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年の物件群では修繕費の先送りが後から効く可能性もある。","evidence_url":"/jp-stock/ai-analysis/?t=3468","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3488","asset_id":"jp_deflator_2020_repair","name":"セントラル・リート投資法人","kind":"text_candidate","direction":"未確認","evidence":"修繕費と固定資産税も物価とともに増えると筆者は見る。","evidence_url":"/jp-stock/ai-analysis/?t=3488","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3492","asset_id":"jp_deflator_2020_repair","name":"MIRARTH不動産投資法人","kind":"text_candidate","direction":"未確認","evidence":"分配利回りが高く見えても、利払いと修繕費の上昇に対して余裕のある分配とは言い切れない。","evidence_url":"/jp-stock/ai-analysis/?t=3492","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3494","asset_id":"jp_deflator_2020_repair","name":"マリオン","kind":"text_candidate","direction":"未確認","evidence":"人件費や修繕費、固定資産税は物価並みに上がるので、借りて持つ会社の利益率はじわじわ削られる。","evidence_url":"/jp-stock/ai-analysis/?t=3494","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3671","asset_id":"jp_deflator_2020_repair","name":"ソフトマックス","kind":"text_candidate","direction":"未確認","evidence":"追加取得、空室、修繕費、評価損、借入の借り換え条件悪化が重なれば、医療IT事業の利益を不動産が吸収する。","evidence_url":"/jp-stock/ai-analysis/?t=3671","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3851","asset_id":"jp_deflator_2020_repair","name":"日本一ソフトウェア","kind":"text_candidate","direction":"未確認","evidence":"ただし３件増やす判断の前に空室率、修繕費、借り換え金利を確認する。","evidence_url":"/jp-stock/ai-analysis/?t=3851","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"416A","asset_id":"jp_deflator_2020_repair","name":"富士ユナイトホールディングス","kind":"text_candidate","direction":"未確認","evidence":"機械は利用しなくても保管や修繕費が発生し、古くなれば更新が必要になる。","evidence_url":"/jp-stock/ai-analysis/?t=416A","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"4827","asset_id":"jp_deflator_2020_repair","name":"ビジネス・ワンホールディングス","kind":"text_candidate","direction":"未確認","evidence":"競売で安く買えること自体は競争優位ではなく、物件を正しく見立て、修繕費と売却までの期間を管理する能力が利益を分ける。","evidence_url":"/jp-stock/ai-analysis/?t=4827","updated_at":"2026-11-01T22:46:08+00:00"},{"ticker":"5533","asset_id":"jp_deflator_2020_repair","name":"エリッツホールディングス","kind":"text_candidate","direction":"未確認","evidence":"修繕費や人件費が値上がりしたとき、原状回復工事の見積もりを顧客が比較しやすくなれば、売上増が利益につながらない。","evidence_url":"/jp-stock/ai-analysis/?t=5533","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5537","asset_id":"jp_deflator_2020_repair","name":"AlbaLink","kind":"text_candidate","direction":"未確認","evidence":"買い手の投資採算は賃料、修繕費、借入金利に左右されるため、会社が自由に販売価格を引き上げ続けることも難しい。","evidence_url":"/jp-stock/ai-analysis/?t=5537","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5602","asset_id":"jp_deflator_2020_repair","name":"栗本鐵工所","kind":"text_candidate","direction":"未確認","evidence":"鋳造機や焼鈍炉を集約することで人員、燃料、修繕費を継続的に減らせるなら、投資利回りは改善する。","evidence_url":"/jp-stock/ai-analysis/?t=5602","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5900","asset_id":"jp_deflator_2020_repair","name":"ダイケン","kind":"text_candidate","direction":"未確認","evidence":"賃料は物価ほど上がらず、修繕費は物価で増える。","evidence_url":"/jp-stock/ai-analysis/?t=5900","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"6013","asset_id":"jp_deflator_2020_repair","name":"タクマ","kind":"text_candidate","direction":"未確認","evidence":"DBO の運営も、20 年の契約の間に人件費や修繕費が想定より膨らめば、採算が悪化して長く尾を引く。","evidence_url":"/jp-stock/ai-analysis/?t=6013","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"6086","asset_id":"jp_deflator_2020_repair","name":"シンメンテホールディングス","kind":"text_candidate","direction":"未確認","evidence":"これは業界団体の一律統計ではなく、飲食・物販・介護・理美容などの店舗数と売上に、業態別の修繕費率を掛けて組み立てた会社推計だ。","evidence_url":"/jp-stock/ai-analysis/?t=6086","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"646A","asset_id":"jp_deflator_2020_repair","name":"クラサスケミカル","kind":"text_candidate","direction":"未確認","evidence":"これは数量の取りこぼしと修繕費を同時に減らせる、具体的な競争力だ。","evidence_url":"/jp-stock/ai-analysis/?t=646A","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"6786","asset_id":"jp_deflator_2020_repair","name":"ＲＶＨ","kind":"text_candidate","direction":"未確認","evidence":"2026年３月期の再エネ部門の黒字は償却減と修繕費の低下にも助けられていた。","evidence_url":"/jp-stock/ai-analysis/?t=6786","updated_at":"2026-11-01T22:46:11+00:00"},{"ticker":"7035","asset_id":"jp_deflator_2020_repair","name":"and factory","kind":"text_candidate","direction":"未確認","evidence":"東京の一部施設で高い稼働率を確保しても、賃料、人件費、修繕費が利益を左右する。","evidence_url":"/jp-stock/ai-analysis/?t=7035","updated_at":"2026-11-01T22:46:11+00:00"},{"ticker":"7091","asset_id":"jp_deflator_2020_repair","name":"リビングプラットフォーム","kind":"text_candidate","direction":"未確認","evidence":"買収先が稼いだ利益が金利・償却費・修繕費を上回って初めて、株主の利益になる。","evidence_url":"/jp-stock/ai-analysis/?t=7091","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"7371","asset_id":"jp_deflator_2020_repair","name":"Zenken","kind":"text_candidate","direction":"未確認","evidence":"保有する2棟の地域別市場シェアを論じるより、稼働率、実収賃料、修繕費、資本還元利回りを見るべきである。","evidence_url":"/jp-stock/ai-analysis/?t=7371","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"8841","asset_id":"jp_deflator_2020_repair","name":"テーオーシー","kind":"text_candidate","direction":"未確認","evidence":"ただ修繕費・人件費・固定資産税も同じように上がるので、利益率が自然に増えるわけではない。","evidence_url":"/jp-stock/ai-analysis/?t=8841","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8848","asset_id":"jp_deflator_2020_repair","name":"株式会社レオパレス２１","kind":"text_candidate","direction":"未確認","evidence":"物価が上がれば、人件費も修繕費も上がる。","evidence_url":"/jp-stock/ai-analysis/?t=8848","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8920","asset_id":"jp_deflator_2020_repair","name":"東祥","kind":"text_candidate","direction":"未確認","evidence":"クラブは営業休止しても家賃・修繕費を払い続ける必要がある。","evidence_url":"/jp-stock/ai-analysis/?t=8920","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8951","asset_id":"jp_deflator_2020_repair","name":"日本ビルファンド投資法人","kind":"text_candidate","direction":"未確認","evidence":"しかし経費は物価並みに増え、修繕費も膨らむ。","evidence_url":"/jp-stock/ai-analysis/?t=8951","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8952","asset_id":"jp_deflator_2020_repair","name":"ジャパンリアルエステイト投資法人","kind":"text_candidate","direction":"未確認","evidence":"ただ建築費に連動する修繕費と金利負担がその成果を削る。","evidence_url":"/jp-stock/ai-analysis/?t=8952","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8954","asset_id":"jp_deflator_2020_repair","name":"オリックス不動産投資法人","kind":"text_candidate","direction":"未確認","evidence":"みっつめは、修繕費と資本的支出が増えており、利益を押し下げることだ。","evidence_url":"/jp-stock/ai-analysis/?t=8954","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8956","asset_id":"jp_deflator_2020_repair","name":"NTT都市開発リート投資法人","kind":"text_candidate","direction":"未確認","evidence":"修繕費は直近の大規模修繕が一巡し、2026 年 10 月期から減る見通しだ。","evidence_url":"/jp-stock/ai-analysis/?t=8956","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8979","asset_id":"jp_deflator_2020_repair","name":"スターツプロシード投資法人","kind":"text_candidate","direction":"未確認","evidence":"平均築年は19.0年で定期借地権の物件も5棟あり、利払いと修繕費の増加は賃料の伸びを削る。","evidence_url":"/jp-stock/ai-analysis/?t=8979","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8984","asset_id":"jp_deflator_2020_repair","name":"大和ハウスリート投資法人","kind":"text_candidate","direction":"未確認","evidence":"一方で、修繕費を毎期きちんと費用に落とすため、資本的支出は NOI の 8%と軽い。","evidence_url":"/jp-stock/ai-analysis/?t=8984","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8986","asset_id":"jp_deflator_2020_repair","name":"大和証券リビング投資法人","kind":"text_candidate","direction":"未確認","evidence":"住宅の賃料が上がっても、その多くが金利と修繕費に吸収されかねない。","evidence_url":"/jp-stock/ai-analysis/?t=8986","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9001","asset_id":"jp_deflator_2020_repair","name":"東武鉄道","kind":"text_candidate","direction":"未確認","evidence":"本業の運輸は人件費と修繕費の増加で減益だった。","evidence_url":"/jp-stock/ai-analysis/?t=9001","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9005","asset_id":"jp_deflator_2020_repair","name":"東急","kind":"text_candidate","direction":"未確認","evidence":"定期は3.4%増、定期外は2.7%増と幅広く利用が伸びたが、修繕費・人件費の増加で減益だった。","evidence_url":"/jp-stock/ai-analysis/?t=9005","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9023","asset_id":"jp_deflator_2020_repair","name":"東京地下鉄（東京メトロ）","kind":"text_candidate","direction":"未確認","evidence":"2026年3月期は売上高4,224億円・営業利益896億円・純利益590億円（ROE8.0%）と増収増益だったが、2027年3月期は人件費・修繕費の増加で純利益が前期比15%程度減る見通しで、鉄道一本足ゆえに固定費増の影響を吸収しにくい構図が早くも表れている。","evidence_url":"/jp-stock/ai-analysis/?t=9023","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9034","asset_id":"jp_deflator_2020_repair","name":"南総通運","kind":"text_candidate","direction":"未確認","evidence":"物価が 3% 上がる世界では、本社費・人件費・修繕費も 3% ずつ上がる。","evidence_url":"/jp-stock/ai-analysis/?t=9034","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9074","asset_id":"jp_deflator_2020_repair","name":"日本石油輸送","kind":"text_candidate","direction":"未確認","evidence":"人件費と車両の維持修繕費が運賃の改定を上回って増えている。","evidence_url":"/jp-stock/ai-analysis/?t=9074","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9252","asset_id":"jp_deflator_2020_repair","name":"ラストワンマイル","kind":"text_candidate","direction":"未確認","evidence":"HOTEL STUDIOなどの宿泊事業には、無人運営で人件費を抑えられる利点がある一方、需要が落ちても家賃、清掃費、修繕費が残る。","evidence_url":"/jp-stock/ai-analysis/?t=9252","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9307","asset_id":"jp_deflator_2020_repair","name":"杉村倉庫","kind":"text_candidate","direction":"未確認","evidence":"従業員は物流の現場が中心で、人件費と燃料費、修繕費が費用の大半を占める。","evidence_url":"/jp-stock/ai-analysis/?t=9307","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9380","asset_id":"jp_deflator_2020_repair","name":"東海運","kind":"text_candidate","direction":"未確認","evidence":"入渠の修繕費が重く、利益は 6% 減った。","evidence_url":"/jp-stock/ai-analysis/?t=9380","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9407","asset_id":"jp_deflator_2020_repair","name":"RKB毎日ホールディングス","kind":"text_candidate","direction":"未確認","evidence":"賃貸物件の賃貸損益が減る一方で修繕費や長期金利が上がり、査定利回りが７％超で常態化したら","evidence_url":"/jp-stock/ai-analysis/?t=9407","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9416","asset_id":"jp_deflator_2020_repair","name":"ビジョン","kind":"text_candidate","direction":"未確認","evidence":"空港受渡窓口、カスタマーセンター、通信端末の償却、グランピング施設の人件費と修繕費は利用者が減ってもすぐには減らせない。","evidence_url":"/jp-stock/ai-analysis/?t=9416","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9446","asset_id":"jp_deflator_2020_repair","name":"サカイホールディングス","kind":"text_candidate","direction":"未確認","evidence":"設備を市場価格で売電し続ける場合の発電量、単価、修繕費を別途確認する必要がある。","evidence_url":"/jp-stock/ai-analysis/?t=9446","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9635","asset_id":"jp_deflator_2020_repair","name":"武蔵野興業","kind":"text_candidate","direction":"未確認","evidence":"ただ、その伸びは人件費や修繕費の上昇に食われやすい。","evidence_url":"/jp-stock/ai-analysis/?t=9635","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9661","asset_id":"jp_deflator_2020_repair","name":"歌舞伎座","kind":"text_candidate","direction":"未確認","evidence":"逆風は、人件費・修繕費・固定資産税の上昇で、賃料が追いつかないと利益が削られる。","evidence_url":"/jp-stock/ai-analysis/?t=9661","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9679","asset_id":"jp_deflator_2020_repair","name":"ホウライ","kind":"text_candidate","direction":"未確認","evidence":"建築費が高く新しい供給が細るので、古くから持つ物件には追い風だが、修繕費も上がる。","evidence_url":"/jp-stock/ai-analysis/?t=9679","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9685","asset_id":"jp_deflator_2020_repair","name":"KYCOMホールディングス","kind":"text_candidate","direction":"未確認","evidence":"売上約2.4億円、営業利益約0.9億円で、施設の耐久性と修繕費が利益を左右する。","evidence_url":"/jp-stock/ai-analysis/?t=9685","updated_at":"2026-11-01T22:46:16+00:00"}],"exposure_count":74},"macro":{"version":"jp-coking-cif-relative-20261027-r1","as_of":"2026-10-27","target_date":"2036-10-25","jp_cpi":0.03,"jp_short_rate":0.02,"jp_long_rate":0.03,"usd_jpy_terminal":150,"basis":"日本CPI3%、短期2%、長期3%、2036年ドル円150円。"}}