Performance Trends

Net Sales

Net sales increased YoY to JPY 406,449 million.

Although the Company failed to achieve the plan due to unplanned transfer of subsidiary Morizou Co., Ltd., lowered occupancy rate of Guam, and lagging apartment occupancy rates in July and Aug., net sales increased by JPY 8,082 million year on year due to a recovery in the occupancy rate.

Net sales
(JPY million)


Increase in each profit.

Gross profit was JPY 53,285 million (up JPY 7,208 million year on year), operating profit was JPY 9,879 million (up JPY 8,104 million year on year), and recurring profit was JPY 6,526 million (up JPY 8,678 million year-on-year), resulted in increasing each profit although cost of sales increased against the plan. In addition, net income was JPY 19,810 million (an increase of JPY 7,956 million year on year) due to recording of income taxes-deferred (profit) of JPY 18.5 billion.

Operating income
(JPY million)
Net income
(JPY million)

Leasing Business

The average occupancy rate during FY2022 was 84.66% (up 3.44p from the previous fiscal year).

The average occupancy rate during the fiscal year ended March 31, 2023 was 84.66% (up 3.44p year on year) thanks to the success of various measures against the backdrop of strong corporate demand, and the occupancy rate at the end of the period was 88.83%, up 0.39p from the plan.
In addition, as of the end of March 2023, the number of rooms used by corporate tenants was 296,300, which comes next to the all-time high 309,062 units as of the end of FY2017.
From June 2022, smart locks have been gradually introduced in order to improve the convenience of tenants and promote real estate technology, and the number of units installed has exceeded 90,000.
As of March 31, 2023, the number of units under management was 561,231 (down 6,083 units compared to the end of the previous fiscal year), the number of directly managed stores was 109 (no change from the end of the previous fiscal year), and the number of franchised stores was 95 (down 2 stores compared to the end of the previous fiscal year).

Occupancy rate

External Assessment