Sun Frontier Fudousan Co., Ltd

Financial Results for Fiscal Year Ended
March 31, 2024
We are aiming to be the most appreciatedvisionary company in the world.

May 10, 2024
Securities Code : 8934

Summary• Recorded the highest operating profit, ordinary profit, and net income ever.

Results for
FY2024/3• Achieved the revised financial forecast disclosed on February 8. Moreover, increased theyear-end cash dividend by 2 yen to 32.0 yen. (58.0 yen for full year)• The amount of purchase also reached the highest ever. (over 51 billion yen)

Forecast for FY2025/3

Next Medium-termManagement Plan
FY2026/3～FY2028/3

As medium-term management plan enters its final year,• Aim to achieve quantitative targets, 100 billion of sales and 20 billion yen of ordinary profit.
• Continued high profitability (20% of ordinary profit margin) and high return on equity (10% ormore of ROE)
• Planned the forecast of full year cash dividend by increase 8 yen YoY to be 66 yen per share.
(33.0 yen for interim and 33.0 yen for year end)

• Basic Policy is “Work for resolving social issues by promoting cooperation and diversification
within core business, providing manufacturing through clients' point of view and heartwarming services.
• Targets for the next medium-term management plan are 135 billion yen of sales and 27
billion yen. (20% for ordinary profit margin and 10% or more for ROE)

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1

Sun Frontier Fudousan Co., Ltd

Contents

1.

Results for FY2024/3

P. 3

2.

Forecast for FY2025/3

P.16

3.

Next Medium-term Management Plan

P.31

4.

Business Initiatives

P.58

5.

References Materials

P.69

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2

Sun Frontier Fudousan Co., Ltd

Results for FY2024/3
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

Overview of the Results of FY2024/3
Record high for operating income, ordinary profit, and net income. The ordinary profit margin exceeded
20%. Full-year cash dividends will be increased by 10 yen from 48.0 yen in the previous year to 58.00
yen (forecast).
(Unit: million yen)
Results

Profit margin

Year-on-year

Growth rate

Feb. 8, 2024）

Achievement
rate

Forecast（disclosed on

Net sales

79,868－-2,909-3.5%

79,000101.1%

Operating profit

17,60022.0%+2,69418.1%

16,700105.4%

Ordinary profit

17,37421.8%+2,651

18.0%

16,500105.3%

Profit※11,917

14.9%

+304

2.6%

11,600102.7%*The profit attributing to owners of parent.
FY 2024/3
Achievement

Forecast after revision

Forecast before revision

2Q end

26.0 yen

26.0 yen

26.0 yen23.0 yen

Year end

32.0 yen30.0 yen

26.0 yen25.0 yen

total

58.0 yen

56.0 yen

52.0 yen

48.0 yen

Dividends(disclosed on Feb. 8, 2024)

Initial Forecast• In Real Estate Revitalization Business, a total of 25 properties were sold (including 2 in New York and 1 in small-lot property), contributing
to the Company's performance. The amount of purchase also reached the highest ever.
• In Real Estate Service Business, the expansion of the new sites in rental conference room, the opening of new storeｓ in LM, and theincreasing of PM managing buildings contributed to the performance.
• In Hotel and Tourism Business, Hotel Development Business decreased sales but increased profits. In Hotel Operating Business, both
occupancy rate and average daily rate improved due to a recovery in travel demand and the significant impact of recovery in inboundtourism, resulting in significant increases in both sales and profit.
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

4

Sun Frontier Fudousan Co., LtdTrends in Consolidated Results
Record high in all profits and earnings per share.
(Unit: million yen)

FY2020/3

FY2021/3

FY2022/3

FY2023/3

FY2024/3

Net sales

73,21859,632

71,251

82,777

79,868Operating profit

16,571

7,912

12,127

14,905

17,600Ordinary profit

16,127

7,524

12,215

14,722(Ordinary profit margin)

17,374（22.0％）（12.6％）（17.1％）（17.8％）（21.8％）

Profit10,666

4,274

7,415

11,612

11,917219.03 yen

87.77 yen

152.26 yen

238.98 yen

245.50 yen

Profit per share

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5

Sun Frontier Fudousan Co., LtdTrends in Achievement Rate of Forecast
Despite rapid changes in the business environment, we have continued to over-achieve
initial forecasts.
Disclosure budget
開示予算（左軸）(left axis)（million yen）

115.2%

30,000

Upwardreversion
上方修正（左軸）(left axis)

Results
実績（左軸）(left axis)

Achievement
rate of initial forecast
期初予想達成率（右軸）(right axis)

115.0%

115.8%

108.6%

120.0%

108.6%

106.2%

25,000100.0%

20,00080.0%

17,374

16,127
15,00012,813

14,722

15,50012,21514,00016,50016,00060.0%

14,50012,80010,00011,80011,500

40.0%

7,524
6,500

5,000

7,100

20.0%

0

0.0%

FY2019/3
19/3期

FY2020/3
20/3期

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FY2022/3
22/3期

FY2021/3
21/3期

6

FY2023/3
23/3期

FY2024/3
24/3期

Sun Frontier Fudousan Co., Ltd

Shareholder Return
Basic Policy for Shareholder Return①Strive to provide long-term and stable shareholder return②Secure investment funds for future growth③Maintain the stability of financial base（ yen）

80

100.0%

Year end cash dividends increased by 2 yen from the revised forecast disclosed in February and by 6 yenfrom the initial forecast disclosed in May (including 2 yen for commemorative dividend).
Full year cash dividend increased by 10.0 yen YoY.
With the exception of keeping dividend in FY2021/3, we have continued to increase dividend for 11 years.

58.0

60
Cash dividends in 2Q end
中間

48.0

Cash dividends per share
期末

38.5

Dividend payout ratio
配当性向

40

30.0

42.0

14.0%

13.5

3.5

12.8%

12/3期
FY2012/3

13/3期
FY2013/3

14/3期
FY2014/3

32.0
Include2 yen forcommemorative
dividend of 25th
anniversary

60.0%

40.0%
47.9%

26.0

16.5

28.9%

8.5
14.4%

44.0

33.5

25.0
20

42.0

80.0%

14.0%

13.1%

15/3期
FY2015/3

16/3期
FY2016/3

20.0%

21.3%

21.1%

17/3期
FY2017/3

18/3期
FY2018/3

19/3期
FY2019/3

23.6%

20.0%

20.1%

19.2%

0

0.0%

20/3期
FY2020/3

21/3期
FY2021/3

22/3期
FY2022/3

23/3期
FY2023/3

24/3期
FY2024/3※Interim dividend started from FY2022/3

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7

Sun Frontier Fudousan Co., Ltd

Consolidated Income Statement(Unit: million yen)

YoY

YoY
change rate

FY2023/3

FY2024/3

82,77750,06647,995
2,070
8,843
22,967
13,500
9,467
1,788
-887
22,805
16,122
15,722
399
4,898
1,907
1,506
400
337
-461

79,86851,027
48,395
2,632
10,497
16,977
5,270
11,7072,409-1,043
26,405
16,593
15,881
612
5,636
4,440
2,200
2,240
352
-618

+399
+561
+1,653-5,989-8,229+2,240+621-155+3,599
+471
+258
+212
+737
+2,533+693+1,839
+15
-157

-3.5％
+1.9％
+0.8％
+27.1％+18.7％-26.1％-61.0％+23.7%+34.8％―+15.8％+2.9％+1.6％+53.2％+15.1％+132.8％+46.0％+458.9%+4.4％―

Selling, General and
Administrative Expenses

7,900

8,804

+904

+11.5％

Operating Profit (Loss)

Profit14,905
14,722
11,612

17,60017,374
11,917EPS

238.98 yen

245.50 yen+2,694+2,651+304+6.52 yen

+18.1％+18.0％+2.6％+2.7%

Net sales
Real Estate Revitalization Business
Replanning Business
Rental Buildings Business

Real Estate Service Business
Hotel and Tourism Business
Hotel Development Business
Hotel Operation, etc

Other Business
Adjustments

Gross Profit (Loss)
Real Estate Revitalization Business
Replanning Business
Rental Buildings Business

Real Estate Service Business
Hotel and Tourism Business
Hotel Development Business

Hotel Operation, etc

Other Business
Adjustments

Ordinary Profit (Loss)

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increase/decrease-2,909+960

8Keynotes of Income Statement<Real Estate Revitalization Business>
Completed the initial plan by selling 25 properties (including
2 in New York and 1 in small-lot property) in high profit
margin (gross profit margin is 32.5%)<Real Estate Service Business>
Rental Conference Room Business with expansion of newsites, Property Management Business with expansion of
entrusted buildings, and Leasing Brokerage Business with
opening of new stores led the performance, recorded thehighest profit ever.

<Hotel and Tourism Business>
Sales of Hotel development decreased due to the sale of 2
hotels in the previous year, but profit increased due to thesale of 1 hotel in 1Q this year. Sales and profit of Hotel
operation increased significantly due to the recovery intravel demand.

<SG&A Expenses>
Increased as planned from the previous year due to humancapital investment (including training) and system
investment.

Sun Frontier Fudousan Co., Ltd

Consolidated Balance Sheet- Assets <Cash and deposits>

Increased by 5.8 billion yen compared to the end of the previous fiscal year due to the issuance of convertible bonds with shareacquisition rights of 10 billion yen in the third quarter and gains on the sale of properties<Inventories>

Increased by 26.6 billion yen compared to the end of the previous fiscal year due to the purchase and construction of RP properties
and the purchase of properties for small lot real estate product in addition to the acquisition of the land in Vietnam(Unit: million yen)

As of End of
March 2022

As of End of
March 2023

As of End of
March 2024

Increase/decrease(compared to the End of
March 2023

Current assets

110,920

125,886

159,518+33,631

Cash and deposits

30,05342,01647,867+5,851Inventories

77,34080,182

106,869+26,687

Breakdown) RP※

63,42470,327

95,927+25,600

Hotel

13,516

9,750

9,545

-205

400

105

1,398

+1,293

Other current assets

3,527

3,688

4,780

+1,092

Non-current assets

25,591

26,63329,143+2,509Property, plant and equipment

18,796

20,41022,323+1,912

572

815

1,193

+377

6,222

5,406

5,626

+219

136,512

152,519

188,661+36,141

Overseas, etc.

Intangible assets
Investments and other assets
Total assets

Note : Includes properties in small-lot real estate properties and New York properties.

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9

Sun Frontier Fudousan Co., Ltd

Consolidated Balance Sheet- Liabilities/Equity <Interest-bearing debt>

Increased by 13.9 billion yen due to borrowings for the purchase of properties , and interest-bearing
debt totaled 79.5 billion yen<Bonds>Procured approximately 10 billion yen through issuance of convertible bonds in the third quarter<Equity ratio>

Equity ratio remained at a high level of 48.0% despite active investments(Unit: million yen)

As of End of
March 2022

As of End of
March 2023

Changes of Equity Ratio
As of End of
March 2022

As of End of
March 2023

As of End of
March 2024

52.2%

52.9%

48.0％

As of End of
March 2024

Increase/decrease(compared to the End of
March 2023

Current liabilities

16,21016,36324,767+8,403

Short-term borrowings, etc.

6,904

5,492

12,269+6,776

Other current liabilities

9,306

10,871

12,497+1,626

Non-current liabilities

45,84952,19069,477+17,287

Long-term borrowings

44,16950,17057,272+7,101

0

0

9,999

+9,999Other non-current liabilitie

1,680

2,019

2,205

+185

Total liabilities

62,06068,553

94,244+25,690

Shareholders' equity

71,26080,43089,889+9,459

Other

3,191

3,535

4,526

+991

Total net assets

74,452

83,965

94,416+10,450

Total liabilities and net assets

136,512

152,519

188,661+36,141

Bonds payable

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10

Sun Frontier Fudousan Co., LtdPerformance for Each Business Segment

Real Estate Revitalization Business (Replanning and Rental Buildings)<Replanning Business>◼ A total of 25 properties were sold (including 2 in New York and 1 in(million yen)small-lot property). Segment profit margin remained at a high level ofNet sales
売上高
Segment profit
セグメント利益
Profit margin
利益率60,00030%.
◼ The average business period was 705 days (+ 52 days from the previous
fiscal year). Average business period excluding new properties and

50,000long-term held properties is 625 days. (- 28 days from the previous

60%

50,06651,027fiscal year)
FY2023/3

FY2024/3(Unit: million yen)

Increase/decrease

40,000

40%

30.7%

30.6%

Net sales

50,06651,027+1.9％

Replanning Business

47,99548,395+0.8％

Rental Building Business

2,070

2,632

+27.1％

Segment profit (Note 1)

15,343

15,602+1.7％

Replanning Business

14,943

14,989

+0.3％

399

612

+53.2％

Profit margin

30.7%

30.6%

-0.1%pt

Replanning Business

31.1%

31.0%

-0.2%pt

Rental Building Business

19.3%

23.3%

+4.0%pt

Number of properties sold

24cases

25cases+1casesNumber of stocks

52cases※2

67cases※2+15cases(Note 1) “Segment profit” is calculated by deducting specific costs of each segment, includinginterest expenses, sales commission and amortization of goodwill from gross profit.
(Note 2) Land purchase and development projects are included.

11

Sun Frontier Fudousan Co., Ltd

Rental Building Business

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30,00020,00015,343

15,60220%

10,0000

0%

FY2023/3
2023/3期

FY2024/3
2024/3期

Performance for Each Business Segment

Real Estate Revitalization Business<Purchasing properties of Replanning Business>
The amount of purchase reached a record high of over 50
billion yen, +17.8 billion yen from the same period of theprevious year. Plan to increase the amount of purchase to
more than 55 billion yen this fiscal year.

Number of properties
purchased

Note : Includes properties in non-current assets, small-lot real estate properties
and New York properties.

Purchase amountGrowthFY2023/3

FY2024/3

23 cases

43 cases+20 cases

32,86050,748+17,888(Unit: million yen)(million yen)

60,00055,00050,74840,00036,281

38,28632,86027,60020,00010 cases
Settled 1 case, and contracted
and unsettled 9 cases

15,0367,435
0FY2019/3
19/3期

FY2020/3
20/3期

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FY2021/3
21/3期

FY2022/3
22/3期

12

FY2023/3
23/3期

24/3期
FY2024/3

FY2025/3
25/3期(予)(forecast)

Sun Frontier Fudousan Co., LtdPerformance for Each Business Segment

Real Estate Services Business(Property Management, Building Maintenance,
Sales Brokerage, Leasing Brokerage,
Rental Conference Room, Rent Guarantee, etc.)<Property Management and Building Maintenance>◼ In the PM Business, sales and profit increased due to an increase in entrusted
buildings.
◼ In the BM Business, sales and profit decreased due to a decrease in
disinfection work and cancellation of unprofitable sites.
<Brokerage>◼ In Leasing Brokerage, sales and profit increased due to an increase of
brokerage for leasing tenants from entrusted properties.
◼ In Sales Brokerage, sales remained steady despite a decline in reaction to alarge contract in the previous year.
<Rental Conference Room>◼ Achieved a high growth rate as the increase in the number of operating areas
following the opening and expansion of floor space contributed to both sales
and profit growth

Net
sales
売上高
Segment
profitセグメント利益(million yen)

Profitmargin利益率

100%

12,00010,49780%

10,000

8,843
8,000

55.3%

53.5%
5,612

6,000

4,890

<Rent Guarantee>◼ Trust Guarantee Business performed strongly.

60%

40%

4,000
FY2023/3

FY2024/3(Unit: million yen)

Increase/decrease

20%
2,000

Net sales

8,843

10,497+18.7％

Segment profit(Note 1)

4,890

5,612

+14.8％

Profit margin

55.3%

53.5%

-1.8%pt

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13

0

0%

FY2023/3
2023/3期

FY2024/3
2024/3期(Note 1) “Segment profit” is calculated by deducting specific costsof each segment, including interest expenses, sales commission andamortization of goodwill from gross profit.
Sun Frontier Fudousan Co., LtdPerformance for Each Business Segment

Hotel and Tourism Business (Hotel Development, Hotel Operation, etc.)<Hotel Development Business>

Net
sales
売上高

◼ Sales decreased compared to the previous year sold 2 hotels, but
profit increased due to the sale of 1 hotel in 1Q this year.

(million yen)

◼ Land acquisition in Hakonemachi and Kawaguchiko progressed. There
are many projects in progress in other regions.

25,000<Hotel Operation Business>

20,000◼ Significant increase in both sales and profit due to the increase inoccupancy rate and average daily rate resulted from the expansion of
travel demand and the effect of recovery in inbound tourism.

FY2023/3

FY2024/3(Unit: million yen)Segment
profitセグメント利益
Profitmargin利益率

50%

22,96740%

16,977
15,00025.7%

30%

Increase/decrease
10,00020%

22,967

16,977-26.1%

Hotel Development Business

13,5005,270-61.0%

Hotel Operation Business, etc.

9,467

11,707+23.7%

Segment profit (Note 1)

1,720

4,369

+153.9%Hotel Development Business

1,392

2,134

+53.3%

Hotel Operation Business, etc.

328

2,234

+580.3%

Profit margin

7.5%

25.7%

+18.2%pt

Hotel Development Business

10.3%

40.5%

+30.2%pt

Hotel Operation Business, etc.

3.5％

19.1%

+15.6%pt(Note 1) “Segment profit” is calculated by deducting specific costsof each segment, including interest expenses, sales commission andamortization of goodwill from gross profit.

14

Sun Frontier Fudousan Co., Ltd

Net sales

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5,000

4,369
7.5%

10%

1,720
0

0%

2023/3期
FY2023/3

FY2024/3
2024/3期

Performance for Each Business Segment

Other Business (Construction Business, Overseas Development Business, etc.)
Net
sales
売上高

<Construction Business>◼ Both sales and profit increased due to an increase in orders at Groupsubsidiaries and steady progress in construction work.

Segment
profitセグメント利益
Profitmargin利益率

2,409(million yen)

2,000<Overseas Development Business>

20%

1,788

◼ The second new condominium project in Vietnam (HIYORI Aqua
Tower), for which land has been acquired, is scheduled to start theconstruction in the first half year.

1,500

15.8%
12.5%

1,000
FY2023/3

FY2024/3(Unit: million yen)

Increase/decrease
500

1,788

2,409

+34.8％

Segment profit(Note 1)

283

301

+6.4％

Profit margin

15.8%

12.5%

-3.3%pt

Net sales

10%

283

301

0

0%

FY2023/3
2023/3期

FY2024/3
2024/3期(Note 1) “Segment profit” is calculated by deducting specific costsof each segment, including interest expenses, sales commission andamortization of goodwill from gross profit.
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15

Sun Frontier Fudousan Co., Ltd

Forecast for FY2025/3
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Business Environment Awareness1. Although there are concerns about geopolitical risks, a soft landing of the world economy is expected to be postponeddue to prolonged inflation.
◆ The IMF raised its global growth forecast for 2024 to 3.2 percent, forecasting a soft landing despite high inflation.
◆ The U.S. Federal Reserve has kept its policy interest rate unchanged for six consecutive times. No progress inresolution of high inflation, start of interest rate cut postponed.
2. The Japanese economy is expected to see a change from deflation to inflation and a virtuous cycle of wages andprices◆ The Bank of Japan ended its monetary easing, but keeps its policy interest rate unchanged and yen remains weak due
to the interest rate difference between Japan and the U.S.
◆ While a virtuous cycle between wages and prices is expected, there are concerns about inflation stemming from therise in import prices due to the yen's depreciation.
3. In the central Tokyo office building market, the return to the office is progressing, vacancy rate is on a declining trend,
and rents are gradually rising.
◆ The new supply of office space was less than the previous year, the return to office has progressed, and decline invacancy rate and the continued rise in rents are expected.
◆ Although attention should be paid to a rise in interest rates, the outlook for higher interest rates is not strong for thetime being, and the desire to invest in real estate is firm.
4. In hotel and tourism market, inbound demand was brisk due to the impact of the weak yen, and domestic travel
demand also continued.
◆ From January to March 2024, spending by foreign visitors to Japan hit a record high of 1.7 trillion yen due to thedepreciation of the yen.
◆ The number of foreign visitors to Japan in March 2024 exceeded 3 million for the first time. Possibility of advancing
the government target of exceeding the pre-pandemic levels by 2025.
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17

Sun Frontier Fudousan Co., Ltd

Forecast for FY2025/3(Unit: million yen)increase/decrease

YoYchange rate

100,000
69,80067,0002,800
11,65017,4303,000
14,4302,560-1,44031,00021,23020,600
630
6,300
3,840
1,100
2,740
420
-790

+20,132+25.2%+18,773+36.8%+18,604+38.4%

8,804

FY2024/3

FY2025/3

79,86851,027
48,395
2,632
10,497
16,977
5,270
11,7072,409-1,043
26,405
16,593
15,981
612
5,636
4,440
2,200
2,240
352
-618

Selling, General and
Administrative Expenses
Operating Profit (Loss)

Net sales
Real Estate Revitalization Business
Replanning Business
Rental Buildings Business

Real Estate Service Business
Hotel and Tourism Business
Hotel Development Business
Hotel Operation, etc

Other Business
Adjustments

Gross Profit (Loss)
Real Estate Revitalization Business
Replanning Business
Rental Buildings Business

Real Estate Service Business
Hotel and Tourism Business
Hotel Development Business
Hotel Operation, etc

Other Business
Adjustments

Ordinary Profit (Loss)
Profit
EPS

YoY

+167

+6.4%

+1,152+11.0%

+453

+2.7%

-2,270-43.1%+2,722+23.3%

+151

+6.3%

-397

－

+4,594+17.4%+4,637+27.9%+4,618+28.9%

+18

+2.9%

+663

+11.8%-600-13.5%-1,100-50.0%+499+22.3%+68+19.4%-172－

10,130+1,326+15.1%

17,60017,374
11,917

20,87020,00014,000+3,270+18.6%+2,626+15.1%+2,083+17.5%

245.50 yen

288.41 yen+42.91 yen+17.5%

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18

Keynotes of P & L statement
As we enter the final year of Medium-Term Management
Plan, we aim to achieve quantitative targets, 100 billion ofsales, 20 billion yen of ordinary profit and 14 billion yen of
net income. At the same time, we also aim a sustainablegrowth from the next fiscal year onwards.

<Real Estate Revitalization Business>
Maintain a high profitability with gross profit margin of over
30%. Not only Replanning Business properties, selling
property of New York Apartment Replanning Business andSmall-lot Real Estate Property Business are also be planned.
<Real Estate Service Business>
All businesses continued to grow steadily. Aim for a profit
growth through opening new leasing stores, expanding newsites of rental conference room, and increasing entrusted
building of PM.
<Hotel and Tourism Business>
Property is planned to be sold in hotel development. In hotelmanagement, in addition to improve occupancy rate andaverage daily rate, hotels acquired in the previous year
contributing to the performance is planned.
<SG&A Expenses>
Increased YoY due to the strengthen investment in humancapital and systems at hotels.

Sun Frontier Fudousan Co., Ltd

Forecast for Cash Dividend
Basic Policy for Shareholder Return①Strive to provide long-term and stable shareholder return②Secure investment funds for future growth③Maintain the stability of financial base（ yen）

80

120.0%

With the exception of keeping dividend in FY2021/3, we plan to increase dividend for 12 years.
Forecast for full year cash dividend increase by 8.0 yen YoY.
Meeting shareholders' expectations by increasing cash dividend continuously.

66.0
100.0%

58.0

60
Cash dividends in 2Q end
中間

38.5

Dividend payout ratio
配当性向

40

32.0

48.0

Cash dividends per share
期末

30.0

42.0

42.0

33.0

44.0

80.0%

Include2 yen forcommemorative
dividend of 25th
anniversary

33.5

25.0

60.0%

33.0
47.9%

20

13.5

16.5
28.9%

8.5
12.8%

14.4%

14.0%

13.1%

12/3期 FY2013/3
13/3期
FY2012/3

14/3期
FY2014/3

15/3期
FY2015/3

16/3期
FY2016/3

14.0%
3.5

40.0%

26.0

20.0%

21.3%

21.1%

19.2%

17/3期
FY2017/3

18/3期
FY2018/3

19/3期
FY2019/3

20/3期
FY2020/3

20.1%

23.6%

22.9%

24/3期
FY2024/3

25/3期
FY2025/3

0

20.0%

0.0%

21/3期
FY2021/3

22/3期
FY2022/3

23/3期
FY2023/3（forecast）（forecast）※Interim dividend started from FY2022/3

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

19

Sun Frontier Fudousan Co., LtdPerformance of Flow-Type Businesses and StockType Businesses
Focusing on profitability in flow-type businesses and pursuing high growth rates in stock-typebusinesses(million yen)※1
Performance Trendof
Flow Business
フロー型（物cases売却）事業の業績推移

(Property Sales )80,000

60.0%

50.0%

61,706

Ordinary profit margin

33.9%

40,00031.0%

21,700

30.0%

20.0%

18,181

17,22826,201
21,072-50.0%

20,00015,00014,271

10,000

8,221

10.0%

10,000

Net
sales
売上

Ordinary
売上
profit

総利益

FY2022/3
22/3期

Net
sales
売上

Ordinary
売上
profit

総利益

FY2023/3
23/3期

Net
sales
売上

Ordinary
売上
profit

Net
sales
売上

総利益

FY2024/3
24/3期

Ordinary
売上
profit0.0%-100.02,199-150.00sales OrdinaryNetsales Ordinary
sales Ordinary
sales Ordinary
売上売上 Net
売上
売上 Net
売上
売上 Net
売上
売上
profitprofitprofitprofit
総利益
総利益
総利益
総利益

総利益

FY2025/3
25/3期(予)(forecast)

FY2022/3
22/3期

FY2023/3
23/3期

FY2024/3
24/3期

FY2025/3
25/3期(予)(forecast)※2 Include Real Estate Service Business, Hotel Operation Business and except for properties sale

※1 Includes the sale of properties in RP Business, Hotel Development Business and Overseas Business.

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

9,300

5,578
5,000

0

0.0%

25,00027.9%

17,264

14.5%

40.0%

50,00030,000

24.3%

47.7%

20.4%

30,00053,66520,00035,00050.0%
Rate of growthof net sales

30,00056,98030.3%

Stock Business ※2

40,00070,00070,00060,000※2 の業績推移
Performance
Trend of
ストック型事業(million yen)

※1

20

Sun Frontier Fudousan Co., LtdTrends in Performance of Replanning Business andProperties Purchase●Trends in net sales, Segment profit and Segment margin(million yen)

32.4%
Net
sales
売上高

Segment
セグメント
profit
利益

31.2%

29.2%

80,000

31.1%

31.0%

30.0%

24.3%

63,00056,09660,00030.0%53,83447,99548,39520.0%

42,50740,00033,791

Profitセグメント
margin
利益率
20,00013,78817,52915,727

14,943

14,989FY2023/3
23/3期

FY2024/3
24/3期

18,900

10.0%

8,204

0

0.0%

FY2019/3
19/3期

FY2020/3
20/3期

FY2022/3
22/3期

FY2021/3
21/3期●Trends in properties purchases(million yen) 60,000

40,00050,74836,281

FY2025/3
25/3期(予)(forecast)

55,00038,286
27,60032,86015,03620,000FY2019/3
19/3期

FY2020/3
20/3期

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

FY2021/3
21/3期

FY2022/3
22/3期

21

FY2023/3
23/3期

FY2024/3
24/3期

FY2025/3
25/3期(予)(forecast)

Sun Frontier Fudousan Co., LtdTrends in Inventories and Gross Profit of Property
Sales
Ahead of the Medium-Term Management Plan Targets, aggressively invest for sustainable growth and plan to build
up inventories

61.7 billion yen

53.7 billion yen

70.0 billion yen

Cost of property sales

33.1 billion yen

40.3 billion yen

44.9 billion yen

36.1billion yen

49.0 billion yen

Gross profit ※Gross profit margin

12 billion yen
RP 9.2 billion yen
Hotel 2.8 billion yen

26.6%

Affected by COVID-19, both net
sales and purchase decreased,
and causing the decrease of
the balance of inventories .

Keepholding

27.2%

77.3 billion yen

Although COVID-19 prolonged,
sales were good. Started refocusing onpurchases, but the balanceof inventories declined.

47.7 billion yen

Keepholding80.1 billion yen
Sales remained strong.
The results of strengthening
purchase emerged, leading to
the increase of the balanceof inventories .

17.6 billion yen
RP 15.5 billion yen
Hotel 2.1 billion yen

32.8%
62.8 billion yen

Keepholding

Increase in the balanceby selling as planned and investing
aggressively.

RP 20.0 billion yen
Hotel 1.0 billion yen

30.0%

62.2~67.2
billion yen

Keepholding

106.8 billion yen

21.0 billion yen

Carryover86 billion yen

31.6 billion yen

RP 15.3 billion yen
Hotel 1.5 billion yen

CarryoverEnding balance of theinventory

29.2%

16.8 billion yen

Carryover

27.4 billion yen

RP 16.0 billion yen
Hotel 0.7 billion yen

CarryoverPurchases during the
fiscal year,
construction work, etc.

16.7 billion yen

Sale during the year

57.0 billion yen

Sale in the following fiscal year

45.1 billion yen

Sale during the year

Sales of properties

Sale in the following fiscal year

FY2025/3(Forecast)Sale during the year

FY2024/3(Results)

Sale in the following fiscal year

FY2023/3(Results)

Sale during the year

FY2022/3(Results)

Sale in the following fiscal year

FY2021/3(Results)

120~125
billion yen

Aggressively invest for the next fiscal
year and beyond while selling at highmargins and achieving the MediumTerm Management Plan

Ending balance for FY2025/3(Forecast)Gross profit margin(Assumed)

Net sales (Assumed)

Unrealized gains on inventories(Assumed)120~125 billion yen

25~30%

160~178.5billion yen

40~53.5 billion yen※ Gross profit ＝ ordinary profit － sales commission

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

22

Sun Frontier Fudousan Co., Ltd

Steady Growth in Real Estate Service Business
Stock Business continues to grow steadily as stable business. The profit in FY2025/3 is expected torecord a new high.
Trendsin Segment Profit and Rate of Profit in Real Estate Service Business
不動産サービス事業セグメント利益および利益率推移（million of yen）
Sub-leases,
サブリース
Referal fee
紹介手数料他

10,000

60.0%

56.2%

55.3%

54.7%

52.7%

51.1%

Conference
貸会議室
Room
8,000

53.5%

54.1%
50.0%

6,300

Rent
滞納賃料
Guarantee
保証

5,612

6,000

4,890

Building
BM

Management

Property
PM

Management

40.0%

4,000

2,829

3,206

3,803

3,490

Leasing
賃貸仲介

Brokerage

30.0%

2,000

Sales
売買仲介
Brokerage
Segment
セグメント
profitmargin
利益率

20.0%

FY2019/3
19/3期

FY2020/3
20/3期

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

FY2021/3
21/3期

FY2022/3
22/3期

23

FY2023/3
23/3期

FY2024/3
24/3期

FY2025/3
25/3期(予)(forecast)

Sun Frontier Fudousan Co., LtdOccupancy Rates and Average Daily Rates
Demand recovery and our heart-warming services has grown our performance. Accelerating business growth byincreasing the number of operating rooms and improving service capabilities.

Trends inセグメント利益・ホテル軒数の推移
Segment profit and number of hotel

Trends in occupancy
rate and average daily rate
稼働率・客室単価の推移(yen)
100.0%(million of yen)

20,0003,500

Segment profit for hotel operation business ※1 ※1
ホテル運営事業等セグメント利益(左軸）ADR(right axis)
ADR

28

The number of hotel (right axis)
運営ホテル軒数(右軸)

OCC
OCC(left axis)

71.4%

80.0%

71.2%

75.4%

2,500
16,000

15

63.7%

17

19

25

21

1,500

60.0%

30

(buildings)
35

2,740

12,000

2,234

43.1%

5

500

36.8%

328

40.0%

15,261

15,300

8,000

-370

-5

-500
11,66520.0%-1,506

9,440

8,322

-2,188

4,000

0.0%

0
21/3期
22/3期 FY2023/3
23/3期
FY2021/3
FY2022/3-15-1,500

6,320

20/3期
FY2020/3

15

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

-25-2,500

FY2025/3
24/3期 25/3期(予)FY2024/3(forecast)

FY2023/3 24/3期
FY2024/3 25/3期(予)20/3期
FY2020/3 21/3期
FY2021/3 22/3期
FY2022/3 23/3期
FY2025/3(forecast)※1 Include the profit of hotel rent.

24

Sun Frontier Fudousan Co., LtdReplanning business

Increasing the Value of Diverse Properties throughReplanning➢ In the previous fiscal year, 2 apartments in New York were sold in addition to 22 buildings such as small and medium-sized buildings and relatively
large-sized replanning properties.

Increase the value of a 100-year-old apartmentbuilding with high-quality technologies

The top floor and a part of the first floor parking
lot converted into an office

Income-yielding property in Mita,
Minato-ku, Tokyo

Manhattan, New York
single apartment building

With a concept of circular economy, placed a deskfrom CARBON STOCK FURNITURE

Replanning to comfortable living spaces（interior and furniture are a sapmle image）➢ The balance of inventories is expected to increase by purchasing various properties as base for business growth in the future.
(millions ofyen)

100,000

Replanning Business Breakdown of inventories
Short-term replanning

Mid-to long-term replanning

71,35150,00020,10740,23697,00089,580

New York

2,000
1,226

71,347
1,272

1,565
9,443

New construction

69,07763,424
1,461

11,56811,01531,022

27,485

13,77617,0002,005
12,17813,281

20,094

37,66734,800

FY2022/3
22/3期

FY2023/3
23/3期

30,14831,00044,43047,000

FY2024/3
24/3期

FY2025/3(forecast)
25/3期(予)0FY2020/3
20/3期

FY2021/3
21/3期

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

25

Sun Frontier Fudousan Co., Ltd

Specified Joint Real Estate Ventures

Promote Sales of Small-lot Real Estate Property
Provide small-lot real estate properties with the theme of education and medical in
the residential area at 23 wards of Tokyo.
Sold out in
Feb.,2024

Sales network(tax accountants and financial institutions)

192 companies

23 wards of Tokyo

Expanding, aiming to reachover 200 companies
NerimaCompass Nerima
A new construction licensed nurseryschool in Nerima-Takanodai, Tokyo

Now on Sale

Taito

（people）

5 citiesof central
Setagaya Tokyo

不動産小口所有商品
Numberof Investors in Small-Lot
投資者数推移（累計）Real Estate Property (Accumulated)

600
600

470
Sold out inMarch 2023.
Licensed
nursery school

400

311

Ota

167

200

Compass Sakurashinmachi
International Academy in
Sakurashinmachi, Setagaya, Tokyo

29

Sold out inAugust 2021.
licensed nurseryschoolSale in December 2023
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

66

0Sold out inNovember 2022
medical andeducational mall

26

Sun Frontier Fudousan Co., Ltd

Real Estate Service Business Continues to Expand
Its Customer Base
Expanding as a platform for business growth【Property Management entrusted property distribution】
of the Number of Entrusted Buildings in
プロパティマネジメント管理受託棟数推移(buildings) Trends
Property Management Business
600
500
400
300

276

333

362

372

373

392

397

421

457

493

540

200
100
District0(cases)

FY2015/3
15/3期 FY2016/3
16/3期 FY2017/3
17/3期 FY2018/3
18/3期 FY2019/3
19/3期 FY2020/3
20/3期 FY2021/3
21/3期 FY2022/3
22/3期 FY2023/3
23/3期 FY2024/3
24/3期 FY2025/3
25/3期(forecast)(予)

滞納賃料保証契約cases数の推移
Trendsof the Number of Rent Guarantee Contracts

4,000
3,000
2,000

1,290

1,642

2,035

2,370

2,658

3,261
2,989 3,099

Entrusted properties of the Company【Percentage
newcontractsofGuarantee
Rent Guarantee【Percentage ofof
newcontractsof Rent
by area】 by area】
3,563

3,856

4,200
OthersExcept for 23
7%
wards 1%

Chiyoda-ku
25%■ 5 cities of central
Tokyo 79%

Other 23 wards

13%

Chuo-ku
19%

Shinjuku-ku
9%Shibuya-ku Minato-ku
14%
12%

1,000
0
FY2015/3
15/3期 FY2016/3
16/3期 FY2017/3
17/3期 FY2018/3
18/3期 FY2019/3
19/3期 FY2020/3
20/3期 FY2021/3
21/3期 FY2022/3
22/3期 FY2023/3
23/3期 FY2024/3
24/3期 FY2025/3
25/3期(forecast)(予)

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

P

27■ Other Tokyo 14%
Total of 93% in Tokyo* As of March 31, 2024 : 701 new contracts

Sun Frontier Fudousan Co., LtdConference Room Rental Business

Strong Performance at New Sites
Continuing Opening New Sites Actively
Increased repeat demand from corporate customers; focus on terminal stations in central
Tokyo to expand operating area to 10,000 tsubo◆Sites for expansion
FY2025/3

Vision Center Shinjuku Minds
Tower, 13F, 500 tsubo

expansion in
April, 2024

Vision Center Tamachi,
9F, 200 tsubo

expansion in
April, 2024

Vision Center Ichigaya,
2F, 200 tsubo

expansion in
June, 2024

Vision Center Shinjuku Minds Tower

Vision Center Tamachi

Vision Center Ichigaya

Map of sites(tsubo)(million of yen)

◆Trends of◆貸会議室事業売上、ビジョンセンター運営面積
Net sales for Conference Room and Operating area of推移
Vision Center

4,000

Net Sales (left axis)
売上高（左軸）
3,000

2,898

運営面積（右軸）
Operating area (right axis)

720

917

1,200

1,500

FY2018/3
18/3期

FY2019/3
19/3期

1,289

1,162

6,000

6,500

4,000

4,400
3,000

0

10,00010,000

1,842

1,279

12,000

8,000

2,000

1,000

3,680

3,400

3,400

FY2021/3
21/3期

FY2022/3
22/3期

2,000
0

FY2020/3
20/3期

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

28

FY2023/3
23/3期

FY2024/3
24/3期

FY2025/3(forecast)
25/3期(予)Sun Frontier Fudousan Co., Ltd

Hotel Development Business

Investing in Hotel Development actively
Contributing to regional revitalization while
meeting the needs of business and tourism.
<Number of hotel rooms>
In operation（As of February 2024）

Luxury Class
Sora Niwa Terrace Kyoto Bettei
Hiyori Ocean Resort Okinawa
Atami Hotel Project
Seifutei

32
203
150
11

※on planning
※M&A

102
52
72
110

※on planning

Upper Class

3,109 rooms

29 hotels

40 rooms

1 hotels

Sora Niwa Terrace Kyoto
SADO RESORT HOTEL AZUMASADO NATIONAL PARK OOSADO
Hakone Hotel PJ

Ishikari

Scheduled to open in
FY2025/3(on planning)

Upper Middle Class

Planned

1,307 rooms

9 hotels

Total

4,456 rooms

39 hotels

HIYORI HOTEL MAIHAMAHIYORI HOTEL OSAKA NAMBA STATION
Tabino Hotel lit Matsumoto
Tabino Hotel lit Miyakojima
Tabino Hotel Villa Miyakojima
Spring Sunny Hotel Nagoya Tokoname Station
Tabino Hotel live Sado Ⅰ・Ⅱ
Tabino Hotel lit Sakata
Tabino Hotel lit Kawaguchiko
Tabino Hotel lit Ishigakijima
Kyoto Shijo Hotel PJ
Kyoto Gojo Hotel PJ

Sakata (on planning)
Sado
MatsumotoOnna-son,
Okinawa
Miyakojima

Takayama
Kyoto

Inawashiro(M&A)

Shijo
Gojo（on planning)

Kashima

80
224
176
111
4
194
18
174
130
200
16
40

※on planning※on planning※on planning※on planning※FY2025/3 OPEN

Economy Class
Tabino Hotel Hida Takayama
Tabino Hotel Kashima
Tabino Hotel Kurashiki Mizushima

80
194
155

Tabino Hotel Sado

111

MaihamaTabino Hotel EXpress Narita

100

Tabino Hotel Ishikari

175※on planning

Kurashiki Mizushima

NaritaTabino Hotel Kumamoto Ozu

180※on planningShimonoseki

Koiwa

Tabino Hotel Kakogawa
Joytel Hotel Namba Dotonbori
Joytel Hotel Shinsekai Sakaisujidori
Osaka Joy Hotel
Kobe Plaza Hotel
Kobe Plaza Hotel WestDONDEN Highland

172
53
103
229
107
120
12

※on planning※M&A

Ishigaki-jima（on planning）

Kobe
（M&A）

Tokoname

HakataOzumachi（on planning）

Osaka
Kakogawa（on planning）

Namba
Dotonbori(M&A)
Shinsekai(M&A)
Suminoe(M&A)

Kawasaki

Hakone（on planning）

※M&A
※M&A

Budget Class

Atami （on planning）
Kawaguchiko（on planning）

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

※M&A
※M&A

29

SKY HEART Hotel Koiwa
SKY HEART Hotel Kawasaki
SKY HEART Hotel Hakata
SKY HEART Hotel Shimonoseki

105
200
157
104

Sun Frontier Fudousan Co., Ltd

Overseas Development Business

Vietnam HIYORI Aqua Tower PJ Starting
Second condominium project (202 units), construction scheduled to begin in this first half year
Project Overview
Location

Lot 3-A2-1, Son Tra-Dien Ngoc Complex Center, Tho Quang Ward
Son Tra District, Da Nang City, Vietnam

Area size

Land area 1,850㎡

Building
structure

Building area 1,062㎡

Reinforced concrete construction

Total floor
24,498㎡
area

25 floors with 2 basement floors

Facilities

202 residences, stores, kindergarten, swimming pool, fitness gym, community
room, car parking lot, motorcycle parking lot

Schedule

Construction start in this first half year, completion in Autum 2026

Appearance perspective

HIYORI Garden Tower
Completed in December 2019306 houses sold2 blocks of stores
Interior perspective
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

30

Sun Frontier Fudousan Co., LtdNext Medium-term Management Plan
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

Medium-term Management Plan (FY2019/3-FY2025/3)
Review and Progress
Medium-term management plan from FY2019/3 expected to be ended in FY2022/3 was extended by 2 years due to thepandemic of COVID-19. However, it is expected to be achieved in FY2025/3.
Trends in quantitative target

Trends in important management indicator

売上高
Net
Sales

経常利益profit
Ordinary

1,000

Net income
当期純利益

Medium-Term Plan
2 years extension

732

750

1,000
828

24.0%

798

713

22.0%
17.1%

20.0%

596

533

Ordinary
profit margin
経常利益率

40.0%

17.8%

Target 20%
21.8%

20.0%

12.6%

500
0.0%
19/3期
FY2019/3

250

88

161
107

FY2019/3
19/3期

FY2020/3
20/3期

128

75 43

122

74

147116173
119

100.0%

0
FY2021/3
21/3期

FY2022/3
22/3期

FY2023/3
23/3期

FY2024/3
24/3期

FY2025/3(Forecast)
25/3期(予)

自己資本比率Equity ratio

75.0%

50.4%

49.7%

52.3%

52.2%

Target 50% Level

52.9%

48.0%

48.0%

50.0%

1200

Net sales
100 billion yen

Trends in sales and ratio of flow-type businesses andstock-typebusinesses
1000
Real
estate service
不動産サービスHoteloperation
ホテル運営

25.0%
0.0%

Property
sales
物件売却

19/3期
FY2019/3

800

Net sales
53.3 billion yen

Flow type
Business
70%

600

400
Flow type
Business
80%200Stock type
Business
020% FY2019/3
19/3期

20/3期 FY2021/3
21/3期 FY2022/3
22/3期 FY2023/3
23/3期 FY2024/3
24/3期 FY2025/3(Forecast)
25/3期(予)FY2020/3

200
140

20/3期 FY2021/3
21/3期 FY2022/3
22/3期 FY2023/3
23/3期 FY2024/3
24/3期 FY2025/3(Forecast)
25/3期(予)FY2020/3

30.0%

ROE
20.0%

16.8%

17.7%

Target 10% or more
15.3%

13.9%

14.6%

10.8%

Stock type
Business30%
20/3期
FY2020/3

21/3期
FY2021/3

22/3期
FY2022/3

23/3期
FY2023/3

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

24/3期
FY2024/3

25/3期(予)FY2025/3(Forecast)

32

6.5%

10.0%

0.0%
19/3期
FY2019/3

20/3期 FY2021/3
21/3期 FY2022/3
22/3期 FY2023/3
23/3期 FY2024/3
24/3期 FY2025/3(Forecast)
25/3期(予)FY2020/3

Sun Frontier Fudousan Co., Ltd*

Review and Progress of Medium-term Management Plan (FY2022/3FY2025/3)
The total amount of investment is expected to be around 240 billion yen, compared with 220 billion yen planned for these
4 fiscal years. Investment in Office Business was as planned. Investment in Hotel Business was appended aggressively due
to the travel demand recovered rapidly. Project in Overseas Business has started and is scheduled to proceed. Investment
in M&A continuously while probing deals. Expanding investment of digital transformation for business growth.
(100 millions of yen)

2,500(100 millions of yen)

Office Business

2,000

2,000

280

60

250
1,500

200

100

500

70

26.5

20

50

0

0

0
計画
Plan

FY2022/3
22/3期

50

40

150

1,000

Overseas Business

80

120

300

2,000

(100 millions of yen)

Hotel Business

350

FY2023/3
23/3期

Progress
進捗
FY2024/3
24/3期

FY2022/3
22/3期

FY2025/3
25/3期(予)(forecast)(100 millions of yen)
M&A
Toward the creation of business synergies
Continue
toactively consider investment
60

50

35.7

40

FY2023/3
23/3期

FY2024/3
24/3期

FY2022/3
22/3期

FY2025/3
25/3期(予)(forecast)(100 millions of yen)

15.7

30

20
10

FY2022/3
22/3期

FY2023/3
23/3期

進捗
Progress
FY2024/3
24/3期

0Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

Progress
進捗

Plan
計画

FY2025/3
25/3期(予)(forecast)

FY2022/3
22/3期

33

FY2024/3
24/3期

FY2025/3
25/3期(予)(forecast)

38.4

40

0
計画
Plan

FY2023/3
23/3期

Digital

50

30

20

Progress
進捗

Plan
計画

Progress
進捗

Plan
計画

FY2023/3
23/3期

FY2024/3
24/3期* The plan is the total investment amountfrom FY2022/3 to FY2025/3. The
investment amount for Office, Hotel,
and Overseas Business are the total ofpurchases and construction. The one for
M&A is the equity amount. The otherone for digital DX is the total of systeminstallation cost and running cost.

FY2025/3
25/3期(予)(forecast)

Sun Frontier Fudousan Co., Ltd

Sun Frontier Philosophy

Company policy

Ｃｒｅｄo

COMPASSION
We believe in helping others, as many as we can,throughout our lives.

Management Philosophy

MissionFuture Image

VisionOur mission is to look after every employee and pursue thehappiness of both mind and matter. At the same time, to cocreate a rich and sustainable society by contributing to theevolution and the development of the human society.
Our vision is to become the most appreciated visionary
company that fully utilizes limited resources and continues
the challenges to create new values.
1. Work For Your colleagues

Course of Action

Value

2. Do The Right Thing
3. Absolute Proactiveness4. Do it immediately, do it definitely,
do it until success

5. Stay Humble, Thankful,
And Respectful
6. Always Work Creatively
7. Be GENBA-Centric
8. Be Open-Minded Cheerful
and Wonderful

The Value and the Course of Action shared by all employees, the Core of our
Corporate Culture
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34

Sun Frontier Fudousan Co., Ltd

Sustainability Management
Sustainability Vision

The Group's sustainability website →https://www.sunfrt.co.jp/en/sustainability

We will contribute to the realization of a sustainable society through our business activities, respecting
the heart of altruism that is our/company policy.
Important
Challenges

Social issues to besolvedEnvironmental Protection

Small and mediumsized buildings thatcan still be used if
their value increases
are being demolished= Waste of resources

Regional Revitalization

Revitalization of theregional economy

Related
SDGs

Main Measures

Targets (KPIs)■Extension of healthspan of realestate・ Economic lifespan extended by 30% or more
・ Occupancy rate of buildings over 30 years old: 90% or more・ Continuation of management after the sale of replanning properties: 90% or more・ Reduce CO2 emissions by an average of 12% or more compared to building reconstruction
work
・ Carbon offset 100%
• Reduce greenhouse gas emissions by 22% from fiscal 2022 levels by 2030 and achieve carbon
neutrality by 2050■"Energy conservation" and"Reduction of environmental
impact“ through real estate
revitalization■ Create buildings, offices,and spaces that are motivating
and creative and contribute toeconomic growth・ Establish "Sun Frontier Wellness Score (SWO)," an in-house standard for the revitalization ofreal estate that takes well-being into consideration and increase the ratio of newly supplied
replanning properties that exceed SWO to at least 30% in fiscal 2023, 50% in fiscal2025 and 70%
in fiscal 2030.
・ Conduct tenant satisfaction survey (Company-owned properties)

Human Resource
Development

Response todevastating natural
disasters■ Disaster prevention andmitigation through regional
cooperation

・ Provide set-up offices with emergency supplies or installation space
At least five lots by fiscal 2023, and at least 20 lots by fiscal 2023
・ Posting disaster prevention information on a dedicated website: 100% in fiscal 2023
(Company-owned properties)

Decrease in theworking-age
population (decreasein the real labor
force) due to thedeclining birthrate
and aging population,and elimination of thegender gap■Respect for and utilization ofdiversity■ Create a workplace with
"Job satisfaction," "creativity"and “growth opportunities"• Increase the ratio of female managers to at least 12% by April 2025
・ Ratio of training hours to designated working hours: 12% or more・ Increase the amount of ordinary profit per hour compared to the previous year

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

35

Sun Frontier Fudousan Co., Ltd

Long-term vision 2035

Utilize limited resources to fill the world with smiles and excitement!
Becoming a corporate group that continuing to challenge and create future value.

FY2035/3

Net Sales 300 billion yen
Ordinary Profit 60 billion yen

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36

Sun Frontier Fudousan Co., Ltd

Road Map for the next Medium-term Management
Plan

Long-term vision
2035

Next Medium-termManagement Plan
FY2026/3 to FY2028/3

Extant Medium-termManagement Plan
FY2019/3 to FY2025/3

Utilize limited resources to fill the world with smiles andexcitement!
Becoming a corporate group that continues to challenge
the creation of future value.

Basic policy
Work to resolve social issues by promoting cooperationand diversification within core business, providing
manufacturing through clients' point of view and heartwarming services.

Basic policy
Providing “a place where people gather andcommunicate with each other, and create social
development and happiness for people”

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37

Net sales

300 billion yen

Ordinary profit

60 billion yen

Net sales

135 billion yen

Ordinary profit

27 billion yen

Ordinary profit margin

20%

ROE

10% or more

Equity ratio

Around 45%

Net sales

100 billion yen

Ordinary profit

20 billion yen

Ordinary profit margin

20%

ROE

10% or more

Equity ratio

Around 50%

Sun Frontier Fudousan Co., Ltd

Basic Policy for next Medium-term Management Plan
Work for resolving social issues by promoting cooperation and diversification within corebusiness, providing manufacturing through clients' point of view and heart-warming services.

Flow typeSpecified joint real estateBusinesses ventures

New Building
Development Business

Sales Brokerage and Leasing
Brokerage Business
Property Management Business
Building Maintenance BusinessSub-leases Business
Rent Guarantee Business

Replanning Business

Stock type
Businesses

New York Apartments
Replanning Business

Rental Conference RoomBusiness
Vietnam Apartments
Development Business

Hotel Operation Business
Hotel Development
Business

Base of human resource

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38

Sun Frontier Fudousan Co., Ltd

Quantitative Plan for the next Medium-term Management Plan
Continuing high profitability and growth even after achieving the current medium-term plan.
Invest more actively in business while maintaining financial discipline and develop business with highcapital efficiency.
FY2028/3 Plan
Net sales

135 billion yen

Ordinary profit

27 billion yen

Profit Plan

Management
indicator

Net
sales
売上高

20%

Ordinary profit margin
ROE

10% or more

Equity ratio

Around 45%

Ordinary
profit
経常利益

300 billion yen

135 billion yen
100 billion yen
60 billion yen

27 billion yen

20 billion yen

FY2025/3
25/3期
Forecast
予想

FY2028/3
28/3期
Target目標

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

FY2035/3
35/3期
Target目標

39

Sun Frontier Fudousan Co., LtdGrowth Strategies in the Next Medium-Term Management Plan
Diversify the use of real estate by combining development and services, and expand business domains and areas and accelerate growthThree markets
to focus

Businessmodel

Business domain

Area

Our goal

Tokyo

Contribute to the realization ofa sustainable society by
utilizing real estate in resource
recycling methods.

Renovation
Business domain expansion

Development

New construction
Area expansion

Sale of small-lot

OfficeTokyo(Act on Specified Joint Real Estate Ventures)Services

Real Estate Services

Operation

Rental conference rooms

Osaka, Nagoya
Tokyo

Tokyo

Area expansion

Osaka, Nagoya

Resolve our clients’ concerns
from their perspective, fortheir smile and excitement.

New construction
Development

Hotel

Renovation
Operation

Expand heartwarming and fun
hotels nationwide to grow withlocal communities.

Nationwide

Hotel operation
Area expansion

Business domain expansion

New construction

VietnamDevelopment

Residential
Services

Renovation

New York

Real Estate Services

Vietnam
New York

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

40

Tokyo

Provide high quality residential
environment full of safety,
security and comfort tocontribute to the developmentof nations.

Sun Frontier Fudousan Co., Ltd

Insight for Business Environment

Number of Corporations by Prefecture and Number of Office
Buildings in Tokyo's 23 wards
In Tokyo concentrated many companies, demand renovation and rebuilding suppressed waste of resources remains highin while small and medium-sized buildings continue to age.
Tokyo 23 cities with 9,410 buildings
都道府県別法人数
上位10都道府県
Top 10Prefectures in Numberof Corporations

Small-to-Medium-Sized Buildings(Total floor area: 300 to 5,000 tsubo)

8,644 buildings
東
Tokyo

京

大
Osaka

阪

愛
Aichi

知

119,564

千Chiba

107,704

Old Seismic Building Codes:
115 buildings (15%)

55
50
45

153,694

北 海 道
Hokkaido
葉60

Old Seismic Building Codes:
2,132 buildings (25%)

184,363130,108766 buildings

65

223,407

埼
玉
Saitama(Total floor area: Over 5,000 tsubo)

70575,234

神 奈 川Kanagawa

Large-sized Buildings

75

20 years old or more:
7,509 buildings(87%)

Age ofBuildings built for more than 20 years : buildings
478 buildings(62%)

40
35
30
25
20

兵
Hyogo

庫

94,013

福岡Fukuoka

83,562静岡Shizuoka

76,981

15
Buildings built for less than 20 years :1,135 buildings (13%)

Buildings built for less than 20 years :288 buildings (38%)

10
5
0

800
Source: Compiled by the Company based on the National Tax Agency‘s“Number of Corporations by Prefecture”.

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

600

400

200

00

200

Number of buildings

400

600

800

Source : Created by us based on "Tokyo 23 cities Office Pyramid 2023 (based on the number ofbuildings)" (Xymax Real Estate Institute)41

Sun Frontier Fudousan Co., Ltd

Insight for Business Environment

Transfer of Tokyo Area and Japanese Population
While the population of Japan is decreasing, the population of Tokyo is increasing as more people are moving into the Tokyo area.
(Thousand people)

Ratio of Tokyo population to Japanese population (estimate)

60(Thousand people)

50
40

160

Tokyo Area

17.0%

30
20
10

Population in Tokyo
Population of Japan
Population of Tokyo as a percentage of the population of Japan140
Osaka Area

15.0%

120
Nagoya Area

0

100

13.0%

-10

12.6%
80

-20
60

-30

9.5%

-40

9.8%

10.3%

10.6%

11.1%

11.4%

11.7%

11.9%

11.0%

9.0%

40
-50

Local Area

7.0%

20

-60

12

-70

13

13

14

14

14

14

14

13

0

5.0%

2000 2005 2010 2015 2020 2025 2030 2035 2040
Source: Compiled by the Company based on Tokyo Metropolitan
Government statistics - "Population of Tokyo (Estimate).”Source: Prepared by the Company based on Statistics Bureau, Ministry of Internal Affairs andCommunications, "Number of New Residents by Address Before and After"

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

42

Sun Frontier Fudousan Co., Ltd

Insight for Business Environment

Marketability in small-lot real estate property
Promote commercialization of small-lot real estate properties in major cities. Make proposals meeting needs of investors throughout Japan.
There are more than 12 million households nationwide ofpotential customers in small-lot real estate properties
Classification(Net Financial Assets Held byHouseholds)

Super wealthy individuals

105 trillion yen(90,000 households)

Wealthy individuals

259 trillion yen(1.395 million households)(500 million yen or more)(100 million yen or more
Less than 500 million yen)

Quasi wealthy
individuals(50 million yen or more)
Less than 100 million yen)

Upper mass individuals(30 million yen or more)
Less than 50 million yen)

258 trillion yen(3.254 million households)

23 wards of Tokyo

332 trillion yen(7.263 million households)
678 trillion yen

Mass population(Less than 30 million yen)More than
12 million
households(4,213.2 million households)
Source: Prepared by the Company based on Nomura
Research Institute "wealthy individuals Pyramid"

Small-lot real estate properties
・ Nursery school

・ Educational and medical malls
・ Commercial buildings
・ Office buildings
・ Land, etc.
Provide wide varieties of properties

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

NagoyaOsaka and Kobe

43

In addition to 23 wards of Tokyo, there arevarious candidate properties for small-lot
products in major cities and surrounding
areas such as Nagoya, Osaka and Kobe. We
could provide them meeting the needs ofinvestors nationwide
Sun Frontier Fudousan Co., Ltd

Recognition of the business environment

Overseas Markets (the U.S., Vietnam)
Supplying Japan's high-quality residential real estate in the United States (New York) and Vietnam (Danang), where
population growth and high growth rates continue
While the population of Japan is decreasing, the population of theUnited States continues to increase, and there is a high possibility ofcontinued housing demand.
(millions ofpeople)In contrast to Japan, where the growth rate is flat, the U.S. has avery high growth rate, has many jobs, and is expected to continue
to have a high demand for real estate.
(billions ofdollars)

Demographics (the U.S., Japan)

Trends in GDP (the U.S., Japan)

400
United StatesJapan

30,000300

United StatesJapan

20,000200

10,000

100

0

0
1980

1985

1990

1995

2000

2005

2010

2015

2020

1980

2025

Da Nang is the third largest city in Vietnam. The population
exceeded 1 million in 2017 and has continued to increase sincethen, and high housing demand is expected in the future.
(thousands ofpeople)

1985

1990

1995

2000

2005

2010

2015

2020

2025

Although the GDP of Vietnam is lower than that of Japan, the growthrate is higher than that of Japan, and Vietnam is considered to have ahigh potential for future.
Trends in GDP (Vietnam, Japan)(billions ofdollars)

Population trends in Danang

1,500

VietnamVietnum

Japan

6,000
1,000
4,000
500

2,000

0

0
1980

1985

1990

1995

2000

2005

2010

2015

2020

2025

1980

1985

1990

1995

2000

2005

2010

2015

2020

Source: IMF World Economic Outlook database (prepared by the Company)

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

44

Sun Frontier Fudousan Co., Ltd

Recognition of the business environment

Demand recovery and growth potential in the hotel
market

The recovery in travel demand has been remarkable, and both the number of foreign visitors to Japan and their spending
are expected to further expand in the future.
(millions ofpeople)Trends in Domestic Travel Spending by
Japanese(trillion yen)

30

Overnight
宿泊旅行

Trends in Number of Foreign Visitors to Japan andForeign Visitor Consumption70

One day trip
日帰り旅行

trip

Number of
訪日外客数
foreign visitors

Spending
消費額200,000

60

60
160,000

25

20
20

21

21

22

22

50

21

18
17

120,000

40
31 32

15

29

30

10
10

25

24

9

80,00020
20
1340,000

5

10
4

4
0

0

0

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Source: Compiled by the Company based on the Japan Tourism Agency's Travel and Tourism
Consumption Trend Survey "Domestic Travel Spending of Japanese"

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

0
2014

45

2016

2018

2020

2022

2024

2026

2028

2030

Source: Compiled by the Company based on the JNTO Statistics on the Number of Foreign Visitors
to Japan and the government's targets for the number of foreign visitors to Japan and the amountof consumption

Sun Frontier Fudousan Co., LtdFocus points for the Next Medium-term Management
Plan
１Strengthening humanresource base•••Strengthen recruitment and training to enhance human recourse.
Cultivating human resources as leaders through education and expanding organizations through amoeba division.
Further evolve into a corporate group that attracts human resource with diversity and our values of altruism
regardless of age, sex, or nationality

Manufacturing through clients' point of view•

２
Manufacturing
through clients' pointof view and heartwarming services•

To develop new buildings, hotels, apartments in New York City, and condominiums in Viet Nam through utilizing thecreativity cultivated by clients’ point of view in Office Replanning and further strengthen.
Strengthening base of Construction Business through M&A.

Heart-warming services through clients' point of view•••

Working closely with building owners to improve long-term problem-solving ability.
Improving ability of responding to needs of tenants and service users with care and warmth.
Educate and create an organizational culture to provide heart-warming and enjoyable services that impress hotel
guestsCooperation and diversification within core business (flow-type business)•３
Cooperation anddiversification withincore business••

Development of New Construction Business that aims to maintain the long-term economic value of buildings
through the cooperation with Leasing Management, Property Management, and Construction department.
Promotion of small-lot real estate property (properties in Osaka and Nagoya in addition to the central Tokyo area)
Development of apartment replanning in New York and condominium in Vietnam.

Cooperation and diversification within core business (stock-type business)••••

Provide further variegate service for real estate to solve clients’ problems.
Increase branches in Tokyo, focus on sub-leases entrusted, and increase entrusted buildings for Property
Management.
Increase operating area in Rental Conference Room Business
Increase rooms of hotel operation （including M&A).

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

46

Sun Frontier Fudousan Co., Ltd

Human Resource Development
Desired image of humanresources

Human resources with both "the heart of altruism" and "frontier spirit"

Human Resources Development Policy
Develop human resources who can develop new fields with a frontier spirit toward the realization of a sustainable
and affluent society together with colleagues who share values of altruism.
We aim to realize a society that can be passed down to future generations by fostering human resources who have the kindness
to care for others around them and the strength to maintain personal integrity, and boldly take on challenges in areas where they
have no experience. To this end, the pillars of our human assets are exploration, curiosity, self-motivation, autonomy, andrespect for and utilization of diversity.

Environmental Improvement Policy
Create a work environment that provides "job satisfaction," "creativity," and "growth opportunities." Create a "cocreation" organization in which all employees set their own goals, work toward those goals with enthusiasm, andcontinue to create new value based on mutual trust.

Human Resources
Development Policy

A corporate culture that encourages challenge and growth

Creativity

A corporate culture that envisions the future and aims to create new value

Growth opportunity

A corporate culture that stimulates the desire to learn and works toward high goals

Measures•

Respect for andutilization of diversity•

Environmental
Improvement Policy•

Creating a workplacewith motivation,
creativity, and growth
opportunities

Job satisfaction•

Key Points

Creation of a work environment suited to each
employee's life stage and provision of flexible
training opportunities
Cultivating Ameba leaders for businessdiversification and organizational expansion
Establish training programs for the next generation
leaders, improve support systems for external
training, and increase the ratio of training hours todesignated working hours to 12% or more.
Use of DX, improvement of business processes andindividual capabilities, and year-on-year increase inordinary profit per hour

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

47

Strengthening thehuman resource base
Manufacturingfrom the perspective ofcustomers
and heart-warming services
Promotion ofcore business tie-ups anddiversification

Basic Policies of thenext Medium-Term
Management Plan

Working to resolve
social issues bypromoting corebusiness tie-ups anddiversification throughcustomer-oriented
manufacturing andheart-warming services

Sun Frontier Fudousan Co., Ltd

Business Structure

Diversification of Flow-type Business and Expansionof Stock-type BusinessAs we expand our business areas,
we will diversify our flow-type businesses and increase the sales ratio of our stock-type businesses.
1600
FY2028/3 targets

Net sales
FY3 / 28 Plan
Net sale
135 billion yen

135 billion yen

FY2025/3 1400
forecasts

Growth Enhancement Properties Sales
Business

Net sales

FY2025/3 forecasts 1200

Net sales

100 billion
100 billion
yenyen

30 billion yen

・ NY Apartment Replanning Business・ New Building Construction Business・ Specified Joint Real Estate Ventures

1000

Flow-type
Businesses
65%

20 billion yen
800

Flow-type
Businesses
70%

Continued Growth Properties Sales
Business
600

57 billion yen

・ Replanning Business・ Hotel Development Business・ Apartment Development Business in Vietnam

400

50 billion yen

Growth Promotion Operation Business

25 billion yen
Stock-type
Businesses
30%

14 billion yen200

Customer Expansion Real Estate Services
Business

16 billion yen

23 billion yen

0

25/3期
FY2025/3
forecast
予想

・ Hotel Management Business

26/3期
FY2026/3
plan
計画

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

27/3期
FY2027/3
plan
計画

Stock-type
Businesses
35%

・ Rental Conference Room Business・ Real Estate Service Business・ Construction Solutions Business

28/3期
FY2028/3
plan
計画

48

Sun Frontier Fudousan Co., Ltd

Business Strategy

Expanding the Business Base and Customer Base of
Stock-Type BusinessAccelerate growth of stock-type businesses and strengthen the stable earnings base of the Group as a whole
Number of hotel rooms(Tsubo)(Room)

6,000

Operating area of rental conference
rooms

20,00010,000

2,000
0

5
0

0
FY2024/3 FY2025/3

FY2028/3(Forecast)(Targets)

FY2024/3 FY2025/3

FY2028/3

FY2024/3 FY2025/3

FY2028/3(Forecast)(Targets)(Forecast)(Targets)

In addition to promoting business in the Tokyo
area, planning to expand business in the Kansaiarea

Promote development and M&A,
aiming for 10,000 rooms

Number of buildings managed underproperty management(Building)

600(Building)Number of buildings under contract for
maintenance

FY2028/3(Forecast)(Targets)

3,856

4,200

2,500

0

0
FY2024/3 FY2025/3

5,000

270

200

0

Number of rental guarantee contracts
in arrears(Cases)

5,000

239

250

Strengthening community-based branch network incentral Tokyo
Further improve our ability to solve customer
problems

400

400

500

13

10

6,500

5,000

493

12

10,000

3,200

540

16
15

15,0003,109

Number of leasing management
branches

16,000

6,000
4,000

(Store)FY2024/3 FY2025/3(Forecast)

FY2028/3(Targets)

Increase the number of entrusted buildings in central
Tokyo with the aim of increasing the number of entrusted
buildings to 1,000 by 2035

Aiming to “Make Tokyo the Most Beautiful City in theWorld,“ increase the number of entrusted buildings
for cleaning, sanitation and safety

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

49

FY2024/3 FY2025/3

FY2028/3(Forecast)(Targets)

Specializing in Rent Guarantee Business forcommercial buildings
Focusing on new acquisitions and contract growth

Sun Frontier Fudousan Co., Ltd

Allocation of funds

Aggressive Investment for Future Business Growth
Actively invest in growing fields while paying attention to the capital cost, focusing on the profitability and turnover of each business．
Total investment in the next Medium-term Management Plan (FY2026/3-FY2028/3): will be 310 billion yen【Cumulative capital income】【Cumulative capital expenditure】

Short-term
Replanning

100 billion yen

Continue to actively invest in small and medium-sized buildings in
the five central wards of Tokyo

Mid- to long-term
Replanning

50 billion yen

Invest in buildings that can be developed on a relatively largescale

New construction
development

30 billion yen

Expanding investment in New Construction Business with ourcultivated technologies

Loans

NY Apartments
Replanning

20 billion yen

Increase investment to expand business in high-growth markets

Cash and deposits

Small-lot real estate
properties

21 billion yen

Promotion of commercialization in Kansai and other regions inaddition to Tokyo

Hotel development

70 billion yen

Aggressively invest to increase the number of operating rooms to
10,000Vietnam
Apartment
development

9 billion yen

Investment in Da Nang, where high growth potential and housing
demand are expected

Other
M&A

10 billion yen

Actively use to accelerate business growth and create synergies

Dividend

12 billion yen

Increase dividends in line with profit growth and return toshareholders

Business proceedsfrom sales etc. of
properties

322 billion
yen

Business growth
Investment

310 billion
yen
Return toshareholders* From FY3 / 25 to end-FY3 / 27, conversion of convertible bonds into shares is expected to progress at the end of each fiscal year, resulting in increased number of shares issued and outstanding.

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

50

Sun Frontier Fudousan Co., Ltd

Shareholders Return
Basic Policy for Shareholder Return①Strive to provide long-term and stable shareholder return②Secure investment funds for future growth③Maintain the stability of financial base（ yen）

100

140.0%

With the exception of keeping dividend in FY2021/3,
we increased dividend for 12 years.
Grow the business and increase cash dividend continuously.

120.0%

80

66.0

Cash dividends in 2Q end
中間※１

58.0

Cash dividends per share
期末60

100.0%

Dividend payout ratio
配当性向※２

38.5

40

30.0

42.0

42.0

44.0

80.0%

48.0

60.0%

33.5

25.0
20

13.5
14.0%

3.5

16.5

28.9%

8.5
20.0%
12.8%

14.4%

40.0%

47.9%

14.0%

21.3%

21.1%

19.2%

20.1%

20.0%

23.6%

13.1%

0

0.0%
FY2012/3
12/3期 FY2013/3
13/3期 FY2014/3
14/3期 FY2015/3
15/3期 FY2016/3
16/3期 FY2017/3
17/3期 FY2018/3
18/3期 FY2019/3
19/3期 FY2020/3
20/3期 FY2021/3
21/3期 FY2022/3
22/3期 FY2023/3
23/3期 FY2024/3
24/3期 FY2025/3
25/3期 FY2026/3
26/3期 FY2027/3
27/3期 FY2028/3
28/3期（forecast） （forecast）※１ Interim dividend started from FY2022/3※２ Dividends are anticipated in expectation of the progress of conversion of CB to stocks at the end of each period from FY25/3 to the end of FY27/3.

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

51

Sun Frontier Fudousan Co., Ltd

Simulation of Balance Sheet
Expand total assets by investing more aggressively for future business growth while maintaining financial discipline(100 millions of yen)

4,000

Other assets
その他資産

Fixed assets
固定資産

Inventories
棚卸資産

Net assets *
純資産※

Other
その他負債

Interest-bearing
有利子負債

liabilities

Cash and deposits
現預金liabilities

3,000

3,200
380

2,200
2,000

1,410

420
950

1,000

2,350

290

170

1,380

1,500
1,080
400

330

0

FY3 (forecast)/ 25 e25/3期
FY2025/3

FY3 / 28e
28/3期
FY2028/3(forecast)
FY2028/3(forecast)

Equity ratio

Equity ratio48%

Around 45%* From FY2025/3 to end-FY2027/3, conversion of convertible bonds into shares is expected to progress at the end of each fiscal year.
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

52

Sun Frontier Fudousan Co., LtdTrends for Each Indicator and Initiatives for ROE
Improvement
Ordinary Profit Margin

Total Capital Turnover

Enhance added value in clients' pointof view and evolve and grow highly
profitable businesses.

Equity Ratio

× Increase efficiency by shortening
business period and increasing stockbusiness sales.
Ordinary
Profit
経常利益率
Margin

70.0%

60.0%

56.2%
52.3%

50.4%

52.2%

50.0%

52.2%
48.1%

× Maintain financial soundness
while promoting investment
and accelerating business.
Total
Capital
総資本回転率
Turnover＝Improving ROE

自己資本比率Equity Ratio

ROE
ROE

26/3期
FY2026/3

28/3期
FY2028/3

54.3%
50.1%
52.9%

49.7%

48.0%

46.8%

40.0%

48.0%

42.3%

30.0%
24.0%

22.0%

21.8%

20.0%

17.1%

16.8%

17.7%

20.0%

17.8%

12.6%

15.3%

10.0%

13.9%

14.6%

24/3期
FY2024/3

25/3期
FY2025/3

10.8%
6.5%
0.0%

19/3期
FY2019/3

20/3期
FY2020/3

21/3期
FY2021/3

22/3期
FY2022/3

23/3期
FY2023/3

27/3期
FY2027/3（Forecast)

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

53

Sun Frontier Fudousan Co., LtdImprove PBR by the initiatives for ROE Improvement

ROE (left axis)

ROE(左軸)

20.0%

16.8%

株主資本コスト(左軸)
Costof Equity (left axis)

PBR(右軸）PBR(right axis)（ ｔｉｍｅｓ）

20.0

17.7%
15.3%

13.9%

15.0%

14.6%

15.0

10.8%
10.0%

10.0
7.3%

7.3%

7.3%

7.3%

7.4%

7.4%

6.5%

5.0%

1.03

0.62

0.71

5.0

0.72

1.01

0.77

0.0%

0.0
FY2019/3
19/3期

FY2020/3
20/3期

FY2021/3
21/3期

FY2022/3
22/3期

FY2023/3
23/3期

FY2024/3
24/3期

FY2025/3
25/3期（Forecast)

FY2026/3
26/3期

FY2027/3
27/3期

FY2028/3
28/3期※Cost of Equity is calculated by Ｃａｐｉｔａｌ Ａｓｓｅｔ Ｍｏｄｅｌ. Cost of Equity will be around 7 to 8%.

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

54

Sun Frontier Fudousan Co., Ltd

Driver to improve ROE
Keep employees in high engagement through Sun Frontier Philosophy and Ameoba Management. Promoting Businessby the style of “All join to Management”.

ROE

売上高
Net
Profitmargin
純利益率

Real
Estate
不動産
Revitalization
再生事業
Business

Improvement of
manufacturing ability

P. 46

Fulfill properties for sale

P. 40

Enhancement of leasing
abilityP. 49

Site supervision andconstruction schedulemanagement

P. 46

Enhancement proposal
abilityP. 46

Customer growthP. 49

Service Enhancements

P. 40

Growth into a highly profitable
高収益事業への成長
business

RevPAR Improvements

P. 46

Developmentof high added value
高付加価値な開発

Expansion of
manufacturing ability

P. 46

Allocation of appropriate
適正な投資配分
investment

Aggressive investment inBusiness

P. 50

Verification of postinvestment returns

P. 50

Dividends based on profit
growthP. 51

Shorteningof the business period
事業期間の短縮

総資本
Total
asset
turnover
回転率

Real
Estate不動産
Services
サービス事業
Business

Hotel
and
ホテル・
Tourism
観光事業
Business

自己資本
Financialleverage
比率

Capital
資本政策
policyIncrease ratio of stock business
利益率・資産効率の高い
with high profit margin and asset
ストックビジネス比率向上
efficiency

Stableshareholder return
安定的な株主還元

Amoeba management

P. 50

Sun Frontier Philosophy

Improvement of purchaseability

Continuation and maintenance of
高収益事業の維持継続
highly profitable businesses** Amoeba management is the registered trademark of KYOCERA Corporation.

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

55

Sun Frontier Fudousan Co., Ltd

Sun frontier’s Strength
Create a good corporate climate and culture based on the two wheels of Philosophy andAmoeba Management to realize our Management philosophy.
Realization of the Management philosophy
Corporate climate and culture
Management among all employees’participation(1) Management based on the hearts of people (2) Culture that values challenges

Amoeba management *Philosophy(1) Realization of all-employee participatory
management(2) Development of human resources withmanagement awareness(3) Market-based divisional accounting system(1) The heart of altruism(2) Being right as a person(3) Absolute proactivity
By philosophy,
even as the Group's businesses diversify and various
employees work, it is possible to create a corporate
culture that transcends the boundaries of businesses
and enables each and every employee to connect witheach other across the organization and to co-create
ambitious goals.

What is Ameba Management?
A process in which all members of an organization
participate in management through the use of adivisional accounting system by functional small groups(ameba). Management status of each division can be
grasped even in the midst of business expansion* Amoeba management is the registered trademark of KYOCERA Corporation.

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

56

Sun Frontier Fudousan Co., Ltd

Strengthening IR Activities
By expanding IR activities, we aim to make more conversation with capital market actively.
IR activities
Presentation of financial
results

Held every quarter by President Representative
Director, Seiichi Saito.

Website for on-demand broadcast (including Q&A)
https://www.sunfrt.co.jp/ir_info/ir_doc/on-demand.html

Individual IR meetings

Conducted individually as needed.
(mainly handled by IR staff).

FY2024/3: 68 times (FY2023/3: 61 times)

Property visit

A hotel visit(Hiyori Hotel Maihama) held on July 12, 2023 for sell-side analysts and institutional investors.

Web sites for investors

FISCO: https://web.fisco.jp/platform/companies/0893400

Investor briefings

Participated in a seminar for individual investors hosted by the Securities Analysts Association of Japan (To be held on March 12, 2024 at the
Nikkei Kayabacho Conference Room)

Disclosed materials
Financial Results

Disclose Japanese and English version simultaneously.
Disclose Chinese version within a week after Japanese.

Website (IR Library)

IR Presentation

Disclose Japanese, English version and Chinese version
simultaneously.

Annual Securities Report

Disclose Japanese and English version.

Japanese: https://www.sunfrt.co.jp/ir_info/
English: https://www.sunfrt.co.jp/en/ir_info/ir_doc/annual_securities_report/

Notice of General
Meeting of Shareholders

Disclose Japanese and English version.

Japanese: https://www.sunfrt.co.jp/ir_info/annual_general_meeting/English: https://www.sunfrt.co.jp/en/ir_info/annual_general_meeting/Anaylist Report

FISCO 、 Shared Research

Japanese: https://www.sunfrt.co.jp/ir_info/
English: https://www.sunfrt.co.jp/en/ir_info/

Japanese: https://www.sunfrt.co.jp/ir_info/ir_doc/statement-of-accounts/
English: https://www.sunfrt.co.jp/en/ir_info/ir_doc/statement-of-accounts/
Chinese: https://www.sunfrt.co.jp/ch/ir_info/ir_doc/

Shareholder benefit program
OutlineDiscount coupons for hotels operated by our group companies based on the number and period of shares held.

Details and facilities
available for use

Shareholder benefit program website
https://www.sunfrt.co.jp/ir_info/stockholder_benefit_plan/

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

57

Sun Frontier Fudousan Co., Ltd

Business Model
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

Strategy in Office Business
Solving client’s various problems, mainly in the five cities of central Tokyo.

12

NakanoRP

Arakawa
Arakawa
14

11

Toshima*As of the end of March 2024

Taito

BunkyoBunkyoLM

25
80

Shinjuku
Shinjuku
42

ChiyodaOf the total number of RP buildings,
483 buildings, 80% are in the five cities ofcentral Tokyo and adjacent cities.

138

PM

Community-based 12 branches
Ginza, Kanda, Nihonbashi, Kodemmacho, Kojimachi,
Shinjuku, Shibuya,Gotanda,Hamamatsucho,
Yokohama, Shimbashi, Ikebukuro

Of the 493 entrusted properties, over 80% arein the five cities of central Tokyo.
*As of the end of March 2024

Shibuya
11

Chuo
51

BM

MinatoOf the 239 buildings under comprehensive
management, 85% are in the five cities ofcentral Tokyo.
*As of the end of March 2024

Rent
Guarantee

MeguroOf the 7,853 cumulative new contracts signed,
90% are in the five cities of central Tokyo.
*As of the end of March 2024

8

Rental15 of the 14 sites are in the five cities ofConference central Tokyo.
Room*As of the end of March 2024. The rest of one is in Yokohama

ShinagawaShinagawa* The numbers on the columns in the map are
the cumulative number of RP buildings.
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

59

Sun Frontier Fudousan Co., Ltd

Strengths in Office BusinessWith in-house manufacturing from purchase, development, leasing to sales and consulting,
we solve various problems by getting client’s needs correctly.

① Real Estate Utilization
To be a partner for solving various problems from clients’ point of view

Fundraising
Consulting

Asset consulting

Rent guarantee

Construction
planning

Property
management

Leasing brokerage

Sales brokerage

Property
purchasing②
Real Estate
Revitalization
Building
development ofvalue chain
Property
sales

Clients
1. Real estate utilization: Get close to our clients and solve various problems. Capture the source of added value
from clients’ voices.
2. Real estate revitalization: Utilize the needs we earned and the know-how for improving the valuation to conduct
sales activities.
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

60

Sun Frontier Fudousan Co., Ltd

Business Model for Replanning Business
Renovating the office buildings with low occupancy and in need of large-scale repairs
into high-value-added properties demanded by society using “clients’ point of view.”

Low-occupancy
low-profit buildings
・ Aging degradation
・ Earthquake
resistance anxiety
・ Violation of legal
compliance, etc.

Creativity

Leasing

Design offices in clients'
point of view and carryout renovation and repair
work in pursuit of safety
and security.

A community-based sites
network keep the building inhigh occupancy and becomesthe closest contact point for
any kind of consultation.

High-occupancy
high-profit buildingssought by owners

Value-up

Purchasing

Rent Guarantee

Purchase of lowoccupancy and nonoccupancy buildings
using various routes andmethods.

Encourage tenants tomove into the building andguarantee stable income
for the owner in the eventof rent arrears.

Clients =Building owners

Sales

Management

Stay close to clients of asset
holders and meet needs
with high levels of difficulty
beyond expectation.

Provide high-quality
services, maintain highoccupancy rate, andstabilize building
revenues.

・ Asset management, inheritancemeasures, etc.

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

61

・ Full occupancy
・ Improve
income andexpenditure
・ Stable income

Sun Frontier Fudousan Co., LtdReplanning Business

Set-up Office Share"Set-up Office" is a kind of office replanned by our Company. Unlike regular office interiors, there are reception andreception room, etc., in the office with highly designed interior. We also provide some equipment for rent or fixtures preinstalled.

◆Four benefits for tenant companies
Merit 1) Reduced burden on management
No need for unfamiliar tasks such as designing office interiors andselecting interior decorators, significantly reducing management’s
effort.

Merit 2) Immediately available after moving
Increase the net estimated internal useful life due to no work other than wirerelated work and moving, a significant reduction in the relocation period and ashorter construction period for interior finishing and restoration.

Merit 3) Reduced financial burden
Significant cost reduction for office interiors, etc., and no interior assets
recorded by tenants.

Merit 4) Employment, motivation and productivity improvement
Improve employment of human resources, employee motivation, and officeproductivity by the office interior that pursues a high level of design, focusing
on design, functionality, and various usage scenes.

The share of Set-up Office in 23 wards of Tokyo
Based on the number of rental rooms

Other

29.0%

Company B

Based on rental area

Other

Sun Frontier
Fudousan

27.9%

58.6%

Company A

5.6%

Sun Frontier
Fudousan

51.7%

9.5%

Company A

6.8%

Company B

10.9%

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

62

Survey conducted in September 2022
Survey planning: Sun Frontier Fudousan Co., Ltd.
Survey conducted: H. M. Marketing Research

Sun Frontier Fudousan Co., LtdReplanning Business

Create both Customer Value and Social Value
Solving social issues through supporting our clients' business.
Supporting the business growth forbuilding owners and tenants throughour Replanning Business.

Comparisonof resource input over 50 years
50年間の資源投入量の比較（kg/㎡）

3,991（t-CO₂）

7,000

40.9%↓

4,000

Comparisonof CO₂ emissions over 50 years
50年間のＣＯ₂排出量の比較

6,399

=

19.1%↓

Utilizing the limited, keeping challenging
to create new value, and aiming tobecome the most appreciated visionary
company in the world.

3,000

2,357

2,000

5,179

1,000

5,000

0
Rebuilding
建替
New
bldg
新築

Clients’
value

6,000

Renovation
改修

Rebuilding
建替

Repair修繕

Renovation
改修

Comparisonof waste generation over 50 years
50年間の廃棄物発生量の比較（kg/㎡）

4,000

3,000

801

49.3%↓

800

2,000
600

406

400

Economic
value

Social
value

1,000

200
0

0
Rebuilding
建替

New
bldg
新築

Rebuilding
建替

Renovation
改修
Repair修繕

Renovation
改修

Standard
標準
Demolition
解体

Renovation
改修New
新築bldgRepair修繕

Renovation
改修

Maintenance
維持管理

Disposal
廃棄

Energyエネルギー<Assumptions and rationale> Assuming a 30-year-old office building of approximately 3,000 square meters, the environmental contribution over a 50-year period (the service life of SRC office buildings) was
estimated based on the Architectural Institute of Japan's LCA Tool (*).
・ Rebuilding: “In the case of rebuilding every 35 years” ・ Renovation: "Regeneration without destroying old buildings (long-life buildings)" ・ Standard: "Assuming a 30-year-old unrenovated building"*Architectural I "LCA Tool for Buildings Ver5.0 - Evaluation Tool for Global Warming, Resource Consumption and Waste Management”, estimated with the cooperation of Engineering Research Institute of Japan.

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

63

Sun Frontier Fudousan Co., Ltd

Business Model of NY Apartment Replanning Business
Use high-quality technology to add value to apartments that are over 100 years old in the United States, where growth is high

The United States has a high growth rate and its population continues to grow. Manhattan in New York has many jobs andhigh housing demand.
A 100-year-old brick apartment in Manhattan, New York・ Example ofconstruction

BeforeAfter

Replanning to a comfortable living space(Interior and furniture are a sample image)
Separate bathrooms and toilets
Installation of washlet toilets

BeforeAfter

Point 1Long-term stable assets can be held in New York, the world's largest city

Point 2High-quality building renovated and repaired by Sun Frontier

Point 3

Sun Frontier's buildings can be purchased after consideration.

Point 4

Sun Frontier will conduct both building management and lease operation after purchase.

Installation of a built-in kitchen

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64

Sun Frontier Fudousan Co., Ltd

Specified Joint Real Estate Ventures(Sale of Small-lot Real Estate Properties)
Realizing a form of real estate ownership that makes it easy to divide the estate to thesuccessor and makes asset management easy.
Features of the Compass Series

Scheme of the Compass series

Point

1

Sun Frontier Fudousan
Acquisition and commercialization of real estate for investment

Point

2
Voluntary partnership

ClientInvestment
Investors
contribute money
to form a
voluntary
partnership

ClientClientClientVoluntary
memberVoluntary
memberVoluntary
memberClient’sbank account

Point

3
Distribution

Managing partner
Sun Frontier Fudousan

Easy acquisition of prime real estatethat can be expected to operate stably
Easy and secure management andoperation by Sun Frontier Fudousan
Can be used as a measure against
asset division

Examples of Compass Series

Dividends paid
twice a year

Integrated management and operation of realestate by the managing partner

Rent

New licensed nursery schoolin Setagaya, Tokyo

New licensed nurseryschool in Ueno

New Medical and Educational
Mall in Ota-ku, Tokyo

New licensed nursery schoolin Takanodai, Nerima

Sale

TenantCopyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

Real estate market

65

Sun Frontier Fudousan Co., Ltd

Hotel Development Business andHotel Management BusinessSelling the hotel we developed after operation
After the sale, the property is leased and managed, contributing to asset formation as aprofit-making property
Land

Land
Management
Sale

Purchase

Owner

Development

management

Construction

The Company

The Company

Sun Frontier
Hotel Management

Sun Frontier
Hotel Management

Sale

Purchase

The Company

Owner

Sun Frontier
Hotel Management

Lease
Contract

The Company
Sun Frontier
Hotel Management* In addition to the method of acquisition and development of the land, the optimal development method is selected according to the case, such as renting and leasing the land
and the building.

Examples of hotels under development and management

Hiyori Hotel Maihama
Opened in July 2017, sold andcurrently in operation

Hiyori Hotel Nanba Ekimae
Opened in May 2019,
currently in operation

HIYORI Ocean Resort Okinawa
Opened in February 2021, soldand currently in operation
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

Tabino Hotel Kurashiki Mizushima
Opened in February 2020,
currently in operation

Tabino Hotel lit Miyakojima
Opened in June 2021,
currently in operation

66

Tabino Hotel Kashima
Opened in April 2020,
currently in operation

Tabino Hotel lit Matsumoto
Opened in July 2021,
currently in operation

Sora Niwa Terrace Kyoto
Sora Niwa Terrace Kyoto Bettei
Opened in June 2022,
currently in operation

Sun Frontier Fudousan Co., Ltd

Condominium Development Project in Vietnam
Specialized in condominium development, sales, management and brokerage in Da Nang, Vietnam, we arecontributing to the improvement of the quality of local people's housing and the development of the cityLand
acquisition

Construction
development

Completion
DeliveryManagement

Urban
development

Start development in a planned and continuous manner andcontribute to future performance

Land acquisition

Development

Land acquisition

Completion delivery

Development

Land acquisition

Completion delivery

Development

Completion delivery

Rooted in Vietnam, high construction quality, safe and organized beautiful construction site withlocal partners

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

67

Sun Frontier Fudousan Co., Ltd

Regional Revitalization Business--Shima Yume Business-We will energize the islands throughtourism business!

SADO

When region becomes energized, Japan will be as well. As the number of visitors
spurred by fascination (culture, history, nature, food, hot spring, hospitality and others)
that Japan is proud of is rapidly increase, we challenge of regional revitalization
business that focuses on the attractiveness and features unique to the regions to spreadthe “Wonderfulness of Japan.”

Sado Island,
Niigata Prefecture
Tabino Hotel Sado
Donden Kogen Lodge
Miyako Shimojishima Airport
Restaurant - Coral Port

Port of Ryotsu

Operation starts on October 1, 2022

Tabino Hotel lit
Miyakojima
Miyako Shimojishima
AirportSADO NATIONAL PARKHOTEL OOSADO

Sado Outdoor BaseMIYAKO
Miyakojima, Okinawa
SADO RESORＴ HOTEL AZUMALE BLUESADO SAWANE

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

Tabino Hotel live Sado
Start operating in June 2023

68

Tabino Hotel Villa Miyakojima
Operation starts on November 3, 2022.

Sun Frontier Fudousan Co., LtdReferences Materials
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

ESG Data
Environment

SocialGovernance
As of March 31, 2024

As of March 31, 2024

Actual numberof RP buildings

Carbon Offset
Cumulative total 3,015t

Ratio of male and female employees
in managerial positions（people） ■Male ■Female

500
400
300
200

Total 483 buildings
RE100/Mori no Denki
Total 19 buildings 2,241ｔ

Capital and business alliance
Promoting the use ofelectricity storage systems

RP construction
40 buildings
774ｔ

100

Target ratio of female（people） managers at least 12%417 people

100

97 people
267
People
64.0%

50

150
36.0%

0

0

87
89.7%
10 people
10.3%

Employee

管理職Management

Childcare leave

Human resource
development

Utilization rate 100%

Aim to over 12%

As of March 31, 2024

Transition to acompany with
Audit & Supervisory
Committee

Ratio of Outside
Officers 1/3 or more

As of June 30, 2022

Board of Directors
Audit &
Supervisory
Committee

Female Directors
1 out of 11External
36.4%

Full-time
63.6%

Nomination andCompensation
Committee (optional)
2 out of 4 outside officers

12.1%
Return to work
ratio 100%

Full-time Full-time

Capital and business alliance
Promoting agrivoltaics

Acquired BELS for
9 properties

Outside Outside

From childcare leave,
100% return to work

Training 12.1% ofworking hours

Ensuring transparency
and soundness

・ RE100 ・ ・ ・ ・ Carbon offset using J-credit derived from renewable energy. Initiatives to become thefirst in Japan to introduce this system on each floor. Achieve zero Co2 emissions per tenant company.
・ "Mori no Denki" ・ ・ ・ Carbon offset using J-credit derived from forests. We can feel that we aresupporting forests side-by-side and moving into the building will contribute to the environment.

Sustainability website
https://www.sunfrt.co.jp/en/sustainability/
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

■ Male ■ Female

70

Sun Frontier Fudousan Co., Ltd

Conversion conditions of CB
Type

Convertible bonds withshare acquisition rights

Maturity

Issuance date

October 6, 2023

Convertible
periodAmount offunds acquired

Approximately 10 billion yen

Bond interest
rate

5 years after the payment due date
However, In principle, non-convertible for 1 year
after the payment due date

1,554 yen per share
In principle, convertible (exercisable) only when exceeding

Conversion
price

0%

5 years

120% (1,865 yen)of the conversion price (exercise price)
However, this shall not apply to cases such as any
conversion (exercise) after the end of the business alliance

Specific use of funds

AmountAcquisition of land in conjunction withnew hotel development and construction
work investment

Approx. 8 billionyen

M&A funds primarily for the hotel
development business and construction
business

Approx. 2 billion
yen

period.
Issuance
2023/10After 1 year
2024/10After 2 years
2025/10After 3 years
2026/10After 4 years
2027/10After 5 years
2028/10

Possibility転換による株式数の増加の可能性
of Share Increasing due to the Conversion
上場株式
Outstanding
shares60,000,000

転換株式
Conversion shares

55,190,454

Business alliance
50,000,000

Maximum
13.2%
increase

40,000,000

Conversion of CBwith shareacquisition rights

Non-exercisable
in principle

In principle, convertible (exercisable) only when exceeding
120% of the conversion price (exercise price)
However, this shall not apply to cases such as any
conversion (exercise) after the end of the businessalliance period.

6,434,954

48,755,500

30,000,000
48,755,500

48,755,500

転換前
Beforeconversion

After 転換後
conversion

20,000,000

Dilution
will not occur.

If the AA fund sells shares on the market afterconverting convertible bonds into shares, it cannot
sell more than 25 percent of the total daily volume.
AA is prohibited from transferring the converted
shares to any of our competitors or activists.

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

71

10,000,000
0Sun Frontier Fudousan Co., Ltd

History of Sun Frontier Group

2,400(million of yen)(people)100,000

Net sales
売上高100,000

60,0002,000

経常利益
Ordinary profit

1,600

Number of employees
従業員数(including
part-timers and temporary workers)
パート・アルバイト含む

1,200

800

20,00020,000400

0-20,000

-400

'00/3

'05/3

Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

'10/3

'15/3

72

'20/3

'25/3

Sun Frontier Fudousan Co., Ltd

Company Profile
Company Name

Sun Frontier Fudosan Co., Ltd.

Location of Head Quarters 1-2-2, Yurakucho, Chiyoda-ku, Tokyo
Date of Foundation

April 8, 1999

Date of Listing

February 26, 2007 (First Section of Tokyo Stock Exchange)

Capital Stock *11,965 millions yen

Representative

Tomoaki Horiguchi, Chairman Representative Director
Seiichi Saito, President Representative Director

Number of Consolidated
Employees *Average Age of
Employees*

763 employees (1,417 including part-timers and temporary workers)
36.4 years old
Real Estate Revitalization

Business Profile

Management, Brokerage, Construction Planning, Rent Guarantee,
Real Estate Service Properties
Rental Conference Room, Building Operations, Asset Consultation

Hotel Development and Operation
Others

Accounting Month
Listed Market

March
Tokyo Stock Exchange Prime (Code number: 8934)* As of the end of March 2024
Copyright © 2024 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

73

Sun Frontier Fudousan Co., Ltd

Sun Frontier Fudousan Co., Ltd

Thank you for your continued support.
◆ The purpose of this document is to provide information that can be used as a reference, not for soliciting or promoting you

to purchase a specific product. Please make your decision by your own discretion and responsibility when you make an
investment. If you want to purchase shares of our Company, please contact securities companies.
◆ The information provided in this document is not necessarily in compliance with the Financial Instruments and ExchangeAct, the Building Lots and Buildings Transaction Business Act, the Listing Rules for the Tokyo Stock Exchange and otherrelated laws and regulations.
◆ Forward-looking statements included in this document do not guarantee future performance.
◆ Although we have made every effort to ensure the contents of this document, we can not guarantee their accuracy or
certainty. Please note that they are subject to change or removal without notice.

<Inquiries about this document>
Sun Frontier Fudousan Co., Ltd. IR Desk
Phone : +81-3-5521-1551
URL : https://www.sunfrt.co.jp/
Mail : ir-contact@sunfrt.co.jp