In fiscal 2023 ended March 31, 2024, the second year of the “Ninth Management Plan,” amid a clear trend of inflation against the backdrop of factors such as a weaker yen, both the office building leasing business, which saw market recovery, and the condominium sales business, which continues to benefit from a robust sales environment, have achieved record-high profits, driving the overall performance. Ordinary profit achieved a record high for the third consecutive year, while profit attributable to owners of parent achieved a record high for the eleventh consecutive year.
As a result, the three-year cumulative results including the forecast for fiscal 2024, the final year of the Management Plan, are expected to exceed the initial targets for ordinary profit and profit. In addition, all of revenue from operations, operating income, ordinary profit, and profit are expected to exceed the results for the Eighth Plan, reaching new record-highs in the Management Plan performance.

In May last year, we announced the “Basic Management Strategy and Medium- to Long-term Outlook for Sustainable Growth” in response to the recovery from the COVID-19 pandemic and the normalization of the economy. As a year has passed, and our mainstay office building leasing business has steadily recovered and improved, we now expect to surpass 300 billion yen in ordinary profit in the next medium-term management plan.
In addition, key projects for our future sustainable growth are making steady progress in and out of Japan. For example, “Roppongi 5-chome West Project,” one of the largest urban redevelopments in Japan, made significant progress through the approval by the Tokyo Metropolitan Government in March. In India, we have managed to acquire a large-scale mixed-use development site in the heart of Mumbai. We will continue to actively invest in such concrete projects, viewing 300 billion yen in ordinary profit in the next medium-term management plan as a checkpoint, and will strive to expand our business with the aim of reaching an even higher milestone of 400 billion yen in ordinary profit.
Incorporating these elements, we have announced “Proactive Revision of Management Strategy for Sustainable Growth.” As part of this revision, we are committed to achieving some of our targets we have been working on ahead of schedule, including accelerating the pace of the annual dividend increase from 7 yen to 10 yen per share, achieving the target of “doubling the dividend to 100 yen per share” two years earlier to further boost shareholder returns.

Under these strategies, we will continue steadily working on initiatives aimed at sustainable enhancement of corporate value.

June 2024