Declining Profitability and Impairment Risk from Customer Withdrawals from Rental Real Estate and Falling Land Prices
First written in FY2016. 16 of 32 entries say "Materialised", first in FY2017-Q1. Latest entry: 2026-08-07.
The whole theme swung hardest in 2017: 31 of 68 companies on the "Worse" side.
- 2026-08-07MitigatedResults
「不動産事業については、一部賃貸物件の稼働率が上昇したことなどにより、営業収入は 189百万円、前年同四半期比6百万円、3.6％の増収となり、セグメント利益（営業利益）は 136百万円、前年同四半期比14百万円、12.3％の増益となりました。」
直近の稼働率低下・減損損失計上に関する記録に対し、当四半期は一部賃貸物件の稼働率上昇と不動産事業の増収増益が示され、リスクに低減の動きがある。 - FY2026MaterialisedAnnual report
「Miyamoto Warehouse (Sakura, Chiba) is the warehouse with the largest carrying amount among the rental properties held by the Group, but it has shown indications of impairment due to a significant decline in land prices.」
The decline in occupancy rates at rental properties resulted in an 18.0% decrease in revenue and a 24.0% decrease in profit in the real estate business, while indications of impairment continued at Miyamoto Warehouse. An impairment loss of ¥12,580 thousand was also recorded on rental property in Chonan, Chosei District, Chiba. - FY2026-H1WorsenedAnnual report
「For the real estate business, operating revenue decreased by ¥79 million, or 17.8%, from the previous interim consolidated accounting period to ¥367 million, mainly because occupancy rates at some rental properties declined. Segment profit (operating profit) decreased by ¥740 thousand, or 23.6%, to ¥240 million.」
The decline in occupancy rates at some rental properties continued, resulting in a 17.8% year-on-year decrease in revenue and a 23.6% decrease in profit in the real estate business. - FY2025-H1WorsenedAnnual report
「For the real estate business, operating revenue decreased by ¥49 million, or 9.9%, from the previous interim consolidated accounting period to ¥447 million, mainly because occupancy rates at some rental properties declined. Segment profit (operating profit) decreased by ¥3 million, or 0.9%, to ¥315 million.」
A decline in occupancy rates at some rental properties was indicated again, resulting in a 9.9% decrease in revenue and a 0.9% decrease in profit in the real estate business. - FY2024-Q2MitigatedAnnual report
「For the real estate business, operating revenue increased by ¥20 million, or 4.3%, year on year to ¥496 million, mainly because occupancy rates at some rental properties increased. Segment profit (operating profit) increased by ¥19 million, or 6.5%, to ¥318 million.」
The increase in occupancy rates at some rental properties resulted in a 4.3% increase in revenue and a 6.5% increase in profit in the real estate business, indicating a reduction in the risk of declining occupancy rates. - FY2024-Q1MitigatedAnnual report
「For the real estate business, operating revenue increased by ¥0 million, or 0.2%, year on year to ¥237 million, mainly because occupancy rates at some rental properties increased, while segment profit (operating profit) decreased by ¥2 million, or 1.9%, to ¥148 million.」
The increase in occupancy rates at some rental properties resulted in a 0.2% increase in revenue in the real estate business, indicating a reduction in the risk of declining occupancy rates. Segment profit, meanwhile, decreased by 1.9%. - FY2023-Q2MaterialisedAnnual report
「For the real estate business, operating revenue decreased by ¥4 million, or 0.9%, year on year to ¥476 million, mainly because occupancy rates at some rental properties declined. Segment profit (operating profit) decreased by ¥5 million, or 1.7%, to ¥299 million.」
The decline in occupancy rates at some rental properties continued, resulting in a 0.9% year-on-year decrease in revenue and a 1.7% decrease in profit in the real estate business. - FY2023-Q1MaterialisedAnnual report
「For the real estate business, operating revenue decreased by ¥7 million, or 2.9%, year on year to ¥237 million, mainly because occupancy rates at some rental properties declined. Segment profit (operating profit) decreased by ¥4 million, or 2.9%, to ¥151 million.」
A decline in occupancy rates at some rental properties also occurred this quarter, resulting in a 2.9% decrease in revenue and a 2.9% decrease in profit in the real estate business. - FY2022WorsenedAnnual report
「For the real estate business, operating revenue decreased by ¥13 million, or 1.4%, year on year to ¥957 million because occupancy rates at some rental properties declined. Segment profit (operating profit) decreased by ¥15 million, or 2.4%, to ¥609 million. Miyamoto Warehouse (Sakura, Chiba), the warehouse with the largest carrying amount among the rental properties held by the Group, has shown indications of impairment due to a significant decline in land prices.」
The decline in occupancy rates at rental properties materialised as a full-year decrease in revenue and profit in the real estate business, and Miyamoto Warehouse also showed indications of impairment due to falling land prices. No impairment loss was recorded for the current consolidated fiscal year. - FY2022-Q2MitigatedAnnual report
「For the real estate business, operating revenue increased by ¥27 million, or 6.0%, year on year to ¥480 million, mainly because occupancy rates at some rental properties recovered. Segment profit (operating profit) increased by ¥25 million, or 9.3%, to ¥304 million.」
The recovery in occupancy rates at some rental properties resulted in a 6.0% increase in revenue and a 9.3% increase in profit in the real estate business, indicating a reduction in the risk of declining occupancy rates. - FY2022-Q1MitigatedAnnual report
「For the real estate business, operating revenue increased by ¥12 million, or 5.5%, year on year to ¥244 million, mainly because occupancy rates at some rental properties recovered. Segment profit (operating profit) increased by ¥3 million, or 2.3%, to ¥155 million.」
The recovery in occupancy rates at some rental properties resulted in a 5.5% increase in revenue and a 2.3% increase in profit in the real estate business, indicating a reduction in the risk of declining occupancy rates. - FY2021MaterialisedAnnual report
「The carrying amounts of land whose market prices had declined and assets that became idle following the termination of lease agreements were reduced to their recoverable amounts, with the reductions recorded as impairment losses under extraordinary losses.」
Impairment losses arose due to falling market prices and the termination of lease agreements, and an impairment loss of ¥176,485 thousand was recorded. An indication of impairment has also arisen at Miyamoto Warehouse. - FY2021-Q3MitigatedAnnual report
「For the real estate business, operating revenue increased by ¥7 million, or 1.1%, year on year to ¥712 million, mainly because occupancy rates at some rental properties recovered. Segment profit (operating profit) increased by ¥19 million, or 4.5%, to ¥454 million.」
The recovery in occupancy rates at some rental properties resulted in a 1.1% increase in revenue and a 4.5% increase in profit in the real estate business, indicating a temporary reduction in the risk of declining occupancy rates. An impairment loss of ¥121,798 thousand was also recorded on land due to falling market prices. - FY2021-Q2MaterialisedAnnual report
「For the real estate business, operating revenue decreased by ¥6 million, or 1.5%, year on year to ¥453 million, mainly because occupancy rates at some rental properties declined. Segment profit (operating profit) decreased by ¥2 million, or 0.8%, to ¥278 million.」
The decline in occupancy rates at some rental properties also materialised this quarter, resulting in a 1.5% decrease in revenue and a 0.8% decrease in profit in the real estate business. An impairment loss of ¥121,798 thousand was also recorded on business-use land whose market price had declined. - FY2021-Q1MaterialisedAnnual report
「For the real estate business, operating revenue decreased by ¥0 million, or 0.4%, year on year to ¥231 million, mainly because occupancy rates at some rental properties declined, while segment profit (operating profit) increased by ¥6 million, or 4.4%, to ¥152 million.」
A decline in occupancy rates at some rental properties also occurred this quarter, and operating revenue decreased by 0.4%. Segment profit, meanwhile, increased by 4.4%. - FY2020MaterialisedAnnual report
「For the real estate business, operating revenue decreased by ¥68 million, or 6.7%, year on year to ¥956 million because occupancy rates at some rental properties declined. Segment profit (operating profit) decreased by ¥223 million, or 34.3%, to ¥427 million.」
The decline in occupancy rates at some rental properties materialised over the full year, resulting in a 6.7% decrease in revenue and a 34.3% decrease in profit in the real estate business. An impairment loss of ¥49,921 thousand was also recorded due to falling market prices. - FY2020-Q3MaterialisedAnnual report
「For the real estate business, operating revenue decreased by ¥58 million, or 7.7%, year on year to ¥704 million, mainly because occupancy rates at some rental properties declined. Segment profit (operating profit) decreased by ¥46 million, or 9.7%, to ¥434 million.」
A decline in occupancy rates at some rental properties occurred again, materialising as a 7.7% decrease in revenue and a 9.7% decrease in profit in the real estate business. - FY2020-Q2MaterialisedAnnual report
「For the real estate business, operating revenue decreased by ¥41 million, or 8.4%, year on year to ¥460 million, mainly because occupancy rates at some rental properties declined. Segment profit (operating profit) decreased by ¥36 million, or 11.5%, to ¥280 million.」
A decline in occupancy rates at some rental properties occurred again, resulting in an 8.4% decrease in revenue and an 11.5% decrease in profit in the real estate business. - FY2020-Q1MaterialisedAnnual report
「For the real estate business, operating revenue decreased by ¥6 million, or 2.6%, year on year to ¥232 million, mainly because occupancy rates at some rental properties declined. Segment profit (operating profit) decreased by ¥5 million, or 3.7%, to ¥145 million.」
The decline in occupancy rates at some rental properties has materialised as a 2.6% decrease in revenue and a 3.7% decrease in profit in the real estate business, following signs of recovery through the previous quarter. - FY2019-Q3MitigatedAnnual report
「In the real estate business, improved occupancy rates at some rental properties resulted in operating revenue of ¥763 million, up ¥76 million, or 11.2%, year on year, and segment profit (operating profit) of ¥481 million, up ¥37 million, or 8.4%.」
Improved occupancy rates at some rental properties led to higher revenue and profit, indicating a reduction in the previously ongoing risk of declining occupancy rates at rental real estate. - FY2019-Q2MitigatedAnnual report
「In the real estate business, signs of recovery were seen in the occupancy rates of some rental properties. Operating revenue was ¥502 million, up ¥50 million, or 11.3%, year on year, while segment profit (operating profit) was ¥317 million, up ¥25 million, or 8.8%.」
Signs of recovery in the occupancy rates of some rental properties continued, and the real estate business posted higher revenue and profit year on year, indicating a reduction in the risk of declining occupancy rates. - FY2019-Q1MitigatedAnnual report
「In the real estate business, signs of recovery were seen in the occupancy rates of some rental properties. Operating revenue was ¥238 million, up ¥0 million, or 0.2%, year on year, while segment profit (operating profit) was ¥151 million, down ¥4 million, or 2.7%.」
Signs of recovery in the occupancy rates of some rental properties continued, and operating revenue increased 0.2% year on year. Segment profit, however, decreased 2.7%. - FY2018MaterialisedAnnual report
「For idle assets whose market prices had declined, we calculated their fair value and reduced their carrying amounts to their recoverable amounts.」
The company recognized a ¥23.126 million impairment loss on idle land whose market price had declined, indicating that the risks of falling land prices and declining real estate values had materialized. - FY2018-Q3MitigatedAnnual report
「In the real estate business, signs of recovery were seen in the occupancy rates of some rental properties. Operating revenue was ¥686 million, up ¥5 million, or 0.9%, year on year, while segment profit (operating profit) was ¥443 million, up ¥13 million, or 3.2%.」
Following the previous quarter, signs of recovery were seen in the occupancy rates of some rental properties, and the real estate business posted higher revenue and profit year on year. - FY2018-Q2MaterialisedAnnual report
「In the real estate business, lower occupancy rates at some rental properties resulted in operating revenue of ¥451 million, down ¥11 million, or 2.4%, year on year, and segment profit (operating profit) of ¥291 million, down ¥0 million, or 0.2%.」
Following the signs of recovery in occupancy rates noted in the previous quarter, occupancy rates at some rental properties declined again, resulting in lower revenue and profit in the real estate business. - FY2018-Q1MitigatedAnnual report
「In the real estate business, signs of recovery were seen in the occupancy rates of some rental properties. Operating revenue was ¥238 million, up ¥1 million, or 0.4%, year on year, while segment profit (operating profit) was ¥155 million, up ¥3 million, or 2.1%.」
Signs of recovery in the occupancy rates of some rental properties were seen, and the real estate business posted higher revenue and profit year on year, indicating a reduction in the previously ongoing risk of declining occupancy rates. - FY2017-Q3MaterialisedAnnual report
「In the real estate business, lower occupancy rates at some rental properties resulted in operating revenue of ¥680 million, down ¥71 million, or 9.5%, year on year, and segment profit (operating profit) of ¥429 million, down ¥38 million, or 8.2%.」
The company states that the decline in occupancy rates at some rental properties continued and led to lower revenue and profit in the real estate business. - FY2017-Q2MaterialisedAnnual report
「In the real estate business, lower occupancy rates at some rental properties resulted in operating revenue of ¥462 million, down ¥25 million, or 5.2%, year on year, and segment profit (operating profit) of ¥292 million, down ¥11 million, or 3.9%.」
The company states that the decline in occupancy rates at some rental properties continued and led to lower revenue and profit in the real estate business. - FY2017-Q1MaterialisedAnnual report
「In the real estate business, lower occupancy rates at some rental properties resulted in operating revenue of ¥237 million, down ¥14 million, or 5.6%, year on year, and segment profit (operating profit) of ¥152 million, down ¥8 million, or 5.5%.」
The company states that lower occupancy rates at rental real estate actually occurred and led to lower revenue and profit in the business. - FY2016First statedAnnual report
「Unexpected large-scale tenant withdrawals or a substantial decline in land prices could reduce earnings and result in impairment losses, potentially affecting the Group’s business performance.」
The company identifies tenant withdrawals and falling land prices affecting rental real estate as risks. During the current period, it recognized a ¥57.383 million impairment loss following the termination of a lease agreement.