Favorable Conditions in the Real Estate Investment and Leasing Market
First written in FY2017-Q1. 14 of 36 entries say "Restated". Latest entry: FY2027-H1.
No other company in this theme has enough history to compare yet.
- FY2027-H1Rental demand and appetite for real estate investment remain strong in major citiesAnnual report
「Rental demand for offices, commercial properties and residences in major cities, including Tokyo, remained firm, while strong appetite for investment in Japanese real estate continued.」
The company continues to operate in an environment of firm rental demand across multiple asset classes in major cities and strong appetite for investment in Japanese real estate. - FY2026AdvancedAnnual report
「At the Company, rental income from properties held, particularly offices, increased steadily as a result of initiatives such as introducing serviced offices and other value-add measures (shin-chiku; Note 1). In addition, contributions from rental income from newly acquired hotels and logistics facilities that began operations during the fiscal year contributed to stock earnings (Note 2), a source of stable earnings, reaching a record high.」
It explains that stock earnings reached a record high, driven by rental income from serviced offices, newly acquired hotels and logistics facilities that began operations. - 2026-05-01AdvancedGeneral Meetings of Shareholders
「In the real estate industry, investment funds continued to flow in against the backdrop of the Japan-U.S. interest-rate differential. Investment appetite remained strong in major cities, including Tokyo.」
The Company describes continued investment inflows and strong investment appetite in major cities as the business environment during the fiscal year. - FY2026-H1Strong appetite for real estate investment and lodging demand, with earnings building steadilyAnnual report
「As a result, gains on real estate sales increased 34.6% year on year. In addition, various initiatives drove steady growth in rental income from properties held and, supported by robust lodging demand, increased earnings from hotels held by the Company, allowing both stock earnings and flow earnings to build steadily.」
It states that, amid strong investment appetite in major cities and robust lodging demand, gains on real estate sales rose 34.6% year on year, while stock earnings, including rental income and hotel earnings, and flow earnings continued to build. - FY2025Firm hotel and office demand and a record high in hotel earningsAnnual report
「Average RevPAR (revenue per available room) at the Company's hotels was ¥14,218, up 21% year on year.」
It explains that average hotel RevPAR rose 21% year on year to ¥14,218, with expanding lodging demand driving stock earnings to a record high. - FY2025-H1Firm demand for hotels, offices, housing, and logistics facilities, and rising hotel RevPARAnnual report
「In the interim period, RevPAR (revenue per available room) at the Company's hotels increased 23% year on year, driving growth in recurring revenue.」
Hotel RevPAR increased 23% year on year, and demand for hotels, offices, medium-sized offices, rental housing, and logistics facilities was described as firm. - FY2025-Q1Improving hotel and office demand and resilient investment demandAnnual report
「Hotel sales remained strong as lodging demand continued to recover sharply. In the first quarter, RevPAR (revenue per available room) at the Company's hotels increased 21% year on year, driving growth in recurring revenue. At office buildings, occupancy rates and rents were trending upward, and demand for the Company's medium-sized offices also remained resilient.」
Hotel demand and sales continued to recover, with RevPAR up 21% year on year. Office occupancy rates and rents were also trending upward, while demand for medium-sized offices remained resilient. - FY2024AdvancedAnnual report
「In the current fiscal year, RevPAR (revenue per available room) at the Company's hotels increased 37% from the fiscal year ended February 2020, when the Company's business activities were largely unaffected by COVID-19, driving growth in recurring revenue. Overall recurring revenue reached a record high, resulting in a more stable earnings structure.」
It states that RevPAR at the Company's hotels increased 37% from the fiscal year ended February 2020 and that overall recurring revenue reached a record high. - FY2024-Q3Hotel RevPAR up 31% from pre-COVID-19 levels, with recurring revenue on track for a record highAnnual report
「In the third quarter, RevPAR (revenue per available room) at the Company's hotels was up 31% from the fiscal year ended February 2020, when the Company's business activities were largely unaffected by COVID-19, driving growth in recurring revenue. Overall recurring revenue is progressing steadily toward a record high.」
It explains that, as hotel demand recovered, RevPAR at the Company's hotels rose 31% from the fiscal year ended February 2020, while overall recurring revenue was progressing toward a record high. - FY2024-Q2Recovery in hotel demand and growth in recurring revenueAnnual report
「Lodging demand has continued to recover strongly, and hotel sales have remained strong. In the second quarter, RevPAR (revenue per available room) at the Company's hotels was up 25% from the fiscal year ended February 2020, when the Company's business activities were largely unaffected by COVID-19, driving growth in recurring revenue.」
Hotel demand and sales continued to recover, with RevPAR up 25% from the fiscal year ended February 2020, driving growth in recurring revenue. - FY2024-Q1Strong recovery in hotel demand and resilience across asset typesAnnual report
「In the real estate industry to which the Company belongs, lodging demand has continued to recover strongly, and hotel sales have remained strong. At office buildings, vacancy rates and rents in central Tokyo have remained broadly flat, while demand for the Company's medium-sized offices has continued to be resilient. Demand for rental housing, which offers high stability, has remained firm, and investment demand continues to be resilient. Demand for logistics facilities has also increased further due to the spread of COVID-19, and resilient investment demand is expected to continue for these assets because of their high stability even after economic activity resumes.」
It describes the asset-by-asset situation: hotel demand is recovering increasingly strongly, central Tokyo offices are flat, and demand for medium-sized offices, rental housing, and logistics facilities remains firm. - FY2023-Q3Hotel demand improved sharply, while offices remained flatAnnual report
「In the real estate industry to which the Company belongs, hotel sales have increased as hotel demand improved sharply. Since inbound demand has not returned to pre-COVID-19 levels, further recovery is expected. In office buildings, vacancy rates and rents in central Tokyo have remained broadly flat. Demand for the Company's medium-sized offices remains resilient, and it will continue to identify tenant needs to provide office buildings that are selected as work styles change. Demand for rental housing and logistics facilities, which offer high stability, has remained firm, and investment demand continues to be resilient.」
It describes the sharp improvement in hotel demand and sales, flat vacancy rates and rents at central Tokyo offices, and resilient demand for medium-sized offices, rental housing, and logistics facilities. - FY2023-Q2Large-scale properties softened, but medium-sized offices and hotels were trending toward recoveryAnnual report
「In the real estate industry to which the Company belongs, large-scale office properties softened due in part to new supply in central Tokyo, while demand for the Company's medium-sized offices remained resilient. In the hotel industry, which was heavily affected by COVID-19, municipalities continued to lease entire buildings for use as COVID-19-related facilities, while the easing of restrictions on movement increased domestic tourism and event demand, putting the industry on a recovery trend. Inbound demand remained limited, and a return to pre-COVID-19 levels was expected to take time, but further recovery in hotel demand was anticipated as the government eased border-control measures further. Demand for rental housing and logistics facilities, which offer high stability, remained firm, and investment demand continued to be resilient.」
While large-scale offices softened due to new supply, demand for the Company's medium-sized offices remained resilient. Hotels were trending toward recovery on stronger domestic tourism and event demand, while rental housing and logistics facilities remained firm. - FY2023-Q1The impact on large-scale offices emerged, but rents bottomed out and demand for medium-sized offices remained firmAnnual report
「In the real estate industry to which the Company belongs, the impact of COVID-19 became apparent at office buildings, particularly large-scale properties, but rents for new leases were beginning to bottom out as vacancy rates stabilized. The impact of COVID-19 on the Company's medium-sized offices was limited, and demand has continued to be resilient. In the hotel industry, which was heavily affected by COVID-19, sales have been trending upward, but inbound demand remains limited and has not recovered to pre-COVID-19 levels.」
While the impact of COVID-19 became apparent at large-scale offices, vacancy rates and rent levels were beginning to stabilize, and demand for the Company's medium-sized offices remained firm. Hotel sales were trending upward, but inbound demand remained limited and had not recovered to pre-COVID-19 levels. - FY2022Large-scale offices deteriorated, medium-sized offices remained firm, and hotel recovery was anticipatedAnnual report
「Vacancy rates for relatively large office buildings, including newly built properties, particularly in central Tokyo, have risen, and rents for new leases have also been trending downward. Meanwhile, demand for the Company's medium-sized offices remains resilient, and they are also accommodating tenants' relocation needs. In the hotel industry, which was heavily affected by COVID-19, domestic foot traffic is expected to recover, which should lead to higher sales, but inbound demand is almost nonexistent and a full-scale recovery is expected to take time.」
It distinguishes between rising vacancy rates and falling rents at large-scale offices and resilient demand for medium-sized offices. While a recovery in domestic foot traffic is anticipated for hotels, inbound demand is almost nonexistent, so a full-scale recovery is expected to take time. - FY2022-Q3Large-scale offices deteriorated, but medium-sized offices remained resilient and domestic hotels recoveredAnnual report
「In the real estate industry to which the Company belongs, vacancy rates for large office buildings, particularly in central Tokyo, have risen, and rents for new leases have also been trending downward. Meanwhile, demand for the Company's medium-sized offices remains resilient, and they are also accommodating tenants' needs to relocate as companies review their office strategies. In the hotel industry, which was heavily affected by COVID-19, domestic foot traffic has been recovering and sales have increased accordingly, but inbound demand is almost nonexistent and concerns remain about a renewed spread of COVID-19 variants, so a full-scale recovery has not yet been achieved. Demand for rental housing and logistics facilities, which offer high stability, has remained firm, and investment demand continues to be resilient.」
While vacancy rates rose and rents fell at large offices, demand for the Company's medium-sized offices, rental housing, and logistics facilities remained resilient. Hotel sales increased as domestic foot traffic recovered, but a full-scale recovery has not been achieved because inbound demand remains almost nonexistent. - FY2022-Q2RestatedAnnual report
「Although changes in office demand due to the expansion of teleworking and other factors are a concern, demand for the Company's medium-sized offices remains resilient. In the hotel industry, which was heavily affected by COVID-19, demand has not recovered, partly due to the impact of the state of emergency, although a recovery is expected as vaccinations progress. Demand for rental housing and logistics facilities, which offer high stability, has remained firm, and investment demand continues to be resilient.」
It describes, as in the previous period, differences in demand by asset type for medium-sized offices, hotels, rental housing, and logistics facilities. - FY2022-Q1Demand for medium-sized offices remained resilient, while hotel recovery fell shortAnnual report
「In the real estate industry to which the Company belongs, some large-scale cancellations affected office buildings, while moves to expand and relocate also emerged, and vacancy rates and rent levels were beginning to stabilize. Although changes in office demand due to the expansion of teleworking and other factors are a concern, demand for the Company's medium-sized offices remains resilient. In the hotel industry, which was heavily affected by COVID-19, demand has not recovered, partly due to the impact of the state of emergency, although a recovery is expected as vaccinations progress. Demand for rental housing and logistics facilities, which offer high stability, has remained firm, and investment demand continues to be resilient.」
It explains that office vacancy rates and rent levels are beginning to stabilize, while demand for the Company's medium-sized offices remains resilient. Hotel demand has yet to recover, whereas demand for rental housing and logistics facilities remains firm. - FY2021-Q3Office vacancy rates rose, but no significant impact on owned properties has emergedAnnual report
「In the real estate industry to which the Company belongs, office vacancy rates have risen gradually. Although changes in office demand due to the expansion of teleworking and other factors are a concern, no significant recent changes have been seen among tenants in the office buildings owned by the Company. In the hotel industry, which was heavily affected by COVID-19, restrictions on the movement of people worldwide caused demand to plummet. Meanwhile, demand for rental housing and logistics facilities, which offer high stability, has remained firm, and investment demand continues to be resilient.」
While noting the gradual rise in office vacancy rates and concerns about changes in demand due to teleworking, it explains that no significant recent changes have occurred among tenants in the Company's owned offices. It also notes the sharp decline in hotel demand and the resilience of demand for rental housing and logistics facilities. - FY2021-Q2RestatedAnnual report
「In the real estate industry to which the Company belongs, office demand, which had been trending upward, remains supported by high occupancy rates, but is expected to decline in the future as teleworking expands. In the hotel industry, which was heavily affected by COVID-19, restrictions on the movement of people worldwide caused demand to plummet. Meanwhile, demand for rental housing and logistics facilities, which offer highly stable earnings, has remained firm, and investment demand continues to be resilient.」
It continues to describe the differing impact of COVID-19 across offices, hotels, rental housing, and logistics facilities, as well as the resilience of demand for rental housing and logistics facilities. - FY2021-Q1COVID-19 caused demand to diverge by asset typeAnnual report
「In the real estate industry to which the Company belongs, office demand, which had been trending upward, remains supported by high occupancy rates, but is expected to decline in the future as teleworking expands. In the hotel industry, which was heavily affected by COVID-19, restrictions on the movement of people worldwide caused demand to plummet. Meanwhile, demand for rental housing and logistics facilities, which offer highly stable earnings, has remained firm, and investment demand continues to be resilient.」
It explains that the impact of COVID-19 differed across offices, hotels, rental housing, and logistics facilities, with hotel demand plunging while demand for rental housing and logistics facilities remained firm. - FY2020-Q3Continued net inflows into the J-REIT marketAnnual report
「In the J-REIT market, earnings have improved through the realization of latent gains from asset rotation and gradual rent increases, and the trend of net inflows has continued.」
In addition to the previously noted improvement in J-REIT market earnings and resilient demand, it describes continued net inflows as a business condition. - FY2020-Q2RestatedAnnual report
「The real estate industry to which the Company belongs remains firm, with rents trending upward against a backdrop of low vacancy rates. In real estate transactions, demand for Japanese real estate, which offers relatively stable yields in a low-interest-rate environment, remains high, and investment demand continues to be resilient. In the J-REIT market, earnings have improved through the realization of latent gains from asset rotation and gradual rent increases, and the TSE REIT Index has continued to trend upward.」
It continues to describe low vacancy rates, rising rents, resilient investment demand against a backdrop of low interest rates, improving J-REIT earnings, and the upward trend in the TSE REIT Index as business conditions. - FY2020-Q1RestatedAnnual report
「The real estate industry to which the Company belongs remains firm, with rents continuing to rise against a backdrop of low vacancy rates. In real estate transactions, demand for Japanese real estate, which offers relatively stable yields in a low-interest-rate environment, remains high, and investment demand continues to be resilient. In the J-REIT market, earnings have improved through the realization of latent gains from asset rotation and gradual rent increases, and the TSE REIT Index has continued to trend upward.」
It describes low vacancy rates, rising rents, resilient investment demand against a backdrop of low interest rates, improving J-REIT earnings, and the upward trend in the TSE REIT Index as business conditions. - FY2019Transaction volumes declined, but investment demand remained resilientAnnual report
「Although transaction volumes declined, demand for Japanese real estate, which offers relatively stable yields in a low-interest-rate environment, remains high, and investment demand continues to be resilient.」
It explains that while real estate transaction volumes declined, investment needs and demand remained resilient against a backdrop of low interest rates. - FY2019-Q3RestatedAnnual report
「The real estate industry to which the Company belongs remains firm. In the office market, vacancy rates have continued to decline and rents to rise gradually, while evaluations of small- and medium-sized office buildings with prime locations and good management have improved. In real estate transactions, demand for Japanese real estate, which offers relatively stable yields, remains high, and investment demand continues to be resilient. Against this backdrop, demand for the J-REIT market as a stable and highly transparent real estate investment product remains solid.」
It continues to describe declining office vacancy rates and rising rents, improving evaluations of small- and medium-sized offices, and resilient demand for real estate investment and J-REITs. - FY2019-Q2RestatedAnnual report
「The real estate industry to which the Company belongs remains firm. In the office market, vacancy rates have continued to decline and rents to rise gradually, while evaluations of small- and medium-sized office buildings with prime locations and good management have improved. In real estate transactions, demand for Japanese real estate, which offers relatively stable yields, remains high, and investment demand continues to be resilient. Against this backdrop, demand for the J-REIT market as a stable and highly transparent real estate investment product remains solid.」
It continues to describe declining office vacancy rates and rising rents, improving evaluations of small- and medium-sized offices, and resilient demand for real estate investment and J-REITs. - FY2019-Q1RestatedAnnual report
「The real estate industry continues to see strong investment demand, as expectations for rising rents and low interest rates have strengthened demand for Japanese real estate, which offers relatively stable yields. Official land prices also continued to rise, led by the three major metropolitan areas, with the Tokyo metropolitan area recording its fifth consecutive year of increases.」
It continues to describe resilient real estate investment demand and rising land prices, particularly in the Tokyo metropolitan area, as business conditions. - FY2018RestatedAnnual report
「The real estate industry to which the Company belongs continues to see solid investment demand, as expectations for rising rents and low interest rates have strengthened demand for Japanese real estate, which offers relatively stable yields. Official land prices also continued to rise, led by the three major metropolitan areas, with the Tokyo metropolitan area recording its fifth consecutive year of increases.」
It continues to describe resilient real estate investment demand and rising land prices in the Tokyo metropolitan area as business conditions. - FY2018-Q3RestatedAnnual report
「Interest in Japanese real estate remained high, and investment demand continued to be strong. In the J-REIT market, capital market conditions remained weak, partly due to outflows from J-REIT investment trusts, resulting in a year-on-year decline in funds raised through public offerings. In the real estate leasing market, supported by high corporate earnings, rents at office buildings in central Tokyo continued to rise gradually, while occupancy rates continued to improve.」
It describes strong real estate investment demand, the J-REIT market's capital-raising environment, and trends in rents and occupancy rates for central Tokyo offices as business conditions. - FY2018-Q2RestatedAnnual report
「Demand for real estate investment remained strong, and the trend toward greater diversification of property types in the J-REIT market continued, including ongoing acquisitions of hotels and logistics facilities. In the real estate leasing market, supported by high corporate earnings, office occupancy rates remained generally firm, while rents continued to rise gradually in central Tokyo.」
It continues to describe real estate investment demand, diversification of J-REIT property types, and the resilience of office occupancy rates and rents as business conditions. - FY2018-Q1RestatedAnnual report
「Demand for real estate investment remained strong, and the trend toward greater diversification of property types in the J-REIT market continued, including ongoing acquisitions of hotels and logistics facilities. In the real estate leasing market, supported by high corporate earnings, office occupancy rates remained generally firm, while rents continued to rise gradually in central Tokyo.」
It continues to describe real estate investment demand, diversification of J-REIT property types, and the resilience of office occupancy rates and rents as business conditions. - FY2017RestatedAnnual report
「Demand for real estate investment remained strong, and in the J-REIT market, diversification of property types continued, including ongoing acquisitions of hotels and logistics facilities. In the real estate leasing market, supported by high corporate earnings, office occupancy rates remained firm, while rents continued to rise gradually in central Tokyo.」
It continues to describe real estate investment demand, diversification of J-REIT property types, and the resilience of office occupancy rates and rents as business conditions. - FY2017-Q3RestatedAnnual report
「Demand for real estate investment remained strong, and in the J-REIT market, diversification of property types continued, including ongoing acquisitions of hotels and logistics facilities. In the real estate leasing market, supported by high corporate earnings, office occupancy rates remained firm, while rents continued to rise gradually in central Tokyo.」
It continues to describe real estate investment demand, diversification of J-REIT property types, and trends in office occupancy rates and rents as business conditions. - FY2017-Q2RestatedAnnual report
「Demand for real estate investment remained strong, and in the J-REIT market, acquisitions of hotels and logistics facilities were active, with a tendency toward greater diversification of property types. In the real estate leasing market, supported by high corporate earnings, office vacancy rates continued to improve steadily, while rents also continued to rise gradually in central Tokyo.」
It continues to describe strong real estate investment demand, greater diversification of J-REIT property types, improving vacancy rates, and rising rents as business conditions. - FY2017-Q1First statedAnnual report
「Demand for real estate investment remained strong, with expected yields showing a tendency to decline. In the real estate leasing market, supported by high corporate earnings, office vacancy rates continued to improve steadily, while rents also continued to rise gradually in central Tokyo.」
It describes structural conditions in the business environment relating to real estate investment demand, vacancy rates, and rents.