This document has been translated from a part of the Japanese original for the convenience of non-Japanese shareholders. In the event of any discrepancy between thistranslation and the Japanese original, the original shall prevail.

February 14, 2022

Consolidated Financial Results
for the First Three Months of the Fiscal Year Ending September 30, 2022
<under J-GAAP>
Company name:
Listing:
Section code:
URL:
Representative:
Contact:

Pressance Corporation Co., Ltd.
First Section of the Tokyo Stock Exchange3254
https://www.pressance.co.jp/
Yutaka Doi, President and Representative Director
Kyosuke Ichikawa, Executive Officer, Deputy General Manager of Management Division,and General Manager of Accounting Department
TEL: +81-6-4793-1650
Scheduled date of filing of quarterly securities report:
February 14, 2022
Scheduled date of start of dividend payment:–
Preparation of supplementary quarterly materials for financial results:
Yes
Holding of quarterly financial results presentation meeting:No(Amounts less than one million yen have been omitted.)1.

Consolidated operating results for the first three months of the fiscal year ending September 30, 2022
(from October 1, 2021 to December 31, 2021)(1) Consolidated operating results
Net sales
Millions of yen
First three months of the fiscal
year ending September 30,
2022
First three months of the fiscal
period ended September 30,
2021
Note: Comprehensive income

37,007(Percentages indicate year on year changes
compared to the same period of the previous FY )Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%—

53,973 (18.1)

6,293

—

8,642 (27.4)

6,563

—

8,473 (29.2)

3,976

—

5,328 (34.9)

First three months of the fiscal year ending September 30, 2022: 4,951 million yen [(-)%]
First three months of the fiscal period ended September 30, 2021: 5,345 million yen [(35.1)%]
Basic earnings per
share
Yen

Diluted earnings per
share
Yen

58.42

58.22

78.38

78.37

First three months of the fiscal
year ending September 30,
2022
First three months of the fiscal
period ended September 30,
2021

Note: Effective the fiscal period ended September 30, 2021, we have changed the fiscal year-end from March 31 to September 30. Year-on-yearchanges are not provided as the period that the first three months of this fiscal year covers (October 1, 2021 to December 31, 2021) isdifferent from the first three months of the fiscal period ended September 30, 2021 (April 1, 2021 to June 30, 2021).

(2) Consolidated financial position
Total assets
Millions of yen
248,250
256,024

As of December 31, 2021
As of September 30, 2021
Reference: Equity
As of December 31, 2021
As of September 30, 2021

Net assets
Millions of yen
151,053
148,256

150,504 million yen
147,400 million yen

Equity ratio
%
60.6
57.6

2.

Dividends
1st quarter-end
Yen

Annual dividends per share
2nd quarter-end
3rd quarter-end
Year-end
Yen
Yen
Yen

Fiscal period ended――
September 30, 2021
Fiscal year ending September―
30, 2022
Fiscal year ending September
16.00
30, 2022 (Forecast)
Note: Revisions to the dividends forecasts most recently announced: None

Annual total
Yen

―

16.00

16.00

―

16.00

32.00

Note that the fiscal period ended September 30, 2021 covers six months from April 1, 2021 to September 30, 2021
due to the change to the fiscal year-end.

3.

Forecasts of consolidated operating results for the fiscal year ending September 30, 2022 (fromOctober 1, 2021 to September 30, 2022)(Percentages indicate year-on-year changes.)
Basic
Profit attributable to
Net sales
Operating profit
Ordinary profit
earnings
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Half year
66,427
―
8,796
―
8,377
―
4,988
―
73.38
Full year
140,834―
16,063―
15,205―
9,829―
144.56
Note: Revisions to the results forecasts most recently announced: None
The fiscal period ended September 30, 2021 covers six months from April 1, 2021 to September 30, 2021 due to the change tothe fiscal year-end. For this reason, year-on-year changes are not provided.

*
(1)

(2)

Notes
Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
Adoption of specific accounting policies for quarterly consolidated financial statements: Yes(Corporate Income Tax Calculation Standards)
Regarding taxes, a reasonable estimate of the effective tax rate for the projected full-period pretax income forthe current fiscal period, including the actual income figure for the first three months of the fiscal year, hasbeen arrived at using the tax-effect accounting method.

(3) Changes in accounting policies, changes in accounting estimates and restatement after error corrections
a. Changes in accounting policies due to amendments to accounting standards and other regulations: Noneb. Changes in accounting policies due to other reasons than a. above: Nonec. Changes in accounting estimates: None
d. Restatement after error corrections: None(4)

Number of issued shares (common stock)a. Number of issued shares at the end of each period (including treasury shares)
As of December 31, 2021
As of September 30, 2021

68,974,716 shares
68,858,316 sharesb. Number of treasury shares at the end of period
As of December 31, 2021
As of September 30, 2021

866,546 shares
867,061 sharesc. Average number of shares during the period
First three months of the fiscal year ending September 30, 2022
First three months of the fiscal period ended September 30, 2021

68,067,590 shares
67,978,527 shares

Note:
Due to the introduction of the share-based payment type ESOP, a certain number of shares of the Company
held in the trust account is included in the “Number of treasury shares at the end of period” (309,320 shares as

of December 31, 2021 and 309,860 shares as of September 30, 2021). And, a certain number of shares held in
the trust account is included in the treasury shares that were deducted in the calculation of the “Average
number of shares during the period” (309,426 shares for the first three months of the fiscal year ending
September 30, 2022 and 309,860 shares for the first three months of the fiscal period ended September 30,2021).
* Review of quarterly financial result reports by public accountants or auditing firms is not required.
* Explanations about the proper use of financial forecasts and other important notes(Caution Concerning Forward-looking Statements)
Forward-looking statements in this document, including the results forecasts, are based on the information
available to the Company at the time of disclosure and on certain assumptions deemed to be practicable by
the Company. These statements do not purport that the Company pledges or ensures to achieve suchstatements. Actual business and other results may differ substantially due to various factors. For preconditions
to the assumptions and other important notes concerning the financial forecasts, please refer to “1. Quarterly
Qualitative Information (3) Explanation for the Forecast of Consolidated Financial Results ending September
30, 2021” on page 2 of the attachment.

(Method of Obtaining Supplementary Materials for Quarterly Financial Results)
Supplementary materials for quarterly financial results are available on the Company’s website on the release
date of this document. (Japanese version only)1. Quarterly Qualitative Information(1) Business Results
Effective the fiscal period ended September 30, 2021, we have changed the fiscal year-end from March 31 to
September 30. Year-on-year changes in amount and percentage are not provided as the period that the first threemonths of this fiscal year covers (October 1, 2021 to December 31, 2021) is different from the first three monthsof the fiscal period ended September 30, 2021 (April 1, 2021 to June 30, 2021).
During the first three months of the fiscal year ending September 30, 2022, the Japanese economy and thebusiness environment remained challenging due to the impact of the COVID-19 pandemic. We must pay close
attention to downside risks from the impact of infection, supply-side constraints, and the trend of raw material
prices. Fluctuations in the financial and capital markets should also be watched carefully.
In the real estate industry to which the Group belongs, in addition to the impact of the COVID-19 pandemic, anincrease in land costs in cities and construction costs and the like are causes for concern. Concurrently, the interest
rates on housing loans remain low while the Japanese government’s ongoing measures to help homebuyers, suchas a mortgage tax breaks, are still on track, contributing to a solid economy. The demand for condominiums in
the center of cities, which is our main supply area, was solid as some areas saw an increase in the number ofhouseholds who move seeking the convenience of urban living and the like.
In these business circumstances, Pressance Corporation Co, Ltd. (the “Company”) has focused on supplying
condominiums in selected places in the central part of major cities in the Kinki, Tokai/Chukyo, and Tokyo
metropolitan areas, and other core regions including Okinawa, which are our major sales areas.
Under such business conditions, the Company posted the following consolidated performance for the first threemonths of the fiscal year ending September 30, 2022. Net sales amounted to 37,007 million yen, operating profit
amounted to 6,293 million yen, ordinary profits amounted to 6,563 million yen and profit attributable to ownersof parent amounted to 3,976 million yen.
An overview of operating results by business segment is as follows:

Real Estate Sale BusinessIn the real estate sales business, Pressance Loger Miyakojima Residence (128 units), a family-type condominium
in the Pressance Loger series, and Pressance Tennoji North Viale (153 units), a Pressance series studiocondominium, have performed favorably.
Furthermore, although this is in line with our plan, sales of studio condominiums and family-type condominiums
have decreased significantly due to the smaller number of completed properties compared with the same periodof the previous year (October 1, 2020 to December 31, 2020).
The sales of studio condominiums amounted to 10,241 million yen (619 units), sales of family-typecondominiums were 16,327 million yen (392 units), sales of detached houses amounted to 876 million yen (21units), sales of used condominiums 1,672 million yen (113 units), sales of other real estate totaled 6,058 million
yen, and business accompanying real estate sales came to 277 million yen. Total sales of the real estate sales
business posted 35,454 million yen and segment profit amounted to 6,054 million yen.
Since sales from the condominium business, our main business, are recorded on a delivery basis that is later thancompletion, there may be fluctuation in the quarterly sales results depending on the timing of land acquisition,
development plans and/or construction schedules.

Other BusinessWith a decrease in rent revenue related to rent guarantees, the sales of the Other business amounted to 1,553
million yen, and segment profit amounted to 495 million yen.

(2) Financial Position
Current Assets
Total current assets as of the end of the first three months of the fiscal year amounted to 228,749 million yen(down 3.6%), which represents a decrease of 8,626 million yen compared with the end of the previous fiscal
period. This was due mainly to a decrease in inventory of 4,894 million yen and a decrease in short-term loans
receivable from subsidiaries and associates following collection of these loans of 3,555 million yen.

Non-current assets
Total non-current assets as of the end of the first three months of the fiscal year amounted to 19,500 million yen(up 4.6%), which represents an increase of 852 million yen compared with the end of the previous fiscal period.
This was due mainly to an increase in real estate for rent of 441 million yen because of the acquisition of self-1

owned real estate, and an increase in shares of subsidiaries and associates of 369 million yen following theposting of share of profit of entities accounted for using the equity method.

Liabilities
Total liabilities as of the end of the first three months of the fiscal year amounted to 97,197 million yen (down
9.8%), which represents a decrease of 10,571 million yen compared with the end of the previous fiscal period.
This was mainly due to a 6,374 million yen decrease in loans payable to financial institutions, a 2,053 million
yen decrease in income taxes payable due to the payment of income taxes, and a 1,399 million yen decrease inelectronically recorded obligations-operating due to an increase in settlements.

Net Assets
Total net assets as of the end of the first three months of the fiscal year amounted to 151,053 million yen (up1.9%), which represents an increase of 2,796 million yen compared with the end of the previous fiscal period.
This was principally due to the increase in retained earnings of 2,883 million yen because of the posting of profit
attributable to owners of parent of 3,976 million yen, which offset the cash dividends paid of 1,092 million yen.

Analysis on Cash Flows
Cash and cash equivalents as of the end of the first three months of the fiscal year ending September 30, 2022
totaled 99,672 million yen, which represents a decrease of 250 million yen compared with the end of the previous
fiscal period.
The status and factors in each cash flow for the first three months of the fiscal year ending September 30, 2022
are as follows:

Cash flows from operating activities
Net cash provided by operating activities came to 5,148 million yen.
This was mainly due to cash inflow resulting from the posting of 6,563 million yen in profit before income taxes
and a decrease in inventories of 4,659 million yen following the delivery of condominiums. Meanwhile, there
were cash outflows as a result of a payment of income tax of 3,553 million yen, a decrease in notes and accounts
payable-trade of 1,721 million yen reflecting an increase in the settlement of electronically recorded obligationsoperating, and other factors.

Cash flows from investing activities
Net cash provided by investing activities came to 3,123 million yen.
This was principally due to cash inflow resulting from a decrease in short-term loans receivable of 3,864 million
yen due to the collection of short-term loans receivable from subsidiaries and associates, while there were cash
outflows resulting from the acquisition of non-current assets of 530 million yen and loans to subsidiaries andassociates of 205 million yen.

Cash Flows from Financing Activities
Net cash used in financing activities came to 8,523 million yen.
This was due mainly to cash outflows resulting from the net decrease in loans payable to financial institutions of
6,374 million yen, repayments of investments to non-controlling shareholders of 1,177 million yen, and thedividend payment of 1,087 million yen.

(3) Explanation for the Forecast of Consolidated Financial Results for the Fiscal Year Ending
September 30, 2022
Condominium sales, our major business, have a tendency to excessively skew or cause unevenness in specificquarterly results due to the timing of the delivery of condominiums, because condominium sales are to be postedon the basis of delivery of the condominium units. Our business results in the first three months of the fiscal year
ending September 30, 2022 have been making sound progress, and there is no change in our forecasts ofconsolidated financial results released on November 12, 2021 for the fiscal year ending September 30, 2022.

22. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of September 30, 2021
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Real estate for sale
Real estate for sale in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Real estate for rent, net
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Advances received
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Provision for share-based payment
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

3

As of December 31, 2021

103,138
89
23,491
102,347
143
8,290
(124)
237,376

102,88885
15,329105,591
167
4,798
(110)
228,749

14,592469
15,062
101
3,484
18,648
256,024

15,034461
15,495127
3,877
19,500248,250

367
1,704
920
38,228
3,730
5,024
226
3,929
54,131

203
305
2,579
21,233
1,676
4,860
105
3,907
34,86952,798257
581
53,637
107,768

61,760256
310
62,327
97,1976,890
7,892
133,489(883)
147,388

6,998
8,000
136,373(883)
150,488

10
1
11
439
416
148,256
256,024

8
6
15
409
139
151,053
248,250

(2) Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income(Millions of yen)First three months of the fiscal
First three months of the fiscal
year ending September 30, 2022
period ended September 30, 2021
(October 1, 2021 to December 31,(April 1, 2021 to June 30, 2021)
2021)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Commission fee
Penalty income
Reversal of allowance for doubtful accounts
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodCommission fee
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes
Net income
Profit attributable to non-controlling interests
Profit attributable to owners of parent

453,973
41,21912,753
4,111
8,642

37,007
26,780
10,227
3,934
6,293

0
1

0
1

－

428

0
10
30
－
68
111

41
10
10
13
25
531

182

168

12

－

34
50
280
8,473
8,473
3,126
5,347
19
5,328

91
1
261
6,563
6,563
1,615
4,948
971
3,976

Quarterly Consolidated Statements of Comprehensive Income(Millions of yen)First three months of the fiscal
First three months of the fiscal
year ending September 30, 2022
period ended September 30, 2021
(October 1, 2021 to December 31,(April 1, 2021 to June 30, 2021)
2021)
Net income
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

5

5,347

4,948

2
(0)

(1)
0

(4)

3

(1)
5,345

3
4,951

5,326

3,979

19

971

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)First three months of the fiscal
First three months of the fiscal
year ending September 30, 2022
period ended September 30, 2021
(October 1, 2021 to December 31,(April 1, 2021 to June 30, 2021)
2021)
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of (profit) loss of entities accounted for using
equity method
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable trade
Share-based remuneration expenses
Increase (decrease) in provision for bonuses
Increase (decrease) in advances received
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in accrued consumption taxes
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of non-current assets
Proceeds from sales of non-current assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries and associates
Payments of loans receivable from subsidiaries andassociates
Decrease (increase) in short-term loans receivable
Net cash used in investing activities
Cash flows from financing activities
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of shares
Purchase of treasury shares
Cash dividends paid
Dividends paid to non-controlling interests
Net increase (decrease) in short-term loans payable
Repayments to non-controlling shareholders
Net cash used in financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

6

8,473
110
13
(3)
(1)
182
(0)

6,563
116
9
(13)
(1)
168
(41)

12

(428)

16,273

4,659(6,144)(1,721)53
97(1,171)

9
(121)
11

(18)

103

(707)
227
17,3981(204)(6,620)
10,574

(344)
(94)
8,874
1
(173)
(3,553)
5,148

(322)
58
(1)
0
(40)

(530)
1
(5)
－
－

(262)

(205)

－
(567)

3,864
3,123

8,746
(15,112)－－(1,081)－(1,469)－(8,917)

17,773(25,806)
186(0)(1,087)(72)
1,659(1,177)(8,523)

(0)

0

1,090
87,70988,799(250)
99,922
99,672

3. Others
Actual orders and sales
Effective the fiscal period ended September 30, 2021, the fiscal year-end has been changed from March 31
to September 30. For ease of comparison, the results for the same period of the previous year (October 1,
2020 to December 31, 2020) are provided.
(1) Actual orders

The same period of the previous year (October 1, 2020 to December 31, 2020)
Name of segment

Total amount of contracts
AmountYear onYear on year
(Millions ofyear (%)(%)
yen)

Outstanding balance of contracts
AmountNumberYear onYear on(Millions ofof units
year (%)
year (%)
yen)

Category

Numberof units

Studiocondominiums
Family-typecondominiums
Sale of hotel
property

1,986

204.5

29,981

150.3

4,000

107.2

59,793

93.2

401

88.4

16,616

97.5

946

51.8

38,714

58.2

12

7.1

453

11.8

180

31.6

4,390

31.7

Detached houses
Usedcondominiums
Sale of other realestate

32

128.0

1,043

109.2

66

150.0

2,162

140.3

69

132.7

964

132.6

25

131.6

343

130.6

－

－

2,790

46.9

－

－

2,136

35.8

Total amount of reportable segments

2,500

149.7

51,851

107.0

5,217

84.3

107,540

70.6

Real estate salebusiness

First three months of the fiscal year ending September 30, 2022 (from October 1, 2021 to December 31, 2021)
Name of segment

Real estate salebusiness

Category* Studio
condominiums
Family-typecondominiums
Sale of hotel
property

Detached houses
Usedcondominiums
Sale of other realestateTotal amount of reportable segments

Total amount of contracts
AmountYear on year
(Millions of
(%)
yen)

Numberof units

Outstanding balance of contracts
AmountYear onYear on(Millions ofyear (%)
year (%)
yen)

Numberof units

Year onyear (%)

808

40.7

13,894

46.3

2,142

53.6

33,108

55.4

419

104.4

17,297

104.1

1,105

116.9

48,145

124.4

－

－

－

－

－

－

－

－

30

93.8

1,201

115.1

51

77.3

2,182

100.9

109

158.0

1,556

161.3

39

156.0

527

153.6

－

－

62

2.2

1

－

328

15.4

1,366

54.6

34,012

65.6

3,338

64.0

84,29278.4

Note:
1. In the table above, “total amount of orders” has been replaced with “total amount of contracts.”
2. Amounts of additional constructions are included in the above amounts.
3. Number of units in total amount of contracts and the outstanding balance of contracts may fluctuate due tochanges in business plans and others.
4. Until the last fiscal period ended September 30, 2021, sales of houses other than newly built condominiums,
including the used houses business and detached houses business, were presented under the category of "saleof other type of housing.” Starting from the first three months of this fiscal year, however, they are now
presented under “detached houses” and “used condominiums.” In order to reflect the change in category, “saleof other type of housing" in the same period of the previous year has been reclassified under the current
presentation.
5. Sale of other real estate refers to the sale of real estate other than housing, including commercial facilities,
commercial stores, and land for development.
6. The total amount of contracts and outstanding balance of contracts for sale of other real estate in the same periodof the previous year refer to land for development.
The total amount of contracts and outstanding balance of contracts for sale of other real estate in the first threemonths of the fiscal year ending September 30, 2022 refer to commercial stores and land for development.
* The total amount of contracts and the outstanding balance of contracts for studio condominiums in the first threemonths of the fiscal year ending September 30, 2022 have decreased significantly compared with the same
period of the previous year. This is mainly due to the non-recurrence of large contracts of 14,495 million yen
with two non-Group companies for 14 buildings (1,044 units) in the same period of the previous year.

7(2) Actual sales
The same period of the previous year
(October 1, 2020 to December 31, 2020)

Name ofsegment

Category

Studiocondominiums
Family-typecondominiums
Sale of hotel
property
Real estate sale Detached houses
business
Used
condominiums
Sale of other realestateBusiness
accompanying
real estate sale
Total amount of reportable segments
Other
Total

Year on
year(%)

First three months of the fiscal year ending
September 30, 2022
(October 1, 2021 to December 31, 2021)
Year onAmountYear onNumberyear(Millions ofyearof units
(%)
yen)
(%)

Numberof units

Year onyear(%)

Amount(Millions of
yen)

1,175

128.7

21,275

109.7

619

52.7

10,241

48.1

600

118.8

23,855

129.3

392

65.4

16,327

68.4

289

43.5

6,240

38.4

－

－

－

－

28

200.0

948

200.7

21

75.0

876

92.4

67

152.3

960

158.4

113

168.7

1,672

174.1

－

－

3,339

341.5

－

－

6,058

181.4

－

－

369

137.7

－

－

277

75.0

2,159
－
2,159

100.9
－
100.9

56,9891,978
58,967

101.0
111.0
101.3

1,145
－
1,145

53.0
－
53.0

35,454
1,553
37,007

62.2
78.5
62.8

Note:
1. Amounts of additional constructions are included in the above amounts.
2. Until the last fiscal period ended September 30, 2021, sales of houses other than newly built condominiums,
including the used houses business and detached houses business, were presented under the category of "saleof other type of housing." Starting from the first three months of this fiscal year, however, they are now presented
under "detached houses" and "used condominiums." In order to reflect the change in category, "sale of othertype of housing" in the same period of the previous year has been reclassified under the current presentation.
3. Sale of other real estate refers to the sale of real estate other than housing, including commercial facilities,
commercial stores, and land for development.
4. Business accompanying real estate sale includes income from post-delivery optional construction work such as
floor coating and income from intermediation fees from real estate sales.
5. Sale of other real estate in the same period of the previous year refers to land for development.
Sale of other real estate in the first three months of the fiscal year ending September 30, 2022 refers tocommercial facilities and land for development.

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