Investor Presentaiton
Future Outlook as a Basis for Forecasting Business Performance
Expect (1) occupancy rate improvement at Shiodome and Shin-Yokohama, (2) rent recovery at Four Hotels with Variable
Rents, and (3) profitability recovery through replacement of Shimbashi and Sendai.
FP
Before 42nd FP
43rd FP (1st FP after the Merger) Ended Aug. 2023
Aug.
44th FP Ending Feb. 2024
Jan.
45th FP
Aug.
Before Feb. 2023 Mar.
Apr.
May
Jun. Jul. 2023 Sep. Oct. Nov.
Dec. 2024 Feb.
Mar.
2024
No. of tenants
41st FP
(Sep. 2022)
14
66.5%
42nd FP
(Feb. 2023)
18
70.8%
95.8% 95.8% 95.8%
99.2%
87.5% 90.2%
26
25
76.5% 76.5%
Aiming to maintain and
improve occupancy rate
24
23
20
(1) Utilizing the strong asset value of these properties and leasing up vacant
space at office buildings while diversifying tenants
42nd FP
100%
(Feb. 2023)
92.7%
41st FP
89.1% 89.1% 89.1% 89.1%
18
85.5%
80.1%
78.0%
21
22
Aiming to maintain and
improve occupancy rate
20
19
18
(Sep. 2022)
17
71.7%
Shangri-La
CY Tokyo/Shin-Osaka
Hilton Odawara
Total rents vs. same
period in 2019
Period for which the rents are fixed
Same as above
Same as above
Vs. 2019: 89% (Actual)
Sale of Shinbashi '23/2/28
First sale of Shinbashi
(Retail Facility)
Three-third co-
ownership
interest (100%)
•
Period for which the rents are projected
Same as above
Same as above
(Forecast)
Vs. 2019: 90% (Partly actual partly forecast) Vs. 2019: 92%
(2) Steady recovery of Four
Hotels with Variable Rents
'23/8/31
(sale of one-third co-ownership interest)
Two-third co-ownership interest
1
Gain on sale occurs
(partly for internal
reserves)
Acquisition of
Sendai (Office)
1
'23/2/28
Gain on sale occurs
Second sale of Shinbashi
(sale of one-third co-ownership interest)
One-third co-ownership
2
(partly offsetting merger expenses
and partly for internal reserves)
24/2/29
Third sale of Shinbashi
3
(sale of one-third co-ownership interest)
Sale
interest
Completed
Gain on sale occurs (partly
for internal reserves)
(3) Replacing Shinbashi (occupancy rate: 0%) with Sendai (occupancy rate: 99%) and
improving profitability while recording gain on sale over three fiscal periods
One-third co-ownership interest
First acquisition of Sendai
(acquisition of one-third co-ownership interest)
2 Two-third co-ownership interest
'23/8/31
Second acquisition of Sendai
(acquisition of one-third co-ownership interest)
Three-third co-
3 ownership interest
(90.845%)
'24/2/29
Third acquisition of Sendai
(acquisition of one-third co-
ownership interest)
Year/
Month
Building
Shiodome
for Tokyo
Occupancy Rates
Occupancy Rates
assumption of Four
Performance
for Shin-yokohama hotel properties with
TECH Building
Variable Rent
Replacing Shinbashi with Sendai
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