Tokyu Fudosan Holdings Corp. · TSE:3289
Tokyu Fudosan — FY2024 Earnings Presentation
52 slides from Tokyu Fudosan's earnings presentation, May 14, 2025
Slide 1: Financial Highlights FY2024 Ended March 31, 2025
Securities Code: 3289 Financial Highlights FY2024 Ended March 31, 2025 May 14, 2025
Slide 2: Forward-looking statements notice
The forecasts and other forward-looking statements in this report are based on currently available information and certain assumptions determined as rational. Consequently, any statements herein do not constitute assurances regarding actual results by the Group. Actual performance may significantly
Slide 3: Contents
｜ Contents ｜ ・Summary of the Financial Results for FY2024, and ・・・・・ 5 Forecast for FY2025 ・Segment Overview ・・・・・ 23 ・Sustainability and DX Initiatives ・・・・・ 46 © TOKYU FUDOSAN HOLDINGS CORPORATION 3
Slide 4: Highlights
｜ Highlights ｜ Topics Contents Announced Medium-Term Building a robust and differentiated business portfolio with strong growth potential, Management Plan 2030 efficiency, and tolerance to adapt to market changes during the resilience phase, the latter phase of the long-term management policy. <Key
Slide 5: Summary of the Financial Results for FY2024, and Forecast for FY2025
Summary of the Financial Results for FY2024, and Forecast for FY2025 © TOKYU FUDOSAN HOLDINGS CORPORATION 5
Slide 6: FY2024 and FY2025 Major business environment
｜ FY2024 and FY2025 Major business environment ｜ Being under uncertain conditions, pay close attention to changes in the business environment but assume that there will be no significant environmental changes in the near future. Topics Contents The Shibuya area, where the Company holds numerous prop
Slide 7: FY2024 Operating Results, major index
｜ FY2024 Operating Results, major index ｜ Both revenues and profit increased YoY, as well as from the forecast, with an annual dividend of 36.5 yen, an increase of 2.5 yen from the forecast. FY2024 (¥ billion) FY2023 FY2024 Comparison Comparison Remarks Forecast** Operating Revenue 1,103.0 1,150.3 4
Slide 8: FY2024 Segment performance
｜ FY2024 Segment performance ｜ Profit for Urban Development, Property Management & Operation, and Real Estate Agents increased from previous fiscal year; profit for Strategic Investment decreased from previous fiscal year. FY2024 (¥ billion) FY2023 FY2024 Comparison Remarks* Comparison Forecast Oper
Slide 9: FY2024 Analysis of segment performance
｜ FY2024 Analysis of segment performance ｜ Profit increase of 20.5 billion yen YoY, profit increased mainly due to hotel and real estate sales agents businesses. ･ Wellness business +0.7 billion yen (Hotel +5.2 billion yen, Sale of memberships (2.2) billion ･ Infrastructure & Industry business (4.2)
Slide 10: FY2024 Summary of balance sheets
｜ FY2024 Summary of balance sheets ｜ Company acquisition* and progress in investments has led to an increase in non-current assets and real estate for sale. FY2023 FY2024 FY2023 FY2024 (¥ billion) Comparison (¥ billion) Comparison Mar-31, 2024 Mar-31, 2025 Mar-31, 2024 Mar-31, 2025 Cash and deposits
Slide 11: Asset Breakdown by Segment and ROA Trends
｜ Results for FY2024: Asset Breakdown by Segment and ROA Trends ｜ Company acquisition and progress in investments has led to an increase in non-current assets and real estate for sale. < Asset breakdown by segment > * Excluding elimination < Breakdown of Urban Development segment > [¥ billion] 4,000
Slide 12: Market value appraisal for leased properties
｜ Market value appraisal for leased properties ｜ Unrealized gains of rental and other real estate expanded to 435.1 billion yen. FY2023 FY2024 (¥ billion) Comparison Remarks Mar-31, 2024 Mar-31, 2025 Carrying value 749.5 747.5 (2.1) □Market value at the end of the fiscal year is calculated by our co
Slide 13: FY2024 Summary of Cash flow and Investment plan
｜ FY2024 Summary of Cash flow and Investment plan ｜ Capital investment will focus on renewable energy facilities, and investment mainly in rental housing and logistics facilities is planned for real estate for sale. (¥ billion) FY2023 FY2024 Remarks Net cash provided by (used in) +122.3 billion yen
Slide 14: FY2025 Forecast Operating Results, major index
｜ FY2025 Forecast Operating Results, major index ｜ A solid initial fiscal year is planned towards achieving the financial goals outlined in the medium-term management plan 2030. FY2025 (¥ billion) FY2024 Comparison Remarks Forecast Operating Revenue 1,150.3 1,270.0 119.7 Operating profit 140.8 153.0
Slide 15: FY2025 Segment performance forecast
｜ FY2025 Segment performance forecast ｜ Continued anticipation of strong real estate sales market, plans for increased revenues and profit. FY2025 (¥ billion) FY2024 Comparison Remarks* Forecast Operating revenue 1,150.3 1,270.0 119.7 Urban Development 348.8 410.0 61.2 Offices and Commercial facilit
Slide 16: FY2025 Analysis of segment performance forecast
｜ FY2025 Analysis of segment performance forecast ｜ Plan to increase profit by 12.2 billion yen YoY due to increased earnings from sales to investors, Real estate agents business, and Hotel business. ･ Property Management business +0.4 billion yen ･ Infrastructure & Industry business +2.0 billion ye
Slide 17: Gains on sales to investors and total value of investment
｜ Gains on sales to investors and total value of investment ｜ Driven by a strong buying and selling market, efficient asset turnover and profit generation are being promoted. Approximately 40% of planned sales in FY2025 has already been secured. < Trends in gains on sales to Investors, etc. > < Sale
Slide 18: Financial Condition
｜ Financial Condition ｜ Long-term ratio of interest-bearing debt at the end of FY2024 was 95.3%, and the fixed ratio was 92.4%. The Japan Credit Rating Agency (JCR) upgraded its long-term issuer rating from A to A+ in recognition of strengthening stable revenue sources and improving financial struct
Slide 19: Shareholder Return
｜ Shareholder Return ｜ Shareholder return policy: Raised payout ratio to 35% or higher (FY2025-FY2027) and implemented progressive dividend payments. Annual dividend: Revised to 36.5 yen for the year ending March 2025 (+2.5 yen from revised forecast, +5.5 yen compared to the previous year), FY2025 4
Slide 20: Financial Targets ①
｜ Summary of the Financial Results for FY2024, and Forecast for FY2025 (Financial Targets) ① ｜ Steady growth towards achieving financial targets in the medium-term management plan 2030. FY2023 FY2024 FY2025 FY2027 FY2030 (Latest (Result) forecast) (Result) (Forecast) (Target) (Target) ROE 9.6 % 9.3
Slide 21: Financial Targets ②
｜ Summary of the Financial Results for FY2024, and Forecast for FY2025 (Financial Targets) ② ｜ Long-term management policy/Reference indicators * (Operating profit ¥150 billion or more; Net profit ¥75 billion or more) Five years ahead of schedule 2.5x 2.3x ¥220.0 billion or more 2.2x 2.2x 2.1x 2.1x
Slide 22: Changes in Share Price, etc.
｜ Changes in Share Price, etc. (October 1, 2019 to May 12, 2025) ｜ 1,300yen 11.0% Share price BPS ROE Forecast ROE FY2025(Forecast)10.1% 1,200yen FY2024: 9.9% 10.0% FY2023: 9.6% BPS: 1,150.27 yen 1,100yen Share price on May 12 : 1,089.0 yen 9.0% 1,000yen 8.0% 900yen FY2022: 7.3% FY2019: 6.7% 800yen
Slide 23: Segment Overview
Segment Overview © TOKYU FUDOSAN HOLDINGS CORPORATION 23
Slide 24: Urban Development ① FY2024 Results and FY2025 Forecasts
｜ Urban Development ① FY2024 Results and FY2025 Forecasts ｜ Despite performance changes due to fluctuations in investor-targeted sales, rental and housing sales remain strong. FY2024 < Breakdown of revenues in offices and (¥ billion) FY2023 FY2024 Comparison Remarks Comparison Forecast [¥ billion] c
Slide 25: Urban Development ② Vacancy Rate and Rent trends and Portfolio Characteristics
｜ Urban Development ② Vacancy Rate and Rent trends and Portfolio Characteristics ｜ < Office Area > As of March 31, 2025, vacancy rate at 0.3 % (office buildings and commercial facilities), and average office rent Metropolitan 4 districts continues to shows an upward trend, excluding the impact of pa
Slide 26: Urban Development ③ Major projects
｜ Urban Development ③ Major projects (Offices and Commercial facilities, etc.) ｜ Other projects Chayamachi B-2/B-3 Blocks Redevelopment Project Osaka Commercial/office/accommodat ion etc. Total floor space: 31 Reconstruction of Tokyu Land Corporation’s building in Akasaka Chiyoda-ku Demolition sched
Slide 27: Urban Development ④ Major projects (the Greater Shibuya Area)
｜ Urban Development ④ Major projects (the Greater Shibuya Area) ｜ Several projects, such as Next Shibuya Sakuragaoka Block and Jinnan 1-chome Block, are underway in the Greater Shibuya Area. The Greater Redevelopment Project Commercial facility Shibuya Area Office building Properties owned by Activi
Slide 28: Urban Development ⑤ Sold a partial interest in Shibuya Sakura Stage
｜ Urban Development ⑤ Sold a partial interest in Shibuya Sakura Stage ｜ As part of the "Co-Creation with Partners" business policy, sold the equivalent of 49% co-ownership interest in the sectional ownership of Shibuya Sakura Stage SHIBUYA Tower. <Overview of Sale> Name of property: Shibuya Sakura S
Slide 29: Urban Development ⑥ Office Market
｜ Urban Development ⑥ Office Market ｜ Due to the tight supply-demand balance in Shibuya-ku, average rent is increasing. < Vacancy rate > < Average rent > （%） Chiyoda-ku Chiyoda-ku (yen/ 12.0 tsubo) Chuo-ku Chuo-ku Minato-ku Minato-ku 25,000 24,538 10.0 Shinjuku-ku Shinjuku-ku Shibuya-ku 22,195 8.0 S
Slide 30: Urban Development ⑦ Condominium index
｜ Urban Development ⑦ Condominium index ｜ Contract ratio at the beginning of FY2025 increased to 76% < Major upcoming projects > Accounting year FY2023 FY2024 FY2025 Forecast Average price per unit (¥ million/unit) 70 84 88 No. of units sold 1280 units 1006 units 878 units Contract obtaining rate 82
Slide 31: Urban Development ⑧ Major Large-Scale Residential Projects
｜ Urban Development ⑧ Major Large-Scale Residential Projects ｜ Shirokane 1-chome West Nishi-Nippori Station Sengakuji Station Block Type2 BRANZ TOWER Hashimoto BRANZ TOWER Osaki BRANZ TOWER Central Block Urban Redevelopment Project District Redevelopment Address: Sagamihara-shi, Address: Shinagawa-k
Slide 32: Strategic Investment ① FY2024 Results and FY2025 Forecasts
｜ Strategic Investment ① FY2024 Results and FY2025 Forecasts ｜ While performance changes due to fluctuations of logistics facilities sales, the operation of renewable energy facilities is steadily expanding. < AUM Trends > FY2024 Activia REIT Comforia REIT Private REITs, etc. (¥ billion) FY2023 FY20
Slide 33: Strategic Investment ② Renewable energy business
｜ Strategic Investment ② Renewable energy business ｜ Integration of Renewable Japan Co., Ltd. as a consolidated subsidiary has led to significant expansion of power generation facilities and the addition of O&M business. Renewable energy facilities Portfolio (As of March 31, 2025) Projects acquired
Slide 34: Strategic Investment ③ Expansion of renewable energy business
｜ Strategic Investment ③ Expansion of renewable energy business ｜ Steadily promote solar and onshore wind power to drive profit growth based on robust renewable energy value chain. Investment in facilities already in operation (before depreciation) and profit from electricity sales (including plan)
Slide 35: Strategic Investment ④ Purpose of making Renewable Japan a consolidated subsidiary (1)
｜ Strategic Investment ④ Purpose of making Renewal Japan a consolidated subsidiary (1) ｜ Realize value chain development for the Renewable Energy Business by making Renewable Japan a consolidated subsidiary. Value chain for the Renewable Energy Business Solar power Group-owned Domestic renewable pow
Slide 36: Strategic Investment ⑤ Purpose of making Renewable Japan a consolidated subsidiary (2)
｜ Strategic Investment ⑤ Purpose of making Renewable Japan a consolidated subsidiary (2) ｜ Further accelerate growth in the Renewable Energy Business through synergies between both companies. Strengthening green electricity supply • Group-owned power plants * • Group-owned power plants ** One of Jap
Slide 37: Strategic Investment ⑥ Industry business (Logistics facilities, etc.)
｜ Strategic Investment ⑥ Industry business (Logistics facilities, etc.) ｜ The acquisition and leasing of prime location projects are steadily progressing, continue rotating assets. Projects acquired Major projects Properties in operation: 6 Property name Location Total floor area Completion ’Q Minam
Slide 38: Strategic Investment ⑦ Overseas operations
｜ Strategic Investment ⑦ Overseas operations ｜ Multiple projects underway in the United States and Asia Status of overseas expansion < Overseas business, 25 projects across 8 countries 32 projects across 9 urban regions investment balance by area > In-house development performance: Leasable area in
Slide 39: Strategic Investment ⑧ Overseas operations (U.S. Business)
｜ Strategic Investment ⑧ Overseas operations (U.S. Business) ｜ We will work to improve profitability and secure stable profits by investing in preferred equity and continuously owned investments / The occupancy rate for rental housing is maintained at over 90% U.S. Portfolio シアトル拡大図 Enlarged view of
Slide 40: Property Management & Operation ① FY2024 Results and FY2025 Forecasts
｜ Property Management & Operation ① FY2024 Results and FY2025 Forecasts ｜ Profit increased mainly due to capturing domestic and international demand centered on the hotel business. < Breakdown of revenues in FY2024 (¥ billion) FY2023 FY2024 Comparison Remarks Forecast Comparison Property management
Slide 41: Property Management & Operation ② Stock of properties
｜ Property Management & Operation ② Stock of properties ｜ Rather than relying on profit growth through stock expansion, aim to shift from "quantity" to "quality." Condominium Management Stock Trends Major properties under management Under comprehensive management Under facility management 800,000 31
Slide 42: Property Management & Operation ③ Major projects (Wellness)
｜ Property Management & Operation ③ Major projects (Wellness) ｜ Due to factors such as capturing inbound demand, Tokyu Stay’s RevPAR has remained high, with its ADR exceeding 20,000 yen. Tokyu Harvest Club Kusatsu & VIALA Tokyu Harvest Club VIALA Kusatsu Retreat green Membership Resort Hotel Schedul
Slide 43: Real Estate Agents ① FY2024 Results and FY2025 Forecasts
｜ Real Estate Agents ① FY2024 Results and FY2025 Forecasts ｜ Increased in revenues and profit mainly driven by the brokerage business < Breakdown in revenues of Real estate sales agent business > capitalizing on the strong real estate market. Number 1** in the amount of real estate brokerage transac
Slide 44: Real Estate Agents ② Performance indicators in sales agent
｜ Real Estate Agents ② Performance indicators in sales agent ｜ FY2024 Retail* Wholesale* Total Highlights Rate of change YoY Amount of transactions 1,604.0 627.2 2,231.2 □Retail (billion yen) +12.2% ( 3.6)% +7.3% ・Number of offices: 225 as of March 31, 2025 231 as of March 31, 2026 (planed) No. of t
Slide 45: Real Estate Agents ③ Stock of properties
｜ Real Estate Agents ③ Stock of properties ｜ Rental housing management stock trends Major properties under management 160 140 120 144 153 138 100 130 117 107 80 21/3 22/3 23/3 24/3 25/3 26/3 Plan [Units: thousand] 107 117 130 138 144 153 (Change from the end of preceding fiscal year) ＋ 14 ＋ 10 ＋ 13
Slide 46: Sustainability and DX Initiatives
Sustainability and DX Initiatives © TOKYU FUDOSAN HOLDINGS CORPORATION 46
Slide 47: Materiality and KPI
｜ Materiality and KPI ｜ We will aim to achieve non-financial KPI based on materialities Themes to work on (Materialities) Target indicators FY2024 Result FY2025 Targets****** ・Customer satisfaction level* 91.9% 90% or more Create a variety of lifestyles ・Products and services that Cumulative total o
Slide 48: Human Capital Strategy
｜ Human Capital Strategy ｜ We've set human capital KPIs for each strategy. Human capital Measures Human capital KPI FY2024 Results (YoY) Target*** Outcomes Results for FY2024 or April 2025 Actual strategies Dissemination of 1. Degree of personal investment in achieving the 90% [(2)] long-term vision
Slide 49: Corporate Governance
Reprint of ｜ Corporate Governance ｜ Presentation Materials of FY2024 Q1 Establish a governance system that contributes to ensuring sound and transparent management and strengthening the system for implementing the long-term management policy < Corporate Governance Structure > < System of Remuneratio
Slide 50: Sustainable Management External Evaluation
｜ Sustainable Management ❬External Evaluation❭ ｜ Selected as a constituent of FTSE4Good Index Series for 15 consecutive years. Received “AA” in the MSCI ESG Rating and recognized on the highest-rated A-List by CDP for the fourth consecutive year. ●Selected - Not selected Classification Index/Evaluat
Slide 51: Status of dialogue implementation with investors and analysts
｜ Status of dialogue implementation with investors and analysts ｜ We continued engaging with investors and analysts to aid our sustainable growth and build our organization’s value over the long term. Main themes of our dialogue with investors and analysts/ IR events organized main concerns expresse
Slide 52: For a Vibrantly Shining Future
FORA VIBRANTLY SHINING FUTURE WE ARE GREEN
Tokyu Fudosan Holdings — FY2024 Earnings Presentation on 6ix