Scott Callon
Chairman & Representative Statutory Executive Officer
Hi, everybody. Thanks so much for joining. I’m Scott Callon, Chairman of Ichigo. I’m joined by Dan Morisaku, who is a senior member of Finance team and the Head of Global IR for us. We are doing something brand new. We just did a Japanese earnings call. We are wearing our suit and our tie for the global call. We decided, we think, to join the globe and recognizing how incredibly hot it is everywhere in the world right now. So forgive us if that’s okay. We’ve gone casual to reflect the fact that we’re in the middle of July. So I’m talking off of what’s in front of you, which is FY ’27/2, the February 2027 Q1 corporate presentation.
Let’s jump into it. We’ve got a slightly different format today. We tried to simplify it. Hopefully, that’s helpful for you. If you have any feedback, we, of course, welcome it. So please feel free to come back to us on it. So the summary is, look, we’re off to a strong start. It’s not surprising. The real estate market continues to be very strong. The Japanese market — real estate market for decades has had a compelling advantage of being very low cost of financing, low interest rates, but with no inflation and therefore, no ability to raise rents. And so what’s changed in the most profound and powerful way is that rents are going up.
And so it’s made real estate a more attractive asset class, and it’s flowing through in our business, both because we have a balance sheet in which the value of our assets