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Financial Statements

as of December 31, 2025

(Thousands of Yen)

	End of 47th Fiscal Period (Jun. 30, 2025)	End of 48th Fiscal Period (Dec. 31, 2025)
Cash flows from operating activities
Income before income taxes	10,329,865	9,446,937
Depreciation and amortization	2,162,640	2,190,600
Amortization of investment corporation bond issuance costs	10,453	10,627
Amortization of investment unit issuance expenses	670	2,349
Interest income	△21,589	△31,226
Interest expenses	908,644	1,015,320
Decrease (increase) in operating accounts receivable	△70,373	△88,700
Decrease (increase) in consumption taxes receivable	△220,149	210,157
Decrease (increase) in prepaid expenses	7,825	△14,308
Increase (decrease) in operating accounts payable	△66,658	161,508
Increase (decrease) in accounts payable-other	136,247	38,120
Increase (decrease) in accrued consumption taxes	△568,931	△68,506
Increase (decrease) in advances received	136,365	△30,116
Decrease in property, plant and equipment due to sale	2,858,597	6,144,289
Decrease in property, plant and equipment in trust due to sale	ー	1,535,524
Decrease in intangible assets due to sale	22	48
Other, net	△110,034	△162,926
Subtotal	15,493,596	20,359,699
Interest income received	21,589	31,226
Interest expenses paid	△900,959	△1,005,308
Income taxes (paid) refund	△3,457	△2,062
Net cash provided by (used in) operating activities	14,610,768	19,383,554
Cash flows from investing activities
Purchase of property, plant and equipment	△1,002,365	△5,681,289
Purchase of property, plant and equipment in trust	△25,551,354	△24,599,005
Purchase of intangible assets	△3,677	△3,556,996
Purchase of investment securities	ー	△83,460
Payments of lease and guarantee deposits	△53,358	△63,154
Repayments of tenant leasehold and security deposits	△627,928	△798,271
Proceeds from tenant leasehold and security deposits	322,376	557,284
Repayments of tenant leasehold and security deposits in trust	△156,254	△252,530
Proceeds from tenant leasehold and security deposits in trust	1,184,866	542,963
Other, net	ー	△680
Net cash provided by (used in) investing activities	△25,887,696	△33,935,139
Cash flows from financing activities
Proceeds from short-term loans payable	7,000,000	8,500,000
Repayment of short-term loans payable	△7,000,000	△10,000,000
Proceeds from long-term loans payable	20,000,000	19,000,000
Repayment of long-term loans payable	△13,000,000	△10,900,000
Proceeds from issuance of investment units	ー	10,401,734
Purchase of treasury units	△3,999,903	ー
Dividends paid	△7,912,026	△7,915,178
Net cash provided by (used in) financing activities	△4,911,929	9,086,556
Net changes in cash and cash equivalents	△16,188,857	△5,465,029
Cash and cash equivalents at beginning of current period	49,981,725	33,792,868
Cash and cash equivalents at end of current period	33,792,868	28,327,839