News Releases
Mori Trust Group Financial Report for the Fiscal Year Ended March 2026
- Corporate Information
Mori Trust Group recently announced its consolidated business performance for the year ended March 31, 2026 (FY2026).
The Group consists of 50 companies, including Mori Trust Co., Ltd., Mori Trust Building Management Co., Ltd., and Mori Trust Hotels & Resorts Co., Ltd., comprising 44 consolidated subsidiaries and five equity-method affiliates.
Mori Trust Group Consolidated Financial Report (April 1, 2025 to March 31, 2026)
For the fiscal year ended March 2026, operating revenue reached a record high of 321.0 billion yen (up 14% from the previous fiscal year), and operating income was 60.5 billion yen (up 12% from the previous fiscal year). As a result of high occupancy rates in the newly opened “Tokyo World Gate Akasaka Akasaka Trust Tower” as well as existing office buildings due to robust office rental demand and strong domestic hotel occupancy rates due to inbound demand, both rental and hotel-related revenues reached record highs.
Ordinary income was 64.5 billion yen (up 7% year on year), and net income attributable to parent company’s shareholders was 39.2 billion yen (up 6% year on year).
For the fiscal year ending March 2027, we expect operating revenue to reach 347.0 billion yen (up 8% from the previous fiscal year), the highest level ever for the third consecutive fiscal year. In addition, operating income is expected to be 70 billion yen (up 15% year on year), and net income attributable to parent company’s shareholders is expected to be 35 billion yen (down 10% year on year).
Highlights of the Fiscal Year Ended March 2026
- In the rental related business, operating revenue increased 5% year on year to 102.1 billion yen, the highest level in four consecutive periods, due to the opening of the “Tokyo World Gate Akasaka Akasaka Trust Tower” and high occupancy rates in existing office buildings amid continued strong demand for office buildings, including vacancy rates for large-scale office buildings*1 in Tokyo’s five central wards remaining in the low 1% range*2 for over six months. (*1. Large-scale office buildings refers to leased office buildings with floor area of 661 m2 or more; *2. Source: Sanko Estate Co., Ltd.)
- In the hotel related business, both city hotels and resort hotels recorded high occupancy rates and average room rates, spurred by the booming inbound tourism industry, which saw both the number of visitors to Japan and the amount of spending by visitors to Japan reach record highs for the second consecutive year following 2024. In addition to the strong performance of the Group’s luxury hotels in Tokyo which continued from the previous period, operating revenue rose 13% year on year to 90.5 billion yen, the highest ever for the fourth consecutive fiscal year, thanks to contributions from the Equinox Hotel, a luxury lifestyle hotel in Manhattan, U.S., acquired last November, and Asanoya Co., Ltd., which operates the long-established bakery Boulangerie Asanoya.
- In the real estate sales business, condominium sales by Eslead Corporation continued to perform well, and operating revenue increased 17% year on year to 100.4 billion yen.
- In the other business category, operating revenue increased 41% year on year to 27.9 billion yen, mainly due to revenue growth driven by tenant fit-out work at “Tokyo World Gate Akasaka Akasaka Trust Tower.”
As a result of the above, operating revenue reached a record high of 321.0 billion yen, operating income was 60.5 billion yen, and net income attributable to parent company’s shareholders was 39.2 billion yen.
Financial Forecast for the Fiscal Year Ending March 2027
- In the rental related business, we expect operating revenue of 120.0 billion yen, a record high for the fifth consecutive fiscal year, due to the full-year operation of “Tokyo World Gate Akasaka Akasaka Trust Tower” and the full-year revenue contribution of large-scale mixed-use building “35 Hudson Yards” in Manhattan, U.S.
- In the hotel related business, we expect operating revenue of 100.0 billion yen, a record high for the fifth consecutive fiscal year, due to strong operations at existing hotels, the revenue contribution of newly opened “1 Hotel Tokyo,” and the full-year revenue contribution of “Equinox Hotel” in Manhattan, U.S.
- The real estate sales business is expected to generate operating revenue of 100.0 billion yen, mainly from the residential sales business, while other business is expected to generate operating revenue of 27 billion yen.
As a result of the above, business performance for the fiscal year ending March 2027 is expected to see operating revenue of 347 billion yen, the highest ever for the third consecutive fiscal year; operating income of 70 billion yen; and net income attributable to parent company’s shareholders of 35 billion yen.
Advance2030
Advance2030 Numerical Targets
Mori Trust Group’s medium-to long-term vision, “Advance2027,” formulated in 2016, was revised in November 2023 to become “Advance2030,” setting a new investment target of 1.2 trillion yen for fiscal 2030, as well as targets of sales of 330 billion yen and operating income of 70 billion yen for fiscal 2030.
(1) Real Estate Business (Leasing and Sales)
| i) Selection and concentration | Intensive investment in areas where we can be highly competitive |
| ii) Optimal combinations | Optimally combine functions to maximize the characteristics of land |
| iii) Strengthening international city functions | Contribute to the kind of urban development which serves to contribute to the strengthening of Japan’s international competitiveness |
(2) Hotel & Resorts Business
| i) Communicating the brand of Japan | Leverage abundant tourism resources to communicate the charm of Japan to the rest of the world |
| ii) Global standards | Providing services based on international standards and global lifestyles to the Japanese market |
| iii) Innovation | Creating new value by integrating Japanese culture with services that are based on international standards |
| iv) Aiming for Japan to become an advanced country in terms of tourism | Contributing through business to the establishment of Japan’s status as an advanced country when it comes to tourism |
(3) Investment Business
In order to build an optimal business and asset portfolio in a manner having us promptly responding to the times, we will ensure that our investments focus on stability, sustainability, and growth potential through the deployment of variety of investment methods for all businesses serving to bring value to greater society.
Business Topics
List of Main Business Topics
| Announcement date | Summary |
| June 2025 | Investment in “8F Aquaculture Fund Japan I LP” (land-based salmon aquaculture project) |
| September 2025 | Long-term issuer rating of “AA” and domestic CP rating of “J-1+” are unchanged (Mori Trust Holdings Inc.) |
| October 2025 | Completed Phase 2 of Tokyo World Gate Akasaka Acquired a new hotel in the Hakone Gora area |
| November 2025 | Acquired 35 Hudson Yards complex, including the five-star “Equinox Hotel,” in Manhattan, U.S. |
| December 2025 | Delivered new brand message “Possibility Developer” in first corporate commercial |
| January 2026 | Invested in “K2P Film Fund I” (movie fund) |
| February 2026 | Opening of Tokyo World Gate Akasaka shops and restaurants |
| March 2026 | Asian debut of “1 Homes Tokyo” branded serviced residences Entry into logistics facility business Recognized as a KENKO Investment for Health 2026 corporation (White 500) |
■ Tokyo World Gate Akasaka
Tokyo World Gate Akasaka 2nd phase completed
The second phase of Tokyo World Gate Akasaka was completed in October 2025.
With the completion of the second phase, the lush green space at “Tokyo World Gate Akasaka” is now fully developed, providing a place of relaxation where local residents and office workers alike can freely walk around and enjoy the area. As part of our ongoing efforts as a project certified under the “National Strategic Special Zone*” initiative, we will continue to promote the removal of utility poles from surrounding roads and the development of facilities to promote the area’s history and culture, thereby contributing to the enhancement of the Akasaka area’s unique character from both a business and tourism perspective. (*Tokyo Metropolitan Area National
| Block Name | Tokyo World Gate Akasaka |
| Building name | Akasaka Trust Tower, NTT Akasaka Building, ATT EAST |
| Address | 2-17-22 Akasaka, Minato-ku, Tokyo (Akasaka Trust Tower) 2-17-28 Akasaka, Minato-ku, Tokyo (NTT Akasaka Building) 2-11-7 Akasaka, Minato-ku, Tokyo (ATT EAST) |
| Site area | Approx. 17,980 m2 |
| Total floor area | Approx. 236,200 m2 |
| Primary use | Offices, hotels, serviced apartments, shops, clinics, historical and cultural facilities, etc. |
Asian debut of “1 Homes Tokyo” branded serviced residences
In March 2026, “1 Homes Tokyo,” named after “1 Homes”, the residential brand of the U.S.-based sustainable luxury hotel chain “1 Hotels”, made its Asian debut on the upper floors of “Tokyo World Gate Akasaka.”
Shops and restaurants, including four new business categories, open
New shops and restaurants opened in stages from February 2026 at “Tokyo World Gate Akasaka.” This addition of 14 stores, including four new business categories, takes the total number to 18. We aim to create a commercial district that supports a wide range of dining experiences that range from everyday lunches to after-work relaxation, socializing with colleagues, and business dinners with clients for the more than 10,000 workers at the “Tokyo World Gate Akasaka” office complex, as well as hotel and serviced residence guests, local residents, and other office workers in the area.
■ Acquired 35 Hudson Yards complex, including the five-star “Equinox Hotel,” in Manhattan, U.S.
In November 2025, we acquired an ownership interest in a portion of the large-scale mixed-use building “35 Hudson Yards” (comprising the 1st through 30th floors), located in Manhattan, New York, through our U.S. subsidiary, MORI America LLC. This marked our 12th real estate investment in the United States and our second building in Manhattan.
The Equinox Hotel New York, which occupies the 15th through 29th floors of 35 Hudson Yards, is a wellness-focused luxury lifestyle hotel, operated by Equinox Holdings, Inc., which operates premium fitness facilities primarily in North America and is the only one in the world located exclusively in Hudson Yards.
■ Delivered new brand message “Possibility Developer” in first corporate commercial
In December 2025, we produced our first corporate commercial since our establishment in 1951, set at Mampei Hotel, one of Japan’s leading classic hotels established in 1894, which is owned and operated by the Mori Trust Group. This commercial expresses the vision behind our new brand message, “Possibility Developer” namely, our commitment to “go beyond the boundaries of a real estate developer and develop all kinds of possibilities.”
■ Investment in new domains
Investment in “8F Aquaculture Fund Japan I LP” (land-based salmon aquaculture project)
We joined a land-based salmon aquaculture project through an investment in “8F Aquaculture Fund Japan I LP,” operated by Pure Salmon Japan K.K., which farms Atlantic salmon in Tsu, Mie Prefecture.
Invested in “K2P Film Fund I” (movie fund)
In January 2026, we invested 300 million yen in “K2P Film Fund I,” a movie production fund operated by K2 Pictures Inc. We hope that video content will function as a new tourism resource, such as through location-based tourism, both during the production process and after release, and we intend to cooperate by providing our facilities as filming locations.
Entry into logistics facility business
In March 2026, in collaboration with Group company Eslead Realty Co., Ltd., we developed “Kobe-Rokko MT Logi Cold,” a leased logistics facility equipped with freezing and refrigeration functions, located on Rokko Island, Kobe, Hyogo Prefecture. This marks the Group’s first logistics facility business.
Launched the Lake Biwa power storage station project
In February 2026, we established a special purpose company to develop and operate our first power storage station for the grid. Construction of the power storage station is scheduled to commence in the summer of 2026 in Moriyama, Shiga Prefecture with plans to start operation in the second half of 2027.
Hotels and Resorts
Mori Trust Co., Ltd.’s hotel and resort business, the core of the Mori Trust Group, operates 35 hotel facilities across Japan and overseas and is promoting 16 new projects as of March 2026. We are promoting initiatives aimed at expanding inbound demand and increasing spending per traveler. We are providing both domestic and international travelers with comfortable stays that take advantage of the attractive tourism resources in Japan.
List of Existing Hotels and New Projects
Sustainability Activity Report
Mori Trust Sustainability Vision
From Urban Planning to Future Planning
Under our corporate slogan “Create the Future,” we aim to create an exciting future.
Just as our mission once changed from building buildings to developing cities, by creating a new society we too will change along with society.
Results of Initiatives in the Fiscal Year Ended March 2026 (Excerpt)
■ Safe and secure community development and community revitalization
| Provision of lounge space open to the community | Total annual usage of TOKYO WORLD GATE CoCo Lounge:73,521 people |
| Building local communities through area management activities | Number of events held in the Kamiyacho, Gotenyama, Marunouchi, and Sendai areas: 45 times |
| Development of space for stranded commuters | Development of a 2,000 m2 space for stranded commuters with the October 2025 completion of the second phase of Tokyo World Gate Akasaka |
| Preparing for safety through disaster drills | Number conducted: 4 |
■ Realization of a sustainable environment and society
| Introduction of renewable energy power to rental buildings | Achieved 100% introduction in FY2024 and maintained 100% introduction in FY2025 as well |
| Reduction in the use of plastic in hotel amenities | Reduction in FY2025: 20.9 tons (+1 ton YoY) * Total weight of 19 facilities operated by Mori Trust Hotels & Resorts Co., Ltd. |
| Acquisition of environmental certification for leased office buildings | Acquisition of WELL Core Gold certification at Akasaka Trust Tower |
| Initiatives to address climate change through investment business | Commencement of the “Lake Biwa power storage station project” |
■ Proposing new work lifestyles
| Acquisition of certification related to work environment | Recognized as a KENKO Investment for Health corporation (large corporation division) for the seventh consecutive year and first White 500 certification |
■ Creation of a new era and industrial development
| Promotion of demonstration and introduction of cleaning robots and food delivery robots | Robots have been installed in 13 hotels and three office buildings operated by the Group |
| Investment in start-up companies and funds | Investment in “8F Aquaculture Fund Japan I LP” (land-based salmon aquaculture project), “K2P Film Fund I” (movie fund), etc. |
| Exhibits and sales that contribute to the promotion of culture and industry | Year-round promotion of quality products from 11 local governments at TOKYO WORLD GATE CoCo Lounge |
■ Promotion of business in health promotion and wellness fields
| Initiatives to promote health and wellness within the Company | 100% uptake of health check ups 100% uptake of employee stress check |
■ Initiatives for Diversity
| Support for foreign residents by lifestyle concierges | Concierge services at TOKYO WORLD GATE CoCo Lounge: 1,793 (up 49.9% YoY) |
| Establishment of workplace environment that recognizes diversity | Childcare leave acquisition rate: 93.8% in total, 100.0% for women, 91.7% for men (annual target: 100%) |
■ Continuous improvement of compliance and governance
| Strengthening the legal function of the Mori Trust Group | Group Legal Meetings: 4 times Held in-house seminars: 7 times |
| Raising awareness of information leakage management | Implementation of crisis management simulation |
Mori Trust Group: Total Floor Area Leased or Managed
Number of rental/managed facilities (as of March 31, 2026)
| Buildings, housing, and commercial facilities | 69 |
| Hotel & resort facilities | 48 (number of rooms: 6,478) |
Mori Trust Group: Summary of Consolidated Companies
Mori Trust Group: Major Equity-Method Affiliates
Consolidated Statements of Income (For the years ended March 31, 2026)
Consolidated Balance Sheets (as of March 31, 2026)
