NTT UD REIT Investment 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	20,485	20,199	19,226	17,794	16,254
Gain (Loss) on Sale of Assets (Rev)	2,431	-	2,946	2,232	3,085
Other Revenue	2,606	2,640	1,868	2,170	1,844
Total Revenue	26,531	23,777	24,528	23,208	22,207
Revenue Growth (YoY	11.58%	-3.06%	5.68%	4.51%	18.62%
Property Expenses	14,445	13,498	13,042	12,151	11,016
Selling, General & Administrative	223.53	226.57	221.1	225.02	209.63
Other Operating Expenses	360.78	263.2	314.21	323.62	336.61
Total Operating Expenses	15,029	13,988	13,578	12,700	11,562
Operating Income	11,502	9,788	10,950	10,508	10,644
Interest Expense	-1,342	-1,155	-873.65	-853.98	-845.9
Interest & Investment Income	28.57	1.97	0.1	0.22	0.18
Other Non-Operating Income	-41.3	-54.66	-24.62	-49.55	-27.71
EBT Excluding Unusual Items	10,148	8,581	10,052	9,605	9,771
Gain (Loss) on Sale of Assets	-1,707	-	-	-15.2	-
Asset Writedown	-3.78	-	-	-	-
Other Unusual Items	6.51	2.57	-2.89	1.93	2.56
Pretax Income	8,443	8,583	10,049	9,592	9,774
Income Tax Expense	3.67	5.18	2.6	3.13	3.23
Net Income	8,440	8,578	10,046	9,589	9,770
Net Income to Common	8,440	8,578	10,046	9,589	9,770
Net Income Growth	-1.61%	-14.62%	4.77%	-1.86%	28.01%
Basic Shares Outstanding	1	1	1	1	1
Diluted Shares Outstanding	1	1	1	1	1
Shares Change (YoY)	-0.71%	5.72%	0.02%	6.40%	-
EPS (Basic)	5736.71	5789.06	7167.52	6842.64	7418.65
EPS (Diluted)	5736.71	5789.06	7167.52	6842.64	7418.65
EPS Growth	-0.90%	-19.23%	4.75%	-7.76%	28.01%
Dividend Per Share	6244.000	5787.000	-	6841.000	7154.000
Dividend Growth	7.90%	-	-	-4.38%	23.45%
Operating Margin	43.35%	41.17%	44.64%	45.28%	47.93%
Profit Margin	31.81%	36.08%	40.96%	41.32%	44.00%
EBITDA	14,935	13,194	14,098	13,693	13,688
EBITDA Margin	56.29%	55.49%	57.48%	59.00%	61.64%
D&A For Ebitda	3,433	3,405	3,148	3,184	3,044
EBIT	11,502	9,788	10,950	10,508	10,644
EBIT Margin	43.35%	41.17%	44.64%	45.28%	47.93%
Funds From Operations (FFO)	11,146	11,980	5,096	10,554	9,726
Adjusted Funds From Operations (AFFO)	11,146	11,980	-	10,554	9,726
FFO Payout Ratio	79.95%	73.13%	165.01%	92.87%	-
Effective Tax Rate	0.04%	0.06%	0.03%	0.03%	0.03%

Updated Oct 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.