Tokyu REIT Income Statement

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

Millions JPY. Fiscal year is Aug - Jul.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jan '26 Jan 31, 2026	Jul '25 Jul 31, 2025	Jul '24 Jul 31, 2024	Jul '23 Jul 31, 2023	Jul '22 Jul 31, 2022	Jul '21 Jul 31, 2021
Rental Revenue	15,693	15,695	15,530	14,372	13,585	15,904
Gain (Loss) on Sale of Assets (Rev)	4,472	1,986	-	-	-	-
Other Revenue	9	9	-	3	-	6
Total Revenue	20,174	17,690	15,530	14,375	13,585	15,910
Revenue Growth (YoY	28.08%	13.91%	8.04%	5.82%	-14.61%	1.59%
Property Expenses	8,809	8,654	8,277	7,834	7,626	7,837
Selling, General & Administrative	125	63	-	-	-	-
Other Operating Expenses	251	306	322	395	470	316
Total Operating Expenses	9,185	9,023	8,599	8,229	8,096	8,153
Operating Income	10,989	8,667	6,931	6,146	5,489	7,757
Interest Expense	-886	-877	-819	-772	-756	-867
Interest & Investment Income	7	2	-	-	-	-
Other Non-Operating Income	-51	-57	-50	-96	-47	-31
EBT Excluding Unusual Items	10,059	7,735	6,062	5,278	4,686	6,859
Gain (Loss) on Sale of Assets	-	1,853	3,098	5,867	6,725	764
Pretax Income	10,059	9,588	9,160	11,145	11,411	7,623
Income Tax Expense	-	1	-	-	1	-
Net Income	10,059	9,587	9,160	11,145	11,410	7,623
Net Income to Common	10,059	9,587	9,160	11,145	11,410	7,623
Net Income Growth	6.39%	4.66%	-17.81%	-2.32%	49.68%	2.53%
Basic Shares Outstanding	1	1	1	1	1	1
Diluted Shares Outstanding	1	1	1	1	1	1
Shares Change (YoY)	-1.17%	-0.34%	-	-	-	-
EPS (Basic)	10410.83	9839.69	9369.89	11400.37	11671.44	7797.67
EPS (Diluted)	10410.83	9839.69	9369.89	11400.37	11671.44	7797.67
EPS Growth	7.64%	5.01%	-17.81%	-2.32%	49.68%	2.53%
Dividend Per Share	-	-	7550.000	7790.000	7955.000	7381.000
Dividend Growth	-	-	-3.08%	-2.07%	7.78%	-
Operating Margin	54.47%	48.99%	44.63%	42.75%	40.41%	48.75%
Profit Margin	49.86%	54.19%	58.98%	77.53%	83.99%	47.91%
EBITDA	12,977	10,662	8,831	7,963	7,264	9,780
EBITDA Margin	64.33%	60.27%	56.86%	55.40%	53.47%	61.47%
D&A For Ebitda	1,988	1,995	1,900	1,817	1,775	2,023
EBIT	10,989	8,667	6,931	6,146	5,489	7,757
EBIT Margin	54.47%	48.99%	44.63%	42.75%	40.41%	48.75%
Funds From Operations (FFO)	-	3,853	7,973	7,098	6,461	8,889
Adjusted Funds From Operations (AFFO)	-	-	5,978	6,300	3,665	7,769
FFO Payout Ratio	-	197.87%	91.94%	110.78%	114.52%	80.38%
Effective Tax Rate	-	0.01%	-	-	0.01%	-

Updated Jan 31, 2026. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.