Tosei Corporation · TSE:8923

Tosei — FY2015 Earnings Presentation

71 slides from Tosei's earnings presentation, Jan 13, 2016

  1. Slide 1: Financial Results For the Fiscal Year Ended Nov. 30, 2015

    Financial Results For the Fiscal Year Ended Nov.30, 2015 Tosei Corporation Tokyo Stock Exchange, First Section Code：8923 Ⅰ ．Overview of Results for the Fiscal Year Singapore Exchange, Mainboard Code：S2D Ended November 30, 2015 －P. 2 13/1/2016 Ⅱ．Mid-to-long term Management Plan and Business Developme

  2. Slide 2: Overview of Results for the Fiscal Year Ended Nov. 2015

    Ⅰ. Overview of Results for the Fiscal Year Ended Nov. 2015 Copyright © 2016 TOSEI CORPORATION, All Rights Reserved. 1

  3. Slide 3: Operating Performance of FY Ended Nov. 30, 2015 - Highlights

    Operating Performance of FY Ended Nov. 30, 2015 - Highlights ◆Revenue 43.0 billion (down 14.0% yr/yr). ◆Operating profit 6.8 billion (up 23.9%yr/yr) and profit for the period 4.1 billion (up 43.9%yr/yr) increased greatly. 【 Revenue 】 【Operating profit】 【Profit before Tax】 1Q 2Q 3Q 4Q 6,891 7,000 7,0

  4. Slide 4: Overview of Consolidated Financial Results for FY ended Nov. 30, 2015

    Overview of Consolidated Financial Results for FY ended Nov. 30, 2015 (¥ million) FY2014 FY2015 yr/yr change % % % Revenue 49,981 100.0 43,006 100.0 -6,974 -14.0 Cost of revenue 40,018 80.1 31,091 72.3 -8,926 -22.3 Gross profit 9,962 19.9 11,915 27.7 1,952 19.6 Selling, general and administrative ex

  5. Slide 5: Revitalization Business

    Revitalization Business ◆Whole buildings ： Sold 24 buildings including income-generating offices such as “Toyocho Tosei building”or “Kannai Tosei Ⅱ building”and condominiums （4 buildings sold in 4Q alone） ◆Restyling：Sold 68 units in 9 properties including “Hilltop Yokohama Negishi” , “Hilltop Yokoha

  6. Slide 6: Development Business

    Development Business ◆Sold 105 detached houses at “THE Palms court Kawasakidaishi”(sold out) and “THE Palms court Kashiwahatsuishi” etc (in 14 projects) along with “THE Palms Nishidai” as an income-generating apartment and land lots etc. (15 detached houses sold in 4Q alone) ◆Continue working on dev

  7. Slide 7: Acquisitions in Revitalization and Development Businesses

    Acquisitions in Revitalization and Development Businesses -Acquisition Amount and Inventories- ◆Total acquisition amount was ¥45.1 billion on a delivery basis(expected disposition values) * *including 2 non-current assets of ¥3.7 billion Revitalization Business：34 Properties - 14 office properties*,

  8. Slide 8: Rental Business

    Rental Business ◆Despite progress in the replacement of properties in inventories due to dispositions, newly acquired income-generating offices and apartment buildings contributed to revenue. ◆The gross profit margin stood at 46.4% (down 13.6 points yr/yr), mainly due to the large amount of cancella

  9. Slide 9: Fund and Consulting Business

    Fund and Consulting Business ◆Revenue increased significantly mainly due to a rise in AM fees based on large AM contracts and dividends from logistics funds in which Tosei has invested in FY2013. ◆AUM at the end of November was ¥421.7 billion. ◆Continue to focus on growth in AUM. Revenues / Gross Pr

  10. Slide 10: Property Management Business/Alternative Investment Business

    Property Management Business/Alternative Investment Business Property Management Business Alternative Investment Business ◆ In addition to service expansion, new property ◆Rental income from real estate acquired through like-kind management contracts and maintenance of existing contracts exchanges a

  11. Slide 11: Summary of Balance Sheet (Consolidated) - Assets

    Summary of Balance Sheet (Consolidated)Ⅰ. –ASSETS- (¥ million) End of End of End of Full year Decrease Increase Decrease Increase Nov. 2014 May 2015 Nov. 2015 Decrease Increase Total Assets 80,858 +9,385 90,243 +2,952 93,196 +12,337 Cash and cash equivalents 16,100 +708 16,809 +1,981 18,791 A +2,690

  12. Slide 12: Summary of Balance Sheet (Consolidated) - Liabilities/Equity

    Summary of Balance Sheet (Consolidated)Ⅱ. -Liabilities/Equity- (¥ million) End of End of End of Full year Decrease Increase Decrease Increase Nov. 2014 May 2015 Nov. 2015 Decrease Increase Total Liabilities /Equity 80,858 +9,385 90,243 +2,952 93,196 +12,337 Total Liabilities 48,130 +7,181 55,312 +1,

  13. Slide 13: Inventories (Breakdown)

    Inventories (Breakdown) (¥ million) Balance of Inventories Total Expected 46,156 74,365 As of Nov. 30, 2015 (68properties) Disposition Value Breakdown of Inventories Inventories Expected disposition values Total expected Property type Revitalization Revitalization disposition value No. of No. of (in

  14. Slide 14: Inventories (Expected Disposition Values)

    Inventories (Expected Disposition Values) ◆ Inventories (expected disposition values) totaled ¥74.3 billion as of November 30, 2015. ◆Office buildings and Condo/Apt buildings increased. (¥ million) FY2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY2015 Office, Commercial 60,487 31,264 22,251

  15. Slide 15: Summary of Cash Flow Statements (Consolidated)

    Summary of Cash Flow Statements (Consolidated) (¥ million) FY 2014 FY 2015 yr/yr change [A] [B] [B]-[A] Cash Flows from Operating Cash flows from/used in operating activities 344 ※1 -4,443 -4,787 Activities *1 Profit before tax 4,663 6,040 1,376 Depreciation expense 188 222 33 Cash flow from operati

  16. Slide 16: Overview of Segment Results: Revenue and Cost of Revenue

    Overview of Segment Results (Consolidated) I. Revenue and Cost of Revenue (¥ million, %) FY 2014 FY 2015 yr/yr change Revenue % % % TOTAL 49,981 100.0 43,006 100.0 -6,974 -14.0 Revitalization 34,743 69.5 25,986 60.4 -8,757 -25.2 Development 6,112 12.2 6,605 15.4 493 8.1 Rental 4,210 8.4 4,135 9.6 -7

  17. Slide 17: Overview of Segment Results: Gross Profit and Operating Profit

    Overview of Segment Results (Consolidated)II. Gross Profit and Operating Profit (¥ million, %) FY 2014 FY 2015 yr/yr change Gross profit % % % TOTAL 9,962 19.9 11,915 27.7 1,952 19.6 Revitalization 4,226 12.2 5,192 20.0 966 22.9 Development 1,192 19.5 1,364 20.7 171 14.4 Rental 2,526 60.0 1,916 46.4

  18. Slide 18: Mid-to-long term Management Plan and Business Development in 2016

    Ⅱ. Mid-to-long term Management Plan and Business Development in 2016 Copyright © 2016 TOSEI CORPORATION, All Rights Reserved. 17

  19. Slide 19: Forecast for FY2016 - Revenue/Profit Summary

    Forecast for FY2016 - Revenue/Profit Summary - Revenue Operating Profit Profit before Tax 不動産流動化事業 Revitalization Revitalization (¥ million) 不動産開発事業 Development Development 不動産賃貸事業 Rental 8,000 7,563 Rental 7,000 6,891 6,508 60,000 不動産ﾌｧﾝﾄﾞ・ｺﾝｻﾙﾃｨﾝｸﾞ事業 Fund Fund andConsulting and Consulting 7,000 6,

  20. Slide 20: Forecast for FY2016 - Segment Summary

    Forecast for FY2016 - Segment Summary - FY2014 FY2015 [A] FY2016 [B] yr/yr change [B]－ [A] (¥ million) ％ ％ ％ ％ Revenue 49,981 100.0 43,006 100.0 55,250 100.0 12,243 28.5 Revitalization 34,743 69.5 25,986 60.4 32,154 58.2 6,168 23.7 Development 6,112 12.2 6,605 15.4 12,732 23.0 6,126 92.7 Rental 4,21

  21. Slide 21: Business Strategy for FY2016

    Business Strategy for FY2016 [Three Investment Businesses ] Revitalization Alternative Development Investment  Strengthen acquisition of prime assets and land for development  Revitalize value and create added value using Value UP32, an original revitalization flow developed by Tosei  Market a ra

  22. Slide 22: Latest Topics

    Latest Topics Revitalization Business Examples of properties acquired during the current fiscal year  As of the end of November 2015, the total acquisition amount had progressed to around ¥14.5 billion* on a contract basis *Expected disposition value based on total properties acquired in the Revita

  23. Slide 23: Latest Topics

    Latest Topics Fund & Consulting Business Executed asset management agreement with Total value of assets under management （As of December 31, 2015） Blackstone Real Estate Partners for 57 residential （¥ 100million） （百万円） properties worth ¥53.2 billion 500,000 私募ファンドAM Private Funds AM REIT AM CRE 466,

  24. Slide 24: Midterm Management Plan Advancing Together 2017 - Policies and Strategies

    Midterm Management Plan Advancing Together 2017 -Policies and Strategies-  Setting a sales target of 100 billion yen by 2020 through an expansion of existing businesses and high-quality management that enables us to maintain a long-term competitive advantage, we aim to further increase corporate va

  25. Slide 25: Outlook Towards 2020 - Enhancement of Business Foundation

    Outlook Towards 2020 –Enhancement of Business Foundation- Medium/Long-term Vision  The gross profit of the three investment business segments must be raised to Achieve a more stable business base a level higher than that immediately before the global financial crisis with a higher share of the thre

  26. Slide 26: Simulation for 2020 - Balance Sheet Expansion

    Simulation for 2020 –Balance Sheet Expansion- Balance Sheet Simulation As of 30 November, 2020  Expand the asset size to achieve revenue of ¥100 billion in 2020. Revenue ¥100 billion  Maintain the equity ratio at the 30% level, keeping financial 178.5 ¥178.5billion 178.5 180.0 in mind soundness 10

  27. Slide 27: Trends in Dividends

    Trends in Dividends Trends in Dividends FY2015 FY2016 FY2010 FY2011 FY2012 FY2013 FY2014 （Forecast） (Forecast) Annual Dividends * 5.00 * 5.00 * 6.00 8.00 12.00 16.00 18.00 Per Share(¥) Payout ratio(%) 51.3 30.4 18.7 18.6 20.2 18.7 20.2 *The Company split its shares by 100 for 1, effective July 1, 20

  28. Slide 28: Appendix Financial Results For the Fiscal Year Ended Nov. 30, 2015 [Reference Materials]

    Appendix Financial Results For the Fiscal Year Ended Nov. 30, 2015 Tosei Corporation [Reference Materials] Tokyo Stock Exchange, First Section Code：8923 Singapore Exchange, Mainboard Code：S2D Ⅰ. Introduction of Tosei －P.2 2016/1/13 Ⅱ． Real Estate Market Conditions －P.9 Copyright © 2016 TOSEI CORPORA

  29. Slide 29: Introduction of Tosei

    ＜Reference Materials＞ Ⅰ．Introduction of Tosei  Group Overview ｰ P.3  History of Tosei Corporation ｰ P.4  Business Overview ｰ P.5  Summary of Properties Sold –Property Size / Revenue - ｰ P.6  Summary of Properties Sold – Property Type/Sales base – ｰ P.7  Inventory Breakdown –Properties in Inven

  30. Slide 30: Group Overview

    Group Overview As of November 30, 2015 Company name TOSEI CORPORATION Address 4-2-3 Toranomon, Minato-ku, Tokyo Date established February 2, 1950 Paid-in capital ¥6,421,392 thousand Representative Seiichiro Yamaguchi, President and CEO Fiscal year-end November 30 Stock listing Tokyo Stock Exchange,

  31. Slide 31: History of Tosei Corporation

    History of Tosei Corporation 1950: Established Yukari Kogyo Co., Ltd, the predecessor of Tosei Corporation Establishing Tosei Hotel 1983: Tosei Building Co., Ltd. Registered for Management※6 1994: Mr. Seiichiro Yamaguchi assumed the role of President and CEO. Financial Instruments Business Registrat

  32. Slide 32: Business Overview

    Business Overview  The mutually complementary relations through the six businesses enables flexible portfolio management to cope with market condition changes.  Aim to cover SG&A expenses with income from the three stable business segments 6 B u s i n e s s e s Strong driver of growth in revenues

  33. Slide 33: Summary of Properties Sold - Property Size / Revenue

    Summary of Properties Sold –Property Size / Revenue - Breakdown by Property Size 売上高 Less than Revenues 10億円未満 ¥ 1 billion ¥ 1 ～ 2 billion 10－20億円未満 20億円以上 Above ¥ 2 billion (百万円） (¥ million) 50,000 43,064 40,854 45,000 38.0 properties 46.1 properties 40,000 32,592 33,091 37.4 properties 35,000 10,6

  34. Slide 34: Summary of Properties Sold - Property Type/Sales base

    Summary of Properties Sold – Property Type/Sales base –  In FY2015 sales for income-generating offices and vacant Breakdown by Property Type buildings were strong thanks to active property market conditions. (Properties) Office/ Detached オフィス・商業 Commercial マンション Condominium 戸建 house その他 Other 70 60

  35. Slide 35: Inventory Breakdown - Properties in Inventories as of Nov.30, 2015

    Inventory Breakdown –Properties in Inventories as of Nov.30, 2015-  Total number of 59 inventories at the end of Nov. 2015. Inventories are Location Area of Inventory Properties located mainly in the 23 wards of central Tokyo, with an increase in the percentage of inventories in the outskirt of Tok

  36. Slide 36: Real Estate Market Conditions

    ＜Reference Materials＞ Ⅱ. Real Estate Market Conditions  Market Size for Revitalization Business (23 wards / less than ¥1 billion) ｰ P.10  Supply of Investment Condominiums ｰ P.27  Market Size for Revitalization Business (23 wards) ｰ P.11  Apartment Market（J-REIT） ｰ P.28  Real Estate Transaction

  37. Slide 37: Market Size for Revitalization Business (23 wards / less than ¥1 billion)

    Market Size for Revitalization Business (23 wards / less than ¥1 billion) (i) Real estate stock Real estate stock in Japan: Approx. ¥2,500 trillion (Land: Approx. ¥1,200 trillion, buildings, etc.: ¥1,300 trillion) Corporate real estate: Approx. ¥470 trillion Publicly held real estate: (Offices, comm

  38. Slide 38: Market Size for Revitalization Business (23 wards)

    Market Size for Revitalization Business (23 wards) Office Building in Stock※1 No. of Buildings: 56,149 Market Size for Revitalization Business Gross Floor Area: 33.03 million tsubo (109.19 million ㎡） No. of Buildings: Approx.124,600 Gross Floor Area:※5 Approx.54.20 Apartment Building in Stock※2 mill

  39. Slide 39: Real Estate Transactions by Listed Companies

    Real Estate Transactions by Listed Companies （億円） (¥ 100 million) The Number and Amount of Real Estate Transactions 不動産の取引件数・取引額の推移 （件） (No. of Transactions) 60,000 1,800 取引額下期 Second half 1,600 50,000 First 取引額上期 half 1,340 1,259 1,400 取引件数 No. of Transactions 1,155 1,199 1,241 40,000 1,200 31,404

  40. Slide 40: Acquisition by J-REIT

    Acquisition by J-REIT (¥ 100 million) （億円） Acquisitions by J-REITs J-REITにおける物件取得額推移 10,000 9,000 8,612 8,000 7,000 6,374 6,000 5,454 5,0644,825 5,000 4,347 4,439 3,860 4,000 3,521 2,880 3,080 3,000 2,507 2,290 2,294 2,255 2,0332,013 2,000 1,741 1,412 1,083 1,014 1,189 1,151 827 734 803 1,000 521 36

  41. Slide 41: Financed Amount by J-REIT

    Financed Amount by J-REIT Financed Amount by J-REITs J-REITにおける資金調達額と件数 (¥ million) （百万円） 1,400,000 50 Fundraising 調達額 amount 件数 No. of Transactions 1,181,308 45 1,200,000 44 1,036,444 40 36 1,000,000 34 35 780,054 805,341 30 800,000 688,695 25 27 547,507 600,000 24 496,408 479,512 21 20 14 15 15 40

  42. Slide 42: TSE REIT Index

    TSE REIT Index 1,704.86 2016/1/7 Source: Tokyo Stock Exchange In FY2015, the TSE REIT Index fell below 1,600 points temporarily, reflecting movements to avoid risks attributable to a sharp fall in stock prices in China after reaching an annual high in January, but subsequently recovered to the 1,700

  43. Slide 43: Market Size for Real Estate Fund Business

    Market Size for Real Estate Fund Business （¥trillion） Change in the Market Size of Private Placement Fund and J-REIT 18.0 J-REIT Private funds 15.8 16.0 14.9 15.3 14.9 14.7 14.8 15.0 14.4 13.7 14.0 14.7 13.6 13.8 13.5 13.5 14.0 13.4 11.9 12.6 12.0 11.2 10.4 10.0 10.0 9.0 8.7 8.0 8.3 7.5 7.6 7.8 7.8

  44. Slide 44: Working Balance of Private Placement REIT

    Working Balance of Private Placement REIT (¥ 100 million) 12,000 Estimated total amount 11,443 SGAM REIT 13. SGAM投資法人 12.⽇本⼟地建物プライベートリート投資法⼈ NIPPON TOCHI-TATEMONO Private REIT 10,000 9,007 11.SCリアルティプライベート投資法⼈ SC Realty Private Investment Tokio Marine Private REIT 10.東京海上プライベートリート投資法⼈ 8,000 7,199 09

  45. Slide 45: CMBS Offering

    CMBS Offering (¥ 100 million) ＣＭＢＳ新規発行額の推移 CMBS Issuance 22,500 Not disclosed 非公表 20,000 国内一般事業会社 Domestic general companies 国内ノンバンク Domestic non-banks 17,500 国内銀行・証券 Domestic banks/securities firms 外国ノンバンク Foreign non-banks 15,000 外国銀行・証券 Foreign banks/securities firms 発行額(億円) 12,500 10,000 7,500 5

  46. Slide 46: Domestic Bank Lending for Real Estate Firms

    Domestic Bank Lending for Real Estate Firms Bank 不動産業向け貸出残高の推移 Lending for Real Estate Firms 不動産業向貸出残高 Lending for real estate firms 総貸出 Total lending by domestic banks （¥ trillion） 総貸出残高内における不動産業向け貸出残高比率 % of real estate lending to total lending by domestic banks 600 16% 14% year 500 Total lending

  47. Slide 47: Construction Costs per Tsubo (by Building Structures)

    Construction Costs per Tsubo (by Building Structures) （千円/坪） (¥ thousand/tsubo) Steel Reinforced Concrete(SRC) Reinforced Concrete(RC) Wooden Structure 1,200 1,100 1,000 900 800 700 600 500 *The figures for 2015 show the average amount up until November. 400 2000 2001 2002 2003 2004 2005 2006 2007 2

  48. Slide 48: Condominium Market 1

    Condominium Market 1 (Units) Condominium Market in Tokyo Area 販売戸数 Units sold （戸） （％） 首都圏分譲マンション市場動向 販売在庫数 Units in stock 10,000 90 契約率 rate Contract 9,000 80 8,000 70 7,000 60 6,000 50 5,000 40 4,000 30 3,000 20 2,000 1,000 10 0 0 Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct . Jan. Ap

  49. Slide 49: Condominium Market 2

    Condominium Market 2 (¥（万円） ten thousand) Condominium Price in Tokyo Area 首都圏新築マンションの価格推移 （％） 6,500 130 月別価格 Monthly average 前年同期比 Yr/Yr Change 6,000 120 5,500 110 5,000 100 4,500 90 4,000 80 3,500 Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct . Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. J

  50. Slide 50: Detached House Market

    Detached House Market （件） (units) 首都圏 戸建分譲着工の推移（年比較） Detached House Housing Starts in Tokyo Area 70,000 58,880 63,483 57,142 58,846 60,000 54,347 54,196 51,752 17,212 50,000 15,667 14,503 15,334 15,111 41,886 14,694 13,646 40,000 9,960 9,080 10,539 11,557 9,063 9,309 9,281 9,089 30,000 14,686 7,358

  51. Slide 51: Pre-owned Condominium Market 1

    Pre-owned Condominium Market 1 （戸）) (units 首都圏中古マンション成約戸数推移 Number of Contracted Units in Tokyo Area 40,000 36,432 35,000 33,798 31,397 32,233 29,378 28,498 28,744 31,183 30,347 28,871 30,000 28,039 27,090 25,000 20,000 15,000 10,000 5,000 0 2004 04年 2005 05年 2006 06年 2007 07年 2008 2009 10年 08年 09年

  52. Slide 52: Pre-owned Condominium Market 2

    Pre-owned Condominium Market 2 (¥（万円） ten thousand) Price首都圏中古マンション 70㎡換算価格 of Pre-owned Condominiums Adjusted to 70m2 3,300 70㎡換算価格（万円） Price adjusted to 70m2 3,200 3,197 3,159 3,100 3,115 3,083 3,068 3,000 3,011 3,009 3,007 3,005 3,005 3,000 2,998 2,996 2,996 2,992 2,975 2,975 2,971 2,969 2,969 2,

  53. Slide 53: NOI Yield of Acquisition by J-REIT (Average rate in 23 wards)

    NOI Yield of Acquisition by J-REIT (Average rate in 23 wards) 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% 4.50% オフィス Office レジ Residential ホテル Hotel ※ 4.00% 3.50% 2001 2003 2005 2007 2009 2011 2013 2015 Source: Prepared by Tosei based on announced presentations by J-REITs ※ As for office, properties to be a

  54. Slide 54: Supply of Investment Condominiums

    Supply of Investment Condominiums (units) 戸数（戸） 投資用マンション供給戸数の年次別推移表(1990年～2014年6月） Annual Supply of Investment Condominiums (1990-Jun. 2014) 戸数 Units Properties 件数 件数（件） (Properties) 10,000 240 224 220 199 212 183 188 172 200 8,000 190 8,939 180 152 8,983 8,616 172 8,548 9,210 143 160 7,238 8,387 13

  55. Slide 55: Apartment Market (J-REIT)

    Apartment Market（J-REIT） ■六大都市におけるJ-REIT保有賃貸マンションの平均稼働率の推移 Average Occupancy Rate of Apartments Owned by J-REIT in Major 6 Cities The Great East Japan Earthquake Sapporo Sendai Tokyo 23 wards Nagoya Osaka Fukuoka Trough (April 2012, Preliminary) Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep.

  56. Slide 56: Expected Office Supply

    Expected Office Supply Supply of Large-sized Office* in Tokyo’s 23 wards (㎡ 10 thousand) No. of supply Completed Not completed No. of supply Volume of Annual average supply Annual average : after 2015: 1,030,000 m2 1,190,000 m2 <1986 -2014 > <2015 -2019> Source: Mori Building Co., Ltd 1) No. of supp

  57. Slide 57: Trend in Office Rent and Vacancy in Tokyo

    Trend in Office Rent and Vacancy in Tokyo 都心5区 Vacancy 空室率と平均賃料の推移（年次） Rate and Average Rent in Tokyo 5 Business Wards （円/坪） JPY/ tsubo : 1 tsubo=0.3㎡=35.57 sqft. （％） 平均賃料（円/坪） Average rent price Average vacancy rate 平均空室率(％) 25,000 10.00 8.91 9.01 21,998 22,186 8.67 8.12 8.09 9.00 19,754 19,998 19,

  58. Slide 58: National Office and Apartment Rent Statistics

    National Office and Apartment Rent Statistics オフィス賃料指数及び共同住宅賃料指数の動向【全国】 National Office and Apartment Rent Indices (2005年を100とする指数） (2005=100) 130 オフィス賃料指数 Office rent index 共同住宅賃料指数 Apartment rent index 120 110 96.8 100 90 93.3 80 1995 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 201

  59. Slide 59: Global Yield Gap of Prime Office Markets

    Global Yield Gap of Prime Office Markets シドニー Sidney 東京 Tokyo London ロンドン Manhattan マンハッタン シンガポール Singapore The yield on 10-years Hong 香港 Kong government bonds (%) (As of Sep.30,2015) Australia 2.600 Japan 0.350 England 1.765 United States 2.035 Singapore 2.545 Hong Kong 1.591 Source：Deutsche Asset

  60. Slide 60: GDP Growth Rate in Asia-Pacific Region

    GDP Growth Rate in Asia-Pacific Region 8 7 6 5 y-o-y (%) 前 4 年 比 3 ( ) ％ 2 1 0 2015 2016 2015年予測 Forecast 2016年予測 Forecast Source: Oxford Economics, November 2015 Source: Prepared by Tosei based on Jones Lang LaSalle The growth rate in the Asia-pacific region varies depending on the country, althoug

  61. Slide 61: Property Investment Trend in Asia-Pacific Region 1

    Property Investment Trend in Asia-Pacific Region 1 US$ bn Transaction Amount in Direct Investment in Commercial Properties by Region Source: Jones Lang LaSalle EMEA：Europe ,the Middle East and Africa The amount of investments in the Asia-pacific accounts for approximately 20% of the total amount inv

  62. Slide 62: Property Investment Trend in Asia-Pacific Region 2

    Property Investment Trend in Asia-Pacific Region 2 Transaction Amount in Direct Investment in Commercial Properties by Country $89.0bill 2015 3Q The total investment in commercial properties in the Asia-Pacific Region from January to September 2015 amounted to US$89.0 billion, Japan ranked at the to

  63. Slide 63: Overview of Global REITs

    Overview of Global REITs REIT Status in Each Country Hong Kong M exico 18,045 28,739 Others 93,781 ¥100 million South Africa As of Mar. 2015 29,229 Canada 57,790 Singapore 59,945 England 89,179 Global REIT market Market cap: ¥184 trillion France 95,373 Australia U.S 1,151,008 106,660 Japan 107,158 S

  64. Slide 64: Action Programs 2015 to Achieve a Tourism-Oriented Country

    Action Programs 2015 to Achieve a Tourism-Oriented Country 1.Strategic efforts for the new era of inbound tourism 4.Aggressive development of an environment for accepting foreign tourists ahead of the curve • Attraction of customers to the local region and the creation of new seasonal demand • Calli

  65. Slide 65: Trends in the Number of Foreign Tourists Visiting Japan

    Trends in the Number of Foreign Tourists Visiting Japan Target of Japan Revitalization Strategy based on Japan Revitalization Strategy 2030 30 million tourists （million） （万人） 30 3,000 2020 20 million tourists 25 2,500 2,000 20 Start The Visit Japan Campaign 1,796 17.96 1,500 15 1,341 13.41 1,036 10.

  66. Slide 66: Trends of Average Hotel Occupancy Rate

    Trends of Average Hotel Occupancy Rate Trends of guestroom occupancy rate of hotels in Japan and three major cities (Tokyo, Nagoya and Osaka) Japan Tokyo Nagoya Osaka Source: Prepared by Mizuho Bank，Industry Research Division on based on the date of‘HOTERES’,Ohta publications Co.,Ltd. 出典：オータパブリケーション

  67. Slide 67: Breakdown of the Number of Foreign Tourists Visiting Japan

    Breakdown of the Number of Foreign Tourists Visiting Japan Breakdown of foreign tourists visiting Japan by country and region (cumulative total from January to November 2015) Total 17.96millio ＊Cumulative total values from January to November 2015 published by the Japan National Tourism Organization

  68. Slide 68: International Comparison of the Number of Inbound Foreign Tourists

    International Comparison of the Number of Inbound Foreign Tourists 世界各国・地域への外国人訪問者数（2014年 上位30位） The Number of Foreign Tourists to Each Countries and Regions（2014 Best30） Best1 Best10 Best20 Japan is ranked 22nd in the world and 7th in Asia. Best30 Prepared by Japan National Tourist Organization bas

  69. Slide 69: Number of Hotel Transactions in Japan

    Number of Hotel Transactions in Japan The number of hotel transactions in Japan 120 100 800 60 40 20 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source:JLL news release “The number of hotel transactions in Japan in 2014 hit a record high, exceeding the peak before the Lehman crash” The numbe

  70. Slide 70: Transaction Yield of Hotels Acquired by J-REITs

    Transaction Yield of Hotels Acquired by J-REITs Transaction yield of hotels acquired by J-REITs in and after April 2012 The size of the balloons indicates the acquisition price. *Benchmark size ¥10 billion Transaction yield Tokyo area, Kinki area, Nagoya area, Local area 2012.4 2012.10 2013.4 2013.1

  71. Slide 71: Thank you

    Thank you For Contact: Accounting Department Tel：+81 3-3435-2865 Fax：+81 3-3435-2866 URL : http://www.toseicorp.co.jp/english . DISCLAIMER Except for historical facts, all plans, forecasts, strategies and other information contained herein are forward-looking statements. Forward-looking statements i

Tosei — FY2015 Earnings Presentation on 6ix