Hankyu Hanshin REIT Income Statement

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

Millions JPY. Fiscal year is Dec - Nov.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022	Nov '21 Nov 30, 2021
Rental Revenue	12,547	12,156	11,722	11,317	11,392
Gain (Loss) on Sale of Assets (Rev)	374.63	-	-	-	-
Other Revenue	0	-	-	0	-
Total Revenue	12,922	12,156	11,722	11,317	11,392
Revenue Growth (YoY	6.30%	3.70%	3.58%	-0.66%	-2.38%
Property Expenses	6,712	6,567	6,506	5,986	6,152
Selling, General & Administrative	410.49	411.62	180	381.36	369.87
Other Operating Expenses	203.56	154.09	135.37	182.52	136.45
Total Operating Expenses	7,326	7,133	6,821	6,550	6,658
Operating Income	5,596	5,023	4,901	4,766	4,734
Interest Expense	-729.58	-647.11	-614.61	-556.45	-558.07
Interest & Investment Income	16.16	0.92	0.04	0.09	0.12
Other Non-Operating Income	-85.33	-93.94	-44.75	-79.86	-59.23
EBT Excluding Unusual Items	4,797	4,283	4,242	4,130	4,117
Gain (Loss) on Sale of Assets	-	-	-	60.02	-
Pretax Income	4,797	4,283	4,242	4,190	4,117
Income Tax Expense	2.73	3.07	2.46	2.93	3.03
Net Income	4,794	4,280	4,239	4,187	4,114
Net Income to Common	4,794	4,280	4,239	4,187	4,114
Net Income Growth	12.01%	0.96%	1.25%	1.79%	-8.20%
Basic Shares Outstanding	1	1	1	1	1
Diluted Shares Outstanding	1	1	1	1	1
EPS (Basic)	6896.31	6156.68	6098.19	6023.17	5917.30
EPS (Diluted)	6896.31	6156.68	6098.19	6023.17	5917.30
EPS Growth	12.01%	0.96%	1.25%	1.79%	-8.20%
Dividend Per Share	6708.000	6185.000	-	5980.000	5917.000
Dividend Growth	8.46%	-	-	1.06%	-2.17%
Operating Margin	43.30%	41.32%	41.81%	42.12%	41.55%
Profit Margin	37.10%	35.21%	36.17%	37.00%	36.11%
EBITDA	7,665	6,999	6,859	6,709	6,821
EBITDA Margin	59.31%	57.57%	58.51%	59.28%	59.88%
D&A For Ebitda	2,069	1,975	1,958	1,942	2,087
EBIT	5,596	5,023	4,901	4,766	4,734
EBIT Margin	43.30%	41.32%	41.81%	42.12%	41.55%
Funds From Operations (FFO)	6,488	6,255	3,091	6,068	-
Adjusted Funds From Operations (AFFO)	6,488	6,255	-	6,068	-
FFO Payout Ratio	69.33%	67.60%	136.26%	67.24%	-
Effective Tax Rate	0.06%	0.07%	0.06%	0.07%	0.07%
Revenue as Reported	12,922	12,156	5,823	11,377	11,392

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