Presentation Material
for the First Two Quartersof FY2024(Ending December 31, 2024)
August 8, 2024

Contents2◼ Summaryp.3◼ ESG-related Initiatives

p.36◼ Consolidated Statement of Income
for the First Two Quarters of FY2024

p.4◼ Appendix

p.40◼ Consolidated Balance Sheetfor the First Two Quarters of FY2024

p.5◼ Balance of Real Estate for Sale

p.7

◼ Consolidated Statement of Cash Flows for theFirst Two Quarters of FY2024− Initiatives to Enhance Corporate Value

p.41− Long-Term Vision and Medium-Term Business
Plan

p.44

− Materiality of the Tokyo Tatemono Group

p.45

p.8

− Quantitative Plan in Medium-Term Business
Plan

p.46

◼ Assessment of the Market Environment andFuture Policies

p.9− Long-Term Vision, Medium-Term Business Plan
Material

p.47◼ Revision of Full-Year Earnings Forecast for
FY2024

p.10− Investment Plan for FY2024

p.51◼ Breakdown of Business Profit by Segment

p.11− Financial Standing

p.52◼ Shareholder Returns

p.12− Fair Value of Rental Properties

p.53◼ Changes in Business Profit and Profit

p.13− Quarterly Segment Data

p.54

◼ Changes in Major Indicators

p.14− Market Data

p.55

◼ Business Results by Segment

p.15− (1) Commercial Properties Businessp.16− (2) Residential Businessp.25− (3) Asset Service Businessp.30− (4) Other

p.32
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Summary

Business Results
for the First Two
Quarters of FY2024

Revision of
Full-Year Earnings
Forecast
for FY2024

Revision of
Dividend Forecast

3◼ Revenue and profits increased due to the increase in sales and gross profit of for-salecondominiums.

◼ In light of the strong performance in the Commercial Properties business and Residential
business segments, we have decided to review the properties targeted for sale and revise
our full-year earnings forecast.
◼ The revised full-year earnings forecast shows a decrease in operating revenue comparedto the initial forecast at the beginning of the fiscal year but an increase in each profit item.

◼ The forecast for dividend per share in the fiscal year ending December 31, 2024, has beenrevised upward by ¥1 from annual dividend forecast at beginning of period of ¥79 to ¥80.

◼ The dividend will be increased by ¥7 from the ¥73 of annual dividend implemented in theprevious fiscal year, and the payout ratio is scheduled to be 34.4%.
◼ Completion of the ONE DOJIMA PROJECT: Japan’s First Four Seasons Hotel andApartments Housed in the Same Ultra-High-Rise Tower (May)Topics◼ Completion of Hilton Kyoto, Opening Scheduled for September 12, 2024
Kyoto’s First Hilton Hotels & Resorts Property Opens in the City Center, Where History andModernity Intersect◼ The First Participation in Overseas Logistics Facility Development Projects:
Implementation of Two Projects in Strategic Locations
Established a subsidiary in Thailand: Tokyo Tatemono (Thailand) Ltd. (June)

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Consolidated Statement of Income
for the First Two Quarters of FY2024

4◼ Revenue and profits increased due to the increase in sales and gross profit of for-sale condominiums.

Forecasts

2024/8
Announced
2024/12
Revisedfull-year
Forecasts

97.9

495.0

465.0

60%

75.6

13.2

201.0

178.0

42%

78.1

171.4

93.3

212.0

212.0

81%

Asset service

27.5

20.5

(6.9)

60.0

54.0

38%

Other

11.7

9.9

(1.7)

22.0

21.0

47%

36.0

51.2

15.1

75.0

77.5

66%

2.0

0.5

166%

2023/122024/12

Increase/

Main factors for

2Q Actual

2Q Actual

Decreaseincrease/decrease

179.6

277.6

Commercial properties

62.3

Residential（Unit: ¥ billion）

Operating revenue

Operating profit
Share of profit (loss) of entities

・Operating revenue; Business profit

2024/12Full-year

Achievement

rate

See Business Results by

1.9

0.8

(1.1)

37.9

52.0

14.0

77.0

78.0

67%

Commercial properties

17.6

15.9

(1.6)

42.5

42.0

38%

Residential

17.7

36.4

18.6

33.5

36.0

101%

Asset service

5.1

4.4

(0.7)

9.0

10.0

44%

Other

2.6

1.8

(0.8)

4.0

2.0

94%

Elimination/Corporate

(5.2)

(6.6)

(1.3)

(12.0)(12.0)

55%

Non-operating income

4.2

6.3

2.0

Increase in foreign exchange gains, etc.

7.0

7.0

91%

Non-operating expenses

4.0

9.4

5.3

Increase in distributions from real

15.0

15.0

63%

Interest expense

3.4

4.4

0.9

estate specified joint enterprises, etc.

-

-

-

Ordinary profit

36.2

48.1

11.8

67.0

69.5

69%

Extraordinary income

0.2

1.9

1.7

5.0

6.0

32%

Extraordinary loss

0.1

2.4

2.2

3.0

3.0

80%

Profit before income taxes

36.3

47.6

11.3

69.0

72.5

66%

Profit attributable to owners of parent

23.8

31.6

7.8

48.0

48.5

65%

accounted for using equity method
Business profit *Segment

Gains on sale of investment stakes,
gains on sale of cross-shareholdings,
Provision for allowance for doubtful
accounts, etc.

* Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Consolidated Balance Sheetfor the First Two Quarters of FY2024

5◼ Total assets increased by 121.0 billion yen, primarily due to an increase in non-current assets associated with investments inlarge-scale redevelopment projects.
Increase/

2023/12-end

2024/6-end

1,905.3

2,026.3

Decrease
121.0

692.4

689.5

(2.9)

Cash and deposits

127.3

111.7

(15.5)

Real estate for sale

498.9

529.6

30.6

Other

66.1

48.2

(17.9)

1,212.8

1,336.7

123.9

Property, plant and equipment

843.5

952.0

108.4

Intangible assets

131.6

130.3

(1.2)

Investments and other assets

237.6

254.4

16.7

1,397.2

1,487.6

90.3

1,089.0

1,182.7

93.7

Other liabilities

308.2

304.8

(3.3)

Total net assets

508.0

538.7

30.6

Shareholders’ equity

377.8

401.4

23.6

Accumulated other comprehensive income

119.0

126.0

6.9

Non-controlling interests

11.1

11.2

0.1

26.1%

26.0%

(0.1p)

Debt equity ratio*1

2.2

2.2

-

Interest-bearing debt / EBITDA multiple*2

10.9（Unit: ¥ billion）
Total assets
Current assets

Non-current assets

Total liabilities
Interest-bearing debt

Capital adequacy ratio-

Main factors for increase/decrease

・Real estate for sale
Investment in properties for sale to investors and for-sale condominiums

・Property, plant and equipment
Investment in large-scale redevelopment projects, etc.

・Interest-bearing debt
Increase in loans payable, etc.

・Shareholders’ equity
Profit attributable to owners of parent +¥31.6 billion; Dividends paid-¥7.7 billion

・Net debt equity ratio: 2.0x-

*1 Debt equity ratio = Interest-bearing debt / Equity capital*2 Interest-bearing debt / EBITDA multiple = Interest-bearing debt / (Operating profit + Interest & dividend income + Share of profit (loss) of entities accounted for using equity method + Depreciation expense +Goodwill amortization expense)

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Consolidated Balance Sheetfor the First Two Quarters of FY2024
Breakdown of Property,
Plant and Equipment
and Intangible Assets

Current assets

Other¥15.5 billion¥28.0 billion
3%

3%

689.5

Interest-bearing debt

1,182.7

Real estate for sale

529.6

Loans payable

845.7

Real estate for sale

252.1

Bonds payable

265.0

Real estate for sale inprogress

129.4

Commercial papers

70.0Real estate for development

148.0

Other

1.9

48.2

Other liabilities

952.0

Net assets

Intangible assets

130.3

Shareholders’ equity

401.4

254.4

Accumulated othercomprehensive income

126.0

Non-controlling interests

11.2

Breakdown of Real Estate for Sale
Real estate for development (land)
Real estate for sale in progress
Real estate for sale (completed)

Other¥70.0 billion¥1.9 billion

6%

0%

22%
¥845.7 billion
72%

Status of Debt Equity Ratio

2024/6-end
Taking into account¥14.6 billion 3%

hybrid loans/bonds*3¥232.6 billion

12%

44%

¥252.1 billion¥129.4 billion

538.7

Commercial Properties businessResidential business
Asset Service business
Other

28%

48%

Commercial papers

By Segment¥65.6 billion¥148.0 billion

Bonds payable¥265.0 billion

Property, plant and equipment

By Status of Development

Loans payable

304.8

1,336.7

Investments and other assets

93%

1,487.6

111.7

Non-current assets¥1,010.7 billion

Liabilities

Cash and deposits

Other

24%

Breakdown ofInterest-Bearing Debt

Total assets： ¥2,026.3 billion

Commercial Properties businessResidential business
Asset Service business1%¥27.9 billion

6¥216.6 billion
41%

1

Debt equity ratio*

2.2x

1.9x

Net debt equity ratio*2

2.0x

1.7x

*1 Debt equity ratio = Interest-bearing debt / Equity capital*2 Net debt equity ratio = (Interest-bearing debt - Cash and deposits) / Equity capital*3 Calculated by taking into account the total equity credit of ¥60 billion concerning ¥120 billion of
the total amount procured from the hybrid bonds payable

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Balance of Real Estate for Sale

7

◼ In the first two quarters, the balance of real estate for sale increased to ¥529.6 billion as a result of ongoing acquisition ofdevelopment land for properties sales to investors and for-sale condominiums, despite the progress in sales of for-salecondominiums, property sales to investors, etc. (An increase of ¥30.6 billion from the end of the previous fiscal year)◼ Total investment amount (based on decisions made) in properties for sale to investors increased by ¥90.0 billion toapproximately ¥650.0 billion.
Condominiums for sale of approximately 8,300 units were secured with steady increase in land bank.

Balance of Real Estate for Sale

Property sales to investors（Unit:¥ billion）

Asset type, etc.

(Commercial properties, for-rent condominiums, asset solution)

Balance of real Total investment
estate for saleamount*1

Segment

Logistics, hotels, retailfacilities and offices

Commercial
Properties

232.6

Approx. 480.0► p.18For-rent condominiums

Residential

51.8

Approx. 110.0► p.29Asset solutions

Asset Service

65.6

65.6

► p.31

Properties for sale to investors

350.1

Approx. 650.0

For-sale condominiums, etc.

179.4

―

Total

529.6

―

Total investment
amount*1(based on decisions made)Sales and Gross Profit on Property Sales to Investors
Sales(Unit: ¥ billion)

28.5

6.4
2019/12

83.9

82.5

Projects to beacquired in 2023

19.8

2021/12• 13 for-rent condominiums

Projects alreadysold in 2023

• 3 logistics properties, 1 hotel• 4 for-rent condominiums• 5 asset solutions(Projection)For-sale condominiums
16.3

24.4

20.0 (Projection)

26.2 5.5 (2Q Actual)
2020/12• 3 logistics properties, 1 hotel
3 Offices• 17 asset solutions

60.4
17.7

Estimated gain on sale*2

Approx. ¥109.0 billion

Gross Profit

73.0

72.4

Approx. ¥650.0 billion(up ¥90.0 billion from the end of 2023)

2022/122023/12Land bank(including 1,740 units
scheduled to be posted in
2024)

Approx. 8,300 units
Acquired 700 units in 2024 2Q(cumulative)

2024/12*1 Calculated by aggregating total investment amount, in which construction costs, etc. that arise after the acquisition are added to the book value of each property at the time of acquisition.
*2 Calculated by subtracting the “total investment amount” from the total estimated sales amount, which is provisionally calculated based on the estimated income and expenditure and the estimated cap rate at the time of sale for theproperty assumed to be sold.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Consolidated Statement of Cash Flowsfor the First Two Quarters of FY2024

8◼ In the first two quarters, as a result of investment in real estate for sale, large-scale redevelopment projects,
etc. progressing, cash and cash equivalents at the end of the period decreased.
◼ For the full fiscal year, in addition to progressing recovery of investments through sales of for-salecondominiums, property sales to investors, etc., the Company is continuing to focus on growth investments
such as the acquisition of new real estate for sale.
2024/8
Announced
Unit: ¥ billion

2023/122024/122024/6-end

Main breakdown

ActualRevisedFull-year
forecasts

Profit before income taxes ¥47.6 billion; Depreciation

Cash flows from operating activities

20.5

11.7

¥10.7 billion; Increase in inventories -¥27.1 billion;(15.0)

Income taxes paid -¥18.6 billion
Sale of investments in capital of subsidiaries and associates

Cash flows from investing activities(54.0)(113.9)¥15.7 billion; Purchase of non-current assets -¥110.6 billion;(165.0)Investments in silent partnerships -¥9.7 billion

Cash flows from financing activities

Effect of exchange rate change on cash andcash equivalents

Cash and cash equivalents at end of period

Long-term loans payable +¥73.4 billion; Commercial

77.9

84.2

0.4

2.3

-

127.3

111.7

77.3

papers +¥20.0 billion; Dividend payment -¥7.7 billion

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130.0

Assessment of the Market Environment and Future Policies

9◼ It is necessary to monitor events that have an impact on profitability such as construction costs and interest rate trends.
◼ Profitability is determined by taking into account the trend of rising prices when considering acquisitions of new projects.
◼ We will promote the planning of new products with a view to diversification of work styles and living styles based onchanges in the external environment centered on the Commercial Properties and Residential businesses.
Recognition of the overall businessenvironment and impact on Tokyo Tatemono

Recognition of the environment in each segment
and Tokyo Tatemono’s initiatives• The market occupancy rate is on a recovery trend. Although it isnecessary to monitor supply and demand trends, rent levels are also
beginning to increase.

Construction
expenses• Construction expenses are rising compared with theanticipation when the sites were acquired.
We will focus on cost management and endeavor to secure
the initially anticipated profit.

Commercial
Properties• For existing properties, we will leverage our superior portfolio interms of size and location to focus on rent increase negotiations,considering market trends.
• In addition to excellent locations and high specs, Tokyo Tatemono’s
policy is to respond to changing and diversifying customer needs
such as improvement of productivity, well-being and flexibility.

• When considering new project acquisitions, decisions on
investment value will be made based on trends inconstruction expenses.

Residential• Demand for for-sale condominiums remains excellent among realconsumers and the wealthy despit anticipation of a rise in mortgage
rates and the need to monitor the impact of a decline in wealtheffects.
• Tokyo Tatemono will promote product planning that meets risingdemand for balancing a comfortable work environment with relaxing
living space.

Interest
rates• Interest rates are rising, but the impact has been suppressed
because steps have been taken in financing (borrowing, etc.)
to lengthen loan durations and maturity dates and to use
fixed interest rates.

• Although the cap rate in real estate transactions and housing
mortgage rates have not shown any signs of significant
change recently, it is necessary to monitor future trends.

Asset
Service

Other• Brokerage: The brokerage business is expected to continue toperform well backed by a steady real estate transaction market.
• Parking business: Focus will be on acquiring new projects, and anincrease in the number of parking spaces and growth are expected• Leisure business: Dog-friendly hotels and golf courses performed
well. Bathing facilities also recovered to pre-COVID levels. Aim forfurther improvement of profitability.

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Revision of Full-Year Earnings Forecast for FY2024

10◼ In light of the strong performance in the Commercial Properties business and Residential business segments, we have decided
to review the properties targeted for sale and revise our full-year earnings forecast.
◼ The revised full-year earnings forecast shows a decrease in operating revenue compared to the initial forecast at the beginningof the fiscal year but an increase in each profit item.

375.9

Announced
in Aug. 2024
2024/12
Revised fullyear forecast
(A)
465.0

89.0

Announced
in Feb. 2024
2024/12Full-year
forecast(B)
495.0

Commercial properties

155.2

Residential

134.1

178.0

22.7

201.0

(23.0)

212.0

77.8

212.0

-

Asset service

63.8

54.0

(9.8)

60.0

(6.0)

Other

22.7

21.0

(1.7)

22.0

(1.0)

Operating profit

70.5

77.5

6.9

75.0

2.5

3.9

0.5

(3.4)

2.0

(1.5)

74.4

78.0

3.5

77.0

1.0

・Business profit

Commercial properties

40.1

42.0

1.8

42.5

(0.5)

Despite anticipating a decrease in property sales to

Residential

27.1

36.0

8.8

33.5

2.5

investors in the Commercial Properties business,

Asset service

12.9

10.0

(2.9)

9.0

1.0

Other

4.4

2.0

(2.4)

4.0

(2.0)

2023/12(Unit: ¥ billion)

Full-year
ActualOperating revenue

Share of profit (loss) of entities accounted
for using equity method
Business profit*

Elimination/Corporate

Increase/
Decrease

Difference

Overview of Revision from Figures Announced at（A)-(B)

Beginning of Period(30.0)(10.2)(12.0)(1.7)(12.0)-

Non-operating income

9.2

7.0

(2.2)

7.0

-

Non-operating expenses

10.2

15.0

4.7

15.0

-

Ordinary profit

69.4

69.5

0.0

67.0

2.5

Extraordinary income

3.0

6.0

2.9

5.0

1.0

Extraordinary loss

4.0

3.0

(1.0)

3.0

-

Profit before income taxes

68.4

72.5

4.0

69.0

3.5

Profit attributable to owners of parent

45.0

48.5

3.4

48.0

0.5

Cash flows from operating activities

20.5(15.0)

20.0(35.0)Cash flows from investing activities(54.0)(165.0)(170.0)

5.0

Cash flows from financing activities

77.9

130.0

100.0

30.0

* Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

・Operating revenue
Decrease due to review of properties for saleto investors.

increase due to expecting factors such as reduced
expenses in for-sale condominiums.

・Extraordinary income
Increase in gains on sale of cross-shareholdings

Breakdown of Business Profit by Segment

11
Announced inAugust 2024

2023/122Q actual

Segment: ItemAll segments (excluding property sales to investors)
total

2024/122Q actual2024/12
Revisedforecast(A)(Unit: ¥ billion)

2024/12
Initialforecast(B)

Amount ofdifference(A)-(B)

37.7

53.1

70.0

65.0

+5.0

Commercial
Properties:

Building leasing, etc.

15.4

12.8

28.0

23.5

+4.5

Residential:

For-sale condominiums, etc.

17.3

34.1

33.5

31.5

+2.0

Asset
Service:

Parking lots, brokerage, etc.

2.2

4.2

6.5

6.0

+0.5

Other:

Leisure & childcare, fund,overseas

2.6

1.8

2.0

4.0

(2.0)

Total*1

5.5

5.5

20.0

24.0

(4.0)

Commercial
Properties

Logistics, Hotel, Retail facilities,
Offices

2.2

3.1

14.0

19.0

(5.0)

Residential

For-rent condominiums

0.4

2.3

2.5

2.0

+0.5

Asset Service

Asset solutions

2.8

0.1

3.5

3.0

+0.5

－

－

−

−

−

(5.2)

(6.6)

(12.0)(12.0)

−

37.9

52.0

78.0

77.0

+1.0

Property sales to investors

Other
Elimination / Corporate

Total business profit*2*1 Figures for property sales to investors are the gross profit*2 Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Shareholder Returns

12◼ The forecast for dividend per share in FY2024 has been revised upward by ¥1 from annual dividend forecast at beginning of
period of ¥79 to ¥80.
◼ The dividend will be increased by ¥7 from the ¥73 of annual dividend implemented in the previous fiscal year, and thepayout ratio is scheduled to be 34.4%.

Per-Share Dividend Trends
To realize eleventh consecutive

year of dividend increase inline with income growthInterim dividend(¥)

Year-end dividend

80

80

73

65
60
46
35

40

20 *1

20
10 *1

0

Consolidated payout ratio

12 *1

12

14

16

19

22

37

43

36

41

30
26 *2

51

24

27

22

24

29

36

37

12

14

16

19

2015/122016/122017/122018/122019/122020/122021/122022/122023/122024/12(Actual)(Actual)(Actual)(Actual)(Actual)(Actual)(Actual)(Actual)(Actual)(Actual)(Forecasts)

3.1%

26.3%

28.6%

28.8%

27.8%

29.0%

30.2%

30.5%

31.5%

33.8%

34.4%

10

6
6

2013/12

2014/12(Actual)21.2%

8Consolidated total return ratio

21.2%

3.1%

26.3%

28.6%

28.8%

27.8%

62.5%

30.2%

30.5%

31.5%

33.8%

-

Stock price at end of period *1¥2,336¥1,762¥1,323¥1,563¥1,522¥1,140¥1,709¥1,415¥1,680¥1,599¥2,112

-

*3

0.4%

0.7%

1.5%

1.7%

2.0%

3.1%

2.4%

3.3%

3.0%

4.1%

3.5%

-

Dividend yield◼ Shareholder
returns policy

During the period of the medium-term business plan (FY2020–FY2024), establish a baseline consolidated payout ratio of 30% or more and aim to increase shareholder returns
continuously through sustainable growth.
Consider whether to repurchase company shares based on the business environment and financial situation, among other factors.

*1 A 1-for-2 reverse stock split was implemented on July 1, 2015. The figures for 2013 to 2015 are calculated by factoring in the reverse stock split.
*2 The interim and year-end per-share dividend for FY2016 both include a ¥2 commemorative dividend to celebrate the 120th anniversary of Tokyo Tatemono’s founding.
*3 Dividend yield is calculated based on the closing price at the end of each fiscal period.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Changes in Business Profit and Profit

13(Not updated from the time of announcement of financial results for FY2023)◼ The trends in business profits and profit attributable to owners of parent for the previous fiscal years are as follows:
We aim to achieve business profit of ¥75.0 billion, the target under the medium-term business plan, in FY2024.

Previous Medium-Term Business Plan

Current Medium-Term Business Plan (2020-2024)(¥ billion)

Business profit

Other- Asset Service- Other
Residential
Commercial Properties
Elimination / Corporate

66.3
46.4

47.1

38.2

4.3

6.5

6.5
6.4

16.9

14.1

31.4

32.3

51.6

49.8

47.9

11.4

6.4

11.3
7.1

17.0

23.3

15.8

12.0
17.3

19.7

22.5

(7.2)

2016/12(Actual)2017/12(Actual)33.8 27.2

37.5 29.7

40.8 31.7

44.8 34.9

(7.3)

(8.2)

(9.5)

2018/12(Actual)2019/12(Actual)2020/12(Actual)Image of Profit Growth When Formulating the Medium-TermBusiness Plan (As of February 2020)

36.0

27.1

48.5

45.0

43.0

(6.2)

Commercial
Properties:

78.0

74.4

Profit attributable toowners of parent

41.2

40.1

42.0

(4.8)
(9.1)

(9.6)

(10.2)(12.0)

2021/12(Actual)2022/12(Actual)2023/12(Actual)2024/12(Forecast)

Changes Since Start of Medium-Term Business Plan

• Although the number of buildings in operation decreased with the progressof redevelopment projects, rent income is anticipated to be maintained due
to expected internal growth through upward rent revision.

• The pace of upward rent revision has slowed due to oversupply of offices
as a result of the spread of new work styles. External growth was also
lower than anticipated.

• Stable profit is expected to be recorded through continued acquisition ofdevelopment opportunities.

• Sales prices increased more than initially anticipated, and the gross margin
also increased.
Sufficient land bank was also secured.

Other• Growth in brokerage, fund business, parking business and overseas
businesses is expected.

• Growth slowed more than anticipated mainly in overseas businesses andthe parking business due to the impact of the COVID-19 pandemic, etc.

Property sales toinvestors• Income growth is expected due to ongoing acquisition of development
opportunities and flexible sales.

• Recording of higher gains on sales than anticipated continues, backed by a strong realestate transaction market.

− Building leasing, etc.

Residential:− For-salecondominiums

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Changes in Major Indicators

14

ROA, ROE*
ROA

Earnings Per Share (EPS)

(¥)

ROE

232.25

250

12%

10.0%
10%

7.9%
8%

8.2%

8.3%

8.7%

6.8%

6.4%

3.4%

2.9%

206.15
200

150

6%
4%

9.6% 8～10%

3.3%

3.4%

3.1%

4.1%

3.9%
2.9%

About
4%

100

0%

104.1791.00

0
2016/122017/122018/122019/122020/122021/122022/122023/122024/12Net debt equity ratio
Debt equity ratio

3

2.3x

2.4x

2.5x

2.1x

2017/122018/122019/122020/122021/122022/122023/122024/12(Forecast)Interest-Bearing Debt / EBITDA Multiple
20

2.5x

2.5x
2.3x

2.4x

2016/12

Assumptions at thetime of formulation of
the Medium-term
Business Plan

Debt Equity Ratio

2

141.59167.35

50

2%

2.5

125.79152.12215.82

2.4x

2.2x

2.2x

About
2.4x

15

13.0x

12.5x

12.7x

12.6x

13.4x

13.3x
11.1x

10.9x

11.9x

2.4x
10

2.2x

2.1x

2.0x

1.9x
5

1.5

1

0
2016/122017/122018/122019/122020/122021/122022/122023/122024/12

Assumptions at thetime of formulation of
the Medium-term
Business Plan

2016/12 2017/12 2018/12 2019/12 2020/12 2021/12 2022/12 2023/12 2024/12(Forecast)* ROA = Business profit / Average balance of total assets at beginning of period and total assets at end of period
ROE = Profit attributable to owners of parent / Average balance of equity capital at beginning of period and equity capital at end of period
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

15

Business Results by Segment

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

(1) Commercial Properties Business: Business Results for the First Two
Quarters of FY2024 and Full-Year Earnings Forecast for FY2024

16◼ In the first two quarters, revenue increased but profit decreased due to factors such as increased expenses in leasing ofbuildings, despite increased sales from property sales to investors.
◼ For the full year, revenue and profit are expected to increase due to factors such as an increase in property sales to investors,
although expenses of leasing of buildings is expected to increase.
Announced in（Unit: ¥ billion）

2023/122Q Actual2024/122Q Actual

Increase/
Decrease

Operating revenue

62.3

75.6

13.2

Leasing of buildings

37.9

39.0

1.1

Sales of real estate

5.7

16.7

10.9

Building management service, etc.

17.5

19.7

Dividends

1.0

Operating profit

17.5

Business profit

49%

57.0

29%

2.1

40.0

49%

0.0

(0.9)

0.5

20%

15.9

(1.5)

42.0

38%

15.9

2023/12Full-year
actual(A)
155.2

Announced inAug. 2024
2024/12
Revised fullyear forecast
(B)
178.0

Leasing of buildings

78.2

80.5

2.2

Sales of real estate

38.6

57.0

18.3

Building management service, etc.

37.0

40.0

Dividends

1.2

Operating profit

38.4

Operating revenue

Business profit

40.1

New operations +\0.0 billion; Full-year operations +\1.0 billion;

80.5

17.6

（Unit: ¥ billion）

Main factors for increase/decrease

Aug. 2024
2024/12
Achievement
Revised fullrate
year forecast
178.0
42%

Property sales to investors +¥10.6 billion(FY2023 2Q: ¥5.7 billion; FY2024 2Q: ¥16.4 billion)

Property sales to investors +¥0.8 billion

42.0

38%

Announced inFeb. 2024
2024/12Full-year
Forecast(C)
201.0

Increase/
Decrease(B)-(C)(23.0)

80.0

0.5

81.5

(24.5)

2.9

39.3

0.7

0.5

(0.7)

0.2

0.3

42.0

3.5

42.5

(0.5)

42.5

(0.5)

42.0

(1.6)

Sale, reconstruction, etc. -¥1.0 billion; Existing buildings +¥0.9 billion

Increase/
Decrease(FY2023 2Q: ¥2.2 billion; FY2024 2Q: ¥3.1 billion)

Factors for increase/decrease on left

22.7

1.8

New operations +\0.4 billion; Full-year operations +\2.6 billion;
Sale, reconstruction, etc. -¥1.6 billion; Existing buildings +¥0.8 billion
Property sales to investors +¥16.7 billion(FY2023 cumulative total: ¥38.2 billion; FY2024 cumulative total: ¥55.0 billion)

Property sales to investors +¥3.6 billion(FY2023 cumulative total: ¥10.3 billion; FY2024 cumulative total: ¥14.0 billion)• New operation in 2024: T-LOGI Fukuoka Island City and two other logistics properties, one retail facility, and two mid-sized offices (including planned projects)◼ New and full-year
operations• 2024 full-year operation: T-LOGI Chiba Kita and three other logistics properties, two hotels, three mid-sized offices* New operations: Impact of increase in revenue attributable to the buildings that were completed or acquired in the current fiscal year; Full-year operations: Impact of increase in revenue attributable to the buildings that werecompleted or acquired in the previous fiscal year contributing to full-year operations;Sale, reconstruction, etc.: Impact of decrease in revenue attributable to decrease in buildings in operation due to sale, reconstruction, etc.; Existing buildings: Total amount of the effects of rent revisions, end of rent-free periods,
occupancy rate changes, etc. at buildings other than those covered by new operations, full-year operations and sale, reconstruction, etc.

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

(1) Commercial Properties Business: Office Building Portfolio

17◼ At the end of June 2024, average rent was ¥27,711 per tsubo and the occupancy rate remained high at 97.1%.
* Fluctuation in both average rent and occupancy rate due to addition of properties subject to calculation on June 30, 2023.

Numberofbuildings

As of the end of June 2024

Average Rent (Left axis) / Occupancy Rate (Right axis)
Leasablearea(¥/tsubo) 97.1%

97.2% 96.8%

40,000Owned office buildings*1

40

535,158 ㎡

97.1%
95.8% 96.6% 95.8% 95.8% 96.7%

30,896 30,696 30,836 31,087
30,000-Subleased buildings

28,071 28,023 28,227 27,827 27,711

100%

90%

66,754 ㎡
20,000Hotels, retail facilities, logistics
properties, etc.

-

Total leasable area ofCommercial Properties business-

80%

509,443 ㎡
10,0001,111,355 ㎡
070%
2022/6 2022/9 2022/12 2023/3 2023/6 2023/9 2023/12 2024/3 2024/6

Breakdown of Leasable Area

Breakdown of Leasable Area

Breakdown of Leasable Areaby Standard Floor Spaceby Building Age

by Area of Location

Under 10 years oldTokyo metropolitan area

11.1%

(excluding 23 wards)

1,000 tsubo and over
18.6%

Less than 300 tsubo

2.5%

30 years and older

24.1%

Other
17.3%

3 centralwards of

25.8%

Tokyo

300–499 tsubo
20.1%

500–999 tsubo

37.1%

20–29 years old
4.3%

23 wards (excluding 5

10–19 years old
58.8%

Averagebuilding age*2
21 years

38.3%

central wards) of Tokyo
31.0%
Shibuya & Shinjuku
wards*1 Please refer to the note on page 54 for the definition for the subject of calculation of the number of owned office buildings, average rent and occupancy rate.
*2 The weighted average based on leasable area.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

11.0%

(1) Commercial Properties Business:
Initiatives for Property Sales to Investors

18◼ In the first two quarters, the company acquired new projects for 3 logistics properties , one hotel and 2 offices, along with 1
completed office building.
◼ The balance of real estate for sale increased by ¥37.9 billion from the end of FY2023 to ¥232.6 billion and the value of stock interms of total investment amount increased by approximately ¥60.0 billion to approximately ¥480.0 billion.

Commercial Properties Business:
Balance of Real Estate for Sale(¥ billion）

232.6

250

194.7

200
150

157.6
107.9

110.2

114.7

100

Completed5002019/122020/122021/122022/122023/12▲ T-LOGI Fukuoka Island City
(Completed in 2024)

2024/6( ¥ billion)▲ Candeo Hotels
Osaka Shinsaibashi(Completed in 2023)

Asset size
Asset type

Balance of real estate
for sale

Total investment
amount*Logistics properties

124.1

Approx. 305.0

Hotels, retail facilities, mid-sized offices, etc

108.5

Approx. 175.0

Total

232.6

Approx. 480.0

Number of properties
Asset type

Sold during theperiodIn operation

Underdevelopment

Logistics properties

3

10

13

Hotels, retail facilities, mid-sized offices, etc

1

22

15

* Calculated by aggregating the total investment amount, in which construction costs, etc. that arise
after the acquisition are added to the book value of each property at the time of acquisition.

▲ T-PLUS Nihonbashi ▲ T-PLUS Sendai▲ FUNDES Kamata
Kodenmacho(Completed in 2024) (Completed in 2024)(Completed in 2022)

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Features of the Yaesu-Nihonbashi-Kyobashi (YNK) Area

19

◼ Access to various locations including regional cities, areas in Tokyo and international airports is excellent due to the existence ofbullet trains, existing JR lines and multiple subway lines, giving the area overwhelming transportation convenience, its main feature.
◼ Nearby are business areas, commercial/tourist areas and areas popular for residential purposes. Urban development that utilizes
diverse regional features including the rich cultural resources and concentration of long-established corporations is expected.
◼ With highly diverse properties suitable for startups and several innovation hubs, the area’s innovativeness has been accelerating inrecent years.
◼ The land value and suitability for offices lag behind the Otemachi-Marunouchi-Yurakucho area, but the value of the area as a whole isexpected to increase significantly going forward with the various redevelopment projects planned.

Diverse Regional Features and Potentialof the YNK Area*1
Increasingly
popular as
residential area

Overwhelming
transportation
convenience

Concentration ofleading firms

Highly diverse small andmedium-size properties

Highly diverse area
harmonizing workand home life

Bullet trainsconnect Tokyo
with regional
citiesGinza subway
line connects major
Tokyo tourist
destinations

Developments havebeen making rapid
progress in recent years
Asakusa
subway line
gives good access tothe international
airportExcellent halls
and meetingroom facilities

Rich cultural resourcescarrying on culinary andcraftsmanship traditions

Comparison of Rent and Land Price of
Large-Scale Office Buildings (200 tsubo or more)

Market rent of largescale office buildings

Yaesu/Nihonbashi/
KyobashiMarunouchi/
Otemachi¥36,574 per tsubo¥40,175 per tsubo(200 tsubo or more)*2

Land price*3¥19,200 thousand per m2¥25,250 thousand per m2(Sotobori-dori Avenue / infront of Tokyo Station)(Daimyo-Koji Avenue / in frontof Marunouchi Building)*1 Appellative for the Yaesu, Nihonbashi and Kyobashi areas*2 Source: Office Market Report by Sanko Estate (as of the end of December 2023)*3 Land price of inheritance tax (fiscal 2024)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Initiatives in the Yaesu-Nihonbashi-Kyobashi (YNK) Area

20

◼ Tokyo Tatemono owns many office buildings in the area around Tokyo Station, a key area, and several large-scale
redevelopment projects are scheduled to be completed by around 2030.
◼ Utilizing the properties it owns in the area, Tokyo Tatemono is promoting the formation of a business environment (innovation
ecosystem) where venture firms, leading companies, investors, research institutions and other players from the fields ofindustry, academics and government come together and collaborate for coexistence and mutual prosperity, thereby nurturing
cutting-edge industries and giving rise to positive economic growth cycles.

Promotion of an Innovation Ecosystem

1

Promising startups will be attracted to the YNK area by utilizing the diverse regionalfeatures and properties owned by Tokyo Tatemono. An initiative with focal categories ofbusiness topics and growth fields of leading companies such as x-tech, SDGs, food, andcraftsmanship is being promoted.

1

YNK Area
Gofukubashi Project３

Ideas / Technology

2

Yaesu Project

Leadingcompanies

GrowthStartups

Relocation
Relocation

Supply of resources：Redevelopment with
Tokyo Tatemono’s
participation

Selected as a Partner Entity for the Tokyo Metropolitan
Government’s “Startup Support Development Project byDiverse Entities” (TOKYO SUTEAM)

Kyobashi 3-Chome Project：Redevelopment with
Tokyo Tatemono’s
involvement：Buildings owned by
Tokyo Tatemono* Balloons indicate initiatives at properties owned by Tokyo Tatemono.

Entry

SupportInvestors, etc.

３２OverseasOpeninnovation：Redevelopment withother companies’
participation

Launched Project SYNK aimed at further
strengthening the innovation ecosystem throughcollaboration and cooperation with multiple startup
supporters and innovation sites established within
the YNK (Yaesu, Nihombashi, Kyobashi) area.

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Major Redevelopment Projects in Progress

21◼ The redevelopment projects in which we are participating or involved are progressing smoothly.
Redevelopment projects with an estimated leasable area* (owned by Tokyo Tatemono) of approximately 320,000
square meters are slated for completion one after another by around 2030.
■ Project period (construction start to completion)

Current status

Name of project

Area

Under construction

Yaesu Project

Chuo
Ward

Rights conversion
plan approved

Gofukubashi Project

Chuo
Ward

Shibuya 2-Chome Project

ShibuyaWard

Kyobashi 3-Chome
Project

Chuo
Ward

ー

MinatoWard

Rights conversion
plan approvedーMinatoWard

Preparation
consortium
establishedーMinatoWard

Establishment of
urban
redevelopment
consortium

2020

・・・

2024

・・・

2030

・・・

◀ Completion planned for
FY2025

Approx.
120,000 m2
in total◀ Completion planned for
FY2028 (South Block)◀ Completion planned for
FY2029◀ Completion
planned for
FY2030Approx.
200,000 m2
in total

Estimated investment
amount140.0 billion

About ¥*

2025

Estimatedleasable area*(owned byTokyo Tatemono)

Currently being examinedbased on the soaring
construction costs andfluctuation of shares

Estimated leasable area includes leasable area of non-office space, such as conference and retail facilities.
Values assumed when formulating the Medium-Term Business Plan.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Total leasable area*1
Approx.

320,000 m

2

Development Projects in the
Yaesu-Nihonbashi-Kyobashi (YNK) Area (1)22◼ Promoting “Urban Redevelopment Project for Yaesu 1-Chome East Area in Front of Tokyo Station (District A, District B),”in front of Tokyo Station and “Urban Redevelopment Project for Yaesu 1-Chome North Area” along Nihonbashi River.
◼ Aiming to realize urban development that generates new added value for the entire area through various efforts that
increase global competitiveness, reduce the environmental load, etc. while also securing stable leasing revenue.

Yaesu Project

Gofukubashi Project

Urban Redevelopment Project for Yaesu 1-Chome East Area in
Front of Tokyo Station (District A, District B)

Urban Redevelopment Project for Yaesu 1-Chome North Area

• Large-scale redevelopment project in front of Tokyo Station, including Tokyo
Tatemono’s former headquarters building• Accumulation of sophisticated urban functions worthy for the land gateway ofTokyo, an international city
• Formation of prosperity that passes down Yaesu’s history and tradition to the
future• Large-scale redevelopment project in an excellent location directly connected to
Nihombashi subway station• Formation of cityscape suitable as a gate of the area alongside Nihonbashi River• Accumulation of city functions forming a sophisticated financial hub➡ October 2021 District B, February 2024 District A Start of construction➡ September 2023 Approval of rights conversion plan

− Total floor area

District A

about 12,000 m2

District B− Main uses

District A

offices, shops, etc.

District B− No. of floors− Construction start− Completion date

10 floors above ground,District A
2 below
District A 2024
Scheduled for FY2025

District B
District B

about 225,000 m2
offices, medical facilities, bus
terminal, conference halls, etc.
51 floors above ground,
4 below2021− Total floor area
− Main uses
− No. of floors− Construction start− Completion date

South Block about 185,500 m2
North Block about 1,000 m2
Offices, shops, lodging facility, Facility supporting highly skilled financial
professionals, etc.
44 floors above ground,
2 floors above ground,South Block
North Block
3 below
1 below
Scheduled for FY2024
South Block Scheduled for FY2028
North Block Scheduled for FY2031

Value Created by the Project

Value Created by the Project

Enhancement of traffic node function in front of Tokyo Station

Formation of financial hub that contributes to enhancement of
global competitiveness− Establishment of large-scale bus terminal connecting to international
airports and regional cities− Establishment of above- and below-ground pedestrian network
connecting Tokyo Station and nearby urban districts

Introduction of city functions that increase global
competitiveness− Establishment of primary care in collaboration with sophisticatedmedical facilities− Increase of urban appeal and vibrancy through implementation ofarea management− Establishment of support facility for sophisticated financial
personnel that assist international finance and urban MICE

Establishment of waterfront space and pedestrian network− Various types of cooperation for moving the Metropolitan
Expressway belowground− Establishment of plaza space that will become a symbol of thebustling areas on the Nihonbashi River− Establishment of above-and below-ground pedestrian network thatconnects Tokyo Station, Otemachi Station and Nihombashi Station

Strengthening of disaster preparedness and reduction ofenvironmental burden

Strengthening of disaster preparedness and reduction ofenvironmental burden− Establishment of space for those stranded during disasters andstorage for emergency supplies− Enhancement of business continuation functions throughestablishment of cogeneration systems and emergency power
generation facilities− Establishment of space for those stranded during disasters andstorage for emergency supplies− Promotion of greater energy efficiency in the entire area throughestablishment of district heating/cooling plant and cooperation withexisting plants

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Development Projects in the
Yaesu-Nihonbashi-Kyobashi (YNK) Area (2)23◼ Promoting the “Kyobashi 3-Chome Higashi District Urban Redevelopment Project (Kyobashi 3-Chome Project)”in the Kyobashi area.

Kyobashi 3-Chome Project
Kyobashi 3-Chome Higashi District Urban Redevelopment Project• Urban development linked to the Tokyo Expressway (KK Line) Revitalization Policy• Directly connected to Kyobashi Station, forming an underground pedestrian
network from Tokyo Station• Creation of continuity of the bustle of Chuo-dori connecting Kyobashi and Ginza➡ April 2024 Approval of establishmentof urban redevelopment consortium− Total area

Approximately 6,820 m2− Total floor area

Approximately 164,900 m2− Main uses

Offices, hotel, shops, etc.

− No. of floors

35 floors above ground,
4 below

Connecting space
Chuo-dori− Construction start Scheduled for FY2026− Completion date

Scheduled for FY2030

Tokyo Sky Corridor

Value Created by the Project
Establishment of urban infrastructure that contributes to the greater andwider flow of people in the Kyobashi area
− Formation of a multi-level pedestrian network connecting the station, town and Tokyo Sky
Corridor− Creation of extensive pedestrian space generating bustle and movement− Construction of Tokyo Sky Corridor, etc.

Introduction of urban functions supporting the creation of bustle in the
Kyobashi area
− Establishment of communication, education and interaction functions contributing to thedevelopment of the culture of art and craftsmanship− Establishment of world-class accommodation facilities

Strengthening of disaster preparedness and reduction of environmental
burden− Efforts to strengthen disaster preparedness of the area
− Efforts to reduce environmental burden
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Connecting space

Shibuya 2-Chome West Area Redevelopment

24(Shibuya 2-Chome Project)◼ Promoting the “Shibuya 2-Chome West Area Redevelopment (Shibuya 2-Chome Project)” in the Shibuya Station East
Exit area.
◼ Aiming for urban development that creates new added value in the area through various initiatives that contribute tourban infrastructure development, international competitiveness improvement, and environmental burden reductionthat will create an expanse of the town.

Shibuya 2-Chome Project▼B Block

Shibuya 2-Chome West Area Redevelopment
宇田川町15地区

宮下公園▼C Block
AA街区
Block
SHIBUYA109

東急田園都市線

渋谷駅

京王井の頭線

渋谷駅

東京メトロ銀座線・半蔵門線・副都心線

渋谷駅
渋谷駅地区
（駅街区）

渋谷二丁目
21地区

Shibuya Sta.

渋谷二丁目
17地区

Project site

計画地

渋谷クロス
タワー

B街区 CC街区
B Block
Block▼A Block

JR各線
東急東横線

渋谷駅

渋谷駅地区
（道玄坂街区）
渋谷三丁目21地区[Legend]
【凡例】
セルリアン
タワー

桜丘町1地区

Area of special urban revitalization
districts(this project)
都市再生特別地区の区域（本計画）
Area of Shibuya Station East Exit DistrictPlan(to be changed)
渋谷駅東口地区地区計画の区域（変更予定）
Area of special urban development district
都市再生特別地区の区域（既決定）(already
decided)

N

0

50

100

200m

➡ January 2023 Approval of establishment of urban redevelopment consortium
Total
Approx. 18,800 m2
A Block Approx. 1,700 m2 B Block Approx. 12,800 m2 C Block Approx. 4,300 m2− Total floor area
Total
Approx. 322,200 m2
A Block Approx. 4,200 m2 B Block Approx. 255,000 m2 C Block Approx. 63,000 m2
Offices, shops, hotels, human resources development facilities, bus terminals, housing,− Main uses
life support facilities, etc.
5 floors above
41 floors above
41 floors above− No. of floors
A Block
B Block
C Blockground, 1 below
ground, 4 below
ground, 2 below− Construction start Scheduled for FY2025− Completion date
Scheduled for FY2029− Total area

* A and B blocks are assumed to be type 1 urban redevelopment projects, and C block is assumed to be
voluntary joint rebuilding project.

Value Created by the Project
Strengthening Shibuya’s wide-area transportation functions and developing urban
infrastructure to create an expanse of the town in the east exit area
− Development of bus terminals to enhance Shibuya’s wide-area transportation functions− Improvement of pedestrian network and road environment spreading from station to town
− Creation of plaza space, a center of the bustling and relaxation

Introduction of urban functions that contribute to strengthening international
competitiveness− Development of STEAM human resources development base to contribute to next-generation
innovation− Development of residences and accommodations to meet the diverse needs of foreign nationals,
etc.

Strengthening of disaster preparedness and reduction of environmental burden− Efforts to strengthen disaster preparedness of the area
− Efforts to reduce environmental burden

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

(2) Residential Business: Business Results for the First Two Quarters of
FY2024 and Full-Year Earnings Forecast for FY2024

25◼ In the first two quarters, revenue and profit increased due to factors such as an increase in sales and gross profit from sales offor-sale condominiums and property sales to investors.
◼ For the full year, revenue and profit are expected to increase due to factors such as an increase in sales and gross profit of forsale condominiums.
Announced in（Unit: ¥ billion）

2023/122Q Actual2024/122Q Actual

Increase/
Decrease

Operating revenue

78.1

171.4

93.3

60.7

136.9

76.1

-

-

-

Sales of condominiums
Sales of residential houses

Main factors for increase/decrease

Number of condo sales posted: 1,409 units; Condo unit price: ¥97.17 million;
Gross margin: 29.4%

Property sales to investors +¥6.5 billion

Aug. 2024
2024/12
Achievement
Revised fullrate
year forecast
212.0
81%
159.0

86%

-

-

23.5

81%

Sales of real estate

2.3

19.0

16.6

Residence leasing

2.9

2.9

(0.0)

5.5

53%

Fee from sales outsourcing services

0.9

1.0

0.0

1.5

70%

Building management service, etc.

11.0

11.5

0.5

22.5

52%

17.7

36.6

18.8

36.5

100%

36.0

101%

Announced inFeb. 2024
2024/12Full-year
Forecast(C)
212.0

Increase/
Decrease(B)-(C)-Operating profit
Business profit（Unit: ¥ billion）
Operating revenue
Sales of condominiums
Sales of residential houses

17.7

36.4

18.6

2023/12Full-year
actual(A)
134.1

Announced inAug. 2024
2024/12
Revised fullyear forecast
(B)
212.0

84.0

159.0

74.9

-

-

-

Increase/
Decrease(FY2023 2Q: ¥1.9 billion; FY2024 2Q: ¥8.4 billion)

Property sales to investors +¥1.8 billion(FY2023 2Q: ¥0.4 billion; FY2024 2Q: ¥2.3 billion)

Factors for increase/decrease on left

77.8
Number of condo sales posted: 1,740 units; Condo unit price: ¥91.60 million;
Gross margin: 28%

Property sales to investors -¥7.1 billion

159.0

-

-

-

23.5

-

Sales of real estate

20.6

23.5

2.8

Residence leasing

5.9

5.5

(0.4)

5.5

-

Fee from sales outsourcing services

1.5

1.5

(0.0)

1.5

-

Building management service, etc.

21.9

22.5

0.5

22.5

-

27.1

36.5

9.3

33.5

3.0

33.5

2.5

Operating profit
Business profit

27.1

36.0

8.8

(FY2023 cumulative total: ¥20.1 billion; FY2024 cumulative total: ¥13.0 billion)

Property sales to investors -¥4.3 billion(FY2023 cumulative total: ¥6.8 billion; FY2024 cumulative total: ¥2.5 billion)

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

(2) Residential Business: For-Sale Condominiums– Major Operating Indicators

26◼ In the first two quarters, gross margin maintained a favorable level at 29.4%.
◼ The inventory of completed condominiums remained at a low level of 165 units as of the end of the first two quarters due to
steady progress of sales.
◼ The achievement rate at the end of the first two quarters against the number of units planned to be posted for the period stoodat 95% and contracts progressed smoothly.

Breakdown of Number of Condominium
Sales Posted by Area
− FY2023 2Q
660 units posted

Achievement Rate Against Number ofCondominium Sales Posted− FY2024 2Q
1,409 units posted

Kansai and others

2021/122022/122023/122024/12At beginning

67%

75%

72%

85%

At end of 1Q

78%

84%

80%

90%

At end of 2Q

92%

92%

89%

95%

At end of 3Q

97%

98%

96%

−

Number of
condo sales
posted1,109 units

1,435 units

1,058 units

7.1%
Other Tokyo

Kansai and others

23 wards

metropolitan area

45.3%

of Tokyo

25.7%

23 wardsof Tokyo

57.7%

50.5%

Tokyo excluding
Other Tokyo

23 wards

metropolitan area

9.5%

1,740 units(Scheduled)

4.2%(Units)2,000

Number of Condominium Sales Posted
and Gross Margin

Inventory of Completed Condominiums(Units)

1,740

400

1,435
1,500

1,196

1,109

1,000
500

33.3%
22.4%

24.4%

2020/122021/12

40%

1,058
33.4%

(2Q Actual)

1,409

28%

200
20%

0

0%

2023/122024/12

175
135

115
72

100

(Full-year
forecasts)

2022/12

300

29.4%

■ Tokyo■ Tokyo metropolitan area
■ Kansai and others

Of which, contracted

30 units
156

181

183

165

125
72

0
2022/3 2022/6 2022/9 2022/12 2023/3 2023/6 2023/9 2023/12 2024/3 2024/6

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

(2) Residential Business: For-Sale Condominiums– Main Posting Results/Schedule27◼ Profitable properties, such as Brillia Tower Hamarikyu and Brillia Tower Dojima were posted in FY2024.
◼ Acquired land for approximately 700 units in the first two quarters, securing a land bank for approximately 8,300 units(including the number of units scheduled to be posted in 2024).

Main properties to be posted
Brillia Tower Hamarikyu
HARUMI FLAG
Brillia Tower Ikebukuro WestFY 2024*2 Brillia Tower Dojima
Brillia Jiyugaoka

Main Properties Posted in FY2024

Tokyo
Total no.
Tatemono’s*1of units
stake
421

144

4,151

490

231

92

451

451

62

62
Photographed by Nacasa & Partners

FY 2025▲ Brillia Tower Dojima

Brillia Tower Maebashi

203

162

▲ Brillia Tower Hamarikyu

Premist Okurayama

241

72

Land Bank

397

202

Projects Promoted
Under Tokyo
Tatemono’s Business

254

203

Total: approx. 12,500 units

Total: approx. 8,300 units

78

78

Brillia Tower Minoh Semba TOP OF THE
HILL
Brillia Seiseki Sakuragaoka BLOOMINGTERRACE
Brillia Tsukishima 4-chome2024/12
Yet to be

Brillia Meguro Ohashi

114

97

Brillia Okayama Nakasange

195

78

Grand City Tower Tsukishima

1,310

192

W Towers Minoh Semba

732

183

Brillia Tower Chiba

499

200

FY 2026

1,740

incorporated into

2025/12

land bank

Approx. 1,300

Kansai and others

23 wards

29.9%

of TokyoApprox. 4,200

41.1%

2026/122027/12～
Approx. 4,000*1 Total number of units in total, including landowners’ units and shops (excluding some properties)*2 Fiscal year of start of delivery (including scheduled)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Approx. 1,200

Other Tokyo
metropolitan area
21.2%

Incorporated
into land bank 8,300 units

Tokyo excluding 23
wards 7.8%

(2) Residential Business: For-Sale Condominiums– Main Posting Results/Schedule

28◼ The plan is to continue posting properties that draw great attention every fiscal year, such as large-scale
redevelopment projects in central Tokyo and large-scale tower condominiums in central areas of regional cities.

Photographed by Nacasa & Partners▲ Brillia Tower Dojima(Total units: 451; Units to be posted: 451)

▲ Brillia Tower Minoh Semba
TOP OF THE HILL

▲ Brillia Seiseki Sakuragaoka
BLOOMING TERRACE(Total units: 397; Units to be posted: 202)

2024

▲ Brillia Tower
Hamarikyu▲ HARUMI FLAG
(Total units: 4,151; Units to be posted: 490)

▲ Brillia Tower Chiba(Total units: 499; Units to be posted: 200)

(Total units: 254; Units to be posted: 203)

2025

▲ Brillia Meguro Ohashi(Total units: 114; Units to be posted: 97)(Total units: 421;
Units to be posted: 144)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

2026▲ Grand City Tower Tsukishima(Total units: 1,310; Units to be posted: 192)

(2) Residential Business:
Initiatives for Property Sales to Investors

29◼ In the first two quarters, 13 new for-rent condominium projects were acquired.
◼ The balance of real estate for sale increased by ¥9.2 billion from the end of FY2023 to ¥51.8 billion and the value ofstock in terms of total investment amount increased by ¥35.0 billion to approximately ¥110.0 billion.

For-Rent Condominiums:
Balance of Real Estate for Sale
51.8(¥ billion)

50.0
50.0
40.0
40.0

43.3

42.2

41.7

42.6

29.1

30.0
30.0
20.0
10.0

Completed▲ Brillia ist Machiya(Completed in 2022)

0.0
2019/122020/122021/122022/122023/122024/6▲ Brillia ist Shibuya Honmachi(Completed in 2022)( ¥ billion)

Asset size
Asset type

Balance of real estate
for sale

51.8

For-rent condominiums

Total investment
amount*Approx. 110.0

Number of properties
Asset typeFor-rent condominiums

Sold during theperiod4

In operation

Underdevelopment

834* Calculated by aggregating the total investment amount, in which construction costs, etc. that arise
after the acquisition are added to the book value of each property at the time of acquisition.

▲ Brillia ist Bunkyo Rikugien(Completed in 2023)

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

▲ Brillia ist Oimachi(Completed in 2024)

(3) Asset Service Business: Business Results for the First Two Quartersof FY2024 and Full-Year Earnings Forecast for FY2024

30◼ In the first two quarters, revenue and profit decreased due to a decrease in property sales to investors in asset
solution.
◼ For the full year, revenue and profit are expected to decrease due to factors such as a decrease in property sales toinvestors in the asset solution business, although a growth in brokerage and parking business revenue is expected.

（Unit: ¥ billion）

2023/122Q Actual2024/122Q Actual

Increase/
Decrease

Operating revenue

27.5

20.5

(6.9)

2.2

2.8

0.5

Brokerage

Main factors for increase/decrease

Property sales to investors -¥7.9 billion

Announced inAug. 2024
2024/12
Achievement
Revised fullrate
year forecast
38%
54.0
6.0

48%

19.0

18%

Asset solution

11.3

3.4

(7.9)

Management service, etc.

2.4

2.3

(0.0)

4.5

52%

Parking business

11.4

11.9

0.4

24.5

49%

5.1

4.4

(0.7)

10.0

44%

10.0

44%

Announced inFeb. 2024
2024/12Full-year
Forecast(C)
60.0

Increase/
Decrease(B)-(C)(6.0)

Operating profit(FY2023 2Q: ¥9.2 billion; FY2024 2Q: ¥1.2 billion)

Property sales to investors -¥2.6 billion

Business profit

5.1

(0.7)

4.4

(FY2023 2Q: ¥2.8 billion; FY2024 2Q: ¥0.1 billion)
Parking business -¥0.0 billion（Unit: ¥ billion）
Operating revenue
Brokerage

2023/12Full-year
actual
(A)
63.8
5.4

Announced inAug. 2024
2024/12
Revised fullyear forecast
(B)
54.0
6.0

Increase/
Decrease(9.8)
0.5

Asset solution

29.9

19.0

(10.9)

Management service, etc.

4.5

4.5

(0.0)

Parking business

23.7

24.5

0.7

12.9

10.0

(2.9)

Operating profit
Business profit

12.9

10.0

Factors for increase/decrease on left

(2.9)

Property sales to investors -¥10.9 billion(FY2023 cumulative total: ¥25.4 billion; FY2024 cumulative total: ¥14.5 billion)

Increase in number of parking spaces

Property sales to investors -¥3.6 billion(FY2023 cumulative total: ¥7.1 billion; FY2024 cumulative total: ¥3.5 billion)

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

6.0

-

25.0

(6.0)

4.5

-

24.5

-

9.0

1.0

9.0

1.0

(3) Asset Service Business: Major Operating Indicators

31◼ Asset solution business: Securing stock mainly in central Tokyo through selective investment that utilizes sharp realestate assessment abilities.
◼ Parking business: The number of parking spaces decreased by 69 from the end of 2023 to 82,473.

Asset Solution Business:
Balance of Assets Owned

51.5

49.9

52.5

− Breakdown by Asset Type− Breakdown by Area of Location

65.6(¥ billion)

60.0

Asset Solution Business:
Breakdown of Balance of Assets Owned

59.0

56.2

Major regional

40.0

citiesCentral Tokyo

16.4%(23 wards of

Other 6.9%
Officefacilities

buildings& hotelsTokyo)

Greater Tokyo
20.0

RetailOther 2.7%

32.0%

18.1%

55.9%

(Tokyo and 3 neighboring

prefectures)
24.9%

0.0

2019/122020/122021/122022/122023/12

Condominiums

2024/6for sale & rent

Parking Business: Number of Parking Spaces(Parking spaces)
100,000

80,057 79,045 81,620 82,287 82,542 81,333 82,473
75,618 76,444 77,083
75,00050,00025,00002022/32022/62022/9 2022/12 2023/3

2023/62023/9 2023/12 2024/3

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

2024/643.0%

(4) Other: Business Results for the First Two Quarters of FY2024 andFull-Year Earnings Forecast for FY2024

32◼ In the first two quarters, revenue and profit decreased due to the impact of a share transfer of the Company’s equity
stake in subsidiaries that operate childcare and temporary staffing businesses in the previous period, as well as adecrease in equity in earnings of affiliates in overseas businesses.
◼ For the full year, a decrease in revenue and profit is forecast due to the impact of the transfer of subsidiary shares in
the previous fiscal year and a decrease in the share of profit of entities accounted for using the equity method inoverseas businesses, etc.
Announced in（Unit: ¥ billion）

2023/122Q Actual

Operating revenue

11.7

9.9

(1.7)

Leisure & child care business

9.4

7.1

(2.3)

Fund business

2.1

2.5

Other

0.0

0.2

0.9

0.9

(0.0)

Operating profit
Business profit
Share of profit (loss) of entities
accounted for using equity method2024/122Q Actual

Increase/
Decrease

46%

0.3

4.5

57%

0.1

1.0

25%

1.0

91%

2.0

94%

1.0

97%

2.6

1.8

(0.8)

1.7

0.9

(0.8)

2023/12Full-year
actual(A)
22.7

Leisure & child care business

18.5

15.5

(3.0)

Fund business

4.0

4.5

Other

0.1
2.2

Operating revenue

Operating profit
Business profit
Share of profit (loss) of entities
accounted for using equity method

Impact of share transfer of two consolidated subsidiaries in previous fiscal year

15.5

Announced inAug. 2024
2024/12
Revised fullyear forecast
(B)
21.0

（Unit: ¥ billion）

Main factors for increase/decrease

Aug. 2024
2024/12
Achievement
Revised fullrate
year forecast
21.0
47%

-¥2.5 billion

Overseas businesses -\1.0 billion(FY2023 2Q: ¥1.3 billion; FY2024 2Q: ¥0.2 billion)

Increase/

Factors for increase/decrease on left

Decrease(1.7)

Impact of share transfer of two consolidated subsidiaries in previous fiscal year

Announced inFeb. 2024
2024/12Full-year
Forecast(C)
22.0

Increase/
Decrease(B)-(C)
(1.0)

15.5

-

0.4

5.5

(1.0)

1.0

0.8

1.0

-

1.0

(1.2)

2.0

(1.0)

4.0

(2.0)

2.0

(1.0)

4.4

2.0

(2.4)

2.2

1.0

(1.2)

-¥3.4 billion

Overseas businesses -\2.1 billion(FY2023 cumulative total: ¥1.1 billion; FY2024 cumulative total: -¥1.0 billion)* Operating revenue in overseas businesses is disclosed under “Other.”
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

(4) Other: Initiatives for Fund Business33◼ Under the Medium-Term Business Plan, further expansion of profit opportunities for the Group will be pursued
through sales of developed/owned properties to REITs and such sponsored by Tokyo Tatemono.
◼ Japan Prime Realty Investment Corporation (JPR), which has entrusted asset management to the consolidated
subsidiary Tokyo Tatemono Realty Investment Management, Inc. (TRIM), as well as private funds and private REITs
operated by Tokyo Tatemono Investment Advisors Co., Ltd. have steadily expanded their asset size.

◼ Tokyo Tatemono Private REIT, Inc.

Group AUM
(Unit: ¥ billion)

1,500

A diversified private REIT investing in various asset types■ Private funds, etc.
■ Tokyo Tatemono Private REIT, Inc.
■ Japan Prime Realty Investment Corporation

1,311.0

1,326.8

1,344.2

Other27%

1,413.4

Officebuildings
30%

Residential
43%

1,211.9
1,133.0

As of December 2023

1,000

756.2

778.7
644.2

757.8

820.2

709.7

A J-REIT with a combined portfolio of office and urban retail facilities, etc.
500

53.7

62.6

64.7

435.0

439.5

467.5

85.7

97.5

96.0

484.8

488.7

497.0

0
2018/122019/122020/122021/12* Source: Japan Prime Realty Investment Corporation website
https://www.jpr-reit.co.jp/ja/portfolio/index.html

2022/122023/12Retail facilities
19.1%

S class *7.3%
A class
13.8%

Regional offices
12.4%
Offices in Tokyo area
outside the 23 wards
10.4%
Land with
C class
leasehold interest 10.5%
7.2%

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

B class19.2%

As of December 2023

(4) Other: Initiatives for Overseas Business34◼ To gain business opportunities in markets of emerging countries, invested in China and Asia.
◼ In developed country markets, reentered the U.S. market in 2023 and plan to continue investing.
◼ Balance on the balance sheet for the overseas business was approximately ¥44.0 billion at the end of June 2024.

Basic
Strategy• Conduct business centering on partnerships with partners who are familiar with the local market and have strong development
and sourcing capabilities and high credit worthiness.
• Dispatch resident officers from Tokyo Tatemono to the area and enhance relationship with partners, in addition to managing
risks based on our view.
• Invest mainly in quick turnover businesses primarily in China, countries in Asia and the U.S. in which Tokyo Tatemono has
invested before.

Main Projects Underway(Total number ofunits/total floor area)

FY ofconstruction
completion

StatusYangzhou City

Residential, retailfacilities

Approx. 1,000 units

2024

On saleWenzhou Ouhai Project Wenzhou City

Residential, retailfacilities

Approx. 400 units

2024

On saleSuzhou Changshu
Project

Logistics

43,741 ㎡

2017

In operation

Name of project

China

Yangzhou-East Project

Location

Main uses

Suzhou City

Bangkok,Thailand

Reference Project

Asia

Kave Coco Project
Laem Chabang Project

U.S.

Metro Cat Project

Tokyo Tatemono(Shanghai)
Real Estate Consulting Co., Ltd.

China

Chonburi,
ThailandSamut Prakan,
Thailand

Office, retailfacilities

Approx. 9,500 m2

2023

In operation

Residential

Approx. 1,100 units

2023

On saleResidential

Approx. 800 units

2024

On saleResidential

Approx. 1,000 units

2025

On saleYangzhouShanghai

46,602 ㎡

2026

Under
development

Logistics

78,252 ㎡

2026

Under
development

Office building :Approx. 47,000 m2
Residence:
Approx. 90 units

TBD

Business
under review

Herndon

MyanmarThailand

YangonBangkok, etc.

Tokyo Tatemono (Thailand) Ltd.

Office, residential

Old Museum Site
Yangon,Redevelopment Project Myanmar

Office, retailfacilities, hotel

Herndon,
Virginia

Wenzhou City

U.S.

Logistics

Jakarta,Dharmawangsa ProjectIndonesia

Herndon ProjectBeijingSuzhou City

Sukhumvit 25 Project
Onnut Project

Scale

Residential

Approx. 92,000 m2
Approx. 400 units

Singapore
Tokyo Tatemono Asia Pte. Ltd.

Business suspended
2027

Under
development

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Indonesia
Jakarta
Project city

Local subsidiary(4) Other: Initiatives for Overseas Business

35

Reference Project (Thailand)

Kave Coco Project (Thailand)For-sale condominium development project in Khlong San,an area with excellent access to central Bangkok.

A for-sale condominium development project in Chonburi
Province, Thailand, where multiple large-scale industrial
estates are concentrated.

Total project cost

Approx. ¥14.9 billion

Total project costTokyo Tatemono’s
Approx. 45%
stake

Approx. ¥6.8 billion

Tokyo Tatemono’s
Approx. 50%
stake▲ Reference Project(To be completed in 2024)▲ Kave Coco Project(To be completed in 2025)

Wenzhou Ouhai Project (China)
A residential development project in Wenzhou city, a Tier 3 city ofZhejiang Province, marking the Company’s first project in the city.
Located near Wenzhou South Station of the high-speed railway ina location with excellent
transportation convenience.

Total project cost

Approx. ¥14.0 billion

Tokyo Tatemono’s
Approx. 40%
stake

Herndon Project (U.S.)
A large multi-family residential rental building development projectin the suburbs of Washington D.C. achieving both economic
efficiency and environmental friendliness by adopting a hybrid
structure of wood and reinforced concrete.

Total project cost

Approx. ¥21.3 billion

Tokyo Tatemono’s
stake

Undisclosed▲ Wenzhou Ouhai Project(Completed in 2024)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

▲ Herndon Project(To be completed in 2027)

36

ESG-related Initiatives

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

ESG-related Initiatives (1)37Medium- to long-term targets for
reducing greenhouse gas emissions

Solar power generated

CO2 Emissions
Scope1・2

Development of “ZEB” logistics,
creation and utilization of renewable energy
Private power
Surplus power
consumption*1

46.2% reduction by FY2030
Scope3

Power grid*2

Commercial
power

40% reduction (compared with FY2019)
Scope1・2・3

Transformer

Properties owned by
Tokyo Tatemono

T-LOGI (ZEB logistics)

Net zero by FY2050

Retail electricity
company*1 Scope 1 & 2 emission reduction target of “within 1.5°C above pre-industrial levels”…
Obtained SBT certification in February 2024.
*2 Category 11 and 13 are targeted.

Development of ZEB and ZEH
1

Selfconsignment

2

3

The company consumed electricity generated by solar panels

1. installed at the T-LOGI logistics facilities on the premises ofthe facility and obtained the highest rating of ZEB as anenvironmentally friendly property.
The entire T-LOGI series was developed as “ZEB” logistics.

Acquisition of “ZEB”
certification:
12 properties
As of June 30, 2024
Including those sales
completedpower is subject to self-consignment to the SMARK Isesaki retail facilities
2. Surplus
owned by the Company as well as owned facilities.

◼ Awards received for “carbon-neutral initiatives
leveraging self-consignment system”
FY2022 (29th)
Japan Association for Real Estate Sciences’ Minister of Land,
Infrastructure, Transport and Tourism Award▲ ZEB Ready▲ ZEH-M Oriented▲ ZEH-M Oriented“Minister of the Environment Awards for Climate Action 2023” of the
Ministry of the Environment

1Hareza Tower

2

Brillia Tower Seiseki Sakuragaoka BLOOMING RESIDENCE

3

Brillia ist Oimachi

Honorable mention award in the project category at the NIKKEI
Decarbonization Awards 2023

* See our sustainability (ESG management, KPIs) website for details on medium- to long-term targets and definitions of ZEB and ZEH. https://tatemono.com/csr/english/promotion.html
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

ESG-related Initiatives (2)38External evaluation and certification on
green buildings◼ Percentage of certification (as of December 31, 2023)− All properties owned andmanaged by the Company

Sustainability Finance (Bonds payable issued)
March 2019

Issuance of green hybrid bonds• First issuance of green hybrid bonds in Japan (world-first in the realestate sector)− Leasable officearea• Received the Minister of the Environment’s Award (Silver Award) inthe Bond Section of the “ESG Finance Awards Japan”• Issuance period: 40 years
Amount issued: ¥50 billion

Certification

72.4%
Certification

71.1%

July 2020

Issued sustainability bonds• Japan’s first in the real estate sector− Leasable residential
area• Received the gold award, the highest award given by the Minister ofthe Environment in the fundraiser section of the “ESG FinanceAwards Japan.”• Awarded for the second consecutive year, the only company in thesectionCertification

59.8%• Issuance period: 5 years
Amount issued: ¥20 billion• Issuance period: 10 years
Amount issued: ¥20 billion◼ Properties newly obtaining certification in 2023
February 2021

Issued sustainability hybrid bonds• Issuance period: 40 years

July 2021

Amount issued: ¥40 billion

Issued sustainability bonds for individual investors• First in Japan for a general operating company in the real estate
sector• Issuance period: 7 years

July 2023▲ Brillia ist Shinonome Canal Court

13 other properties**Mainly refers to DBJ Green Building certification, CASBEE building and BELS certification, but not limited to them.

Issued sustainability bonds• Issuance period: 10 years

Also acquired for
May 2024

Amount issued: ¥10 billion

Amount issued: ¥20 billion

Issued sustainability bonds for individual investors• Issuance period: 7 years

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Amount issued: ¥10 billion

ESG-related Initiatives (3)39

ESG-related external evaluation, participation in ESG-related initiatives, andstatus of inclusion in indexes◼ “GRESB Real Estate Assessment” 2023
“GRESB Standing Investment Benchmark,” an assessment of real estate management portfolios► The only real estate developer in Japan which
received the top-rated “5-star” for the seventh
consecutive year

Field
ESG
(Real Estate)

ClimatechangeSocial(HumanResources)

Rating agencies and Initiatives

Rating, etc.

GRESB Standing Investment Benchmark

5-star

TCFD

Agreed

SBTi

Certified

RE100

Participated

CDP

A-

Category

Index inclusion status
MSCI Nihonkabu ESG Select Leaders Index
MSCI Japan Empowering Women Index (WIN)UN Global Compact

ParticipatedCertified Health and Productivity Management
Organization Recognition Program

White 500

Eruboshi

CertifiedKurumin

Certified

FTSE Blossom Japan Index
Indexes usedby GPIFFTSE Blossom Japan Sector Relative Index
S&P/JPX Carbon Efficient Index
Morningstar Japan ex-REIT Gender Diversity Tilt Index(GenDi J)
FTSE4Good Index Series

Other
SOMPO Sustainability Index

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

40

Appendix

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Initiatives to Enhance Corporate Value
Recognition of Current Situation

41*Various indicator figures updated from the material published in August 2023

◼ ROE is at the target level in the Medium-Term Business Plan (9.6%) and remains at a level exceeding shareholders’equity costs (CAPM estimate: approx. 7% to 8%).
◼ As of the end of June 2024, PBR is at a level above 1.0 times, and improving PER is recognized as crucial for further
enhancement of PBR.
◼ We will continue to maintain and improve ROE while striving to enhance profit stability and foster growth expectations
to improve PBR, thereby increasing our valuation by the stock market.

PBR

ROE
Target ROE in 2024 (final year of Medium-TermBusiness Plan): 8% - 10%(times)
12%

1.5

10.0%

10%

7.9%
6.4%

8%

8.2%

8.3%

8.7%

9.6%

6.8%

6%

1.07
times*1

1.0

4%
2016/12 2017/12 2018/12 2019/12 2020/12 2021/12 2022/12 2023/12

PER
20.0

0.5

11.05
times*210.0

0.0
2016/1

2017/1*1: As of June 28, 2024

2018/1

2019/1

2020/12021/12022/12023/12024/10.0
2016/1

2017/1

2018/1*2: As of June 28, 2024

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

2019/1

2020/12021/12022/12023/12024/1

Initiatives to Enhance Corporate Value

42

Initiatives to Enhance Corporate Value
Through optimizing the business portfolio, asset composition, etc. based on “management that is mindful of capital efficiency,” as
set forth in the Medium-Term Business Plan, we aim to steadily meet the plan’s target ROE (FY2024: 8% - 10%) and subsequently
achieve an ROE exceeding that level in the long term.
(Key Initiatives)

Maintaining/enhancing
ROE◼ Enhancing profit margin in each business◼ Appropriate control of balance sheet mindful of capitalefficiency− Ingenious land acquisition that leverages our strengths− Steady promotion and leasing of large-scale redevelopment− Sales of non-current assets, revision of business portfolio
projects− Reducing cross-shareholdings− Focusing on cost management− Financial leverage control based on fiscal policy◼ Enhancing capital efficiency− Enhancing sales of for-sale condominiums and property
sales to investors− Expanding fee revenues in tandem with group AUM growth

Enhancingprofit stability
Fostering
growthexpectations
Reducing
shareholders’equity costs✓ We are currently considering specific targets for “sales of noncurrent assets” and “reducing cross-shareholdings.” We plan todisclose these once decided.
✓ With the aim of maintaining and improving capital efficiency
and strengthening our asset portfolio, we are consideringchanges in the business profit composition (expanding the
proportion of “property sales”) and diversifying the asset typesof rental assets.

In addition to increasing market confidence by deploying our tolerance to environmental changes to steadily generate profit, we
will foster a sense of expectation by showing the probability of sustainable profit growth and enhanced shareholder returns in the
future in our results and strategies.
(Key Initiatives)◼ Enhanced disclosure and proactive and attentive dialogue− Comprehensive disclosure of strategies and initiatives
aimed at sustainable growth− Enhancing engagement with investors◼ Improving shareholder returns− Increasing dividends based on sustainable profit growth(including raising the payout ratio and considering progressive
dividends)◼ Evolved approach to ESG management− Accelerating sustainability initiatives− Lowering business risks by enhancing risk management− Developing human capital✓ We are currently considering specific targets for “improving
shareholder returns.” We plan to disclose these once decided.

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Initiatives to Enhance Corporate Value

43

Main Achievements During the Current Medium-Term Plan Period
Enhancing sales of for-sale condominiums
and property sales to investors• In for-sale condominiums, we have supplied highprofile properties, such as large-scale tower
condominiums in central Tokyo and regional cities.
Gross margin remains at a high level.

Expanding fee revenues in tandem withgroup AUM growth• Steady expansion of asset size for JPR*1, private
REITs, and private funds• In April 2023, TRIM*2 became a wholly owned
subsidiary

Strengthening engagement with investors• Expanding opportunities to learn about ourcompany through hybrid result briefings and active
implementation of property tours• Increasing direct dialogue opportunities between
CEO/CFO and investors through active
implementation of small-group meetings, overseas
IR, and participation in conferences• Enhancing information disclosure through theissuance of asset books and improvement ofintegrated report content▲ SHIROKANE The SKY▲ Brillia Tower Nishijin（Related information: Refer to page 26 onwards）• For property sales to investors, we have expanded
our development capabilities and diversified ourasset types through organizational reform andhuman resource enhancement. This contributes tobuilding a business portfolio resilient toenvironmental changes.

▲ T-LOGI Fukuoka Island City▲ Candeo Hotels
Osaka Shinsaibashi（Related information: Refer to page 18 and 29 onwards）▲ Nakano Central Park East
（March 2024: JPR acquired equity）（Related information: Refer to page 33 onwards）

Revising the business portfolio• From the perspective of optimizing our businessportfolio, we implemented the following transfers ofshares in consolidated subsidiaries:(1) Transfer of shares of Tokyo Tatemono SeniorLife Support Co., Ltd., which operates nursing
care services and housing for the elderly, toSompo Care Inc. (December 2020)(2) Transfer of shares of Tokyo Tatemono Kids Co.,
Ltd., which develops and operates childcare
facilities, to Global Kids Company Corp. (June2023)(3) Transfer of shares of Tokyo Tatemono Staffing
Co., Ltd., which dispatches care workers tofacilities for the elderly, to Sakurajyuji Co., Ltd.
(October 2023)*1: Abbreviation for Japan Prime Realty Investment Corporation.
*2: Abbreviation for Tokyo Tatemono Realty Investment Management, Inc. Entrusted with asset management of JPR.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

• Strengthening feedback on dialogues with investors
at Board of Directors meetings and management
discussion meetings (with participation of outside
directors)

Accelerating sustainability initiatives• Selected as a constituent of all ESG indexes forJapanese equities used by GPIFMSCI Nihonkabu ESG Select Leaders Index
MSCI Japan Empowering Women Index (WIN)FTSE Blossom Japan Index
FTSE Blossom Japan Sector Relative Index
S&P/JPX Carbon Efficient Index
Morningstar Japan ex-REIT Gender Diversity Tilt Index(GenDi J)（Related information: Refer to page 39 onwards）

Long-Term Vision and Medium-Term Business Plan

44

◼ In February 2020, announced a long-term vision for 2030, “Becoming a Next-Generation Developer,” and theMedium-Term Business Plan for FY2020-FY2024*1.
◼ Aim to achieve goals of Medium-Term Business Plan and realize the long-term vision through initiatives
that contribute to the evolution of ESG management and the promotion of our five key strategies.

Long-Term Vision for 2030

Positioning of the Medium-Term Business Plan

“Becoming a Next-Generation Developer”

Previous
MediumTerm
Business
Plan

Long-Term Vision to 2030
2020-2024 Medium-TermBusiness Plan

Achieve the dual goals of “solving social issues”
and “company growth” at higher levels

Consolidated
business profit*2

Consolidated
business profit*2¥120.0 billion¥75.0 billion

Target for 2030:
Consolidated business profit*2 of¥51.6 billion¥120.0 billion
2019

Contributing to theachievement of the SDGs

2024

Around 2030

Key Strategies in the Medium-Term Business Plan

◼ Basic Profit Growth Policy
Steadily expand stable rental profits andaim for a well-balanced profit structurewith an awareness of capital efficiency,
which is central to profit composition(1)

Promotion of large-scale
redevelopment(4) fund, and parking businesses(2)

Further strengthening of forsale condominium business(5) Growth in overseas business(3)

Expansion of property sales toinvestors*1 For details, please refer to “Long-Term Vision, Medium-Term Business Plan” announced on February 12, 2020.
*2 Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Strengthening of brokerage,

Materiality of the Tokyo Tatemono Group45◼ In order to achieve our long-term vision, we reviewed important issues that need to be addressed, mindful of thevalues to be shared with society through our business. In this process, 14 material issues were identified.
Important issues

Shared value withsociety

Contribution to SDGs

“Integrated Report 2024”

Strengthening Tokyo’s competitivenessas an international city

Creation of social value

Contributing to a safe and secure society
Community building and revitalization
Wellbeing
Addressing diverse needs of customers
and society▼Integrated Report 2024

Value co-creation and innovation

https://tatemono.com/english/ir/library/integrated.html

Social implementation of technology“Sustainability Report 2024”

Revitalizing and utilizing real estate stock
Promoting a decarbonized society
Promoting a recycling-oriented society

Foundation forvalue creation

Creating value of placeand value ofexperience

Improve employee growth and job
satisfaction

Coexistence with theearth and theenvironment
Value-creating talent

Diversity & inclusion
Advancement of governance
Strengthen risk management framework▼Sustainability Report 2024

Realizing sustainability
management* See the ESG Management & KPI page of our website for the KPIs and targets based on material issues. https://tatemono.com/csr/english/promotion.html
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

https://tatemono.com/english/sustaina
bility/reports.html

Quantitative Plan in Medium-Term Business Plan

46

◼ In the Medium-Term Business Plan, we have set a business profit target of ¥75 billion in profit for FY2024.
In addition, we have set targets for ROE, the debt-equity ratio, and the interest-bearing debt to EBITDA
multiple in order to optimize the business portfolio in consideration of capital efficiency and fiscal discipline.
◼ Looking towards 2024, we plan to increase profit on property sales centering on property sales to investors.

Profit/Financial Plan
– Figures for FY2024
Profit Target

Consolidated
business profit

Consolidated Business Profit
Trend by Segment
Commercial Properties buisiness
Asset service businessCorp/Elim

75.0 billion¥

8~10 %

ROE

51.6
60.0

Debt-equity ratio
Financial
Indicators

Appr.

2.4x

Appr.

Profit attributable toowners of parent
EPS

47.9
49.8

4.3

66.3

4.4

4.0
7.3

12.9

78.0
2.0
10.0

36.0

17.0

23.3

27.1

15.8

8.8
2.6
7.1

37.5

40.8

44.8

41.2

40.1

42.0

(8.2)

(9.5)

(9.1)

(9.6)

(10.2)(12.0)

12x
20.0

Reference
Figures

0.5
5.8

40.0

Interest-bearing
debt / EBITDA
Consolidated
operating profit

74.4(¥billion)

80.0

CapitalEfficiency

Residential business
Other

70.0 billion¥

0.0

45.0 billion

¥

(9.1)
(20.0)

215¥

2019/122020/122021/122022/122023/122024/12ActualActualActualActualActualForecast

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Long-Term Vision, Medium-Term Business Plan Material

47(announced in February 2020) (Excerpt)

Business Portfolio Concepts (1)◼ Our business portfolio can be classified into three categories based on their profit characteristics:
leasing, property sales (for-sale condominiums/sales), and services. We manage each segment with afocus on the value chain.
◼ We promote five key strategies with a focus on the balance between profitability, efficiency, andstability.

Key Strategies and Their Profit Sources

Business classification and management by profit
characteristics, with awareness of the balance
between profitability, efficiency, and stability

Profit Type

Leasing

Property
Sales

Services

Profit Source(1)

Promotion of large-scale
redevelopment

Leasing(2)

Further strengthening of for-salecondominium business

Property
sales

(3)

Expansion of property sales toinvestors

Property
sales

(4)

Strengthening of brokerage, fund,and parking businesses

Services

Characterized by

Profit from leasing• Highly stable profit
offices, condominiums, • Requires significant
etc.
investment

Development profit,
acquired from sale ofproperties held

Key Strategy• Highly volatile profit• High capital efficiency

Fee revenue from• Highly stable profit
facility• Does not involve
management/operation,
significant investment
provision of services(5) Growth in overseas business

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Propertysales

Long-Term Vision, Medium-Term Business Plan Material

48(announced in February 2020) (Excerpt)

Business Portfolio Concepts (2)◼ Working under our five key strategies, we are steadily growing our Services area, with profit growth
driven especially by the Property Sales area through 2024 and expansion of Leasing in 2025 and beyond,achieving a well-balanced profit structure mindful of capital efficiency.

Projected Shift in Per-Area Profit Over Time¥120.0 billion

20%

Services

30%

Property Sales

50%

Leasing¥75.0 billion¥51.6 billion

10%

20%

40%

30%
60%
2019

40%
2024

Around 2030

(Projection)(Projection)

Promotion of large-scale redevelopment

Leasing

Project completions in 2025 andbeyond drive major expansion

Growth of leasing revenue from active properties

Property Sales
Services

Expansion primarily through renovation
at held properties

Ongoing profit generation

Steady growth* The percentages in the graph show the approximate composition ratio
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Realize a well-balanced
profit structure focusedon leasing profit andmindful of capitalefficiency

Long-Term Vision, Medium-Term Business Plan Material

49(announced in February 2020) (Excerpt)

Management Mindful of Capital Efficiency◼ We will target enhancement of ROA by improving margin and turnover, appropriate control of the debtequity ratio through earnings growth and asset sales, realization of ROE of 8% to 10%, and optimizationof our business portfolio and asset composition.

Realize appropriate ROE
Net income ÷ equity capital

2024: 8～10%

Improve ROA

Decrease debt-equity ratio

Business profit ÷ total assets

Interest-bearing debt ÷ equity capital

2024: 4%2024: 2.4X
Interestbearing debt

Improve Margin/Turnover
1)

Enhance asset profitability by
investing mindful of capital cost2)

Improve turnover rate throughgreater profit on property sales

3)

Adjust businesses with low
profitability/poor growth outlook

Secure Financial Stability
1)

Increase equity throughaccumulation of greater profit

2)

Recover funds through sales of
not only real estate for sale but
also non-current assets and nonbusiness assets (e.g., crossshareholdings)

AssetsEquity capital

Guide optimization of business portfolio
and asset composition
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Long-Term Vision, Medium-Term Business Plan Material

50(announced in February 2020) (Excerpt)

Investment Plan
◼ Estimated net investment of ¥500.0 billion in total over five years.
◼ In addition to enhancing equity capital through stable profit growth, we aim to optimize our asset
composition by selling non-current assets in consideration of profitability and reducing crossshareholdings in order to either maintain or reduce the debt-equity ratio and simultaneously control thebalance sheet in an appropriate fashion.

Medium-Term Investment Plan
(Cumulative)

Balance Sheet Changes

Unit: ¥ billion

Gross investment

Other¥200.0 billion

1,400.0

Investment in large-scale
redevelopment

230.0

Investment in for-sale condominium
projects

430.0

Investment in properties for sale toinvestors

550.0

Investment in the overseas business

70.0

Other

120.0

Recovered

900.0

Net investment

500.0

Other
¥264.2 billion

Assets¥1,564.0
billionInterestbearing debt
¥924.8billionAssets¥1,900.0
billionInterestbearing debt
¥1,200.0
billionDebt-equity
ratio

Debt-equity
ratio

2.5x
Equity capital¥375.0billion
2019年

2019

About 2.4x
Equity capital¥500.0billion
2024年(想定)2024(Projection)**Assumed at time of announcement of Medium-Term Business Plan in February 2020
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Investment Plan for FY2024

51(Not updated from the time of announcement of financial results for FY2023)◼ In FY2024, the gross amount of investment is expected to be ¥440.0 billion due to investments in large-scale
redevelopments, expenditure on construction costs for progressively developing for-sale condominium and logistics
property projects.

Investment Plan of Medium-Term Business Plan (FY2020–FY2024) and Results
2024/8
Announced

Results for 2020-2023 and Plan for 20245-year Plan
（Initial）

2020 Actual

2021 Actual2022 Actual

2023 Actual2024 Plan

Total

1,400.0

189.1

128.9

191.0

257.0

440.0

1,206.0

230.0

13.8

0.0

11.3

19.7

95.0

139.8

430.0

64.4

46.1

75.8

85.8

115.0

387.1

550.0

63.6

57.9

91.1

106.5

145.0

464.1

70.0

1.6

3.4

0.7

19.4

35.0

60.1

Other *

120.0

45.7

21.5

12.1

25.7

50.0

155.0

Recovered

900.0

120.6

121.3

112.7

136.4

Net investment

500.0

68.5

7.6

78.3

120.6

（Unit: ¥ billion）

Gross investment
Investment in large-scale
redevelopment
Investment in for-salecondominium projects
Investment in properties
for sale to investors
Investment in
the overseas business* Inclusive of such amounts as expenditures to CAPEX, etc., and reserves for acquisition of seed-lot buildings for large-scale redevelopment and income-producing real estate.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Financial Standing

52(Not updated from the time of announcement of financial results for FY2023)

External Ratings

JCR long-term
issuer rating

Interest-Bearing Debt
Average interest rate*1

0.70 %

Average remaining years*2

6.4 years

Ratio of long-term debt

95.4 %

Ratio of fixed-interest rate

98.3 %A

Average Interest Rates

Diversification of Repayment Dates（¥ billion)

192.2

200.0

1.50%

■ Loans payable, etc.
■ Bonds payable■ Commercial papers

175.0

20.0

150.0

1.00%

117.6

116.9

0.79%
0.72%

0.78%
0.71% 0.69%

0.70%

0.63%

101.1
91.6

100.0
50.0

20.0

79.8

20.0

135.0

10.0

172.2

66.0

10.0

0.50%

52.0

10.0

50.0
56.9

2017/12 2018/12 2019/12 2020/12 2021/12 2022/12 2023/12

10.0

20.0

56.0

51.9

97.6
81.1

0.00%

71.9

81.6

69.8

24.2
52.0

10.0

40.0

14.2

0.0
2024/122025/122026/122027/12*1 Average interest rate = Interest expenses ÷ Average balance of interest-bearing debt at beginning and end of year
*2 Average remaining years are figures excluding hybrid bonds payable and commercial papers
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

2028/122029/122030/122031/122032/122033/122034/12

OnwardFair Value of Rental Properties

53(Not updated from the time of announcement of financial results for FY2023)◼ Unrealized gain remained at a high level of ¥529.4 billion.

2022/12-end 2023/12-end(Unit: ¥ billion)

Fair value at end of
periodAmount on B/S(carrying value)
Amount of difference

1,417.6

1,446.8

29.2

891.1

917.4

26.2

526.4

◼ Subject properties

Increase/
Decrease

529.4

Of non-current assets, properties that are currently leased to third parties orproperties under development that are scheduled to be leased after
completion by the Company and its subsidiaries (including properties where a
portion is used by the Company and its group companies) are subject tocalculation◼ Method of calculation
For properties newly acquired during the fiscal year or properties underdevelopment at the end of the fiscal year, the book value at the end of the
fiscal year is taken as the fair value

3.0

BPS and Adjusted BPS*1 Trend

Unrealized Gain(¥ billion)(¥ per share) ■ BPS ■ Unrealized gain*2 (net of tax)

504.8

514.6

526.4

529.4

4,000

463.5

500.0

3,333

422.1
372.2

3,000

2,776

250.0

1,000

1,186

3,706

2,951

4,137

1,758
1,539

2,000

3,539

3,883

1,676

1,709

1,748

1,345

1,590

1,606

1,794

2017/122018/122019/12

1,862

1,996

2,135

2020/122021/122022/12

2,378

0

0.0

2017/122018/122019/122020/122021/122022/122023/122023/12*1 Adjusted BPS = BPS + (Unrealized gain, net of tax) / Number of shares issued and outstanding at endof period, excluding treasury stock*2 Unrealized gain, net of tax = Unrealized gain × (1 − Statutory tax rate applicable to each fiscal year)
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Quarterly Segment Data
Commercial Properties business*
Number of office buildings

54

2021/92021/122022/32022/62022/92022/122023/32023/62023/92023/122024/32024/6

46

47

45

45

45

45

41

42

41

41

41

40

Leasable area of office buildings (thousand m²)

514

514

496

496

500

511

494

542

540

540

540

535

Vacancy rate

3.3%

3.2%

2.5%

2.9%

2.8%

3.2%

4.2%

3.4%

4.2%

4.2%

3.3%

2.9%

31,07730,95430,80930,89630,69630,83631,08728,071

28,02328,227

27,827

27,7112021/92021/122022/32022/62022/92022/122023/32023/62023/92023/122024/32024/6

689

1,109

390

963

1,034

1,435

548

660

712

1,058

688

1,409

689

1,109

390

963

1,034

1,435

548

660

712

1,058

688

1,409

Average rent (Unit: ¥/tsubo)

Residential business
Number of sales posted (cumulative)
For-sale condominiums
Housing and residential land

0

0

0

0

0

0

0

0

0

0

0

0

28.4%

24.4%

28.2%

36.7%

36.1%

33.3%

37.2%

36.0%

35.4%

33.4%

24.9%

29.4%

54

83

135

115

72

175

156

125

72

181

183

165

24

37

29

35

20

43

36

47

21

38

75

30

Condo units supplied (cumulative)

1,036

1,684

277

647

908

1,341

213

590

880

1,243

284

493

Condo units contracted (cumulative)

1,045

1,759

245

639

941

1,313

211

605

933

1,334

271

516

Condo units contracted but yet to be posted

1,669

1,968

1,837

1,658

1,890

1,861

1,524

1,806

2,082

2,136

1,722

1,245

Gross margin ratio of condo sales (cumulative)
Inventory of completed condos
Of which, contracted

Number of condo buildings for rent
Number of managed condo units

Asset Service business
Brokerage: Number of deals (cumulative)

11

12

11

14

14

17

17

17

18

11

14

12

97,66898,78996,761

97,272

97,34598,00698,15998,141

99,522

99,083100,093

99,8962021/92021/122022/32022/62022/92022/122023/32023/62023/92023/122024/32024/6

830

1,152

250

532

793

1,086

248

494

783

1,097

277

567

Of which, sales (cumulative)

810

1,124

243

521

778

1,060

243

480

759

1,062

274

560

Of which, rentals (cumulative)

20

28

7

11

15

26

5

14

24

35

3

7

Parking lots: Number of locations

1,864

1,861

1,852

1,856

1,845

1,933

1,915

1,930

1,919

1,919

1,889

1,887

Parking lots: Number of parking spaces

74,64175,25475,61876,44477,08380,05779,045

81,62082,28782,542

81,33382,4732021/92021/122022/32022/62022/92022/122023/32023/62023/92023/122024/32024/6

Ofuro no Osama (Spa facility)

9

10

10

10

10

10

10

10

10

10

10

10

Golf Courses

12

12

12

12

12

12

12

12

12

12

12

12

Pet-Friendly Hotels (Regina Resort with DOGS)

8

8

8

8

8

8

8

8

8

8

8

8

Other

*Standards for areas subject to calculation are as follows.
1. Office buildings owned by group companies are included.
2. Since the area of retail facilities accounts for a large proportion under total leased floor area at GRAND FRONT OSAKA, the area of retail facilities is excluded from calculation.
3. With regard to buildings owned by consolidated SPCs, the equivalent areas of the SPCs’ equity holdings in other companies have been included along with areas subject to recording of leasing revenue.
4. Addition of following criteria from the end of March 2022: Properties included in a redevelopment project area shall be excluded from owned office buildings upon the establishment of an urban
redevelopment consortium or project approval.
5. The DNP Gotanda Building (currently the Panasonic Meguro Building), acquired at the end of September 2019, will be included in the areas subject to calculation from the end of June 2023.
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

Market Data (1) Office Building Market

55

Large-Scale Office Building Supply Volume Trends in Tokyo’s 23 Wards

24

46 47
41 40 36 44
32
29 30

42
21

12

15 14 16 19

28

Average supply
volumein the past

Number of properties of supply

1,030,000
37

28 26

19

21 25

31 29 32

16 19

Volume of supply

183

22 21 19 26 24 20

175

100

83

100

108 104

119

114 118

92

99

91

74

117

109
87

86 85
65

56 55

19
11 8
13 11 15 16

30
5
0
-30

125
97

119
83

85
69

58

61

36
0

60

141

119

121

77

72

(Properties)

m2/year

179

154
125

820,000

m2/year216
200

Average supply
volumefor 2024 to 2028

48

61

86

-60

60
-90

'86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28

Number of properties of supply

Volume of supply(10,000 ｍ2)
300

-120

Average Rent and Vacancy Rate Trends in Tokyo’s Central Business District(Chiyoda, Chuo, Minato, Shinjuku, and Shibuya Wards)
35,000

8.09

8.91

9.01

8.67

7.34

5.47

4.72

4.03

3.61

Vacancy rate
3.12

30,000

Average rent

25,00022,186

18,97820,00017,585

16,572

16,953

18,54016,207

17,692

19,173

16,932

10/12

11/12

12/12

13/12

14/12

15/12

16/12

17/12

(%)
4.49

1.88

20,887

6.33

6.47

6.03

5.15

1.55
22,206

5.0
21,9990.0
20,596

20,05919,74819,979

21/12

22/12

22/12

24/6

15,00010,000
5,000

0

08/12

09/12

18/12

Source: Mori Buildings’ “Survey of Large-scale Office Building Market in Tokyo’s 23 Wards 2024”; Miki Shoji
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

19/12

10.0

20/12

Vacancy rate

Average rent(¥/tsubo)

Market Data (2) For-Sale Condominium Market

56

Number of New Condominium Units for Sale and Average Price Trends in the Tokyo Metropolitan Area
(Tokyo, Kanagawa, Saitama, and Chiba Prefectures)(Units)Number of new units for sale(¥10,000)

Average price

10,0008,101

80,00060,000

8,000

4,578

4,540

4,929

5,060

5,518
40,44940,00044,49945,60256,4785,490

35,772

5,908

5,871

5,980

5,871

6,260

6,288
6,000

35,89837,132

44,913

31,23833,63627,22829,56926,88620,0000

4,000

Average price

Number of new units for sale

100,000

2,000

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

0

Trends in Double-Income Household Ratio and Average Annual Household Income
Among Buyers of Condominium Units in the Tokyo Metropolitan Area
Average annual household income

Double-income ratio among married households

1,500

54.6%

56.6%

57.0%

59.5%

1,000
754

755

796

801

59.4%
872

62.7%

900

64.9%

66.0%

944

960

68.3%

72.1%

74.3%

72.8%

75.3%

80%
70%

988

985

1,019

1,034

1,057

60%
50%
40%
30%

500

20%
10%
0

0%
2011

2012

2013

2014

2015

2016

2017

2018

2019

Source: Real Estate Economic Institute; Recruit’s 2023 survey on contract trend of new condominium units in the Tokyo Metropolitan Area
Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.

2020

2021

2022

2023

Double-income household ratio

Average annual household income(¥10,000)

Disclaimer

57

This material has been translated from the Japanese original for reference purposes only. In theevent of any discrepancy between this translated document and the Japanese original, the original
shall prevail. The Company assumes no responsibility for this translation, nor for direct, indirect, or
any other form of damages that may arise from using this translation. This English version includes
some explanatory notes.
The utmost care is applied to the information presented in this material; nevertheless, the accuracy
and reliability of this information is not guaranteed. Please be aware that content may be changed
without advance notice.
This material contains the current plans and forecasts concerning the business performance of theTokyo Tatemono Group. These forecasts are based on the Company’s assumptions and judgmentson the basis of information currently available to the Company and include various risks anduncertain factors. Actual results may differ from these forecasts due to changes in the environmentand other various factors.

Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.