Consolidated Financial Results for Fiscal 2010 (Year ended March 31, 2011)
May 12, 2011

SUMITOMO REALTY & DEVELOPMENT CO., LTD.
Stock Exchange Listings
Securities Code
Location of Head Office
URL

TSE1, OSE18830
Tokyo, Japan
http://www.sumitomo-rd.co.jp/english/

1. Results of Fiscal 2010 (Year ended March 31, 2011)(1) Consolidated financial results (Amounts less than one million yen, except for per share amounts, are omitted.)
Operating revenues
Fiscal 2010
Fiscal 2009

Operating income

Ordinary profit

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%744,756
719,635

3.5
3.5

138,462
133,979

3.3(8.5)

106,295
100,4645.8(11.5)

50,90852,662(3.3)
14.0

Note: Comprehensive Income
FY 2010 : 48,363 millions of yen (26.9%); FY 2009 : 66,159 millions of yen (-%)

Diluted earnings pershare

Earnings per share

Fiscal 2010
Fiscal 2009

Return on average
equityRatio of ordinary profit
to average assets

Operating income
marginYen

Yen%

%

%

107.35111.04

94.73
92.11

10.0
11.4

3.3
3.3

18.6
18.6

Notes 1. Average number of shares issued and outstanding (consolidated)
FY 2010 : 474,205,887 shares; FY 2009 : 474,245,111 shares
2. Percentages for operating revenues, operating income, ordinary profit and net income represent changes compared with the previous year.

(2) Consolidated financial position (Amounts less than one million yen, except for per share amounts, are omitted.)
Shareholders' equity

Millions of yen

Millions of yen%Yen

3,234,202
3,168,097

526,227
488,896

16.3
15.4

1,109.78
1,030.93

Fiscal 2010
Fiscal 2009

Shareholders' equity ratio

Shareholders' equity
per share

Total assets

Note: Number of shares issued and outstanding (consolidated)
As of March 31, 2011 : 474,172,389 shares; As of March 31, 2010 : 474,227,136 shares

2. Dividend Position
InterimFiscal 2010
Fiscal 2009
Forecast for Fiscal 2011

Dividends per share
Year end

AnnualAmount of dividend(Annual)

Yen

Yen

Yen

Millions of yen

10.00
10.00
10.00

10.00
10.00
10.00

20.00
20.00
20.00

9,483
9,484

Dividend payout ratio(Consolidated)

Dividend on equity ratio(Consolidated)

%

18.6
18.0
18.2%

1.9
2.0

3. Forecast for Fiscal 2011 (Year ending March 31, 2012)

Fiscal 2011

Operating revenues

Operating income

Ordinary profit

Net income

Millions of yen

Millions of yen

Millions of yen

Millions of yen

710,000

140,000

100,000

52,000

4. Results of main segments(1) Operating revenue(Millions of yen)

Fiscal 2009
Leasing
Sales
Construction
Brokerage
Other and Elimination/Corporate
Total

293,533
219,661
158,21344,6203,606
719,635

Fiscal 2010
292,874
239,709
162,924
46,4292,818
744,756

Increase(Decrease)(658)+20,047+4,710+1,809(788)+25,120

Forecast for
Fiscal 2011
275,000
220,000
165,000
48,0002,000
710,000

Increase(Decrease)(17,874)(19,709)+2,076+1,571(818)(34,756)

Increase(Decrease)(9,377)+13,825(383)+1,448(1,029)+4,483

Forecast for
Fiscal 2011
89,00033,00017,00013,000(12,000)
140,000

Increase(Decrease)(2) Operating income(Millions of yen)

Fiscal 2009
Leasing
Sales
Construction
Brokerage
Other and Elimination/Corporate
Total

97,61819,592
17,081
10,754(11,067)
133,979

Fiscal 2010
88,24033,418
16,698
12,202(12,096)
138,462+760(418)
+302
+798
+96+1,538

Consolidated Balance Sheets
Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

Millions of yen
March 31,2011

AssetsMarch 31,2010

Current assets:\Cash, time and notice deposits
Notes and accounts receivable-trade\119,748
14,283Marketable securities

149,312
17,232-2,704

Investments in SPCs holding properties for sale

69,84962,885

Real estate for sale

206,339

240,517

Real estate for sale in process

345,164

276,416

Costs on uncompleted construction contracts

5,569

3,673

Other inventories

1,017

1,264

Deferred income taxes

12,822

13,743

Other current assets

32,10835,625

(947)

(681)

805,957

802,692

385,708

340,878

1,523,346

1,490,605

Leased assets, net

1,025

809

Construction in progress

64,25060,050

Other property and equipment, net

4,331

4,067

1,978,663

1,896,411

Leasehold rights

50,78550,243

Other intangible assets

1,029

1,119

51,81551,362

217,730

222,666

3,438

3,390

Guarantee and lease deposits paid to lessors

145,706

166,570

Deferred income taxes

11,604

8,801

Other investments

34,757

31,161

Allowance for doubtful accounts(15,471)(14,960)

Total investment and other assets

397,766

417,630

Total fixed assets

2,428,245

2,365,405

Allowance for doubtful accounts
Total current assets
Fixed assets:
Property and equipment
Buildings and structures, netLand

Total Property and equipment
Intangible assets

Total intangible assets
Investment and other assets
Investment securities
Long-term loans

Total assets\3,234,202\3,168,097

Millions of yen
March 31,2011

Liabilities and Net Assets

March 31,2010

Current liabilities:\Notes and accounts payable-trade

31,756\54,170

Short-term debt

185,750

230,250

Long-term debt due within one year

284,792

193,621Commercial paper

29,98897,975

Corporate bonds due within one year

90,00080,000Accrued income taxes

17,10920,902

Deposits received

169,719

187,537

Accrued bonuses

3,184

2,759

Provision for loss on disaster

1,930

-

Other current liabilities

76,11078,009890,340

945,225

Corporate bonds

310,000

340,000

Long-term debt

1,121,068

993,320

4,882

4,969

213

186

Guarantee and lease deposits received

164,317

171,308

Long-term deposits received

167,985

199,017

Other long-term liabilities

30,065

6,670

Total long-term liabilities

1,798,533

1,715,472

Total liabilities

2,688,873

2,660,697

Capital122,805

122,805

Capital surplus

132,748

132,748

Retained earnings

290,259

248,835

Treasury stock(3,644)(3,543)542,168

500,846

Net unrealized holding losses on securities(6,700)(3,393)Net deferred losses on hedges(1,924)(2,590)Foreign currency translation adjustments(7,315)(5,965)(15,940)(11,949)

19,101

18,503545,328

507,400

Total current liabilities
Long-term liabilities:

Allowance for employees' severance and retirement benefits
Allowance for retirement benefits for directors

Net assets:
Shareholders' equity

Total shareholders' equity
Accumulated Other Comprehensive Income

Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets\3,234,202\3,168,097

Consolidated Statements of Income
Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

Millions of yen
Fiscal year ended March 31,
2011\Revenue from operations

2010744,756\719,635

Cost of revenue from operations

551,364

534,269

Gross profit

193,392

185,366

Selling, general and administrative expenses

54,92951,386

Operating income

138,462

133,979

Interest and dividend income

3,524

2,559

Other non-operating income

816

630

4,341

3,190

Interest expense

29,96929,812Other non-operating expenses

6,539

6,892

36,50836,705106,295

100,464

120

52

Gain on adjustment of accrued rent payable-

644

Gain on sale of investment securities

31

Compensation income

78147

Gain on prior periods adjustment

412-

Other extraordinary income

112

160

727

1,006

7,601

7,826

19-

Loss on disposal of property and equipment

2,188

93

Loss on devaluation of investment securities

6,709

1,837

3356-

10

1,930

-

781

439

19,264

10,262

Income before income taxes and minority interests

87,757

91,207

Income taxes

35,01036,942

Income before minority interests

52,747-

Minority interests

1,839

1,603

Non-operating income

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of property and equipment

Total extraordinary income
Extraordinary losses
Loss on impairment of fixed assets
Loss on sale of property and equipment

Loss on sale of investment securities
Loss on devaluation of common stocks of affiliates
Provision of allowance for loss on disaster
Other extraordinary losses
Total extraordinary losses

Net income\50,908\52,662

Consolidated Statement of Comprehensive Income (Loss)
Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

Millions of yen
Fiscal year ended March 31,2011\Income before minority interests

2010

52,747\-

Other comprehensive income (loss)
Net unrealized holding losses on securities(3,307)-533-(1,610)-(4,383)-48,363-

Owners of the parent

46,916-

Minority interests

1,446

-

Net deferred losses on hedges
Foreign currency translation adjustments
Total other comprehensive income (loss)
Comprehensive income
Comprehensive income attributable to: