At the start of 2026, we extend our heartfelt gratitude for your continued generous support of our company.

 Last year was another year in which heightened geopolitical risks and uncertainties in the international situation impacted the global economy. Domestically, however, while the effects of rising prices persist, wage increases and improvements in the employment environment are progressing, and movements toward a virtuous economic cycle are gradually taking hold. I feel that the Japanese economy is now at a stage where it is moving back onto a growth trajectory not through an extension of the past, but through transformation and the creation of new value.

2026 will be a year in which interest rate trends, including the Bank of Japan's monetary policy operations, continue to impact corporate funding environments and investment behavior. As a world with interest rates becomes established, we believe that assessing profitability while considering funding costs and carefully selecting investment projects will become more important than ever before.

 In the real estate market, while investors are adopting a cautious stance due to rising interest rates, residential demand, particularly in central Tokyo, remains resilient. Stable demand is evident for condominiums in locations with excellent transportation access and those expected to maintain good management and asset value, driven by both actual demand and investment. At the same time, we observe a growing polarization based on location and specifications, with prices and yields entering a phase where more realistic levels are being considered.

 Given this market environment, our company will conduct business operations with a focus on balancing investment efficiency and risk, after carefully examining regional characteristics and demand trends. Furthermore, through collaboration with business partners and related entities, we will strive to build a sustainable revenue base while prioritizing a value co-creation perspective—enhancing property value and facilitating smooth transactions.

 In the coming year, we will continue to engage earnestly with the diverse needs of each customer, while maintaining our commitment to delivering services of the highest quality. At the same time, we will further strengthen our organizational structure to ensure agility and resilience in response to an ever-evolving business environment.

 We would like to express our sincere appreciation for your continued trust, support, and guidance.

 We look forward to your continued partnership in the year ahead.

Representative Director　Takenobu　Fumihira