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Notice of Financial Results for the Fiscal Year Ended March 31, 2007, and Forecast for the Fiscal Year Ending March 31, 2008

Last updated：May 9, 2007

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NTT Urban Development Corporation (the "Corporation"), (President: Kiyoshi Mita; Headquarters: 14-1, Sotokanda 4-chome, Chiyoda-ku, Tokyo) hereby announces the consolidated operating performance of the NTT Urban Development Group (the "Group") for the fiscal year ended March 31, 2007 (22nd business period, from April 1, 2006, to March 31, 2007). In addition, we hereby provide our forecast of operating performance for the fiscal year ending March 31, 2008.

Highlights

  • During the fiscal year ended March 31, 2007, the Group posted record levels in all earnings and income categories. Consolidated net sales totaled ¥128,215 million, up 15.7% from the preceding year. Operating income was ¥25,091 million, up 15.5%; recurring income was ¥22,938 million, up 25%; and net income was ¥12,995 million, up 14.0%.
  • In the Leasing Business segment, net sales expanded 10.1%, to ¥85,312 million, and operating income was ¥23,184 million, up 17.3%. Contributing to these increases in earnings and income was revenue from the subleasing of "Akihabara UDX" and a full year of operation of the "Urbannet Nagoya Building."
  • In the Residential Property Sales Business segment, net sales rose 38.8%, to ¥32,680 million, and operating income was ¥5,228 million, up 16.1%. Supporting such growth were sales of condominiums at such properties as "Wellith Garden Chiba Minato Koen," "Wellith Kemigawahama," "Tanta Town Albo no Oka" and "Wellith Geo Umeda Residence." As a result, condominiums sold during the fiscal year numbered 670, up from 566 in the preceding term. In addition, we commenced the sale of raw land with special characteristics at acquired sites.
  • For the fiscal year ending March 31, 2008, we forecast consolidated net sales of ¥138.0 billion, up 7.6%; operating income of ¥28.0 billion, up 11.6%; recurring income of ¥24.5 billion, up 6.8%; and net income of ¥14.0 billion, up 7.7%?all of which amount to "new historic highs."
  • Strategies to strengthen the Group in the future are to (1) raise rents in line with market trends and aggressively pursue development and condominium projects, (2) enhance the real estate solutions we offer the NTT Group and (3) bolster our management infrastructure.