Housing business revenue growth driven by recognized condominium units, high-priced properties and land sales
First written in FY2018-Q3. 9 of 28 entries say "Advanced", first in FY2020. Latest entry: FY2026.
The whole theme swung hardest in 2020: 10 of 43 companies on the "Worse" side.
19 other companies' latest entry also says "Other".
- FY2026Fewer units recognized, but more units contractedAnnual report
「Residential Development: Condominiums (Units) Previous fiscal year Current fiscal year Change Units recognized as revenue 1,006 899 △107 Contracted units 1,121 1,584 463 Completed inventory at period-end 185 249 65」
Although condominium units recognized as revenue decreased, contracted units increased from 1,121 to 1,584. Completed inventory at period-end increased from 185 to 249. - FY2026-H1Fewer units recognized, but more units contractedAnnual report
「Residential Development: Condominiums (Units) First half of previous fiscal year First half of current fiscal year Change Previous fiscal year Units recognized as revenue 422 403 △20 1,006 Contracted units 357 669 312 1,121 Completed inventory at period-end 161 133 △29 185」
Condominium units recognized as revenue decreased from 422 in the same period of the previous fiscal year to 403, while contracted units increased from 357 to 669 and completed inventory at period-end decreased from 161 to 133. - FY2025Gross profit margin improved despite the decrease in units recognized as revenue.Annual report
「Operating profit increased for the segment as a whole due to the recognition of gains on the sale of Shibuya Sakura Stage and the improvement in the gross profit margin for condominiums, among other factors.」
Condominium units recognized as revenue decreased from 1,280 in the previous fiscal year to 1,006, but profit in the urban development business increased due to the improved gross profit margin and gains on the sale of Shibuya Sakura Stage. - FY2025-H1AdvancedAnnual report
「Revenue in “Residential Development” increased due to the increase in condominium units recognized as revenue.」
Condominium units recognized as revenue increased from 246 in the same period of the previous fiscal year to 422, and revenue from residential development increased from ¥16.0 billion to ¥36.0 billion. - FY2024Continued decline in condominium units recognized as revenue.Annual report
「Residential Development: Condominiums (Units) Previous fiscal year Current fiscal year Change Units recognized as revenue 1,369 1,280 △90」
Condominium units recognized as revenue decreased from 1,369 in the previous fiscal year to 1,280. However, the urban development business as a whole posted higher revenue due to increased asset sales of rental housing and other properties. - FY2024-Q3Continued decline in condominium units recognized as revenue.Annual report
「Residential Development: Condominiums (Units) Third quarter of previous fiscal year Third quarter of current fiscal year Change Previous fiscal year Units recognized as revenue 940 364 △576 1,369」
Cumulative third-quarter condominium units recognized as revenue decreased from 940 in the same period of the previous fiscal year to 364. However, the urban development business as a whole posted higher revenue and profit due to increased asset sales in Other Urban and Other Housing and other factors. - FY2024-Q2Revenue and profit increased due to asset sales, despite the continued decline in condominium units recognized as revenue.Annual report
「In “Residential Development” in the sales breakdown below, revenue declined due to the continued decrease in condominium units recognized as revenue. In “Urban (rental offices),” rental revenue was lost due to asset sales in the previous fiscal year, but the Kudan Kaikan Terrace (Chiyoda-ku, Tokyo), which opened in October 2022, contributed for the full fiscal year. In “Other Urban” and “Other Housing,” revenue increased due to higher asset sales and other factors, resulting in higher revenue and profit for the segment as a whole.」
Although revenue continued to decline due to the decrease in condominium units recognized as revenue, the urban development business as a whole posted higher revenue and profit due to the full-year contribution from Kudan Kaikan Terrace and increased asset sales. - FY2024-Q1Revenue and profit increased due to asset sales, despite the decrease in condominium units recognized as revenue.Annual report
「In “Residential Development” in the sales breakdown below, revenue declined due to the decrease in condominium units recognized as revenue. In “Urban (rental offices),” rental revenue was lost due to asset sales in the previous fiscal year, but the Kudan Kaikan Terrace (Chiyoda-ku, Tokyo), which opened in October 2022, contributed for the full fiscal year. In “Other Urban” and “Other Housing,” revenue increased due to higher asset sales and other factors, resulting in higher revenue and profit for the segment as a whole.」
Condominium units recognized as revenue decreased from 488 in the same period of the previous fiscal year to 167, but the urban development business as a whole posted higher revenue and profit due to the full-year contribution from Kudan Kaikan Terrace and increased asset sales. - FY2023-Q3AdvancedAnnual report
「During the cumulative third quarter of the current fiscal year, condominium properties included newly completed and delivered properties such as Gracia Shonan Fujisawa Terrace (Fujisawa, Kanagawa) and Branz Kagurazaka (Shinjuku-ku, Tokyo). Sales of completed inventory also progressed.」
Condominium units recognized as revenue increased from 857 in the same quarter of the previous fiscal year to 940, including newly completed and delivered properties such as Gracia Shonan Fujisawa Terrace and Branz Kagurazaka. - FY2023-Q2AdvancedAnnual report
「During the cumulative second quarter of the current fiscal year, condominium properties included newly completed and delivered properties such as Branz City Shonandai (Fujisawa, Kanagawa) and Gracia Shonan Fujisawa Terrace (Fujisawa, Kanagawa). Sales of completed inventory also progressed. Residential Development: Condominiums (Units) Second quarter of previous fiscal year Second quarter of current fiscal year Change Previous fiscal year Units recognized as revenue 464 796 332 2,194」
Condominium units recognized as revenue increased from 464 in the same period of the previous fiscal year to 796, including newly completed and delivered properties such as Branz City Shonandai and Gracia Shonan Fujisawa Terrace. - FY2023-Q1AdvancedAnnual report
「During the cumulative first quarter of the current fiscal year, condominium properties included newly completed and delivered properties such as Branz Kagurazaka (Shinjuku-ku, Tokyo) and Branz Bunkyo Hongo 1-chome (Bunkyo-ku, Tokyo), as well as properties including Branz Tower Toyosu (Koto-ku, Tokyo), for which some contracts had been signed but delivery was pending at the end of the previous consolidated fiscal year. Completed inventory was also recognized as revenue.」
Condominium units recognized as revenue increased from 189 in the same quarter of the previous fiscal year to 488, contributing to higher revenue in residential development. - FY2022AdvancedAnnual report
「Revenue in “Residential Development” increased, mainly due to the increase in condominium units recognized as revenue.」
Condominium units recognized as revenue increased from 1,777 in the previous fiscal year to 2,194, contributing to higher revenue in residential development. - FY2022-Q3AdvancedAnnual report
「In “Residential Development,” the number of condominium units recognized as revenue increased. Asset sales included in “Other Urban” declined in revenue due to the lower number of properties sold, but gains on sales increased amid the active real estate transaction market, and the segment as a whole posted lower revenue and higher profit.」
Condominium units recognized as revenue increased from 544 in the same quarter of the previous fiscal year to 857, contributing to higher revenue in residential development. The urban development business as a whole posted lower revenue due to the decrease in properties sold through asset sales, but profit increased due to higher gains on sales and other factors. - FY2022-Q2Revenue and profit declined due to the reversal of asset sales, despite the increase in units recognized as revenue.Annual report
「In “Urban (rental offices)” in the sales breakdown below, the Tokyo Portcity Takeshiba Office Tower, which opened in September 2020, operated for the full fiscal year. In “Urban (rental commercial facilities),” the Group’s major commercial facilities, including Tokyu Plaza, recovered to a certain extent. In “Residential Development,” the number of condominium units recognized as revenue increased. However, revenue and profit declined due to the reversal of the decline in asset-sale revenue included in “Other Urban” and “Other Housing.”」
While the Tokyo Portcity Takeshiba Office Tower operated for the full fiscal year, commercial facilities recovered to a certain extent and condominium units recognized as revenue increased, the urban development business posted lower revenue and profit due to the reversal of the decline in asset-sale revenue. - FY2022-Q1AdvancedAnnual report
「In “Residential Development,” revenue declined but profit increased for the segment as a whole, mainly due to the increase in condominium units recognized as revenue.」
Condominium units recognized as revenue increased from 118 in the same quarter of the previous fiscal year to 189, and the urban development business, including residential development, posted higher profit despite lower revenue. - FY2021AdvancedAnnual report
「Revenue increased due to the increase in condominium units recognized as revenue and other factors, while profit declined due to higher selling expenses and other factors.」
Condominium units recognized as revenue increased from 1,680 in the previous fiscal year to 1,777 in the current fiscal year, resulting in higher revenue in the housing business. However, operating profit declined slightly to ¥8.4 billion due to higher selling expenses and other factors. - FY2021-Q3Declining revenue and profit continued due to fewer condominium units recognized as revenue.Annual report
「Although whole-building sales of rental housing for investors, included in “Other” in the sales breakdown below, increased, revenue and profit declined due to the decrease in condominium units recognized as revenue and other factors.」
Whole-building sales of rental housing for investors increased, but due to the decline in condominium units recognized as revenue, the housing business recorded revenue of ¥55.0 billion and operating profit of ¥600 million. - FY2021-Q2Revenue and profit declined due to the reversal of the effect of the bulk recognition of large-scale properties.Annual report
「Although land sales and whole-building sales of rental housing for investors, both included in “Other” in the sales breakdown below, increased, revenue and profit declined due to the reversal of the sharp decline caused by the bulk recognition of large-scale condominium properties in the second quarter of the previous fiscal year.」
Land sales and whole-building sales of rental housing increased, but the housing business posted lower revenue and profit due to the reversal of the bulk recognition of large-scale condominium properties in the same period of the previous year. - FY2021-Q1Profit declined due to increased land sales and fewer whole-building sales.Annual report
「Revenue increased due to higher land sales included in “Other” in the sales breakdown below, but profit declined due to fewer whole-building sales of rental housing included in “Other.”」
Revenue in the housing business increased due to higher land sales, while profit declined due to fewer whole-building sales of rental housing. - FY2020AdvancedAnnual report
「Revenue and profit increased, mainly due to the increase in condominium units recognized as revenue.」
Condominium units recognized as revenue increased from 1,266 in the previous fiscal year to 1,680 in the current fiscal year, resulting in higher revenue and profit in the housing business. - FY2020-Q3RestatedAnnual report
「Revenue and profit increased owing in part to more condominium units recognized.」
The increase in revenue and profit due to more condominium units recognized has been reconfirmed. The number of condominium units recognized for the cumulative third quarter was 928. - FY2020-Q2Higher revenue and profit due to more condominium units recognizedAnnual report
「Despite the reactionary decline in bulk sales included under "Other" in the revenue breakdown below, for which revenue had been recognized in the same period of the previous year, revenue and profit increased owing to more condominium units recognized.」
The second quarter turned to higher revenue and profit owing to more condominium units recognized, compared with the lower revenue and profit caused by the reactionary decline in bulk sales reported through the previous quarter. - FY2020-Q1Lower Housing Business revenue and profit due to the reactionary decline in bulk salesAnnual report
「Revenue and profit declined owing in part to the reactionary decline in bulk sales included under "Other" in the revenue breakdown below, for which revenue had been recognized in the same period of the previous year.」
In the Housing Business, the reactionary decline in bulk sales recognized in the same period of the previous year was a factor behind lower revenue and profit. The contracted proportion for condominiums rose from the beginning of the fiscal year, and sales remained firm, according to the company. - FY2019RestatedAnnual report
「Despite higher proceeds from sales of rental housing to investors, revenue and profit declined owing to fewer condominium units recognized. Sales remained firm, and the contracted proportion of the next-period condominium revenue forecast was 54% (up 22 percentage points).」
While lower revenue and profit due to fewer condominium units recognized continued, sales contract progress remained firm, according to the company. - FY2019-Q2RestatedAnnual report
「Revenue and profit declined owing in part to fewer condominium units recognized. Sales remained firm, completed inventory decreased from the end of the previous fiscal year, and the contracted proportion of the full-year condominium revenue forecast rose from 32% at the beginning of the fiscal year to 73% (down 7 percentage points), progressing steadily against the full-year forecast.」
While lower revenue and profit due to fewer condominium units recognized continued, sales contract progress and completed inventory remained firm, according to the company. - FY2019-Q1Lower revenue and profit due to fewer condominium units recognizedAnnual report
「Revenue and profit declined owing in part to fewer condominium units recognized. Sales remained firm, however, and the contracted proportion of the full-year condominium revenue forecast rose from 32% at the beginning of the fiscal year to 57% (down 11 percentage points), progressing steadily against the full-year forecast.」
The performance driver shifted from the higher revenue previously explained by higher-priced properties and other factors to lower revenue and profit due to fewer condominium units recognized in the current quarter. Sales contract progress remained firm, however, according to the company. - FY2018RestatedAnnual report
「Revenue increased owing in part to higher sales of rental housing to investors and bulk land sales. However, profit declined owing in part to a lower gross profit margin for condominiums, reflecting the impact of highly profitable properties recognized in the previous fiscal year.」
Higher revenue from rental housing sales to investors and bulk land sales was confirmed, while profit in the Housing Business declined owing to the reactionary impact of highly profitable properties. - FY2018-Q3First statedAnnual report
「Revenue and profit increased owing to higher revenue from an increase in the number of condominium units recognized and in higher-priced properties, as well as an increase in bulk land sales, among other factors.」
Factors contributing to higher revenue and profit in the Housing Business included more condominium units recognized, an increase in higher-priced properties, and an increase in bulk land sales.