Tokyu REIT Income Statement

Financials in millions JPY. Fiscal year is August - July.

Millions JPY. Fiscal year is Aug - Jul.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul '25 Jul 31, 2025	Jul '24 Jul 31, 2024	Jul '23 Jul 31, 2023	Jul '22 Jul 31, 2022	Jul '21 Jul 31, 2021
Rental Revenue	15,695	15,530	14,372	13,585	15,904
Gain (Loss) on Sale of Assets (Rev)	1,986	-	-	-	-
Other Revenue	9	-	3	-	6
Total Revenue	17,690	15,530	14,375	13,585	15,910
Revenue Growth (YoY	13.91%	8.04%	5.82%	-14.61%	1.59%
Property Expenses	8,654	8,277	7,834	7,626	7,837
Selling, General & Administrative	63	-	-	-	-
Other Operating Expenses	306	322	395	470	316
Total Operating Expenses	9,023	8,599	8,229	8,096	8,153
Operating Income	8,667	6,931	6,146	5,489	7,757
Interest Expense	-877	-819	-772	-756	-867
Interest & Investment Income	2	-	-	-	-
Other Non-Operating Income	-57	-50	-96	-47	-31
EBT Excluding Unusual Items	7,735	6,062	5,278	4,686	6,859
Gain (Loss) on Sale of Assets	1,853	3,098	5,867	6,725	764
Pretax Income	9,588	9,160	11,145	11,411	7,623
Income Tax Expense	1	-	-	1	-
Net Income	9,587	9,160	11,145	11,410	7,623
Net Income to Common	9,587	9,160	11,145	11,410	7,623
Net Income Growth	4.66%	-17.81%	-2.32%	49.68%	2.53%
Basic Shares Outstanding	1	1	1	1	1
Diluted Shares Outstanding	1	1	1	1	1
Shares Change (YoY)	-0.34%	-	-	-	-
EPS (Basic)	9839.69	9369.89	11400.37	11671.44	7797.67
EPS (Diluted)	9839.69	9369.89	11400.37	11671.44	7797.67
EPS Growth	5.01%	-17.81%	-2.32%	49.68%	2.53%
Dividend Per Share	-	7550.000	7790.000	7955.000	7381.000
Dividend Growth	-	-3.08%	-2.07%	7.78%	-
Operating Margin	48.99%	44.63%	42.75%	40.41%	48.75%
Profit Margin	54.19%	58.98%	77.53%	83.99%	47.91%
EBITDA	10,662	8,831	7,963	7,264	9,780
EBITDA Margin	60.27%	56.86%	55.40%	53.47%	61.47%
D&A For Ebitda	1,995	1,900	1,817	1,775	2,023
EBIT	8,667	6,931	6,146	5,489	7,757
EBIT Margin	48.99%	44.63%	42.75%	40.41%	48.75%
Funds From Operations (FFO)	3,853	7,973	7,098	6,461	8,889
Adjusted Funds From Operations (AFFO)	-	5,978	6,300	3,665	7,769
FFO Payout Ratio	197.87%	91.94%	110.78%	114.52%	80.38%
Effective Tax Rate	0.01%	-	-	0.01%	-

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.