NIPPON REIT Investment Income Statement

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

Millions JPY. Fiscal year is Jul - Jun.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '25 Jun 30, 2025	Jun '24 Jun 30, 2024	Jun '23 Jun 30, 2023	Jun '22 Jun 30, 2022	Jun '21 Jun 30, 2021
Rental Revenue	16,445	17,284	15,695	15,622	15,936
Gain (Loss) on Sale of Assets (Rev)	3,716	1,408	251.13	1,728	2,230
Other Revenue	815.97	1	1,460	1,220	1,364
Total Revenue	20,977	18,693	17,413	18,576	19,538
Revenue Growth (YoY	12.22%	7.35%	-6.26%	-4.92%	12.98%
Property Expenses	7,802	7,820	7,863	7,473	7,499
Selling, General & Administrative	134.61	140	119.67	119.92	117.46
Other Operating Expenses	417.91	359	300.23	333.66	324.18
Total Operating Expenses	8,355	8,319	8,283	7,926	7,941
Operating Income	12,622	10,374	9,130	10,650	11,597
Interest Expense	-1,269	-1,458	-802.79	-757.47	-717.53
Interest & Investment Income	9.33	-	0.18	0.16	0.15
Other Non-Operating Income	-262.57	11	-547.28	-523.58	-567.83
EBT Excluding Unusual Items	11,099	8,927	7,780	9,369	10,312
Gain (Loss) on Sale of Assets	-118.44	-169	-238.03	-	-
Asset Writedown	-13.29	-	-8.66	-72.04	-8.67
Other Unusual Items	-	-	13.78	65.38	-
Pretax Income	10,967	8,758	7,547	9,362	10,303
Income Tax Expense	2.39	2	2.21	55.48	1.33
Net Income	10,965	8,756	7,545	9,307	10,302
Net Income to Common	10,965	8,756	7,545	9,307	10,302
Net Income Growth	25.23%	16.05%	-18.93%	-9.66%	26.38%
Basic Shares Outstanding	2	2	2	2	2
Diluted Shares Outstanding	2	2	2	2	2
Shares Change (YoY)	-0.88%	-	-	-	-
EPS (Basic)	6146.68	4865.20	4192.28	5171.24	5724.17
EPS (Diluted)	6146.68	4865.20	4192.28	5171.24	5724.17
EPS Growth	26.34%	16.05%	-18.93%	-9.66%	26.38%
Dividend Per Share	-	-	4192.000	5122.500	5725.000
Dividend Growth	-	-	-18.16%	-10.52%	26.38%
Operating Margin	60.17%	55.50%	52.43%	57.33%	59.36%
Profit Margin	52.27%	46.84%	43.33%	50.10%	52.73%
EBITDA	14,635	12,390	11,143	12,666	13,618
EBITDA Margin	69.77%	66.28%	63.99%	68.18%	69.70%
D&A For Ebitda	2,013	2,016	2,013	2,016	2,021
EBIT	12,622	10,374	9,130	10,650	11,597
EBIT Margin	60.17%	55.50%	52.43%	57.33%	59.36%
Effective Tax Rate	0.02%	0.02%	0.03%	0.59%	0.01%
Revenue as Reported	9,964	-	17,413	18,576	19,538

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.