Impact Report
- Investment Philosophy and Impact (Qualitative Targets)
- Ratio of Housing for the Elderly to the Elderly Population
- Change in the Acquisition Amount and Number of Healthcare Facilities in the J-REIT Market
- Properties Acquisition and Disposition during the Reporting Period (April 1, 2025 to March 31, 2026)
- Properties Acquisition during the Reporting Period (April 1, 2025 to March 31, 2026)
- Portfolio Map
- Summary of Buildings and Their Leasing Status (as of the end of 22nd FP:Output Indicators)
- Overview of Facilities and Housing for the Elderly (as of the end of 22nd FP:Output Indicators)
- Overview of Medical Service-Related Facilities (as of the end of 22nd FP:Output Indicators)
- Earnings Performance (as of the end of 22nd FP:Output Indicators)
- Summary of Appraisal Report (as of the end of 22nd FP:Output Indicators)
- Capital Expenditures of Assets Under Management (as of the end of 22nd FP:Output Indicators)
- Company Profile of Operators (as of the end of 22nd FP:Output Indicators)
- Various Issues Derived from Declining Birthrate and Aging Population
- Various Issues in Nursing Care
- Actions by the Government and Local Governments
About Impact Report
In recent years, companies are required to independently solve social and environmental issues, and movements to evaluate the medium- to long-term growth potential of companies based on non-financial information in addition to the conventional evaluation indicators such as performance and financial information are spreading.
HCM also decided to issue impact report once a year, in principle, as the first J-REIT to raise funds through social finance in February 2019. This report shows the status of allocation of the funds and the actions by HCM and HAM, the Asset Management Company, to solve social issues.
| Reporting period | April 1, 2025 to March 31, 2026 |
|---|---|
| Issue period | Once a year in principle (every June) |
Investment Philosophy and Impact (Qualitative Targets)
Realization of a Society Where All People Can Live Vibrantly and with Peace of Mind
HCM aims to serve as a conduit between the nursing care and medical service industries in which social needs are expected to increase and the capital markets, based on the environmental awareness that upgrading and expansion of healthcare facilities is further required in order to respond to the growing demand for medical and nursing care services. In other words, HCM aims to realize a society where all people can live vibrantly and with peace of mind as well as secure stable revenue and achieve steady growth of assets under management by promoting appropriate maintenance and management and new supply of healthcare facilities through stable investment and ownership of healthcare facilities with the keywords of “nursing care," “medical service” and “health."
Ratio of Housing for the Elderly to the Elderly Population
Status of Supply of Healthcare Facilities
Although the supply of facilities and housing for the elderly is increasing every year in response to the growing demand for medical and nursing care service, the supply rate of paid nursing homes against the elderly population was 1.97% in 2024 and that of serviced housing for the elderly was only 0.80% in 2024.
[Supply Rate of Facilities and Housing for the Elderly Against the Elderly Population (Aged 65 Years or Older)]
| (Source) | Prepared by the Asset Management Company based on the “Overview of Survey on Social Welfare Facilities, etc.” of Ministry of Health, Labour and Welfare, “Information Provision System of Serviced housing for the elderly” on the website of the Senior Housing Association, and “Population Estimation” of the Ministry of Internal Affairs and Communications. |
|---|
Change in the Acquisition Amount and Number of Healthcare Facilities in the J-REIT Market
As of the end of March 2026, the total acquisition amount of healthcare facilities was 372,956 million yen and the cumulative number of properties was 209 in the J-REIT market. Of these, the cumulative acquisition amount for HCM was 87,829 million yen (23.5%) and the cumulative number of properties for HCM was 57 (27.3%).
(Unit: million yen, property)
| Acquisition amount of healthcare facilities | Number of healthcare facilities | |||||||
|---|---|---|---|---|---|---|---|---|
| Entire J-REIT market | HCM | Entire J-REIT market | HCM | |||||
| Acquisition Price |
Cumulative acquisition Price |
Acquisition Price |
Cumulative acquisition Price |
Number of properties Acquired |
Cumulative number of Properties |
Number of properties Acquired |
Cumulative number of Properties (Note1) |
|
| 2001 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2002 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2003 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2004 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2005 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2006 | 2,865 | 2,865 | 0 | 0 | 4 | 4 | 0 | 0 |
| 2007 | 5,600 | 8,465 | 0 | 0 | 4 | 8 | 0 | 0 |
| 2008 | 0 | 8,465 | 0 | 0 | 0 | 8 | 0 | 0 |
| 2009 | 0 | 8,465 | 0 | 0 | 0 | 8 | 0 | 0 |
| 2010 | 0 | 8,465 | 0 | 0 | 0 | 8 | 0 | 0 |
| 2011 | 0 | 8,465 | 0 | 0 | 0 | 8 | 0 | 0 |
| 2012 | 2,510 | 10,975 | 0 | 0 | 2 | 10 | 0 | 0 |
| 2013 | 1,980 | 12,955 | 0 | 0 | 2 | 12 | 0 | 0 |
| 2014 | 28,782 | 41,737 | 0 | 0 | 20 | 32 | 0 | 0 |
| 2015 | 63,411 | 105,148 | 23,683 | 23,683 | 40 | 72 | 16 | 16 |
| 2016 | 6,278 | 111,426 | 1,338 | 25,021 | 5 | 77 | 2 | 18 |
| 2017 | 18,417 | 129,843 | 15,483 | 40,504 | 10 | 87 | 7 | 25 |
| 2018 | 21,675 | 151,518 | 1,686 | 42,190 | 11 | 98 | 2 | 27 |
| 2019 | 38,900 | 190,418 | 22,691 | 64,881 | 13 | 111 | 8 | 35 |
| 2020 | 72,820 | 263,238 | 1,456 | 66,337 | 33 | 144 | 1（Note2） | 36 |
| 2021 | 27,237 | 290,475 | 720 | 67,057 | 12 | 156 | 1 | 37 |
| 2022 | 33,702 | 324,177 | 13,450 | 80,507 | 23 | 179 | 11 | 48 |
| 2023 | 26,611 | 350,788 | 0 | 80,507 | 14 | 193 | 0 | 48 |
| 2024 | 4,894 | 355,682 | 3,543 | 84,050 | 7 | 200 | 6 | 54 |
| 2025 | 13,310 | 368,992 | 3,779 | 87,829 | 7 | 207 | 3 | 57 |
| January 2026 |
2,884 | 371,876 | 0 | 87,829 | 1 | 208 | 0 | 57 |
| February 2026 |
1,080 | 372,956 | 0 | 87,829 | 1 | 209 | 0 | 57 |
| March 2026 |
0 | 372,956 | 0 | 87,829 | 0 | 209 | 0 | 57 |
| (Source) | Prepared by the Asset Management Company based on ARES J-REIT Databook (April 2026) |
|---|---|
| (Note1) | The accumulated number of properties acquired by HCM is described, therefore, disposed properties aren’t included in the calculation. |
| (Note2) | Verde Hotaka (land) is not included in the number of properties acquired as it is based on the properties already owned. |
Properties Acquisition and Disposition during the Reporting Period (April 1, 2025 to March 31, 2026)
HCM newly acquired 2 properties (total acquisition price: 2,953 million yen) in September 2025 and 1 property (acquisition price: 825 million yen) in October 2025.
| Acquisition date | Property Name | Property type | Acquisition price （million yen） |
|---|---|---|---|
| September 1, 2025 | Hoshigaoka Doctors Building | Paid nursing home | 820 |
| Sunny Life Funabashi | Paid nursing home | 2,133 | |
| October 1, 2025 | Medical Rehabilitation Home Kurara Keio Higashi-Fuchu | Paid nursing home | 825 |
| Total | 3,779 | ||
HCM newly acquired one equity interest in silent partnership (investment price:100 million yen) in March 2025.
| Acquisition date | Property Name | Property type | Acquisition price （million yen） |
|---|---|---|---|
| March 27, 2025 | TK Equity Interest of HC TURF GK |
Sunny Life Shinkotoni Nerima Yahara Care Park SOYOKAZE Medical Rehabilitation Home Granda Toyota Motomachi SAWAYAKA Higashi-Osaka Kan SAWAYAKA Himeji Kan SAWAYAKA Seaside Kukinoumi |
100 |
| Total | 100 | ||
[Change in Portfolio Status]
| End of fiscal period ended January 2025 (End of 20th FP) | |
|---|---|
| Number of properties | 54 |
| Total acquisition price | 82.7 billion yen |
| Total appraisal value | 93.2 billion yen |
| Average appraisal NOI yield | 5.4% |
| Hospital real estate | 2 |
| Number of operators | 17 |
| Occupancy Rate | 100.0% |
| Average remaining lease term | 11.0 years |
| End of fiscal period ended January 2026 (End of 22nd FP) | Comparison with end of January 2025 | |
|---|---|---|
| Number of properties | 57 | +3 |
| Total acquisition price | 86.5 billion yen | +38 billion yen |
| Total appraisal value | 97.3 billion yen | +41 billion yen |
| Average appraisal NOI yield | 5.4% | ±0.0pt |
| Hospital real estate | 2 | ±0 |
| Number of operators | 17 | ±0 |
| Occupancy Rate | 100.0% | ±0pt |
| Average remaining lease term | 10.2 years | △0.8 years |
Properties Acquisition during the Reporting Period (April 1, 2025 to March 31, 2026)
Hoshigaoka Doctors Building
- ▪A multi-tenant building with such tenants as clinics and a pharmacy in addition to a paid nursing home.
- ▪Located within walking distance from a subway station, in the high-grade residential area with parks and universities nearby.
| Acquisition date | September 1, 2025 |
|---|---|
| Acquisition price (Note 1) | 820 million yen |
| Appraisal value (Note 2) | 883 million yen |
| Appraisal NOI yield (Note 2) | 5.6% |
| Location | 3-11-1 Daimancho, Meito-ku, Nagoya-shi, Aichi |
| Leasable area/ Site area |
4,440.49㎡/2,546.30㎡ |
| Structure/ number of floors |
RC, 7F |
| Construction completion | April 2005 |
（Representative tenant: Nichii Home Hoshigaoka）
| Number of rooms/ resident capacity |
42 rooms, 61 people |
|---|---|
| occupancy rate (Note 2) | 73.8％ |
| Operator | Nichii Carepalace |
Floor Plan
- ▪The main tenant is “Nichii Home Hoshigaoka”, a paid nursing home with care service operated by Nichii Carepalace, and occupies 3rd to 7th floor of the building. The nursing home opened in June 2023 by taking over operations from the previous operator. Each room is spacious (30.4㎡ to 60.8㎡) and equipped with a kitchen and bathroom. There are also a few twin rooms for couples.
- ▪The first and second floors are a clinic mall housing dermatology, dental, orthopedic, internal medicine clinics and a pharmacy operated by Sogo Medical. In addition, there is a nursery school and an employment support office.
| (Note 1) | The purchase price does not include consumption tax, local consumption tax, or any acquisition-related expenses. |
|---|---|
| (Note 2) | “Appraisal value” and “Appraisal NOI yield” are based on the appraisal report with January 31, 2026 as the date of value. Occupancy rate” is the ratio of the number of residents divided by the number of capacity, rounded to the first decimal place, as stated in the latest Important Information Memorandum for Senior Citizens Facilities/Housing owned by HCM obtained by the asset management company as of the date of this document. |
Sunny Life Funabashi
- ▪A residential-type paid nursing home opened in May 2013. Located within walking distance from a JR station, in a quiet residential area primarily consisting of low-rise apartment buildings and single-family homes.
- ▪One of the biggest residential-type paid nursing home operated by Kawashima Corporation. Home care support/service agencies are located in the same building. Fees structure is reasonable, with no initial fee, and the home has been operating at high occupancy.
| Acquisition date | September 1, 2025 |
|---|---|
| Acquisition price (Note 1) | 2,133 million yen |
| Appraisal value (Note 2) | 2,230 million yen |
| Appraisal NOI yield (Note 2) | 4.9% |
| Location | 4-21-17 maeharanishi, Funabashi-shi, Chiba |
| Leasable area/ Site area |
6,213.87㎡/2,829.31㎡ |
| Structure/ number of floors |
RC, 4F |
| Construction completion | April 2013 |
| Number of rooms/ resident capacity |
185 rooms, 185 people |
| occupancy rate (Note 2) | 99.5％ |
| Operator | Kawashima Corporation |
Medical Rehabilitation Home Kurara Keio Higashi-Fuchu
- ▪A paid nursing home with care service operated by Benesse Style Care, opened in December 2002. Conveniently located about 5-minute walk from a Keio Line train station in a residential neighborhood, primarily consisting of single-family homes, as well as apartment buildings and nursery schools.
- ▪One of Kurara brand homes, which offers warm, home-like living atmosphere through small unit care. As a “Medical Rehabilitation Home”, it offers comprehensive care services with 24-hour on-site nurse and rehabilitation specialist.
| Acquisition date | October 1, 2025 |
|---|---|
| Acquisition price (Note 1) | 825 million yen |
| Appraisal value (Note 2) | 849 million yen |
| Appraisal NOI yield (Note 2) | 4.5% |
| Location | 3-6-22 Hachimancho, Fuchu-shi, Tokyo |
| Leasable area/ Site area |
1,874.56㎡/1,284.74㎡ |
| Structure/ number of floors |
RC, 3F |
| Construction completion | November 2002 |
| Number of rooms/ resident capacity |
50 rooms, 50 people |
| occupancy rate (Note 2) | 98.0％ |
| Operator | Benesse Style Care |
| (Note 1) | The purchase price does not include consumption tax, local consumption tax, or any acquisition-related expenses. |
|---|---|
| (Note 2) | “Appraisal value” and “Appraisal NOI yield” are based on the appraisal report with January 31, 2026 as the date of value. Occupancy rate” is the ratio of the number of residents divided by the number of capacity, rounded to the first decimal place, as stated in the latest Important Information Memorandum for Senior Citizens Facilities/Housing owned by HCM obtained by the asset management company as of the date of this document. |
Portfolio Map
Summary of Buildings and Their Leasing Status (as of the end of 22nd FP:Output Indicators)
| Property number |
Property name | Structure/ No. of floors (Note 1) |
Construction completion (Note 2) |
leasable area (㎡) (Note 3) |
Leased area (㎡) (Note 4) |
No. of tenants (companies) (Note 5) |
Operational rate (%) (Note 6) |
|---|---|---|---|---|---|---|---|
| Paid nursing home‐1 |
AQUAMARINE Nishinomiyahama | RC/5F | May 18, 2007 | 5,274.54 | 5,189.42 | 1 | 98.4 |
| Paid nursing home‐2 |
Bonsejour Chitose-funabashi | RC/B1・6F | Mar. 8, 1988 | 2,342.17 | 2,342.17 | 1 | 100.0 |
| Paid nursing home‐3 |
Bonsejour Hino | RC/3F | May 2, 1990 | 1,984.17 | 1,984.17 | 1 | 100.0 |
| Paid nursing home‐4 |
Bonsejour Musashi-shinjo | RC/4F | Feb. 21, 1985 | 1,710.43 | 1,710.43 | 1 | 100.0 |
| Paid nursing home‐5 |
Medical Rehabilitation Home Bonsejour Hadanoshibusawa | RC/5F | Jul. 17, 1991 | 3,435.79 | 3,435.79 | 1 | 100.0 |
| Paid nursing home‐7 |
ASHEIM Hikarigaoka | RC/3F | Mar. 6, 2006 | 3,628.60 | 3,628.60 | 1 | 100.0 |
| Paid nursing home‐8 |
ASHEIM Bunkyohakusan | RC/8F | Feb. 27, 2007 | 2,507.25 | 2,507.25 | 2 | 100.0 |
| Paid nursing home‐9 |
SOMPO CARE La vie Re Machidaonoji | RC/B1・6F | Oct. 29, 2007 | 7,720.17 | 7,720.17 | 1 | 100.0 |
| Paid nursing home‐10 |
SOMPO CARE La vie Re Azamino | RC/B1・5F | Mar. 1, 2004 | 5,789.25 | 5,789.25 | 1 | 100.0 |
| Paid nursing home‐11 |
SAWAYAKA Tachibanakan | RC/B1・6F | Oct. 31, 2005 | 5,652.94 | 5,652.94 | 1 | 100.0 |
| Paid nursing home‐12 |
SAWAYAKA Mekarikan | RC/4F | Nov. 15, 2005 | 4,720.46 | 4,720.46 | 1 | 100.0 |
| Paid nursing home‐13 |
SAWAYAKA Tagawakan | RC/3F | Jan. 20, 2006 | 2,366.20 | 2,366.20 | 1 | 100.0 |
| Paid nursing home‐14 |
GOOD TIME HOME Fudo-mae | RC/B1・5F | Mar. 18, 1992 | 3,400.20 | 3,400.20 | 1 | 100.0 |
| Paid nursing home‐15 |
Rehabilitation Home Bonsejour Yotsugi | RC/5F | Mar. 28, 1989 | 1,962.89 | 1,962.89 | 1 | 100.0 |
| Paid nursing home‐16 |
Medical Home Bonsejour Itami | SRC/11F (exclusively‐ owned portion) |
Mar. 3, 1989 | 2,129.87 | 2,129.87 | 1 | 100.0 |
| Paid nursing home‐17 |
Kobe Gakuentoshi Building | RC/B1・9F | Jan. 7, 2009 | 12,636.48 | 12,636.48 | 1 | 100.0 |
| Paid nursing home‐18 |
GreenLife Moriguchi | S・RC/9F | Sep. 6, 2006 | 8,356.85 | 8,356.85 | 1 | 100.0 |
| Paid nursing home‐19 |
Hapine Kobe Uozaki Nibankan | S/B1・4F | Mar. 31, 2010 | 1,772.89 | 1,772.89 | 1 | 100.0 |
| Paid nursing home‐20 |
Granda Tsuruma-Yamato | RC・S/5F | Mar. 6, 1998 | 3,427.08 | 3,427.08 | 1 | 100.0 |
| Paid nursing home‐21 |
Smiling Home Medice Adachi | RC/4F | Nov. 16, 2005 | 3,870.98 | 3,870.98 | 2 | 100.0 |
| Paid nursing home‐22 |
AIKOEN ICHIBANKAN Building | S/5F | Feb. 4, 2010 | 4,311.20 | 4,311.20 | 3 | 100.0 |
| Paid nursing home‐23 |
Hanakotoba Minami | RC/7F | Feb. 24, 2010 | 1,710.68 | 1,710.68 | 1 | 100.0 |
| Paid nursing home‐24 |
Hanakotoba Miura | RC/4F | Jun. 27, 2007 | 1,959.64 | 1,959.64 | 1 | 100.0 |
| Paid nursing home‐25 |
SOMPO CARE La vie Re Hama-Kawasaki | RC/4F (exclusively‐ owned portion) |
Mar. 8, 2007 | 4,060.21 | 4,060.21 | 5 | 100.0 |
| Paid nursing home‐26 |
Hanakotoba Shin-Yokohama | RC/9F | Mar. 15, 2004 | 5,230.23 | 5,230.23 | 1 | 100.0 |
| Paid nursing home‐27 |
Hanakotoba Shin-Yokohama II | RC/B1・7F | Apr. 25, 2007 | 1,837.29 | 1,837.29 | 1 | 100.0 |
| Paid nursing home‐28 |
Hanakotoba Odawara | RC/4F | Sep. 16, 2009 | 2,203.42 | 2,203.42 | 1 | 100.0 |
| Paid nursing home‐29 |
Verde Minowa | ①S/5F ②S・RC/8F |
①Nov. 20, 2003 ②Feb. 28, 1974 |
11,098.17 | 11,098.17 | 1 | 100.0 |
| Paid nursing home‐30 |
Verde Hotaka | ①S・SRC/5F ②S/2F |
①Sep. 29, 1982 ②Jul. 1, 1989 |
6,352.86 | 6,352.86 | 1 | 100.0 |
| Paid nursing home‐31 |
Sunny Life Kita-Shinagawa | S/3F | Sep. 20, 2018 | 2,135.54 | 2,135.54 | 1 | 100.0 |
| Paid nursing home‐32 |
Sunny Life Kamakura | S/5F | Sep. 19, 2014 | 3,817.91 | 3,817.91 | 1 | 100.0 |
| Paid nursing home‐33 |
Nichii Home Nishikokubunji | S/3F | Sep. 29, 1990 | 1,559.99 | 1,559.99 | 1 | 100.0 |
| Paid nursing home‐34 |
SOMPO CARE La vie Re Kobe-ikawadani | RC・S/4F | Apr. 24, 2009 | 3,824.54 | 3,824.54 | 1 | 100.0 |
| Paid nursing home‐35 |
SOMPO CARE Sompo no ie Sayama | S/3F | Aug. 15, 2005 | 1,997.87 | 1,997.87 | 1 | 100.0 |
| Paid nursing home‐36 |
Royal Kawaguchi | RC/3F | Oct. 1, 2008 | 3,484.02 | 3,484.02 | 1 | 100.0 |
| Paid nursing home‐37 |
NOAH GARDEN LEGEND | RC/4F | Oct. 10, 2015 | 2,736.89 | 2,736.89 | 1 | 100.0 |
| Paid nursing home‐38 |
NOAH GARDEN L Grace | RC/4F | Oct. 27, 2017 | 2,075.25 | 2,075.25 | 1 | 100.0 |
| Paid nursing home‐39 |
NOAH GARDEN Season Bell | RC/5F | Dec. 10, 2019 | 4,602.26 | 4,602.26 | 1 | 100.0 |
| Paid nursing home‐40 |
Heartland Kawaguchi Meiseien | RC/6F | Jan. 30, 2006 | 3,885.90 | 3,885.90 | 1 | 100.0 |
| Paid nursing home‐41 |
Rehabilitation Home Granda Minamiurawa | S/3F | Jul. 15, 2011 | 2,373.25 | 2,373.25 | 1 | 100.0 |
| Paid nursing home‐42 |
Madoka Minamiurawa | S/3F | Apr. 11, 2005 | 1,918.98 | 1,918.98 | 1 | 100.0 |
| Paid nursing home‐43 |
Nichii Maison Inage | RC/4F | Feb. 9, 2008 | 4,700.07 | 4,700.07 | 1 | 100.0 |
| Paid nursing home‐44 |
Hanakotoba Oppama | S/5F | Jul. 23, 2011 | 1,899.46 | 1,899.46 | 1 | 100.0 |
| Paid nursing home‐45 |
NOAH GARDEN Building A | RC/4F | Nov. 21, 1995 | 1,578.76 | 1,578.76 | 1 | 100.0 |
| Paid nursing home‐46 |
NOAH GARDEN Building B | RC/3F | Sep. 13, 1999 | 1,049.05 | 1,049.05 | 1 | 100.0 |
| Paid nursing home‐47 |
NOAH GARDEN Villa | RC/3F | Apr. 5, 2011 | 1,073.34 | 1,073.34 | 1 | 100.0 |
| Paid nursing home‐48 |
PD House Higashi-Osaka | RC/3F | Jun. 17, 2022 | 1,792.59 | 1,792.59 | 1 | 100.0 |
| Paid nursing home‐49 |
TSUKUI SUNSHINE YOKOHAMA TOTSUKA | RC/6F | Jan. 9, 2010 | 2,768.33 | 2,768.33 | 1 | 100.0 |
| Paid nursing home‐50 |
Hoshigaoka Doctors Building | RC/7F | Apr. 11,2005 | 4,440.49 | 4,440.49 | 2 | 100.0 |
| Paid nursing home‐51 |
Sunny Life Funabashi | RC/4F | Apr. 8,2013 | 6,213.87 | 6,213.87 | 1 | 100.0 |
| Paid nursing home‐52 |
Medical Rehabilitation Home Kurara Keio Higashi-Fuchu | RC/3F | Nov. 19,2002 | 1,874.56 | 1,874.56 | 1 | 100.0 |
| Serviced housing for the elderly ‐1 |
SOMPO CARE Sompo no ie S Awajiekimae | RC/12F | Jun. 12, 2009 | 5,745.15 | 5,745.15 | 1 | 100.0 |
| Serviced housing for the elderly ‐2 |
SOMPO CARE Sompo no ie S Kobekamisawa | S/9F | Jun. 11, 2009 | 4,058.35 | 4,058.35 | 1 | 100.0 |
| Serviced housing for the elderly ‐3 |
NOAH GARDEN CASA RICH | RC/5F | Mar. 27, 2015 | 4,986.98 | 4,986.98 | 1 | 100.0 |
| Serviced housing for the elderly ‐4 |
NOAH GARDEN Bloom View | RC/4F | Dec. 1, 2013 | 2,079.81 | 2,079.81 | 1 | 100.0 |
| Medical service ‐related facilities ‐1 |
Niigata Rehabilitation Hospital | ①RC/3F ②S/5F |
①Apr. 20, 1990 ②Feb. 28, 2001 |
13,476.55 | 13,476.55 | 1 | 100.0 |
| Complex of paid nursing homes, medical service related facilities, etc.‐1 |
SHIP Senri Building | RC/B1・11F | Sep. 5, 2008 | 24,813.85 | 24,813.85 | 1 | 100.0 |
| Total | ― | ― | 240,416.52 | 240,331.40 | 66 | 100.0 | |
| (Note 1) | “Structure/No. of floors”indicates information provided in the real estate registry of the building of each owned asset. “S” refers to steel structure, “RC” refers to reinforced concrete structure, “SRC” refers to steel‐reinforced concrete structure, “B” refers to basement floor and “F” refers to floors above ground. |
|---|---|
| (Note 2) | “Construction completion” indicates the date of new construction provided in the real estate registry of the building of each owned asset. |
| (Note 3) | “Leasable area” indicates figures based on the lease agreement of each building. |
| (Note 4) | “Leased area” indicatesthe areas out of the leasable area for which actual lease agreements have been concluded and are leased. |
| (Note 5) | “No. of tenants” indicates the number of tenants of each building based on the lease agreements. For the section of healthcare facilities in which the trustee of each owned asset and HCM conclude a lease agreement (master lease agreement) with an aim to have HCM sublease to the master lease company (section of paid nursing home with nursing care for Smiling Home Medice Adachi), the master lease company (operator) is counted as a tenant, and accordingly indicated as the number of tenants; while for the propertiessubject to pass‐through master lease agreement where rentsfrom end tenants are received intact, in principle, the total number of end tenantsis indicated as the number of tenants. However, for the sections that are not subject to the lease agreement (master lease agreement) between the trustee and HCM, the number of lessees leasing a building from the trustee is counted as the number of tenants and indicated accordingly. |
| (Note 6) | ”Occupancy rate” indicates the leased area as a percentage of the leasable area of each owned asset as of January 31, 2026, and is rounded to one decimal place. |
Overview of Facilities and Housing for the Elderly (as of the end of 22nd FP:Output Indicators)
| Property number | Property name | Type of facility | Operator | No. of rooms (rooms) (Note 1) |
Capacity (persons) (Note 1) |
No. of residents (persons) (Note 1) |
Occupancy rate (%) (Note 2) |
Preparation date of Property Disclosure Statement of Important Matters (Note 3) |
|---|---|---|---|---|---|---|---|---|
| Paid nursing home‐1 |
AQUAMARINE Nishinomiyahama | Paid nursing home | GREEN LIFE Co.,Ltd. | 90 | 100 | 96 | 96.0 | September 1, 2025 |
| Paid nursing home‐2 |
Bonsejour Chitose‐funabashi | Paid nursing home | Benesse Style Care Co., Ltd. | 42 | 47 | 40 | 85.1 | November 1, 2025 |
| Paid nursing home‐3 |
Bonsejour Hino | Paid nursing home | Benesse Style Care Co., Ltd. | 56 | 58 | 58 | 100.0 | November 1, 2025 |
| Paid nursing home‐4 |
Bonsejour Musashi‐shinjo | Paid nursing home | Benesse Style Care Co., Ltd. | 46 | 49 | 46 | 93.9 | November 1, 2025 |
| Paid nursing home‐5 |
Medical Rehabilitation Home Bonsejour Hadanoshibusawa | Paid nursing home | Benesse Style Care Co., Ltd. | 100 | 101 | 82 | 81.2 | November 1, 2025 |
| Paid nursing home‐7 |
ASHEIM Hikarigaoka | Paid nursing home | AS PARTNERS Co., Ltd | 83 | 89 | 68 | 76.4 | September 1, 2025 |
| Paid nursing home‐8 |
ASHEIM Bunkyohakusan | Paid nursing home | AS PARTNERS Co., Ltd | 50 | 52 | 50 | 96.2 | July 1, 2025 |
| Paid nursing home‐9 |
SOMPO CARE La vie Re Machidaonoji | Paid nursing home | Sompo Care Inc. | 163 | 169 | 136 | 80.5 | October 1, 2025 |
| Paid nursing home‐10 |
SOMPO CARE La vie Re Azamino | Paid nursing home | Sompo Care Inc. | 145 | 145 | 138 | 95.2 | September 1, 2025 |
| Paid nursing home‐11 |
SAWAYAKA Tachibanakan | Paid nursing home | Sawayaka Club Co., Ltd. | 104 | 104 | 97 | 93.3 | November 1, 2025 |
| Paid nursing home‐12 |
SAWAYAKA Mekarikan | Paid nursing home | Sawayaka Club Co., Ltd. | 95 | 95 | 87 | 91.6 | June 15, 2025 |
| Paid nursing home‐13 |
SAWAYAKA Tagawakan | Paid nursing home | Sawayaka Club Co., Ltd. | 60 | 60 | 57 | 95.0 | November 1, 2025 |
| Paid nursing home‐14 |
GOOD TIME HOME Fudo‐mae | Paid nursing home | JAPAN LIFEDESIGN Inc. | 61 | 67 | 60 | 89.6 | August 1, 2025 |
| Paid nursing home‐15 |
Rehabilitation Home Bonsejour Yotsugi | Paid nursing home | Benesse Style Care Co., Ltd. | 61 | 65 | 56 | 86.2 | November 1, 2025 |
| Paid nursing home‐16 |
Medical Home Bonsejour Itami | Residential type paid nursing home | Benesse Style Care Co., Ltd. | 62 | 64 | 62 | 96.9 | November 1, 2025 |
| Paid nursing home‐17 |
Kobe Gakuentoshi Building | Paid nursing home | GREEN LIFE Co.,Ltd. | 131 | 138 | 134 | 97.1 | September 1, 2025 |
| Paid nursing home‐18 |
GreenLife Moriguchi | Paid nursing home | GREEN LIFE Co.,Ltd. | 155 | 189 | 189 | 100.0 | September 1, 2025 |
| Paid nursing home‐19 |
Hapine Kobe Uozaki Nibankan | Paid nursing home | GREEN LIFE Co.,Ltd. | 47 | 47 | 45 | 95.7 | September 1, 2025 |
| Paid nursing home‐20 |
Granda Tsuruma‐Yamato | Paid nursing home | Benesse Style Care Co., Ltd. | 73 | 90 | 75 | 83.3 | November 1, 2025 |
| Paid nursing home‐21 |
Smiling Home Medice Adachi | Paid nursing home | GREEN LIFECo.,Ltd. | 82 | 82 | 67 | 81.7 | July 1, 2025 |
| Paid nursing home‐22 |
AIKOEN ICHIBANKAN Building | Paid nursing home | Medical Corporation AIKOKAI | 90 | 90 | 78 | 86.7 | November 1, 2025 |
| Paid nursing home‐23 |
Hanakotoba Minami | Paid nursing home | Proud Life Inc. | 50 | 50 | 49 | 98.0 | December 1, 2025 |
| Paid nursing home‐24 |
Hanakotoba Miura | Paid nursing home | Proud Life Inc. | 53 | 54 | 53 | 98.1 | January 1, 2026 |
| Paid nursing home‐25 |
SOMPO CARE La vie Re Hama‐Kawasaki | Paid nursing home | Sompo Care Inc. | 58 | 58 | 55 | 94.8 | August 1, 2025 |
| Paid nursing home‐26 |
Hanakotoba Shin‐Yokohama | Paid nursing home | Proud Life Inc. | 136 | 136 | 125 | 91.9 | August 1, 2025 |
| Paid nursing home‐27 |
Hanakotoba Shin‐Yokohama II | Paid nursing home | Proud Life Inc. | 29 | 30 | 29 | 96.7 | December 1, 2025 |
| Paid nursing home‐28 |
Hanakotoba Odawara | Paid nursing home | Proud Life Inc. | 60 | 65 | 56 | 86.2 | December 1, 2025 |
| Paid nursing home‐29 |
Verde Minowa | Paid nursing home | Verde Corporation | 174 | 206 | 202 | 98.1 | August 1, 2025 |
| Paid nursing home‐30 |
Verde Hotaka | Paid nursing home | Verde Corporation | 121 | 174 | 172 | 98.9 | August 1, 2025 |
| Paid nursing home‐31 |
Sunny Life Kita‐Shinagawa | Paid nursing home | Kawashima Corporation | 66 | 66 | 63 | 95.5 | July 1, 2025 |
| Paid nursing home‐32 |
Sunny Life Kamakura | Residential type paid nursing home | Kawashima Corporation | 128 | 128 | 122 | 95.3 | July 31, 2025 |
| Paid nursing home‐33 |
Nichii Home Nishikokubunji | Paid nursing home | Nichii Carepalace Company | 46 | 46 | 46 | 100.0 | September 1, 2025 |
| Paid nursing home‐34 |
SOMPO CARE La vie Re Kobe-ikawadani | Paid nursing home | Sompo Care Inc. | 80 | 80 | 64 | 80.0 | August 1, 2025 |
| Paid nursing home‐35 |
SOMPO CARE Sompo no ie Sayama | Paid nursing home | Sompo Care Inc. | 50 | 50 | 40 | 80.0 | November 1, 2025 |
| Paid nursing home‐36 |
Royal Kawaguchi | Paid nursing home | SENIOR LIFE SUPPORT Co.,Ltd | 56 | 56 | 48 | 85.7 | July 1, 2025 |
| Paid nursing home‐37 |
NOAH GARDEN LEGEND | Residential type paid nursing home | NOAH KONZER Co.,Ltd | 70 | 70 | 48 | 68.6 | September 1, 2025 |
| Paid nursing home‐38 |
NOAH GARDEN L Grace | Residential type paid nursing home | NOAH KONZER Co.,Ltd | 51 | 51 | 41 | 80.4 | September 1, 2025 |
| Paid nursing home‐39 |
NOAH GARDEN Season Bell | Residential type paid nursing home | NOAH KONZER Co.,Ltd | 136 | 136 | 82 | 60.3 | September 1, 2025 |
| Paid nursing home‐40 |
Heartland Kawaguchi Meiseien | Paid nursing home | Meisho Co., Ltd. | 97 | 100 | 74 | 74.0 | October 16, 2025 |
| Paid nursing home‐41 |
Rehabilitation Home Granda Minamiurawa | Paid nursing home | Benesse Style Care Co., Ltd. | 58 | 60 | 58 | 96.7 | December 1, 2025 |
| Paid nursing home‐42 |
Madoka Minamiurawa | Paid nursing home | Benesse Style Care Co., Ltd. | 54 | 54 | 54 | 100.0 | November 1, 2025 |
| Paid nursing home‐43 |
Nichii Maison Inage | Residential type paid nursing home | Nichii Carepalace Company | 85 | 95 | 84 | 88.4 | July 1, 2025 |
| Paid nursing home‐44 |
Hanakotoba Oppama | Paid nursing home | Proud Life Inc. | 59 | 59 | 58 | 98.3 | December 1, 2025 |
| Paid nursing home‐45 |
NOAH GARDEN Building A | Residential type paid nursing home | NOAH KONZER Co.,Ltd | 42 | 42 | 37 | 88.1 | August 30, 2025 |
| Paid nursing home‐46 |
NOAH GARDEN Building B | Residential type paid nursing home | NOAH KONZER Co.,Ltd | 37 | 40 | 34 | 85.0 | August 30, 2025 |
| Paid nursing home‐47 |
NOAH GARDEN Villa | Residential type paid nursing home | NOAH KONZER Co.,Ltd | 28 | 28 | 21 | 75.0 | August 30, 2025 |
| Paid nursing home‐48 |
PD House Higashi-Osaka | Residential type paid nursing home | SUNWELS Co., Ltd. | 48 | 48 | 47 | 97.9 | October 1, 2025 |
| Paid nursing home‐49 |
TSUKUI SUNSHINE YOKOHAMA TOTSUKA | Paid nursing home | TSUKUI CORPORATION | 66 | 66 | 65 | 98.5 | October 1, 2025 |
| Paid nursing home‐50 |
Hoshigaoka Doctors Building | Paid nursing home | Nichii Carepalace Company | 42 | 61 | 45 | 73.8 | December 1, 2025 |
| Paid nursing home‐51 |
Sunny Life Funabashi | Residential type paid nursing home | Kawashima Corporation | 185 | 185 | 184 | 99.5 | July 1, 2025 |
| Paid nursing home‐52 |
Medical Rehabilitation Home Kurara Keio Higashi-Fuchu | Paid nursing home | Benesse Style Care Co., Ltd. | 50 | 50 | 49 | 98.0 | December 1, 2025 |
| Serviced housing for the elderly ‐1 |
SOMPO CARE Sompo no ie S Awajiekimae | Serviced housing for the elderly | Sompo Care Inc. | 137 | 137 | 133 | 97.1 | August 1, 2025 |
| Serviced housing for the elderly ‐2 |
SOMPO CARE Sompo no ie S Kobekamisawa | Serviced housing for the elderly | Sompo Care Inc. | 85 | 85 | 80 | 94.1 | August 1, 2025 |
| Serviced housing for the elderly ‐3 |
NOAH GARDEN CASA RICH | Serviced housing for the elderly | NOAH KONZER Co.,Ltd | 115 | 115 | 75 | 65.2 | January 20, 2026 |
| Serviced housing for the elderly ‐4 |
NOAH GARDEN Bloom View (Note 4) | Serviced housing for the elderly | NOAH KONZER Co.,Ltd | 40 | 40 | - | - | January 20, 2026 |
| Complex of paid nursing homes, medical service related facilities, etc.‐1 |
SHIP Senri Building (Note 5) | Paid nursing home・Medical service-related facilities | GREEN LIFE Co.,Ltd. | 181 | 200 | 200 | 100.0 | September 1, 2025 |
| Total | - | - | 4,569 | 4,822 | 4,314 | 89.5 | - | |
| (Note 1) | “No. of rooms,” “Capacity” and “No. of residents” indicate figures based on figures stated in Property Disclosure Statement of Important Matters (hereinafter the “Property Disclosure Statement of Important Matters”) of paid nursing homes provided by the operators. |
|---|---|
| (Note 2) | “Occupancy rate” indicates the occupancy rate obtained by dividing the number of residents by capacity, rounded to one decimal place. |
| (Note 3) | “Preparation date of Property Disclosure Statement of Important Matters” indicatesthe date of application, reference date or preparation date stated on the document. |
| (Note 4) | At the time this Important Matters Statement was prepared, there were no residents at “Noah Garden Bloom View” due to comprehensive renovation work carried out as part of its conversion into a hospice-style residence. The renovation work has already been completed, and the operator is currently recruiting new residents, who are moving in on a rolling basis. |
| (Note 5) | SHIP Senri Building is a property with a hospital and paid nursing home, and the above table provides an overview of the facilities related to its paid nursing home. |
Overview of Medical Service-Related Facilities (as of the end of 22nd FP:Output Indicators)
| Property number | Medical service‐related facilities‐1 | ||
|---|---|---|---|
| Property name | Niigata Rehabilitation Hospital | ||
| Operator | Medical Corporation AIKOKAI | Date of establishment |
June 1990 (established as Oyama Hospital, the precursor) |
| Type of facility | Hospital | Authorized number of beds |
158 beds (general beds: 101 beds/convalescent‐stage beds: 57 beds) |
| Subject of medical treatment |
Rehabilitation, orthopedic surgery, internal medicine, neurology, dental & dental and oral surgery |
Facility certification | Training facilities certified by the Japanese Association of Rehabilitation Medicine |
| Facility criteria (Hospitalization fee) |
2nd floor (47 beds) Hospitalization fee of hospital ward for comprehensive community care 1 3rd floor (54 beds) Basic hospitalization fee for general hospital ward (acute hospitalization fee 4) Medical management fee for comprehensive community care 1 4th floor (57 beds) Hospitalization fee of hospital ward for rehabilitation at recovery stage 1 |
||
| External evaluation |
Hospital certified by Japan Council for Quality Health Care (Certification number: JC1424-4) 3rdG:Ver.2.0 | ||
| Property number |
Complex of paid nursing homes,medical service related facilities,etc.‐1 | ||
|---|---|---|---|
| Property name | SHIP Senri Building (Senri‐Chuo Hospital) (Note) | ||
| Operator | Medical Corporation Kyowakai | Date of establishment |
October 2008 |
| Type of facility | Hospital | Authorized number of beds |
400 beds (400 general beds) |
| Subject of medical treatment |
Rehabilitation, Orthopedics, Neurosurgery,Surgery,Internal Medicine, Neurology, Palliative Care Internal Medicine |
Facility certification | Training facilities certified by the Japanese Association of Rehabilitation Medicine |
| Facility criteria (Hospitalization fee) |
West 6th floor (25 beds) Palliative care hospital ward hospitalization fee 1 West 5th floor (50 beds) Facilities for the disabled, etc. 2 10:1 Basic hospitalization fee West 4th floor (50 beds) Recovery phase rehabilitation ward hospitalization fee 1 West 3rd floor (50 beds) Facilities for the disabled, etc. 2 10:1 Basic hospitalization fee West 2nd floor (50 beds) Recovery phase rehabilitation ward hospitalization fee 1 East 6th floor (25 beds) Facilities for the disabled, etc. 2 10:1 Basic hospitalization fee East 5th floor (50 beds) Facilities for the disabled, etc. 2 10:1 Basic hospitalization fee East 4th floor (50 beds) Facilities for the disabled, etc. 2 10:1 Basic hospitalization fee East 3rd floor (50 beds) Recovery phase rehabilitation ward hospitalization fee 1 |
||
| External evaluation |
Hospital certified by Japan Council for Quality Health Care (Certification number: JC2382) 3rdG:Ver.2.0 | ||
| (Note) | SHIP Senri Building is a property with a hospital and paid nursing home, and the above table provides an overview of the facilities related to its hospital. |
|---|
Earnings Performance (as of the end of 22nd FP:Output Indicators)
(Unit: thousands of yen)
| Property name | 22nd FP (from August 1,2025, to January 31, 2026) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating revenue from real estate leasing |
Operating expenses from real estate leasing |
ＮＯＩ (Note 3) |
|||||||||
| Rent revenue |
Other revenue |
Property tax |
Outsourcing expenses |
Repair expenses |
Insurance expenses |
Depreciation | Other, net |
||||
| AQUAMARINE Nishinomiyahama | Not disclosed (Note 2) |
24,593 | 4,165 | 2,100 | 493 | 282 | 17,103 | 448 | 58,933 | ||
| Bonsejour Chitose‐ funabashi | 5,724 | 1,864 | 225 | - | 133 | 3,048 | 451 | 21,330 | |||
| Bonsejour Hino | 5,164 | 1,266 | 214 | - | 102 | 3,130 | 450 | 19,433 | |||
| Bonsejour Musashi‐ shinjo | 4,213 | 1,057 | 167 | - | 90 | 2,447 | 450 | 16,101 | |||
| Medical Rehabilitation Home Bonsejour Hadanoshibusawa | 8,474 | 1,814 | 213 | - | 177 | 5,817 | 450 | 21,054 | |||
| ASHEIM Hikarigaoka | 15,085 | 3,872 | 381 | 864 | 237 | 9,278 | 450 | 37,807 | |||
| ASHEIM Bunkyohakusan | 11,060 | 2,616 | 381 | 785 | 151 | 6,674 | 450 | 36,377 | |||
| SOMPO CARE La vie Re Machidaonoji | 50,113 | 5,977 | 780 | 3,311 | 448 | 39,144 | 450 | 94,031 | |||
| SOMPO CARE La vie Re Azamino | 33,066 | 4,705 | 780 | 2,668 | 329 | 24,007 | 575 | 76,144 | |||
| SAWAYAKA Tachibanakan | 24,050 | 2,677 | 1,200 | - | 402 | 19,320 | 450 | 47,126 | |||
| SAWAYAKA Mekarikan | 24,618 | 2,983 | 1,200 | 1,340 | 253 | 18,391 | 450 | 42,006 | |||
| SAWAYAKA Tagawakan | 8,045 | 1,107 | 1,200 | - | 177 | 5,109 | 450 | 12,748 | |||
| GOOD TIME HOME Fudo‐mae | 14,747 | 3,162 | 600 | 169 | 209 | 10,155 | 450 | 46,408 | |||
| Rehabilitation Home Bonsejour Yotsugi | 4,920 | 923 | 223 | - | 87 | 3,286 | 400 | 20,727 | |||
| Medical Home Bonsejour Itami | 6,585 | 1,431 | 371 | - | 122 | 4,260 | 400 | 13,949 | |||
| Kobe Gakuentoshi Building | 53,879 | 9,611 | 900 | 1,212 | 673 | 41,081 | 400 | 113,602 | |||
| GreenLife Moriguchi | 47,093 | 7,117 | 1,363 | 9,670 | 456 | 28,084 | 400 | 100,991 | |||
| Hapine Kobe Uozaki Nibankan | 10,249 | 1,390 | 1,200 | 338 | 108 | 6,812 | 400 | 24,062 | |||
| Granda Tsuruma‐ Yamato | 8,171 | 1,955 | 618 | 760 | 177 | 4,260 | 400 | 26,258 | |||
| Smiling Home Medice Adachi | 16,224 | 3,355 | 540 | 213 | 232 | 11,484 | 400 | 60,752 | |||
| AIKOEN ICHIBANKAN Building | 10,364 | 2,547 | 840 | 1,678 | 150 | 4,748 | 400 | 19,978 | |||
| Hanakotoba Minami | 9,913 | 1,589 | 600 | 326 | 104 | 6,892 | 400 | 27,579 | |||
| Hanakotoba Miura | 10,769 | 1,567 | 600 | 800 | 113 | 7,288 | 400 | 16,927 | |||
| SOMPO CARE La vie Re Hama‐Kawasaki | 19,288 | 3,506 | 2,770 | 37 | 241 | 12,333 | 400 | 45,396 | |||
| Hanakotoba Shin‐ Yokohama | 15,085 | 4,471 | 900 | 167 | 323 | 8,823 | 400 | 55,650 | |||
| Hanakotoba Shin‐ Yokohama II | 6,145 | 2,570 | 600 | 72 | 116 | 2,385 | 400 | 11,052 | |||
| Hanakotoba Odawara | 11,268 | 1,408 | 600 | 399 | 130 | 8,329 | 400 | 24,661 | |||
| Verde Minowa | 30,277 | 5,134 | 1,020 | 1,306 | 562 | 21,853 | 400 | 55,484 | |||
| Verde Hotaka | 29,322 | 2,220 | 1,020 | 225 | 283 | 25,173 | 400 | 45,957 | |||
| Sunny Life Kita‐ Shinagawa | 11,076 | 2,826 | 600 | 780 | 155 | 6,313 | 400 | 44,737 | |||
| Sunny Life Kamakura | 13,176 | 2,721 | 720 | 387 | 200 | 8,747 | 400 | 38,471 | |||
| Nichii Home Nishikokubunji | 5,576 | 1,278 | 660 | 480 | 89 | 2,668 | 400 | 18,084 | |||
| SOMPO CARE Lavie Re Kobeikawadani | 14,592 | 2,965 | 750 | 589 | 208 | 9,679 | 400 | 32,313 | |||
| SOMPO CARE Sompo no ie Sayama | 5,466 | 1,442 | 750 | 71 | 102 | 2,700 | 400 | 16,133 | |||
| Royal Kawaguchi | 14,399 | 2,918 | 1,647 | 1,597 | 197 | 7,635 | 403 | 30,436 | |||
| NOAH GARDEN LEGEND | 10,215 | 1,988 | 300 | - | 143 | 7,615 | 167 | 24,400 | |||
| NOAH GARDEN L Grace | 7,782 | 1,749 | 300 | - | 108 | 5,458 | 166 | 17,697 | |||
| NOAH GARDEN Season Bell | 16,636 | 4,236 | 720 | - | 232 | 11,047 | 400 | 39,032 | |||
| Heartland Kawaguchi Meiseien | 16,520 | 2,883 | 720 | - | 247 | 12,269 | 400 | 51,128 | |||
| Rehabilitation Home Granda Minamiurawa | 10,476 | 1,845 | 480 | 657 | 129 | 7,164 | 200 | 24,755 | |||
| Madoka Minamiurawa | 8,870 | 1,117 | 480 | 3,642 | 104 | 3,327 | 200 | 16,806 | |||
| Nichii Maison Inage | 16,837 | 3,131 | 900 | 727 | 241 | 11,437 | 400 | 40,794 | |||
| Hanakotoba Oppama | 8,643 | 2,058 | 600 | 290 | 101 | 5,193 | 400 | 12,615 | |||
| NOAH GARDEN Building A | 5,223 | 1,050 | 225 | - | 96 | 3,750 | 100 | 12,729 | |||
| NOAH GARDEN Building B | 3,609 | 749 | 225 | - | 63 | 2,471 | 100 | 8,155 | |||
| NOAH GARDEN Villa | 3,163 | 760 | 225 | - | 63 | 2,014 | 100 | 8,222 | |||
| PD House Higashi-Osaka | 7,927 | 1,574 | 844 | - | 97 | 5,011 | 400 | 18,688 | |||
| TSUKUI SUNSHINE YOKOHAMA TOTSUKA | 6,739 | 2,302 | 600 | - | 156 | 3,279 | 400 | 26,963 | |||
| Hoshigaoka Doctors Building | 4,923 | - | 625 | 142 | 218 | 3,601 | 335 | 23,781 | |||
| Sunny Life Funabashi | 11,041 | - | 600 | 355 | 301 | 9,449 | 335 | 49,412 | |||
| Medical Rehabilitation Home Kurara Keio Higashi-Fuchu | 2,192 | - | 480 | 51 | 60 | 1,330 | 269 | 13,938 | |||
| SOMPO CARE Sompo no ie S Awajiekimae | 27,702 | 4,889 | 510 | - | 354 | 21,500 | 448 | 58,255 | |||
| SOMPO CARE Sompo no ie S Kobekamisawa | 18,380 | 2,941 | 510 | 1,166 | 209 | 13,104 | 449 | 35,013 | |||
| NOAH GARDEN CASA RICH | 18,599 | 3,829 | 300 | - | 258 | 14,044 | 166 | 46,223 | |||
| NOAH GARDEN Bloom View | 6,884 | 1,383 | 225 | - | 120 | 5,055 | 100 | 19,602 | |||
| Niigata Rehabilitation Hospital | 29,052 | 9,400 | 1,030 | 470 | 479 | 17,173 | 500 | 78,000 | |||
| SHIP Senri Building | 88,024 | 29,198 | 1,500 | - | 1,412 | 55,513 | 400 | 339,291 | |||
| Total | 2,631,190 | 2,619,972 | 11,218 | 912,255 | 179,316 | 41,139 | 38,242 | 13,038 | 619,287 | 21,230 | 2,338,222 |
| (Note 1) | All figures indicated are rounded down to the nearest thousand yen. |
|---|---|
| (Note 2) | “Real estate lease business revenue,” “rent revenue” and “other revenue” of each property are not disclosed as consent for disclosure has not been obtained from tenants. The total is the sum of amounts received as rent for the current fiscal period based on the lease agreements. |
| (Note 3) | “NOI” = Real estate lease business revenue – real estate lease business expenses + depreciation and amortization |
Summary of Appraisal Report (as of the end of 22nd FP:Output Indicators)
| Property number |
Property name | Appraisal company | Appraisal value (millions of yen) |
Summary of Appraisal Report (Note 1) | Appraisal NOI yield (%) (Note 4) |
|||||
|---|---|---|---|---|---|---|---|---|---|---|
| Direct capitalization method |
DCF method | Appraisal NOI (millions of yen) (Note 3) |
||||||||
| Indicated value (millions of yen) |
Capitalization rate (%) |
Indicated value (millions of yen) |
Discount rate (%) (Note 2) |
Terminal capitalization rate (%) |
||||||
| Paid nursing home‐1 |
AQUAMARINE Nishinomiyahama | Rich Appraisal Institute Co.,Ltd. | 2,130 | 2,150 | 5.1 | 2,120 | 4.8 | 5.3 | 116 | 5.9 |
| Paid nursing home‐2 |
Bonsejour Chitose‐funabashi | The Tanizawa Sogo Appraisal Co., Ltd. | 997 | 1,020 | 4.3 | 987 | 4.4 | 4.5 | 47 | 5.8 |
| Paid nursing home‐3 |
Bonsejour Hino | The Tanizawa Sogo Appraisal Co., Ltd. | 834 | 849 | 4.7 | 827 | 4.8 | 4.9 | 44 | 6.1 |
| Paid nursing home‐4 |
Bonsejour Musashi‐shinjo | The Tanizawa Sogo Appraisal Co., Ltd. | 643 | 653 | 5.1 | 638 | 5.2 | 5.3 | 37 | 6.4 |
| Paid nursing home‐5 |
Medical Rehabilitation Home Bonsejour Hadanoshibusawa | The Tanizawa Sogo Appraisal Co., Ltd. | 867 | 882 | 4.9 | 861 | 5.0 | 5.1 | 50 | 6.9 |
| Paid nursing home‐7 |
ASHEIM Hikarigaoka | Japan Real Estate Institute | 1,510 | 1,520 | 4.5 | 1,500 | 4.3 | 4.6 | 75 | 5.4 |
| Paid nursing home‐8 |
ASHEIM Bunkyohakusan | Japan Real Estate Institute | 1,880 | 1,890 | 4.0 | 1,860 | 3.8 | 4.1 | 75 | 5.2 |
| Paid nursing home‐9 |
SOMPO CARE La vie Re Machidaonoji | Japan Real Estate Institute | 4,290 | 4,310 | 4.4 | 4,260 | 4.2 | 4.5 | 193 | 5.4 |
| Paid nursing home‐10 |
SOMPO CARE La vie Re Azamino | Japan Real Estate Institute | 3,430 | 3,450 | 4.2 | 3,400 | 4.0 | 4.3 | 154 | 5.0 |
| Paid nursing home‐11 |
SAWAYAKA Tachibanakan | Japan Real Estate Institute | 1,580 | 1,590 | 5.2 | 1,560 | 5.0 | 5.4 | 92 | 6.0 |
| Paid nursing home‐12 |
SAWAYAKA Mekarikan | Japan Real Estate Institute | 1,460 | 1,470 | 5.4 | 1,450 | 5.2 | 5.6 | 85 | 6.1 |
| Paid nursing home‐13 |
SAWAYAKA Tagawakan | Japan Real Estate Institute | 359 | 362 | 5.4 | 356 | 5.2 | 5.6 | 24 | 6.2 |
| Paid nursing home‐14 |
GOOD TIME HOME Fudo‐mae | Japan Real Estate Institute | 2,040 | 2,050 | 4.0 | 2,020 | 3.8 | 4.1 | 90 | 5.1 |
| Paid nursing home‐15 |
Rehabilitation Home Bonsejour Yotsugi | The Tanizawa Sogo Appraisal Co., Ltd. | 904 | 920 | 4.6 | 897 | 4.7 | 4.8 | 51 | 6.3 |
| Paid nursing home‐16 |
Medical Home Bonsejour Itami | The Tanizawa Sogo Appraisal Co., Ltd. | 557 | 566 | 5.1 | 553 | 5.2 | 5.3 | 45 | 8.7 |
| Paid nursing home‐17 |
Kobe Gakuentoshi Building | Daiwa Real Estate Appraisal Co., Ltd. | 4,800 | 4,870 | 4.3 | 4,770 | 4.1 | 4.5 | 226 | 5.2 |
| Paid nursing home‐18 |
GreenLife Moriguchi | Daiwa Real Estate Appraisal Co., Ltd. | 4,850 | 4,930 | 4.2 | 4,820 | 4.0 | 4.4 | 220 | 5.3 |
| Paid nursing home‐19 |
Hapine Kobe Uozaki Nibankan | Daiwa Real Estate Appraisal Co., Ltd. | 1,050 | 1,060 | 4.3 | 1,040 | 4.1 | 4.5 | 48 | 5.2 |
| Paid nursing home‐20 |
Granda Tsuruma‐ Yamato | The Tanizawa Sogo Appraisal Co., Ltd. | 1,020 | 1,030 | 4.7 | 1,020 | 4.8 | 4.9 | 52 | 5.2 |
| Paid nursing home‐21 |
Smiling Home Medice Adachi | The Tanizawa Sogo Appraisal Co., Ltd. | 2,650 | 2,700 | 4.2 | 2,630 | 4.3 | 4.4 | 120 | 5.3 |
| Paid nursing home‐22 |
AIKOEN ICHIBANKAN Building | The Tanizawa Sogo Appraisal Co., Ltd. | 826 | 824 | 5.0 | 827 | 5.1 | 5.2 | 42 | 5.5 |
| Paid nursing home‐23 |
Hanakotoba Minami | Japan Real Estate Institute | 1,210 | 1,220 | 4.3 | 1,200 | 4.1 | 4.4 | 55 | 5.1 |
| Paid nursing home‐24 |
Hanakotoba Miura | The Tanizawa Sogo Appraisal Co., Ltd. | 670 | 678 | 4.6 | 666 | 4.7 | 4.8 | 34 | 5.6 |
| Paid nursing home‐25 |
SOMPO CARE La vie Re Hama‐ Kawasaki | JLL Morii Valuation & Advisory K.K. | 1,830 | 1,860 | 4.4 | 1,800 | 4.2 | 4.6 | 88 | 5.2 |
| Paid nursing home‐26 |
Hanakotoba Shin‐ Yokohama | Japan Real Estate Institute | 2,600 | 2,620 | 4.0 | 2,580 | 3.8 | 4.1 | 110 | 5.3 |
| Paid nursing home‐27 |
Hanakotoba Shin‐ Yokohama II | Japan Real Estate Institute | 437 | 439 | 5.0 | 435 | 4.8 | 5.2 | 22 | 6.0 |
| Paid nursing home‐28 |
Hanakotoba Odawara | The Tanizawa Sogo Appraisal Co., Ltd. | 953 | 967 | 4.8 | 947 | 4.9 | 5.0 | 49 | 5.6 |
| Paid nursing home‐29 |
Verde Minowa | Daiwa Real Estate Appraisal Co., Ltd. | 1,770 | 1,790 | 4.8 | 1,760 | 4.6 | 5.0 | 106 | 6.5 |
| Paid nursing home‐30 |
Verde Hotaka | Daiwa Real Estate Appraisal Co., Ltd. | 1,600 | 1,610 | 5.2 | 1,590 | 5.0 | 5.4 | 90 | 6.8 |
| Paid nursing home‐31 |
Sunny Life Kita‐ Shinagawa | Daiwa Real Estate Appraisal Co., Ltd. | 2,090 | 2,120 | 4.1 | 2,070 | 3.9 | 4.3 | 89 | 4.9 |
| Paid nursing home‐32 |
Sunny Life Kamakura | The Tanizawa Sogo Appraisal Co., Ltd. | 1,570 | 1,590 | 4.3 | 1,560 | 4.4 | 4.5 | 75 | 5.3 |
| Paid nursing home‐33 |
Nichii Home Nishikokubunji | Daiwa Real Estate Appraisal Co., Ltd. | 768 | 783 | 4.1 | 762 | 3.9 | 4.3 | 36 | 5.0 |
| Paid nursing home‐34 |
SOMPO CARE Lavie Re Kobeikawadani | Rich Appraisal Institute Co.,Ltd. | 1,300 | 1,320 | 4.3 | 1,290 | 4.1 | 4.5 | 63 | 4.9 |
| Paid nursing home‐35 |
SOMPO CARE Sompo no ie Sayama | Rich Appraisal Institute Co.,Ltd. | 647 | 657 | 4.7 | 643 | 4.5 | 4.9 | 32 | 5.4 |
| Paid nursing home‐36 |
Royal Kawaguchi | Daiwa Real Estate Appraisal Co., Ltd. | 1,420 | 1,430 | 4.1 | 1,410 | 3.9 | 4.3 | 61 | 4.9 |
| Paid nursing home‐37 |
NOAH GARDEN LEGEND | The Tanizawa Sogo Appraisal Co., Ltd. | 930 | 940 | 5.0 | 920 | 5.1 | 5.2 | 48 | 5.6 |
| Paid nursing home‐38 |
NOAH GARDEN L Grace | The Tanizawa Sogo Appraisal Co., Ltd. | 670 | 680 | 5.0 | 670 | 5.1 | 5.2 | 35 | 5.6 |
| Paid nursing home‐39 |
NOAH GARDEN Season Bell | The Tanizawa Sogo Appraisal Co., Ltd. | 1,580 | 1,600 | 4.8 | 1,570 | 4.9 | 5.0 | 78 | 5.8 |
| Paid nursing home‐40 |
Heartland Kawaguchi Meiseien | Japan Real Estate Institute | 2,270 | 2,280 | 4.1 | 2,250 | 3.9 | 4.2 | 100 | 5.0 |
| Paid nursing home‐41 |
Rehabilitation Home Granda Minamiurawa | Rich Appraisal Institute Co.,Ltd. | 1,100 | 1,110 | 4.1 | 1,100 | 3.9 | 4.2 | 49 | 4.8 |
| Paid nursing home‐42 |
Madoka Minamiurawa | Rich Appraisal Institute Co.,Ltd. | 882 | 892 | 4.1 | 878 | 3.9 | 4.2 | 39 | 4.8 |
| Paid nursing home‐43 |
Nichii Maison Inage | Rich Appraisal Institute Co.,Ltd. | 1,670 | 1,700 | 4.6 | 1,660 | 4.4 | 4.8 | 83 | 5.5 |
| Paid nursing home‐44 |
Hanakotoba Oppama | The Tanizawa Sogo Appraisal Co., Ltd. | 515 | 516 | 4.4 | 515 | 4.5 | 4.6 | 25 | 5.1 |
| Paid nursing home‐45 |
NOAH GARDEN Building A | Daiwa Real Estate Appraisal Co., Ltd. | 402 | 405 | 4.8 | 400 | 4.6 | 5.0 | 24 | 6.3 |
| Paid nursing home‐46 |
NOAH GARDEN Building B | Daiwa Real Estate Appraisal Co., Ltd. | 292 | 295 | 4.8 | 291 | 4.6 | 5.0 | 15 | 5.6 |
| Paid nursing home‐47 |
NOAH GARDEN Villa | Daiwa Real Estate Appraisal Co., Ltd. | 314 | 317 | 4.8 | 313 | 4.6 | 5.0 | 16 | 5.3 |
| Paid nursing home‐48 |
PD House Higashi-Osaka | Rich Appraisal Institute Co.,Ltd. | 745 | 759 | 4.8 | 739 | 4.6 | 5.0 | 37 | 5.4 |
| Paid nursing home‐49 |
TSUKUI SUNSHINE YOKOHAMA TOTSUKA | Daiwa Real Estate Appraisal Co., Ltd. | 1,190 | 1,210 | 4.0 | 1,180 | 3.8 | 4.2 | 53 | 4.6 |
| Paid nursing home‐50 |
Hoshigaoka Doctors Building | Japan Real Estate Institute | 883 | 885 | 4.0 | 881 | 3.8 | 4.1 | 45 | 5.6 |
| Paid nursing home‐51 |
Sunny Life Funabashi | Rich Appraisal Institute Co.,Ltd. | 2,230 | 2,280 | 4.3 | 2,210 | 4.1 | 4.5 | 106 | 4.9 |
| Paid nursing home‐52 |
Medical Rehabilitation Home Kurara Keio Higashi-Fuchu | The Tanizawa Sogo Appraisal Co., Ltd. | 849 | 862 | 3.9 | 843 | 4.0 | 4.1 | 37 | 4.5 |
| Serviced housing for the elderly ‐1 |
SOMPO CARE Sompo no ie S Awajiekimae | Japan Real Estate Institute | 2,380 | 2,410 | 4.7 | 2,350 | 4.5 | 4.9 | 116 | 6.0 |
| Serviced housing for the elderly ‐2 |
SOMPO CARE Sompo no ie S Kobekamisawa | Japan Real Estate Institute | 1,430 | 1,440 | 4.8 | 1,410 | 4.6 | 5.0 | 71 | 5.9 |
| Serviced housing for the elderly ‐3 |
NOAH GARDEN CASA RICH | The Tanizawa Sogo Appraisal Co., Ltd. | 1,760 | 1,780 | 5.0 | 1,750 | 5.1 | 5.2 | 91 | 5.6 |
| Serviced housing for the elderly ‐4 |
NOAH GARDEN Bloom View | Daiwa Real Estate Appraisal Co., Ltd. | 770 | 778 | 4.8 | 766 | 4.6 | 5.0 | 38 | 5.1 |
| Medical service ‐ related facilities ‐1 |
Niigata Rehabilitation Hospital | Japan Real Estate Institute | 2,280 | 2,290 | 6.5 | 2,270 | 6.3 | 6.7 | 152 | 7.4 |
| Complex of paid nursing homes, medical service related facilities, etc.‐1 |
SHIP Senri Building | The Tanizawa Sogo Appraisal Co., Ltd. | 14,700 | 14,800 | 4.3 | 14,600 | 4.4 | 4.5 | 668 | 5.1 |
| Total | 97,384 | 98,409 | - | 96,675 | - | - | 4,750 | 5.4 | ||
| (Note 1) | “Appraisal value” is based on the appraisal report with January 31, 2026, as the appraisal date. |
|---|---|
| (Note 2) | “Discount rate” represents a yield used to discount net cash flow during an analysis period and terminal value at the end of an analysis period back to present value, and figures used by respective appraisal organizations are shown. |
| (Note 3) | “Appraisal NOI” indicates net operating income obtained by direct capitalization method stated in the real estate appraisal report with January 31, 2026, as the appraisal date and is rounded down to the nearest million yen. In addition, NOI is revenue before deducting depreciation and differs from NCF (net cash flow), which is the amount calculated by adding the gain on investment from security deposits, etc. to NOI and deducting capital expenditures. The same shall apply hereinafter in this document. |
| (Note 4) | “Appraisal NOI yield” is calculated by the formula below and rounded down to one decimal place. In the column of total appraisal NOI yield, the average appraisal NOI yield, which is calculated by dividing the total appraisal NOI of the respective real estate in trust by the total acquisition price, is shown (rounded down to the first decimal place). Appraisal NOI yield = Appraisal NOI of the respective real estate in trust / Acquisition price of the respective real estate in trust |
Capital Expenditures of Assets Under Management (as of the end of 22nd FP:Output Indicators)
22nd FP (Ending January 2026) Actual
| Name of real estate (Location) |
Purpose | Period | Construction costs (thousands of yen) |
|---|---|---|---|
| SHIP Senri Building (Toyonaka-shi, Osaka) | Renewal of air conditioners in common areas (Phase 1) | From: Oct. 2025 To: Dec. 2025 |
74,014 |
| NOAH GARDEN Bloom View (Sapporo-shi, Hokkaido) | Renovation of exterior walls | From: Jul. 2025 To: Sep. 2025 |
25,502 |
| Madoka Minamiurawa (Kawaguchi-shi, Saitama) | Renewal of air conditioners in common areas | From: Jan. 2026 To: Jan. 2026 |
22,176 |
| Hanakotoba Miura (Miura-shi, Kanagawa) | Renewal of air conditioners in common areas | From: Jan. 2026 To: Jan. 2026 |
20,350 |
| Hanakotoba Oppama (Yokosuka-shi, Kanagawa) | Renewal of air conditioners on the first floor | From: Dec. 2025 To: Jan. 2026 |
7,128 |
| Other real estate | - | - | 83,106 |
| Total | 232,277 | ||
23rd FP (Ending July 2026) Plan
| Name of real estate (Location) |
Purpose | Period | Estimated construction costs (thousands of yen) |
||
|---|---|---|---|---|---|
| Total Amount |
Payment during period |
Total amount already paid |
|||
| SHIP Senri Building (Toyonaka-shi, Osaka) | Renewal of air conditioners in common areas (Phase 2) | From: Feb. 2026 To: May. 2026 |
103,900 | 6,490 | 6,490 |
| GOOD TIME HOME Fudo-mae (Shinagawa-ku, Tokyo) | Renovation of retaining wall | From: Mar. 2026 To: Apr. 2026 |
33,000 | - | - |
| GOOD TIME HOME Fudo-mae (Shinagawa-ku, Tokyo) | Upgrade of emergency broadcast system | From: Mar. 2026 To: Jul. 2026 |
11,000 | - | - |
| Hanakotoba Oppama (Yokosuka-shi, Kanagawa) | Renewal of LED lighting in rooms and common areas | From: Mar. 2026 To: Jul. 2026 |
6,400 | - | - |
Company Profile of Operators (as of the end of 22nd FP:Output Indicators)
| Operator name |
Headquarters location (Note) |
Representative (Note) |
Founded (Note) |
Capital stock or total assets (millions of yen) (Note) |
Attribute |
|---|---|---|---|---|---|
| GREEN LIFE Co., Ltd. | 3-20-8 Kasuga, Suitashi, Osaka | Representative Director Nobuyuki Tamai |
May 1994 |
50 | Consolidated subsidiary of Ship Healthcare Holdings Inc. which is listed on the TSE Prime Market |
| Sompo Care Inc. | 4-12-8 HigashiShinagawa, Shinagawa-ku, Tokyo | Representative Director Takamitsu Washimi |
May 1997 |
3,925 | Consolidated subsidiary of Sompo Holdings, Inc., which is listed on the TSE Prime Market |
| Kyowakai Medical Corporation | 1-7-13, Hiuchi, Kawanishi-shi, Hyogo | Director Toru Kitagawa |
August 1982 |
7,338 | ― |
| Benesse Style Care Co., Ltd. | 2-3-1, Nishi-Shinjuku, Shinjuku-ku, Tokyo | Representative Director Shinya Takiyama |
September 1995 |
100 | Unlisted company |
| Proud Life Inc. | 1-2-4,Isago, Kawasaki-ku,Kawasaki-shi, Kanagawa | Representative Director Masaki Mineyama |
July 2006 |
33 | Consolidated subsidiary of Sony Financial Holdings Inc., which is listed on the TSE Prime Market |
| Sawayaka Club Co.,Ltd. | 2-10-10 Kumamoto, Kokurakita-ku,Kitakyushu-shi, Fukuoka | Representative Director Takehiro Yamamoto |
December 2004 |
100 | Consolidated subsidiary of UCHIYAMA HOLDINGS Co., Ltd., which is listed on the TSE Standard Market |
| Kawashima Corporation | 248-2, Higashiinohara, Kimitsu-shi, Chiba | Representative Director Eigo Kawashima |
September 1990 |
50 | Unlisted company |
| Verde Corporation | 839-4, Kamishiba, Misatomachi, Takasakishi, Gunma | Representative Director Tomoyuki Higuchi |
June 1970 |
30 | Unlisted company |
| Medical Corporation AIKOKAI | 761 Kizaki, Kita-ku, Niigata-shi, Niigata | Director Hiromu Ikeda |
November 1993 |
422 | A medical corporation belonging to the Niigata-based NSG Group |
| AS PARTNERS Co.,Ltd. | 2-2, Kanda surugadai, Chiyoda-ku, Tokyo | Representative Director Takeshi Uemura |
November 2004 |
599 | Company listed on the TSE Standard Market |
| JAPAN LIFEDESIGN Inc. | 1-7-1, Akasaka, Minato-ku, Tokyo | Representative Director Shosetsu Ito |
April 2004 |
340 | Unlisted company Capital partnership with Nomura Real Estate Holdings, Inc. |
| Nichii Carepalace Company | 4-6, Kandasurugadai, Chiyoda-ku,Tokyo | Representative Director Noriyuki Sakurai |
June 1964 |
80 | Unlisted company (A consolidated subsidiary of Nippon Life Insurance Company) |
| SENIOR LIFE SUPPORT Co.,Ltd | 2-5-24, Aoki, Kawaguchi-shi, Saitama | Representative Director Machida Tomonao |
November 2006 |
30 | Affiliated company of ZENSHO HOLDINGS Co.,Ltd., which is listed on the TSE Prime Market |
| NOAH KONZER Co.,Ltd | 14-1-32, Nanajou, Hiragishi, Toyohira-ku, Sapporo-shi, Hokkaido | Representative Director Takamichi Tanabe |
February 1979 |
100 | A consolidated subsidiary of CUC Inc., which is listed on the TSE Growth Market. |
| Meisho Co., Ltd. | 4-3-5, Hokima, Adachi-ku,Tokyo | Representative Director Yumi Watanabe |
August 1998 |
10 | Unlisted company |
| SUNWELS Co., Ltd. | 15-13, Ninomiyamachi, Kanazawa-shi, Ishikawa |
Representative Director Ryotatsu Nawashiro |
September 2006 |
35 | Company listed on the TSE Prime Market |
| TSUKUI CORPORATION | 1-6-1 Kamiooka-Nishi, Konan-ku, Yokohama-shi, Kanagawa |
Representative Director Takeshi Takahata |
May 2020 |
5 | Unlisted company |
| (Note) | The information regarding “Head Office Location,” “Date of Incorporation,” and “Capital or Total Assets” is based on entries in the corporate registry or information posted on the company’s website as of January 15, 2026. Regarding “Representative,” only one individual is listed based on information as of April 1, 2026. For “Capital or Total Assets,” amounts less than one million yen have been rounded down. |
|---|
Various Issues Derived from Declining Birthrate and Aging Population
Progress in Population Decline and Aging
Japanʼs population of elderly people aged 65 or older is estimated to be 36 million and 23 thousand (as of September 15,2023), representing 29.1% of the total population, which makes it the most aged society in the world. Due to the population aged 65 or older growing while the total population is decreasing and the birthrate declining, the aging rate will continue to increase, with the National Institute of Population and Social Security Researchʼs “Population Projection for Japan (2023 Projection)” estimating that it will reach 33.9% in 2038, resulting in a society where one in three citizens are aged 65 years or older. As the proportion of people aged 75 or older in particular continues to rise, the caregiver labor shortage caused by the declining birthrate and the increase in care needs due to the aging of society are starting to have a major impact on the medical and care industries.
[Outlook for Change in Total Population and Aging Rate]
| (Source) | Created by HAM based on the Ministry of Internal Affairs and Communications Statistics Bureau 2020 Census and the National Institute of Population and Social Security Researchʼs “Population Projection for Japan (2023 Projection)” |
|---|---|
| (Source) | Website of the Ministry of Internal Affairs and Communications Statistics Bureau, Statistics Topics No. 132, “A Statistical View of Japanʼs Elderly Population: On the Occasion of Respect-for-the-Aged Day” |
[Change in Number of Births and Birth Rate]
| (Source) | “Demographic Statistics (2024)“ of Ministry of Health, Labour and Welfare |
|---|
Growing Demand for Nursing Care Services and Change in Medical Services
With the aging of the population, it is forecast that the number of people eligible to receive nursing care will continue to increase and that it will become more difficult than ever to take care of members in the same household due to the declining birthrate and change in family structure. In order to respond to the increasing needs for nursing care, it is necessary to secure caregivers and promote the supply of healthcare facilities. It is expected that the number of deaths due to aging will increase and the number of people who spend their final days at homes and facilities for the elderly other than medical institutions will increase rapidly. In the future, the role of facilities for the elderly, etc. by caregivers will be emphasized, and cooperation between medical services (in-home medical care) at homes and facilities for the elderly by medical institutions and institutions related to medical service and nursing care will be required.
[Change in the Number of People Eligible to Receive Nursing Care by Degree of Nursing Care Required]
| (Source) | “Nursing Care Insurance Business Status Report“ of Ministry of Health, Labour and Welfare |
|---|
Annual Death Toll and Place of Death
| (Source) | KPMG Healthcare Japan Co., Ltd |
|---|---|
| (Note) | CAGR (compound average growth rate) is the annual average growth rate obtained using the geometric mean per year based on the growth rate over multiple years. |
Healthcare Facilities Requiring the Promotion of Supply
A target to raise the number of housing units designed to support living in old age (Note) from 1.08 million in 2023 to 1.5 million by 2035.
Ratio of Housing for the Elderly as a Percentage of the Elderly Population
| (Note) | Resident capacity is estimated based on the outcome indicator for the ratio of housing for the elderly as a percentage of the elderly population. In the plan, Housing for elderly means paid nursing home, serviced housing for the elderly, group homes and Geriatric health services facilities. |
|---|
[Capacity and Number of Users of Facilities and Housing for the Elderly]
| (Source) | Prepared by the Asset Management Company based on the “Statistics on the Actual Status of Nursing Care Benefits, etc.“ and “Survey on Social Welfare Facilities, etc.“ of Ministry of Health, Labour and Welfare, “Information Provision System of serviced housing for the elderly “ on the website of the Senior Housing Association. |
|---|---|
| (Note) | The number of users is shown for facilities covered by public aid providing long-term care to the elderly, Long-term care health facilities, long-term care medical facility and long-term daily care for dementia patients in communal living situation (Group homes). |
(Reference) Environmental Improvement for Upgrading and Expanding Healthcare Facilities
In the “Japan Revitalization Strategy-JAPAN is BACK-” dated June 14, 2013, the government announced its policy to “enact a guideline concerning acquisition and management of housing for the elderly, etc. for the utilization of healthcare REITs with an aim to utilize private fund” as part of urban development to enable the elderly, etc. to walk and live safely. Following this policy, the Ministry of Land, Infrastructure, Transport and Tourism enacted the “Guideline related to the utilization of healthcare REITs targeting housing for the elderly, etc.” on June 27, 2014, and the “Guideline related to REITs targeting hospital real estate” on June 26, 2015, and guidelines for utilizing healthcare REITs were established. In addition, in the Action Plan for a New Form of Capitalism Follow-up (approved by the Cabinet on June 7, 2022), the government has set a target of "reviewing the guidelines for the utilization of healthcare REITs during FY2022 with the aim of increasing the total assets of REITs, etc. to about 40 trillion yen by around 2030 in order to form a high-quality stock of real estate, etc." In response to this, the "Guideline related to the utilization of healthcare REITs targeting housing for the elderly, etc." was revised on March 28, 2023 to contribute to the acquisition of healthcare facilities by REITs, and a handbook explaining the contents of the guideline was created. As a measure to spread healthcare REITs, seminars targeting related business operators jointly held by the Financial Services Agency, the Ministry of Land, Infrastructure, Transport and Tourism, the Tokyo Stock Exchange, and the Association For Real Estate Securitization have been held several times a year, and efforts by the public and private sectors are being made.
Various Issues in Nursing Care
Personnel Shortage in the Nursing Care Industry
In fiscal 2024, the jobs-to-applicants ratio for nursing care-related occupations was 4.07 times, which is higher than that for all occupations.
Based on information such as the projected volume of nursing care services in the 8th Nursing Care Insurance Business Plan, the number of required nursing care personnel, as estimated by prefectural governments, will be shortage of approximately 690 thousand in fiscal 2040.
[Jobs-to-Applicants Ratio (All Industries and Nursing Care-Related Occupations) and Unemployment Rate]
| (Source) | Ministry of Health, Labour and Welfare, “Job Placement Service Statistics,” and Ministry of Internal Affairs and Communications, “Labor Force Survey” |
|---|
[Needs for Nursing Care Human Resources Towards 2040]
| (Source) | Ministry of Health, Labour and Welfare, “Number of Nursing Care Personnel Required Based on 8th Nursing Care Insurance Business Plan – Appendix 1” |
|---|
Abuse of the Elderly in Nursing Care
Abuse of the elderly in nursing care is also a major issue. There are various reasons for abuse, but there are many cases in which abuse is caused by the heavy burden of nursing care, and there is a need to expand nursing care services responding to the need to reduce the burden of caregivers.
In addition, although the number of cases of abuse in nursing care facilities smaller than that of abuse by families, there are certain number of abuse in nursing care facilities, nursing care business operators are taking actions toward workers at nursing care facilities including improvement of the knowledge on abuse and holding trainings and preparing manuals with an aim to prevent abuse and inappropriate care.
[Change in the Number of Cases of Elderly Abuse]
| (Source) | “Survey Results on the Status of Response Based on the “Act on the Prevention of Elder Abuse, Support for Caregivers of Elderly Persons and Other Related Matters“ in Fiscal 2024“ of Ministry of Health, Labour and Welfare |
|---|
Actions by the Government and Local Governments
Further Increase in Social Security Benefits (Medical and Nursing Care)
With the progress in aging population and declining birthrate, social security benefits in Japan are forecast to increase significantly, which is a major issue.
[Future Outlook for Social Security Benefits Towards 2040]
| (Source) | “Future Outlook for Social Security Towards 2040“ of the Cabinet Secretariat, Cabinet Office, Ministry of Finance, Ministry of Health, Labour and Welfare |
|---|
Establishment of Regional Comprehensive Care System
With the further increase in demand for medical and nursing care after 2025 when the baby boomers will be 75 or older, the government (Ministry of Health, Labour and Welfare) is promoting the construction of a regional comprehensive care system that integrally provides housing, medical service, nursing care, prevention and life support to enable the elderly to continue living in familiar areas until the end of their lives to the maximum extent possible with an aim to maintain the dignity of the elderly and support independent life.
It is believed that the extension of healthy life expectancy and a society that supports the elderly by utilizing not only public services but also the power of the community can be realized with the regional comprehensive care system in accordance with the actual circumstances of each region, leading to the securement of the sustainability of the social security system.
Establishment of Regional Healthcare Vision and Promotion of Differentiation and Coordination of Medical Functions
The current regional medical care concept aims to ensure a high-quality and efficient medical care delivery system through functional differentiation and coordination of hospital beds toward the year 2025.The policy is to formulate a new regional medical care concept with a view to around 2040.
| (Note) | The above chart was prepared by the Asset Manager based on the “Regional Medical Care Plan” of the Ministry of Health, Labour and Welfare. |
|---|---|
| (Source) | Created by HAM based on Ministry of Health, Labour and Welfareʼs “Regional Healthcare Vision. |
Initiatives to Prevent Abuse of the Elderly
Various initiatives are being taken by the government and local governments to prevent abuse of the elderly.
- Establishment of elder abuse prevention networks (e.g., "early detection and monitoring network" of community welfare volunteers and residents, "intervention support network of relevant professional organizations" of administrative agencies and legal professionals, etc.)
- Conducted annual surveys based on the "Act on Prevention of Elder Abuse and Support for Caregivers of Elderly Persons".
- Development of abuse response manual
- Establish a system of cooperation and collaboration with related organizations, private organizations, etc.
- Publicize the name of the response desk and the names of the elder abuse response cooperators, etc.
Improvement of the environment for securing nursing care personnel
In order to meet the ever-increasing demand for nursing care services, the government will take measures to "improve compensation for nursing care workers," "secure and develop diverse human resources," "prevent turnover, promote retention, and improve productivity," "make the nursing care workforce more attractive," and "improve the environment for accepting foreign personnel.
| （Source） | Ministry of Health, Labour and Welfare the Social Security Council Materials |
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