2026日本观点：战略性房地产收购与资本效率

IntelligentInvestment

StrategicRealEstateAcquisitions

andCapitalEfficiency

VIEWPOINT

STRATEGICREALESTATE

ACQUISITIONSCANSUPPORT

BUSINESSGROWTHWHILE

SIMULTANEOUSLYENHANCINGCAPITALEFFICIENCY

CBRERESEARCHSEPTEMBER2026

IntelligentInvestmentStrategicRealEstateAcquisitionsandCapitalEfficiency

Summary

CBRE’sanalysisofcapitalefficiencymetricsbeforeandafterlistedcompaniesannouncedrealestateacquisitionsfoundthatcompaniesacquiringexistingpropertiesexperiencedthemostsignificantimprovementsincapitalefficiency.Thesecompaniesalsodemonstratedrelativelystrongbusinessperformancepriortotheacquisitionannouncement,suggestingthattheacquisitionofexistingrealestateservedasastrategicinvestmentforhigh-performingcompaniesseekingtoexpandtheircorebusinesses.Moreover,amongcompaniesthatacquiredrealestatewiththeaimoftransitioningfromleasedpremisestoowner-occupiedproperties,improvementsincapitalefficiencywereevenmorepronounced.Againstabackdropofrisingconstructioncosts,continuedrentalgrowth,andtighteningvacancyrates,thebenefitsofcorporaterealestateownershiparebecomingincreasinglyevident.Thefindingssuggestthat,forcertaincompanies,strategicrealestateacquisitionscansupportbusinessgrowthwhilesimultaneouslyenhancingcapitalefficiency.

Companiesacquiringexistingpropertiesreporthigherlevelofimprovementsincapitalefficiency

PressreleasesissuedbyJapaneselistedcompaniessince2020announcingacquisitionsofdomesticrealestateassetslargelyfallintotwobroadcategories:acquisitionsdrivenbycorporateoperationalneedsandacquisitionsofinvestmentpropertiesintendedtocomplementacompany’scorebusiness.Toevaluatehowthetimingofpost-acquisitionprofitabilityeffectsdiffersacrossacquisitiontypes,CBREfurthersubdividedtheoperational-usecategoryintothreegroups:(1)acquisitionsofexistingproperties(landandbuildings)forcorporateuse;(2)acquisitionsoflandforthefuturedevelopmentofheadquarters,factories,orothercorporatefacilities;and(3)investmentsinnewconstructionorexpansionprojectsonownedorleasedsites.Afourthgroup,consistingofinvestmentpropertyacquisitions,wasaddedtoenablecomparisonsacrossfourdistinctcategoriesofacquiringcompanies.

Foreachgroup,CBREanalyzedchangesinReturnonInvestedCapital(ROIC),WeightedAverageCostofCapital(WACC),andtheEconomicValueAdded(EVA)spread,definedasthedifferencebetweenROICandWACC,beforeandaftertheacquisitionannouncement.Theanalysisexamineshowcapitalefficiencyevolvedfollowingtheacquisitionsandhighlightsthedifferencesobservedacrossthefourgroups.Themethodologyisdescribedindetailbelow.

Methodology

SurveyPeriodandData:CBREreviewed524pressreleasesannouncingtheacquisitionoftangiblefixedassetsrelatedtodomesticrealestatebetweenJanuary2020andthefirsthalfof2026.Theseacquisitionswereclassifiedintofourgroupsbasedontheirpurposeandcharacteristics,withobservationsthatdidnotfitanyofthefourcategoriesexcludedfromtheanalysis.CBREthencalculatedandcomparedthefinancialmetricsofROIC,WACC,andEVAspreadforthecompaniesineachgrouptoassesschangesincapitalefficiencybeforeandaftertheacquisitions.

CalculationMethod:UsingYear0astheacquisitionannouncementyear,changesineachfinancialmetricweremeasuredrelativetothepre-announcementperiodforeachcompany.

(a)Pre-acquisitionannouncement:ThemeanvalueofthemetriccalculatedforeachofYear-3,Year-2,Year-1,Year0

(b)Post-acquisitionannouncement:ThemeanvalueofthemetriccalculatedforeachofYear+1,Year+2,andYear+3

(c)Change:Post-acquisitionannouncementvalue(b)－pre-acquisitionannouncementvalue(a)

Companiesforwhicheitherpre-announcementorpost-announcementdatawereunavailablewereexcludedfromtheanalysis.Themedianchangeineachmetricwasthencalculatedforeachofthefourcompanygroups.

CasesInvolvingMultipleAnnouncementsbytheSameCompany:Topreventcompaniesthatmademultipleacquisitionannouncementsduringthesurveyperiodfromexertingadisproportionateinfluenceontheoverallresults,aconsolidationapproachwasadopted.Changesintherelevantfinancialmetricswerefirstcalculatedforeachannouncementusingthemethodologydescribedabove.Theaverageofthesechangeswasthencalculatedandusedastherepresentativevalueforeachcompany.

DefiningInvestmentPropertyAcquisitions:Toqualifyasan“acquisitionofaninvestmentproperty,”theannouncementwasrequiredtoexplicitlystatethatthepropertywasacquiredforinvestmentorassetmanagementpurposes.Inaddition,theacquiringcompanycouldnotbelongtoeitherthefinancialorrealestatesectors.

2RESEARCH©2026CBRE,INC.

IntelligentInvestmentStrategicRealEstateAcquisitionsandCapitalEfficiency

3RESEARCH©2026CBRE,INC.

Figure1:ChangesinROIC,WACC,andEVASpread(MedianofCompaniesinEachGroup)

Median

Group1:AcquisitionofExistingProperties(n=36)

ROIC

(change,pp)

WACC

(change,pp)

EVASpread

(change,pp)

+0.84

-0.90

+1.94

Group2:AcquisitionofDevelopmentLand(n=53)

+0.02

-0.62

+0.21

Group3:BuildingConstruction(n=66)

+0.42

-0.92

+1.72

Group4:AcquisitionofInvestmentProperties(n=18)

+0.41

-0.72

+0.58

*Notethat,becausethechangeinROIC,WACC,andEVAspreadarecalculatedindependently,thechangesinROICandWACCandthechangeinEVAspreaddonotnecessarilymatch.Foreachcompany,thechangeinEVAspreadisalwaysequaltoROICchange－WACCchange.

Source:CBREResearch,Bloomberg,August2026.

AcomparisonofchangesinthefinancialmetricsacrossthefourgroupsfoundthatGroup1,comprisingcompaniesthatacquiredexistingproperties,recordedthelargestimprovementinEVAspread,at1.94percentagepoints(Figure1).EVAspread,definedasthedifferencebetweenROICandWACC,measuresthevaluecreatedbyacompanyrelativetoitscostofcapitalandservesasakeyindicatorofcapitalefficiency.Theresultsindicatethatcompaniesacquiringexistingpropertiesachievedsubstantiallygreaterimprovementsincapitalefficiencythancompaniesintheothergroups.

ThemagnitudeofROICimprovementvariedacrossthefourgroups.Bycontrast,changesinWACCwerenegativeacrossallgroupsandexhibitedrelativelylittlevariation.ThesefindingssuggestthatdifferencesinEVAspreadperformanceweredrivenprimarilybychangesinROICratherthanbychangesinthecostofcapital.

Timingofprofitabilitygainsdifferbypurposeofacquisition

CBRE’sanalysisofthesectorcompositionofeachgrouprevealsthatmanufacturingcompaniesaccountedforthelargestshareacrossallfourgroups,particularlyinGroup3,whichcomprisesnewconstructionandexpansionprojects(Figure2).Whenconstructingnewproductionfacilities,acertainleadtimeisrequiredbeforeoperationscancommence.Asaresult,suchinvestmentsaregenerallynotexpectedtocontributemeaningfullytoprofitabilityintheshortterm.

Acomparisonwithinthetwosectorsforwhichsufficientlylargesampleswereavailable,namelymanufacturingandwholesale/retail,revealedasimilarpattern.Inthemanufacturingsector,changesinROICwereeithernegativeorclosetozeroforGroup2(landacquisition)andGroup3(buildingconstruction).Bycontrast,Group1(acquisitionofexistingproperties)recordedthemostsignificantimprovementinROIC(Figure3).Asimilartrendwasobservedinthewholesale/retailsector,suggestingthattheimmediateoperationalandfinancialbenefitsassociatedwithexistingpropertiescontributemoredirectlytoimprovementsincapitalefficiencythaninvestmentsrequiringalongerdevelopmentandramp-upperiod.

Withconstructioncostscontinuingtoriseandlaborshortagespersistingacrosstheconstructionindustry,developmenttimelinesfornewprojectsarelikelytobecomeevenlonger.Asaresult,theacquisitionofexistingpropertiesisexpectedtobecomeincreasinglyattractivefromtheperspectiveofnear-termprofitabilityandcapitalefficiency.

IntelligentInvestmentStrategicRealEstateAcquisitionsandCapitalEfficiency

4RESEARCH©2026CBRE,INC.

Figure2:IndustryCompositionofEachGroup

100%

80%

60%

40%

20%

0%

Group1:AcquisitionofExistingProperties

Group3:BuildingConstruction

Group2:AcquisitionofDevelopmentLand

Group4:AcquisitionofInvestmentProperties

B.Wholesale&Retail

E.Construction&RealEstate

F.TransportationandLogistics

A.Manufacturing

C.Services

D.Information&Communications

Source:CBREResearch,Bloomberg,August2026.

2.0

(pp)

Group1:AcquisitionofExistingProperties

1.5

1.0

0.5

0.0

-0.5

Figure3:ChangesinROICofCompaniesintheManufacturingandWholesale&RetailSectorsbyGroup

Group3:BuildingConstruction

Group4:AcquisitionofInvestmentProperties

Group2:AcquisitionofDevelopmentLand

Manufacturing(n=87)Wholesale&Retail(n=42)

Source:CBREResearch,Bloomberg,August2026.

Companieswithstrongearningsmomentumaremorelikelytoacquireexistingproperties

Capitalefficiencyimprovementsarealsodrivenbyacompany'sinvestmentcapacityandearningsmomentum.Tobetterunderstandthecharacteristicsofeachacquisitiontype,CBREcomparedthemedianpre-announcementcash-to-total-assetsratio(cashandcashequivalentsasapercentageoftotalassets)andtheaverageoperatingincomegrowthrateovertheprecedingthreeyearsforcompaniesineachgroupagainstthoseofthebroadermarket.

Whilethecash-to-total-assetsratiosofcompaniesthatacquiredexistingpropertieswerebroadlyinlinewiththemarketaverage,theiroperatingincomegrowthratessignificantlyoutperformedthemarket,highlightingtheirstrongearningsmomentum(Figure4).Thissuggeststhattheacquisitionofexistingrealestateservesasastrategicinvestmentforhigh-performingcompaniesseekingtoexpandtheircorebusinesses.

IntelligentInvestmentStrategicRealEstateAcquisitionsandCapitalEfficiency

5RESEARCH©2026CBRE,INC.

Incontrast,companiesthatacquiredinvestmentpropertiesrecordedoperatingincomegrowthratesbelowthemarket

average,whilealsoexhibitingthehighestcash-to-total-assetsratiosamongthefourgroups.Thissuggeststhatthesecompaniesacquiredrealestateasameansofdeployingexcesscashreserves.

Whiletherewasnosignificantdifferenceintotalassetsizeamongthefourgroups,companiesthatacquiredexistingpropertiestendedtohavelargermarketcapitalizationsandthehighestprice-to-bookratios(PBRs),exceeding1.0xonaverage.Thissuggeststhatthesecompanieswereviewedbyequityinvestorsashavingstrongergrowthprospectsandgreaterpotentialtogeneratefutureearnings.

Figure4:ComparisonofPre-AnnouncementCash-to-TotalAssetsRatioandOperatingProfitGrowthRate

OperatingProfitGrowthRate(3-YearAverage)

16%

14%

12%

10%

8%

6%

4%

2%

0%

17.5%18.0%18.5%19.0%19.5%20.0%20.5%21.0%21.5%22.0%Cash-to-TotalAssetsRatio

Group1:AcquisitionofExistingProperties

Group3:BuildingConstruction

Group2:AcquisitionofDevelopmentLand

Group4:AcquisitionofInvestmentProperties

OverallMarket

*Thesizeofeachbubblerepresentsthemedianvalueofeachgroup’scompanies’marketcapitalization.

*Totalmarketvalues:MedianvaluesofTOPIXcomponentstocks(notincludingfinanceandrealestate)asofjustpriortoeachannouncement.Source:CBREResearch,Bloomberg,August2026.

Capitalefficiencyimprovementsachievedbycompaniestransitioningfromleasingtoownership

Ofthe36companiesthatannouncedtheacquisitionofexistingrealestateassetsduringthesurveyperiod,14indicatedthattheacquisitionwasintendedtofacilitateatransitionfromleasedpremisestoowner-occupiedproperties.ThemedianincreaseintheEVAspreadforthese14companieswas2.44percentagepoints,exceedingthe1.59percentagepointincreaserecordedbytheremaining22companies.CompaniestransitioningfromleasingtoownershipalsoexperiencedgreaterimprovementsinROICandlargerreductionsinWACC(Figure5).

IntelligentInvestmentStrategicRealEstateAcquisitionsandCapitalEfficiency

6

Figure5:ChangesinROIC,WACC,EVASpreadofCompaniesSwitchingfromLeasingtoOwnership(Median)

3.0(pp)

2.0

1.0

0.0

-1.0

-2.0

IncreaseinROICDecreseinWACCIncreaseinEVASpread

CompaniesSwitchingfromLeasingtoOwnership(n=14)OtherCompaniesAcquiringExistingProperties(n=22)

*“Casesotherthanswitchingfromleasingtoowning”includeacquisitionsforthepurposesofbusinessexpansionandacquisitionsofnewpropertiesfollowingsalesofpreviouslyownedproperties.

Source:CBREResearch,Bloomberg,August2026.

Withvacanciesdiminishingandrentsrising