Takara Leben Co., Ltd.
FY2020 Financial Results Briefing:Results for the Year Ended
March 31, 2020

May 26, 2020

Security code

8897

© Takara Leben group

Contents

Summary of Business Results
for the Year Ended March 2020

P.２

Status by Segment

P.12

Shareholder Return

P.20

Business and Dividend Outlook
for the Year Ended March 2021

P.22

Appendix

P.25© Takara Leben group.

1

目次

Summary of Business Results
for the Year Ended March 2020
Status by Segment

Shareholder Return
Business and Dividend Outlook
for the Year Ended March 2021
Appendix© Takara Leben group.

2

Highlights

 In the year ended March 2020, the company recorded net sales of 168,493 million yen (up27.6% year on year), operating income of 11,901 million yen (up 18.5% YoY), ordinary incomeof 11,201 million yen (up 24.1% YoY) and net income attributable to owners of parent of 5,361
million yen (down 16.6% YoY). Net sales reached a record high.
 Achievement rate of net sales against business outlook was 105.3%, which achieved the forecast.
By recording a valuation loss of 1,008 million yen on inventories of hotel projects, achievement
rate of operating income was 91.5%, achievement rate of ordinary income was 94.9%. By

recording a extraordinary loss (impairment loss) of 2,071 million yen, achievement rate of net
income attributable to owners of parent was 67.0%.
 In new built-for-sale condominium business, the company delivered 1,955 units (299 units
increase compared with the previous year, including JV), and recorded net sales of 77,171 million
yen (up 34.9% YoY). Both the number of units sold and net sales reached record highs.

© Takara Leben group.

3

Consolidated Income Statement Net sales exceeded the forecast and set a new record high Excluding special factors (a valuation loss of 1,008 million yen and impairment loss of 2,071 million
yen of hotel assets), mostly achieved the forecast
FY2019/3
ActualFY2020/3
Actual132,005

168,49327.6％

160,000

105.3％

Real estate sales business

104,823

129,649

23.7％

120,720

107.4％

Real estate rental business

5,829

5,965

2.3％

6,000

99.4％

Real estate management business

4,512

5,046

11.9％

5,200

97.1％

Facilities sale

6,100

15,983162.0％

17,00094.0％

Electricity sale

4,694

4,999

6.5％

4,100

121.9％

6,045

6,850

13.3％

6,980

98.1％

Cost of sales

105,119

137,977

31.3％

128,500

107.4％

Gross profit

26,88630,51613.5％

31,50096.9％

Selling, general andadministrative expenses

16,83918,614

10.5％

18,500100.6％

Operating income

10,046

11,901

18.5％

13,00091.5％

Ordinary income

9,027

11,20124.1％

11,80094.9％

Net income attributableto owners of parent

6,426

5,361

△16.6％

8,000

67.0％

（Million yen）

Net sales

Electric power
generation business
Other businesses© Takara Leben group.

YoYchangeFY2020/3
Forecast

Achievementrate

4Net Sales and Gross Profit by Segment①（Million yen）

FY2019/3
ActualFY2020/3
ActualYoYchangeFY2020/3
Forecast

Achievement
rate

Net sales

104,823

129,649

23.7％

120,720

107.4％

Gross profit

21,06022,6197.4％

23,52096.2％

New built-for-salecondominium

Net sales

57,203

77,171

34.9％

75,000102.9％

Gross profit

11,977

15,65030.7％

15,500101.0％New detachedhouse

Net sales

8,817

7,808

△11.4％

10,00078.1％

Gross profit

701

720

2.8％

1,000

72.1％

Net sales

3,305

3,431

3.8％

2,720

126.2％

Gross profit

537

421

△21.6％

320

131.7％Net sales

33,50237,85413.0％

30,000126.2％

Gross profit

7,235

4,828

△33.3％

6,300

76.6％

Net sales

1,993

3,382

69.7％

3,000

112.8％

Gross profit

608

997

64.0％

400

249.4％

Real estate
sales business

Renewal resale
Liquidation
Others© Takara Leben group.

5

Net Sales and Gross Profit by Segment②（Million yen）

FY2019/3
ActualFY2020/3
ActualYoYchangeFY2020/3
Forecast

Achievement
rate

Real estate rental
business

Net sales

5,829

5,965

2.3％

6,000

99.4％

Gross profit

1,207

1,589

31.7％

1,500

106.0％

Real estate
managementbusiness

Net sales

4,512

5,046

11.9％

5,200

97.1％

Gross profit

633

576

△9.0％

750

76.9％

Electric power
generation business(Facilities sale)

Net sales

6,100

15,983162.0％

17,00094.0％

Gross profit

1,414

3,020

113.6％

2,700

111.9％

Electric power
generation business(Electricity sale)

Net sales

4,694

4,999

6.5％

4,100

121.9％

8116

1,287.3％

200

58.4％

Net sales

6,045

6,850

13.3％

6,980

98.1％

Gross profit

2,561

2,593

1.2％

2,830

91.6％

Net sales

132,005

168,49327.6％

160,000

105.3％

Gross profit

26,88630,51613.5％

31,50096.9％

Other businesses
Total

Gross profit© Takara Leben group.

6

Selling, General and Administrative Expenses
 Selling, general and administrative expenses increased 1,774 million yen YoY
 Almost as the forecast (forecast:18,500 million yen)

（Million yen）

FY2019/3

FY2020/3

YoYchangeSelling, general andadministrative expenses

16,83918,614

Public relations fee

758

1,210

452 ※ 1

6,659

6,799

139

5,849

6,276

426 ※ 2809

522

Personnel expenses

5,288

5,901

613 ※ 3

Others

4,133

4,703

569

Sales expenses
Advertising expenses（Property sales）
Sales commission（Liquidation）

1,774

△287

※ 1 By branding activities for the 50th anniversary※ 2 By expanding supply areas and increasing the number of units sold
※ 3 By increasing in personnel and revision of personnel system implemented in July of the previous fiscal year

© Takara Leben group.

7

Consolidated Balance Sheet Increase in real estate for sale
 Issuance of bonds payable (3-year, 5-year)
As of the endof March 2019

As of the endof March 2020

184,893

195,448

5.7％

98,512

115,314

17.1％

Cash and deposits

21,16535,311

66.8％

Inventories

68,681

69,964

1.9％

Real estate for sale ※ 1

18,821

23,861

Real estate for sale in progress

49,86046,102

26.8％ ※ 1 Purchase of
one building resale△7.5％

86,28679,874△7.4％

137,158

144,309

5.2％

58,53965,616

12.1％

Notes and accounts payable-trade

7,790

11,85852.2％

Short-term and current portion of
long-term borrowings

37,57539,268

4.5％

－

296

－

78,61978,6920.1％

73,88269,656

△5.7％

200

4,804

47,734

51,139

Capital stock

4,819

4,819

Total liabilities and net assets

184,893

195,448（Million yen）

AssetsCurrent assets

Fixed assets
Liabilities
Current liabilities

Current portion of bonds
Fixed liabilities
Long-term borrowings

Bonds payable ※ 2
Net assets© Takara Leben group.

YoYchange2,302.0％ ※ 2 Diversification of financing
methods by issuing privately
7.1％
issued bonds
－
5.7％
8

Consolidated Balance Sheet (Details)
Real estate for sale

Borrowings and bonds

0%
Total assets (195,448 M) (As of the end of March 2020)

20%32%
新築分譲ＭＳ
戸建・・・11%37%
Real estate for salein progress

0%

1%

6%

3%

Current assets

115,314 Liabilities

144,309

Cash and deposits

35,311

Short-term borrowings, etc.

39,268Inventories

69,964Current portion of bonds

New built-for-sale condominium

46,073Long-term borrowings

69,656

New detached house

3,874

Bonds payable

4,804

Renewal resale

8,900

Liquidation

10,431Others684

Fixed assets

79,874296

New built-for-salecondominium

New detachedhouse

Renewal resale

Liquidation

Power generation
facility
Not Linked to
The Above Assets

Others

0% 9%
17%

32%

2%

34%
6%

90%

販売用不動産・・・

Property, plant and equipment

67,220Intangible assets

1,790

Investments and other assets

10,863 Net assets

51,139New built-for-salecondominium
Renewal resale

New detachedhouse
Liquidation

Shareholders' equity

Subscription rights to shares

241

Power generation facility

OthersNon-controlling interests

263

Property, plant andequipment

50,759Liquidation
Residence

OfficeHotel

Retail（Million yen）

12%

3%

29%
25%

28%
69%

34%

© Takara Leben group.

9Details of Assets, Borrowings and Bonds by Segment

Real estate
for sale

Real estate
for sale inprogress

Property,plant andequipment

Assets total

Borrowings
and bonds

23,861

46,102

67,220137,185

114,025

New built-for-salecondominium

4,673

41,399－46,07336,657

New detached house

2,740

1,133

－

3,874

2,237

Renewal resale

8,871

28

－

8,900

6,857

Liquidation

7,538

2,893

46,674

57,10638,131

Power generation
facility－－

18,63018,63018,995

Others

37

647

1,914

2,599

418

Borrowings and bonds
not linked to the above assets

－

－

－

－

（Million yen）

Total

10,727 ※※ Including bonds payableof 5,100 million yen© Takara Leben group.

10Management Index
 To support profitable and sustainable growth, promote management with an eye on capital costs
 To improve profitability and capital efficiency, target ROE of 15% or higher in the mid-term management plan

Mid-Term Management Plan
Year Ending March 2019 to Year Ending March 2021
Equity ratio（％）

30％（Fiscal year ended March 2021）

LTV（％）

less than 60％（Every fiscal year ended March）

D／E ratio（Times）
ROE（％）

less than 3 times（Every fiscal year ended March）

15％（Every fiscal year）
Mid-Term
Management Plan

FY2016/3

FY2017/3

FY2018/3

FY2019/3

FY2020/3

Equity ratio（％）

25.8

26.2

24.1

25.6

25.9

LTV（％）

54.3

57.1

60.1

60.5

58.3

D／E ratio（Times）

2.1

2.2

2.5

2.3

2.2

ROE（％）

13.3

17.4

18.6

14.3

10.9
※

© Takara Leben group.

※

Excluding special factors: 17.2％

11

目次

Summary of Business Results
for the Year Ended March 2020
Status by Segment

Shareholder Return
Business and Dividend Outlook
for the Year Ended March 2021
Appendix© Takara Leben group.

12

Net Sales by Segment

Real estate sales business

Real estate rental business

129,649M 76.9％

5,965M 3.5％

New built-for-salecondominium

Real estate managementbusiness

77,171M 45.8％
New detached house

5,046M 3.0％
Consolidated net sales

Electric power
generation business

168,493 million yen（FY2020/3）

7,808M 4.6％
Renewal resale

3,431M 2.0％

20,982M 12.5％

Liquidation

37,854M 22.5％
Other businesses

Others6,850M 4.1％

3,382M 2.0％

© Takara Leben group.

13

Real Estate Sales Business : New Built-for-Sale Condominium
 By achieving the forecast number of units sold, both net sales and gross profit achieved the forecast Increase in local ratio（Million yen）

FY2019/3
ActualFY2020/3
ActualYoYchangeFY2020/3
Forecast

Achievement
rate

Net sales

57,203

77,171

34.9％

75,000102.9％

Gross profit

11,977

15,65030.7％

15,500101.0％

Gross profit
margin20.9％（21.1％）

20.3％（20.2％）△0.6P（△0.9P）

20.7％

98.1％
（97.6％）

Units sold

1,656units

1,955units

299units

1,950units

100.3%LEBEN NAGOYA MATSUSHIGECHOGRAND AUBE
（Nagoya-city, Aichi 165units）※( ):Except the impact of lower of costor market value method

Metropolitan area ratio
Metropolitan area

4%

8%

3%

57.8％

4%
42.7％

7%

Capital area

LEBEN SENDAI THE BRIGHTAS（Sendai-city, Miyagi 182units）

Chubu
Kinki

17%

Hokkaido

FY2019/3

FY2020/3

24%

35%

TohokuKanto-Koshinetsu
Hokuriku

8%
55%

5%
3%

7%

13%

7%

Chugoku
Shikoku
Kyushu※Metropolitan area：Capital area, Chubu and Kinki© Takara Leben group.

LEBEN ODORI KOEN THE CENTRAL（Sapporo-city, Hokkaido 98units）

14

Real Estate Sales Business : New Detached House／Renewal Resale
New detached house（Million yen）

 154units sold, improved gross profit margin

FY2019/3
ActualFY2020/3
ActualYoYchangeFY2020/3
Forecast

Achievement
rate

Net sales

8,817

7,808

△11.4％

10,00078.1％

Gross profit

701

720

2.8％

1,000

72.1％

Gross profit
marginUnits sold

Renewal resale※From sale（Million yen）

LEBEN PLATZ KASHIWA TOYOSHIKIⅠ・Ⅱ

8.0％

9.2％

1.2P

10.0％

92.0％

131units

154units

23units

200units

77.0％

 Steadily increasing the number of owned units
FY2019/3
ActualFY2020/3
ActualYoYchangeFY2020/3
Forecast

Achievement
rate

Net sales

3,305

3,431

3.8％

2,720

126.2％

Gross profit

537

421

△21.6％

320

131.7％

Gross profit
margin

16.3％

12.3％

△4.0P

11.8％

104.2％

Purchased
units

257units

271units

14units

240units

112.9％

Owned unitsof end of FY

229units

386units

157units

389units

99.2％

LEBEN PLATZ MUSASHIKOGANEIGRAN LIBERTELEBEN PLATZ SENGAWA
HILL TOP BREESE© Takara Leben group.

15

Real Estate Sales Business : Liquidation
 Sold 5 properties to Takara Leben Real Estate Investment Corporation (10,755M)
 Utilization of private fund and bridge fund（Million yen）

FY2019/3
ActualFY2020/3
ActualYoYchangeFY2020/3
Forecast

Achievement
rate

34,14730,200△11.6％

30,000100.7％

Sales
amount33,50237,85413.0％

30,000126.2％

Gross profit

7,235

4,828

△33.3％

6,300

76.6％

21.6％

12.8％
（15.4％）△8.8P（△6.2P）

21.0％

61.0％
（73.3％）

Investment achievements
30,200M

Investment achievementsby segment

9%

0%

オフィス
Office
ホテル
Hotel
Retail
商業店舗

B

A

L.Biz SUIDOBASHI

Takara Leben Real Estate
Investment Corporation

B

FUNABASHI PRIME SQUARE

Total

7%

10,755M

Total 7,768M
46%

Major sales achievements▼

Sales achievements

Private fund, bridge fundResidence
レジデンス

A※( ):Except the impact of lower of costor market value method

Investment
amountGross profit
marginTotal

Major investment achievements▼

45%

Sales achievementsby segment
レジデンス
Residence

27%
58%

オフィス
OfficeOthers
Total

ホテル
Hotel

19,331M© Takara Leben group.

商業店舗
Retail8%16

Real Estate Rental Business／Real Estate Management Business
Real estate rental business Accumulation of rental income（Million yen）

FY2019/3
ActualFY2020/3
ActualYoYchangeFY2020/3
Forecast

Achievement
rate

Net sales

5,829

5,965

2.3％

6,000

99.4％

Gross profit
margin

20.7％

26.7％

6.0P

25.0％

106.8％

Real estate management business Increase 5,711 managed units compared with the previous FY (the company:1,784units non-group:3,927units) Management service contract continuation rate 99.8％ (Comprehensive management, As of the end of March 2020 actual)（Million yen）

FY2019/3
ActualFY2020/3
ActualYoYchangeFY2020/3
Forecast

Achievement
rate

Net sales

4,512

5,046

11.9％

5,200

97.1％

Gross profit
margin

14.0％

11.4％

△2.6P

14.4％

79.2％

Number ofmanaged units

54,036units

59,747units

5,711units

58,800units

101.6％

Percentage of
non-group
units managed

47.4％

49.5％

2.1P

48.5％

102.1％© Takara Leben group.

17Electric Power Generation Business Sold 7 power generation facilities to Takara Leben Infrastructure Fund (13,858M)
 Purchase of 10 power generation facilities with FIT price 27 yen or more (57MW including under development)※The number of facilities
is calculated for each license

Facilities saleElectricity sale

FY2019/3
Actual（Million yen）

FY2020/3
ActualAchievement
rate

6,100

15,983162.0％

17,00094.0％

Gross profit

1,414

3,020

113.6％

2,700

111.9％

Gross profit margin

23.2％

18.9％

△4.3P

15.9％

118.9％Net sales

4,694

4,999

6.5％

4,100

121.9％

8116

1,287.3％

200

58.4％

0.2％

2.3％

2.1P

4.9％

46.9％

2MW

57MW

55MW

50MW

114.0%

119MW

125MW

6MW

150MW

83.3％

Gross profit margin
Purchased generation capacity(including under development)
Operating generation capacity (cumulative)
Operating generation capacity (cumulative)
FIT price

FY2020/3
Forecast

Net sales

Gross profit（MW） 140

YoYchange

27yen
27円

32yen
32円

Major sales achievements

36yen
36円

40yen
40円

120

▼125MW

100
80
60

40

LS Chiba Sammu
power generation facility

2002016.32017.32018.32019.32020.3Generation capacity：5.06 MW
FIT price：36yen© Takara Leben group.

LS Nagasaki Isahaya
power generation facility
Generation capacity：2.02 MW
FIT price：27yen
18

Other Businesses Accumulation of revenue from repair work and construction work

（Million yen）

Net salesA

FY2019/3
ActualFY2020/3
ActualYoYchangeFY2020/3
Forecast

Achievement
rate

6,045

6,850

13.3％

6,980

98.1％

Sale andbrokerage fees

725

760

4.8％

1,100

69.1％

Managementcompensation

1,037

994

△4.1％

800

124.3％

Revenue from
repair work

1,546

1,429

△7.6％

1,600

89.3％

Revenue fromconstruction work

1,597

2,652

66.0％

2,100

126.3％

Others

1,138

1,012

△11.1％

1,380

73.4％

B

C

D

LEBEN TOYAMA SOGAWA
A MID ARCH
B

LEBEN NAGAOKAMINAMIMACHI LEXISC LEBEN TSURUSE Grandrex

D NEBEL ITABASHI

B

D© Takara Leben group.

19

目次

Summary of Business Results
for the Year Ended March 2020
Status by Segment

Shareholder Return
Business and Dividend Outlook
for the Year Ended March 2021
Appendix© Takara Leben group.

20

Shareholder Return
Changes in dividends

 Actual results did not reach the forecast due to special factors such as impairment loss,
however plans to pay dividends as initially forecast

Payout ratio

25～30％

19（Yen） 20

15

16

16

15

13
11

11

5

5

5

6

FY2017/3
2017年3月期

FY2018/3
2018年3月期

FY2019/3
2019年3月期

FY2020/3
2020年3月期（Actual）（Actual）（Actual）（Forecast）

Payout ratio（％）

26.7

23.5

27.0

38.4

Net income
per share（yen）

56.14

68.12

59.33

49.45

Year-end
期末配当金
dividend
Interim
中間配当金
dividend

10

10
5

0

© Takara Leben group.

21

目次

Summary of Business Results
for the Year Ended March 2020
Status by Segment

Shareholder Return
Business and Dividend Outlook
for the Year Ended March 2021
Appendix© Takara Leben group.

22

Business and Dividend Outlook for the Year Ended March 2021／Basic Policy
Business and dividend outlook The impact of the spread of novel coronavirus disease (COVID-19) on economic and social activities may become
more serious in the future. It is expected that there will be growing concern not only in Japan but also in the
global economic slowdown.
 Business outlook for the year ended March 2021 is to be determined, as it is difficult to reasonably calculate theimpact of the spread of novel coronavirus disease (COVID-19) on business activities and business results.
 The information will be disclosed once it is possible to make rational calculations in future.
 Dividend outlook for the year ended March 2021 is to be determined. However payout ratio of 25% to 30% set in
the mid-term management plan will be maintained.

Basic policy
 The Takara Leben Group will achieve its corporate philosophy of “THINK HAPPINESS AND MAKE THE HAPPINESS”
while working to earn the trust of various stakeholders and society. And we strive for continuous growth.
 We formulate the basic policy to respond to changes in the environment under the issuance of an emergency
declaration.
１

We comply with the request of the prefectural governor, and conduct corporate activities with thehighest priority on the safety of customers, business partners and employees after thoroughinfection prevention measures.

２

We continue to build a strong and secure financial base.

３

We grasp various external environments appropriately and quickly, and implement various measures flexibly.
Think happiness and make the happiness. This is what we, the Takara Leben Group, do.
© Takara Leben group.

23

Business Policy：Real Estate Sales Business／Electric Power Generation Business
Real estate sales businessContracted units

As of the end of March 2020

New built-for-sale condominium
Assumed risks

Policy Continue to supply for actual demand
 Disperse risk by expanding areas
 Focus on developing and introducing various sales methods suchas non-face-to-face sales using VR system

Policy Build an optimal portfolio
 Carefully monitor market trends and determine an appropriate time to sell
 Prioritize securing the expected profit, and if it does not reach the expected
profit, own the lease for the time being
 Continue to proactively invest in new excellent projects

 Restricting sales activities inmodel rooms in each area
Liquidation
Assumed risks

 Review of development and sale ofprofit-generating real estate,deviation from plan
Electric power generation business【Generation capacity】
Sold
売却済み

114

1,062units（including JV）

 Since this business is less susceptible to market trends, continue tosell power generation facilities Purchase new power generation facilities as usual
1%
Under
開発中
development

Not
sold
未売却

11

81

Not
enough
不足分

206

Generation capacityMW(including under development)

6%
14%

2%
（MW）

44

40yen
40円
36yen
36円
32yen
32円

Composition ratioof FIT price
FIT価格構成比of secured 206 MW

27yen
27円

Secured 206MW
Mid-term management plan target 250MW

24yen
24円

77%

FY2021/3© Takara Leben group.

24

目次

Summary of Business Results
for the Year Ended March 2020
Status by Segment

Shareholder Return
Business and Dividend Outlook
for the Year Ended March 2021
Appendix© Takara Leben group.

25

The Takara Leben Group’s Corporate Philosophy and Vision
Takara Leben Co., Ltd.
Leben Community Co., Ltd.

Takara Leben Tohoku Co., Ltd.
Nikko Takara Corporation Co., Ltd.

Takara Leben West Japan Co., Ltd.

Leben Zestock Co., Ltd.

Takara Leben Realnet Co., Ltd.
Leben Trust Co., Ltd.

Takara Asset Management Co., Ltd.

Takara PAG Real Estate Advisory Ltd.

Sunwood Corporation

Corporate philosophy

Corporate vision

THINK HAPPINESS AND MAKE THE HAPPINESSCreating Together

We are most committed to giving thought to the happiness ofpeople and lifestyles, and to realize housing which gives shapeto each and every dream.

With a Rich Heart
Creating together new value for themarket by cherishing our customers
with a rich heart.

We think on the happiness of communities and society, andcontribute to the development of towns where all people can liveat ease.

With Sincerity
Creating together, safety and peace forpeople and society
with sincerity toward partners.

We are most positive in a happy future, and propose theeco-friendly creation of a sustainable environment.

Think happiness and make the happiness.
This is what we, the Takara Leben Group, do.

With Power to Act
Creating together perpetual growth into
the future,with power to act demonstrated by eachand every employee.

© Takara Leben group.

26

Promotion of ESG Initiatives◆Adopting ESG concerns as one of the basic policies of the mid-term management plan, and promoting solutions
to social issues through our business based on four important themes

E

S

G

Creating Lifestyles with Value

Forming Communities◆Start of secure warranty service “10 for All” and,
individual disaster preparedness kit “KIT⁺”◆Sponsored and participated in “Tour de Tohoku 2019”～Supporting reconstruction and development of the
Tohoku region～◆Won “Good Design Award” for 4 consecutive years
including public / public efforts / activities“LEBEN LABO ETHICAL ACTION” won 4 awards◆Implementation of corporate briefings for individual
investors◆Implementation of ”LEBEN CRAFT Premium Markets”

Providing Comfortable Spaces of High Quality

Developing Environments and Cultures◆Adopting our unique service quality management
system (SQMS®)◆Sponsored the "SOFT TOUCH" exhibition by Gentaro
Yokoyama◆LUIC Project◆Held award ceremony for essay contest “grapeAward 2019"◆New function installed in the "Takara no Microbubble
Tornado O2" standard equipment for condominiums
Results for the year ending March 31, 2020

◆Awarded “the 4-star” rating in the GRESB rating◆Botanical Garden Art Biotop “Water Garden”～Takara Leben and NIKISSIMO joint venture～

Mid-Term Management Plan

Corporate philosophy THINK HAPPINESS AND MAKE THE HAPPINESS© Takara Leben group.

27

Consolidated Balance Sheet (Changes)
As of the endof March 2018

As of the endof March 2019

As of the endof March 2020

57,352

59,234

57,106

Residence

20,014

20,822

16,386

2,740

Office15,406

11,295

19,438

4,993

8,871

Hotel

14,727

19,463

14,293

3,350

5,510

7,538

Retail

7,203

7,653

6,988

4,090

ー

ー

554

10

37

44,06849,86046,102

Borrowings and bonds

106,443

111,657

114,025

34,10344,37941,399New built-for-salecondominium

38,787

41,58836,657

6,844

2,560

1,133

New detached house

8,245

4,667

2,237

711

362

28

Renewal resale

2,481

3,055

6,857

1,277

1,587

2,893

Liquidation

38,25838,947

38,131ーーーPower generation
facility

17,297

18,54618,995

1,132

970

647

ー

ー

418

Property, plant andequipment

66,34075,224

67,220

1,372

4,851

10,727

Liquidation

52,724

52,137

46,674

Power generation
facility

11,067

20,853

18,630

2,549

2,233

1,914

As of the endof March 2018

As of the endof March 2019

As of the endof March 2020

24,37018,821

23,861

12,917

5,727

4,673

New detached house

1,441

2,579

Renewal resale

2,015

Liquidation
Power generation
facility（Million yen）
Real estate for sale

New built-for-salecondominium

OthersReal estate for sale inprogress
New built-for-salecondominium
New detached house

Renewal resale
Liquidation
Power generation
facility
OthersOthers（Million yen）
Liquidation

OthersBorrowings andbonds
not linked to theabove assets© Takara Leben group.

28

Land Bank ・ Supply Area
Supply area

Land bank Advanced to 33 prefectures

Total in Japan 6,747units1%

3% New purchase in Gifu and Hyogo prefectures

5%

4%
35%
13%

6%

19%

11%
3%

Metropolitan area ratio 52％

Capital首都圏area

Chubu
中部

Kinki
近畿

Hokkaido
北海道

Tohoku東北

関東甲信越
Kanto-Koshinetsu

Hokuriku
北陸中国
Chugoku

四国
Shikoku

Base

Kyushu九州

Supplied andpurchased area

※Metropolitan area：Capital area, Chubu and Kinki© Takara Leben group.

New purchase area29

Liquidation：Assets Size
Liquidation：Assets size
Existing and built-up property （Million yen）

Under development property （Million yen）

Book value as of the endof March 2020
5,171
10,541
Residence
レジデンス

7,680

Residence
レジデンス

20,637M

Hotel
ホテル

12,5491,957

12,522

Officeオフィス

36,469M

Book value after completion

Book value as of the endof March 2020
5,844
1,816

Officeオフィス

38,253M

Hotel
ホテル

6,612

Retail
商業店舗

Retail
商業店舗

6,364

13,074

11,223※Including securitized assets recorded in real estate held for sale

Asset amount after completion （Million yen）
2021年3月末

As of the endof March 2021

20,430

As of the endof March 2022

21,442

2022年3月末

After the end

2023年3月末以降
of March 2023

23,091

Residence
レジデンス

19,43821,041

Office
オフィス

Hotel
ホテル

14,796
14,79624,298

商業店舗
Retail7,129

61,795M

7,129
20,20364,409M
7,129

74,722M

Secured assets of 74,722 million yen including completed parts in the future© Takara Leben group.

30

Amount of Asset Management◆Operating infrastructure fund, REIT and private fundInfrastructure
インフラ
fund

As of the endof March 20172017年3月末

8.3B

Total

As of the endof March 2018
As of the endof March 2019
As of the endof March 20202020年3月末

Medium-term target

8.3 billion yen
Total

23B

2018年3月末
2019年3月末

Private
私募 fund

REIT
REIT

27.9B

23 billion yen

64.8B

42.5B

100B

5.2B
87B

Total

98 billion yen

19B

150B

Target of medium-term
operating amount

Total

148.6 billion yen

50B

Total 300 billion yen※Acquisition price basis© Takara Leben group.

31

Growth of Takara Leben Infrastructure Fund
 The third public offering after the listing in 2016
 Acquired first place in Asia and second place in the world (out of 20 funds) in 2019 GRESB infrastructure, which isthe first participation
 Acquired "A-" rating by Japan Credit Rating Agency (as of December 23, 2019)32solar power facilities
Total panel output 106.6MW
Total asset acquired 45.35billion yen
Numbers of asset

As of December 2, 2019

Total asset price and panel output
新規取得による増加分
Newly
acquired asset
保有資産assets
Owned

Total asset acquired
Total panel output

8.38B
17.8MW

8.88B
19.0MW
0.50

22.41B
50.0MW
13.52

8.38

8.38

8.88

上場時
IPO

第3期取得資産
The 3rd FP
acquisition
取得

第1回
1st
publicoffering
公募増資後

22.80B
50.8MW

24.91B
55.8MW

30.45B
69.5MW

1.04

2.11

5.53

22.41

22.80

24.91

増設部分
Panel
outputExtension
追加取得

第5期取得資産
The 5th FP
acquisition
取得

第2回
2nd
publicoffering
公募増資

0.38

31.49B
71.9MW

45.35B
106.6MW
13.85

30.45

31.49

第8期取得資産
The 8th FP
acquisition
取得

第3回
3rd
publicoffering
公募増資

Asset price based on combined total amount of PwC evaluation value of all properties except the one acquired on December 2, 2019, and acquisition price forthe property acquired on December 2, 2019
From Takara Leben Infrastructure Fund’s presentation material of 8th fiscal period（ended November 2019）© Takara Leben group.

32

Growth of Takara Leben Real Estate Investment Corporation
 The first public offering after the listing, and acquired 6 properties (3 of which are properties developed by Takara Leben) Increase in the number of properties developed by Takara Leben ２properties →７properties Participating in GRESB Assessment and other active efforts in ESG-related initiatives【Portfolio data】【Investment ratio of 4 sponsors】
60

30

5 5

Numberof assets

36properties

Acquisition
price

87,025M

Investment
Kyoritsu
Yamada
タカラレーベン PAGPAG
共立メンテナンス
ヤマダ電機
TakaraManagement
Maintenance
Denki
Leben

As of March 17, 2020

【Acquisition of property】

Tokyo metropolitan
東京経済圏
area
Nagoya名古屋経済圏
metropolitan
area
Osaka metropolitan
大阪経済圏
area
Fukuoka
福岡経済圏
metropolitan area

By location

Other
その他areaCore area

76％

20％

11％

14％

オフィス
OfficeResidence
住宅

By
asset type

Hotel
ホテル

56％

Retailand商業施設・その他
otherproperties

As of March 17, 2020

【ESG initiatives】
LUXENA HON-ATSUGI（Residence）

 Acquisition date March 17, 2020
 A property that conducted renovation after theacquisition by Takara Leben

Takara Leben Real Estate Investment Corporation (the“Investment Corporation”) announces that it has received a“Green Star” rating in the 2019 GRESB Real Estate Assessment.
The GRESB ‘Green Star’ is a rating for entities who achieved
high performance of the environment, society, and governance(ESG) both in “Management and Policy” and “Implementation &Measurement” dimensions of the Assessment.

From Takara Leben Real Estate Investment Corporation’s presentation material of 4th fiscal period (ending February 2020)© Takara Leben group.

33

Overseas Business「THE MINATO RESIDENCE」 Project
The first condominium development by Japanese consortium in Haiphong,Vietnam’s third largest city
Under the concept of "eternal value," we have developed a composite-typecondominium with commercial facilities in a new urban area "Water Front
City" located along the Lach Tray River◆Outline of project
Business: Condominium development【Image of appearance】

Location：Le Chan, Haiphong, Vietnam
Scale：Site area: 12,760㎡／26 floors above
ground.26/924 units【Logo】【FY2020/3 actual】
May 11, 2019 Held a project public ceremony
September 22, 2019 Model room open

【Model room】

December 27, 2019
Established Leben Community Vietnam Co., Ltd. to carry out condominium
management business◆Overview of local subsidiary
Company name：Leven Community Vietnam LLC.
Establishment：December 27, 2019
Business content：Condominium management, Real estate consulting, Real estateagency, Maintenance and facility management, Cleaning and Other businesses© Takara Leben group.

【State of public ceremony】

34

These materials were prepared based on data current as of March
31, 2020.
These materials, as well as answers, plans, projections and so on
provided during the subsequent Q&A session are based on Takara
Leben’s best judgment at the time the materials were prepared,
and do not constitute a guarantee or promise that anything
contained herein will be realized or achieved, nor do they provide

any guarantees or promises as to the accuracy or completeness of
the information contained herein. The contents of these materials
are subject to change without notice.

Contact for Inquiries

TEL+81-3-6551-2130

Takara Leben Co., Ltd.

FAX

+81-3-6551-2139

Office of the President

E-mailir.info@leben.co.jp