Loss of Rental Income Due to the Absence of a Replacement Tenant
First written in FY2018. 5 of 6 entries say "Restated". Latest entry: FY2023.
The whole theme swung hardest in 2020: 12 of 33 companies on the "Worse" side.
20 other companies' latest entry also says "Restated".
- FY2023RestatedAnnual report
「When we acquire new properties, we promptly seek tenants and terminate the leases if tenants cannot be found within a certain period. However, while no tenant has been found, vacant rent arises, and if a lease is terminated, termination costs arise,」
The policy of promptly seeking tenants and terminating leases after a certain period in response to the risks of vacant rent and termination costs remains in place. - FY2022RestatedAnnual report
「To mitigate the impact of vacant stores on our operating results, we promptly seek tenants when we acquire new properties and terminate the leases if tenants cannot be found within a certain period. However, while no tenant has been found, vacant rent arises, and if a lease is terminated, termination costs arise, which may affect our operating results and financial position.」
The policy of promptly seeking tenants and terminating leases after a certain period in response to the risks of vacant rent and termination costs remains in place. - FY2021RestatedAnnual report
「To mitigate the impact of vacant stores on our operating results, we promptly seek tenants when we acquire new properties and terminate the leases if tenants cannot be found within a certain period. However, while no tenant has been found, vacant rent arises, and if a lease is terminated, termination costs arise, which may affect our operating results and financial position.」
In response to the risks of vacant rent and termination costs, a policy of promptly seeking tenants and terminating leases after a certain period has been set out. - FY2020RestatedAnnual report
「To mitigate the impact of vacant stores on our operating results, we seek successor tenants to occupy them. However, if a successor tenant cannot be found, vacant rent will arise, and if vacant stores occur on a large scale and remain vacant for an extended period, this may affect our operating results and financial position.」
The risk of vacant rent and vacant stores arising from the absence of successor tenants, and the response of seeking successor tenants, continue to be disclosed. - FY2019RestatedAnnual report
「To mitigate the impact of vacant stores on our operating results, we seek successor tenants to occupy them. However, if a successor tenant cannot be found, vacant rent will arise, and if vacant stores occur on a large scale and remain vacant for an extended period, this may affect our operating results and financial position.」
The risk of vacant rent and vacant stores arising from the absence of successor tenants, and the ongoing response of seeking successor tenants, continue to be disclosed. - FY2018First statedAnnual report
「If a successor tenant cannot be found, vacant rent will arise. If vacant stores occur on a large scale and remain vacant for an extended period, this may affect our operating results and financial position.」
Because the contractual structure requires rent to be paid regardless of whether a subtenant is present, the inability to find a successor tenant creates a risk of vacant rent arising.