Fluctuations in Real Estate Market Conditions, Land Prices and Construction Costs, and Competition for Site Acquisition
First written in FY2022. 4 of 16 entries say "Worsened", first in FY2023-Q2. Latest entry: FY2027-H1.
Storage-Oh moved to the "Worse" side of this theme in 2026, 6 years after the typical company in this theme (2020).
The whole theme swung hardest in 2022: 13 of 23 companies on the "Worse" side.
10 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「Although signs of a moderate economic recovery emerged, including a pickup in personal consumption supported by improvements in employment and income conditions, the outlook remains uncertain because of heightened geopolitical risks, including the situation in the Middle East.」
While indicating signs of an economic recovery, the company identifies heightened geopolitical risks, including the situation in the Middle East, as a new source of uncertainty. - FY2026RestatedAnnual report
「The outlook for the economy remains uncertain amid concerns that the Bank of Japan's interest rate policy, foreign-exchange risks, and geopolitical risks will keep energy and raw material prices elevated.」
The company continues to describe economic uncertainty arising from interest rate policy, foreign exchange, geopolitical risks, and energy and raw material prices. - FY2026-H1RestatedAnnual report
「The outlook for the economy remains uncertain amid concerns that the Bank of Japan's interest rate policy, foreign-exchange risks, and geopolitical risks will keep energy and raw material prices elevated.」
The company continues to describe concerns over interest rate policy, foreign-exchange risks, geopolitical risks, and persistently high energy and raw material prices, as before. - FY2025-H1Continued uncertainty from interest rate, foreign-exchange, and geopolitical risksAnnual report
「The outlook for the economy remains uncertain amid concerns that the Bank of Japan's interest rate policy, foreign-exchange risks, and geopolitical risks will keep energy and raw material prices elevated.」
In addition to the stalled domestic economy, the company points to concerns that the Bank of Japan's interest rate policy, foreign-exchange risks, and geopolitical risks will keep energy and raw material prices elevated, stating that uncertainty about the outlook continues. - FY2025-Q1A stalled domestic economy and continued uncertainty from yen depreciation, interest rates, and geopolitical risksAnnual report
「During the cumulative first quarter period, the domestic economy's moderate recovery trend appeared to stall as high prices reduced domestic demand, including personal consumption and capital investment. The outlook for the economy remains uncertain amid concerns over the Bank of Japan's lifting of its negative interest rate policy, rapid yen depreciation, and surging energy and raw material prices resulting from geopolitical risks.」
Compared with the previous fiscal year, when the company indicated easing impacts from infectious diseases and an economic recovery, it now points to stalled domestic demand due to high prices, the lifting of the negative interest rate policy, rapid yen depreciation, and concerns over surging energy and raw material prices associated with geopolitical risks. - FY2024Easing of the impact of infectious diseases and economic recovery coexist with continued uncertaintyAnnual report
「With COVID-19 transitioning to Category 5, mobility gradually expanded, and the domestic economy is making a moderate recovery, supported by increased inbound demand and other factors. However, the outlook for the economy remains uncertain because events affecting the international situation, including trends in rising prices and financial and capital market volatility, continue to be present.」
While indicating the easing impact of infectious diseases and the recovery in mobility and inbound demand, the company says that uncertainty related to rising prices, financial market volatility, and the international situation persists. - FY2024-Q3Recovery in mobility and inbound demand, alongside continued uncertaintyAnnual report
「With COVID-19 transitioning to Category 5, the movement of people gradually expanded, and signs of a moderate recovery have emerged, supported by increased inbound demand and other factors. However, the outlook for the economy remains uncertain because of trends in rising prices and fluctuations in the financial and capital markets, as well as events that continue to affect the international situation.」
While indicating signs of recovery following the transition of COVID-19 to Category 5, increased mobility, and higher inbound demand, the company says that uncertainty related to rising prices, financial market volatility, and the international situation persists. - FY2024-Q2Easing of the impact of infectious diseases and continued international risksAnnual report
「During the cumulative second quarter period (1 February 2023 to 31 July 2023), the business environment saw the impact of COVID-19 gradually ease as the disease transitioned to Category 5 under Japan's infectious disease classification. Signs of an end to the deflationary conditions that had persisted in Japan for many years also emerged, amid rising prices and the spring wage negotiations producing the highest wage increase rate in 30 years. Looking ahead, events affecting the international situation remain present, and continued attention is required because of the risk of downward pressure on the economy.」
The company explains that the impact of COVID-19 gradually eased following its transition to Category 5, while the risk of downward pressure on the economy from the international situation persists. - FY2024-Q1The impact of infectious diseases is declining, while uncertainty surrounding geopolitical and financial conditions persistsAnnual report
「The impact of COVID-19 is gradually declining, and the government's nationwide travel assistance program is increasing travel and business-related movement, raising expectations for more active economic activity. However, the prolonged situation in Ukraine and the continued presence of numerous events with a significant impact on the international and financial situations mean that the outlook for the economy remains uncertain.」
While pointing to the declining impact of COVID-19 and expectations for more active economic activity, the company says that uncertainty resulting from the prolonged situation in Ukraine and international and financial conditions persists. - FY2023Emergence of development land acquisition risksAnnual report
「Depending on trends in the real estate market, fluctuations in development land prices may prevent acquisitions from proceeding as planned. In addition, even after conducting various investigations and deciding to acquire development land, the discovery of unforeseen defects such as soil contamination or underground structures may result in additional costs, which could affect the company's operating results and financial position.」
In addition to real estate market and land-price risks, the company specifies additional costs arising from defects such as soil contamination and underground structures as development land acquisition risks. - FY2023-Q3WorsenedAnnual report
「During the cumulative third quarter period (1 February 2022 to 31 October 2022), the business environment remained affected by events with a significant impact on the international and financial situations, including the transition to a new phase toward living with COVID-19, the situation in Ukraine, tighter financial conditions overseas, inflationary pressures, the yen's weakest level against the U.S. dollar in 32 years, and foreign-exchange intervention by the Bank of Japan. The outlook for the economy therefore remains uncertain.」
In addition to the existing geopolitical risks, tighter financial conditions, and inflation and yen depreciation risks, the company cites the yen's weakest level against the U.S. dollar in 32 years and foreign-exchange intervention by the Bank of Japan, explaining that uncertainty about the outlook continues. - FY2023-Q2WorsenedAnnual report
「Events with a significant impact on the international situation continue to occur, including the seventh wave of COVID-19, the situation in Ukraine, tighter financial conditions overseas, inflationary pressures, and the yen's lowest level against the U.S. dollar in 24 years. Uncertainty therefore remains pronounced.」
Additional factors affecting existing macroeconomic and geopolitical risks are listed, including the seventh wave of COVID-19, tighter financial conditions, inflation, and yen depreciation. - FY2023-Q1MaterialisedAnnual report
「The outlook remains uncertain as we have been exposed to soaring raw material and energy prices arising from the materialization of geopolitical risks due to the situation involving Russia and Ukraine.」
The changes in previously identified macroeconomic factors are described as actual environmental changes, namely the emergence of geopolitical risks and surging raw material and energy prices. - FY2022First statedAnnual report
「Our business performance is closely linked to changes in macroeconomic factors such as economic conditions, interest rates and land prices.」
The Company states that changes in rents, occupancy, land acquisition prices and construction costs may affect its operating results and financial position.