Five-Year Financial Summary
Thousands of
U.S.dollars

Millions of yen

1999

Consolidated:
Revenue from operations
Revenue from leasing business
Revenue from sales business
Revenue from other business
Gross profit
Operating income
Net income (loss)
Total assets
Total shareholders' equity

1998

1997

1996

1995

1999

￥ 389,136￥ 364,858￥ 338,980￥ 344,404￥ 295,316$ 3,228,005

150,976

143,676

135,814

129,839

121,856

1,252,393

137,735

125,327

102,128

130,80992,292

1,142,555

100,425

95,855101,038

83,756

81,168833,057

85,88075,52877,96075,367

69,831

712,40256,51645,41244,14351,32245,789468,818

10,983（1,745）
1,853,657

1,707

537

91,107

1,835,825（66,048）
1,854,800

1,869,165

1,885,792

15,228,743

207,177

179,375

249,791

252,954254,109

1,718,598

Yen

Per share:
Net income (loss)
Shareholders' equity
Dividend￥

U.S.dollars

27.00￥ （162.36） ￥（4.29） ￥509.28440.93614.03621.81624.64

6.00

6.00

6.00

6.00

6.00

4.20

￥

1.32

95,855

Nonconsolidated:
Total office floor space(
thousand m2)
Number of condominiums sold(units)

75,528(66,048)
1,807

1,
731

1,
680

1,678

1,610

3,216

3,
141

2,
503

2,932

1,654

$

0.22
4.22
0.05

95,85575,52845,412(66,048)
1,854,800
179,375

Note: The 1999 yen amounts have been translated into U.S. dollars, for convenience only, at the rate of ￥120.
55=U.S. $1, the approximate exchange rate on March 31, 1999.

Millions of yen

150,000

121,856

129,839

135,814

143,676

150,976
150,000

137,735

130,809

150,000

125,327
102,128

100,000

100,000

50,00092,29250,000

0
1996

1997

1998

1999

Revenue from leasing business

81,16883,756

1995

1996

95,855

100,425

50,0000
1995

101,038

100,000

0
1995

1996

1997

1998

1999

Revenue from sales business

Contents
Message from the Chairman and the President …………………… 2
Consolidated Balance Sheets ……………………………………… 6
Consolidated Statements of Operations …………………………… 8
Consolidated Statements of Shareholders' Equity ………………… 9
Consolidated Statements of Cash Flows …………………………… 10
Notes to Consolidated Financial Statements ……………………… 11
Report of Independent Public Accountants ……………………… 22
Main Subsidiaries and Affiliates ………………………………… 23
Corporate Data …………………………………………………… 24
1

1997

1998

1999

Revenue from other businessMessage from the Chairman and the President

Sumitomo Realty & Development Co., Ltd., a core member of the Sumitomo Group, is one of Japan's
premier real estate companies. The Company is well established as a comprehensive developer andsupplier of high-quality office buildings and condominiums in urban areas.
Together with its 51 domestic and overseas subsidiaries and affiliates, the Company is also engaged
in a broad array of businesses, including real estate brokerage, housing construction, homerenovation and building management services. The Company will continue to create comfortableworking and living environments that contribute to a higher quality of life.

The Year in Review
During the fiscal year ended March 31, 1999, the Japanese economy was temporarily pushed to thebrink of recession. Asset deflation resulted from a series of fiscal reform measures dating back to
1997, and unprecedented concerns were placed on Japan's financial system owing to the continuing
problem of non-performing loans at financial institutions. However, a strong fiscal and monetarystimulus package by the government and the Bank of Japan, which included a large-scale income tax
reduction, an increase in public investment, a relaxation of the financing crunch, public funding(capital injections into financial institutions) and other measures to stabilize Japan's financial system,
succeeded in mitigating such unfavorable trends. Today, the Japanese economy is close to bottoming
out; indeed, it shows signs of improvement.
In the real estate industry, the decline in the National Land Agency's posted land prices reflected therecessionary economy. Housing starts declined steeply for two consecutive years. However, thanks
to the effects of the fiscal and monetary stimulus package, there were clear improvements in the
housing sector towards the end of 1998.
In the office leasing business, the vacancy rate increased slightly and market rents remained flat year
on year. After these years of steady improvement, the mounting financial concerns from the end of
1997 forced a sudden downturn in market sentiment, which remained throughout the term.
Nevertheless, market rents for kin-shin-dai (well located, recently completed and large floor plated)prime office buildings remained relatively high because of strong demand, The supply of new officebuildings has been and will be short of demand. There are some surveys that state there will be acomplection rush of office buildings in the Tokyo CBD around 2001 to 2002, which results in an2over-supply of office space. However, from our survey, we found that completions of several projects
are expected to be carried over due to factors such as delays in adjustments of landlord interests andacquisition of development and building permits. Therefore, we expect that there is very little chanceof over-supply in the near future.
During the fiscal year, revenue from office leasing business rose 5.0% to ￥151,889 million while
operating profit advanced 18.1% to ￥43,712 million, with contributions from four newly completed
office buildings, including the Chiyoda First Building, and the full impact of rent raises during theprevious term.
In the real estate sales business, a difficult business climate continued until the autumn of 1998 due tothe lack of consumer confidence from the instability of the financial system and accompanying
unemployment. However, sales recovered rapidly in late 1998, thanks to the government's demandboosting policies, such as the enhanced housing loan tax credit program, Housing Loan Corporation's
mortgage rate cuts, and the consumers' fear of higher interest rates coming.
Amid such business conditions, the Company shifted employees to its marketing force, which
contributed to a 9.7% increase in revenue from real estate sales business to ￥137,745 million.
Operating profit stood at ￥6,544 million, a 9.8% decline from the previous year, mainly due to anincrease in marketing expense.
The construction businessーprimarily the construction of detached houses and home remodelingservicesーfaced a harsh business environment in which demand fell substantially. Even so, revenue
from construction business expanded 7.3% to ￥66,624 million. This result was attributable tobusinesses such as:・ "American Comfort" ー high-quality, affordable, and standardized houses, marketed
through 25 branches nationwide
・"Shinchiku Sokkurisan"("As Good As New") ー full renovation package, offered at a
fixed-price, with half the price and the construction period of reconstruction.
In addition, there was a steady increase in the number of detached houses completed by a subsidiary,
Universal Home Inc., which franchises local home builders with standardized houses via a
conventional construction method. Sumitomo Fudosan Home Co., Ltd., which contracts two-by-four
custom houses, began to earn profits through its massive cost reductions.
As a result, operating profit for the construction business amounted to ￥2,383 million (previous
fiscal year ￥76 million loss), after five consecutive years of divisional deficits.
In the real estate brokerage business, operating conditions improved considerably in the second halfof the term although the business climate was harsh in the first half. Enhanced marketing efforts
such as the opening of eight brokerage offices (totaling 177) and diversification of real estate
information media, especially the Internet, resulted in a considerable increase in brokerage contracts.
Revenue from the brokerage business rose 1.7% to ￥27,967 million due to the decline in average
price per property, and operating profit jumped 13.3% to ￥5,286 million.

3

During the term, the Company initiated a reduction of interest-bearing debt. The Company raised cashof almost ￥100 billion by securitizing of office buildings through private placement and sales ofrestitution claims for guarantee money deposited to master-lessors and receivables from H.L.C on
houses sold. Moreover, in the first real estate joint investment fund backed by the company's officebuildings, we sold all 1,302 units of "SURF Kudanshita Building" at ￥5 million per unit during April
after having only begun sales at the end of March 1999.
The Company's consolidated revenue from operations increased 6.7% from the previous term to￥389,136 million, and recurring profit leaped 324.3% to ￥21,689 million. The listing of Sumitomo
Real Estate Sales Co., Ltd., on the Second Section of the Tokyo Stock Exchange resulted in a ￥2,563
million gain on sale of an affiliated company's stock in extraordinary income. The company posted
disposition losses on marketable securities of ￥5,438 million in extraordinary loss. In total net income
was ￥10,983 million, compared with a net loss of ￥66,048 million the previous fiscal year. The
Company adopted tax-effect accounting for the term under review.
Business Prospects
The Company addressed itself to four major issues to overcome the current harsh businessenvironment of the post-bubble economy and to strengthen the management capability:
・Recovery of profitability
・Development of idle land into working assets
・Reduction of non-performing loans at subsidiary
・Reduction of interest-bearing debt
While the interest rates remained at a record-low level, the Company focused on solving the first
three issues, without increasing interest-bearing debt.
As a result,・Our profitability improved considerably, as recurring profit exceeded ￥20,000 million for the
first time in the last eight fiscal years. The recovery of profitability owed much to the growth of"tochi-less businesses" (business without land investment), such as construction, remodeling,
brokerage and building management, which are mainly covered by our subsidiaries.
・The development of idle land has been almost fully undertaken. Since 1996, the construction of
office buildings has been resumed, with five buildings already completed, five under construction
and six planned to start construction by March 2000.
・In the previous fiscal year, the Company posted a substantial bad debt allowance at a subsidiary,
Sumitomo Fudosan Finance Co., Ltd.
Having addressed three of our four priorities successfully, we are now focusing our efforts on the4fourth task - the reduction of interest-bearing debt - by further pursuing various asset financing
methods.
Our aim is to increase earnings, while reducing interest-bearing debt, at the group level for further
development.

Shinichiro Takagi, Chairman

Junji Takashima, President

5Consolidated Balance Sheets
March 31, 1999 and 1998
Thousands of
U.S.dollars(Note 1)Millions of yen

Assets1999

Current assets:Cash, mainly time and notice deposits
Marketable securities (Notes 6 and 7)
Notes and accounts receivable-trade
Trade loans receivable
Allowance for doubtful accounts
Inventories (Note 4)
Deferred income taxes (Note 8)
Securities loaned (Note 6)
Other current assets
Total current assets￥

Investments and advances:
Investments in and advances to unconsolidated
subsidiaries and affiliated companies (Note 5)
Investments in securities and other (Note 6)
Allowance for doubtful accounts
Total investments and advances
Property and equipment (Note 7):Land
Buildings and structures
Machinery and equipment
Construction in progress
Accumulated depreciation
Net property and equipment
Other assets:
Guarantee and lease deposits paid to lessors
Leasehold rights and other intangible assets
Deferred income taxes (Note 8)
Miscellaneous
Foreign statements translation adjustments
Total other assets

See accompanying notes.

6

79,428

1999

1998

￥

74,143$658,880

9,426

30,65878,192

23,296

19,311

193,248

363,933

358,138

3,018,938(43,253)(49,737)(358,797)

206,714257,676

1,714,757

5,406

−

44,844

19,674−

163,202

36,06941,886299,204

700,693732,075

5,812,468

109,365

13,184

9,679

108,787

112,906

902,422(79,503)(72,120)(659,502)

42,46850,465352,285

512,418

485,864

4,250,668

313,598

330,7192,601,394

14,99915,542

124,42133,17337,051

275,180

874,188869,176

7,251,663(130,461)(132,371)(1,082,215)

743,727

736,805

6,169,448

243,763

240,300

2,022,091

77,583

81,578643,575

15,374

4,566

127,532

3,538

4,164

29,349

8,679

4,847

71,995348,937

335,455

2,894,542￥ 1,835,825￥ 1,854,800$ 15,228,743

Thousands of
U.S.dollars(Note 1)Millions of yen

Liabilities and Shareholders' Equity

1999

Current liabilities:
Short-term bank loans (Note 7)Long-term debt due within one year (Note 7)
Notes and accounts payable-trade
Accrued income taxes (Note 8)
Accrued bonuses
Deferred income taxes (Note 8)
Other current liabilities
Total current liabilities￥

Long-term debt due after one year (Note 7)
Guarantee and lease deposits received (Note 9)
Deferred income taxes (Note 8)
Employees' retirement benefits
Directors' and statutory auditors' retirement benefits
Other long-term liabilities
Minority interests

582,349

￥

1998

1999

622,729$ 4,830,767

118,498

171,078

982,978

33,94025,849281,543

1,554

2,199

12,891

2,169

2,293

17,993

617

−

5,118

63,25655,155

524,728

802,383

879,3036,656,018

692,028

665,675

5,740,589

126,170

127,154

1,046,620

53

−

439

575

500

4,770

199

195

1,651

0

5

0

7,240

2,593

60,05886,77386,773

719,80996,822

96,822

803,169

23,584(4,218)

195,637

207,179

179,377

1,718,615

(2)

(2)

(17)

207,177

179,375

1,718,598￥ 1,835,825￥ 1,854,800$ 15,228,743

Contingent liabilities (Note 12)

Shareholder's equity (Note 10):
Common stock, par value ￥50 per share
Authorized - 780,000 thousand shares
Issued- 406,810 thousand shares
Additional paid-in capital
Retained earnings (deficit)
Treasury stock, at cost
Total shareholders' equity

7

Consolidated Statements of Operations
Years ended March 31, 1999, 1998 and 1997
Thousands of
U.S.dollars(Note 1)Millions of yen

Revenue from operations
Costs and expenses:
Cost of revenue from operations
Selling, general and administrative expenses (Note 3)

1999

1998

1997

1999

￥ 389,136￥ 364,858￥ 338,980$ 3,228,005

303,256

289,330

261,020

2,515,603

29,364

30,11633,817

243,584

332,620

319,446

294,837

2,759,187

56,51645,41244,143468,818(34,948)(34,240)(35,145)(289,905)

374

815

608

3,102

270

−

14

2,240

(774)

−

−

(6,420)

2,563

−

−

21,261

Operating income
Other income (expenses):
Interest expense-net (Note 4)
Dividend income
Gain on sale of property and equipment
Loss on sale of marketable securities
Gain on sale of investments in subsidiary
Loss on sale of investments in securities
Write offs of bad debt
Loss on devaluation of marketable securities
Provision for allowance for doubtful accounts ofa consolidated subsidiary
Foreign exchange gains
Other-net
Income (loss) before income taxes (Note 3)
Income taxes (Note 8):
Current
Deferred
Net income (loss)￥(3,358)−−(27,856)(53)(4,987)

(673)

(440)

(1,262)(6,740)(5,663)(10,469)−(62,499)

−

−

256

126

117

2,124

(2,063)(1,286)(1,179)(17,113)(38,995)(108,811)(41,921)(323,476)

17,521(63,399)

2,222

145,342

2,738

3,355

4,074

22,713

3,800

(706)

(107)

10,983￥ (66,048)￥(1,745)￥

See accompanying notes.

8

91,107

U.S.dollars(Note 1)

Yen

Amounts per share of common stock:
Net income (loss)
Cash dividends applicable to the year

31,522$27.00￥ (162.36)

6.00

6.00

￥

(4.29)
6.00

$

0.22
0.05

Consolidated Statements of Shareholders' Equity
Years ended March 31, 1999, 1998 and 1997
Thousands of
U.S.dollars(Note 1)Millions of yen

1999

1998

1997

Common stock:
Balance at beginning of the year
Balance at end of the year

￥ 86,773￥ 86,773￥ 86,773$ 719,809￥ 86,773￥ 86,773￥ 86,773

719,809

Additional paid-in capital:
Balance at beginning of the year
Balance at end of the year

￥ 96,822￥ 96,822￥ 96,822$ 803,169￥ 96,822￥ 96,822￥ 96,822$ 803,169￥ (4,218)￥ 66,198￥ 69,364$ (34,989)

19,299−−160,091(37)(1,261)

355

(307)

Retained earnings (deficit):
Balance at beginning of the year
Cumulative effect of adopting deferred tax accounting
Increase (decrease) due to change in consolidated
subsidiaries
Increase (decrease) due to application of SFAS
115 to the consolidated subsidiaries in the U.S.
Net income (loss)
Cash dividends paid
Bonuses to directors
Balance at end of the year

1999

−

(664)

664

−

10,983(66,048)(1,745)

91,107(2,440)(2,440)(2,440)(20,240)

(3)

(3)

−

(25)

￥ 23,584￥ (4,218)￥ 66,198$ 195,637

Thousands

Number of shares of common stock:
Balance at beginning of the year
Balance at end of the year
See accompanying notes.

9

1999

1998

1997

406,810

406,810

406,810

406,810

406,810

406,810

Consolidated Statements of Cash Flows
Years ended March 31, 1999, 1998 and 1997
Thousands of
U.S.dollars(Note 1)Millions of yen

Cash flows from operating activities:
Net income (loss)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation and amortization
Provision for allowance for doubtful accounts-net
Deferred income taxes
Gain on sale of property and equipment
Other
Changes in assets and liabilities:
Decrease (increase) in notes and accounts
receivable-trade
Decrease (increase) in trade loans receivable
Decrease (increase) in inventories
Decrease (increase) in prepaid expenses and othercurrent assets
Increase (decrease) in notes and accounts payable- trade
Increase (decrease) in accrued income taxes
and other current liabilities
Net cash provided by (used in) operating activities

1999

1998

1997

￥ 10,983￥ (66,048)￥ (1,745)

10,34013,615

14,09385,774

2,606

66,995

7,570

21,618

3,800

(635)

(107)

31,522

(270)

−

(14)

(2,239)

3,141

2,459

2,921

26,056(35,297)

Cash flows from investing activities:
Purchases of property and equipment
Proceeds from sale of property and equipment
Decrease in marketable securities
Decrease in investments and advances
Increase in guarantee and lease deposits paid to lessors
Decrease (increase) in leasehold rights and other intangible assets
Other
Net cash used in investing activities
Cash flows from financing activities:
Increase (decrease) in short-term bank loans
Proceeds from issuance of bonds and notes
Repayments of bonds and notes
Increase (decrease) in long-term debt
Increase (decrease) in guarantee and lease deposits received
Proceeds from issuance of common stock
Other
Cash dividends paid
Net cash provided by (used in) financing
activities
Net increase (decrease) in cash
Cash at beginning of the year
Cash at end of the year1999$

91,107(4,255)

2,408

(902)

(11,737)

42,04630,330(97,362)

33,372(24,759)(25,143)

276,8311,200(35,369)(14,945)

9,954

11,011

3,477(4,981)

91,340441

4,179(9,906)

3,658

60,6328,368(2,829)502,962(41,275)(31,349)(25,794)(342,389)

25,447122

4,475

211,091

2,662

11,407

7,252

22,082

2,543

2,578

24,87021,095(3,449)(13,160)(1,149)(28,611)

4,301(11,301)(2,693)35,678(2,191)

7,497(8,922)(18,175)(11,962)(34,206)(1,961)(99,229)(32,490)

28,624(70,237)(269,515)

33,70096,000130,000

279,552(120,000)(110,000)(40,000)(995,437)

60,14245,336(16,063)498,897

(776)

1,035

(3,981)(6,437)

3,933

−

−

32,625

14,546450

320120,664(2,440)(2,440)(2,440)(20,241)(43,385)

59,005(2,401)(359,892)

5,285

33,167(7,191)

43,841

74,14340,97648,167615,039￥ 79,428￥ 74,143￥ 40,976

See accompanying notes.

10$658,880

Notes to Consolidated Financial Statements
Years ended March 31, 1999, 1998 and 1997

1. Basis of financial statements

dollars are included solely for the convenience of

The accompanying consolidated financial statements

readers, using the prevailing exchange rate at March 31,

have been prepared in accordance with the provisions

1999, which was ￥120.55 to U.S.$1. The convenience

set forth in the Japanese Commercial Code and thetranslations should not be construed as representations

Securities and Exchange Law and in conformity withthat the Japanese yen amounts have been, could haveaccounting principles and practices generally accepted

been, or could in the future be, converted into U.S.

in Japan, which are different from the accounting anddollars at this or any other rate of exchange.

disclosure requirements of International AccountingStandards. The accounts of overseas consolidated
subsidiaries are based on their accounting records

2. Accounting policies

maintained in conformity with generally accepted(1)Principles of consolidationaccounting principles and practices prevailing in the

The consolidated financial statements include therespective countries of domicile.

accounts of the Company and its significant

The accompanying consolidated financial statements are

subsidiaries.

a translation of the audited consolidated financial

All significant intercompany transactions and accounts

statements of the Company which were prepared inhave been eliminated.

accordance with accounting principles and practices
generally accepted in Japan from the accounts and(2)Foreign currency translation

records maintained by the Company and its

Foreign currency transactions:consolidated subsidiaries and were filed with theCurrent assets and liabilities denominated in foreign

Minister of Finance ("MOF") as required by thecurrencies are translated into Japanese yen at

Securities and Exchange Law.

the exchange rate prevailing at the balance sheet date

In preparing the accompanying consolidated financial(current rate) and non-current assets andstatements, certain reclassifications have been made in

liabilities denominated in foreign currencies are

the consolidated financial statements issued

translated at the historical exchange rates.

domestically in order to present them in a form which is

Resulting exchange gains or losses are included in net

more familiar to readers outside Japan. The consolidated

income.

statements of shareholders' equity and cash flows havebeen prepared for the purpose of inclusion in theForeign currency liabilities hedged by forward

consolidated financial statements, although suchexchange contracts are translated at the contracted

statements are not customarily prepared in Japan and are

forward rates.

not required to be filed with MOF.
Foreign currency financial statements:
The financial statements are stated in Japanese yen. The

Foreign currency financial statements are translated attranslations of the Japanese yen amounts into U.S.

the current rate, except for common stock,11

additional paid-in capital and beginning retainedof buildings is provided on the straight-line method, andearnings, which are translated at the historical rates.

depreciation of other equipment is determined primarily

Translation difference is reflected on the balance sheet.

by the declining-balance method based on the estimateduseful lives of the assets.

(3)Recognition of revenue

Depreciation of buildings was provided by the

Revenues from sales of land and residential houses are

declining-balance method based on the estimated usefulrecognized when units are delivered and accepted by the

lives before April 1, 1998, when the Company and two

customers. Revenues from leasing of office space, shops

consolidated subsidiaries changed the accounting policy

and apartments are recognized as rent accrues over theas explained in Note 3.

life of the lease.

Also effective April 1, 1998, in accordance with arevision in the Japanese tax law, the Company and(4)Inventories

consolidated subsidiaries shortened the estimated useful

Inventories are stated at cost which is determined by the

lives of buildings, excluding building fixtures. The

specific identification cost method.

effect of this change was to decrease operating income
and income before income taxes by ￥465 million

Some consolidated subsidiaries maintain a policy of($3,857thousand).

capitalizing interest costs on certain types of

Estimated useful lives used in the computation ofdevelopment projects in progress.

depreciation are generally as follows:
Buildings and structures ……… 7 to 50 years
Machinery and equipment …… 3 to 15 years(5)Marketable securities and investments in securities
Securities quoted on stock exchanges are primarily
stated at the lower of moving average cost or market(7)Finance Leases

value. Non-quoted securities, including investments in

Finance leases except those leases for which theunconsolidated subsidiaries and affiliated companies,

ownership of the leased assets is considered to be

are stated at moving average cost or less, reflecting

transferred to the lessee, are accounted for in the same

write-downs based on management's opinion ofmanner as operating leases.

impairment of the underlying value. Securities of certain
consolidated subsidiaries are stated at moving average(8)Income taxes

cost.

The Company provided income taxes at the amounts
currently payable for the years ended March 31, 1998

Commencing with the year ended March 31, 1999, theand 1997, and deferred tax accounting was applied only

Company records recoveries of write-downs

to the income taxes paid on intercompany profit

of securities in accordance with a revision in theeliminated on consolidation. Effective April 1, 1998,

Japanese tax law. There was no effect on net

the Company adopted the new accounting standard,

income resulting from adopting this accounting policy.

which recognizes tax effects of temporary differences
between the carrying amounts of assets and liabilities(6)Property and equipment

for tax and financial reporting. Under the new

Property and equipment are stated at cost. Depreciationaccounting standard, the provision for income taxes is12computed based on the pretax income included in the

Most of the Company's domestic consolidated

consolidated statement of income. The asset andsubsidiaries have unfunded plans. Provisions are madeliability approach is used to recognize deferred tax

in the accompanying consolidated financial statements

assets and liabilities for the expected future tax

for approximately 40% of the estimated liability for theconsequences of temporary differences between theretirement allowance on a voluntary retirement basis.

carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax(10)Amounts per share of common stock

purposes.

The computation of net income per share is based on

The amount of deferred income taxes attributable to thethe weighted-average number of shares of common

net tax effects of the temporary differences at April 1,

stock outstanding during each year.

1998 is reflected as an adjustment of ￥19,299 million($160,091 thousand) to the retained earnings brought

Diluted net income per share is not presented, since theforward from the previous year. Prior years' financial

Company has never issued any securities with dilutive

statements have not been restated.

effect, such as bonds with warrants and convertible

The effect for the year ended March 31, 1999 was tobonds.

decrease net income by ￥4,607 million ($ 38,216
thousand).

Cash dividends per share represent actual amounts
applicable to the respective year.

(9)Employees' retirement benefits
Upon retirement or termination of employment for(11) Reclassifications

reasons other than dismissal for cause, employees

Certain prior year amounts have been reclassified toof the Company and its consolidated subsidiaries areconform to 1999 presentation. These changes had noentitled to lump-sum and/or pension payments based on

impact on previously reported results of operations or

their current rate of pay and length of service.

shareholders' equity.

The Company has a noncontributory funded pension
plan, which provides for a lump-sum or ten-year periodof pension payments, at the election of the employee, toan employee, whose age is 45 or more with 20 years ormore of employment. Lump-sum payments are made to
the other employees. The provision is determined
actuarially and funded currently through an outsidetrustee. Prior service costs of the plan are being fundedover a period of 15 years.
Annual contributions, which consist of normal costs andamortization of prior service costs, are charged toincome when paid.

13

3. Change in accounting policy
Effective April 1,1998, the Company and two

The effect of this change was to increase income before

consolidated subsidiaries changed the method ofincome taxes by ￥2,344 million ($19,444 thousand).

depreciating buildings from the declining-balance

The effect on segment information is explained inmethod to the straight-line method to match

Note 14.

revenue and the related expenses more appropriately.

4. Inventories
Inventories at March 31, 1999 and 1998, were as follows:
Thousands of
U.S.dollars

Millions of yen

1999￥

Land and housing for saleLand and housing projects in progress
Land held for development
Other

1999

1998
￥

86,12484,429$714,426

57,28383,367475,180

61,08389,641

506,703

2,224

239

18,448￥ 206,714￥ 257,676$ 1,714,757

Interest capitalized as part of the cost of land andhousing projects in progress and land held for development for the years
ended March 31, 1999, 1998 and 1997 were summarized as follows:

Thousands of
U.S.dollars

Millions of yen

−

￥

1999
1998

−

1997

126

−

$

5. Investments in and advances to unconsolidated subsidiaries and affiliated companies
Investments in and advances to unconsolidated subsidiaries
and affiliated companies at March 31, 1999 and 1998,
consisted of the following:Thousands of
U.S.dollars

Millions of yen

1999￥

Investments in common stock, at cost
Advances

11,572

￥

1,612
￥

14

13,184

1999

1998
7,241

$

95,993$

109,365

2,438
￥

9,679

13,372

6. Market value information for securities of the Company
At March 31,1999 and 1998, book value, market value and net unrealized gain of marketable securities and investments
in securities were as follows:

Millions of yen

Thousands of U.S.dollars

1999
Book
value

Current
Non-current
Total￥ 22,460
1,889￥ 24,349

Marketvalue

1998
Unrealized
gain

1999

Book
value

Marketvalue

Unrealized
gain

Book
value

￥ 23,670￥ 23,795￥ 125$ 186,313

Unrealized
gainMarketvalue￥ 24,598 ￥

2,138

39,96938,080

106

110

4

15,670￥ 64,567 ￥ 40,218￥ 23,776￥ 23,905￥ 129$ 201,983$ 204,048 $

17,735331,555

315,885$ 535,603 $ 333,620

7. Short-term bank loans and long-term debt
Short-term bank loans are represented by notes maturing

7.31% and 0.71% to 8.59%, respectively.

generally in three months. The annual interest rates on

Long-term debt at March 31, 1999 and 1998, consisted

short-term bank loans outstanding at March 31, 1999

of the following:

and 1998, were principally ranging from 0.69% toThousands of
U.S.dollars

Millions of yen

1999￥ 20,000

6.2% Euroyen notes, due 2000
6.15% Euroyen notes, due 1999
6.1% Euroyen notes, due 1998
4.5% Euroyen notes, due 1998
4.8% Euroyen notes, due 2000
4.95% Euroyen notes, due 1998
3.7% Euroyen notes, due 1998
3.9% Euroyen notes, due 2000
3.55% Euroyen notes, due 1999
3.8% Euroyen notes, due 2000
3.85% Euroyen notes, due 1998
3.0% Euroyen notes, due 2000
2.6% Euroyen notes, due 1999
2.55% Euroyen notes, due 2000
2.9% Euroyen notes, due 2001
3.15% Euroyen notes, due 2002
2.95% Euroyen notes, due 2001
3.0% Euroyen notes, due 2001
2.5% Euroyen notes, due 2001
2.1% Euroyen notes, due 2001
2.35% Euroyen notes, due 2002
2.65% Euroyen notes, due 2004
2.4% Euroyen notes, due 2003
2.575% Euroyen notes, due 2004
1.9% domestic straight bonds, due 2001
15

1999

1998
￥

20,000$165,906

30,00030,000248,860−

20,000−−20,000−20,00020,000165,906−

20,000−−30,000−20,00020,000165,906

30,00030,000248,860

30,00030,000248,860−

30,000−30,00030,000248,860

10,00010,00082,953

10,00010,00082,95320,00020,000165,906

10,00010,00082,953

10,00010,00082,95320,00020,000165,906

20,00020,000165,906

10,00010,00082,953

10,00010,00082,953

10,00010,00082,953

10,00010,00082,953

10,00010,00082,95315,00015,000124,430

￥

2.5% domestic straight bonds, due 2003
2.025% domestic straight bonds, due 2002
2.025% domestic straight bonds, due 2001
2.5% domestic straight bonds, due 2001
2.6% domestic straight bonds, due 2002
2.5% domestic straight bonds, due 2002
Floating rate Euroyen notes, due 2002
2.6% Euroyen notes, due 2003
2.75% domestic straight bonds, due 2003
3.0% domestic straight bonds, due 2004
2.6% domestic straight bonds, due 2003
2.6% Euroyen notes, due 2001
3.1% Euroyen notes, due 2005
2.7% domestic straight bonds, due 2001
2.97% Euroyen notes, due 2002
Loans, principally from banks and insurance companies,
interest principally at rates of 0.96% to 7.66% in 1999
and 0.75% to 7.66% in 1998:
SecuredUnsecured
Amount due within one year

20,000￥ 20,000

20,00020,000165,906

7,000

7,000

58,067

7,000

7,000

58,067

7,000

7,000

58,067

8,000

8,000

66,363

1,000

1,000

8,295

1,000

1,000

8,295

7,000

−

58,067$

165,906

5,000−

41,477

10,000−82,953

1,000

−

8,295

700

−

5,807

5,000

−

41,4775,000−

41,477

2,286

2,413

18,963

358,540

298,340

2,974,202

810,526

836,753

6,723,567(118,498)(171,078)(982,978)￥ 692,028￥ 665,675$ 5,740,589

The aggregate annual maturities of long-term debt at
March 31,1999, were as follows:
Millions of yen

Years ending March 31￥ 118,498

2000

Thousands of
U.S.dollars$

982,978

2001

197,955

1,642,099

2002

198,487

1,646,512

2003

158,937

1,318,432

2004

96,067

796,906

2005 and thereafter

40,582336,640

The following assets were pledged as security for shortterm bank loans and long-term debt at March 31,1999.
Millions of yen

Net book value of property and equipment (mainly land and buildings)
Marketable securities

￥

1,665

Thousands of
U.S.dollars$

13,812

34

282

1,699

14,094

As is customary in Japan, security must be given if

or certain other specified events, against all debt payable

requested by a lending bank and such bank has the rightto the bank. The Company has never received any suchto offset cash deposited with it against any debt orrequest nor does it expect that any such request will beobligation that becomes due and, in the case of default

made.

16

8. Income taxes
The Company is subject to a number of income taxes, which, in the aggregate, indicate a statutory rate in Japan ofapproximately 47.68% for the year ended March 31, 1999 and approximately 51% for the years ended March 31, 1998
and 1997, respectively.
The following table summarizes the significant differences between the statutory tax rate and the Company's effective
tax rate for financial statement purposes for the year ended March 31, 1999:

Statutory tax rate

47.68%

Effect of operating loss carryforwards of subsidiaries
Decrease in tax rate
Other
Effective tax rate

(9.69)(3.54)
0.28
34.73%

Significant components of the Company's deferred tax assets and liabilities as of March 31, 1999, are as follows:
Millions of yen

Deferred tax assets:
Net operating loss carryforwards
Unrealized intercompany profits
Other￥ 27,038
3,914
7,587

Total deferred tax assets
Valuation allowance(15,800)

Net deferred tax assets

22,739Deferred tax liabilities:
Deferred gain on sale of fixed assets
Other(1,959)Total deferred tax liabilities(2,629)38,539(670)￥ 20,110

Net deferred tax assets

9. Guarantee and lease deposits received
Guarantee and lease deposits received at March 31,1999 and 1998, were summarized as follows:

Thousands of
U.S.dollars

Millions of yen

Guarantee and lease deposits from tenants
Lease deposits from others

17

1999

1998

1999

￥ 125,101￥ 125,783$ 1,037,752

1,069

1,371

8,868

￥ 126,170￥ 127,154$ 1,046,620

10. Shareholders' equity
In accordance with the new disclosure requirements

March 31, 1997 and 1998 have been reclassified toeffective from the year ended March 31, 1999, legal

conform to the 1999 presentation.

reserve is included in retained earnings for 1999.

The maximum amount that the Company can distributePreviously it was presented as a separate component of

as dividends is calculated based on the unconsolidated

the shareholders' equity. The accompanying

financial statements of the Company in accordance withconsolidated financial statements for the years ended

the Japanese Commercial Code.

11. Information for certain lease transactions
Finance leases which do not transfer ownership tomanner as operating leases. Certain information for suchlessees are not capitalized and accounted for in the same

non-capitalized finance leases were as follows.

As lessee
A summary of assumed amounts (inclusive of interest) of acquisition cost, accumulated depreciation and net bookvalue at March 31,1999 was as follows:

Millions of yen

Acqusition cost:
Buildings and structures
Other
Accumulated depreciation
Net book value

￥

￥

1,320

Thousands of
U.S.dollars$

10,950

1,139

9,448

(1,409)(11,688)

1,050

$

8,710

As lessor
A summary of stated amounts of acquisition cost, accumulated depreciation and net book value at March 31,1999 was
as follows:

Millions of yen

Acqusition cost:
Other
Accumulated
depreciation
Net book value

￥

1,010

Thousands of
U.S.dollars

$

(960)
￥

50

8,378
(7,963)$415

Lease expenses and lease income under finance leases, inclusive of interest, for the year ended March 31, 1999,
amounted to ￥524 million ($4,347 thousand) and ￥93 million ($771 thousand), respectively.
Future lease payments and receipts under such finance leases and non-cancelable operating leases at March 31, 1999
were as follows:18

Thousands of
U.S.dollars

Millions of yen

Finance leases
Future lease payments:
Due within one year
Due after one year
Total

￥

478

￥

￥

$

3,965

1,050

$

8,710

94

$

780

172

$

1,427

30

$

572

Future lease receipts:
Due within one year
Due after one year
Total

4,745

78

￥

Operating leases
Future lease payments:
Due within one year
Due after one year
Total

￥

647

249

319

Future lease receipts:
Due within one year
Due after one year
Total

2,646

￥

349

$

2,895

￥

6,401

$

53,09850,112￥

12. Contingent liabilities

56,513415,695$

468,793

circumstances.

(Contingent liabilities for guarantee of loans)
As of March 31, 1999, the Company is a guarantor of

A lawsuits was brought in the Tokyo District Courtloans of other companies amounting to ￥8,590

against the Company in 1994 and another one in 1995,

million, including ￥3,355 million of loans of affiliatedrelating to the claims to recover the difference between

companies. Also as of that date, the Company

the rental payments based on the lease agreements andhas outstanding commitments to guarantee loans of

the amounts the Company paid taking a position undercertain affiliated companies and an unrelated company,

the Leased Land and House Lease Law. While theamounting in the aggregate to ￥218,665 million.

District Court issued judgements against the Company
in August and October of 1998, the Company appealed(Lawsuits)

to the Tokyo Higher Court in September and November

The Company is defendant in the following lawsuitsof 1998 as the Company believed that the judgements

related to the rental payments with respect towere contradictory to the previous legal interpretations.

certain properties leased by the Company.
With respect to two other lawsuits brought against theIn may 1993, a lawsuit was brought in the Tokyo

Company and a lawsuit against other company related

District Court against the Company by the lessor

to similar claims involving a reduction in rent under aowning the three office buildings claiming to recoversublease contract, the Tokyo Higher Court issued

the amount of the difference between the rental

judgements in December 1998 and February 1999 thatpayments based on the lease agreements and the

granted rent reductions.

amounts the Company paid taking a position under the

The Tokyo Higher Court has issued similar judgements

Leased Land and House Lease Law, which granted

and such judgements have been finally determined.

lessees certain reduction in rent payments under certain1913. Subsequent events(Issuance of bonds)

dome
s
t
i
cs
t
r
a
i
ghtbondsdue200
2onJ
une28,1999,the

The company issued the 3.0% ￥15,
000mi
l
l
i
on

2.
65% ￥10,
000mi
l
l
i
ondome
s
t
i
cs
t
r
a
i
ghtbondsdue

dome
s
t
i
cs
t
r
a
i
ghtbondsdue2003onMa
y20,1999,the2003onJ
une28,1999andt
he2.
95% ￥40,
000mi
l
l
i
on

3.
0% ￥35,000milli
ondome
s
t
i
cs
t
r
a
i
ghtbondsdue

dome
s
t
i
cs
t
r
a
i
ghtbondsdue2004onJ
une28,1999.

2003onMa
y20,1999,t
he2.
35% ￥30,
000mi
l
l
i
on

(Transfer of properties)

an unrelated spcial purpose entity established for the

On June 1, 1999, the Company sold the first beneficiary

purpose owning the beneficiary right and issuing asset-

right of five office buildings, which the Company had

backed securities. The Company retained the second

owned and transfered to a trust for ￥24,500 million.

beneficiary right of the properties, and master-leased the

The purchaser of the beneficiary right is SumQuestK.K.,

said properties, which in turn are subleased to tenants.

14. Segment information
The Company and its consolidated subsidiaries mainly

other business.

operate their business in six segments: leasing ofInformation by industry segments for the years ended

buildings and shopping centers, etc.; sale of detached

March 31, 1999, 1998 and 1997 is summarized ashouses; construction of housing and buildings;

follows:

brokerage business; loans providing housing loans; andMillions of yen

For 1999

Leasingbusiness

Salesbusiness

Construction
business

BrokeragebusinessLoansbusiness

Otherbusiness

Total

Elimination
and/or corporate

Net sales￥11,150,976 ￥11,137,735 ￥1561,
191 ￥1227,
829￥22,367,947 ￥2223,458 ￥11,389,136 ￥Customers
913
10
5,
433
138
3
7
6,504
Intersegment
151,889
137,745
66,
624
27,
967
7,950
3,465
395,640
Total
108,177
131,201
64,
241
22,
681
5,300
3,221
334,821
Costs and expenses
383 ￥1225,
286￥22,362,650 ￥2224,244 ￥11,760,819 ￥Operating income ￥11,043,712 ￥11,216,544 ￥1512,−

Consolidated￥11,389,136(6,504)−(6,504)

389,136(2,201)

332,620(4,303) ￥11,856,516

892 ￥1222,
967￥22,353,441 ￥2224,787 ￥11,704,118 ￥11,131,707 ￥11,835,825
Identifiable assets ￥11,066,259 ￥11,219,772 ￥1516,
Depreciation and
9,702
22
201
150
4
132
10,211
129
10,340amortization
30,905
30
436
48
3
58
31,480170
31,650Capital expenditures
Millions of yen

For 1998

Leasingbusiness

Salesbusiness

Construction
business

BrokeragebusinessLoansbusiness

Otherbusiness

Total

Elimination
and/or corporate

Consolidated

Net sales
339 ￥1227,
421￥22,
368,367 ￥2223,728 ￥11,364,858 ￥ 0− ￥11,364,858￥37,143,676 ￥11,125,327 ￥1556,
Customers
281
5,
780
76
−
11
7,173
(7,173)−
1,025
Intersegment
125,608
62,
119
27,
497
8,367
3,739
372,031(7,173)364,858
144,701
Total
118,349
62,
195
22,
833
7,634
3,477
322,179(2,733)
319,446
107,691
Costs andexpenses
76) ￥1224,
664￥22,360,733 ￥2225,262 ￥11,749,852 ￥ 00(4,440) ￥11,845,412
Operating income ￥007,637,010 ￥11,287,259 ￥ 0 (770 ￥1226,
998￥22,360,870 ￥2225,631 ￥11,759,000 ￥11,795,800 ￥11,854,800
Identifiable assets ￥11,064,475 ￥11,285,256 ￥1515,
Depreciation and
42
172
140
4
20
13,436
179
13,615
13,058amortization
309
1,
232
178
10
3
54,227165
54,39252,495
Capital expenditures

20

Millions of yen

For 1997

Leasingbusiness

Salesbusiness

Construction
business

BrokeragebusinessLoansbusiness

Otherbusiness

Total

Elimination
and/or corporate

Net sales￥52,135,814 ￥11,102,128 ￥1555,
104 ￥1231,
741￥22,448,952 ￥2225,241 ￥11,338,980 ￥Customers
1,078
44
4,
163
320
−
378
5,983
Intersegment
136,892
102,172
59,
267
32,
061
8,952
5,619
344,963
Total
103,91092,944
60,
008
23,
822
10,3594,569
295,612
Costs andexpenses￥
03,932,982￥1
1,329,228
￥
(
7
4
1
)
￥1
2
2
8
,
2
3
9
￥
(1,407)
￥2
2
2
1,050
￥11,749,351￥
Operating income−

Consolidated￥11,338,980(5,983)−(5,983)338,980(775)

294,837(5,208) ￥11,844,143

360 ￥1222,
424￥22,441,836 ￥2225,258 ￥11,764,615 ￥13,289,042 ￥11,853,657
Identifiable assets ￥52,952,177 ￥11,324,560 ￥1518,
Depreciation and
13,462
26
222
151
4
24
13,889204
14,093amortization
28,185
67
270
181
6
3
28,71244
28,756
Capital expenditures
Thousands of U.S.dollars

For 1999

Leasingbusiness

Salesbusiness

Net sales$11,252,393 $11,142,555
Customers
7,574
83
Intersegment
1,259,967
1,142,638
Total
897,362
1,088,354
Costs andexpenses
Operating income $88,362,605 $11,854,284
Identifiable assets $88,844,952 $11,823,078
Depreciation and
80,481183
amortization
256,367
249
Capital expenditures

Construction
business

BrokeragebusinessLoansbusiness

Otherbusiness

Total$1507,
599 $1230,
850 $22,965,
923 $2228,
685 $13,228,005

Elimination
and/or corporate$−

Consolidated$13,228,005

45,
068

1,
145

25

58

53,953(53,953)(53,953)

−

552,
667

231,
995

65,
948

28,
743

3,281,958(53,953)(53,953)

3,228,005

532,
899

188,
146

43,
965

26,
719

2,777,445(18,258)(18,258)

2,759,187(35,695)$1119,
768 $1143,
849 $22,921,
983 $2202,
024 $14,504,513 0$$ (35,695)$15,468,818$1140,
124 $1190,
518 $22,931,
904 $2205,
616 $14,136,192$15,228,743$11,
092,551

1,
668

1,
244

33

1,
095

84,704

1,070

85,774

3,
617

398

25

481

261,137

1,410

262,547

As described in Notes 2(6) and 3 to the Consolidated

March 31, 1999 were increased by ￥1,830 million

Financial Statements, effective April 1, 1998,($15,180 thousand), ￥13 million ($108 thousand) anddepreciation of buildings, excluding building fixtures, is￥5 million ($41 thousand), respectively, as compared

provided on the straight-line method, and the Company

with the previous method. Depreciation expense of

and its consolidated subsidiaries shortened the estimatedLeasing business, Sales business and Brokerage

useful lives of buildings, excluding building fixtures.

business segment were also decreased by ￥1,830

As a result of the changes, operating income andmillion ($15,180 thousand), ￥13 million ($108

identifiable assets of Leasing business, Sales businessthousand) and ￥5 million ($41 thousand), respectively,

and Brokerage business segment for the year ended

as compared with the previous method.

21

Report of Independent Public Accountants

To the Shareholders and the Board of Directors of
Sumitomo Realty & Development Co., Ltd.:We have audited the accompanying consolidated balance sheets of Sumitomo Realty & Development Co., Ltd. (aJapanese corporation) and subsidiaries as of March 31, 1999 and 1998, and the related consolidated statements ofoperations, shareholders' equity and cash flows for each of the three years in the period ended March 31, 1999,
expressed in Japanese yen.
Our audits were made in accordance with generally accepted auditing standards in Japan and, accordingly, included
such tests of the accounting records and such other auditing procedures as we considered necessary in thecircumstances.

In our opinion, the consolidated financial statements referred to above present fairly the consolidated financial positionof Sumitomo Realty & Development Co., Ltd. and subsidiaries as of March 31, 1999 and 1998, and the consolidated
results of their operations and their cash flows for each of the three years in the period ended March 31, 1999 inconformity with accounting principles generally accepted in Japan consistently applied during the periods, except forthe change made in 1999, with which we concur, in the method of depreciation referred to Note 3.

Also, in our opinion, the U.S. dollar amounts in the accompanying consolidated financial statements have beentranslated from Japanese yen on the basis set forth in Note 1.

Tokyo, Japan
June 29, 1999

Statement on Accounting Principles and Auditing Standards
This statement is to remind users that accounting principles and auditing standards and their application in practice mayvary among nations and therefore could affect, possibly materially, the reported financial position and results ofoperations. The accompanying financial statements are prepared based on accounting principles generally accepted inJapan, and the auditing standards and their application in practice are those generally accepted in Japan. Accordingly,
the accompanying financial statements and the auditors' report presented above are for users familiar with Japanese
accounting principles, auditing standards and their application in practice.

22

Main Subsidiaries and Affiliates
Name

Year of
Incorporationor
Acquisition

Business

Subsidiaries
Sumitomo Real Estate Sales Co., Ltd.
Sumitomo Fudosan Home Co., Ltd.
Sumitomo Fudosan Syscon Co., Ltd.
Sumitomo Fudosan Finance Co., Ltd.
Sumitomo Fudosan Tatemono Service Co., Ltd.
Izumi Restaurant Co., Ltd.
Shinjuku Sumitomo Building Management Co., Ltd.
Sumitomo Fudosan Ryokka Co., Ltd.
Izumi Insurance Service Co., Ltd.
Izumi Development Co., Ltd.
Biwako Resort Club Co., Ltd.
Sumitomo Realty & Development CA., Inc.
Sumitomo Realty & Development (N.Y.), Inc.
Sumitomo Investment Co., (H.K.) Ltd.
Sumitomo Thaniya Real Estate Co., (Thailand) Ltd.
Ekahanui, Inc.
Sumitomo Realty & Development (Australia) Pty. Ltd.
Universal Home Inc.

1975
1982
1980
1984
1973
1955
1973
1982
1985
1960
1978
1972
1987
1963
1969
1972
1988
1995

Sumitomo Fudosan Fitness Co., Ltd.

1986

Sale and brokerage of real estate
Construction and sale of detached houses
Home remodeling services
Provision of housing loans
Real estate management
Restaurant management
Leasing and administration of real estate
Gardening
Insurance agency
Hotel management
Management of membership resort club
Development and sale of real estate
Real estate management
Real estate management
Real estate management
Golf course management
Hotel management
Franchiser for home-builders traditional
construction
Management of fitness clubs

Affiliates
Izumi Kaihatsu Sangyo Co., Ltd.

1977

Golf course management

23

Corporate Data

Board of Directors and Auditors
Chairman of the Board
Shinichiro Takagi
President
Junji Takashima
Director and Advisor
Taro Ando
Senior Managing Directors
Hirohisa Ichikawa
Yoichi Nakamura
Etsuzo Yurimoto
Managing Directors
Tetsuro Tsuruta
Hisao Matsui
Masayoshi Ohashi
Sadao Ushimaru
Mitsuru Mori
Hiroshi TujiDirectors
Koichi Eguchi
Shigeto Iwai
Arata Miyazawa
Kenichiro Sugimoto
Akira Kanda
Kazuo Masuoka
kanichi Onodera
Haruo Hukumuro
Kenichi Kameyama
Yozo Akiyama
Statutory Auditors
Yoshihiro Tokushige
Hisayoshi Horikiri ※Takato Aramaki ※Akira Sato ※Toshihiko Horiuchi※ Standing Statutory Auditors

Outline of the Company
Establishment
December 1,1949

Main Activities
Sale of housing and residential land
Building leasing
Number of Employees
788
Total Shares Issued and Outstanding
406,810,631
Number of Shareholders
34,258（March 31,1999）

OfficeHead Office
Shinjuku NS Building
4-1, Nishi-Shinjuku 2-chome
Shinjuku-ku,Tokyo 163-0820, Japan
Tel:（03）3346-2342
Telex:2324677 SUMIFUJ
Cable:REALTYSUMI TOKYO
Fax:（03）5322-6732
Osaka Head Office
2-18, Nakanoshima 3-chomekita-ku, Osaka 530-0005, Japan
Tel:（06）
6448-1931
Fax:（06）6444-1644
Hokkaido Branch Office
6-8, Odori-Nishi 4-chome
Chuo-ku, Sapporo 060-0042, Japan
Tel:（011）
281-3941
Fax:（011）
221-2744
Kyushu Branch Office2-5, hakata-Ekimae 1-chome
Hakata-ku, Fukuoka 812-0011,
Japan
Tel:（092）
413-6511
Fax:（092）
413-6533
Tohoku Branch Office
2-6, Chuo 2-chome
Aoba-ku, Sendai 980-0021, Japan
Tel:（022）262-4261
Fax:（022）262-7192
Tokai Branch Office
6-26, Nishiki 1-chomeNaka-ku, Nagoya 460-0003, Japan
Tel:（052）
219-1100
Fax:（052）
219-1210

24

Overseas Subsidiaries
Sumitomo Realty &Development CA., Inc.
15707 Rockfield Blvd, Irvine,
CA 92718, U.S.A.
Tel:（949）
586-1011
Fax:（949）
581-4551
Sumitomo Realty &Development (N.Y.), Inc.
666 Fifth Avenue
New York, NY 10103, U.S.A
Tel:（212）582-8020
Fax:（212）582-8749
Ekahanui, Inc.
94-1211 Kunia Road
Wahiawa, HI 96786, U.S.A
Tel:（808）
622-1744
Fax:（808）
622-2168
Sumitomo Thaniya Real
Estate Co., (Thailand) Ltd.
6th Floor, Thaniya Building
No.62 Silom Road
Bangkok, Thailand
Tel:2
（236）
9137
Fax:2（236）0123
Sumitomo Investment Co., (H.K.)
Ltd.
Unit 413, 4/F, Lippo Sun Plaza,
28 Canton Road, Tsimshatsui,
Kowloon, Hong kongTel:（2368）
7758
Fax:（2724）
3739
Sumitomo Realty &Development (Australia) Pty. Ltd.
Level 2, Dundee Arms
171 Sussex Street, Sydney
N.S.W. 2000, Australia
Tel:（2）9290-2357
Fax:（2）9290-2519