Loadstar Capital launched its first real-estate security-token offering in the third quarter, but its results show no revenue from it. The company sold part of a hotel it owns to set up the project and, under Japanese accounting guidance, treats the sale and related transactions as a funding arrangement. It recognised no revenue from the deal in the nine months to September 30.
The offering, launched in August under the OwnersBook+ brand, is ¥3.83bn in total. It is backed by part of a large Yokohama hotel and runs for about 10 years, with distributions planned twice a year. The presentation puts the assumed average pre-tax distribution yield at 4.1% and says that figure is not a guarantee of future performance.
Results
Nine-month revenue rose 14.5% to ¥33.08bn. Operating profit fell 4.6% to ¥8.64bn and net profit attributable to owners of the parent fell 12.2% to ¥4.63bn. The tanshin cites interest expense of ¥1.20bn and a ¥208mn valuation gain on interest-rate swaps among the items behind the lower profit.
In the presentation, Loadstar says a large office-building sale slipped into the fourth quarter, though settlement is complete.
Asset management
Asset-management revenue rose 94.4% to ¥822mn. Assets under management passed ¥200bn, including assets managed for consolidated subsidiaries. That figure counts assets Loadstar manages, and it is not revenue.
Loadstar left its full-year forecast unchanged, including net profit of ¥9.18bn. The tanshin does not report the token offering's subscription outcome.