Hoshino Resorts REIT Income Statement

Financials in millions JPY. Fiscal year is November - October.

Millions JPY. Fiscal year is Nov - Oct.

Fiscal Year	FY 2025	FY	FY 2024	FY 2023	FY 2022
Period Ending	Oct '25 Oct 31, 2025	Mar '24 Mar 31, 2024	Oct '24 Oct 31, 2024	Oct '23 Oct 31, 2023	Oct '22 Oct 31, 2022
Rental Revenue	16,167	-	13,936	12,608	11,235
Other Revenue	0	-	70.53	93.75	86.05
Total Revenue	16,171	-	14,006	12,702	11,321
Revenue Growth (YoY	-	-	10.27%	12.20%	-
Property Expenses	8,127	-	7,479	7,003	6,367
Selling, General & Administrative	89.28	-	80.52	78.53	73.58
Other Operating Expenses	257.69	-	204.11	212.45	200.93
Total Operating Expenses	8,474	-	7,764	7,294	6,642
Operating Income	7,696	-	6,242	5,408	4,679
Interest Expense	-1,093	-	-840.26	-630.43	-512.84
Interest & Investment Income	21.04	-	1.34	0.24	1.6
Other Non-Operating Income	-469.24	-	-556.85	-426.48	-424.78
EBT Excluding Unusual Items	6,155	-	4,847	4,351	3,743
Gain (Loss) on Sale of Assets	158.56	-	160.96	-	-
Total Insurance Settlements	26.42	-	103.35	16.04	3.3
Asset Writedown	-91.94	-	-70.23	-39.51	-15.29
Other Unusual Items	102.96	-	33.85	197.95	-
Pretax Income	6,351	-	5,075	4,526	3,731
Income Tax Expense	1.66	-	1	3.05	4.53
Net Income	6,349	-	5,074	4,523	3,727
Net Income to Common	6,349	-	5,074	4,523	3,727
Net Income Growth	-	-	12.18%	21.37%	-
Basic Shares Outstanding	1	-	1	1	0
Diluted Shares Outstanding	1	-	1	1	0
Shares Change (YoY)	-	-	5.87%	3.49%	-
EPS (Basic)	10837.81	-	9376.31	8848.90	7545.20
EPS (Diluted)	10837.81	-	9376.31	8848.90	7545.20
EPS Growth	-	-	5.96%	17.28%	-
Dividend Per Share	10692.000	-	9133.000	8471.000	7438.000
Dividend Growth	-	-	7.81%	13.89%	-
Operating Margin	47.59%	-	44.57%	42.58%	41.33%
Profit Margin	39.26%	-	36.22%	35.61%	32.92%
EBITDA	11,783	-	9,957	8,800	7,803
EBITDA Margin	72.87%	-	71.09%	69.28%	68.92%
D&A For Ebitda	4,087	-	3,715	3,392	3,124
EBIT	7,696	-	6,242	5,408	4,679
EBIT Margin	47.59%	-	44.57%	42.58%	41.33%
Funds From Operations (FFO)	10,372	-	8,700	7,956	6,867
Adjusted Funds From Operations (AFFO)	10,372	-	8,700	7,956	6,867
FFO Payout Ratio	52.09%	-	51.69%	51.58%	46.39%
Effective Tax Rate	0.03%	-	0.02%	0.07%	0.12%
Revenue as Reported	16,329	-	14,167	12,702	11,321

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