Demolition and Rebuilding of Aging Rental Properties
First written in FY2023. 1 of 5 entries say "Restated". Latest entry: FY2024.
2 other companies' latest entry also says "Other".
- FY2024Demolition provision balance: zeroAnnual report
「The demolition provision decreased by ¥107 million following its release.」
Following the re-estimation of demolition costs, the Company released the demolition provision, leaving a zero balance at the end of the current consolidated fiscal year. The completion of the demolition and rebuilding itself is not stated. - FY2024-Q3Reversal of the demolition provisionAnnual report
「Reversal of demolition provision – 104,700」
Following the re-estimation of demolition costs, the Company recognized a reversal of the demolition provision of ¥104.70 million as an extraordinary gain. The demolition provision on the balance sheet fell from ¥170 million at the end of the previous period to zero, but the completion of the demolition and rebuilding itself is not stated. - FY2024-Q2RestatedAnnual report
「In the previous consolidated fiscal year, the Company recognized a demolition provision to cover expenditures arising in connection with the demolition of a building at income-producing real estate. During the first quarter of the current consolidated fiscal year, the Company re-estimated demolition costs and, because the estimate was lower than the balance of the demolition provision at the end of the previous consolidated fiscal year, reversed the difference. As a result of this change, pretax quarterly net income before the distribution of profits and losses of silent partnerships increased by ¥88.000 million for the second quarter cumulative period of the current consolidated fiscal year.」
The Company reconfirmed the reversal of the provision following the re-estimation of demolition costs and the resulting ¥88 million increase in pretax quarterly net income. The completion of the demolition and rebuilding itself is not stated. - FY2024-Q1Re-estimation and reversal of the demolition provisionAnnual report
「During the first quarter of the current consolidated fiscal year, the Company re-estimated demolition costs and, because the estimate was lower than the balance of the demolition provision at the end of the previous consolidated fiscal year, reversed the difference. As a result of this change, pretax quarterly net income before the distribution of profits and losses of silent partnerships increased by ¥88.000 million for the first quarter cumulative period of the current consolidated fiscal year.」
The Company re-estimated demolition costs for the demolition and rebuilding of an aging rental property and reversed a demolition provision of ¥88 million. The completion of the demolition and rebuilding itself is not stated. - FY2023First statedAnnual report
「Following the decision to demolish and rebuild a building at income-producing real estate due to aging, the Company reduced its carrying amount to its recoverable amount and recognized the decrease of ¥26.730 million as an impairment loss under extraordinary losses.」
The Company decided to demolish and rebuild a rental property in Yamaguchi Prefecture due to the aging of the building and recognized an impairment loss of ¥26.73 million.