Message from the President

We would like to express our gratitude to our shareholders and investors for your continued support.

Financial Results for the fiscal year ended March 31, 2023

Our business performance resulted in increased sales and net income year on year and the financial situation has also improved significantly compared with the result of the previous fiscal year. The occupancy rate at the end of March was 88.83% and annual average rate was an improvement of 3.44 points year on year despite sluggish results during the summer months. Net sales were JPY 406.4 billion, an increase of JPY 8.0 billion year on year.
Cost of sales and SG&A expenses continued to be reduced through steady cost-conscious business management, and net income also improved significantly from the previous fiscal year. Equity ratio marked 14.5%, which was an improvement of 13.8 point compared with the result of previous fiscal year. Recovery in occupancy rates as a main contributor made cash flows from operating activities positive for the first time in five fiscal years.

Business Strategies

We will aim to further improve the occupancy rate for the fiscal year ending March 2024. We will build up the corporate sales structure, and will approach regional companies to acquire tenants in addition to sales to large-scale companies which have countrywide operation. In addition, we will promote the smart lock installation for the benefit of tenants' convenience and our operational efficiency in parallel.

Going forward, the Company aims to stabilize its revenue structure and financial base by increasing revenue and profit mainly driven by an improved occupancy rate. Targeted operating profit growth rate is +40%, and equity ratio is in the range of 20% to 30%.

Shareholder Returns

We have resolved to eliminate the deficit in retained earnings in order to ensure a flexible and agile capital policy for the future including resumption of dividend payments. We will consider ways of realizing shareholder returns as soon as possible in line with the recovery of the business performance.

We look forward to your continued understanding and support of our business activities in the future.

May 2023

Bunya Miyao, President and CEO

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