Notice Concerning Repair Plan of Construction Defects for Buildings
Constructed by Leopalace21

September 29, 2023
Leopalace21

Leopalace21 Corporation (Headquarters: Nakano-ku, Tokyo; President and CEO: Bunya Miyao; "the Company") announced the following repair plan for September 2023 onward.
We sincerely apologize to all of our stakeholders, including tenants and apartment owners, for the concerns and inconvenience caused by the construction defects problem.

■Repair plan for September 2023 onward

The Company has been improving the business performance to restore the robust financial base as announced in the consolidated financial statements for the fiscal year ended June 30, 2023 and it made steady progress in resolving the construction defects problem.
The number of rooms requiring repairs is estimated approximately 26,000 in total. Of 58,748 rooms that have been deducted repairs completed from requiring repairs, 17,863 rooms have been found defective as a result of the investigation. It is estimated that approximately 26,000 rooms need repairs, by adding 17,863 rooms to about 8,180 uninvestigated rooms that are estimated to be defective based on the past investigation results.

The Company completed a total of 6,002 rooms against the planned 6,000 for nine months from July 2022 till end of March 2023, which was announced on June 24, 2022. The repair completion reached 3,707 rooms for five months from April till end of August 2023.
The plan is to eliminate obvious defects in 5,500 rooms mainly by repairing for four months from September 2023 till the end of December 2023 in order to realize the planned elimination of all obvious defects by the end of 2024.

The Company will continue to provide detailed explanations to tenants, property owners, and relevant government agencies for their understanding. The Company will resolve the problem as quickly as possible to regain the confidence in the Company.

■Company Information