25%
Total project cost: Approx. ¥20.0 billion
Tokyo Tatemono’s stake: Approx. 30%
Total project cost: Approx. ¥23.0 billion
Tokyo Tatemono’s stake: Approx. 25%
Xuzhou Qiaohu Project in China
A complex development project for residential and commercial properties in
Xuzhou, a Tier 3 city where infrastructure development and foreign capital
advancement are rapidly progressing (the Company is participating in the
residential portion only)
Yangzhou-South Project in China
* CPF Building Redevelopment79 Robinson Road (Construction started in 2017 and completed in 2020)
MEMO
42Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Appendix
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Long-Term Vision and Medium-Term Business Plan
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.44
• 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.
“Becoming a Next-Generation Developer”
Target for 2030:
Consolidated business
income* of ¥120.0 billionContributing to the SDGs
<Basic Profit Growth Policy>
Steadily expand stable leasing profit, making it
the core of our profit composition
Target a well-balanced profit structure, mindful
of capital efficiency
Achieve the dual goals of “solving social issues” and
“company growth” at higher levels
Previous Medium-term
Business Plan
Long-Term Vision to 2030
Consolidated
business income*
¥120.0 billion
51.6
2019 2024 Around
2030
2020-2024 Medium-term
Business Plan
Consolidated
business income*
¥75.0 billion
(1) Promotion of Large-Scale
Redevelopment
(4) Strengthening of Brokerage, Fund, and Parking LotBusinesses
(5) Growth in Overseas Business
(3) Expansion of Property Sales to
Investors
(2) Further Strengthening of
Condominium Business
<Key Strategies in the Medium-Term Business Plan>
<Positioning of the Medium-Term Business Plan>
* Business income = Operating income + Equity in income (loss) of affiliated companies
<Long-Term Vision for 2030>
Quantitative Plan in Medium-Term Business Plan
37.5 38.5
49.0
15.8 13.5
18.05.8 5.5
9.0
0.50
8.0
-8.2 -10.0 -9.0
▲ 100
0
100
200
300
400
500
600
700
800
2019 Actual 2020 Forecast 2024 Projection
Commercial properties Residence Real estate service Other Corp/Elim
¥47.5 billion
45Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
<Profit/Financial Plan – Figures for FY2024>
• In the Medium-Term Business Plan, we have set a profit target of ¥75 billion in business income for FY2024. In addition,
we have set targets for ROE, the debt-equity ratio, and the interest-bearing debt to EBITDA multiple in order to optimize
the business portfolio in consideration of capital efficiency and fiscal discipline.
• Looking towards 2024, we plan to increase profit on property sales centering on property sales to investors.
Profit
Target
Consolidated business income:
¥75.0 billion
Capital
EfficiencyROE: 8-10%
Financial
Indicators
Debt-equity ratio: Appr. 2.4X
Interest-bearing debt / EBITDA
multiple: Appr. 12X
Reference
Figures
Consolidated operating income:
¥70.0 billion
Net income attributable to owners of
parent: ¥45.0 billion
EPS: ¥215
¥75.0 billion
<Consolidated Business Income Trend by Segment>
¥51.6 billion
80
70
60
50
40
30
20
10
0
-10
46Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Long-Term Vision, Medium-Term Business Plan Material
(announced in February 2020) (Excerpt)
■Our business portfolio can be classified into three categories based on their profit characteristics: leasing,
property sales (condominiums/sales), and services. We manage each segment with a focus on the value chain.
■We promote five key strategies with a focus on the balance between profitability, efficiency, and stability.
■Business Portfolio Concepts (1)
(5) Growth in Overseas
Business
(4) Strengthening of Brokerage, Fund, and Parking Lot Businesses
(2) Further Strengthening of
Condominium Business
(1) Promotion of Large-Scale
Redevelopment
(3) Expansion of Property Sales
to Investors
Leasing
Property
sales
Services
Property
sales
Property
sales
Key Strategy Profit Source
Key Strategies and Their Profit Sources利益特性に応じた分類
LeasingProfit from leasing
offices, condominiums,
etc.
Highly stable profit
Requires significant
investment
Property
Sales
Development profit,
acquired from sale of
properties held
Highly volatile profit
High capital efficiency
ServicesFee revenue from facility
management/operation,
provision of services
Highly stable profit
Does not require
significant investment
Profit Type Characterized By
Business classification and management by
profit characteristics, with awareness of the
balance between profitability, efficiency,
and stability
47
Long-Term Vision, Medium-Term Business Plan Material
(announced in February 2020) (Excerpt)
■Business Portfolio Concepts (2)
■Working under our five key strategies, we are steadily growing our Services area, with profit growth driven
especially by the Property Sales area through 2024 and expansion of Leasing in 2025 and beyond,
achieving a well-balanced profit structure mindful of capital efficiency.
Well-balanced
profit structure
focused on
leasing profit and
mindful of capital
efficiencyServices
Property Sales
Ongoing profit generationExpansion primarily through recovery
on held properties
Steady growth
Around2030
¥120 billion
Leasing
Property Sales
Services
50%
30%
20%
Projected Shift in Per-Area Profit Over Time
2019 2024
¥51.6 billion
¥75 billion
60%
30%
10%
40%
40%
20%
* Chart percentages are
approximations
Project completions in 2025and beyond drive major expansion
LeasingPromotion of large-scale redevelopment
Growth of leasing revenue from active properties
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
48
Long-Term Vision, Medium-Term Business Plan Material
(announced in February 2020) (Excerpt)
■We will target enhancement of ROA by improving margin and turnover, appropriate control of the debt-equity ratio
through earnings growth and asset sales, realization of ROE of 8% to 10%, and optimization of our business
portfolio and asset composition.
1) Increase equity through
accumulation of greater profit
2) Recover funding by sales, not only
of for-sale real estate but also fixed
and non-business assets
(e.g. cross-shareholding)
1) Enhance asset profitability by investing
while being mindful of capital cost
2) Improve turnover rate through greater
profit on property sales
3) Adjust businesses with
low profitability/poor growth outlook
Assets
Owners’
equity
Interest-
bearing
debt
Realize appropriate
ROENet income ÷ owners’ equity
Improve ROABusiness income ÷
total assets
Decrease debt-equity ratio
Interest-bearing debt ÷owners’ equity
Guide optimization of business portfolio and
asset composition
Improve Margin/Turnover Secure Fiscal Stability
2024: 8-10%
2024:
4%
2024:
2.4x
■Management Mindful of Capital Efficiency
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
49
Long-Term Vision, Medium-Term Business Plan Material
(announced in February 2020) (Excerpt)
■Estimated net investment of ¥500.0 billion in total over five years.
■In addition to enhancing owned capital through stable profit growth, we aim to optimize our asset composition by
selling fixed assets in consideration of profitability and reducing cross-shareholdings in order to either maintain or
reduce the debt-equity ratio and simultaneously control the balance sheet in an appropriate fashion.
Unit:
Billion yen
Gross investment total 1,400
Investment in large-scale redevelopment 230
Investment in condominium projects 430
Investment in properties for sale
to investors550
Investment in the overseas business 70
Other 120
Recovered 900
Net investment 5002024 (Expected)
Debt-
equity
ratio
Appr. 2.4x
Owners’
equity
¥500
billion
Assets
¥1,900
billion
Interest-
bearing debt
¥1,200
billion
Assets
¥1,564.0
billion
2019
Debt-
equity
ratio
2.5X
Medium-Term Investment Plan
(Cumulative)
Balance Sheet Changes
Other
¥200 billion
Owners’
equity
¥375.0
billion
Interest-
bearing debt
¥924.8
billion
Other
¥264.2 billion
■Investment Plan
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
274 314 323 338 375 38549.0
106 64169 141
158 135
18.0
34 65
43 6564 55
17.0
-62 -62 -72 -73 -82 -100 -9.0
352 382464 471
516 475
75.0
Main Indicators
• Business income and main indicators for past fiscal years are as follows.
50
■Other
(Real estate service &
Other)
■Residence
■Commercial properties
■Elimination/Corporate
*1: A 1-for-2 reverse stock split was implemented on July 1, 2015. The dividend shown for 2015 is the annual dividend per share after factoring in the reverse stock split.
*2: Net debt equity ratio = (Interest-bearing debt - Cash and deposits) / Equity capital
*3: ROA = Business income / Average of total assets at beginning of period and total assets at end of period
*4: ROE = Profit attributable to owners of the parent / Average of equity capital at beginning of period and equity capital at end of period
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2024 forecasts
announced in Feb. 2020(Actual) (Actual) (Actual) (Actual) (Actual) (Forecast)
Operating income ¥34.4 billion ¥36.3 billion ¥44.7 billion ¥46.7 billion ¥52.4 billion ¥48.0 billion ¥70.0 billion
Business income ¥35.2 billion ¥38.2 billion ¥46.4 billion ¥47.1 billion ¥51.6 billion ¥47.5 billion ¥75.0 billion
Profit ¥16.3 billion ¥19.7 billion ¥22.5 billion ¥27.2 billion ¥29.7 billion ¥31.0 billion ¥45.0 billion
Dividend per share*1 ¥20.0 ¥26.0 ¥30.0 ¥35.0 ¥41.0 ¥45.0 -
Payout ratio 26.3% 28.6% 28.8% 27.8% 29.0% 30.3% -
Debt equity ratio 2.3x 2.3x 2.4x 2.5x 2.5x - About 2.4x
Net debt equity ratio*2 2.2x 2.1x 2.2x 2.4x 2.4x - -
Interest-bearing debt / EBITDA multiple 13.4x 13.0x 12.5x 12.7x 12.6x - About 12x
ROA*3 2.7% 2.9% 3.4% 3.3% 3.4% - -
ROE*4 5.6% 6.4% 6.8% 7.9% 8.2% - -
Previous plan (2015-2019) Current plan (2020-2024)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
27.4 31.4 32.3 33.8 37.5 38.5
10.66.4
16.9 14.115.8 13.5
3.4 6.5
4.3 6.56.4 5.5
-6.2 -6.2 -7.2 -7.3 -8.2 -10.0
35.2 38.246.4 47.1 51.6
47.5
249.8274.0
343.4372.2
422.1
463.5
0
1,000
2,000
3,000
4,000
5,000
2014/12 2015/12 2016/12 2017/12 2018/12 2019/12
Fair Value of Rental Properties
(No change from the announcement in Feb. 2020)
51Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
<Unrealized Gain> <NAV per Share*1>
• Revision of the portfolio led to transfer of some properties from fixed assets to real estate for sale, while increase in
revenue due to upward rent revisions, etc. and decrease in cap rates, etc. led to rise in fair value, resulting in
unrealized gain increasing to ¥463.5 billion as of the end of December 2019.
◆ <Subject properties> Of fixed assets, properties that are currently
leased or properties under development that are scheduled to be
leased after completion to third parties by the Company and its
subsidiaries (including properties where a portion is used by the
Company and its subsidiaries) are subject to calculation
◆ <Method of calculation> For properties newly acquired during the
period or properties under development as at the end of the period, the
carrying value at the end of the period is taken as the fair value
Unit: Billion yen 2018/12-end 2019/12-endIncrease/
Decrease
Fair value at end of period 1,272.4 1,334.9 62.5
Amount on B/S (carrying value) 850.2 871.4 21.1
Amount of difference 422.1 463.5 41.3
*1: NAV per share = (Equity capital + Unrealized gain, net of tax) / Number of shares issued and outstanding at end of period, excluding treasury stock.
*2: Unrealized gain, net of tax = Unrealized gain × (1 − Statutory tax rate applicable to that fiscal year)
Unrealized gain,
net of tax*2
Equity capital
(Billion yen) (Yen per share)
500
400
300
200
100
0
1,331 1,390 1,465 1,590 1,606 1,794
722 814
1,059 1,186
1,345
1,539
2,053 2,204
2,524
2,776 2,951
3,333
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2014/12 2015/12 2016/12 2017/12 2018/12 2019/12
52
Quarterly Segment Data(1) Commercial Properties Business & Residence Business
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Commercial properties business*1 2017/9 2017/12 2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6
New
sta
ndard Number of office buildings - - 48 48 48 48 48 48 48 48 46 45 *2
Leasable area of office buildings (thousand m²) - - 494 494 495 495 495 495 495 494 490 520 *2
Vacancy rate - - 2.2% 2.2% 2.2% 1.6% 1.4% 1.2% 1.1% 1.1% 1.0% 2.0% *2
Average rent (Unit: yen/tsubo) - - 30,037 30,293 29,870 29,882 30,361 30,405 30,470 30,583 30,846 30,288 *2
Old
sta
ndard
Number of office buildings 44 45 47 47 47 47 - - - - - -
Leasable area of office buildings (thousand m²) 473 473 474 475 476 476 - - - - - -
Vacancy rate 3.6% 2.7% 2.6% 2.6% 2.5% 1.9% - - - - - -
Average rent (Unit: yen/tsubo) 29,867 29,624 29,798 30,019 29,964 29,965 - - - - - -
*1: Standards for areas subject to calculation have been changed as below from FY2019. For FY2018, figures calculated under the new standards are also shown for comparison.
1. Office buildings owned by group companies were added to areas subject to calculation.
2. Since the area of retail stores accounts for a large proportion under total leased floor area at GRAND FRONT OSAKA, the area of retail stores is excluded from calculation.
3. Buildings owned by consolidated SPCs were subject to calculation based on Tokyo Tatemono’s investment ratio. Under the new standards, however, the areas owned by other companies have also
been added to areas subject to calculation to align with areas subject to recording of leasing revenue.
*2: “DNP Gotanda Building,” which was acquired at the end of September 2019, is not included in areas subject to calculation.
Residence business 2017/9 2017/12 2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6
Number of sales posted (cumulative) 291 972 409 442 494 989 450 937 1,053 1,316 646 872 *3
Condo sales 291 971 408 441 493 988 450 937 1,053 1,315 646 872
Housing and residential land 0 1 1 2 2 2 0 0 0 1 0 0
Gross margin ratio of condo sales (cumulative) 21.6% 33.3% 38.0% 37.6% 36.4% 29.8% 24.1% 25.5% 25.3% 24.6% 21.7% 22.9%
Inventory of completed condos 120 124 138 105 87 94 174 130 83 216 321 305
Of which, contracted 17 30 25 11 8 13 30 26 17 18 40 31
Condo units supplied (cumulative) 540 953 293 531 753 1,210 449 674 956 1,301 201 286
Condo units contracted (cumulative) 577 944 211 522 720 1,107 420 651 936 1,285 200 275
Condo units contracted but yet to be posted 1,772 1,458 1,261 1,540 1,686 1,577 1,547 1,291 1,460 1,547 1,101 950
Number of condo buildings for rent 7 8 9 10 9 8 10 11 11 9 12 14
Number of managed condo units 91,293 92,726 92,658 92,342 92,508 93,206 93,950 93,171 93,230 94,319 95,401 95,958
*3: Given that the number of share outs in condominium projects and other cases disclosed as “Others” was small, disclosure is of the total of number of sales in Condo sales and Housing and residential land only.
53
Quarterly Segment Data
(2) Real Estate Service Business & Other
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Real estate service business 2017/9 2017/12 2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6
Brokerage: Number of deals (cumulative) 702 969 250 522 793 1,059 214 504 796 1,081 259 458
Of which, sales (cumulative) 662 895 245 504 768 1,029 209 482 769 1,044 250 448
Of which, rentals (cumulative) 40 74 5 18 25 30 5 22 27 37 9 10
Parking lots: Number of locations 1,588 1,677 1,682 1,687 1,693 1,715 1,711 1,726 1,739 1,767 1,751 1,805
Parking lots: Number of parking spaces 65,688 66,227 66,131 67,202 68,101 68,578 66,938 66,736 67,353 69,401 69,683 74,176
Other 2017/9 2017/12 2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6
Residences for elderly people with service 15 15 15 15 15 15 15 15 15 15 15 16
Of which, owned 11 11 11 11 11 11 11 11 11 11 11 12
Owned units 922 922 922 922 922 922 922 922 922 922 922 971 *4
Of which, operated 4 4 4 4 4 4 4 4 4 4 4 4
Operated units 349 349 349 349 349 349 349 349 349 349 349 349 *4
Private nursing homes 4 4 4 4 4 4 4 4 4 4 4 4
Of which, owned 1 1 1 1 1 1 1 1 1 1 1 1
Owned units 48 48 48 48 48 48 48 48 48 48 48 48
Of which, operated 3 3 3 3 3 3 3 3 3 3 3 3
Operated units 167 167 167 167 167 167 167 167 167 167 167 167
Ofuro no Osama (Spa facility) 12 11 11 10 10 10 10 10 10 9 9 9
Golf courses 12 12 12 12 12 12 12 12 12 12 12 12
Pet-Friendly Hotels
(Regina Resort with DOGS)5 6 6 7 8 9 9 9 9 9 8 8
Ohayo Child Care Centers/After-school child
care facility 3 3 3 8 8 8 8 11 11 11 11 14
*4: For jointly owned properties, disclosure is of data that have been calculated taking into account Tokyo Tatemono’s ownership in these residences.
List of Facilities (Senior & Child Care Business)
Ohayo Child Care Kameido
Grapes Setagayachitosedai
54
Nonoaoyama Private Activity Building
Residences for Elderly People with Service LocationTotal No. of
UnitsConstruction Completion
1 Grapes Asakusa Taito-ku, Tokyo 98 Dec. 2009
2 Grapes Fujimino Fujimino-shi, Saitama 86 Oct. 2013
3 Kosha Heim Chitose Karasuyama Setagaya-ku, Tokyo 86 Feb. 2014
4 Grapes Garden Nishi-arai Daishi Adachi-ku, Tokyo 62 Aug. 2014
5 Grapes with Omori-nishi Ota-ku, Tokyo 56 Dec. 2014
6 Grapes J Higashi Ikebukuro Toshima-ku, Tokyo 51 Dec. 2014
7 Grapes Felicity Totsuka Yokohama-shi, Kanagawa 97 Jan. 2015
8 Grapes Kawasaki Shinmachi Kawasaki-shi, Kanagawa 69 Mar. 2015
9 Grapes Season Totsuka Yokohama-shi, Kanagawa 74 Nov. 2015
10 Grapes Tsujido Nishikaigan Fujisawa-shi, Kanagawa 158 Aug. 2016
11 Grapes Tateishi Katsushika-ku, Tokyo 96 Jan. 2017
12 Grapes Yoga Setagaya-ku, Tokyo 120 Mar. 2017
13 Kosha Heim Hirao Inagi-shi, Tokyo 65 Mar. 2017
14 Grapes Shonantsujido Chigasaki-shi, Kanagawa 70 July 2017
15 Grapes Setagayachitosedai Setagaya-ku, Tokyo 83 Aug. 2017
16 Tsukui Nonoaoyama Minato-ku, Tokyo 49 May 2020
Private Nursing Homes LocationTotal No. of
UnitsConstruction Completion
1 Adonis Plaza Omiya Saitama-shi, Saitama 45 Jan. 2000
2 Sans Souci Kita-Urawa Saitama-shi, Saitama 69 Aug. 2004
3 Sans Souci Owada Saitama-shi, Saitama 53 Nov. 2012
4 Grapes with Yotsuya Shinjuku-ku, Tokyo 48 Aug. 2017
Name of Facility Location Management Style Capacity Opening
1 Ohayo Child Care Mitsuzawa Shimocho Yokohama-shi, Kanagawa Child care business led by company 15 Apr. 2017
2 Ohayo Child Care Yokohama Negishi Yokohama-shi, Kanagawa Yokohama City small-scale child care business 15 Apr. 2017
3 Ohayo Child Care Minami-sunamachi Koto-ku, Tokyo State-authorized day care center in Tokyo 80 Apr. 2018
4 Ohayo Child Care Nishi-sugamo Toshima-ku, Tokyo State-authorized day care center in Tokyo 51 Apr. 2018
5 Ohayo Child Care Shiinamachi Toshima-ku, Tokyo State-authorized day care center in Tokyo 40 Apr. 2018
6 Ohayo Child Care Omorimachi Ota-ku, Tokyo State-authorized day care center in Tokyo 60 Apr. 2018
7 Ohayo Child Care Hanasakicho Yokohama-shi, Kanagawa State-authorized day care center in Yokohama City 58 Apr. 2018
8 Ohayo Child Care Machinoma Omori Ota-ku, Tokyo State-authorized day care center in Tokyo 50 Apr. 2019
9Small-Scale Day Care Center
Ohayo Child Care Oyamanishicho Itabashi-ku, Tokyo
State-authorized small-scale day care center in Itabashi, Tokyo
19 Apr. 2019
10 Ohayo Child Care Kiyosumi Shirakawa Koto-ku, Tokyo State-authorized day care center in Tokyo 60 Apr. 2019
11 Ohayo Child Care Kameido* Koto-ku, Tokyo State-authorized day care center in Tokyo 45 Apr. 2019
12 Ohayo Child Care Sekimachiminami Nerima-ku, Tokyo State-authorized day care center in Tokyo 34 Apr. 2020
13 Sekimachiminami After-School Nerima-ku, Tokyo Private after-school child care business 30 Apr. 2020
14 Ohayo Child Care Umeyashiki Ota-ku, Tokyo State-authorized day care center in Tokyo 60 Apr. 2020
15 Ohayo Child Care Center Nonoaoyama Minato-ku, Tokyo State-authorized day care center in Tokyo 23 Jul. 2020
16Ohayo Child Care Higashinakano
(provisional name) Nakano-ku, Tokyo State-authorized day care center in Tokyo 60 Apr. 2021
* “Ohayo Child Care Kameido” was opened in April 2017 and is operated as a child care center certified by the Tokyo Metropolitan Government. As of April 2019, it is designated as a state-authorized child care center.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
List of Facilities (Leisure Business)
Regina Resort Kamogawa
Regina Resort Hakone Sengokuhara
Ofuro no Osama Machida
55Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Pet-Friendly Hotels
(Regina Resort with DOGS)Location
Number of
GuestroomsOpening
1 Regina Resort Fuji Minamitsuru-gun, Yamanashi 21 Nov. 2013
2 Regina Resort Hakone Ungaiso Ashigarashimo-gun, Kanagawa 10 July 2014
3 Regina Resort Izu Murin Ito-shi, Shizuoka 8 Mar. 2016
4 Regina Resort Karuizawa Mikage Yosui Kitasaku-gun, Nagano 26 July 2016
5 Regina Resort Kyu-Karuizawa Kitasaku-gun, Nagano 26 Nov. 2017
6 Regina Resort Biwako Nagahama Nagahama-shi, Shiga 15 June 2018
7 Regina Resort Kamogawa Kamogawa-shi, Chiba 25 July 2018
8 Regina Resort Hakone Sengokuhara Ashigarashimo-gun, Kanagawa 22 Oct. 2018
Golf Courses Location
1 Kawaguchiko Country Club Minamitsuru-gun, Yamanashi
2 J-Golf Tsurugashima Hidaka-shi, Saitama
3 River Fuji Country Club Fuji-shi, Shizuoka
4 Holon Golf Club Kikugawa-shi, Shizuoka
5 J-Golf Kasumigaura Itako-shi, Ibaraki
6 Byron Nelson Country Club Iwaki-shi, Fukushima
7 Miyako Golf Club Tsuru-shi, Yamanashi
8 Washu Golf Club Kurashiki-shi, Okayama
9 Tojo Golf Club Kato-shi, Hyogo
10 Akasaka Country Club Akaiwa-shi, Okayama
11 Tohnosho Golf Club Katori-gun, Chiba
12 Shirakawa Kogen Country Club Nishishirakawa-gun, Fukushima
Bathing Facilities Location Opening
1 Ofuro no Osama Shiki Shiki-shi, Saitama Jan. 2003
2 Ofuro no Osama Konandai Yokohama-shi, Kanagawa Mar. 2005
3 Ofuro no Osama Hana Koganei Kodaira-shi, Tokyo Nov. 2006
4 Ofuro no Osama Tama Mogusa Tama-shi, Tokyo July 2008
5 Ofuro no Osama Ooimachi Shinagawa-ku, Tokyo Mar. 2011
6 Ofuro no Osama Ebina Ebina-shi, Kanagawa Acquired in Feb. 2014
7 Ofuro no Osama Seya Yokohama-shi, Kanagawa Acquired in Feb. 2014
8 Ofuro no Osama Kouza-Shibuya Ekimae Yamato-shi, Kanagawa Acquired in Feb. 2014
9 Ofuro no Osama Machida Sagamihara-shi, Kanagawa June 2015
10Ofuro no Osama Wako (provisional name)
(Wako City Hirosawa Complex Development and Operation Project)Wako-shi, Saitama Dec. 2021
17,195 17,401 17,594 17,692 17,973 18,179 18,336 18,540 18,730 18,864 18,995 19,173 19,699 20,108 20,438 20,887 21,134 21,518 21,855 22,206 22,880
5.30 5.12 4.53 4.03 4.34 4.07 3.70 3.61 3.60 3.26 3.17 3.12 2.80 2.57 2.33 1.88 1.78 1.72 1.64 1.55 1.97
-14.0
-12.0
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
15/3 15/6 15/9 15/12 16/3 16/6 16/9 16/12 17/3 17/6 17/9 17/12 18/3 18/6 18/9 18/12 19/3 19/6 19/9 19/12 20/06
Average rent Vacancy rate
56 55
83100 108 104
114 118
183
92
119
74
99
36
7291
125
216
121
77
154
119
65
86 85
117
175
58
87
10997
69
141
85
187
54 54
143
77
1224
3241 40 36
44 46 47
29 3021
15 14 16 1928
4237
1928 26
21 2531 29 32
16 19 22 21 1926 24 22
12 13 149
-120
-90
-60
-30
0
30
60
0
100
200
300
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Number of properties of supply Volume of supply
56Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Market Data
(1) Office Building Market
Ave
rag
e r
en
t
(Yen)
Vo
lum
e o
f su
pp
ly
(10,000 m2)
Vacancy ra
te
(%)
Source: Mori Buildings’ “Survey of Large-scale Office Building Market in Tokyo’s 23 Wards 2020”; Miki Shoji
Num
be
r of p
rop
ertie
s o
f su
pp
ly
(Properties)
Average Rent and Vacancy Rate Trends in Tokyo’s Central Business District (Chiyoda, Chuo, Minato, Shinjuku, and Shibuya)
Large-Scale Office Building Supply Volume Trends in Tokyo’s 23 Wards
Historic average
supply volume
1,030,000 m2/year
2019–2024 average
supply volume
1,030,000 m2/year
737752 765 754 755
796 801872 900
944 960 988
46.3%
52.9%55.2% 54.6% 56.6% 57.0%
59.5% 59.4%62.7% 64.9% 66.0% 68.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
0
200
400
600
800
1,000
1,200
1,400
Average annual household income Double-income ratio among married households
57Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.
Market Data
(2) For-Sale Condominium Market
Number of New Condominium Units for Sale and Average Price in the Tokyo Metropolitan Area (Tokyo, Kanagawa, Saitama, and Chiba)
Trends in Double-Income Ratio and Average Annual Household Income Among Buyers of Condominium Units
Num
be
r o
f n
ew
un
its fo
r sa
le
(Units)
(10,000 yen)
Ave
rag
e a
nn
ua
l h
ou
se
ho
ld in
co
me
(10,000 yen)
Ave
rag
e p
rice
Dou
ble
-inco
me
ratio
43,733
36,376
44,535 44,499 45,602
56,478
44,913 40,449
35,772 35,898 37,132 31,238
4,775 4,535 4,716 4,578 4,540
4,929 5,060 5,518 5,490
5,908 5,871 5,980
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
20,000
40,000
60,000
80,000
100,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Number of new units for sale Average price
Source: Real Estate Economic Institute; Recruit Sumai Company Ltd.’s 2019 survey on contract trend of new condominium units in Tokyo Metropolitan Area