FY2026 March 3Q Earnings Presentation

Performance Overview

For the cumulative 3Q of FY2026 March, revenue was 332.7 billion yen, up 0.2% versus plan; operating income was 28.6 billion yen, up 0.5%; ordinary income was 27.8 billion yen, up 2.3%; and net income was 10.0 billion yen, up 4.3%, all exceeding plan from revenue through net income. In the rental business, corporate demand remains strong, and the contracted rent unit price index hit a record high of 118. The development business achieved orders for 79 buildings/1,140 units totaling 10.4 billion yen, nearly accomplishing the full-year plan.

Business Segment Trends and Financial Condition

In the rental business, the upward trend in rent unit prices continued with occupancy rates remaining level with the previous term. The development business saw some regional occupancy declines due to the completion of large-scale projects but overall maintained solid demand. SG&A expenses increased 14.9% year-over-year due to higher personnel costs but remained within plan. The equity ratio stayed above 20% at 20.6%, indicating a stable financial base. Fundraising and capital strategies will continue to be examined.