Risk of higher vacancy rates and deteriorating earnings due to tenant departures and falling rents
First written in FY2017. 2 of 4 entries say "Materialised", first in FY2018. Latest entry: FY2019.
The whole theme swung hardest in 2020: 4 of 13 companies on the "Worse" side.
7 other companies' latest entry also says "Restated".
- FY2019RestatedAnnual report
「If vacancies arise in large numbers and persist for an extended period, if market rents fall substantially, or if cases requiring rent reductions become more common, the group's business results may be affected.」
The risk of an impact on business results due to vacancies, uncollected rent and falling rents continues to be described in the risk section. - FY2019-Q1MaterialisedAnnual report
「Sales declined due to lease cancellations by some tenants. Improving the vacancy rate is currently a key issue.」
The decline in sales due to tenant lease cancellations and the factors behind the deterioration in the vacancy rate emerged in actual results during the current quarter. - FY2018MaterialisedAnnual report
「A tenant vacated a large warehouse property at the end of the previous fiscal year, resulting in a higher vacancy rate.」
The risk of vacancies and deteriorating earnings due to tenant departures is described as an event that actually occurred. - FY2017First statedAnnual report
「We expect requests for rent reductions due to poor tenant sales and notices of early termination to increase rather than decrease. Accordingly, the possibility of a higher vacancy rate at leased properties remains difficult to predict.」
Higher vacancy rates resulting from weak tenant sales, requests for rent reductions and early lease termination are explicitly identified as performance risks.