Hoshino Resorts REIT Balance Sheet

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
Property, Plant & Equipment	444,234	218,919	187,977	182,209	169,904
Cash & Equivalents	25,747	12,120	11,756	11,207	8,826
Accounts Receivable	889.58	315.93	259.23	153.59	84
Other Receivables	2.5	1,709	105.07	444.03	-
Investment In Debt and Equity Securities	1,132	566	564.74	556.91	-
Other Intangible Assets	23,831	11,900	11,918	8,454	-
Restricted Cash	891.17	496.12	253.36	81.44	81
Other Current Assets	1,161	560.55	402.87	338.43	804
Deferred Long-Term Tax Assets	0.44	0.38	0.07	1.86	-
Deferred Long-Term Charges	49.47	15.86	19.32	12.68	-
Other Long-Term Assets	4,386	2,253	2,791	2,504	16
Total Assets	502,324	248,856	216,047	205,963	179,715
Current Portion of Long-Term Debt	23,136	12,253	12,970	12,467	9,917
Long-Term Debt	173,906	83,205	70,379	62,119	58,115
Accounts Payable	574.85	728.1	267.96	478.56	1,039
Accrued Expenses	807.9	82.26	42.74	14.68	11
Current Income Taxes Payable	1.29	0.63	0.62	0.67	-
Current Unearned Revenue	904.16	401.37	478.47	331.44	-
Other Current Liabilities	3,154	1,664	1,422	1,505	819
Other Long-Term Liabilities	7,841	5,101	3,279	3,206	3,207
Total Liabilities	211,405	103,916	89,789	80,122	73,558
Common Stock	283,903	141,951	123,843	123,843	104,702
Retained Earnings	7,015	2,988	2,414	1,997	1,455
Comprehensive Income & Other	-	-	0	0	-
Shareholders' Equity	290,918	144,940	126,257	125,840	106,157
Total Liabilities & Equity	502,324	248,856	216,047	205,963	179,715
Total Debt	198,122	95,939	84,299	74,586	68,482
Net Cash (Debt)	-172,375	-83,818	-72,542	-63,379	-59,656
Net Cash Per Share	-294238.02	-154901.39	-141929.33	-128325.10	-133661.65
Filing Date Shares Outstanding	0.59	0.59	0.51	0.51	0.45
Total Common Shares Outstanding	0.59	0.59	0.51	0.51	0.45
Book Value Per Share	496587.91	247407.53	247022.71	246206.81	235941.15
Tangible Book Value	267,087	133,040	114,340	117,387	106,157
Tangible Book Value Per Share	455909.09	227095.05	223705.94	229667.09	235941.15
Land	187,320	92,627	79,878	79,404	-
Buildings	303,985	148,222	127,372	119,003	-
Construction In Progress	1,655	334.1	64.68	98.61	-

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