Financial Results for Term
Ended December 2021

Table of Contents
Part 1⚫ Financial Results for Term Ended December 2021 (27th term)
P/L for Term Ended December 2021
Segment Results for Term Ended December 2021
B/S for Term Ended December 2021
Fundraising Environment

P.3
P.4, 5, 6, 7
P.8, 9P.10⚫ Major Initiatives in Term Ended December 2021
Demonstrating Synergies with the Chubu Electric Power Group (becoming a
consolidated subsidiary)
Strategic M&A
Large-scale Urban Development (Hokkaido, Tsukuba)
Private REIT and Rental Residential Development Initiatives
Initiatives in New Business Domains
ESG Initiatives

P.12
P.13
P.14, 15, 16, 17
P.18, 19
P.20
P.21, 22

Part 2⚫ Progress on Fourth Medium-Term Management Plan
- IDEAL to REAL 2023 (FY2021-2023)
Basic Policy, Trends in Financial Results, Planned Financial Results, Management
Targets, Investment Plans
Progress of the Real Estate Sales Business
Progress of the Real Estate Leasing Business

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

P.24, 25, 26, 27, 28
P.29
P.30

*Key to this document
EJR: ES-CON JAPAN REIT Investment Corporation
ELS: ES-CON LIVING SERVICE Ltd.
Picasso Group: PICASSO CO., LTD. and seven other companies
FUEL: FUEL Inc.
Chubu Electric Power: Chubu Electric Power Co., Inc.
Chuden Real Estate: Chuden Real Estate Co., Inc.
SPREAD: SPREAD Co., Ltd.

2

P/L for Term Ended December 2021
➢ Sales grew 2.2% YoY to 79 billion yen. Operating profit fell 14.9% YoY to 10.3 billion yen.
① Sales grew for the 10th consecutive period, thanks to strong performance in the condominium sales business and growth inleasing revenues attributable to the decision to make Picasso Group a subsidiary.
② Operating profit was largely as planned. This was despite lower profit due to the rebound from REIT bridging in the preceding
period (sale to Chuden Real Estate).
➢ Results were largely in line with initial plans. Sales declined 1.2%; operating profit fell 3.9%.
➢ Basic earnings per share in current term were down from the previous period due to a capital increase through the third-party
allocation of shares (26,619,000 shares issued) to Chubu Electric Power in April 2021.
(Unit: Million yen)Compared to previous term

Term ended
December 2021

Term ended
December 2020

ChangePercentage

Sales

79,01777,308

1,709

2.2%

Gross profit

20,58819,679909

4.6%

Selling, general and administrative
expenses

10,206

7,477

2,729

36.5%

Selling expenses

4,454

2,787

1,667

59.8%

General administrative expenses

5,752

4,689

1,063

22.7%

10,381

12,202-1,821-14.9%

1,463

1,047

416

39.7%

Ordinary income

9,099

11,164-2,065

Profit attributable to owners ofparent

5,961

7,663

Basic earnings per share in current
term (yen)67.48

111.94

Operating profit
Interest expenses

Full year ended December 2021 (initial plan)
Plan

Difference
from plan

Percentage vs.
initial plan

80,000

-983

-1.2%

10,800

-419

-3.9%

-18.5%

9,400

-301

-3.2%

-1,702-22.2%

6,200

-239

-3.9%

-44.46-39.7%

70.22

-2.74

-3.9%

3
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Segment Results for Term Ended December 2021
➢ Strong performance in condominium and real estate leasing businesses drove YOY sales growth.
➢ Segment losses of 500 million yen were recorded in the real estate planning agency and consulting business, due mainly to a delay insales of usage rights to the Ryomon Columbarium.

(Unit: Million y en)

Term ended December 2021 (A)Segment
incomeSales
Real estate sales① business

18.5%

45,050

5,978

13.3%

25,283

7,060

8,090

Real estateplanning agency
and consulting
business
Total

Other sales
Real estate leasing② business③

Segment profit
margin13,039Condominium
sales

70,334

Term ended December 2020 (B)Segment
incomeSales

Segment profit
margin14,25719.9%

30,677

3,591

11.7%

27.9%

40,807

10,666

3,372

41.7%

5,527

592

-516

-

79,017

15,89520.1%(1,020 units)

71,485Compared to previous term (A-B)
Segment
incomeSales

Segment profit
margin-1,151-1,218-1.4%

14,373

2,387

1.6%

26.1%

-15,524-3,606

1.8%

2,381

43.0%

2,563

991

-1.3%

295

152

51.5%

297

-

-

77,308

16,791

21.7%

1,709

-896

-1.6%

(652 units)(368 units)

4
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Segment Results for Term Ended December 2021:
Kanto
Real estate sales business

Area shares of properties delivered
4％

Chubu

4％

① Real estate sales business«Condominium sales»

35％

Term ended
December 2021

➢ Condominium sold rose 368 units from the previous period to 1,020 units.
➢ Sales were up 14.3 billion yen from the previous period to 45 billion yen. The segment profit
margin improved 1.6 points from the previous period. Contributing factors included lower
selling expenses with progress in establishing an in-house sales structure.
➢ Sales were lower than initially projected due to various factors, including delays in delivery.
(As of the end of FY2021, contracts had been concluded on 33 completed properties not yet
delivered, accounting for sales of 1.4 billion yen.)

Term ended
December 2020
652 units

1,020 units
65％

Kansai 92％(Unit: Million yen)Compared to previous term

Year ended December 2021: compared to initial plan

Term ended
December 2021 (A)Term ended
December 2020 (B)Sales (million yen)

45,05030,677

14,37346.9%

47,240-2,190-4.6%

Properties delivered (units)

1,020

652

368

56.4%

1,062

-42

-4.0%

Segment income (million yen)

5,978

3,591

2,387

66.5%

-

-

-

Segment profit margin

13.3%

11.7%

1.6%

-

-

-

-

Segment results for real estate sales
business

Change (A-B)

Percent change

Difference fromplan (A-C)

Plan (C)

Percentage vs.
initial plan

«Other businesses»➢ Sales and profits were down YoY. Sales to EJR totaled 11.9 billion yen during this term. An additional factor was the negative rebound from sales of
19.8 billion yen to EJR and Chuden Real Estate in the previous term.
➢ Profits were higher than planned due to sales including those related to the Koga Gemboen project (40.3 billion yen in sales).
(Unit: Million yen)Segment results for other sales
business

Term ended
December 2021 (A)Term ended
December 2020 (B)Compared to previous term
Change (A-B)

Sales

Year ended December 2021: compared to initial plan

Percent change

Difference fromplan (A-C)

Plan (C)

Percentage vs.
initial plan

25,28340,807-15,524-38.0%

22,660

2,623

11.6%

11,947

10,373

1,574

15.2%

-

-

-

Sales to Chuden Real Estate

-

9,515

-

-

-

-

-

Segment income (million yen)

7,060

10,666-3,606-33.8%---

Segment profit margin

27.9%

26.1%

1.8%

-

-

-

-

Sales to EJR

5Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

Segment Results for Term Ended December 2021:
Real estate leasing business② Real estate leasing business➢ Sales and profit were up YoY as the result of making the Picasso Group a subsidiary.
➢ At the same time, the segment profit margin fell 1.4% YoY due to delays in tenant leasing attributable to COVID-19 and advanceinvestments in preparation for opening new commercial facilities.
(Unit: Million yen)Compared to previous term

Year ended December 2021: compared to initial plan

Term ended
December 2021 (A)Term ended
December 2020 (B)

Sales

8,090

5,527

2,563

46.4%

7,900

190

2.4%

Segment income(million yen)

3,372

2,381

991

41.6%

-

-

-

Segment profit margin

41.7%

43.0%

-1.3%

-

-

-

-

Segment results for real estateleasing businessChange (A-B)

Percent change

Difference fromplan (A-C)

Plan (C)

Percentage vs.
initial plan

Major initiatives to strengthen the real estate leasing business➢ Acquiring outstanding revenue-generating properties and development sites• 81 properties acquired, centered on Picasso Group rental residences (Picasso Group madesubsidiary: p. 13)• Three rental condominium properties (Sol Plaza Sakai, Tomei Mansion Esaka, Amity Tsukaguchi)• Four rental condominium sites (one each in Saitama and Tokyo and two in Kanagawa)• Four logistics facility development sites (one each in Tochigi and Gifu and two in Chiba)➢ Increasing the value of commercial facilities held
• November: tonarie Minami-Senri Annex opened
Aeon Minami-Senri closed in May 2021 (Only the tenant
on the upper floors continued business).
→ 12 new stores opened

Sol Plaza Sakai• Three commercial facilities opend.
tonarie CREO at tonarie Tsukuba Square (p. 17)
tonarie Yokkaichi
tonarie Fujimino
tonarie Minami-Senri Annex opening ceremony

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LOGITRES Chiba (tentative Name) logistics facility

6

Segment Results for Term Ended December 2021:
Real estate planning agency and consulting business③ Real estate planning agency and consulting business➢ In March 2021, we began selling permanent usage rights to the Ryomon Columbarium. Sales delays stemming from delays inpromotion plans, due mainly to COVID-19, resulted in segment losses.
(Unit: Million yen)Segment results for real estateplanning agency and consulting
business

Compared to previous term

Year ended December 2021: compared to initial plan

Term ended
December 2021 (A)Term ended
December 2020 (B)

592

295

297

100.7%

2,200-1,608-73.1%

Ryomon

134

91

43

47.3%

-

-

-

Other (ELS option sales, etc.)

458

204

254

124.5%---

Segment income (million yen)

-516

152

-

-

-

-

-

-

51.5%

-

-

-

-

-

Sales

Segment profit margin

Change (A-B)

Percent change

Difference fromplan (A-C)

Plan (C)

Percentage vs.
initial plan

Overview of commencement of sales of permanent usage rights to the Ryomon Columbarium
These efforts were prompted by the goal of providing a solution to the contemporary issue of difficulties in securing grave sites,
particularly in urban areas, and the goal of securing profits by expanding the real estate business domain. We plan to continue focusing
on this business, for which demand is expected to grow over the long term.

Exterior of the Ryomon Columbarium

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Location

1-4 Minami-Azabu 5-chome, Minato-ku,
Tokyo

Access3-minute walk from Hiroo Station on theTokyo Metro Hibiya Line

Number of shrines

9,999

Date sales began

March 17, 2021

Tenmangetsu altar

7

B/S for Term Ended December 2021
➢ Total assets grew by 103.3 billion yen after the Picasso Group became a subsidiary.
➢ The equity ratio fell by 1.0 points YoY to 24.8%.
(Unit: Million yen)

Term ended December 2021 Term ended December 2020
(term under review)(previous term)

Current assets

Increase/decrease

176,859

122,11754,742

Cash and deposits

33,66723,8709,797

Real estate for sale

7,541

6,262

1,279

123,419

82,316

41,10375,83027,30648,524

Property, plant and equipment

52,77814,87637,902Intangible assets

8,275

403

7,872

Investments and other assets

14,776

12,026

2,750

252,771

149,423

103,348

Real estate for sale in process

Non-current assets

Total assets

Term ended December 2021 Term ended December 2020
(term under review)(previous term)

Current liabilities

39,81362,710

Short-term loans

3,589

2,907

682

Current portion of long-term
loans

82,912

26,09356,819

-

230

-230

Non-current liabilities

87,61970,982

16,637Long-term loans

76,533

69,274

7,259

Total liabilities

190,143

110,795

79,348

Total net assets

62,62838,62724,001

Total liabilities and net assets

252,771

149,423

103,348

24.8%

25.8%

-1.0 points

Equity ratio

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved• Increase in revenue-generating properties after
making the Picasso Group a consolidated
subsidiary

Increase/decrease

102,523

Current portion of bonds• Proactive acquisition of new project sites andproperties• 50 billion yen borrowed to acquire shares of stock in
the Picasso Group• 20.4 billion yen in funding raised through a capitalincrease through third-party allocation of shares to
Chubu Electric Power

8B/S for Term Ended December 2021
◼ Inventory breakdown
1,309(YoY change: +42.4 billion yen)and trends◼ Property, plant and equipment (revenue-generating
properties held) breakdown and trends(Unit: 100 million yen)

(Unit: 100 million yen)

177
27
258

885
53
23
40
25

53

Other
(Offices and other properties held by Picasso Group)

520

HotelsRental residences (YoY change: +21.8 billion yen)
◄ Increase attributable to making the PicassoGroup a subsidiary
Logistics(YoY change: +37.9 billion yen)

353

205

Commercial

587

Condominiums (YoY change: +7.9 billion yen)
◄ Steady progress in purchases

234

Related to thePicasso Group(mainly rental
residences andoffices)

141
508

Term ended December
2020 (previous term)

167

141

Term ended December 2020(previous term)

Term ended December
2021 (term under review)

Commercial, etc.

Term ended December 2021
(term under review)◼ Trends in assets, liabilities, and equity ratio (Unit: 100 million yen)

2,527

30.0%

2,500

Property, plant and equipment

Inventory assets

Interest-bearing debt

Total assets

Equity ratio(revenue-generating properties held)

24.8%

2,000

25.3%

24.9%

25.0%

25.8%
1,630
1,494

1,500

1,326

1,309
20.0%

1,097
1,000

838

811

885

850

985

706
520

15.0%

500

15

126

131

Term ended December 2018

Term ended December 2019

Term ended December 2020(previous term)

0

10.0%

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Term ended December 2021
(term under review)

9Fundraising Environment➢ Improvements in external assessments since becoming a consolidated subsidiary of Chubu Electric Power have provided access to the dynamic
and stable fundraising required for future growth.
➢ We have secured ratings of A from JCR and A- from R&I.
We were selected to the JPX Nikkei Index 400 in FY2021 and will list our shares on the Prime Market on April 4, 2022.
Rating agency

Rating subject

RatingRating assessment

R&I
JCR

Issuer rating
Long-term issuer rating

AA

StableStable➢ Initiatives toward dynamic and stable fundraising

September 2021
Commitment line of credit agreement concluded with the
Nishi-Nippon City Bank, Ltd.
Credit line: 10 billion yen; contractual period: 3 years
November 2021
Commitment line of credit formed with the Shiga Bank, Ltd.
as the arranger
Credit line: 5.5 billion yen
December 2021
Registered as an issuer of corporate bonds
Planned period of issue:
Two years from the planned effective date of registration(December 29, 2021 – December 28, 2023)
Planned issue amount: 50 billion yen
Use of funds: Capital investment, investment and financefunding, working funds, loan repayments➢ Trends in new funds raised and annual average interest rate
(Unit: million yen)
107,917

1.14%

New funds
raisedAnnual averageinterest rate

0.91%
76,948

0.85%

0.77%
60,05545,766

Term ended
December 2018
August 2018: Made anequity-method affiliate of
Chubu Electric Power

Term ended
December 2019

Term ended
Term ended
December 2020
December 2021
April 2021: Made a consolidated
subsidiary of Chubu Electric Power
October 2021: Acquired thePicasso Group

Becoming a consolidated subsidiary of Chubu Electric Power has provided
access to a wider range of funding options and lower funding costs.
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10Major Initiatives in Term Ended December 2021
• Demonstrating Synergies with the Chubu Electric Power Group• Strategic M&A• <Large-scale Urban Development>①-③ Initiatives in Hokkaido④
Tsukuba Station (retail, office, and residential) Project:integrated large-scale urban development• Private REIT and Rental Residential Development Initiatives• Initiatives in New Business Domains• ESG Initiatives

11
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Demonstrating Synergies with the Chubu Electric Power Group(becoming a consolidated subsidiary)➢ In addition to 20.4 billion yen in funding raised through a capital increase through third-party allocation of shares in April 2021, we are ramping up efforts
to demonstrate additional synergies.

August 2018: Agreement concluded on capital alliance
Made an equity-method affiliate
Percentage of voting rights held: 33.3%

April 2021: Capital increase throughthird-party allocation of shares
Made a consolidated subsidiary
Percentage of voting rights held: 51.5%

Major initiatives (demonstrating synergies)◼ July 2021: Established TSUNAGU Community Farm G.K.
Construction began in October 2021 on Techno Farm Fukuroi. With daily production of 10 tons, this will be one of the world’s largest plantfactories.

Chubu Electric Power × SPREAD× ES-CON JAPAN
Production to begin in January 2024
Artist’s conception of the completed
Techno Farm Fukuroi

Ceremonial prayer for safety before startof construction (October 2021)*The artist’s conception is for illustrative purposes only and is subject to change.

◼ Participation in operating the site of 20th Asian Games Aichi-Nagoya2026 Athletes’ Village after the GamesA consortium led by Chubu Electric Power was chosen as the candidate contractor.
We plan to be involved in developing a multipurpose complex on the site.

◼ Five joint projects with Chuden Real Estate underway
Contracts were concluded on sales of all units in Le JADE Kakegawa (Kakegawa,Shizuoka Prefecture) within four months after sales began.

Overview illustration of the 20th Asian Games Aichi-Nagoya2026 Athletes’ Village project

Moving to demonstrate additional synergies, including creating new communities
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12Strategic M&A
Making the Picasso Group a subsidiary (real estate leasing business)- Rapid progress on transforming profit structure to secure stable leasing revenues➢ Total value of stock acquired: 30.5 billion yen➢ Employees: 18 vs. ES-CON JAPAN Group total 344 (as of December 31, 2021)➢ Total of 50 billion yen raised through syndicated loan to fund the acquisition of stock and refinance existing loans (October 29, 2021)◼ Picasso Group real estate portfolio(Based on total number of properties)

Others◼ Value of real estate held by ES-CON JAPAN Group** Total of inventory assets and property, plant andequipment

Rentalcondominiums, etc.

17％14properties

10％

8

stores properties

Total:
62％
81 properties 50

9properties

properties◼ Sales by the real estate leasing business(Unit: million yen)
14,00011,60012,000Picasso-related
Approx. 32%(Approx.
183
billion yen 59.1 billion yen)
As of December 31,
2021

10,000

8,090

8,000

+3,510

6,000

4,000

2,000

11％

Offices, etc

0

Term
Term ended
ended December
December 2021
2021
(actual results)(actual results)

Term
Term ended
ended December
December 2022
(planned)(planned)

Making FUEL a subsidiary (real estate crowd funding business)- Enhancing the asset management business and laying the groundwork for future ventures into
real estate finance➢ Involved in various businesses, including the operation of online investment funds that provide opportunities for individual investors toinvest in real estate or real estate businesses in small investment units➢ Alongside efforts to expand our business domains, rapidly realizing the Lending Investment
structures needed to allow us to tackle the challenge of new businesses
related to the digital transformation (DX) of real estate (e.g., use of security
 Interest and Dividends andtokens and crowdfunding*) five to ten years in the future
principal repayment*Security tokens: Used to manage investments through issue of digital
securities using blockchain technology
Crowdfunding: Crowdfunding businesses
Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

Real estate

principal repayment

Fund operator

Investor

13

<Large-scale Urban Development ①>
Hokkaido Ballpark F. Village urban development project➢ We are participating in a large-scale development called Hokkaido Ballpark F. Village (a total of 36.7 ha under development), centered on
ES CON FIELD HOKKAIDO, the new stadium for the Hokkaido Nippon-Ham Fighters.
We plan to develop a site measuring approx. 9,400 square meters adjacent to the stadium.

F. Village construction in progress (December 2021)<Stadium overview>• Name:ES CON FIELD HOKKAIDO• Seating capacity: Approx. 35,000• Floors:
Two underground (field) floors and six aboveground floors(70 m height)• Specifications: Retractable roof, natural turf field• Opening:
March 2023 (completion of construction planned for December 2022)

Hokkaido Ballpark F. Village➢ More than just a venue to watch baseball games: Realizing a space forcocreation to stimulate the local community and contribute to society [ Kids’ Area]
Building a community in which children can growthrough play and residents can interact and engage
with each other (F. Village project partner:
BørneLund Corporation)[Farm area]
Building a hands-on farming experience facility where
people can learn about and enjoy agriculture(partners: Kubota Corporation, Hokkaido University)
Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved<Location>
Midway between JR Sapporo Station and
New Chitose Airport Station
From Sapporo: Approx. 16 min by train
Approx. 30 min by car
From New Chitose Airport:
Approx. 20 min by train
Approx. 30 min by car<Access>
Approx. 22-minute walk from JR
Kitahiroshima Station, the nearest train
stationApprox. 2-minute walk from a new station
planned to be located near the ballpark

14<Large-scale Urban Development ②> Le JADE Hokkaido Ballpark➢ Developing our first condominium project in Hokkaido as part of the Hokkaido Ballpark F. Village projectLive at the ballpark

Artist’s conception of completed open air rooftop

Artist’s conception of completed warm
living space

January 8, 2022: Model rooms opened

The starting point on the path to tomorrow

Residents receive 10-year free passes to the stadium.

New ballpark

Approx. 80 m fromnew stadium

Condominiums

More than 5,000 requests have been received for
information (as of January 21, 2022). This project has been
widely covered in the media, not just in Hokkaido but
across Japan.
Name

Le JADE Hokkaido Ballpark

Building area

1,868.06 m2

Structure, size

Reinforced concrete, partial steel-frame construction,
14 aboveground floors

Total units

118

Floorplans

One to three bedrooms, living room, dining room, kitchen

Unit size

43.43 – 137.55 m²

Slatedcompletion date

Early March 2023 (planned)

Price ranges

From 30 million yen for one bedroom, 50 million yen for
two bedrooms, and 70 million yen for three bedrooms(all with living room, dining room, and kitchen)

Sawa Area

Overview of F. Village
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15

<Large-scale Urban Development ③>
JR Kitahiroshima Station “West Exit Area Revitalization Project”➢ March 2021: Partnership agreement concluded with the city of Kitahiroshima on the Kitahiroshima Station “West Exit Area Revitalization Project.”→ Alongside development of the Hokkaido Ballpark F. Village , development work will proceed in the area around Kitahiroshima Station, a key
stadium access point.
Concept

Kitahiroshima Hometown Base: Development of a hometown base community where people who love Kitahiroshima, including local
residents, businesses, tourists, and baseball fans, will come together

City-owned lot A

Station West Exit Area

City-owned lot C

To theballpark

North area

City-owned lot D

Station area City-owned lot A
City-owned lot B

Artist’s conception of the completed station area

“West Exit Area Revitalization Project”(city-owned lots A-D)

Artist’s conception of the completed station retail facilities

Kitahiro Park

JR
Kitahirosima
Station

Sapporo Station

Kitahiroshima

A: Station plaza
Multipurpose facility (retail, hotel)
Elevated plaza, park
Planning for city-owned lots B-D
is underway

Completion of retailfacilities, etc.
planned for 2024

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New Chitose Airport

16

Tsukuba Station (retail, office, and residential) Project:integrated large-scale urban development
Tsukuba (Tsukuba-shi, Ibaraki) Project (integrated development in the Tsukuba station area)
Redevelopment on the former sites of Seibu Tsukuba, a large-scale commercial facility inside CREO in front of the station, and Aeon Tsukuba Ekimae.
We acquired three facilities—CREO, Q’t, and MOG—and are currently pursuing the integrated development of these facilities in the area around Tsukuba
Station.
Alongside the commercial facility, we are developing the Le JADE Tsukuba Station Front condominium project.
tonarie CREO

Le JADE Tsukuba
Station Front

tonarie CREO

Contracts concluded
early for all units

Le JADE Tsukuba
Station Front

tonarie Q’t

tonarie MOG

tonarie Q’t

tonarie MOG

Exit A5 of
Tsukuba Station

Commercial
Phase 1: Opened May 19, 2021

Phase 2: Opened July 22

Grocery stores, restaurants, and other retail tenants
opened on the first floor of tonarie CREO.

A total of eight stores opened, including
those located inside Q’t and MOG.

Officetonarie CREO includes the conversionof the fourth through sixth floors of theformer Seibu Tsukuba into office space.

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

Residential

Autumn 2022
Grand opening planned

Le JADE Tsukuba Station Front
Contracts concluded early on all 218 units withinfour months after sales began.
Plans call for delivery of all units in November 2022.

17

ES-CON JAPAN REIT Investment Corporation (EJR): Second PO carried out➢ EJR has completed two POs (February 2020, August 2021) since its listing in February 2019, growing its total assets toapprox. 69.6 billion yen.
Targeting further

growth◼ Trends in assets

100billion yen

69.6 billion yen
51.9 billion yen

Three distinguishingfeatures41.6 billion yen(Total issue amount:approx. 9.2 billion yen)

25 properties

28 properties

38 properties

Listing(February 2019)

First post-listing PO(February 2020)

Second post-listing PO(August 2021)

Target investment areas:
four major metropolitan areas
Greater Tokyo, Kinki, Chukyo,
and Fukuoka areas(based on acquisition price)leases and CAM charges)
0.1%

4.2%

As of August 31, 2021
Groceries

2.3%

Services

5.1%

Drugstores

5.8%

Retail44.8%

External and internal growth drawing
on ES-CON Japan’s advantages inreal estate development andoperations and support from Chubu
Electric PowerInvestment targets:
approx. 50% land leasehold,approx. 50% land and buildings◼ Tenant composition (based on contracted◼ Asset distribution

55.2%

Land andLand
leaseholds buildings(neighborhood
shopping
centers)

6.6%

37.9%

Restaurant and bars
Clinics

8.8%
13.3%

9.1%

Home improvement centersHome electronics
Other

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

Rating & Investment Information, Inc. (R&I) rating
RatingagencySubject ofratingRatingRatingassessment

R&I

Issuer rating

A−

StableApparelFitness centers

6.8%

Medium-termtarget

DBJ Green Building certification earned
The following commercial facilities owned by EJR:
tonarie Yamato-Takada, tonarie Toga-Mikita,
tonarie Minamisenri, tonarie Seiwadai, andAsumigaoka Brand-New Mall

18

Rental residential development initiatives➢ Since September 2020, we have established a total of 10 private investment funds and invested in these funds (SPCs) as a silent partner.
➢ We have also acquired four rental residential development sites (one each in Saitama and Tokyo and two in Kanagawa) this term.
➢ We plan to form a private REIT investing mainly in rental residential assets.

◼ Private funds completed
Location

Site area

Total floor
space

Structure

Asset value(million yen)

Higashi-Yamato,Tokyo

894.34 m2

2,743.26 m2

9 floors, reinforced
concrete

1,500② Fujisawa Development
Project

Fujisawa, Kanagawa
Prefecture

1,119.13 m2

1,922.33 m2

5 floors, reinforced
concrete

1,210③ Keio Inagi Station
Development Project

Inagi, Tokyo

320.46 m2

1,470.79 m2

1 underground/8
aboveground floors,
reinforced concrete800④ Odakyu Isehara Station
Sakuradai Development
Project

Isehara, Kanagawa
Prefecture659.88 m2

4,001.36 m2(planned)

14 floors, reinforced
concrete (planned)

1,930⑤ Kawasaki-minami ResiBridge Project

Kawasaki, Kanagawa
Prefecture

264.85 m2

1,137.82 m2

11 floors, reinforced
concrete

820⑥ Seibu Ikebukuro
Higashi-Nagasaki
Project

Toshima-ku, Tokyo

676.15 m2

3,780.59 m2

1 underground/10
aboveground floors, steel
frame/reinforced concrete

1,620⑦ Chuo Line Toyota
Project

Hino, Tokyo

246.92 m2

1,844.77 m2

11 floors, reinforced
concrete

1,200⑧ Sotetsu Kashiwadai
Project

Ebina, Kanagawa
Prefecture

1,214.07 m2

2,788.66 m2

8 floors, reinforced
concrete

1,460⑨ Yokohama Bandobashi
Development Project

Yokohama,
Kanagawa Prefecture362.45 m2

10 floors, reinforced
concrete (planned)

1,200⑩ Fujisawa Zengyo
Station Resi-Bridge
Project

Fujisawai, Kanagawa
Prefecture594.77 m2

1 underground/10
aboveground floors,
reinforced concrete

700① Kamikitadai Station
Project

1-minute walk from Kamikitadai
Station on Tama Monorail

17

6-minute walk from Higashi-Nagasaki
Station on Seibu Ikebukuro Line

6

Tokyo

2-minute walk from Toyota
Station on the JR Chuo Line32-minute walk from Inagi Station
on Keio Sagamihara Line58-minute walk from Kawasaki
Station on Tokaido Main Line

8 3-minute walk from Kashiwadai
Station on Sotetsu Line

Yokohama
42-minute walk from Isehara
Station on Odakyu Odawara Line

9-minute walk from Fujisawa Stationon the JR Tokaido and Odakyu lines

2

9
10

5-minute walk from Bandobashi Station
on Yokohama Subway Blue Line

1-minute walk from Zengyo Station
on Odakyu Enoshima Line

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

2,077.37 m2(planned)

1,264.09 m2

19

Initiatives in New Business Domains
International business: Investment and planning for the Waikiki Galleria Tower multipurpose
complex value improvement project in Hawaii➢ Located on Kalakaua Avenue, Honolulu’s main thoroughfare, and surrounded by luxury brand boutiques➢ In addition to investing in this project, we have concluded a strategic advisory agreement. We will provide advice and support on
development, design, operations management, and other aspects of the overall property.
[Project overview]• Replacing tenants of commercial facility (first and second floors)• Converting office space (floors 6-16) to timeshare use (hotel)[Project lead]Black Sand Capital, LLC

To date, we have also participated in the following fourinternational projects:① Hawaii:
Investment in real estate investment fund(March 2019)(Sponsor: Black Sand Capital, LLC)
➁ Greater Bangkok, Thailand:Participation in condominium development
project (August 2019)(Participation in project promoted by Origin
Property)③ Los Angeles, California:
Participation in condominium joint development
project (March 2020)(Participation in project promoted by Adept
Development)④ United States:
Investment in real estate investment fund
(September 2021)(Sponsor: Crow Holdings Capital)

Exterior view of the Waikiki Galleria Tower commercial
and office complex

Business alliance with Serendix Inc. (supporting residential development using 3D printers)➢ Development partner for state-of-the-art Sphere homes developed in Japan using 3D
printers based on the concept of achieving total space and price of no more thanroughly 99 square meters and 3 million yen, the world’s most earthquake- and windresistant residential structures, and a construction period of 24 hours➢ More eco-friendly than traditional construction methods, 3D printing completely
eliminates material waste. This project seeks to create sustainable homes.
Illustration of a Sphere prototype design
Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

20

ESG Initiatives
ESG management
promotion structure➢ The management strategies of the fourth medium-term management plan include Promotion ESG.
➢ An ESG Promotion Group has been established directly under the President to formulate andimplement specific activities.
➢ In July 2021, the Health & Culture Fostering Team was established to promote healthmanagement.
Based on IDEAL to REAL(bringing ideals into reality to create a new future), our corporate message,
we seek to realize sustainable societies and sustained growth as we address social challenges bypromoting ESG management as a lifeways developer creating ideal modes of living in response tochanging needs.

President and Representative Director
Nomination andRemuneration
Committee

ESG Promotion GroupE Team

We strive to grow as a company needed by society by promoting ESG initiatives in strict compliancewith laws, regulations, and our pledges related to the environment, society, and self-governance.

S

1. Creating new environmental value throughnext generation urban development andother initiatives aimed at realizing acarbon-neutral society by 2050
2. Promoting real estate development andbusiness activities that account for theenvironment above all else
3. Creating environmental value and businessvalue through taking on the challenges of
new business domains based on
environmental themes

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

1. Contributing to regional revitalization andpromoting the creation of local communities
through urban development to create a newand brighter future
2. Creating working environments in which
employees can demonstrate the best of theirabilities while engaging in rewarding workand promoting diversity so that all humanresources can thrive
3. Contributing to solutions to social issues inareas such as medical care and welfare in
response to declining birthrates and an aging
population; and supporting safe andcomfortable living in local areas
4. Promoting business development to realize
the SDGs globally through the developmentof overseas businessContributing to a sustainable society

S TeamCoordinate

Basic Policy on ESG

E

President’s Office

Health & Culture
Fostering TeamG TeamCoordinate

ESG Management Philosophy

Board of Directors

Related departments

G
1. Enhancing timely, appropriate, and fairdisclosure of management information
2. Promoting a governance system to securestability, soundness, and transparency ofmanagement
3. Aiming to strengthen risk management inorder to respond to increasing risks due tothe expansion and diversity of businesses
4. Engaging in business activities based on arespect for the human rights of all inaccordance with the Corporate Ethics
Charter21

Details of ESG Initiatives
Formulation of a general business
operator action plan under the Act
on the Promotion of Female
Participation and Career
Advancement in the Workplace<Main topics>

Promoting ZEH condominiums
Le JADE Okurayama
Le JADE Yao Sakuragaoka
Le JADE Okurayama(Won Good DesignAward in 2021)

E

Formulating initiatives toward disclosure
based on the TCFD framework• December 2021
Implemented capacity building intended to increaseknowledge concerning TCFD
• March 2022
Assessing the importance of business risks andopportunities, selecting external scenarios, andestablishing internal scenarios• June 2022
Studying disclosure of assessment of financial
impacts on our businesses of major climate-changerisks and opportunities<Specific initiatives through now>

Environment

 Joint research with the Kozo Takase’s lab team of theTokyo University of Science Earned DBJ Green Building certification(tonarie Yamato-Takada/Toga-Mikita/Seiwadai/Minamisenri/Asumigaoka Brand-New Mall)

S(2022–2024)

Earned GRESB 2 Starts and Green Star
certification in 2021

Society Promoting use of diverse human resources,
including employment of people with disabilities,
at Cordiale Farms
 Training of people to support those withcognitive disabilities

 CASBEE real estate assessment earned (tonarie
Fujimino) Support for placement of workers from overseas(ES-CON Global Works) Development of detached houses with abundant natural
blessings and condominiums open to the community

 Support for WT1 cancer vaccine research, acancer immunotherapy (2019, 2021), iPS cellresearch (2020, 2021), etc.

 Eco Action 21 certification earned Le JADE Senri Aoyamadai wins Osaka eco-friendly
construction award in the residential section
Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

 Investment in Ryukyu Football Club, which
operates the FC Ryukyu J2 professional soccer
team(Subject period: January 1–December 31, 2020)

Won Environmental Human
Resource Development 2020
commendation

G

Governance Timely disclosure of businessactivities and conditions
 Establishment of nomination andremuneration advisory committee Establishment of CS Committee Establishment of Health & Culture
Fostering Team Establishment of new disclosure items
in accordance with the amended
Corporate Governance Code22

Part 2
Progress on Fourth Medium-Term Management
Plan (announced February 2021)- IDEAL to REAL 2023 (FY2021-2023)

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

23Basic Policy

Fourth medium-term management plan (Three years from term
ending December 2021 through term ending December 2023)

Basic policy of medium/long-term management strategy① Establishing business foundations able to withstand unexpected changes in economic
conditions
Establishing business and financial standings that would be sound and enable us to maintain ourfund-raising abilities under any economic conditions.

② Simultaneously changing the revenue structure and expanding business domains
Transforming the revenue structure from one based on flows to one based on stock by strengthening
the real estate leasing business while at the same time realizing business diversification and expanding
business territories.

Transandformation

Rapid
Progress2023

of further rapid
progress through realizing
transformation

2022

of setting newrecord profits

2021

of structuralreforms to balance sheet
and revenues

Stage

Stage

Stage

➢ Proactive investment in long-term revenue-generating realestate and improving the structure of the balance sheet➢ Transforming the focus of management from flows to stock➢ Demonstrating synergies in the Chubu Electric Power Group➢ Achieving net sales of 110 billion yen and operating income of
16 billion yen (in the final fiscal year of the medium-term
management plan)
Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

24Ten-year Trends in Financial Results➢ We are targeting sustainable growth through maximining corporate value and further increasing returns to shareholders, in addition toestablishing robust business foundations capable of withstanding any economic conditions.
Period of fourth medium-term
management plan
IDEAL to REAL 2023
(Sales)(Unit: Million yen)

Further rapid progress
35,000through transformation

120,000

New record-high 110,000
profits

Period of second mediumterm management plan
IDEAL to REAL 2019

100,000

30,000100,000

BS structure/profit
structure reforms
80,00077,30825,00079,017
Sales

72,106

Period of first medium-term
management plan
Make The One for 2016

(Operating profit)(Unit: Million yen)

20,00060,00016,00054,32514,00012,912

44,724

12,202

11,56140,00020,00018,842

2,815

0Term ended
December 2014
(Actual results)

4,012

Made a subsidiaryof Chubu Electric
Power

7,042
4,680
Listing on TSEFirst Section

Term ended
December 2015
(Actual results)

Term ended
December 2016
(Actual results)

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

Listing on thePrime Market

10,38134,347
27,70515,00010,0005,000

OperatingprofitTerm ended
December 2017
(Actual results)

Term ended
December 2018
(Actual results)

Term ended
December 2019
(Actual results)

Term ended
December 2020
(Actual results)

Term ended
December 2021
(Actual results)

Term ended
December 2022
(Planned)0

Term ended
December 2023
(Planned)25

Planned Financial Results➢ In the first fiscal year of the fourth medium-term management plan (term ended December 2021), despite recording lower sales and profits thanplanned, we implemented a transformation of our revenue structure. This included efforts to secure stable earnings through enhancing the realestate leasing business, including making the Picasso Group a subsidiary. This period is identified as a stage for BS and profit structural reforms.
➢ We plan to set new record highs in the term ending December 2022 and to realize rapid progress by expanding results from the initial plansannounced February 2021 in the term ending December 2023.
(Unit: Million yen)
Fourth medium-term management plan: IDEAL to REAL 2023
Term ended December 2022
(28th term)

Term ended December 2021
(27th term)

Planned financial results

Initial plan(announced
February 2021)

Actual results

Sales

Percentage

vs. initial plan

Initial plan
(Q2)

Initial plan (full year)

Term ended December 2023
(29th term)

Initial plan(announced
February 2021)

vs. initial plan(full year)

PercentagePlan(announced February 2021)

79,01780,000

-983

-1.2%

36,300100,000

98,000

2,000

2.0%

110,000

70,33469,900

434

0.6%

-

87,300----45,05047,240-2,190-4.6%-

59,300

-

-

-

-

1,020

1,062

-42

-4.0%

-

1,200

1,200

-

-

1,200

25,283

22,660

2,623

11.6%

-

28,000

-

-

-

-

8,090

7,900

190

2.4%

-

11,600

9,500

2,100

22.1%

11,200592

2,200-1,608-73.1%

-

1,100

-

-

-

-

Operating profit

10,381

10,800

-419

-3.9%

4,700

14,00014,000--16,000Ordinary income

9,099

9,400

-301

-3.2%

3,800

12,200----Real estate sales businessCondominium sales

Condominium units sold

Other sales

Real estate leasing business
Real estate planning agency andconsulting businessStage for BS and profit
structural reforms

Stage for rapid
progress

Stage for new record-high profits

Further expansion from plansannounced February 2021
Dividends per share

38 yen38 yen---38 yen38 yen or more--

38 yen or more

Policy of gradually increasing dividends to continue during the period of the medium-term management plan
Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved26

Management Targets➢ Most management indicators are progressing according to plan.
➢ Accelerated progress on investment plans after making the Picasso Group a subsidiary, as described above (p. 28), has led to
upward revisions to plans for share of profits from leasing, share of long-term earnings from real estate, and net assets for the term
ending December 2022. The equity ratio is projected to decrease.
Fourth medium-term management plan: IDEAL to REAL 2023
Term ended December 2021
(27th term)

Term ended December 2020
(26th term)
Actual results

Term ended December 2022
(28th term)

Initial plan(announced February 2021)

Actual results

Term ended December 2023
(29th term)

Initial plan(announced February 2021)

Initial planPlan(announced February 2021)

Share of profits from leasing *1

14.2%

21.2%

23.0%

26.0%

24.0%

26.0%

Return on equity (ROE)

21.2%

11.8%

12.0%

13.0%

13.0%

13.0%

Return on invested capital (ROIC)

6.6%

3.2%

4.0%

4.0%

4.0%

4.0%

Equity ratio

25.8%

24.8%

29.0%

23.0%

26.0%

23.0%

Share of long-term earnings from realestate *2

9.5%

20.6%

12.0%

21.0%

14.0%

18.0%

38.6 billion yen

62.6 billion yen

61.0 billion yen

67.3 billion yen

66.0 billion yen

72.0 billion yen

Net assets*1 Share of profits from leasing: Leasing segment profits/segment total profits (excluding adjustments)*2 Share of long-term earnings from real estate: Real estate generating leasing revenues recorded as noncurrent assets/net assets(Unit: 100 million yen)

20.4 billion yen in funding raised
through a capital increase
through third-party allocation ofsharesApril 2021
Made a consolidated subsidiary of
Chubu Electric Power

800

Further expansion from planannounced February 2021

Trends in net assets
626

673

720

600

400

386

200

0

Term ended
ended
Term
December 2020
December
2020(Actual results)(Actualresults)
Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

Term ended
Term
ended
December 2021
December
2021(Actual results)(Actualresults)

Term ended
Term
ended
December 2022
December
2022(Initial plan)(Initial
plan)

Term ended
Term
ended
December 2023
December
2023(Plan)(Plan)(Announced(Announced
February 2021)
February2021)

27

Investment plans➢ Gross investment during three-year period of the medium-term management plan: 220 billion yen➢ Gross investment increased by 74.4% ahead of schedule, after making the Picasso Group a subsidiary➢ Investment of 70 billion yen planned in FY2022(Unit: 100 million yen)Three-year cumulative investment (2021-2023)
2022

2023

Three-year
cumulative

Percentage

Initial plan
(Announced
February 2021)

Plan(Announced
February 2021)

Plan(Announced
February 2021)

2021

ActualGross investment

Plannedvs. plan

959

550

409

74.4%

700

950

2,200

Investment in revenue-generating real estate

767

300

467

155.7%

400

600

1,300

Investment in development of revenuegenerating real estate

56

50

6

12.0%

100

150

300

Investment in medium-term revenuegenerating real estate*

337

150

187

124.7%

200

250

600

Investment in long-term revenue-generating
real estate

373

100

273

273.0%

100

200

400

191

250

-59

-23.6%

300

350

900

Amount recovered

48

0

48

-

0

300

300

Net investment amount

911

550

361

65.6%

700

650

1,900

Investment in other development

Total assets: 2,900*Rental revenue-generating real estate acquired while leased and intended for sale after increasing its value
Inventory
assetsInventory assets

Share of long-term
revenue-generating
real estate

1,600

Other
Other

1,309

(Unit: 100 million yen)

Total assets: 1,494
885

Long-term revenuegenerating real estate asa share of total assets

Total assets: 2,527

Long-term
revenue-generating
realestateLong-term revenue-generating
realestateProjected
early
achievementof plan

20.6%
9.5％

21.0%

620

141
468
2020 results

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

520
688

680

2021 results

2022 initial planLong-term revenue-generating real estate:
Approx. 4.4-fold growth from 2020 to 2022

28

Trends in the real estate sales business➢ Condominium sales:➢ Other sales:

Completing acquisition of commercial properties to be used by 2023 and proceeding with purchasing for 2024 and beyond.
Contracts have been concluded for 70% (839 units) of the planned 1,200 residential units to be delivered in 2022 (as of January
31, 2022).
Sales contracts have already been concluded for two logistics facility projects in the term ending December 2022.
In 2022 and 2023, we will continue to enhance our earnings capabilities by drawing on diverse development capabilities in commercial,logistics, and rental residential and office properties, among others.
(Unit: units)(Unit: million yen)
100,000

Other sales

87,300Stable supply of
1,200 units

Condominium sales
80,0001,200 units

Condominium units sold

28,0001,020 units
60,00025,283

Other sales

1,000

Sale to EJR:
approx.
11.9 billion yen

40,807652 units

1,200

70,334

71,48540,000

Sale to EJR and
Chuden Real Estate:approx.
19.8 billion yen

800

600

59,300Condominium sales

400

45,05020,00030,677200

00Term ended December 2020
(Actual results)

Term ended December 2021
(Actual results)

Term ended December 2022
(Plan)

Term ended December 2023
(Plan)

Chubu
9%

Condominium
businesssales by
area

1,400

16%

6％
43%

Term ended
December 2020
(Actual results)

57%

Term ended
December 2021
(Actual results)

Term ended
December 2022
(Plan)

48％

36%

85％

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

Kanto

Kansai

In 2023: Proactively expanding tofive major urban areas acrossJapan by adding the following
areas to Kansai, Kanto, and Chubu:• Hokkaido
Le JADE Hokkaido Ballpark
Le JADE Sapporo Motomachi
Sapporo Higashi-ku Project• Kyushu
Le JIAS Ohashi

29

Trends in the Real Estate Leasing Business(toward a transition in the profit structure)
Trends in leasing segment profits and lease revenues as a share of profits(Lease revenues as a share of profits: leasing segment profits/total segment profits[excluding adjustments])➢ We plan to achieve the target for the final year of the medium-term management plan, which is to increase lease revenues as a share of
profits to 26%, one year early, in the term ending December 2022, and then to proceed with further transformations of the profits structure.
28%(Unit: 100 million yen)

210

206

210

26%

Total segment profits

167

170

26%

158*

Real
estateplanningplanning
agencyand consulting
business
Real estateagencyand consulting
business
24%
Real
estatesales
sales
business
Real estatebusiness

Initial:24%

Target achieved
one year early

21.0%

130

138

Real
estateleasingleasingbusiness
Real estatebusiness
Leaserevenues
a shareof profits
Lease revenues
asas
a shareof profits

20%

130

142

90

22%

151

Up 9%

18%

16%
50

14%
Real estate leasing
segment profits 

55

50
33

23

Up 10%

10
Term
ended
December 2020
Term
ended
December
2020(Actual results)(Actual results)← Making the Picasso Group a subsidiary
increased real estate leasing business segment
profits compared to initial plans.

14%

Term ended December 2022
(Initial plan)(Plan)

Term
endedDecember
December 2021
Term
ended
2021
(Actual results)(Actual results)

12%

Term ended December 2022 Term ended December 2022
(Initial plan)(Plan)* The real estate planning agency and consulting businessrecorded segment losses of 500 million yen in 2021

(Coverage percentage: leasing segment profits/general and administrative
expenses [excluding amortization of goodwill])

General and administrative expense coverage percentage of leasing segment profits➢ A coverage percentage of leasing segment profits for total general and administrative expenses of 90% is targeted for FY2023.
This percentage will be 76% in 2022. Work is generally proceeding according to plan.
(Unit: 100 million yen)

116

120

100%

90%

From initial
plan

100

80
80

+ 2.1
billion yen(up 22%)76%

Segment profit

Segment profit

80%

61%

70%

General and administrative expenses (excluding
amortization of goodwill)

General and administrative
expenses (excluding
amortization of goodwill)
Coverage percentage

Coverage percentage

72

51%
60

Leasingsalessales
Leasing

60%

55

55

45
40

50%

55

40%

Rent income

33
23

General andadministrative+ 500
expensesmillion yen(up 10%)

30%

20%

20

Segment profit

10%

0%

0
Term ended
December 2020
Term ended
December
2020(Actual results)(Actualresults)

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

ended
December 20212021
Term Term
ended
December(Actual results)(Actualresults)

endedDecember
December 20222022
TermTerm
ended(Plan)(Plan)

30

Information
ESCON JAPAN Ltd.
Email: ir@escon.jp
Tokyo Head Office

Nagoya Office

20th Floor, The Okura Prestige Tower
2-10-4 Toranomon
Minato-ku, Tokyo

5th Floor, Hirokoji Sakae Building
4-1 Sakae 2-chome, Naka-ku
Nagoya, Aichi Prefecture+81-3-6230-9308+81-52-218-4820

Osaka Head Office
13th Floor, Meiji Yasuda Seimei Building
4-1-1 Fushimimachi
Chuo-ku, Osaka+81-6-6223-8055

Kyusyu Office
9th Floor, Yasuda Dai-7 Building
13-15 Kamikawabatacho
Hakata-ku, Fukuoka+81-92-283-153

Hokkaido Office
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13th Floor, Nissay Sapporo Building
1-1 Kita-sanjo-nishi 4-chome
Chuo-ku, Sapporo, Hokkaido+81-11-211-1928
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Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved31Appendix

Supplementary Materials
for Financial Results
Term ended December 2021

Segment Results for Term Ended December 2021
<Real estate sales business - Condominium sales ->Property

Location

Units

Mirakita City Himeji

Himeji-shi, Hyogo

Le JADE Hama-Otsu

Otsu-shi, Shiga

Le JADE Tsujido Higashi Kaigan

Fujisawa-shi, Kanagawa

Grand Le JADE Shukugawa Residence

Nishinomiya-shi, Hyogo

Le JADE Nishinomiya Kitaguchi Hinokuchicho

Nishinomiya-shi, Hyogo

Le JADE Utsukushigaoka

Yokohama-shi, Kanagawa

Le JADE Nishiakashi

Akashi-shi, Hyogo

Le JADE Yamato Takada Ekimae

Yamato-Takada-shi, Nara

Le JADE Mukonoso honmachii

Amagasaki-shi, Hyogo

Le JADE Suma Myohoji Ekimae

Kobe-shi, Hyogo

Le JADE Senri Aoyamadai

Suita-shi, Osaka

Le JADE Senri Furuedai

Suita-shi, Osaka

Le JADE Nagai Koen DoriSumiyoshi-ku, Osaka-shi

Le JADE Neyagawa Koen

Neyagawa-shi, Osaka

Le JADE City Hyotanyama

Higashi-Osaka-shi, Osaka

Le JADE Ibaraki Higashinakajo

Ibaraki-shi, Osaka

Le JADE Tennoji Katsuyama

Tennoji-ku, Osaka-shi

Grand Le JADE Shirakabe Getsuronotei

Nagoya-shi, Aichi

OST Residence Karuizawa

Kitasaku-gun, Nagano

143 (67 units)*1
51
51
13
94
90
77
205
33
40
152
71
108
60
232
40
39
24 (18 units)*2
33 (26 units)*3

Total

Number of condominiums delivered: 1,020 units

Closing
Closing
Number of units
Number under contract
inventory for
inventory fordelivered inand for which delivery isterm ended
term ended
term ended
in process as of January
December 2021
December 2020 December 2021
31 ②
①

21
4
1
5
31
41
103

<Real estate sales business - Other sales ->SchemeProperty
Suroy Mall Nagamine
Fuji Grand Natalie
Sapporo commercial land leasehold (Yamada Denki)

Type

Sales
(million yen)

5
48
5

3
21
4

2
27
1
Sold out
Sold out

88
20
3
5

16
5
1
0

72
15
2
5
Sold out

184

54*1 143 residential units,
including 9 not for sale
Since our share is 50%,
the resulting figure is 67
units.
*2 Since our share is 75%,
the resulting figure is 18
units.

*3 Since our share is 80%,
the resulting figure is 26
units.

130

Revenue-generating real estateLand
Revenue-generating real estate
Revenue-generating real estate

Ownership status

Noncurrent asset
Noncurrent asset

tonarie Utsunomiya

Utsunomiya-shi, Tochigi

Noncurrent asset

tonarie Yokkaichi

Yokkaichi-shi, Mie

Lions Square Kawaguchi

Kawaguchi-shi, Saitama

Current asset (for sale)

11,947

tonarie CREO

Tsukuba-shi, Ibaraki

Current asset (for sale)

3,500
2,791
2,164

tonarie Q’t/tonarie MOG

Tsukuba-shi, Ibaraki

Current asset (for sale)

tonarie Fujimino

Fujimino-shi, Saitama

Current asset (for sale)

1,874

Nakasu, Hakata-ku (hotel)

Hakata-ku, Fukuoka-shi

Current asset (for sale)

1,442
1,090
702
226
52
197
13,33625,283

Nishi-Shinsaibashi, Chuo-ku (hotel)

Chuo-ku, Osaka-shi

Current asset (for sale)

Repro Shinbashi (office)Minato-ku, Tokyo

Current asset (for sale)Picasso Group properties-

Noncurrent assets andcurrent assets

Commercial facility
Spec homes
Land planningLand planning

Location

Otsu-shi, Shiga

Kortena I
ESH, ESC*
Gemboen, Koga-shi, Fukuoka (Zone 5)

Land planning

Main properties owned

Oh! Me Otsu Terrace

565
530
300

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

2
Sold out
Sold out
Sold out
Sold out

Noncurrent asset

Land
Land
Land

-

3

Suita-shi, Osaka

Amagasaki commercial land leasehold (Welcia)
Kobe commercial land leasehold (ENEOS)
Hikone commercial land leasehold (Geo)Subtotal
Total

5

Hirakata-shi, Osaka

702

Fukuroi-shi, Shizuoka
Kandacho, Higashi-Osaka-shi (Super Mandai)
Neyagawa commercial land leasehold (Cocokarafine)
Aoyamadai 3-chome, Suita-shi (convenience store)
Uchiagetakatsukacho, Neyagawa-shi (convenience store)
Other

4

Sold out
Sold out
Sold out

tonarie Minami-senri Annex

Land

Gemboen, Koga-shi, Fukuoka (Zone 1)

1

Kansai Medical University Kuzuha Hospital

4,600
3,950
1,300

Subtotal

Sale toother than
EJR

5<Real estate leasing>

Commercial facility
Commercial facility
Land

Sale to EJR Neyagawa commercial land leasehold (Cocokarafine)

16
4
1
5
26
41
77
205
33
35
104
66
108
60
144
20
36
13
26
1,020

(Unit: units)

Remaining units
as of January 31(contract and delivery basis)①−②*ES-CON HOME, ES-CON CRAFT

Noncurrent asset2

Condominium Sales Business FY2021 property lineup
Q1 (January-March)

Name

AccessUnits

Q2 (April-June)

Le JADE Nishiakashi
Akashi-shi, Hyogo Sold out

Le JADE Suma Myohoji
EkimaeKobe-shi, Hyogo

Le JADE Senri Aoyamadai
Suita-shi, Osaka

Le JADE Senri Furuedai
Suita-shi, Osaka

Le JADE Mukonoso
Le JADE Yamato Takada
Sold out Ekimae
Sold outhonmachiAmagasaki-shi, Hyogo
Yamato-Takada-shi, Nara

3-minute walk from
Nishiakashi Station on the
JR Sanyo Main Line

1-minute walk from Myohoji
Station on the Kobe Subway
Seishin/Yamate Line

17-minute walk from Kitasenri Station on the Hankyu
Senri Line

12-minute walk from
Yamada Station on the
Hankyu Senri Line and otherlines

12-minute walk from
Mukonoso Station on the
Hankyu Kobe Line

3-minute walk from Yamato
Takada Station on the
Hanshin Osaka Line andother lines

77

40

152

71

33

205

March

March

March

April

May

Occupancy February

Exteriorview

Q4 (October-December)

Le JADE Tennoji
Sold out
Katsuyama
Tennoji-ku, Osaka

Le JADE Ibaraki
Higashichujo
Ibaraki-shi, Osaka

Le JADE Nagai Koen
Sold out
Dori
Sumiyoshi-ku, Osaka-shi

Grand Le JADE
Shirakabe
Getsuronotei
Higashi-ku, Nagoya-shi

OST Residence
Sold out
Karuizawa
Kitasaku-gun, Nagano

Le JADE City
Hyotanyama
Higashi-Osaka-shi,
Osaka

Le JADE Neyagawa
Sold out
Koen
Neyagawa-shi, Osaka

Access5-minute walk from
Momodani Station on
the JR Osaka LoopLine

9-minute walk from
Ibaraki Station on the
JR Kyoto Line andother lines

9-minute walk from
Nagai Station on the
Midosuji Line and otherlines

13-minute walk from
Takaoka Station on the
subway Sakuradori Lineand other lines

8-minute drive from
Karuizawa Station on the
JR Hokuriku Shinkansen
and other lines

5-minute walk from
Hyotanyama Station on
the Kintetsu Nara Line2-minute walk from
Neyagawa Koen Stationon the JR Gakkentoshi
Line

Units

39

40

108

24

33

232

60 units and one retailzone

November

December

December

December

December

DecemberName

Occupancy November
Exteriorview

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

3Condominium Sales Business FY2022 H1 property lineup
Q1 (January-March)

Name

Le JADE Times Core Kawagoe
Kawagoe-shi, Saitama

Grand Clare Ichinomiya
Ichinomiya-shi, Aichi

Le JADE Bio Makuhari Hongo
Hanamigawa-ku, Chiba-shi

Sold out

Le JADE Uehonmachi
Tennoji-ku, Osaka-shi
Sold out

Sold out

Access5-minute walk from Kawagoe Station on the
JR Kawagoe Line/Tobu Tojo Line and otherlines

13-minute walk from Owari Ichinomiya
Station on the JR Tokaido Main Line andother lines

5-minute walk from Makuhari Hongo Stationon the JR Chuo-Sobu Line and other lines

3-minute walk from Osaka Kamimotomachi
Station on the Kintetsu Namba Line/Nara
Line/Osaka Line and other lines

Units

56

41

70

56

January

Slated to start late February

Slated to start late March

Occupancy January
Exteriorview

Q2 (April-June)

Name

Le JADE Kyoto
Sold out
Horikawa
Shimogyo-ku, Kyoto-shi

Le JADE Gifu Kogane
Koen
Kaburagicho, Gifu-shi

Le JADE Urawa
Sold out
Urawa-ku, Saitama-shi

Le JADE Hirano
Hirano-ku, Osaka-shi

Le JADE Takatsuki
Sold out
Nishimakami
Takatsuki-shi, Osaka

Grand Le JADE Shirakabe
Sold out
Rinzennotei
Higashi-ku, Nagoya-shi

Access9-minute walk from
Omiya Station on the
Hankyu Kyoto Line andother lines

8-minute walk from Meitetsu
Gifu Station on the Meitetsu
Nagoya Main Line and otherlines

4-minute walk from Urawa
Station on the JR ShonanShinjuku Line

7-minute walk from Hirano
Station on the Osaka Metro
Tanimachi Line

17-minute walk from
Takatsuki Station on the JR
Tokaido Main Line

13-minute walk from
Takaoka Station on the
Nagoya Subway SakuradoriLine and other lines

Units

60

38

44

58

43

34

Slated to start late May

Slated to start late May

Slated to start late May

Slated to start late June

Slated to start late June

Occupancy Slated to start late April
Exteriorview

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

4Condominium Sales Business FY2022 H2 property lineup
Q3 (July-September)

Q4 (October-December)

Name

Le JADE Takatsuki Bessho
Takatsuki-shi, Osaka

Access13-minute walk from Takatsuki Station on
the Hankyu Kyoto Line and other lines

2-minute walk from Kakegawa Station on
the JR Tokaido Shinkansen and other lines

3-minute walk from Tsukuba Station on the
Tsukuba Express

5-minute walk from Gifu Station on the JR
Tokaido Main Line

Units

49

83

218

54

Slated to start late OctoberSlated to start late November

Slated to start late December

Sold out

Occupancy Slated to start late August

Le JADE Kakegawa Ekimae
Kakegawa-shi, Shizuoka

Sold out

Le JADE Tsukuba Station Front
Tsukuba-shi, Ibaraki

Sold out

Le JADE Gifu
Koganemachi, Gifu-shi

Exteriorview

Q4 (October-December)

Name

Le JADE Takatsuki
Minamimatsubara The Front
Takatsuki-shi, Osaka

Le JADE Kawagoe The
Residence
Kawagoe-shi, Saitama

Le JADE Yao Sakuragaoka
Yao-shi, Osaka

Le JADE Kyoto Shijo Omiya
Shimogyo-ku, Kyoto-shi

Le JADE Kyoto Higashinotoin
Shimogyo-ku, Kyoto-shi

Access6-minute walk from Takatsukishi Station on the Hankyu
Kyoto Line and other lines

10-minute walk from Kawagoe
Station on the JR Kawagoe
Line/Tobu Tojo Line

7-minute walk from Kintetsu Yao
Station on the Kintetsu Osaka Line

1-minute walk from Omiya Stationon the Hankyu Kyoto Line andother lines

2-minute walk from Gojo Stationon the Kyoto Subway Karasuma
Line and other lines

Units

74

23

72

43

42

Slated to start late December

Slated to start late December

Slated to start late December

Slated to start late December

Occupancy Slated to start late November
Exteriorview

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

5Condominium Sales Business FY2023 property lineup
Kansai (Kinki) area Le JADE Takatsuki Minamimatsubara Bright[Takatsuki-shi, Osaka]
Access: 6-minute walk from Takatsuki-shi Station on
the Hankyu Kyoto Line
16-minute walk from Takatsuki Station on the
JR Tokaido Main Line
Total units: 81
Occupancy: Slated to start late May

 Le JADE Kamishinjo[Higashiyodogawa-ku, Osaka-shi]
Access: 8-minute walk from
Kamishinjo Station on the
Hankyu Kyoto Line
Total units: 60
Occupancy: Slated to start mid-April

 Midoribashi Ekimae Project [Higashinari-ku, Osaka-shi] Le JADE Shitennoji Yuhigaoka[Tennoji-ku, Osaka-shi]
Access: 1-minute walk from Shitennoji-mae
Yuhigaoka Station on the Osaka
Metro Tanimachi Line
Total units: 52
Occupancy: Slated to start late May Fushimi-ku Higocho Project [Fushimi-ku, Kyoto-shi]
 Minosembahigashi Project [Higashinari-ku, Osaka-shi]

Hokkaido area Le JADE Hokkaido Ballpark [Hokkaido]
Location:
Kitahiroshima-shi, Hokkaido
Access:5-minute drive/22-minute walk from
Kitahiroshima Station on the JR Chitose Line
Units:
118
Occupancy: Slated to start late March

Project inside
Hokkaido Ballpark
F. Village

Artist’s conception of completed
warm living space

Kanto (Tokyo Metro) area
 Park Le JADE Shirokane Residence [Minato-ku, Tokyo]
Access: 6-minute walk from Shirokanedai Station on the Tokyo Metro Nanboku Line/Toei Mita Line
11-minute walk from Shirokanedai-Takanawa Station on the Tokyo Metro Nanboku Line/Toei Mita Line
Total units: 55
Sold out
Occupancy: Slated to start late March
Artist’s conception of completed open air rooftop

 Le JADE Sapporo Motomachi[Hokkaido]
Access: 4-minute walk from Motomachi
Station on Sapporo Subway TohoLine
Total units: 39
Occupancy: Slated to start late June 2023
Artist’s conception of the completed exterior Sapporo-shi Higashi-ku
Kita-5-Higashi-9 Project

Artist’s conception of the view

Kyushu area Le JADE Matsudo Station Front [Matsudo-shi, Chiba]
Access: 2-minute walk from Matsudo Station on the JR
Joban Line
Total units: 44
Occupancy: Slated to start late November Kawagoe Nakamachi Project [Kawagoe-shi, Saitama]
 Karuizawa Project [Kitasaku-gun, Nagano] Sagamihara-shi Midori-ku Hashimoto (I, II, III) Project[Sagamihara-shi, Kanagawa] Le JIAS Ohashi [Fukuoka]
Access: 10-minute walk from
Nishitetsu Ohashi Station
Total units: 140
Occupancy: Slated to start October Nishi-Kanda Project [Chiyoda-ku, Tokyo]
 Hayamamachi Project [Miura-gun, Kanagawa] Kamakura-shi Zaimokuza Project[Kamakura-shi, Kanagawa] Chigasaki-shi Higashi-kaigan Minami Project[Chigasaki-shi, Kanagawa]Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

Chubu area Nagoya-shi Naka-ku Masaki Project [Aichi]

6

Commercial Development Projects: Developing the tonarie brand➢ Development and operation of neighborhood shopping centers
tonarie commercial facility brand (operated by Group company ES-CON Properties)
Brand Concept: Close to the community in order to develop together with the community.
Always a good neighbor.
➢ tonarie Yamato-Takada Project (combination commercial-residential project in station area)
Oak Town Yamato Takada

We acquired a general merchandise store(GMS) from the high growth period that wasover 40 years old from a major textile
manufacturer in 2015.

Yamato-Takada
Stationtonarie Yamato-Takada

Le JADE Yamato-Takada
Ekimae➢ tonarie series(nine facilities in total)
Opened inNovember 2021
after remodeling

We transformed this into a facility sized to meet community needs and rooted in experience-based
lifestyles, with 68 tenants opening on November 23, 2018. The center won a 2019 Good Design Award.

Shifting toward large-scale development projects, including the development of the Le
JADE Yamato-Takada Ekimae condominium and attracting large specialty retailers, etc.
tonarie Minami-senri Annex (Suita-shi, Osaka)

tonarie Toga Mikita (Sakai-shi, Osaka)

tonarie Fujimino (Fujimino-shi, Saitama)

tonarie Utsunomiya (Utsunomiya-shi, Tochigi)

tonarie Seiwadai (Kawanishi-shi, Hyogo)

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

tonarie Tsukuba Square*(Tsukuba-shi, Ibaraki)*tonarie CREO/Q’t/MOG

tonarie Minami-senri (Suita-shi, Osaka)

tonarie Yamato-Takada (Yamato-Takada-shi, Nara)

tonarie Yokkaichi (Yokkaichi-shi, Mie)7

Logistics Development Business➢ We are developing the LOGITRES brand of logistics facilities.
➢ We acquired four sites for logistics facilities in 2021 and are working to grow this business.

⑤ LOGITRES Sano (tentative name)① LOGITRES Tojo
Location:

9-1, 9-2 Minamiyama 6-chome,
Kato-shi, Hyogo

Access:Adjacent to Hyogo Tojo Interchange on
Chugoku Expressway④①

Location:

1989-7 Mushirouchi, Koga-shi, Fukuoka

Access:Approx. 3.0 km from Koga Interchange on
Kyushu Expressway

Access:Slatedcompletion date:

238-1 Tajimacho, Sano-shi, Tochigi

Access:Approx. 5.0 km from Sano-Fujioka
Interchange on Tohoku Expressway
Mid-March 2023⑤

② Koga-shi Gemboen Project

Location:

Location:

Slatedcompletion date:Completed: 2018

④ Gifu Hashima-shi Logistics Facility
Development Project (tentative name)

Aquiredin 2021③⑥②③ LOGITRES Chiba(tentative name)
Aquiredin 2021

Hirakata, Fukujucho, Hashima-shi, Gifu
(inside Hashima-shi Hirakata Land Readjustment
Project II)
17-minute walk from Gifu Hashima Station on the
JR Tokaido Shinkansen⑥ LOGITRES Narashino Shibazono(tentative name)Location:

1-20, 1-67, 1-70 Shibazono, Narashino-shi,
Chiba

Access:Approx. 3.5 km from Makuhari Interchange
on Keiyo Expressway
Approx. 4.4 km from Wangan Narashino
Interchange on Higashi-Kanto Expressway

March 2023
Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

Aquiredin 2021

Slatedcompletion date:July 2024

Aquiredin 2021

Location:

Unit 21, Nishimikado, Sakura-shi,
Chiba

Access:Approx. 6 km from Sakura
Interchange on Higashi-Kanto
Expressway

Slatedcompletion date:

Late April 2022

8

Large-scale Urban Development Business➢ We are focusing on large-scale urban development utilizing our diverse development capabilities.
20th Asian Games Aichi-Nagoya 2026 Athletes’ Village
site post-Games project

Fukuoka Kasuga Project(Kasuga-shi, Fukuoka)

Suita-shi Fujishirodai 5-chome Project(Nagoya-shi, Aichi)
Hokkaido Kitahiroshima Station “West Exit
Revitalization Project”

Suita-shi
Fujishirodai
5-chome Project(Suita-shi, Osaka)

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved(Kitahiroshima-shi, Hokkaido)

9

Land Readjustment Business➢ We are developing logistics facilities through our land readjustment business in Koga, Fukuoka Prefecture.

Koga Genboen Land Readjustment Project(Koga-shi, Fukuoka)

Koga Interchange

We are also currently at work onother 5-10-year land readjustment
projects to develop logistics,
commercial, and other sites.
Koga Genboen

Koga Service Area

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

10Progress of Capital and Business Partnership with Chubu Electric Power Co., Ltd.
➢ The capital and business partnership we concluded with Chubu Electric Group in August 2018 has steadily generated numerous synergies.
Having become a consolidated subsidiary of Chubu Electric Power in April 2021, we will strive to demonstrate additional synergies moving
forward.
New capital and business
Five joint projects are already underway with ChudenReal Estate.
partnershipagreement (concluded
Promoting joint
Four projects in the Chubu area: Shirakabe, ShirakabeII,
February24, 2021)
projects
Nishi-Ichinomiya, Kakegawa
One project in the Kinki area: Fujishirodai, Suita-shi① Enhancing joint efforts related to energy

Mutuallycomplementarybusiness areas

Nagoya Office opened in March 2019.
Business developed in both regions (Chubu and Kansai)

supply and facility construction② Joint research and joint implementation inbusinesses related to next-generation smart
houses, connected homes, and so forth

Making effective useof real estate ownedby the Chubu ElectricPower Group

Joint project begun with Chuden Real Estate on real estate
owned by Chuden Real Estate in Ichinomiya-shi, Aichi

Joint research andimplementation of nextgeneration smart houses,
connected homes, etc.

Development of a next generation multipurpose facility began
in Fujishirodai, Suita-shi, Osaka (the former site of the
National Cerebral and Cardiovascular Center). This is a joint
project with Chuden Real Estate.

Prospective buyers
for our real estatedevelopment projects

Sale of properties owned by the Company to Chuden Real
Estate through warehousing method (In September 2019,support agreements were concluded with three companies:
Chuden Real Estate, EAM, and EJR.)

Exchange ofhuman
resources

Some Company employees were seconded to Chuden Real Estatefrom April 2019. Other human resource exchanges include thesecondment of Chuden Real Estate employees to the Company
and the appointment of one person from Chubu Electric as director
in March 2019.

Respect forautonomy

Continued business development utilizing the Company’s
characteristic speed③ Further enhancing the partnership with

Chuden Real Estate, a member of the
Chubu Electric Power Group

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved④ Enhancing partnerships related to theeffective utilization and development of
unused or underused land belonging to the
Chubu Electric Power Group⑤ Joint initiatives in businesses that constituteto society, including urban development

Start of partnerships with Chubu Electric① Establishment of TSUNAGU Community
Farm G.K.
② Chosen as candidate contractor to operate
the site of the 20th Asian Games AichiNagoya 2026 Athletes’ Village after the
Games

11

Business Development in the Chubu Area (within the jurisdiction of Chubu Electric Power)➢ Four joint projects are underway in the Chubu area with Chuden Real Estate.
➢ Since becoming a consolidated subsidiary of Chubu Electric, we have launched projects in various new domains, including theconstruction and operation of a plant factory (Fukuoroi-shi, Shizuoka) and large-scale
5 OST Residence Karuizawa
urban developments (Minato-ku, Nagoya).

6

Le JADE Gifu Kogane Koen

7

Le JADE Gifu

オストレジデンス軽井沢

310Grand Clare Ichinomiya

Establishment of TSUNAGU
Community Farm G.K., a new company

NaganoJoint project with Chuden
Real Estate

Construction and operation ofplant factory

Gifu*Artist’s conception of the completed plant factory

Shizuoka

Aichi
9Naka-ku, Nagoya-shi

4

Condominium
project

tonarie Yokkaichi

Le JADE Kakegawa Ekimae
Joint project with Chuden
Real Estate

Nagoya OfficeMie
8*The artist’s conception is for illustrative purposes only and is subject tochange.

Commercial
facility

1Grand Le JADE Shirakabe Getsuronotei Joint projects

2

Grand Le JADE Shirakabe Rinzennotei

with Chuden
Real Estate

Large-scale urban
development

11

20th Asian Games Aichi-Nagoya 2026
Athletes’ Village site post-Games project

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

12*1) Amounts are truncated and fractions rounded off.
*2) Utilization rates and years remaining on lease asof January 26, 2022
*3) Appraisals are the most recently acquired.

EJR Portfolio
Number ofproperties

Total acquisition
price

38 properties

Utilization rate

Appraised NOI
yield

Amortized appraised
NOI yield

Years remaining
on lease

99.7%

5.1%

4.6%

10.5 years

69.6 billion yen 74.9 billion yen

Hokkaido 

Kanto Yamada Denki Tech Land
Sapporo Shiraishi

Asumigaoka Brand New Mall

tonarie Yamato-Takada(50% equity)

Total appraised
value

Tsutaya Sakai Minami(leasehold)

ENEOS Ikawadani Service Station(leasehold)31.1 billion yen

Leasehold ratio

44.8%

K’s Denki Oyumino (leasehold) Nishishirai Ekimae Plaza

Nitori Tsuchiura (leasehold) Nitori Imaichi (leasehold)

Kusuri no Aoki Ikaruga (leasehold)tonarie Toga Mikita

Geo Hikone Takamiye (leasehold)

Kyushu 

Commercial leasehold included

tonarie Minami-senri

Drug Yutaka Muko Kamiueno(leasehold)

LAMU Kitatsumori (leasehold)Chubu Kinki PareMarche Nishiharu

Trial Omi Yawata (leasehold)tonarie Seiwadai

Sanyo Marunaka Mitani (leasehold) Life Daisen (leasehold)Max Valu Kikyogaoka
Higashi (leasehold)Welcia Amagasaki Muko Motomachi Cocokarafine Neyagawakoen(leasehold)(leasehold)

Chugoku 

K’s Denki Nishikobe (leasehold)

K’s Denki Kurashiki (leasehold)Targeting further growth
Fuji Grand Natalie

Suroy Mall Nagamine

Fukuoka Kasuga Project (leasehold)◼ Trends in asset size ◼
41.6 billion yen

51.9 billion yen

25 properties
At time of IPO(February 2019)28 properties
After first PO(February 2020)

Copyright ©2022 ES-CONJAPAN Ltd., All Rights Reserved

69.6 billion yen

38 properties
After second PO(August 2021)

100
billion yen

Medium-termtarget13