Recovery of Funds and Realization of Gains Through Asset Sales

「During the first half, property acquisitions in the Shinchiku business totaled ¥15.6 billion at book value, while property sales totaled ¥15.9 billion in revenue.」

「In addition, real estate sales proceeds totaled ¥25.1 billion through transfers to domestic institutional investors and operating companies.」

「In addition, to support the growth of Ichigo Hotel REIT Investment Corporation, which we manage (securities code: 3463; hereinafter, “Ichigo Hotel”), we provided Ichigo Hotel with 2 hotels located in Hakata-ku, Fukuoka City, Fukuoka Prefecture, where leisure demand, including inbound tourism, as well as business demand is expected, for total sales proceeds of ¥9.1 billion,」

「Real estate acquisitions totaled ¥31.0 billion and sales totaled ¥27.8 billion in the first half.」

「In addition, we provided 4 new office properties, with total sales proceeds of ¥9.1 billion, to Ichigo Office REIT Investment Corporation (securities code: 8975; hereinafter, “Ichigo Office”) as sponsor support.」

「During the period, real estate acquisitions totaled ¥69.5 billion, while disposals totaled ¥69.6 billion.」

「For the "Ichigo Residence Token," we decided during the third quarter to sell 6 residential properties comprising 7 buildings, with a total value of ¥8.9 billion, in the fourth quarter in connection with the sale of the third offering.」

「As a result, second-quarter real estate sales totaled ¥27.6 billion, while acquisitions totaled ¥26.1 billion, excluding self-storage sales associated with the previously mentioned sale of Storage Plus shares.」

「First-quarter real estate acquisitions totaled ¥17.7 billion, while sales totaled ¥3.2 billion.」

「Real estate acquisitions and sales are progressing smoothly. During the cumulative third-quarter period, sales totaled ¥48.6 billion, while acquisitions totaled ¥37.3 billion.」

「Real estate acquisitions and sales, including transactions expected in the second half, are progressing smoothly. During the cumulative second-quarter period, sales totaled ¥15.2 billion, while acquisitions totaled ¥20.4 billion.」

「Against this backdrop, first-quarter real estate sales totaled ¥10.8 billion, while acquisitions totaled ¥11.6 billion.」

「Following sales of housing, offices and hotels, real estate sales during the period totaled ¥45.8 billion, while acquisitions totaled ¥31.0 billion.」

「Against this backdrop, real estate sales totaled ¥12.4 billion and acquisitions totaled ¥25.5 billion in the third quarter.」

「In the second quarter, real estate sales totaled ¥11.4 billion, while acquisitions totaled ¥12.8 billion.」

「In particular, investor demand has continued for rental housing, which offers greater earnings stability, and trading activity has also increased at the Company. Cumulative sales through the third quarter, primarily of rental housing, totaled ¥37.9 billion, while acquisitions totaled ¥28.7 billion.」

「During the interim period, sales totaled ¥20.5 billion, mainly from rental housing, while acquisitions totaled ¥21.0 billion.」

「In the first quarter, sales, primarily of rental housing, generated revenue of ¥16.7 billion, while acquisitions totaled ¥10.3 billion.」

「Cumulative acquisitions through the third quarter totaled ¥54.3 billion, while cumulative sales revenue from disposals totaled ¥57.8 billion.」

「Acquisitions during the second quarter totaled ¥24.9 billion, while sales revenue from disposals totaled ¥13.3 billion.」

「Acquisitions during the first quarter totaled ¥20.4 billion, while sales revenue from disposals totaled ¥19.5 billion.」

「Acquisitions during the period totaled ¥50.8 billion, while sales revenue from disposals totaled ¥58.6 billion.」

「During the second quarter, we transferred a hotel located in Kurashiki City in connection with an asset exchange with Ichigo Hotel REIT Investment Corporation (securities code 3463).」

「During the first quarter, we transferred 2 office buildings in connection with an asset exchange with Ichigo Office REIT Investment Corporation (securities code 8975).」

「Cumulative acquisitions during the fiscal year totaled ¥54.3 billion, while cumulative sales totaled ¥23.6 billion. The sale of highly profitable properties, which can be described as successful examples of our asset value enhancement, enabled efficient cash recovery.」

「The exchange of assets with Ichigo Office REIT Investment Corporation (securities code 8975, hereinafter "Ichigo Office") and the transfer of 2 power plants to Ichigo Green Infrastructure REIT Investment Corporation (securities code 9282, hereinafter "Ichigo Green")」

「Revenue in this segment was ¥2,241 million, up 84.6% year on year, and segment profit was ¥596 million, up 70.0%, mainly due to higher revenue from the sale of power generation equipment following the sale of a solar power plant to Ichigo Green during the second quarter.」

「• Cash recovery and gains on sale through asset disposals」

「We transferred 13 solar power plants to Ichigo Green Infrastructure Fund, which was listed on the Tokyo Stock Exchange Infrastructure Market on 1 December 2016 (securities code 9282). In addition, we carried out measures including realizing gains on the sale of overseas equities.」

「We transferred 13 solar power plants to Ichigo Green Infrastructure Fund, which was listed on the Tokyo Stock Exchange Infrastructure Market on 1 December 2016 (securities code 9282). In addition, we carried out measures including realizing gains on the sale of overseas equities.」

「We also carried out measures including realizing gains on the sale of overseas equities and securing funds for growth investments.」

「Cash recovery and gains on sale through asset disposals」