Financial Statements

as of June 30, 2025

(Thousands of Yen)

	46th Fiscal Period (Jul. 1, 2024 – Dec. 31, 2024)	47th Fiscal Period (Jan. 1, 2025 – Jun. 30, 2025)
Operating revenue
Rent revenue-real estate	18,192,697	17,924,283
Gain on sale of real estate	1,387,843	2,879,498
Total operating revenue	19,580,541	20,803,782
Operating expenses
Expenses related to rent business	8,784,674	8,507,117
Asset management fee	779,027	773,542
Administrative service and asset custody fees	87,989	87,199
Directors' compensation	6,300	6,300
Trust fees	17,657	16,002
Other operating expenses	189,457	159,826
Total operating expenses	9,865,106	9,549,988
Operating income	9,715,434	11,253,793
Non-operating income
Interest income	2,889	21,589
Income on settlement of management association accounts	2,468	47,023
Insurance income	6,717	13,918
Other	1,290	1,269
Total non-operating income	13,366	83,800
Non-operating expenses
Interest expenses	689,284	763,073
Borrowing expenses	71,005	79,748
Interest expenses on investment corporation bonds	157,692	145,570
Amortization of investment corporation bond issuance costs	11,818	10,453
Amortization of investment unit issuance expenses	7,259	670
Other	254	8,210
Total non-operating expenses	937,315	1,007,728
Ordinary income	8,791,485	10,329,865
Income before income taxes	8,791,485	10,329,865
Income taxes-current	605	605
Total income taxes	605	605
Net income	8,790,880	10,329,260
Retained earnings brought forward	4,023	13,087
Unappropriated retained earnings (undisposed loss)	8,794,903	10,342,348