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Summary of Q&ASecond quarter of the fiscal year ending December 202614 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Operating profit¥32.76 100 million+156.9%
Ordinary incomeApproximately 3.5 times the year-earlier period
Gross Profit Margin24.1 %
Results for the three months of the current quarter
Gross profit margin on real estate development projects
23.7 %
Full-year earnings forecast
Operating profit
¥76 100 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Number of rental units under managementApproximately 96%
AUMWithin reach
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
61% above planKey points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Factors behind first-half operating profit exceeding the plan
- Reasons for leaving the full-year earnings forecast unchanged and the likelihood of achieving the second-half targets
- Response to rising interest rates, higher construction costs, and real estate market conditions
- Financial soundness, including inventories and the equity ratio
- Profit, EPS, and financial targets under the medium-term management plan through 2030
- Growth strategies for fund-based development, the operations business, and M&A
- Dividend policy, share repurchases, and measures to improve the PBR
- Policy on transferring to the Prime Market
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Timing shifts in revenue recognitionApproximately ¥400 million
- Improved profitability of properties soldApproximately ¥300 million
- Thanks Okinawa ahead of planApproximately ¥50 million
- Real estate operations business ahead of planApproximately ¥150 million
- Underspending on SG&A expensesApproximately ¥300 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- 2 in total, approximately 0.5%AssumptionsNumber of interest-rate hikes
- 0.25% (in October or December)AssumptionsRemaining interest-rate hike
- Approximately 0.5%AssumptionsIncrease in yields at the time of sale
- 20～30%AssumptionsEquity ratio
New initiatives
- Expansion of fund-based development and external asset management mandates
- Focus on value-add and fund-based projects with an approximately one-year turnaround
- Target of automating approximately 70% of routine tasks through an AI platform
- Insourcing renovation work following the planned acquisition of a construction business license
- Preparation for a transfer to the Prime Market targeted for around spring 2027
- Expansion of one-on-one meetings with institutional investors, securities coverage, and English-language disclosure
Key KPIsA metric the company considers important as a management benchmark.
- AUM¥684 100 million
- Number of rental units under management3,357 units
- Share of gross profit from recurring assets26.8 %
- Number of acquisitions13 Engagements
- Equity ratio23.3 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Rent premium20–30% above market rates
Pricing formulaSelling price = rental income ÷ yield
Medium-term management plan targets
- Target fiscal yearFY2027.12Operating profit¥9.6 billionEPS¥654.07
- Target fiscal yearFiscal year ending December 2030Operating profit¥20 billionEPS¥1,200
- Target fiscal yearFiscal year ending December 2030Recurring operating profit¥3.2 billion (16% of operating profit)
- Target fiscal yearFiscal year ending December 2030AUMApproximately ¥400 billion
- Target fiscal yearFiscal year ending December 2030ROEMore than 24%
- Target fiscal yearFiscal year ending December 2030ROA10% or higher
Financial targets
ROEMore than 24%
ROA10% or higher
Equity ratio20–30% (with a floor of 20% at each fiscal year-end)
PBRStable achievement of a PBR above 2.0x
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Approximately ¥150 million annually
DetailsInterest expense if the policy rate rises by 0.25% and the increase applies to all borrowings
Market Size / Share
Rent premium20–30% above market rates
Annual Dividend
Fiscal year ending December 2026¥94.0
FY2027.12¥98.1–130.8
Fiscal year ending December 2030¥180–240
Payout ratio
17.3% for the fiscal year ending December 2026; policy of 15–20%Acquisition of treasury shares
Number of Shares72,200 shares
PeriodJune–July 2026
| Item | Details |
|---|---|
| Document type | Summary of Q&A |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Operating profit | ¥32.76 100 million (YoY +156.9%) |
| Ordinary income | Approximately 3.5 times the year-earlier period |
| Gross Profit Margin | 24.1 % |
| Results for the three months of the current quarter | Gross profit margin on real estate development projects 23.7 % |
| Full-year earnings forecast | Operating profit ¥76 100 million / Net Sales Not disclosed / Ordinary income Not disclosed / Net income Not disclosed |
| Progress against full-year forecast | Number of rental units under management Approximately 96% / AUM Within reach |
| Self-assessment against the plan | 61% above plan |
| Breakdown of Factors Affecting the Change | Factors Timing shifts in revenue recognition / Amount Approximately ¥400 million, Factors Improved profitability of properties sold / Amount Approximately ¥300 million, Factors Thanks Okinawa ahead of plan / Amount Approximately ¥50 million, Factors Real estate operations business ahead of plan / Amount Approximately ¥150 million, Factors Underspending on SG&A expenses / Amount Approximately ¥300 million |
| Key KPIs | Indicator name AUM / Value ¥684 100 million / Year on year against the same period last year Not disclosed, Indicator name Number of rental units under management / Value 3,357 units / Year on year against the same period last year Not disclosed, Indicator name Share of gross profit from recurring assets / Value 26.8 % / Year on year against the same period last year Not disclosed, Indicator name Number of acquisitions / Value 13 Engagements / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 23.3 % / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Rent premium 20–30% above market rates / Pricing formula Selling price = rental income ÷ yield |
| Assumptions Underlying the Business Outlook | Assumptions Number of interest-rate hikes / Value 2 in total, approximately 0.5%, Assumptions Remaining interest-rate hike / Value 0.25% (in October or December), Assumptions Increase in yields at the time of sale / Value Approximately 0.5%, Assumptions Equity ratio / Value 20～30% |
| Risk amount incorporated into the outlook | Amount Approximately ¥150 million annually / Details Interest expense if the policy rate rises by 0.25% and the increase applies to all borrowings |
| Medium-term management plan targets | Target fiscal year FY2027.12 / Operating profit ¥9.6 billion / EPS ¥654.07, Target fiscal year Fiscal year ending December 2030 / Operating profit ¥20 billion / EPS ¥1,200, Target fiscal year Fiscal year ending December 2030 / Recurring operating profit ¥3.2 billion (16% of operating profit), Target fiscal year Fiscal year ending December 2030 / AUM Approximately ¥400 billion, Target fiscal year Fiscal year ending December 2030 / ROE More than 24%, Target fiscal year Fiscal year ending December 2030 / ROA 10% or higher |
| Financial targets | ROE More than 24% / ROA 10% or higher / Equity ratio 20–30% (with a floor of 20% at each fiscal year-end) / PBR Stable achievement of a PBR above 2.0x |
| Annual Dividend | Fiscal year ending December 2026 ¥94.0 / FY2027.12 ¥98.1–130.8 / Fiscal year ending December 2030 ¥180–240 |
| Payout ratio | 17.3% for the fiscal year ending December 2026; policy of 15–20% |
| Acquisition of treasury shares | Number of Shares 72,200 shares / Period June–July 2026 / Amount Not disclosed |
| Market Size / Share | Rent premium 20–30% above market rates |
| Key points of the Q&A | Factors behind first-half operating profit exceeding the plan, Reasons for leaving the full-year earnings forecast unchanged and the likelihood of achieving the second-half targets, Response to rising interest rates, higher construction costs, and real estate market conditions, Financial soundness, including inventories and the equity ratio, Profit, EPS, and financial targets under the medium-term management plan through 2030, Growth strategies for fund-based development, the operations business, and M&A, Dividend policy, share repurchases, and measures to improve the PBR, Policy on transferring to the Prime Market |
| New initiatives | Expansion of fund-based development and external asset management mandates, Focus on value-add and fund-based projects with an approximately one-year turnaround, Target of automating approximately 70% of routine tasks through an AI platform, Insourcing renovation work following the planned acquisition of a construction business license, Preparation for a transfer to the Prime Market targeted for around spring 2027, Expansion of one-on-one meetings with institutional investors, securities coverage, and English-language disclosure |
Items this document does not state (9)
Net SalesNet incomeOperating profit marginSelling, general and administrative expensesSegment resultsNumber of stores and locationsNumber of employeesCapital expendituresOrders received and order backlog
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.First-half operating profit exceeded the plan due to shifts in the timing of revenue recognition, including earlier-than-planned sales, improved profitability of properties sold, above-plan performance in the real estate operations business and サンクス沖縄, and underspending on selling, general and administrative expenses. The full-year forecast was left unchanged because deliveries are concentrated in the second half and include properties currently under negotiation, requiring a cautious assessment of the likelihood of sales.
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