AIRPORT FACILITIES Co.,LTD.
8864・Standard Market・Real Estate
Airport Real Estate Business
The company's core segment centered on real estate leasing within airports such as Haneda Airport
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue | ¥17,291 million | ¥16,891 million | ↑ |
| Segment profit | ¥4,006 million | ¥3,393 million | ↑ |
| Segment assets | ¥34,605 million | ¥35,556 million | ↓ |
| Depreciation | ¥2,735 million | ¥3,087 million | ↓ |
| Impairment loss | ¥1,647 million | ¥1,223 million | ↑ |
Business Details
This segment's primary business is the leasing of real estate within airports, including office buildings, hangars, and factory buildings, and is operated by the company on a standalone basis. Major customers are aviation-related companies such as Japan Airlines Co., Ltd. (revenue of ¥4,385 million), Japan Airport Terminal Co., Ltd. (¥4,098 million), and All Nippon Airways Co., Ltd. (¥3,838 million). The revenue base is the stable accumulation of rental income through the review of leasing terms for existing properties and tenant attraction. The re-recognition of asset retirement obligations associated with the revision of building demolition costs in the Haneda Airport 1-chome district is positioned as a key medium- to long-term priority.
Recent Overview
Revenue and profit increased due to review of leasing terms, but impairment loss expanded due to revision of Haneda 1-chome demolition costs
In FY2026 (ending March 2026), revenue reached ¥17,291 million (up 2.3% year on year) and segment profit reached ¥4,006 million (up 18.0% year on year), driven by the review of leasing terms for existing properties and tenant attraction. While the decrease in depreciation and other costs associated with the impairment loss recognized in the prior period boosted profit, rising construction costs and a revision of the demolition method in the Haneda Airport 1-chome district led to a change in the estimate of asset retirement obligations (an increase of ¥2,354 million), resulting in the recognition of an impairment loss of ¥1,647 million and a loss on retirement of fixed assets of ¥469 million as extraordinary losses. With the implementation of large-scale renovation work, the increase in tangible and intangible fixed assets expanded to ¥3,549 million.
Key Products
Growth Drivers
- Increase in rental income through review of leasing terms for existing properties and tenant attraction
- Profit-boosting effect from the decrease in depreciation and other costs associated with the impairment loss recognized in the prior period
- Maintenance of tenant demand due to the steady trend in the aviation industry supported by inbound demand
- Accumulation of rental income through temporary use
Risks
- Risk of additional impairment losses and recognition of asset retirement obligations due to rising building demolition costs in the Haneda Airport 1-chome district
- Increase in repair and construction costs due to rising raw material prices and labor costs
- Impact on aviation demand from the situation in the Middle East and U.S. trade policy, among other factors
- Risk of delays or cost overruns in the Haneda Airport 1-chome Project plan
- Risk of decreased rental income due to deterioration in the business environment of major tenants (airlines, etc.)
Last updated: June 23, 2026