Decline in the real estate market and weaker appetite for acquisitions resulting from an economic downturn
First written in FY2016. 23 of 39 entries say "Restated". Latest entry: 2026-08-14.
Rise moved to the "Worse" side of this theme in 2022, 1 year before the typical company in this theme (2023).
The whole theme swung hardest in 2020: 30 of 70 companies on the "Worse" side.
46 other companies' latest entry also says "Restated".
- 2026-08-14RestatedEarnings
「During the cumulative first quarter of the current fiscal year, concerns about the global economy continued to spread due to developments in the situations in Ukraine and the Middle East, and uncertainty about the outlook persisted.」
Concerns about the global economy and uncertainty about the outlook arising from the situations in Ukraine and the Middle East were reconfirmed. - FY2026SoftenedAnnual report
「The business environment surrounding the company remained uncertain, with concerns over the global economy growing due to the situation in Ukraine, the situation in the Middle East and their future course.」
The company continues to regard the outlook as uncertain and to express concerns over the situations in Ukraine and the Middle East. However, the reference to US tariff measures in the previous filing cannot be found in this filing. - FY2025WorsenedAnnual report
「During the consolidated fiscal year, the Japanese economy remained uncertain as concerns over the global economy grew due to the situation in Ukraine, the situation in the Middle East and the future course of US tariff measures.」
In addition to the previously cited situations in Ukraine and the Middle East, the company identifies US tariff measures as a new source of uncertainty and states that concerns over the global economy are growing. - FY2025-H1RestatedAnnual report
「During the six-month interim consolidated accounting period, the effects of the spread of COVID-19 had subsided and the Japanese economy was showing signs of stability. However, the outlook remained uncertain due to soaring energy resource and raw material prices resulting from the situation in Ukraine, the situation in the Middle East and the future course of the Chinese economy.」
While stating that the effects of the spread of COVID-19 have subsided, the company continues to describe uncertainty over the outlook due to the situation in Ukraine, the situation in the Middle East, the Chinese economy and soaring resource and raw material prices. - FY2024COVID-19 effects easing; geopolitical risks continueAnnual report
「Although the spread of COVID-19 has subsided, economic and social activity is normalizing and economic conditions are showing signs of stability. However, the environment surrounding the Japanese economy remains uncertain due to soaring energy, resource and raw material prices resulting from the situation in Ukraine, the situation in the Middle East and the future course of the Chinese economy.」
The company now regards the effects of COVID-19 as having subsided, while uncertainty resulting from the situation in Ukraine, the situation in the Middle East, the Chinese economy and higher resource and raw material prices continues. - FY2024-Q3WorsenedAnnual report
「During the nine-month period ended [the current third quarter], the effects of the spread of COVID-19 were beginning to ease. However, the outlook remained uncertain, with concerns over economic uncertainty and downside risks to the economy due to higher resource, energy and food prices resulting from the fighting in Gaza and the situation in Ukraine.」
While stating that the effects of COVID-19 are beginning to ease, the company adds the fighting in Gaza to the previously cited situation in Ukraine and describes economic uncertainty and downside risks to the economy resulting from higher resource, energy and food prices. - FY2024-Q2RestatedAnnual report
「During the six-month period ended [the current second quarter], the effects of the spread of COVID-19 were beginning to ease. However, the outlook remained uncertain, with concerns over economic uncertainty and downside risks to the economy due to higher resource, energy and food prices resulting from the situation in Ukraine.」
Although the company states that the effects of COVID-19 are beginning to ease, it continues to describe higher resource, energy and food prices resulting from the situation in Ukraine, economic uncertainty and downside risks to the economy. - FY2024-Q1MitigatedAnnual report
「Although the effects of the spread of COVID-19 are beginning to ease, the outlook remains uncertain, with concerns over economic uncertainty and downside risks to the economy due to higher resource, energy and food prices resulting from the situation in Ukraine.」
The description of the effects of the spread of COVID-19 has changed to “beginning to ease.” Meanwhile, the company continues to describe higher resource, energy and food prices resulting from the situation in Ukraine and downside risks to the economy. - FY2023WorsenedAnnual report
「The Group assumes that the effects of the spread of COVID-19 will subside by the fiscal year ending March 2024 and judges that its effects on rents and discount rates will be limited.」
The assumed timing for the effects of COVID-19 to subside has been extended from the fiscal year ending March 2023 to the fiscal year ending March 2024. - FY2023-Q3WorsenedAnnual report
「During the nine-month period ended [the current third quarter], the outlook for the Japanese economy remained uncertain, with increasing concerns over economic uncertainty and downside risks to the economy due to the effects of COVID-19 and higher resource and energy prices resulting from the situation in Ukraine.」
The company cites the effects of COVID-19 and higher resource and energy prices resulting from the situation in Ukraine, and states that concerns over economic uncertainty and downside risks to the economy continue. The wording has reverted from the previous quarter's statement that “the spread of the infection has eased somewhat” to wording that explicitly refers to its effects. - FY2023-Q2MitigatedAnnual report
「During the six-month period ended [the current second quarter], the spread of COVID-19 had begun to ease somewhat in Japan. However, the outlook remained uncertain, with increasing concerns over economic uncertainty and downside risks to the economy due to higher resource and energy prices resulting from the situation in Ukraine.」
The company now regards the spread of COVID-19 as having eased somewhat, while concerns over higher resource and energy prices resulting from the situation in Ukraine and downside risks to the economy continue. - FY2023-Q1WorsenedAnnual report
「During the three-month period ended [the current first quarter], the Japanese economy remained uncertain, with increasing concerns over economic uncertainty and downside risks to the economy due to the global spread of COVID-19 and higher resource and energy prices resulting from the situation in Ukraine.」
In addition to the uncertainty caused by the spread of COVID-19, the company cites higher resource and energy prices resulting from the situation in Ukraine, and describes concerns over economic uncertainty and downside risks to the economy. - FY2022WorsenedAnnual report
「The Group assumes that the effects of the spread of COVID-19 will subside by the fiscal year ending March 2023 and judges that its effects on rents and discount rates will be limited.」
The assumed timing for the effects of COVID-19 to subside has been extended from the fiscal year ending March 2022 to the fiscal year ending March 2023. - FY2022-Q3WorsenedAnnual report
「During the nine-month period ended [the current third quarter], the spread of COVID-19 continued, with no signs of the pandemic subsiding. As a result, concerns over downside risks to the economy persisted, and the outlook remained uncertain.」
The description has changed from “signs that the pandemic is beginning to subside” in the previous quarter to one stating that the spread of the infection continues with no signs of it subsiding, indicating increased concern over downside risks to the economy. - FY2022-Q2MitigatedAnnual report
「During the six-month period ended [the current second quarter], signs of the COVID-19 pandemic subsiding had begun to emerge in Japan, but the situation remained uncertain, with economic uncertainty and downside risks to the economy still a concern.」
The company refers to signs that the spread of COVID-19 is subsiding, indicating some improvement from the previous quarter's description of only the uncertainty and downside risks caused by the spread of the infection. At the same time, it continues to regard the outlook as uncertain. - FY2022-Q1RestatedAnnual report
「During the three-month period ended [the current first quarter], the Japanese economy remained uncertain, with increasing concerns over economic uncertainty and downside risks to the economy due to the global spread of COVID-19.」
The company continues to describe economic uncertainty and downside risks to the economy arising from the spread of COVID-19. It states that there have been no material changes to business and other risks. - FY2021WorsenedAnnual report
「The Group assumes that the effects of the spread of COVID-19 will subside by the fiscal year ending March 2022 and judges that its effects on rents and discount rates will be limited.」
The description of when the effects of COVID-19 are expected to subside has changed from the previous assumption that they would continue throughout the fiscal year ending March 2021 to an assumption that they will subside by the fiscal year ending March 2022. - FY2021-Q3RestatedAnnual report
「When disclosing its securities report for the previous fiscal year, the Group assumed that the effects of the spread of COVID-19 would subside by the middle of the fiscal year ending March 2021. In light of current conditions, it now assumes that the effects will continue throughout the fiscal year ending March 2021.」
The company has reconfirmed its accounting assumption that the effects of COVID-19 will continue throughout the fiscal year ending March 2021. - FY2021-Q2RestatedAnnual report
「During the six-month period ended [the current second quarter], the Japanese economy remained uncertain, with increasing concerns over economic uncertainty and downside risks to the economy due to overseas political risks and the global spread of COVID-19.」
The company continues to describe economic uncertainty and downside risks to the economy arising from overseas political risks and the spread of COVID-19. It states that there have been no material changes in the business and other risks section. - FY2021-Q1WorsenedAnnual report
「When disclosing its securities report for the previous fiscal year, the Group assumed that the effects of the spread of COVID-19 would subside by the middle of the fiscal year ending March 2021. In light of current conditions, it now assumes that the effects will continue throughout the fiscal year ending March 2021.」
The assumption regarding the effects of COVID-19 has changed from “subside by the middle of the fiscal year ending March 2021” to “continue throughout the fiscal year ending March 2021.” The assumed duration of the effects has been extended. - FY2020WorsenedAnnual report
「The real estate business tends to be significantly affected by economic conditions and the real estate market. As the spread of COVID-19 restricted commercial facility operations at tenants of the Group's real estate rental business, requests for rent reductions arose. The subsequent promotion of new lifestyles is also expected to affect occupancy rates at rental properties, potentially affecting the Group's operating performance and other results.」
In addition to the conventional risks of economic deterioration and a decline in the real estate market, the company describes specific impact channels arising from the spread of COVID-19, including restrictions on commercial facility operations, requests for rent reductions and lower occupancy rates. - FY2020-Q3RestatedAnnual report
「During the nine-month cumulative period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The company has reconfirmed that there have been no new or material changes to existing risks, including economic deterioration, a decline in the real estate market and reduced appetite for real estate acquisitions. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no new business risks and no material changes to the business risks described in the securities report for the previous fiscal year.」
The company has reconfirmed that there have been no new or material changes to existing business and other risks, including economic deterioration and uncertainty in overseas economies. - FY2020-Q1RestatedAnnual report
「During the three-month cumulative period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The company has reconfirmed that there have been no new or material changes to existing business and other risks, including economic deterioration and uncertainty in overseas economies. - FY2019RestatedAnnual report
「If Japan’s economic conditions deteriorate in the future, the real estate market could decline and appetite for real estate acquisitions could weaken, potentially affecting the group’s operating results and financial position.」
The report continues to identify the risks of a deterioration in the domestic economy, a decline in the real estate market, and reduced appetite for real estate acquisitions. - FY2019-Q3RestatedAnnual report
「During the nine-month period ended [the current third quarter], the Japanese economy remained on a recovery track, with improvements in corporate earnings and the employment and income environment. However, concerns over overseas political conditions and economic uncertainty persist, and the outlook remains uncertain.」
The company continues to describe the domestic economy as being on a recovery track, while noting the uncertain outlook resulting from overseas political conditions and economic uncertainty. - FY2019-Q2RestatedAnnual report
「During the six-month period ended [the current second quarter], the Japanese economy remained on a recovery track, with improvements in corporate earnings and the employment and income environment. However, concerns over overseas political conditions and economic uncertainty persist, and the outlook remains uncertain.」
The company continues to describe the domestic economy as being on a recovery track, while noting the uncertain outlook resulting from overseas political conditions and economic uncertainty. - FY2019-Q1RestatedAnnual report
「During the three-month period ended [the current first quarter], the Japanese economy remained on a recovery track, with improvements in corporate earnings and the employment and income environment. However, concerns over overseas political conditions and economic uncertainty persist, and the outlook remains uncertain.」
The company continues to describe the domestic economy as being on a recovery track, while noting the uncertain outlook resulting from overseas political conditions and economic uncertainty. It also states that there have been no material changes to business and other risks. - FY2018RestatedAnnual report
「If Japan’s economic conditions deteriorate in the future, the real estate market could decline and appetite for real estate acquisitions could weaken, potentially affecting the group’s operating results and financial position.」
The company continues to describe the risks of a decline in the real estate market and reduced appetite for acquisitions resulting from deterioration in the domestic economy. - FY2018-Q3RestatedAnnual report
「During the nine-month period ended [the current third quarter], the Japanese economy remained on a recovery track, with improvements in corporate earnings and the employment and income environment. However, the outlook remains uncertain due to concerns over overseas political conditions and economic uncertainty.」
The company continues to describe the domestic economy as being on a recovery track, while noting the uncertain outlook resulting from overseas political conditions and economic uncertainty. It also states that there have been no new or material changes to business and other risks. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no new business risks and no material changes to the business risks described in the securities report for the previous fiscal year.」
The company has reconfirmed that there have been no additional risks or material changes to existing business and other risks, including economic deterioration and a decline in the real estate market. - FY2018-Q1RestatedAnnual report
「During the three-month cumulative period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The report states that there were no material changes to the existing business and other risks, including economic deterioration, a decline in the real estate market, and reduced appetite for real estate acquisitions. - FY2017RestatedAnnual report
「If Japan’s economic conditions deteriorate in the future, the real estate market could decline and appetite for real estate acquisitions could weaken, potentially affecting the group’s operating results and financial position.」
The report continues to identify the risks of a deterioration in the domestic economy, a decline in the real estate market, and reduced appetite for real estate acquisitions. - FY2017-Q3RestatedAnnual report
「During the cumulative third-quarter period, Japan's economy remained on a moderate recovery trend against the backdrop of the Government's fiscal policy and the Bank of Japan's monetary policy. However, the situation remained uncertain due to the economic slowdown in emerging markets, the UK's withdrawal from the EU, and future political and economic developments, including US financial and economic policies.」
The report continues to describe uncertainty in the economic environment, citing the economic slowdown in emerging markets, the UK's withdrawal from the EU, and US policy developments, while referring to the recovery trend. - FY2017-Q2RestatedAnnual report
「During the cumulative second-quarter period, Japan's economy remained on a moderate recovery trend due to the Government's economic policies and the Bank of Japan's monetary policy. However, the situation remained uncertain due to the UK's withdrawal from the EU and concerns over a slowdown in overseas economies.」
The report continues to describe uncertainty in the economic environment caused by the UK's withdrawal from the EU and concerns over a slowdown in overseas economies, while referring to the recovery trend. - FY2017-Q1RestatedAnnual report
「During the cumulative first-quarter period, Japan's economy showed signs of a moderate recovery due to the Government's economic policies and the Bank of Japan's monetary policy. However, the situation remains uncertain, with global stock markets declining and crude oil prices falling amid concerns over a slowdown in the Chinese and emerging-market economies.」
The report continues to describe uncertainty in the economic environment, citing concerns over a slowdown in the Chinese and emerging-market economies, market declines, and lower crude oil prices, while also referring to signs of an economic recovery. - FY2016First statedAnnual report
「If Japan’s economic conditions deteriorate in the future, the real estate market could decline and appetite for real estate acquisitions could weaken, potentially affecting the group’s operating results and financial position.」
The company identifies the potential impact of a domestic economic downturn on the real estate market and demand as a risk.