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 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct '25 Oct 31, 2025	Oct '24 Oct 31, 2024	Oct '23 Oct 31, 2023	Oct '22 Oct 31, 2022	Oct '21 Oct 31, 2021
Rental Revenue	16,167	13,936	12,608	11,235	9,393
Gain (Loss) on Sale of Assets (Rev)	-	-	-	-	38
Other Revenue	0	70.53	93.75	86.05	-
Total Revenue	16,171	14,006	12,702	11,321	9,431
Revenue Growth (YoY	15.45%	10.27%	12.20%	20.04%	-22.56%
Property Expenses	8,127	7,479	7,003	6,367	5,468
Selling, General & Administrative	89.28	80.52	78.53	73.58	80.69
Other Operating Expenses	257.69	204.11	212.45	200.93	220.11
Total Operating Expenses	8,474	7,764	7,294	6,642	5,769
Operating Income	7,696	6,242	5,408	4,679	3,663
Interest Expense	-1,093	-840.26	-630.43	-512.84	-663.43
Interest & Investment Income	21.04	1.34	0.24	1.6	0.05
Other Non-Operating Income	-469.24	-556.85	-426.48	-424.78	-153.4
EBT Excluding Unusual Items	6,155	4,847	4,351	3,743	2,846
Gain (Loss) on Sale of Assets	158.56	160.96	-	-	-
Total Insurance Settlements	26.42	103.35	16.04	3.3	4.93
Asset Writedown	-91.94	-70.23	-39.51	-15.29	-
Other Unusual Items	102.96	33.85	197.95	-	26.97
Pretax Income	6,351	5,075	4,526	3,731	2,878
Income Tax Expense	1.66	1	3.05	4.53	1.92
Net Income	6,349	5,074	4,523	3,727	2,876
Net Income to Common	6,349	5,074	4,523	3,727	2,876
Net Income Growth	25.14%	12.18%	21.37%	29.57%	-50.45%
Basic Shares Outstanding	1	1	1	0	0
Diluted Shares Outstanding	1	1	1	0	0
Shares Change (YoY)	8.27%	5.87%	3.49%	10.66%	0.58%
EPS (Basic)	10837.81	9376.31	8848.90	7545.20	6443.94
EPS (Diluted)	10837.81	9376.31	8848.90	7545.20	6443.94
EPS Growth	15.59%	5.96%	17.28%	17.09%	-50.74%
Dividend Per Share	10692.000	9133.000	8471.000	7438.000	-
Dividend Growth	17.07%	7.81%	13.89%	-	-
Operating Margin	47.59%	44.57%	42.58%	41.33%	38.84%
Profit Margin	39.26%	36.22%	35.61%	32.92%	30.50%
EBITDA	11,783	9,957	8,800	7,803	6,438
EBITDA Margin	72.87%	71.09%	69.28%	68.92%	68.27%
D&A For Ebitda	4,087	3,715	3,392	3,124	2,776
EBIT	7,696	6,242	5,408	4,679	3,663
EBIT Margin	47.59%	44.57%	42.58%	41.33%	38.84%
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%	0.07%
Revenue as Reported	16,329	14,167	12,702	11,321	4,591

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