Takara Leben Co., Ltd.

Earnings Results Briefing for the Six Months Ended
September 30, 2021
November 5, 2021

Security code

8897

© Takara Leben group

Contents

Business Results for 2Q of March 2022

P.２

Year Ending March 2022 to Year Ending March 2025
Mid-Term Management Plan

P.11

TOPICS / Sustainability

P.18

Appendix

P.24© Takara Leben group.

1

Business Results for 2Q of March 2022
Year Ending March 2022 to Year Ending March 2025
Mid-Term Management Plan
TOPICS / Sustainability
Appendix© Takara Leben group.

2

Summary of Business Results for 2Q of March 2022
 Net sales for the second-quarter year-to-date period of the current consolidated fiscal year amounted
to 50,098 million yen, down 2.9% on a year-on-year basis. Operating loss amounted to 566 million
yen, down 69.4% on a YoY basis. Ordinary loss amounted to 112 million yen, down 106.9% on a YoY
basis. Net loss attributable to owners of parent amounted to 252 million yen, down 128.3% on YoY
basis. The main reason for the decrease in profit was that the number of sold units in new built-forsale condominium business was 438 units, 229 units less than the same period last year.

 In September 2021, Takara Leben Real Estate Investment Corporation, sponsored by Takara Leben,
conducted a public offering of new shares. With the acquisition of a total of 12 properties, including
five properties mainly from the LUXENA series of rental residences developed by Takara Leben andthree properties from a bridge fund formed by Takara Leben, the asset size expanded to 113.1 billionyen.

 In energy business, we entered the biomass power generation business for the first time. In thisproject, cattle manure is fermented to produce biogas and liquid fertilizer. The biogas is then burned
to generate electricity. Using this biomass power generation business as a model case, we will also
actively promote the development of renewable energy facilities other than solar power generation.
© Takara Leben group.

3

Business Results for 2Q of March 2022ーConsolidated Income Statement

Six Months
Ended
September 2020
ActualSix Months
Ended
September 2021
Actual

51,58150,098△2.9％

158,600

31.6％

Real estate sales business

40,19035,578△11.5％

107,900

33.0％

Real estate rental business

2,815

2,979

5.8％

5,400

55.2％

Real estate management business

2,720

2,911

7.0％

5,500

52.9％

Facilities sale

ー

ー

ー

23,260ーElectricity sale

2,903

5,034

73.4％

7,740

65.0％

2,951

3,594

21.8％

8,800

40.9％

Cost of sales

41,20039,690△3.7％

129,500

30.6％

Gross profit

10,38010,4080.3％

29,10035.8％

Selling, general andadministrative expenses

8,527

9,841

15.4％

21,20046.4％

Operating income

1,853

566

△69.4％

7,900

7.2％

Ordinary income

1,620

△112

△106.9％

7,100

ー

893

△252

△128.3％

4,800

ー（Million yen）

Net sales

Energy business
Other businesses

Net income attributableto owners of parent

Year ending
March, 2022
Forecast

YOYchangeProgressratio※From the fiscal year ending March, 2022, the name of the business will be changed
from electric power generation business to energy business.
© Takara Leben group.

4

Business Results for 2Q of March 2022ーNet Sales and Gross Profit by Segment(1) Increased in the number of sold units in renewal resale business Gross profit achieved the full-year target ahead of schedule due to the sale of a properties developed
by Takara Leben to Takara Leben Real Estate Investment Corporation
Six Months
Ended
September 2020
ActualSix Months
Ended
September 2021
ActualNet sales

40,19035,578△11.5％

107,900

33.0％

Gross profit

8,678

7,066

△18.6％

19,10037.0％

Net sales

26,148

14,549△44.4％

70,00020.8％

Gross profit

6,490

2,839

△56.3％

14,000

20.3％

Sold units

667units

438units△229units

1,800units

24.3％

Net sales

2,268

2,237

△1.4％

8,900

25.1％

Gross profit

203

325

59.7％

900

36.2％

Sold units

48units

52units

4units170units

30.6％

Net sales

1,920

2,894

50.7％

5,900

49.1％

Gross profit

293

618

110.7％

900

68.7％

Sold units

67units

87units

20units

170units

51.2％

Net sales

5,360

15,097181.6％

22,00068.6％

Gross profit

1,355

3,147

132.1％

3,100

101.5％Net sales

4,493

799

△82.2％

1,100

72.7％

Gross profit

334

135

△59.5％

200

67.9％（Million yen）

Real estate
sales businessNew built-for-salecondominium

New detachedhouse

Renewal resale

Liquidation
Others© Takara Leben group.

YOYchangeYear ending
March, 2022
Forecast

Progressratio

5

Business Results for 2Q of March 2022ーNet Sales and Gross Profit by Segment(2) In addition to steady electricity sales from existing power generation facilities, electricity sales from newly
consolidated subsidiary Leben Clean Energy's power generation facilities also contributed to the increase in net
sales and improvement in gross profit in energy business Improvement in gross profit of other businesses due to increase in management compensation, etc
Six Months
Ended
September 2020
ActualSix Months
Ended
September 2021
ActualNet sales

2,815

2,979

5.8％

5,400

55.2％

Gross profit

575

698

21.3％

1,600

43.6％

Net sales

2,720

2,911

7.0％

5,500

52.9％

Gross profit

264

326

23.8％

600

54.5％

Energy business(Facilities sale)

Net sales

ーーー

23,260ー

Gross profit

ー

ー

ー

3,940

ー

Energy business(Electricity sale)

Net sales

2,903

5,034

73.4％

7,740

65.0％

Gross profit

△189

555

ー

560

99.2％

Net sales

2,951

3,594

21.8％

8,800

40.9％

Gross profit

1,051

1,761

67.4％

3,300

53.4％

Net sales

51,58150,098△2.9％

158,600

31.6％

Gross profit

10,38010,4080.3％

29,10035.8％（Million yen）

Real estate rental
business
Real estate
management business

Other businesses
Total© Takara Leben group.

Year ending
March, 2022
Forecast

YOYchangeProgressratio

6

Business Results for 2Q of March 2022ーSelling, General and Administrative Expenses
 Selling, general and administrative expenses increased by 1,314 million yen from the same period of the previous fiscal year
Six Months
Ended
September 2020
ActualSix Months
Ended
September 2021
ActualSelling, general andadministrative expenses

8,527

9,841

1,314

Public relations fee

320

365

45

2,783

2,764

△18

2,662

2,610

△51

121

153

32

※2

Personnel expenses

2,985

3,718

733

※3

Others

2,438

2,994

555

（Million yen）

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

YOY
change※1※ 1 Net increase of approximately 500 million yen due to acquisition of Leben Clean Energy as a subsidiary※ 2 Increase in personnel expenses due to increase in personnel※ 3 Expenses were recorded for the resumption of various activities throughout the country that had been under selfrestraint were resumed with the declaration of the state of emergency lifted© Takara Leben group.

7

Business Results for 2Q of March 2022ーConsolidated Balance Sheet
As of the end of
March 2021

As of the end of
September 2021

204,315

231,81713.5％

125,686

161,665

28.6％

Cash and deposits

39,16934,959△10.7％

Inventories

72,449110,573

52.6％

28,68230,904

7.7％

ー

18,366

ー

43,766

61,302

40.1％

78,53170,069△10.8％

149,683

178,293

19.1％

55,64968,695

23.4％

Notes and accounts payable-trade

13,3187,211△45.8％

Short-term and current portion of
long-term borrowings

26,73245,998

72.1％

116

616

431.0％

94,033

109,598

16.6％

Long-term borrowings

85,721

100,970

17.8％

Bonds payable

5,988

5,980

△0.1％

54,63253,524△2.0％

Capital stock

4,819

4,819

ー

Total liabilities and net assets

204,315

231,817

13.5％（Million yen）

AssetsCurrent assets

Real estate for sale
Power generation facility for sale
Real estate for sale in progress ※Fixed assets
Liabilities
Current liabilities

Current portion of bonds
Fixed liabilities

Net assets© Takara Leben group.

YoYchange※ Increase due toprogress in land purchase8

Business Results for 2Q of March 2022ーConsolidated Balance Sheet (Details)
Real estate for sale

10%

37%

新築分譲ＭＳ
戸建・・・

Borrowings and bonds

1%

22%

Real estate for salein progress

7% 1%

10%
81%

販売用不動産・・・
New detachedhouse
Liquidation

New built-for-salecondominium
Renewal resale
Power generation
facility

OthersProperty, plantand equipment

161,665 Liabilities

178,293

Cash and deposits

34,959

Short-term borrowings, etc.

45,998Inventories

110,573

Current portion of bonds

New built-for-sale condominium

54,934Long-term borrowings

New detached house

6,420

Bonds payable

Renewal resale

11,400Liquidation

18,997

Power generation facility

18,366

Current assets

30%

1%

Total assets （231,817M）（as of the end of September 2021）

Others453

Fixed assets

70,069New built-for-salecondominium

New detachedhouse

Renewal resale

Liquidation

Power generation
facility
Not Linked to
The Above Assets

Others616
100,970
5,980

11%
1%
30%

23%
24%

Property, plant and equipment

53,771Intangible assets

3,052

Investments and other assets

13,245 Net assets

53,52452,443

Shareholders' equity
Subscription rights to shares265

Non-controlling interests309

Liquidation
Residence

OfficeHotel

Retail・Logistics（Million yen）

5%

4%
7%

12%
36%

17%
26%
69%

35%

© Takara Leben group.

9Business Results for 2Q of March 2022ーAssets, Borrowings and Bonds by Segment

Real estate
for sale

Real estate
for sale inprogress

Property,plant andequipment

Assets total

Borrowings
and bonds

49,271

61,302

53,771

164,345

153,564

4,962

49,971－54,934

46,342

342

6,078

－

6,420

5,905

Renewal resale

10,792607－

11,40010,699Liquidation

14,807

4,190

37,09956,097

37,660Power generation
facility

18,366－

14,05932,42635,543

Others

－

453

2,612

3,065

892

Borrowings and bonds
not linked to the above assets

－

－

－

－

（Million yen）

Total
New built-for-salecondominium
New detached house

16,520 ※※ Including bonds payableof 6,096 million yen© Takara Leben group.

10Business Results for 2Q of March 2022
Year Ending March 2022 to Year Ending March 2025
Mid-Term Management Plan
TOPICS / Sustainability
Appendix© Takara Leben group.

11

Overview of Mid-Term Management Plan

Long-term Vision

 Formulated the Group's long-term vision for the next decade incorporating
the responsibility as a public entity of society and actions towards therealization of a sustainable society, on top of the profit growth

National Brand Establishment

Become a “company trusted by all stakeholders” as the professional of space/city/renewableenergy development

7 elements of the Mid-Term
Management Plan Formulated “Mid-Term Management Plan” for the period from March2022 to March 202501.

Further growth of corebusinesses

05.

Improvement of productivity andcreation of new services throughpromotion of DX

02.

Maximized group synergies

06.

Proactive ESG considerations

03.

Optimized business portfolio

04.

Establishment of a stablefinancial ground07.

© Takara Leben group.

Personnel development andestablishment of the rewarding
workplace environment12Mid-Term Management Plan Management Index
Management Index
While keeping continuous expansion of our core, real estate sales as the linchpin business,
we aim to grow the stock fee business including penetration to the direct and bilateralenergy trading and increase of the managed units as well.
Equity ratio
more than30％

D/E ratio

LTV
less thanROE
more thanless than

60

×

％

2.5 13％

Numerical targets（Million yen）

Year ending
March 2022

Year ending
March 2023

Year ending
March 2024

Year ending
March 2025

Net sales

158,600

155,200

187,100

203,700

Gross profit

29,10028,40035,20038,700Operating income

7,900

8,000

13,20015,700Ordinary income

7,100

7,400

12,50015,000Net income attributableto owners of parent

4,800

5,000

8,500

10,000© Takara Leben group.

13

Progress of Mid-Term Management Plan
Changes in Gross Profit（Million yen）

40,00029,928

29,10038,70035,20028,400

Other businesses
その他事業
Energy business
エネルギー事業

Real estate management

不動産管理事業
business

30,000Real estate rental

不動産賃貸事業
business

Other business of

不動産販売その他事業
real estate sales

20,000Liquidation business
流動化事業

10,0000

Renewal resale business
リニューアル再販事業

Year ended
2021年３月期
March 2021

Year ending
2022年３月期
March 2022

Year ending
2023年３月期
March 2023

Previous Mid-Term
Management Plan

Key Segment
Strategies

New builtfor-salecondominium
business

New detached house
新築戸建分譲事業
businessYear ending
2025年３月期
March 2025

New built-for-sale
新築分譲マンション事業
condominium business

Mid-Term Management Plan Targets

Year 1

Year ２

Year ３

Year ４

Year ending March 2022

Year ending March 2023

Year ending March 2024

Year ending March 2025

Record 2,400units sales

Record 2,600units sales

Establish an integrated system for purchase,
product planning and sales

Expand the bases for the nationwide deployment

Construction cost control
Record gross profit of 5 billion yen constantly throughout the years

Liquidation
business

EnergybusinessYear ending
2024年３月期
March 2024

Develop profit-generating real estate for long-term ownership
Perform constant investments
Develop FIT-based electric
power generation facilities
On-site PPA initiatives

Develop FIT-based electric
power generation facilities
Off-site PPA initiatives© Takara Leben group.

Develop FIT-based electric power generation facilities
On/off-site PPA initiatives
Micro grid initiatives
14

Progress of Mid-Term Management Plan(1)Contract progress for new builtfor-sale condominium delivery

 Contract progress as planned
 Progress in delivery schedule for the next term is more than in the same quarter ofthe previous year

Delivery schedule for the current term （units）

Delivery schedule for the next term

Units schedule
for delivery

Number ofcontracted
units as of theend of 2Q

Contract
progress ratio

Year ended
March, 2021

1,980
（1,850）1,772（1,645）89.5％（88.9％）

Year ending
March, 2022

1,800
（1,750）1,506（1,444）

83.7％（82.5％）

PeriodUnits schedule
for delivery

Number ofcontracted
units as of theend of 2Q

Year ending
March, 2022ー

115Year ending
March, 2023

1,500

366

Period※Including the number of JV units※Figures in parentheses indicate the number of units excluding JV and thecontract progress ratio As in the previous fiscal year, net sales of new built-for-Completion schedulesale condominium business will be concentrated in the 4Q

 Scheduled for completion this fiscal year, mainly in Capital area, Kanto-Koshinetsu area andTohoku area

Year ended
March 2021
ActualYear ending
March 2022
Forecast

Sold units

2,129units

1,800units

Metropolitan
area ratio

49.6％

43.6％

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

（units）

Year ended
March 2021
Sold units

Year ending
March 2022
Completion
units

1Q

126units

68units

2Q

541units

241units

3Q

233units

398units

4Q

1,229units

1,029units

Total

2,129units

1,736units

49.6％

41.2％

Metropolitan
area ratio

15

Progress of Mid-Term Management Plan(2)Liquidation business
Full Year Plan

As of the endof September
2021

Investment
amount25,00017,770

40.7％

Sales
amount22,00015,097

68.6％（Million yen）

 Steady progress in both investment and sale amountagainst the full-year plan Sold a part of the LUXENA series property developed inhouse to Takara Leben Real Estate Investment Corporation

progressratio

 Steady increase in the scale of generation capacity

Energy business 355MW secured, including owned by the company, sold and under development

Generation capacity (cumulative) Solar FIT projects only（MW）
Projects
under
開発中及び
development

予定案件
Sold
売却済

Owned by the
自社保有
company

400

31
73

81

19%

32円
yen

34

200

0

36円
yen

82

300

100

5%

40円
yen

161

138

46

114
11

68

19/３
19/3
期末
Year-end

20/３
20/3
期末
Year-end

21/３
21/3
期末
Year-end

360

yen
24円

112
22/３
22/3

第２四半期
2Q

25/３
25/3
期末
Year-end

Final year
Mid-Term Management Plan

© Takara Leben group.

yen
27円

13%

Composition ratio
確保分
355MW
of FIT
price 内のFIT価格構成比of secured 355 MW

yen
21円

5%

yen
18円

10%
1% 3%

14円以下
Under 14yen

44%

16

Shareholder Return
Changes in dividends

 Strive to secure the internal reserves necessary for business development and to strengthen the
management base
 Abolish the shareholder benefit program from the perspective of fair return of profits, andprioritize return of profits through dividends

（Yen）

28

30

24

25
20
Year-end
期末配当金
dividend
Interim
中間配当金
dividend

15
10

14

14

14

10

10

10

4

4

4

Year ended March
2021年３月期
2021

Year ending March
2022年３月期
2022

Year ending March
2023年３月期
2023（Forecast）
（予想）

18

5
0

（Actual）（実績）（Forecast）（予想）

Previous Mid-Term
Management Plan

Payout ratio target

25～30％

Payout ratio（％）

32.4

6Year ending March
2024年３月期
2024（Forecast）
（予想）

21

7
Year ending March
2025年３月期
2025（Forecast）（予想）

Mid-Term Management Plan Targets

30～35％
31.7

30.4© Takara Leben group.

30.7

30.4

17

Business Results for 2Q of March 2022
Year Ending March 2022 to Year Ending March 2025
Mid-Term Management Plan
TOPICS / Sustainability
Appendix© Takara Leben group.

18

TOPICS Public Offering by Takara Leben Real Estate Investment Corporation
TLR conducted a public offering of new shares on September 2021
Asset size exceeds 100 billion yen and expands to 113.1 billion yen【Portfolio data】
Numberof assets
Acquisition
price
A-１

As of September 2, 2021

49
113,10224％

properties

A-２

No. of Properties Acquired
from Takara Leben

By
asset type
Officeオフィス
Residence
住宅

M

37.0%

Hotel
ホテル

8％

Retail and商業施設・その他

A-３

46％

22％

other
その他
properties

On Listing(August 31, 2018)

55.1%
After Public Offering※Number of Properties Basis※Including the bridge fund established by Takara Leben
B-１

B-２

B-３

Bridge fundproperties establishedby Takara Leben
B-１

A-4

A-５

Properties sold by
Takara Leben
A-１

LUXENA TODAKOEN

A-２

LUXENA TODAKOEN Ⅱ

A-３

LUXENA AKIHABARA

A-４

LUXENA MUSASHI-SHINJO

A-５

Fiore Residence Dejima Kaigan Dori
© Takara Leben group.

LUXENA NAGAREYAMAOOTAKANOMORI

B-２

PRIME SQUARE

B-３

Winbell Chorus
SeisekiSakuragaoka

19

TOPICS Redevelopment Projects
Takaoka Station East District Excellent Building Improvement Project
As the executor of the "Takaoka Station East District Excellent Building Improvement Project", aprivate redevelopment project utilizing a system under the jurisdiction of the Ministry of Land,※Exterior Rendering CG

Infrastructure, Transport and Tourism, we have started sales of 「LEBEN TAKAOKA EKIMAE THE
TOWER」.
This project aims to promote "living in the city" where people can fully enjoy the advanced urban
functions in front of Takaoka Station. In addition to playing a role in the "town center residence"
function, we will also play a role as a core for interaction among citizens, residents, and visitors.

LEBEN TAKAOKA EKIMAE THE TOWER
Total units：88 units
Scheduled for completion in October 2023

An excellent building development project in the Shinmachi 1-chome area of Aomori City
※Exterior Rendering Parse

Takara Leben Tohoku, a member of the Takara Leben Group, is scheduled to complete construction of「LEBEN AOMORI SHINMACHI THE GRAND MID」 a new residence that will symbolize the future of
Aomori, along with THREE, a new landmark that will emerge as a next-generation commercial centeron the site of the former Nakasan department store that has been loved by Aomori citizens.
As an integrated residence, we will promote "compact plus network" urban development thatencourages compact urban development and cooperation with regional public transportation.
As an integrated residence, we will promote "compact plus network" urban development thatencourages compact urban development and cooperation with regional public transportation.

LEBEN AOMORI SHINMACHI THE GRAND MID
Total units：85 units
Scheduled for completion in February 2023
© Takara Leben group.

20

×

TOPICS Development of Energy BusinessToward a business model that does not rely solely
on the FIT system
Using the PPA model
Install power generation
facilities on the user premises
Primarily through the dedicated power line

On-site PPA

Power
produ
-cers

Off-site PPA

Power
produ
-cers

Power generation control

Transmits power from the generation facilities
off the user premises
Often through the regular power grid

power generation control

Payment of electricity
consumed

Users
Payment of electricity
consumed

Power
line

Users

Supply method

DirectLocation of
installation

On the user premises

Scale

Small～medium-scale

Total power generation scale

355MW※Including sold andunder development

History of the Group's Energy BusinessSupply method

Indirect

Location of
installation

Off the user premises

Scale

Mid～large-scale

2021

（MW)

Made its subsidiary400

Leben Clean Energy Co., Ltd.

300
2013
200

(the present ACA Clean Energy Co., Ltd.)

2016

Entry to mega-solar
business

Takara Leben Infrastructure Fund, Inc. was the firstto be listed on the infrastructure fund market

355

360

22/３22/3
期２Q末

25/3
25/３
期末

100
0

13/3
13/３
期末
Year-end

14/3期末14/３
Year-end

15/3
15/３
期末
Year-end

16/3
16/３期末Year-end

17/3
17/３
期末
Year-end

18/3
18/３
期末
Year-end

19/3
19/３
期末

© Takara Leben group.

Year-end

20/3
20/３期末Year-end

21/3
21/３
期末
Year-end

2Q

Year-end21

Sustainability：Environment

Environment
Funding based on "the ESG/SDGs Evaluation Syndication"
The Company raised funds through "ESG/SDGs Evaluation Syndication" provided by Sumitomo Mitsui Banking Corporation. The
Company was evaluated as having high standards in terms of "commitment to corporate philosophy and sustainability," "provisionof environmentally friendly products and services," and "consideration for local and global communities". The funds raised this time
will be used to strengthen the Group's energy business.

Received a GRESB rating of "4 stars"
Overall score higher than last year（Compared to last year 119.7％）.
In " the GRESB Rating ", we received 4 stars out of 5, higher than last year.

Entering the biomass power generation business for the first time
In July, we invested in a limited liability company,

Generated electric
powerPower generation method

Fujisan Asagiri Biomass (Head office: Fujinomiya
Methane gas

City, Shizuoka Prefecture,) and entered into thebiomass power generation business using
cattle manure. This is our first venture into
power generation using biomass fuel, and we also
aim to contribute to the local community to solve
the problem of cattle manure disposal by dairy
farmers.

Dairy farmer

Power generator（Combustion of
methane gas）

Fujinomiya City
（Electricity to be soldthrough new powercompany）

Fuel Supply（Dairy cow
Liquidmanure） Fermentation
fertilizer
tank（Fermentation in
the power plant）
Tea plantation・
golf course（To be sold as fertilizer）© Takara Leben group.

22

Sustainability ：Society / GovernanceSociety

Promotion of initiatives for safety and security and implementation ofactivities to contribute to society

Condominium Management Quality Improvement Measures

Adoption of unique service quality management system（SQMS®）Social Contribution
Sponsorship of Tohoku-Miyagi Online Revive Marathon

Membership and donation by Takara Asset Management andConducting Quality-Related Education and Training（Front man

Takara Leben Infrastructure Investment Corporation to the Japan

Training・Condominium Management Staff Training）

Children Support Association

Pursuit of Safety and Peace of Mind

Support for Sports and Culture

Thorough Process Inspections



Quality-Related Education and Training

Robust Earthquake-Resistant Structures, Exceptional Fire-

Signed a corporate partnership agreement with Nippon TV Tokyo
Verdy BelezaSpecial sponsorship of the "grape Award 2021"

Resistant Structures and Soundproofing Performance

Governance

Promote the establishment of a corporate governance systemThe ratio of outside directors is at least one-third.



Increase the ratio of female executives（２persons→４persons ）All three corporate auditors are full-time independent outside corporate auditors



From Year ending March 2021, continue to evaluate the effectiveness of the Board ofConfirmation of compliance with listing

Directors with the help of an external consulting organization

maintenance standards for the "Prime

Establishment of a voluntary Nomination Committee and Compensation Committee with at

Selecting the new market
segment "Prime Market "Market" under the new market classification

least half of the members being independent outside directors© Takara Leben group.

23

Business Results for 2Q of March 2022
Year Ending March 2022 to Year Ending March 2025
Mid-Term Management Plan
TOPICS / Sustainability
Appendix© Takara Leben group.

24Consolidated Balance Sheet (Changes)
As of the endof March 2020

As of the endof March 2021

As of the endof September
2021

57,10653,76056,097

Residence

16,386

17,17820,368342

Office19,43820,201

19,671

9,437

10,792

Hotel

14,293

9,547

9,389

7,538

9,433

14,807Retail・Logistics

6,988

6,834

6,667

Power generation
facilityーー

18,366

Others37285

ー46,102

43,766

61,302

Borrowings and bonds

114,025

118,558

153,564

41,39933,73049,971

New built-for-salecondominium

36,65730,665

46,342

1,133

3,858

6,078

New detached house

2,237

3,880

5,905

28

510

607

Renewal resale

6,857

8,033

10,699

2,893

5,129

4,190

Liquidation

38,131

36,176

37,660ーーーPower generation
facility

18,99525,44535,543

647

538

453

418

684

892

Property, plant andequipment

67,22064,07053,771

10,727

13,673

16,520Liquidation

46,67439,19837,099Power generation
facility

18,63022,50914,059

1,914

2,362

2,612

As of the endof March 2020

As of the endof March 2021

As of the endof September
2021

23,861

28,682

49,271

New built-for-salecondominium

4,673

9,000

4,962

New detached house

2,740

525

Renewal resale

8,871

Liquidation（Million yen）
Real estate for sale

Real estate for sale inprogress
New built-for-salecondominium
New detached house
Renewal resale
Liquidation
Power generation
facility
OthersOthers（Million yen）
Liquidation

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

25

Land Bank ・ Supply Area
Supply area

Land bank Expanded areas nationwide and expanded toTotal in Japan 7,480 units

2.8%
0.9%

35 prefectures

 Established Nagoya Office as a new base

8.7%

 New purchase in Kyoto prefecture

7.4%

33.7%

15.9%

5.3%
17.1%

5.3%

2.8%

Metropolitan area ratio 44.3％
Capital首都圏area

Chubu
中部圏area

Kinki
area
近畿圏

Hokuriku
北陸圏 area

Chugoku
中国圏 area

Shikoku
四国圏 area

Hokkaido
北海道圏area
Kyushu九州圏 area

Tohoku
東北圏 area

Kanto-Koshinetsu
関東甲信越圏area

Base
New Base※Metropolitan area：Capital area, Chubu area and Kinki area

© Takara Leben group.

Supplied andpurchased area
New purchase area

26

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

Under development property （Million yen）
Book value after completion

Book value as of the endof September 2021
5,377

11,9491,290

Residence
レジデンス

6,210

40,473M

10,465

Asset amount after completion （Million yen）

2023年３月末

As of the endof March 2023

26,0032024年３月末

As of the endof March 2024

27,841

As of the endof March 2025

29,495

2025年３月末

Hotel
ホテル

14,206※Including securitized assets recorded in real estate held for sale

21,023

Officeオフィス

Retail・Logistics
商業・物流

9,205

Retail・Logistics
商業・物流

As of the end
2022年3月末
of March 2022

Residence
レジデンス

8,418

22,093M

Hotel
ホテル

17,545

5,608

3,179

Officeオフィス

34,003M

3,113

Book value as of the endof September 2021

Residence
レジデンス

21,077

Office
オフィス

Hotel
ホテル

9,389

7,049

23,25024,672
24,672Retail・Logistics
商業・物流

58,539M

10,34568,090M

8,490

10,345
11,818

8,490
8,490

71,349M
74,476M

Secured assets of 74,476 million yen including completed parts in the future© Takara Leben group.

27

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

As of the endof March 20172017年３月末

8.3B

Total

As of the endof March 20182018年３月末

As of the endof March 20192019年３月末

As of the endof March 2020

Private
私募 fund

REIT
REIT

23B
27.9B

8.3 billion yen
Total 23 billion yen

64.8B

5.2B

42.5B

87B

2021年３月末

As of the endof March 2021

50.1B

78.2B

As of the end
2021年９月末
of September 2021

50.1B

2020年３月末

100B

Total

98 billion yen
19B

33.5B

113.1B

Total

148.6 billion yen

Total

161.9 billion yen

33.5B

150B
Target of medium-term
operating amount

Total

196.7 billion yen
50B

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

28

50-year History of the Takara Leben Group
Started from the detached house business in 1972, anddeveloped the business focus on new built-for-salecondominium business

2012

1972
Established Takara Komuten Co., Ltd. (the present Takara Leben)【Launched detached house and renewal resale business】
1982

1988
Established Takara Management Co., Ltd. (the present Leben Community)【Launched real estate management business】

Introduced the "Leben Heim" series of in-house condominiums【Launched new built-for-sale condominium business】

2004
Listed on the first section of the Tokyo Stock Exchange

2016
Takara Leben Infrastructure Fund, Inc. was the first to be listed on theinfrastructure fund market
2018

1994

Listed on the JASDAQ market

2013
First project LS Shioya power generation facility started operation【Launched electric power generation business】【Launched real estate rental business】

2001

Introduced new condominium brands "LEBEN" and "THE LEBEN"

Introduced new condominium brand “NEBEL“
Established REPRESENTATIVE OFFICE OF TAKARA LEBEN CO.,LTD.
IN HANOI CITY
Takara Leben Real Estate Investment Corporation was listed on
the real estate investment trust securities market
2022
Takara Leben will celebrate its 50th anniversary© Takara Leben group.

29

Toward the 50th Anniversary of the Company: 50th Anniversary Commemorative Projects
To commemorate the 50th anniversary of the founding of the Takara Leben Group in 2022,
we have designated "LEBEN YOKOHAMA YAMATE ONE WARD COURT" and "LEBEN FUKUOKATENJIN ONE TOWER" as our 50th anniversary properties and have started the project
LEBEN YOKOHAMA YAMATE ONE WARD COURT
Rendering CG

Large-scale development project consisting of six buildings,
including a provisional park
This large-scale residence with a total development area of over 13,000 square
meters is located in the upscale residential area of Yamate. On a vast site on a hill, a totalof 228 residences will be built, taking advantage of the difference in elevation andincorporating the streetscape of the scenic district and the character of Yokohama. This is a
project that will change not only the surrounding landscape, but also the shape and value ofthe city, transforming future lifestyles.

LEBEN YOKOHAMA YAMATE
ONE WARD COURTLEBEN FUKUOKA TENJIN ONE TOWER
Rendering CG

Total units：228 units
Scheduled for completion in February 2023

First "Tenjin" address property in 38 years※ in the redevelopment"Tenjin Big Bang" area
This is the first Tenjin address in 38 years in Fukuoka's Tenjin Big Bang, which isdeveloping as the gateway to Asia, and is the tallest condominium※ in the Tenjin address.
※Survey by Kyushu Institute of Industrial Research

LEBEN FUKUOKA TENJIN ONE TOWER

Total units：153 units
Scheduled for completion in February 2024
© Takara Leben group.

30

The Takara Leben Group’s Corporate Philosophy and Vision
Takara Leben will celebrate its 50th anniversary in 2022
Corporate philosophy

Corporate vision

THINK HAPPINESS AND MAKE THE HAPPINESSCreating Together

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

With a Rich Heart
Creating together new value for the market by cherishingour customers with a rich heart.

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

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

We are most positive in a happy future, and propose theeco-friendly creation of a sustainable environment.
Think happiness and make the happiness.
This is what we, the Takara Leben Group, do.

With Power to Act
Creating together perpetual growth into the future, withpower to act demonstrated by each and every employee.

Harmonic Circle
The Takara Leben Group’s symbol is the Harmonic Circle, which is comprised of three rings, representing
customers, partners, and employees and expressing how they are linked to one another and expandingorganically to create harmony while supporting each other.
The three rings convey our hope of carrying out our corporate vision to “THINK HAPPINESS AND MAKE
THE HAPPINESS” while resonating with one another.
The gradation of striking blue to deep navy expresses the intelligence and sincerity pursued by everyone in
the Group.
Thoughts in the 50th Anniversary Logo
Designed the image of the signature company logo, harmonic circle image combined with a street scene
impression. The circle symbolizes Takara Leben's gentle embracement of the city like the sun while thefive lines underneath express its achievements accumulated over the past 50 years that lead to further
prosperity of the city and the Group.
© Takara Leben group.

31

These materials were prepared based on data current as of September 30, 2021.
The plans, projections and so on contained in these materials are based on
Takara Leben’s best judgment at the time the materials were prepared, and do
not constitute a guarantee or promise that anything contained herein will be
realized or achieved, nor do they provide any guarantees or promises as to theaccuracy or completeness of the information contained herein.
The "Accounting Standard for Revenue Recognition" has been applied since thefiscal year ending March 2022, but it is not considered because the impact on thecomparison with the actual value for the previous fiscal year is minor. The
contents of these materials are subject to change without notice.

Contact for Inquiries

TEL+81-3-6551-2130

Takara Leben Co., Ltd.

FAX

+81-3-6551-2139

Office of the President

E-mailir.info@leben.co.jp