Financial Statements

as of December 31, 2024

(Thousands of Yen)

	45th Fiscal Period (Jan. 1, 2024 – Jun. 30, 2024)	46th Fiscal Period (Jul. 1, 2024 – Dec. 31, 2024)
Operating revenue
Rent revenue-real estate	17,644,745	18,192,697
Gain on sale of real estate	ー	1,387,843
Total operating revenue	17,644,745	19,580,541
Operating expenses
Expenses related to rent business	8,300,052	8,784,674
Asset management fee	766,085	779,027
Administrative service and asset custody fees	85,259	87,989
Directors' compensation	6,300	6,300
Trust fees	15,930	17,657
Other operating expenses	116,471	189,457
Total operating expenses	9,290,099	9,865,106
Operating income	8,354,646	9,715,434
Non-operating income
Interest income	215	2,889
Income on settlement of management association accounts	37,796	2,468
Insurance income	3,385	6,717
Other	792	1,290
Total non-operating income	42,190	13,366
Non-operating expenses
Interest expenses	616,864	689,284
Borrowing expenses	64,045	71,005
Interest expenses on investment corporation bonds	163,526	157,692
Amortization of investment corporation bond issuance costs	12,268	11,818
Amortization of investment unit issuance expenses	7,180	7,259
Other	1,789	254
Total non-operating expenses	865,675	937,315
Ordinary income	7,531,161	8,791,485
Income before income taxes	7,531,161	8,791,485
Income taxes-current	605	605
Total income taxes	605	605
Net income	7,530,556	8,790,880
Retained earnings brought forward	4,857	4,023
Unappropriated retained earnings (undisposed loss)	7,535,414	8,794,903