Financial Statements

as of December 31, 2023

(Thousands of Yen)

	43rd Fiscal Period (Jan. 1, 2023 – Jun. 30, 2023)	44th Fiscal Period (Jul. 1, 2023 – Dec. 31, 2023)
Operating revenue
Rent revenue-real estate	17,291,965	17,411,577
Gain on sale of real estate	881,854	－
Total operating revenue	18,173,819	17,411,577
Operating expenses
Expenses related to rent business	8,310,963	8,315,290
Asset management fee	758,548	709,507
Administrative service and asset custody fees	84,487	85,381
Directors' compensation	6,300	6,300
Trust fees	15,845	15,488
Other operating expenses	138,111	127,893
Total operating expenses	9,314,256	9,259,861
Operating income	8,859,563	8,151,716
Non-operating income
Interest income	193	190
Income on settlement of management association accounts	34,071	3,930
Insurance income	2,333	5,769
Other	800	3,475
Total non-operating income	37,399	13,365
Non-operating expenses
Interest expenses	525,041	541,234
Borrowing expenses	50,494	57,576
Interest expenses on investment corporation bonds	197,730	187,303
Amortization of investment corporation bond issuance costs	14,518	13,935
Amortization of investment unit issuance expenses	9,490	7,259
Other	434	269
Total non-operating expenses	797,710	807,579
Ordinary income	8,099,253	7,357,502
Income before income taxes	8,099,253	7,357,502
Income taxes-current	605	605
Total income taxes	605	605
Net income	8,098,648	7,356,897
Retained earnings brought forward	6,212	5,503
Unappropriated retained earnings (undisposed loss)	8,104,860	7,362,400