Difficulty Acquiring Real Estate and Lower Investment Returns Due to Intensifying Competition
First written in FY2016. 13 of 22 entries say "Restated". Latest entry: 2026-10-09.
First Brothers moved to the "Worse" side of this theme in 2017.
4 other companies' latest entry also says "Restated".
- 2026-10-09RestatedFinancial results
「Accordingly, there were no new acquisitions through funds established as principal sponsor.」
都心・大型不動産の慎重な取引環境を受け、主体的に組成するファンドで新規取得がない状態が継続した。 - FY2026-H1MaterialisedAnnual report
「Accordingly, there were no new acquisitions through funds established as principal sponsor.」
Amid cautious transaction conditions for central Tokyo and large real estate, the Company continued not to make new acquisitions through funds it established as principal sponsor. - FY2025-H1MaterialisedAnnual report
「Accordingly, there were no new acquisitions through funds established as principal sponsor.」
Amid cautious transaction conditions for central Tokyo and large real estate, the Company continued not to make new acquisitions through funds it established as principal sponsor. The difficulty of acquisitions resulting from acquisition competition, price levels and yield conditions was reflected in actual investment activity. - FY2024-Q2MaterialisedAnnual report
「Accordingly, there were no new acquisitions through funds established as principal sponsor.」
Transaction conditions for central Tokyo and large properties became more cautious, and the Company continued not to make new acquisitions through funds it established as principal sponsor. The difficulty of acquisitions resulting from intensified competition and price and yield conditions was reflected in actual investment activity. - FY2024-Q1MaterialisedAnnual report
「Accordingly, the Company continued to refrain from making new acquisitions through funds it established as principal sponsor, partly because the potential for further price appreciation was limited.」
Against a backdrop of intense competition for central Tokyo and large real estate, persistently high prices and low yields, the Company continued to refrain from new acquisitions through its sponsored funds, and the risks of increasingly difficult acquisitions and lower returns due to intensifying competition became evident in its business operations. - FY2023-Q3RestatedAnnual report
「In the real estate transaction market, domestic and overseas investors remain eager to invest, supported by borrowing costs that continue to remain low. Competition to acquire real estate remains intense, and the market continues to be highly liquid.」
Market conditions characterized by intense competition to acquire real estate have continued, reconfirming the external environment associated with increasingly difficult acquisitions and lower investment returns. - FY2023-Q2RestatedAnnual report
「In the real estate transaction market, domestic and overseas investors remain eager to invest, supported by borrowing costs that continue to remain low. Competition to acquire real estate remains intense, and the market continues to be highly liquid.」
Market conditions characterized by intense competition to acquire real estate have continued, reconfirming the external environment associated with increasingly difficult acquisitions due to intensifying competition and lower investment returns. - FY2022-Q1RestatedAnnual report
「Competition to acquire real estate remains intense, and the market continues to be highly liquid.」
The external environment of intense competition to acquire real estate has continued, reconfirming the assessment of conditions associated with increasingly difficult acquisitions and lower investment returns. - FY2021-Q3RestatedAnnual report
「In the real estate transaction market, domestic and overseas investors remain eager to invest, supported by borrowing costs that continue to remain low even though the end of COVID-19 is not yet in sight. Competition to acquire real estate remains intense, and the market continues to be highly liquid.」
Market conditions characterized by intense acquisition competition among domestic and overseas investors have continued, reconfirming the external environment associated with increasingly difficult acquisitions and lower investment returns. - FY2021-Q1RestatedAnnual report
「In the real estate transaction market, domestic and overseas investors remain eager to invest, supported by borrowing costs that continue to remain low even though the end of COVID-19 is not yet in sight. Competition to acquire real estate remains intense, and the market continues to be highly liquid.」
Intense competition among domestic and overseas investors to acquire real estate has continued, reconfirming the external environment associated with the difficulty of acquisitions due to intensifying competition. - FY2020RestatedAnnual report
「If competition with new entrants and existing companies intensifies in the future and it becomes difficult to acquire real estate expected to generate stable income due to rising market prices or other factors, the pace of acquiring investment opportunities could slow and investment returns could decline.」
The risk that intensifying competition and rising market prices would make real estate acquisitions more difficult has remained part of the full-year risk disclosures. - FY2019RestatedAnnual report
「If competition with new entrants and existing companies intensifies in the future and it becomes difficult to acquire real estate expected to generate stable income due to rising market prices or other factors, the pace of acquiring investment opportunities could slow and investment returns could decline.」
The risk that intensifying competition and rising market prices would make real estate acquisitions more difficult has remained part of the full-year risk disclosures. - FY2019-Q3RestatedAnnual report
「Domestic and overseas investors remain eager to invest, and competition to acquire real estate remains intense in a highly liquid market.」
Strong acquisition competition from domestic and overseas investors has continued, reconfirming the external environment that is making acquisitions more difficult. - FY2019-Q1RestatedAnnual report
「Competition to acquire real estate remains intense, and the market continues to be highly liquid.」
Market conditions characterized by intense competition to acquire real estate have continued, reconfirming the external environment associated with the risk of increasingly difficult acquisitions. - FY2018-Q3RestatedAnnual report
「In the real estate transaction market, domestic and overseas investors remain eager to invest, supported by borrowing costs that remain low. Competition to acquire real estate remains intense, and the market continues to be highly liquid.」
Strong acquisition competition from domestic and overseas investors has continued, reconfirming the business environment in which intensified competition makes acquisitions more difficult. - FY2017MaterialisedAnnual report
「Relatively large properties, which are the principal investment targets of the funds, face more intense acquisition competition and a more overheated transaction environment than the small and medium-sized properties acquired by the Group through proprietary investments. Accordingly, while refraining from new acquisitions,」
Acquisition competition for large properties has become overheated, and the investment management business has continued to refrain from new acquisitions in practice. - FY2017-Q3MaterialisedAnnual report
「Relatively large properties, which are the principal investment targets of the funds, face more intense acquisition competition and a more overheated transaction environment than the small and medium-sized properties acquired by the Group through proprietary investments. Accordingly, while refraining from new acquisitions,」
Acquisition competition for relatively large properties has become more overheated, leading in practice to a decision to refrain from new acquisitions. The risk that intensifying competition would make acquisitions more difficult is evident in business operations. - FY2016First statedAnnual report
「If competition with new entrants and existing companies intensifies in the future and it becomes difficult to acquire real estate expected to generate stable income due to rising market prices or other factors, the pace of acquiring investment opportunities could slow and investment returns could decline.」
The risk that intensified competition from new entrants and existing companies and rising real estate prices would make acquisitions more difficult was explicitly identified for the first time.