TYO:3470 Income Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	5,059	4,495	4,126	3,403	2,604
Gain (Loss) on Sale of Assets (Rev)	612	291	96	217	111
Total Revenue	5,671	4,786	4,222	3,620	2,715
Revenue Growth (YoY	18.49%	13.36%	16.63%	33.33%	6.64%
Property Expenses	2,597	2,358	2,127	1,782	1,330
Selling, General & Administrative	65	59	55	45	35
Other Operating Expenses	167	150	155	137	126
Total Operating Expenses	2,829	2,567	2,337	1,964	1,491
Operating Income	2,842	2,219	1,885	1,656	1,224
Interest Expense	-603	-424	-346	-275	-202
Interest & Investment Income	9	-	-	-	-
Other Non-Operating Income	-4	-2	-1	-1	16
EBT Excluding Unusual Items	2,244	1,793	1,538	1,380	1,038
Gain (Loss) on Sale of Assets	-464	-	-	-	-
Other Unusual Items	-28	-33	-27	-22	-8
Pretax Income	1,752	1,760	1,511	1,358	1,030
Income Tax Expense	-	1	-	-	-
Net Income	1,752	1,759	1,511	1,358	1,030
Net Income to Common	1,752	1,759	1,511	1,358	1,030
Net Income Growth	-0.40%	16.41%	11.27%	31.85%	9.00%
Basic Shares Outstanding	0	0	0	0	0
Diluted Shares Outstanding	0	0	0	0	0
Shares Change (YoY)	11.86%	7.11%	23.49%	24.62%	0.75%
EPS (Basic)	6223.93	6989.62	6431.10	7137.53	6746.14
EPS (Diluted)	6223.93	6989.62	6431.10	7137.53	6746.14
EPS Growth	-10.96%	8.69%	-9.90%	5.80%	8.18%
Operating Margin	50.11%	46.36%	44.65%	45.75%	45.08%
Profit Margin	30.89%	36.75%	35.79%	37.51%	37.94%
EBITDA	3,767	3,081	2,667	2,299	1,728
EBITDA Margin	66.43%	64.38%	63.17%	63.51%	63.65%
D&A For Ebitda	925	862	782	643	504
EBIT	2,842	2,219	1,885	1,656	1,224
EBIT Margin	50.11%	46.36%	44.65%	45.75%	45.08%
Effective Tax Rate	-	0.06%	-	-	-

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