Hankyu Hanshin REIT Balance Sheet

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
Property, Plant & Equipment	171,571	169,649	164,674	158,856	158,821
Cash & Equivalents	5,307	5,595	5,765	4,651	5,659
Accounts Receivable	101	73.08	68	20.74	20.83
Investment In Debt and Equity Securities	-	88.2	-	88.2	88.2
Other Intangible Assets	-	897.71	-	897.71	897.71
Restricted Cash	5,828	5,527	5,258	5,197	5,502
Other Current Assets	353	317.5	318	323.08	305.12
Deferred Long-Term Tax Assets	-	0.03	-	0.02	0.03
Deferred Long-Term Charges	-	20.25	-	19.32	23.77
Other Long-Term Assets	17	469.86	16	551.07	463.99
Total Assets	183,177	182,637	176,099	170,604	171,781
Current Portion of Long-Term Debt	6,100	9,500	6,400	7,000	9,000
Current Portion of Leases	-	27.83	-	27.83	27.83
Long-Term Debt	79,700	77,300	73,900	68,400	66,400
Long-Term Leases	-	261.18	-	316.85	344.68
Accounts Payable	1,230	1,079	1,308	756.44	942.05
Accrued Expenses	160	220.66	138	243.61	260.96
Current Income Taxes Payable	-	1.48	-	1.39	1.53
Other Current Liabilities	868	970.28	1,078	929.78	1,898
Other Long-Term Liabilities	7,075	6,525	6,574	6,252	6,336
Total Liabilities	96,133	95,886	89,398	83,928	85,211
Common Stock	84,270	84,270	84,270	84,270	84,270
Retained Earnings	2,774	2,194	2,431	2,099	2,023
Comprehensive Income & Other	-	287	-	307	277
Shareholders' Equity	87,044	86,751	86,701	86,677	86,570
Total Liabilities & Equity	183,177	182,637	176,099	170,604	171,781
Total Debt	86,800	87,089	80,300	75,745	75,773
Net Cash (Debt)	-81,493	-81,494	-74,535	-71,093	-70,114
Net Cash Per Share	-117222.38	-117224.07	-107213.75	-102263.10	-100853.86
Filing Date Shares Outstanding	0.7	0.7	0.7	0.7	0.7
Total Common Shares Outstanding	0.7	0.7	0.7	0.7	0.7
Book Value Per Share	125207.13	124785.82	124713.75	124678.53	124525.36
Tangible Book Value	87,044	85,853	86,701	85,779	85,672
Tangible Book Value Per Share	125207.13	123494.53	124713.75	123387.23	123234.06
Land	-	139,500	-	128,223	125,600
Buildings	-	55,058	-	51,871	54,718
Construction In Progress	-	17.73	-	77.2	40.21

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