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Earnings presentation146AColumbia Works Inc.Real Estate

Anticipated Questions and the Company's Views (November 2026)

The company disclosed its views on anticipated questions regarding the nine-month results for the fiscal year ending December 2026, progress toward the full-year forecast, profitability, property acquisitions and financial management, the real estate operations business, and shareholder returns. The full-year earnings forecast and annual dividend forecast were maintained.

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Contents of this document

Summary of Q&AFiscal year ending December 2026, third quarter11 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥29,528 millions+2.9%
Operating profit¥4,749 millions-2.9%
Net income¥2,575 millions-13.9%
Gross Profit Margin23.9 %
Selling, general and administrative expenses¥2,293 millions
Full-year earnings forecast
Net Sales
¥55,400 millions
Operating profit
¥7,600 millions
Annual Dividend
¥94 per share
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。
Operating profit
62.5 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Operating profit fell short of the internal plan. However, gross profit on properties already handed over exceeded plan by approximately ¥1.26 billion.
Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
  1. Issues Assessment of the nine-month cumulative results / Answer Net sales were ¥29,528 million, up 2.9% year on year, while operating profit was ¥4,749 million, down 2.9%. The impact of the large-property sale was largely offset by sales of development properties and growth in the real estate operations business.
  2. Issues Full-year forecast and progress / Answer The initial forecast of ¥55,400 million in net sales and ¥7,600 million in operating profit was maintained. Nine-month cumulative progress toward the operating profit forecast was 62.5%, and property handovers are expected to be concentrated in the fourth quarter.
  3. Issues Profitability / Answer Gross profit exceeded plan by approximately ¥1.26 billion, reflecting an approximately ¥410 million upside in selling prices and approximately ¥850 million in cost reductions.
  4. Issues Interest rates and real estate market conditions / Answer The plan incorporates 2 policy rate hikes, totaling approximately 0.5 percentage points, and higher yields at the time of sale. Interest costs are within the planned range. The company believes investment demand remains solid.
  5. Issues Property acquisitions and financial management / Answer The company acquired 15 properties during the nine months, with new investment totaling ¥42,757 million. Funding is obtained primarily through project finance, and borrowings are repaid with sale proceeds.
  6. Issues Real estate operations business and subsidiaries / Answer Gross profit from the real estate operations business was ¥2,081 million, AUM was ¥78.6 billion, and the number of units under management was 4,151. The Akihabara hotel is scheduled to open as NOCTIS in December 2026.
  7. Issues Shareholder Returns / Answer Using a payout ratio of 15–20% as a guideline, the annual dividend forecast for the fiscal year ending December 2026 was maintained at ¥94.0, representing a payout ratio of 17.3%.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Upside in selling prices¥4.1 100 million
  • Cost Control¥8.5 100 million
  • Impact of special income in the year-earlier period¥-164 millions
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • 2 Meetings
    AssumptionNumber of policy rate hikes
  • 0.5 Approximately points
    AssumptionIncrease in the policy rate
  • Increase factored into the forecast
    AssumptionYield at the time of sale
New initiatives
  • Value-enhancement project in Shimoochiai, Shinjuku-ku
    DetailsPlan to add a seven-story extension containing 4 residential units next to the existing building
  • Opening of the Akihabara hotel
    DetailsScheduled to open as NOCTIS in December 2026
  • Opening of the hotel in Maruyamacho, Shibuya-ku
    DetailsScheduled to open in 2028
  • Establishment of a fund in Arakawa, Arakawa-ku
    DetailsTo be established as a project for the asset management business
Key KPIsA metric the company considers important as a management benchmark.
  • Assets under management (AUM)¥786 100 million
  • Cumulative asset management fees¥528 millions
    Year on year against the same period last year+64.6%
  • Units under management4,151 units
  • Equity ratio23.4 %
  • Nine-month cumulative gross profit from the real estate operations business¥2,081 millions
    Year on year against the same period last year+45.2%
Segment results
Real Estate Development Business
Gross Margin
18.2 %
yoy_changeDown from 19.7% in the year-earlier period
Real estate operations business
Gross profit
¥2,081 millions+45.2%
Medium-term management plan targets
  • ¥3,200 millions
    TargetStock operating profit for the fiscal year ending December 2030
  • ¥1,000 100 million
    TargetPeriod-end AUM
    Actual results¥78.6 billion at the end of the third quarter
  • 3,500 units
    TargetUnits under management at fiscal year-end
    Actual results4,151 units at the end of the third quarter
Financial targets
Equity ratio
TargetAround 25% at fiscal year-end
Actual results23.4 %
Annual Dividend
¥94 per share
Payout ratio
Targeting approximately 15–20%
Actual results17.3
Contents of this document
ItemDetails
Document typeSummary of Q&A
Fiscal Period CoveredFiscal year ending December 2026, third quarter
Net Sales¥29,528 millions (YoY +2.9%)
Operating profit¥4,749 millions (YoY -2.9%)
Net income¥2,575 millions (YoY -13.9%)
Gross Profit Margin23.9 %
Selling, general and administrative expenses¥2,293 millions
Full-year earnings forecastNet Sales ¥55,400 millions / Operating profit ¥7,600 millions / Annual Dividend ¥94 per share
Progress against full-year forecastOperating profit 62.5 %
Self-assessment against the planOperating profit fell short of the internal plan. However, gross profit on properties already handed over exceeded plan by approximately ¥1.26 billion.
Segment resultsReal Estate Development Business Gross Margin 18.2 % / Real estate operations business Gross profit ¥2,081 millions (YoY +45.2%)
Breakdown of Factors Affecting the ChangeUpside in selling prices ¥4.1 100 million, Cost Control ¥8.5 100 million, Impact of special income in the year-earlier period ¥-164 millions
Key KPIsAssets under management (AUM) ¥786 100 million, Cumulative asset management fees ¥528 millions, Units under management 4,151 units, Equity ratio 23.4 %, Nine-month cumulative gross profit from the real estate operations business ¥2,081 millions
Assumptions Underlying the Business Outlook2 Meetings, 0.5 Approximately points, Increase factored into the forecast
Medium-term management plan targets¥3,200 millions, ¥1,000 100 million, 3,500 units
Financial targetsEquity ratio Target Around 25% at fiscal year-end / Actual results 23.4 %
Annual Dividend¥94 per share
Payout ratioTargeting approximately 15–20%
Key points of the Q&AIssues Assessment of the nine-month cumulative results / Answer Net sales were ¥29,528 million, up 2.9% year on year, while operating profit was ¥4,749 million, down 2.9%. The impact of the large-property sale was largely offset by sales of development properties and growth in the real estate operations business., Issues Full-year forecast and progress / Answer The initial forecast of ¥55,400 million in net sales and ¥7,600 million in operating profit was maintained. Nine-month cumulative progress toward the operating profit forecast was 62.5%, and property handovers are expected to be concentrated in the fourth quarter., Issues Profitability / Answer Gross profit exceeded plan by approximately ¥1.26 billion, reflecting an approximately ¥410 million upside in selling prices and approximately ¥850 million in cost reductions., Issues Interest rates and real estate market conditions / Answer The plan incorporates 2 policy rate hikes, totaling approximately 0.5 percentage points, and higher yields at the time of sale. Interest costs are within the planned range. The company believes investment demand remains solid., Issues Property acquisitions and financial management / Answer The company acquired 15 properties during the nine months, with new investment totaling ¥42,757 million. Funding is obtained primarily through project finance, and borrowings are repaid with sale proceeds., Issues Real estate operations business and subsidiaries / Answer Gross profit from the real estate operations business was ¥2,081 million, AUM was ¥78.6 billion, and the number of units under management was 4,151. The Akihabara hotel is scheduled to open as NOCTIS in December 2026., Issues Shareholder Returns / Answer Using a payout ratio of 15–20% as a guideline, the annual dividend forecast for the fiscal year ending December 2026 was maintained at ¥94.0, representing a payout ratio of 17.3%.
New initiativesMeasures Value-enhancement project in Shimoochiai, Shinjuku-ku / Details Plan to add a seven-story extension containing 4 residential units next to the existing building, Measures Opening of the Akihabara hotel / Details Scheduled to open as NOCTIS in December 2026, Measures Opening of the hotel in Maruyamacho, Shibuya-ku / Details Scheduled to open in 2028, Measures Establishment of a fund in Arakawa, Arakawa-ku / Details To be established as a project for the asset management business
Items this document does not state (11)
Ordinary incomeOperating profit marginResults for the three months of the current quarterUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / Share

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.

The impact of the sale of a large property generating more than ¥12 billion in net sales in the year-earlier period was largely offset by sales of development properties during the current period and growth in the real estate operations business. SG&A expenses increased due to personnel expenses associated with subsidiary growth and higher taxes and dues related to property sales. The main factors behind the decline in net income were lower operating profit, higher interest expense, the absence of ¥164 million in special income recorded in the year-earlier period, and higher tax expense. The shortfall against the internal operating profit plan was due to the scheduling of the sale of some large properties for the fourth quarter.

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Anticipated Questions and the Company's Views (November 2026) | Columbia Works Inc. (146A) timely disclosure | Komori