Invincible Investment 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	45,904	38,138	28,697	15,381	9,644
Property Management Fees	4,173	4,774	6,037	2,761	-
Gain (Loss) on Sale of Assets (Rev)	-	-	-	1,468	2,568
Other Revenue	2,529	2,350	0	0	0
Total Revenue	53,699	46,691	34,734	19,610	12,213
Revenue Growth (YoY	15.01%	34.42%	77.13%	60.57%	-28.65%
Property Expenses	16,046	13,097	11,621	10,867	11,742
Selling, General & Administrative	171.88	143.88	97.7	102.27	113.41
Other Operating Expenses	1,235	1,063	69.63	269.11	405.88
Total Operating Expenses	17,453	14,303	11,788	11,238	12,262
Operating Income	36,245	32,388	22,946	8,371	-49.07
Interest Expense	-4,558	-3,287	-1,226	-1,173	-1,296
Interest & Investment Income	86.02	5.78	0.24	0.26	1.28
Currency Exchange Gain (Loss)	-218.91	423.97	101.9	-67.54	-75.23
Other Non-Operating Income	-500.04	-1,322	-1,875	-1,039	-1,166
EBT Excluding Unusual Items	31,055	28,209	19,948	6,092	-2,584
Asset Writedown	-99.85	-24.99	-	-	-
Other Unusual Items	99.85	-145.01	-	-	-
Pretax Income	31,055	28,039	19,948	6,092	-2,584
Income Tax Expense	0.61	0.61	1.21	1.21	1.21
Net Income	31,054	28,039	19,946	6,090	-2,585
Net Income to Common	31,054	28,039	19,946	6,090	-2,585
Net Income Growth	10.76%	40.57%	227.50%	-	-
Basic Shares Outstanding	8	7	6	6	6
Diluted Shares Outstanding	8	7	6	6	6
Shares Change (YoY)	6.34%	12.10%	5.21%	-	-
EPS (Basic)	4061.28	3899.34	3109.60	998.96	-424.07
EPS (Diluted)	4061.28	3899.34	3109.60	998.96	-424.07
EPS Growth	4.15%	25.40%	211.28%	-	-
Dividend Per Share	-	-	3104.000	998.000	181.000
Dividend Growth	-	-	211.02%	451.38%	-23.30%
Operating Margin	67.50%	69.37%	66.06%	42.69%	-0.40%
Profit Margin	57.83%	60.05%	57.43%	31.06%	-21.17%
EBITDA	47,108	41,737	30,910	15,894	7,691
EBITDA Margin	87.73%	89.39%	88.99%	81.05%	62.98%
D&A For Ebitda	10,862	9,349	7,965	7,522	7,740
EBIT	36,245	32,388	22,946	8,371	-49.07
EBIT Margin	67.50%	69.37%	66.06%	42.69%	-0.40%
Funds From Operations (FFO)	19,538	17,242	-	-	-
FFO Payout Ratio	151.72%	138.96%	-	-	-
Effective Tax Rate	0.00%	0.00%	0.01%	0.02%	-
Revenue as Reported	25,108	21,136	34,734	19,610	12,213

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