Tokaido 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
Period Ending	Jul '25 Jul 31, 2025	Jul '24 Jul 31, 2024	Jul '23 Jul 31, 2023	Jul '22 Jul 31, 2022
Rental Revenue	4,294	3,540	2,760	2,215
Gain (Loss) on Sale of Assets (Rev)	21	-	-	-
Other Revenue	-	-	3	-
Total Revenue	4,315	3,540	2,763	2,215
Revenue Growth (YoY	21.89%	28.12%	24.74%	-
Property Expenses	1,687	1,351	1,043	812
Selling, General & Administrative	63	50	42	32
Other Operating Expenses	103	91	77	50
Total Operating Expenses	1,853	1,492	1,162	894
Operating Income	2,462	2,048	1,601	1,321
Interest Expense	-443	-308	-216	-118
Interest & Investment Income	1	-	-	-
Other Non-Operating Income	-5	-5	-5	-3
EBT Excluding Unusual Items	2,015	1,735	1,380	1,200
Other Unusual Items	-17	-9	-3	-3
Pretax Income	1,998	1,726	1,377	1,197
Income Tax Expense	-	-	-	1
Net Income	1,998	1,726	1,377	1,196
Net Income to Common	1,998	1,726	1,377	1,196
Net Income Growth	15.76%	25.35%	15.13%	-
Basic Shares Outstanding	0	0	0	0
Diluted Shares Outstanding	0	0	0	0
Shares Change (YoY)	14.20%	24.23%	18.22%	-
EPS (Basic)	6717.57	6626.99	6568.09	6744.37
EPS (Diluted)	6717.57	6626.99	6568.09	6744.37
EPS Growth	1.37%	0.90%	-2.61%	-
Operating Margin	57.06%	57.85%	57.94%	59.64%
Profit Margin	46.30%	48.76%	49.84%	54.00%
EBITDA	2,931	2,435	1,889	1,495
EBITDA Margin	67.93%	68.78%	68.37%	67.49%
D&A For Ebitda	469	387	288	174
EBIT	2,462	2,048	1,601	1,321
EBIT Margin	57.06%	57.85%	57.94%	59.64%
Effective Tax Rate	-	-	-	0.08%

Updated Mar 18, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.