Decline in real estate business profit due to vacant units associated with tenant turnover
First written in FY2017-Q2. 6 of 15 entries say "Mitigated", first in FY2017. Latest entry: FY2024-Q2.
H2o Retailing moved to the "Worse" side of this theme in 2018, 2 years before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 10 of 26 companies on the "Worse" side.
6 other companies' latest entry also says "Mitigated".
- FY2024-Q2MitigatedAnnual report
「Initiatives to increase tenant sales and the installation of new event spaces progressed ahead of plan, while expense controls also contributed to higher earnings.」
In the commercial complex business, the company increased tenant sales, installed new event spaces and controlled expenses, resulting in higher earnings from the business with vacant space. - FY2023MitigatedAnnual report
「Earnings increased as the company promoted the active use of vacant tenant space, reconfigured directly operated sales areas and reduced costs through more efficient operations.」
Revenue from the commercial complex business, which had vacant space, improved through the use of vacant space, conversion to tenant-operated space and more efficient operations. - FY2022-Q1MitigatedAnnual report
「At 株式会社阪急商業開発, commercial complexes it operates were closed and their operating hours reduced following the declaration of a state of emergency. However, the renovation of Mosaic Mall Kohoku and other factors contributed to higher sales and earnings.」
Although commercial complexes were closed and operating hours reduced, 株式会社阪急商業開発 recorded higher sales and earnings due to the renovation of Mosaic Mall Kohoku and other factors, improving from the earnings declines through the previous fiscal year. - FY2021-Q3WorsenedAnnual report
「At 株式会社阪急商業開発, earnings declined due to closures and reduced operating hours at the commercial complexes it operates, as well as rent reductions for tenants.」
In addition to the vacant space associated with the previous redevelopment, closures and reduced operating hours at commercial complexes and tenant rent reductions weighed on earnings at the real estate business company. - FY2021-Q1WorsenedAnnual report
「At 株式会社阪急商業開発, sales and earnings declined due to closures and reduced operating hours at the commercial complexes it operates, as well as rent reductions for tenants.」
In addition to the vacant space associated with the previous redevelopment, closures and reduced operating hours at commercial complexes and tenant rent reductions weighed on sales and earnings in the real estate business. - FY2020-Q2RestatedAnnual report
「At 合同会社サントル, the trust beneficiary of Cellsee, a commercial complex in the Senri-Chuo area, sales declined as vacant tenant space increased due to redevelopment.」
The increase in vacant space due to Cellsee's redevelopment continued to weigh on sales in the real estate business. - FY2020-Q1RestatedAnnual report
「At 合同会社サントル, the trust beneficiary of Cellsee, a commercial complex in the Senri-Chuo area, sales declined as vacant tenant space increased due to redevelopment.」
The increase in vacant space due to Cellsee's redevelopment continued to weigh on sales in the real estate business. - FY2019WorsenedAnnual report
「At 合同会社サントル, the trust beneficiary of Cellsee, a commercial complex in the Senri-Chuo area, vacant tenant space increased substantially due to redevelopment, resulting in lower sales and earnings.」
The substantial increase in vacant space due to Cellsee's redevelopment caused full-year declines in sales and earnings in the real estate business. A ¥3,728 million loss related to store closures due to Cellsee's rebuilding was also recorded. - FY2019-Q3RestatedAnnual report
「At 合同会社サントル, the trust beneficiary of Cellsee, a commercial complex in the Senri-Chuo area, vacant tenant space increased substantially due to redevelopment. As a result, the real estate business as a whole recorded lower sales and operating income than in the previous year.」
The substantial increase in vacant space due to Cellsee's redevelopment continued to weigh on sales and earnings in the real estate business. - FY2019-Q2RestatedAnnual report
「At 合同会社サントル, the trust beneficiary of Cellsee, a commercial complex in the Senri-Chuo area, vacant tenant space increased substantially due to redevelopment. In addition, sales at 株式会社カンソー, which provides security, cleaning and other services for Izumiya stores, and 株式会社エイチ・ツー・オー アセットマネジメント, which manages real estate, declined as the number of stores fell following Izumiya's store restructuring. As a result, the real estate business as a whole recorded lower sales and operating income than in the previous year.」
The substantial increase in vacant space due to Cellsee's redevelopment and the decline in the number of contracted stores following Izumiya's store restructuring continued to weigh on sales and earnings in the real estate business. - FY2019-Q1WorsenedAnnual report
「At 合同会社サントル, the trust beneficiary of Cellsee, a commercial complex in the Senri-Chuo area, vacant tenant space increased substantially due to redevelopment. At 株式会社カンソー, which provides security, cleaning and other services for Izumiya stores, sales declined as the number of operating stores fell following Izumiya's store restructuring. As a result, the real estate business as a whole recorded lower sales and operating income than in the previous year.」
A substantial increase in vacant space due to redevelopment was a factor behind the real estate business's year-on-year declines in sales and operating income. - FY2018-Q2MitigatedAnnual report
「At 株式会社阪急商業開発, the Mosaic Mall Kohoku commercial complex it operates saw stronger customer traffic following tenant turnover, and both specialty stores and the department store performed steadily.」
Customer traffic improved after tenant turnover, while specialty stores and the department store continued to perform steadily. - FY2018-Q1MitigatedAnnual report
「At 株式会社阪急商業開発, customer traffic at the operated Mosaic Mall Kohoku increased as a result of store replacements, and both specialty stores and the department store performed well.」
It notes improved customer traffic after store replacements and strong performance by specialty stores and the department store. It does not directly state that the vacant units were eliminated. - FY2017MitigatedAnnual report
「Although the vacancy rate at the operated shopping centers declined and tenant revenue increased, operating profit declined due to higher preparation costs for newly contracted properties and other factors.」
Regarding the impact of vacant units following store replacements, the disclosure notes a lower vacancy rate and higher tenant revenue, indicating that vacancy risk has diminished. - FY2017-Q2First statedAnnual report
「At 株式会社阪急商業開発, profit declined partly because some units became vacant at the operated Mosaic Mall Kohoku shopping center as stores were replaced.」
Vacant units arising from store replacements became a factor behind lower profit at the company operating Mosaic Mall Kohoku.