Investor Meeting Presentation for the Fiscal Year ended March 31, 2017

Transcription

1 Investor Meeting Presentation for the Fiscal Year ended March 31, 2017 May 2017 Leopalace21 Corporation This document and reference materials may contain forward-looking statements, but please understand that actual results may differ significantly from these forecasts due to various factors. *Past figures are retrospectively adjusted, due to a change in accounting policy in a subsidiary in the Leasing Business.

2 Contents 1. About Leopalace Business Model Results Trend Highlights of Results Trend 6 2. FY17/3 Results 2-1 Highlights of Results Summary of Results (Sales & Gross Profit) Summary of Results (Operating Profit & Net Income) Results of Business Segments FY17/3 Overview of Business (Leasing) 3-1 Overview of Leasing Business Main Indicators (Leasing) Indicator (Occupancy Rate) Indicator (Occupancy by Group) Indicator (Shares of Occupied Units by Groups) Indicator (Occupied Units by Industry) FY17/3 Overview of Business (Leasing) (cont d) Indicator (Foreign Tenants) Leasing Strategy (Office Expansion) Leasing Strategy (my DIY) Leasing Strategy (Tenant Services) Leasing Strategy (New Services) Leasing Strategy (Services for Foreign Tenants) Leasing Strategy (Security Systems) FY17/3 Overview of Business (Construction) 4-1 Overview of Construction Business Main Indicators (Construction) Indicator (Orders and Sales) Indicator (Offices and Apartment Completion by Area) Construction Strategy (Ideal Land Usage) Construction Strategy (New Brand) Construction Strategy ( Non-sound System ) Construction Strategy (Elderly Care Facilities and Stores) Construction Strategy (Built-to-order Homes) Construction Strategy (Strengthen After-sale Services) 36-1-

3 Contents (cont d) 5. FY17/3 Overview of Business (Others and International) 5-1 Others (Elderly Care Business) Others (Domestic Hotels Business) Others (Resort Business) Others (Solar Power Systems) Others (Roof-lease Solar Power Systems) Others (Real Estate Development Business) International (Leasing Business Overseas) International (Serviced Apartments/Offices) International (Other Services) 46 Appendix 1. (cont d) App Finance (Balance Sheets) 58 App Finance (Cash/Deposits and Interest-bearing Debt) 59 App Finance (Cash Flows) 60 App Finance (Shareholder Composition) 61 Appendix 2. Medium-Term Management Plan EXPANDING VALUE App.2-1 Business and Financial Strategies 63 App.2-2 Numerical Targets 64 App.2-3 Dividend Policy 65 Appendix 1. Corporate Data App.1-1 Corporate Profile 48 App Quarter Comparison 49 App Results of Leopalace21 Group 50 App Indicator (Occupancy by Group) 51 App Indicator (Foreign Tenants) 52 App Indicator (Units and Occupancy Rates by Area) 53 App Indicator (Occupancy Rates by Building Age) 54 App Indicator (Contract Type) 55 App Indicator (Partners Offices and Contracts) 56 App Indicator ( Azumi En Area Disposition) 57 Appendix 3. Market Trends App.3-1 New Housing Starts 67 App.3-2 New Housing Starts (Leased Units) 68 App.3-3 Number of Households 69 App.3-4 Vacancy in Rental Housing 70 App.3-5 Population Inflows and Outflows 71 App.3-6 International Students in Japan 72 App.3-7 Elderly Population of Japan 73-2-

4 1. About Leopalace21

5 1-1:Business Model Leopalace21 is a real estate company with two core businesses: a Construction Business which constructs apartments mainly for single persons, and a Leasing Business which manages these apartments. By strengthening the profitability of the Leasing Business, we are moving forward to establish a stock-based business model capable of generating stable profits. Business model 1. Construction Propose construction of apartments to land owners. Tenants Owners 2. Master lease Leopalace21 master leases the constructed apartments and pays a fixed rent to owners, regardless of vacancies. 3. Rent Leopalace21 attracts tenants for leased apartments. 4. Rental Income 3. Rent 2. Master Lease 1. Construction 4. Rental income Rent received from tenants. Leasing Leopalace21 Construction Prior to the Lehman Collapse (2008), apartment construction increased supported by rising occupancy demand from the booming secondary industry, especially in rural areas. Growth was led by the Construction Business. After the Lehman Collapse, corporations laid off personnel, and tenant leave increased in cities near corporate factories, deteriorating Leopalace21 s earnings. Leopalace21 is shifting to a Leasing Business-based business model, limiting apartment construction to areas of high occupancy demand and cutting leasing costs, as well as implementing property value enhancement measures such as installation of security systems. -4-

6 1-2-1:Results Trend After the Lehman Collapse in 2008, decrease in occupancy rates and stringent loan screening at financial institutions led to a decrease in apartment construction, and Leopalace21 reported operating losses for two consecutive years. However, through structural reform measures such as leasing cost cuts, operating profit was achieved for the fiscal years ended March 31, Results Trend Sales (Billion yen) Operating profit (Billion yen) FY08/3 () FY09/3 () FY10/3 () FY11/3 () FY12/3 () FY13/3 () FY14/3 () FY15/3 () FY16/3 () FY17/3 () Leasing Construction Others Operating profit -5-

7 1-2-2:Highlights of Results Trend Before the Lehman Collapse in 2008, Leopalace21 s main profit driver was the Construction Business. After the Lehman Collapse, we shifted our business model through structural reforms, generating profit from the Leasing Business. Highlights of Results Trend (Billion yen) FY08/3 FY09/3 FY10/3 FY11/3 FY12/3 FY13/3 FY14/3 FY15/3 FY16/3 FY17/3 Net sales Leasing Construction Operating profit Leasing Construction Net income Managed units* (1,000 units) Occupancy rate* 92.4% 88.5% 82.3% 80.1% 81.2% 82.9% 84.6% 86.6% 88.0% 88.5% Orders received * Net income refers to net income attributable to shareholders of the parent *Figures for managed units are as of the end of the final month for each fiscal year *Occupancy rate is the average value for each fiscal year -6-

8 2. FY17/3 Results

9 2-1:Highlights of Results Both sales and profits increased YoY. Although sales did not meet forecasts, operating profits and recurring profit exceeded forecasts. Net income largely exceeded forecasts by a recording deffered tax asset of 2.0 billion yen. Highlights of Results (Million yen) FY16/3 FY17/3 Plan FY17/3 YoY Compared to Plan Sales 511, , ,488 +8,974-7,512 Gross profit 88,909 94,000 92,668 +3,758-1,332 % 17.4% 17.8% 17.8% +0.4p 0.0p SGAE 67,823 71,500 69,769 +1,946-1,731 Operating profit 21,085 22,500 22,898 +1, % 4.1% 4.3% 4.4% +0.3p +0.1p Recurring profit 19,909 21,500 22,355 +2, % 3.9% 4.1% 4.3% +0.4p +0.2p Net income* 19,631 18,500 20, ,901 * Net income refers to net income attributable to shareholders of the parent -8-

10 2-2-1:Summary of Results (Sales and Gross Profit) Sales Gross Profit (Billion yen) 600 FY FY Plan FY (Billion yen) 100 FY 88.9 FY Plan 94.0 FY FY16/3 FY17/3 FY16/3 FY17/3 Sales -7.5 billion yen compared to plan Gross profit -1.3 billion yen compared to plan Leasing -3.9 billion yen Leasing -2.5 billion yen Construction -8.2 billion yen Construction -0.8 billion yen -9-

11 2-2-2:Summary of Results (Operating Profit and Net Income) Operating Profit Net Income (Billion yen) 25 (Billion yen) 25 FY 21.0 FY Plan 22.5 FY FY 19.6 FY Plan 18.5 FY FY16/3 FY17/3 FY16/3 FY17/3 Operating profit +0.3 billion yen compared to plan Leasing -0.9 billion yen Net income* +1.9 billion yen compared to plan Construction +0.8 billion yen * Net income refers to net income attributable to shareholders of the parent -10-

12 2-3:Results of Business Segments Leasing Business sales and profits did not exceed forecast, but corporate demand continues to increase. Construction Business profitability improved YoY and operating profit exceeded forecasts. Elderly Care profitability decreased YoY from facility establishment, but according to plan. Sales and profit in the Hotels & Resort Business decreased YoY due to sales of domestic hotels. In Other businesses, small-claims and shortterm insurance business and solar power generation business increased in both sales and profits YoY and exceeded forecasts. In addition, Life Living Co., Ltd. contributed positively. Results of Business Segments (Million yen) Leasing Elderly Care Hotels & Resort Others -11- Construction Adjustments *Gross profit/sales FY16/3 FY17/3 Plan FY17/3 YoY Compared to Plan Sales 410, , ,594 +5,952-3,906 Gross profit *16.4% 67,337 *16.9% 71,000 *16.4% 68,431 +1,093-2,569 Operating profit 22,848 23,400 22, Sales 74,160 82,800 74, ,234 Gross profit *27.3% 20,268 *27.4% 22,700 *29.3% 21,862 +1, Operating profit 3,340 4,200 5,051 +1, Sales 10,798 12,200 11, Gross profit Operating profit -1,354-1,750-1, Sales 11,427 8,100 7,244-4, Gross profit 4,151 3,300 2,828-1, Operating profit Sales 4,485 4,400 10,546 +6,060 +6,146 Gross profit 2,188 2,400 3,902 +1,713 +1,502 Operating profit ,432 +1, Operating profit -3,388-3,200-3,

13 3. FY17/3 Overview of Business (Leasing)

14 3-1:Overview of Leasing Business Leasing Business Indicator Tenants Owners Occupancy Rate Occupancy by Group Shares of Occupied Units by Groups Occupied Units by Industry Rental Income Rent Master Lease Construction Foreign Tenants Leasing Strategy Office Expansion my DIY Leasing Construction Tenant Services New Services Services for Foreigners Security Systems Leopalace21-13-

15 3-2:Main Indicators (Leasing) Main Indicators (Leasing) (Million yen) FY15/3 FY16/3 FY17/3 Plan FY17/3 Sales 399, , , ,594 Gross profit *15.7% 62,822 *16.4% 67,337 *16.9% 71,000 *16.4% 68,431 Operating profit 20,590 22,848 23,400 22,459 Units under management (as of the end of FY) 554, , , ,739 Occupancy rate (average) 86.57% 87.95% 89.00% 88.53% Direct offices (as of the end of FY) Number of corporate sales section (as of the end of FY) Number of employees (non-consolidated, as of the end of FY) 2,989 3,150 3,234 3,284 of which, sales employees 1,558 1,662 1,720 1,701 *Gross profit/sales -14-

16 3-3-1:Indicator (Occupancy Rate) Achievement of long-term occupancy and stable rates due to increase in long-term contracts. Average occupancy rate for FY18/3 is planned to increase 1.0p YoY (FY17/3: +0.58p YoY). Occupancy Rate 94% 92% 90% 88% 86% 84% 90.51% FY 2014/3 FY 2015/3 FY 2016/3 FY 2017/3 FY 2018/3 Target average occupancy rate for FY18/3: 89.5% 82% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar (Occupancy rate = Occupied units / Managed units, %) Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Avg. FY14/ FY15/ FY16/ FY17/

17 3-3-2:Indicator (Occupancy by Group) Corporate tenants are steadily rising, but increasing the number of individual and student tenants still remains an issue. 1. Promote services attending occupant needs, 2. established Educational Institution Sales Division as of October 2014, 3. established PCR Division (sales for public offices) as of May Occupancy by Group Occupied units by Group (Thousand units) Managed units (right axis) Occupied units (right axis) Corporate (left axis) Managed and occupied units (Thousand units) Individuals (left axis) Students (left axis) JunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMar FY10/3 FY11/3 FY12/3 FY13/3 FY14/3 FY15/3 FY 16/3 *Figures are as of the end of each month *Reference of p.51 FY 17/

18 3-3-3:Indicator (Shares of Occupied Units by Groups) Both occupied units and shares of corporate tenants are steadily increasing due to reinforcement of corporate sales. Shares of Occupied Units by Groups 100% % 12.2% 12.3% 11.4% 11.1% 11.1% 11.3% 10.2% 9.9% 9.9% 10.1% 9.5% 9.3% 9.3% 9.3% 9.0% (Thousand units) 80% 60% 38.2% 38.3% 38.3% 37.3% 37.4% 37.4% 37.6% 36.8% 36.8% 36.8% 37.0% 36.0% 36.0% 35.9% 35.9% 34.6% 40% 20% 49.5% 49.5% 49.4% 51.3% 51.5% 51.4% 51.1% 53.0% 53.3% 53.3% 53.0% 54.5% 54.8% 54.8% 54.8% 56.4% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY14/3 FY15/3 FY16/3 FY17/3 Student-occupied units *Figures are as of the end of each quarter Individual-occupied units Corporate-occupied units *Reference of p

19 3-3-4:Indicator (Occupied Units by Industry) Leopalace21 will pursue strategies of expanding major business connections and cultivating low-use business connections while diversifying industry types of corporate tenants. Approximately 79.6% of listed companies* in Japan use Leopalace21. Shares of Occupied Units by Industry (Units) 350, , , , , ,000 50,000 0 YoY +7.7% +6.6% +5.6% +6.0% 228,708 43,262 35,096 14,710 37,380 30, , , , ,272 51,461 47,913 45,965 43,968 52,920 48,489 44,398 39,783 18,150 17,509 16,635 14,956 39,188 40,878 42,837 45,034 32,995 35,169 36,911 37,507 24,570 29,105 32,022 34,689 39,510 43,472 46,277 47,510 48,913 49, /3 2014/3 2015/3 2016/3 2017/3 Other Construction Food service Retail Services Staffing, outsourcing Manufacturing YoY +7.4% +9.1% +3.7% +5.1% +1.6% +13.9% +0.7% *Companies listed on the 1 st and 2 nd sections of the Tokyo Stock Exchange, regional stock exchanges, and emerging markets -18-

20 3-3-5:Indicator (Foreign Tenants) Foreign students are able to make lease contracts through our LAM (Leopalace Alliance Members) school. In addition to the openings of overseas offices, we are strengthening our support system for foreign customers after coming to Japan, such as the distribution of our service guide, providing customer services via call centers, and holding group gatherings. Foreign customers make up 3.0% of total contracts (7.0% of individual and student contracts). Foreign nationals comprised of students 59% and working-class 41%. Leased Units by Foreign Nationals (Excluding Corporate Contracts) (Units) 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 *Reference of p.52 Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar FY13/3 FY14/3 FY15/3 FY16/3 FY 17/3 China S. Korea Taiwan Vietnam Thailand Other Southeast Asia Other Singapore Indonesia Philippines Overseas subsidiary Overseas subsidiary Overseas subsidiary Singapore Jakarta Manila Myanmar 1 office Yangon Cambodia Thailand Vietnam Overseas subsidiary Overseas subsidiary Overseas subsidiary Taiwan 1 office Taipei South Korea China Phnom Penh Bangkok, Sriracha Ho Chi Minh, Ha Noi 2 offices Busan, Seoul Overseas subsidiary Beijing, Dalian, Shanghai, Guangzhou -19-

21 3-4-1:Acquiring Individual Tenants (Office Expansion) Leopalace21 will recruit tenants through direct offices including 7 overseas and franchise partners. Concerning Leopalace Partners, we will aim for quality over quantity and increase contracts through training. 4 direct offices opened during FY15/3 and 2 direct offices opened during FY16/3. (Offices) 400 Leasing Offices Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec MarJun Sep Dec Mar FY13/3 FY14/3 FY15/3 FY 16/3 Direct Partners FY 17/3 As of March 31, 2017 (Figures in parentheses represent comparison to March 2016) Direct offices 189 (±0) of which, domestic 182 (±0) of which, overseas 7 (±0) Partners (franchise) 119 (-11) Total offices 308 (-11) * Overseas locations operating foreign real estate brokerage services not included. (Thailand, Vietnam, Cambodia, Myanmar, Philippines, Indonesia, Singapore) *Reference of p

22 3-4-2:Leasing Strategy (my DIY) In May 2012, Leopalace21 has started my DIY as a strategy for acquiring individual tenants. 32,240 contracts have been acquired as of March 31, 2017, and we will continue to promote the image of Customize = Leopalace. my DIY Contracts (Cumulative total) Custom wallpaper for free on 1 wall. Thumbtacks, shelves, and scribbling on the wall is OK No cost for restoring room to original state More than 100 types of wallpaper to choose from, including patterns Male-to-female ratio of 50:50, higher percentage of females compared to overall occupancy (70:30) (# of contracts) 35,000 30,000 25,000 20,000 32,240 15,000 Contests 10,000 5,000 0 JunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMar FY13/3 FY14/3 FY15/3 FY16/3 FY17/3 Wall-art Contest Winners paint their work on the walls of our showroom Kagoshima-like Rooms Students compete in creating rooms which best represent Kagoshima Renovation Party Self-renovation event. The concept of the renovation is living with friends without investing a large amount of money *"Room-Customize" has been changed to "my DIY" as of October

23 3-4-3: Leasing Strategy (Tenant Services) Tenant services which overturn common practices of the leasing apartment industry are available through MY PAGE, an exclusive website for our tenants. Also, industry-academia collaborations and internships are implemented by the Educational Institution Sales Division established in October Website for Tenants: MY PAGE (from Apr. 2013) LEONET (Wireless LAN) Use the web without the hassle of contracting with internet providers. Movies and shows are also available. Wireless LAN services started as of April Rent Guarantee Business (from Apr. 2007) Plaza Guarantee Co., Ltd (Leopalace21 100% owned subsidiary) Providing comfortable environment to all tenants by guaranteeing debts such as rents, common fees, restoration costs, etc. Paying Rents + Guarantee Fee Tenants Leopalace Online Shopping Shopping web site with many everydaynecessities. Products made specially for Leopalace are also available. Industry-academia collaborations Lessees Lease Contracts Lease Guarantee Contracts Payment of Guarantee Fee Guarantee Contracts Plaza Guarantee Small-claims and Short-term Insurance Business (from Sep. 2006) Asuka SSI (Leopalace21 100% owned subsidiary) Supporting all tenants life by providing insurances which cover niche fields such as an insurance for furniture and fee of tiding up ruins when fire occured. School festival (Gunma) Participated in school festival held by 14 universities and colleges with the purpose of vitalizing the community. KINDAI University(Osaka) Painted stairs by student in Osaka branch. TOKYO METROPOLITAN UNIVERSITY (Tokyo) Show-window display in Shinjuku L+ designed by students. -22-

24 3-4-4 Leasing Strategy (New Services) In order to enhance tenant services, Leopalace21 has expanded functions of its internet service and implemented an IoT device which makes controlling appliances with a smartphone possible. STB device Life Stick Expand functions of internet service LEONET (started in 2002) through STB device Life Stick with AndroidTV Installation planned in 560 thousand apartments IoT with Leo Remocon Controlling appliances with a smartphone made possible ie. control AC from outside Standardly equipped in all newly constructed apartments (after Oct. 2016) Open-type delivery locker PUDO Station Life Stick LEONET my-room LEONET TV Industry-first open-type delivery locker installed in an apartment Contribute to the local community by improving the lives of occupants and neighbors -23-

25 3-4-5 Leasing Strategy (Services for Foreign Tenants) To expand services toward the increasing number of foreign tenants, we have opened a rental management office exclusively for foreign tenants, and hold gatherings for exchange students. Global Support Center A rental management center run by foreign employees opened in North Shinjuku in June 2016 The Global Support Center will support foreign tenants in their native language, in manners such as leasing contracts, move-ins, departures, etc. Orientation on move-in manners held periodically 13 foreign employees (4 Chinese, 6 Vietnamese, 1 Taiwanese, 1 Korean, 1 Nepalese) Orientation on move-in manners Orientations and exchange student gatherings Orientation on move-in manners held nationwide 47 get-togethers hosted in FY March 2017, with 620 participants Support system for foreign tenants Supports English, Chinese, Korean, Portuguese, and Vietnamese 171 employees with foreign citizenship (non-consolidated, as of March 2017) 16 overseas offices, 7 domestic offices -24-

26 3-4-6 Leasing Strategy (Security Systems) Security systems have been installed in 279,609 rooms as of March 31, 2017, equivalent to 49.2% of Leopalace21 apartments. Security cameras have been installed on 10,223 buildings, equivalent to 28.1%. Orders and Sales of Security Systems FY16/3 Units FY17/3 Cumulative total 30,820 20, , ,099 22, , Orders Billion yen Units Sales Billion yen Store images of the security cameras in the cloud Business alliances with two major security companies The standard equipment includes fire sensing systems and emergency systems, in addition to sensors that detect intruders We anticipate an increase in the percentage of female tenants We are seeking to meet demand for security in corporate housing (Large companies emphasize security) Problem detected 1. Telephone circuit alert 3. Dispatch Emergency response personnel dispatched 2. Assign dispatch Control Center Call subscriber, alert emergency services if necessary -25-

27 4. FY17/3 Overview of Business (Construction)

28 4-1 Overview of Construction Business Construction Business Indicators Tenants Orders and Sales Owners Offices and Sales by Area Construction Examples Ideal Land Usage Rental Income Rent Master Lease Construction New Brand Non-sound System Elderly Care Facilities and Stores Build-to-order homes Leasing Construction Strengthen After-sale service Leopalace

29 4-2 Main Indicators (Construction) Main Indicators (Construction) (Million yen) FY15/3 61,312 Sales Gross profit Operating profit Oders of which, apartments and other buildings of which, solar power systems Offices (as of the and of FY) Number of employees (non-consolidated, as of the end of FY) of which, sales personnel *Gross profit/sales FY16/3 *21.6% 13,223 FY17/3 Plan 74,160 *27.3% 20,268 FY17/3 82,800 *27.4% 22,700 74,566 *29.3% 21, ,340 4,200 5,051 87,395 86,439 94,000 87,139 84,679 86,439 87,139 87,139 2, ,638 1,686 1,697 1,

30 4-3-1 Indicator (Orders and Sales) Construction orders for FY17/3 trending +0.8% compared to last year. Gross Orders (Billion yen) 30 FY15/ FY16/3 FY17/ Q1 Q2 Q3 Q4 Apartments, etc. (including Morizou) Solar power systems (excluding those generated by Leopalace21 Group) Orders and Sales (Including Solar Power Systems) FY15/3 (Billion yen) FY16/3 Q1 Q2 Q3 Q (Billion yen) Orders outstanding (Billion yen) Sales (Billion yen) Gross orders received (Buildings*) Fullyear FY17/3 Q1 Q2 Q3 Q Fullyear Full-year Plan Q1 Q2 Q3 Q *Built-to-order homes of Morizou and solar power systems installed on existing apartments are not included in Gross orders received (buildings) *Cancellation is not included in gross orders received. -29-

31 4-3-2 Indicator (Offices and Apartment Completion by Area) Leopalace21 will continue to place offices and operate in areas where high occupancy rates can be expected, specifically in the three metropolitan areas (Tokyo, Kinki, and Chubu). Construction Offices Apartments Constructed (FY17/3) (Buildings) Total 60 offices (As of March 2017) Hokkaido: 0 offices Other Tohoku 35 Chugoku Chubu 42 Osaka Kyoto Hyogo 4 offices 1 office 2 offices Chugoku: 2 offices (Okayama, Hiroshima) Hokuriku, Koshinetsu: 0 offices Kinki: 7 offices Tohoku: 3 offices (Sendai, Kohriyama) North Kanto: 0 office Tokyo metropolitan: 39 offices Chubu: 4 offices (Aichi) Tokyo Shikoku: 0 offices Kanagawa Kyushu, Okinawa: Saitama 5 offices Chiba 20 offices 8 offices 8 offices 3 offices Kyushu, Okinawa 59 Tokyo Metropolitan 366 Kinki 101 Tokyo metropolitan area makes up 55.2%, and the three metropolitan areas (Tokyo, Kinki, and Chubu) make up 76.8% of construction sales (Fukuoka, Okinawa) *2 offices opened in April 2015 (Tokyo) and 2 offices closed in December 2015 (Mito in North Kanto and Sakai in Osaka) -30-

32 4-4-1 Construction Strategy (Ideal Land Usage) Leopalace21 proposes the optimal plan fit for the unique conditions of each land. Ideal Land Usage Apartments Elderly care facilities Products addressing needs of tenants. Apartments are bulkleased and managed by Leopalace21. Built-to-order houses Lang proposions of Leopalace21 Construction of built-toorder houses and house with rooms for rent, in which rent income can be earned. Others Matching business between land owners and care facility operators, addressing the increasing number of seniors. usage Stores Construction of convenience stores, restaurances, and complex buildings with apartments on road-sides and near stations. Proposals including mega-solar power plants and parking lots. -31-

33 4-4-2 Construction Strategy (New Brand) New apartment brands MIRANDA and CLEINO announced in May While maintaining basic installments such as security systems and the industry s top class sound-insulation, the launch of two unique brands will strengthen competitiveness and renew brand image. MIRANDA CLEINO Concept is decorative. Concept is plain. An apartment brand that proposes unique added value and new ideas. A plain-type apartment brand that fits and matches to each occupant s needs and lifestyle. -32-

34 4-4-3 Construction Strategy ( Non-sound System ) From April 2013, Leopalace21 apartments are standardly equipped with sound-insulating non-sound system, including noise reduction walls, soundproof drains, and non-sound floors which reduce noise levels by two ranks compared to conventional wooden structures. Upgraded Sound Insulation with Non-sound System Non-sound floor Sound-insulating walls Sound-insulating drainpipes Reduces noise from upper floors. Insulation improved two to three ranks compared to conventional models. Improved sound-insulation quality of walls, providing TLD-45 for wooden structures and TLD-50 for steel frame structures. Installed as a measure against drainage noise. Decreases noise by 15 db compared to conventional models, providing environments similar to libraries or midnight suburbs. Wooden Wooden V-model Down TLD45 Down 1/3 Wooden structures V-model (option) 15dB Wooden structures Cross section Steel Steel TLD50 Down 1/3 Steel frame structures Steel frame structures Construction example *Figures are images -33-

35 4-4-4 Construction Strategy (Elderly Care Facilities and Stores) Since the latter half of the fiscal year ended March 2012, Leopalace21 has started receiving orders and constructing buildings other than apartments (elderly care facilities, stores). We are strengthening orders of elderly care facilities especially in the Kanto and Chubu area. Orders and Sales of Elderly Care Facilities and Stores Elderly care facility (Kokubunji City, Tokyo) Tutoring school Tsurugashima City, Saitama Elderly care facility (Setagaya-ku, Tokyo) Elderly care facility (Kawagoe City, Saitama) Elderly care facility (Setagaya-ku, Tokyo) Restaurant Toyokawa City, Aichi Restaurant Adachi-ku, Tokyo Convenience store Osaka City, Osaka -34-

36 4-4-5 Construction Strategy (Built-to-order Homes) In addition to the luxurious homes made with kiso-hinoki wood built by subsidiary Morizou Co., Ltd., Leopalace21 has launched (maru-maru) Home, constructed using the SE (safety-engineering) method. Orders of Taiga from apartment owners during FY17/3 was 39 buildings (YoY +15 buildings). (maru-maru) Home Luxury custom-built Taiga by Morizou Morizou Club, Niigata B Nagano-chuo SR, Nagano B Toyama SR, Toyama B Saku SR, Saku B Morizou Club, Nagano B Showa SR, Yamanashi B SR with kiso-hinoki experience tour High-quality SR with accommodations Maebashi SR, Saitama-Gunma B Utsunomiya-nishi SR, Tochigi B Mito SR, Ibaraki B Kumagaya SR, Saitama-Gunma B Mitaka SR, Tokyo B Free design is possible, such as spacious chambers and large windows, due to the SE construction method Adapts to changing family structures by arranging floor plans Makuhari SR, Chiba B Yokohama SR, Kanagawa B (August 2016 open) Morizou Club, Shizuoka B Nagoya SR, Tokai B -35-

37 4-4-6 Construction Strategy (Strengthen After-sale Services) In order to differentiate from our peers, Leopalace21 has started a new service called Life-stage Support. Leopalace21 will support its landowners through various means in creating a optimum asset portfolio. Life-stage Support In addition to apartment management, Leopalace21 will support the management of various assets, such as life insurance, equity, and cash Sales personnel will periodically visit landowners to introduce new services and information regarding asset management Alliance with specialists Leopalace21 has ties with banks, insurance companies, lawyers, tax accountants, judicial scriveners, etc. Through alliance with specialists in various fields, we will offer the latest information to landowners and help in creating an optimum asset portfolio Three pillars 1. Asset formation Leopalace21 will assist in creating portfolios with assets such as real estate, insurance, equity, cash, etc. 2. Tax planning Leopalace21 will introduce specialists and offer the latest information 3. Life planning Leopalace21 will help in vacation planning, offer benefit programs, and host gatherings -36-

38 5. FY17/3 Overview of Business (Others and International)

39 5-1 Others (Elderly Care Business) Elderly Care Business is positioned as a growth strategy area, planning to open facilities. 11 facilities opened during April 16 to April 17 totaling 78 facilities at April 1, In order to correspond to Japan s aging society, we plan to increase the number of facilities. We are planning to keep profitability by controlling cost of sales as well as expanding the number of facilities. Elderly Care Business (Million yen) Sales FY16/3 FY17/3 Plan FY17/3 Compared to Plan YoY Elderly Care 10,798 12,200 11, Operating profit -1,354-1,750-1, Occupancy rate (Day-service) 66.3% 76.0% 72.5% +6.1p -3.5p Occupancy rate (Short-stay) 92.3% 90.1% 87.6% -4.7p -2.5p Occupancy rate 92.4% 93.8% 93.0% +0.6p -0.8p Gross profit (Private residential homes, etc.) *Elderly Care Business includes 78 Azumi En facilities in Tokyo and 8 prefectures (as of April 1, 2017) *Private residential homes include Group homes -38-

40 5-2 Others (Domestic Hotels Business) Occupancy rates improved due to increase in usage by client companies of the Leasing Business. *Hotel Leopalace Asahikawa and Hotel Leopalace Okayama were sold in August 2016, and 4 hotels are under operation (Sapporo, Sendai, Nagoya, Hakata) Domestic Hotels Business FY17/3 Plan FY16/3 (Million yen) Sales Domestic Hotels Operating profit Depreciation and amortization Occupancy rate FY17/3 Compared to Plan YoY 2,124 2,000 1, % 82.4% 84.4% +3.4p +2.0p Hotel Leopalace Hakata Hotel Leopalace Sendai Hotel Leopalace Sapporo -39-

41 5-3 Others (Resort Business) Although tourists visiting Guam have not increased year-on-year, we anticipate stable earnings from an increase in usage by leasing business tenants. Usage by soldiers coming to Guam on exercises started from the end of August Resort Business (Leopalace Guam) (Thousand U.S. dollars) FY2015/12 FY2016/12 Plan FY2016/12 Compared to Plan YoY $88,471 $48,100 $47, ,871-1, ,578 +1,205 Depreciation and amortization 14,557 7,700 8, Occupancy rate (Leopalace Resort) 60.2% 58.2% 55.9% -4.3p -2.3p Sales Leopalace Guam Operating profit Leopalace Resort Leopalace Resort Country Club *Non-consolidated figures for Leopalace Guam *Q1-Q3 of Leopalace Guam is from January to September *Westin Resort Guam was sold in April Above figures do not include Westin Resort Guam. -40-

42 5-4-1 Solar Power Systems Solar power installments started in March Solar power systems were installed on 12,987 buildings as of March 31, 2017 (roughly 59% of buildings that can be installed). Installments by Schemes Installments by Area (Cumulative total) Chugoku ,000 10,000 (Buildings) Other Tohoku TokyoMetro 4,367 Kyushu, Okinawa 1,171 5,000 0 FY15/3 Q2 Q3 Q4 FY16/3 Q2 Q3 Q1 Q1 FY12/3 Q2 FY12/3 Q4 FY13/3 Q2 FY13/3 Q4 Owner-invested Roof-lease (SPC) Q4 FY17/3 Q2 Q3 Q1 FY14/3 Q2 FY14/3 Q4 North Kanto 1,203 Q4 FY15/3 Q2 Roof-lease (Leopalace21 Group) Schemes Start Kinki 1,654 Chubu 2,505 FY16/3 FY17/3 1. Solar power systems installed with apartment owners burden Mar ,215 buildings (90.5MW) 7,236 buildings (90.7MW) 2. Roof-lease solar power systems Sep ,749 (91.6MW) 5,751 (91.7MW) a. SPC and other tie-up installments Feb ,256 (24.5MW) 1,256 (24.5MW) b. Installments by Leopalace21 Group* Dec ,493 (67.1MW) 4,495 (67.2MW) Sep 2013 Tomisato, Chiba 1.7MW Tomisato, Chiba 1.7MW Total: 12,964 (182.0MW) 12,987 (182.4MW) 3. Mega-solar power plants utilizing idle land *2.b. Installments by Leopalace21 Group are eliminated on a consolidated basis. (Reference of p.42) -41-

43 5-4-2 Others (Roof-lease Solar Power Systems) Roof-lease solar power systems were finished installments. Selling generated power will lead to stable profits. Roof-lease Solar Power Systems by Leopalace21 Group FY16/3 Buildings installed(at terms end) Generating capacity(at terms end) Buildings which started generation(at terms end) Sales from selling generated power (Billion yen) Generated power FY17/3 4,493 4, MW 67.2 MW 4,492 4, ,200 MWh 77,600 MWh * Includes Fukushima Pilot Project (67 buildings, 1.2 MW) * Sales from selling generated power is included in Other Businesses * Generated power corresponds to each period -42-

44 5-5 Others (Real Estate Development Business) Life Living Co., Ltd., a company operating in the development, construction, and leasing of condominiums and apartments, has been subsidized as of July Branche Series Overview of Life Living Name Life Living Co., Ltd. (Former SBI Life Living Co., Ltd.) Head office Shibuya HUMAX Building (2F), Dogenzaka, Shibuya-ku, Tokyo President and CEO Hideki Suzuki Established Business operations August 2015 (Establishment prior to company split-up: February 1990) Planning, development, sale of investment real estate Offices Tokyo Head Quarter, Nagoya Brunch, Fukuoka Brunch Apartments emphasizing design and functionality, fitting small or deformed land Employees 50 (as of March 2017) Constructing four-story buildings under 10 m is possible using the patented TEN-FOUR CUBE construction method Capital 100 million yen URL (Japanese only) -43-

45 5-6-1 International (Leasing Business Overseas) Leopalace21 will expand its leasing business overseas. In addition to introducing Japanese apartments to foreigners, we hae started foreign real estate brokerage services in Southeast Asia targeting Japanese individuals and companies. Also, we have entered the Korean market through a leasing management venture with a local enterprise. We have started operations at a subsidiary in Singapore, with the purpose of gathering information and investigating real estate investments.. Leasing Business Overseas Foreign offices, subsidiaries Traditional Introduce Japanese apartments to foreigners Beijing Dalian Seoul Busan In the future Shanghai Foreign real estate brokerage targeting Japanese individuals and companies Promoting businesses of serviced apartments and serviced offices Guangzhou Taipei Introduce Japanese apartments Ha Noi Yangon Bangkok Sriracha China Beijing, Dalian, Guangzhou, Shanghai South Korea Busan, Seoul Taiwan Taipei Thailand Bangkok, Sriracha Vietnam Ho Chi Minh, Ha Noi Cambodia Phnom Penh Myanmar Yangon Philippines Manila Indonesia Jakarta Singapore Singapore Manila Phnom Penh Foreign real estate brokerage Ho Chi Minh Both businesses South Korean JV Woori & Leo PMC Established with South Korea s largest residential property management company Woori & Leo PMC will provide South Korea s first systematic leasing management services Jakarta Full-scale operations started after the local law enactment on February 2014, with 1,118 managed units as of March 31,

46 5-6-2 International (Serviced Apartments/Offices) We have started construction and operation of serviced apartments and serviced offices in Thailand, the Philippines, Myanmar, and Cambodia. List of Serviced Offices and Serviced Apartment Type Serviced office Serviced apartment Location Starting date No. of rooms Philippines (Makati) November rooms Myanmar (Yangon) April rooms Thailand (Sriracha) October stories, 72 rooms Vietnam (Hanoi) August stories + basement, 56 rooms Cambodia (Phnom Penh) January 2017 (Planned) 14 stories + basement, 56 rooms Philippines (Serviced office) Meeting space Thailand (Serviced apartment) Room Hanoi Cambodia (Serviced apartment) will open September, 2017 Hanoi (Serviced Apartment) Living room -45-

47 5-6-3 International (Other Services) Leopalace21 has started a new service World Business Support, in which the company will support the Japanese working overseas. In addition, we will open a serviced office in the Philippines. Also, in response to the shortage of construction labor supply, we have begun supporting the acceptance of technical intern trainees by our partnering contractors (50 since July 2015), in cooperation with the Technical Intern Training Program (TITP). World Business Support (WBS) Overseas Estate Intermediary Overseas estate intermediary Operation and management of serviced apartments and serviced offices Acceptance of Foreign Technical Intern Trainees In cooperation with TITP, we have supported the acceptance of 50 Vietnamese intern trainees by our partnering contractors Assigned to companies (builders) after practical and language training in Vietnam and language training in Japan The fifth group (11 trainees) and the sixth group (8 trainees) assigned from June Business Travel Management Arrangement of flight tickets Visa acquisition Hotel arrangement Arrangement of rental cars, etc. Practical construction training Other supports Management, sublease, sale of vacant houses Purchase and brokerage of used cars On the job training Medical examination, vaccination Moving abroad, brokerage Language training -46-

48 Appendix 1. Corporate Data

49 App.1-1 Corporate Profile Corporate Data (as of March 31, 2017) Leopalace21 Corporation Honcho, Nakano-ku, Tokyo (Main Line) August 17, ,282 million yen*1 President and CEO Eisei Miyama Operations Construction, leasing and sales of apartments, condominiums, and residential housing; development and operation of resort facilities; hotel business; broadband business; and elderly care business, etc. Shareholders Shareholder Composition (as of March 31, 2017) Financial Instruments Business Operations Treasury Stocks (Securities Companies) 1.71% 1.90% Individuals and Other 20.46% Financial Institutions 23.57% Business Corporations and Other Legal Entities 2.64% Foreign Corporations 49.71% Leasing management in South Korea Leopalace21 Business Consulting (Shanghai) Leopalace21 (Thailand) LEOPALACE21 VIETNAM Tenant recruitment Real estate brokerage in Thailand Real estate brokerage in Vietnam Leopalace21 (Cambodia) LEOPALACE21 PHILIPPINES INC. PT. Leopalace Duasatu Realty Real estate brokerage in the Philippines Real estate brokerage in Indonesia Leopalace21 Singapore Pte. Ltd. Investment consulting Constru -ction Outstanding Shares 7,695 (consolidated), 6,542 (non-consolidated) 500,000, ,443,915 64,976 (as of March 31, 2017) Woori & Leo PMC Rent guarantee Real estate brokerage in Cambodia Hotels & Resort Authorized Shares Plaza Guarantee Corporate housing agent Morizou Custom-built homes Leopalace Guam Resort Business ASUKA SSI Tenant contents insurance Other Employees Leopalace Leasing Leasing Company Name Head Office TEL. Established Paid-in Capital President Group Companies (as of March 31, 2017) Leopalace Power Power generation WING MATE Business travel management Azu Life Care Elderly care service Leopalace Energy Power producer and supplier Leopalace Smile Special subsidiary Life Living Real estate development -48-

50 App Quarter Comparison Quarter Comparison (Million yen) Q1 Apr Jun FY16/3 Q2 Jul Sep FY17/3 FY16/3 Q3 Oct Dec FY17/3 FY16/3 Q4 Jan Mar FY17/3 FY16/3 FY17/3 124, , , , , , , , , , , , , , , ,289 Construction 15,423 14,339 19,920 19,939 16,149 15,711 22,665 24,575 Elderly Care 2,677 2,770 2,693 2,879 2,701 2,945 2,726 2,942 Hotels & Resort 3,159 3,070 2,379 1,229 2,979 1,464 2,909 1,480 Others 1,254 1,404 1,209 2,142 1,004 2,433 1,016 4,565 4,425 5,646 6,266 5,690 5,238 4,464 5,155 7,095 5,746 6,288 6,752 5,461 5,973 5,326 4,376 5,382 Construction , ,483 3,059 Elderly Care Sales Leasing Operating profit Leasing Hotels & Resort Others -49-

51 App Results of Leopalace21 Group Results for Leopalace21 and Major Subsidiaries Leopalace21 Leopalace Leasing Plaza Guarantee Leopalace Guam WING MATE ASUKA SSI Leopalace Power Others & Exclusions FY17/3 Plan FY16/3 (Million yen) Sales OP Sales OP Sales OP Sales OP Sales OP Sales OP Sales OP Sales OP FY17/3 495, , ,218 +4,071 Compared to Plan -11,182 20,444 21,800 21,704 +1, ,848 1,400 1, ,443 4,300 4, ,713 6,500 6,573-4, ,217 3,100 2, ,595 1,700 1, ,701 2,700 2, ,241-2,100 1,695 +9,937 +3, YoY -50-

52 App Indicator (Occupancy by Group) Occupancy by Group FY15/3 Q1 Q2 FY16/3 Q3 FY17/3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Units under management 550, , , , , , , , , , , ,739 A. Occupied units 473, , , , , , , , , , , , % 85.9% 86.0% 88.4% FY86.6% 87.7% 87.4% 87.1% 89.6% FY88.0 % 88.7% 88.0% 87.3% 90.1% FY88.5% B. Corporate-occupied units 243, , , , , , , , , , , ,824 Corporate share (B / A) 51.5% 51.4% 51.1% 53.0% 53.3% 53.3% 53.0% 54.5% 54.8% 54.8% 54.8% 56.4% C. Individual-occupied units 176, , , , , , , , , , , ,617 Individual share (C / A) 37.4% 37.4% 37.6% 36.8% 36.8% 36.8% 37.0% 36.0% 36.0% 35.9% 35.9% 34.6% Occupancy rate (average) D. Student-occupied units Students share (D / A) 52,724 53,010 53,341 50,768 48,229 48,458 48,992 48,451 46,352 46,234 46,046 46, % 11.1% 11.3% 10.2% 9.9% 9.9% 10.1% 9.5% 9.3% 9.3% 9.3% 9.0% *Occupancy rate is the average value for each period (full-year or quarter) *Figures for units under management and occupied units are as of the end of the final month for the relevant period -51-

53 App Indicator (Foreign Tenants) Foreign customers make up 3.0% of total contracts (7.0% of individual and student contracts). Foreign nationals comprised of students 59% and working-class 41%. Vietnam, the second highest in occupied units, is steadily increasing. Units Occupied by Foreign Tenants (Chintai Contracts*) FY15/3 FY16/3 FY17/3 (Units) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q China 5,906 6,297 6,652 7,033 6,320 6,336 6,446 6,627 6,056 6,027 5,879 6,490 South Korea 1,272 1,293 1,325 1,336 1,322 1,349 1,438 1,447 1,412 1,415 1,424 1, Southeast Asia 2,018 2,326 2,571 2,859 2,750 2,876 2,987 3,116 3,067 3,194 3,140 3,708 of which, Vietnam 1,231 1,496 1,717 1,995 1,886 1,947 2,063 2,142 2,097 2,186 2,136 2,604 1,993 2,133 2,213 2,391 2,388 2,506 2,633 2,874 2,820 2,885 2,951 3, ,802 12,667 13,420 14,366 13,486 13,827 14,330 15,013 14,268 14,441 14,312 15,827 Taiwan Others of which, North America Total *Figures are as of the end of the final month for the relevant period *Chintai contracts are long-term (more than one year) leasing contracts with monthly rent payments -52-

54 App Indicator (Units and Occupancy Rates by Area) Managed Units (1,000 units) and Occupancy Rates by Area FY16/3 (1,000 units) Q1 FY17/3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Managed units Occupanc y rate Managed units Occupanc y rate Managed units Occupanc y rate Managed units Occupanc y rate Managed units Occupanc y rate Managed Units Occupanc y rate Managed Units Occupanc y rate Managed Units Occupanc y rate Hokkaido 14 86% 14 86% 14 82% 14 82% 14 86% 14 86% 14 82% 14 85% Touhoku 35 93% 35 94% 35 92% 35 94% 35 93% 35 94% 35 92% 35 94% North Kanto 40 83% 40 83% 41 82% 40 85% 40 83% 40 83% 41 82% 41 87% % % % % % % % % Hokuriku, Koshinet su 41 86% 41 86% 41 85% 41 88% 41 86% 41 86% 41 85% 41 90% Chubu 88 88% 88 88% 88 87% 88 89% 88 88% 88 88% 88 87% 88 91% Kinki 80 88% 80 88% 80 86% 80 91% 80 88% 80 88% 80 86% 81 91% Chugoku 39 91% 39 92% 39 90% 38 93% 39 91% 39 92% 39 90% 39 94% Shikoku 15 87% 15 86% 15 85% 14 87% 15 87% 15 86% 15 85% 15 90% Kyushu, Okinawa 50 91% 50 91% 50 90% 50 91% 50 91% 50 91% 50 90% 50 94% % % % % % % % % Tokyometro Total -53-

55 App Indicator (Occupancy Rates by Building Age) Occupancy Rates by Building Age 100% 92.6% 96.8% 97.5% 95.6% 97.8% 1 year 2 years 3 years Under 3 years Under 5 years (as of March 31, 2017) 93.2% 91.2% 88.5% 91.7% Over 15 years Total 50% 0% Occupancy Rates by Area 100% 96.2% 90% 80% 96.9% 94.2% 95.7% 96.2% 91.1% 96.5% 97.1% 93.7% 92.9% 91.4% (as of March 31, 2017) 97.6% 95.8% 94.4% 5-10 years years 96.7% 97.9% 96.5% 92.6% 94.5% 94.8% 97.2% 91.7% 95.0% 92.7% 93.7% 94.5% 93.0% 95.9% 96.5% 92.9% 70% Tokyo Saitama Kanagawa Chiba Under 3 years Tokyo Metro Aichi Under 5 years Osaka Kyoto Hyogo 3-metro areas Total -54-

56 App Indicator (Contract Type) Due to promotion of long-term tenancies, shares of short-term monthly contracts have decreased. Tenants by Contract Type Two Types of Contracts 1. Chintai (General) Contract (Thousand units) No deposit or brokerage fee 400 Monthly payments 350 Contracts for more than one year (24%) (23%) (24%) '10/3 '11/ Monthly Contract (26%) '08/3 '09/ (20%) (17%) (14%) (12%) (10%) (10%) '12/3 '13/3 '14/3 '15/3 '16/3 '17/3 Chintai (General) Monthly Equipped with basic furniture and appliances No utility cost One-time payment Contracts starting from 30 days -55-

57 App Indicator (Partners Offices and Contracts) Partner and Direct Offices, and Contracts by Partners FY15/3 Q1 Q2 FY16/3 Q4 Q3 Q1 Q2 FY17/3 Q3 Q4 Q1 Q2 Q3 Q4 Partner offices Direct offices (domestic) ,736 7,079 6,748 9,065 6,317 6,724 6,903 9,068 5,791 5,939 5,819 8,153 Total leasing offices Contracts by Partners *Figures for offices are as of the end of the final month for the relevant period *Contracts by Partners are quarterly based Leasing Offices by Area (as of March 31, 2017) Hokkaido Tokyometro North Kanto Tohoku Hokuriku, Koshinetsu Chubu Chugoku Kinki Kyushu, Okinawa Shikoku Partner offices Direct offices (domestic) Total leasing offices -56-

58 App Indicator ( Azumi En Area Disposition) Azumi En Kisarazu (the first elderly care facility managed by subsidiary Azu Life Care ) opened on November 1, facilities opened during FY March Elderly Care Facilities Azumi En Area Disposition (76 as of Total Aichi Gifu Gunma Ibaraki Tochigi Saitama Chiba Kanagawa Tokyo (Number of facilities) February 1, 2017) Sekigawa Yaita Utsunomiya Horigome Shimodate Kanuma Nogi Isezaki Yuki Tatebayashi Tochigi-Daicho Facilities which include elderly Hanyu Shinkoga Koga Takasaki* Ota Kogahomes with nursing care Gyoda Ina Honjyo Chuou Higashiservices Matsuyama Kitamoto HanasakiIwai Chichibu Ageo nooka Facilities which include Komuro Showa Sakura* residential style elderly homes Sayama Mihashi Ome Yoshikawa Minamisakurai Mizuho Gamou Kokinu Tsuchiura Goseki Yashio Day-services and Short-stays Hamura Irumagawa Yanagisawa Souka Komakidai Shimizukoen Hirasawa Group homes Takamihara Higashi-Yamato Sakasai Abiko Total Tatemachi Nakano Tokiwadaira Takatsukashinden Legend Misaki Nishi-Funabashi Elderly homes with nursing care services, Day-services, Short-stays Kamagaya Namikicho Ino KatsuNakazawa Gifu Wakaba Elderly homes with nursing care services, Short-stays tadai Takaoka Elderly homes with nursing care services, Day-services Katsuragi Oyumi Tsurumaki Hiratsuka Elderly homes with nursing care services Gifu Ichihara Yamakita Residential style elderly homes, Day-services, Short-stays Kakamigahara Kisarazu Tsukuihama Residential style elderly homes, Short-stays Kasugai Moriyama Toyata Residential style elderly homes *Nishi-Funabashi opened in February, 2017 *Grande Sakura opened in April, 2017 Aichi Day-services, Short-stays Day-services *Takasaki opened in April, 2017 Anjo Group homes Short-stays -57-