Investor Presentaiton
Summary of External Growth Strategy
Recognition of External Environment
Shared
Office
Hotel
•
•
Information on the sale of high-quality properties from an investment perspective is still limited and a situation in which it is difficult to acquire
properties persists
While changes are observed in the investment attitude of some overseas investors in the context of the softening U.S. office market, demand for
property purchases from domestic investors remains high.
The hotel market continues to recover, and with the expectation of possible further growth, hotel transactions by both domestic and foreign
investors are being revitalized.
•
•
Future Policy
Aiming to expand asset size through methods such as leveraging sponsor support (including not only property provision but also joint investments, etc.)
and asset replacement.
Future growth may be expected, and we are actively considering hotels that can be expected to have reasonable yields.
We are also considering a wide range of projects with which improved revenue can be expected based on a change of operator or the like through
leveraging the sponsor's hotel operation and management capabilities.
With regard to offices, in addition to regional properties that can be expected to have a reasonable yield and whose occupancy is relatively stable, in central
Tokyo, where the deterioration of properties is becoming more evident due to the impact of the large volume of new office supply, we are carefully
considering high-grade, competitive properties in favorable locations.
Changes in Number and Amount of
Real Estate Transactions
Situations of Recognition of the Market Cycle
among Real Estate Investors
12.6
9.1
8.6 8.7
12.4
11.5
8.0
8.9
5.2
0%
20%
40%
60%
80%
100%
8%
5.4
Apr.2016
Apr.2017
7%
Apr.2018
Amount (100 billion yen)
number
6%
Apr.2019
Apr.2020
5%
389
413 407
326
385 379
356
361
Apr.2021
327
319
Apr.2022
Apr.2023
Q1 Q2 Q3 Q4 Q1
2021
Q2 Q3 Q4
Q1
Q2
2022
2023
Recovery
stage
Expansion
stage
Reduction
stage
6
Trend in Transaction Yield
•
Standard Class-A
Buildings
•
Hotels Specializing
in Accommodation
8%
0000
7%
6%
5%
4%
4%
Central Tokyo
Tokyo
Osaka
Midousuji, Osaka
3%
Sapporo
3%
Sapporo
Sendai
Nagoya
Fukuoka
Okinawa
Fukuoka
2%
2%
8
Recession
stage
9999
Source Prepared by the company based on Nikkei BP "NIKKEI
REAL ESTATE MARKET REPORT May 2020, Aug. 2020, Nov. 2020,
Feb. 2021, May 2021, Aug. 2021, Nov. 2021, Feb. 2022, May
2022, Aug. 2022, Nov. 2022, Feb. 2023, Aug. 2023"
Source: Prepared by the Company based on Japan Real Estate
Institute: The Japanese Real Estate Investor Survey
* Recognition of the market cycle (market trends) in relation to Tokyo
(Marunouchi/Otemachi districts)
Source: Prepared by the Company based on Japan Real Estate Institute:
The Japanese Real Estate Investor Survey
The figure for Central Tokyo represents the simple mean value of the data
obtained in the survey in Marunouchi-Otemachi, Nihonbashi, Toranomon,
Nishi-Shinjuku, Shibuya and Osaki.
*The data were current as of October of each year.
But the data of 2023 was current as of April.
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