Consolidated Financial Results for Fiscal 2023 (Year ended March 31, 2024)
May 9, 2024

SUMITOMO REALTY & DEVELOPMENT CO., LTD.

Stock Exchange Listings
Securities CodeLocation of Head OfficeURL

TSE Prime Market8830
Tokyo, Japan

https://www.sumitomo-rd.co.jp/english/

1. Results of Fiscal 2023 (Year ended March 31, 2024)(1) Consolidated financial results (Amounts less than one million yen, except for per share amounts, are omitted.)
Revenue from operations%

Millions of yen

Fiscal 2023
Fiscal 2022

Operating income967,692
939,904

Ordinary profit%

Millions of yen3.0

254,666
241,274

0.1

5.6
3.2%

Millions of yen

253,111
236,651

7.0
5.1

Profit attributable toowners of parent
Millions of yen

177,171
161,925

%

9.4
7.6

Notes 1: Comprehensive Income
FY 2023 : 278,226 millions of yen, 48.3%; FY 2022 : 187,599 millions of yen, 23.9%
2: Percentages represent changes compared with the previous year.

Fiscal 2023
Fiscal 2022

Earnings per share

Return on average
equityRatio of ordinary
profit to averageassetsOperating income
marginYen%%%373.83341.66

9.2
9.4

3.9
3.926.3
25.7

Note: Average number of shares issued and outstanding (consolidated)
FY 2023 : 473,938,474 shares; FY 2022 : 473,938,725 shares(2) Consolidated financial position (Amounts less than one million yen, except for per share amounts, are omitted.)

Fiscal 2023
Fiscal 2022

Total assets

Net assets

Equity ratio

Net assets
per share

Millions of yen

Millions of yen%

Yen

6,678,390
6,365,436

2,050,582
1,799,372

30.7
28.3

4,326.69
3,796.64

Note: Number of shares issued and outstanding (consolidated)
As of Mar 31, 2024 : 473,938,137 shares; As of Mar 31, 2023 : 473,938,547 shares

2. Dividend Position

Fiscal 2023
Fiscal 2022
Forecast for Fiscal 2024

Interim

Dividend per share
Year end

Yen

Yen

29.00
24.00
35.00

31.00
28.00
35.00

AnnualAmount of dividend(Annual)Dividend payout ratio(Consolidated)

Dividend on equity ratio(Consolidated)

Yen

Millions of yen%%

60.00
52.00
70.00

28,436
24,644

16.1
15.2
17.5

1.5
1.4

3. Forecast for Fiscal 2024 (Year ending March 31, 2025)

Fiscal 2024

Revenue from operations

Operating income

Ordinary profitMillions of yen

Millions of yen

Millions of yen

1,000,000

267,000

265,000

Profit attributable toowners of parent
Millions of yen

190,000

Note: The foregoing estimates are based on information available as of the date this data was released, and actual results may differ from estimates due to various
arising in the future.

4. Results of main segments(1) Revenue from operations

Leasing
Sales
Construction
Brokerage
Other and Elimination/Corporate
Total(Millions of yen)

Fiscal 2022

Fiscal 2023

425,368
222,077
213,584
75,107
3,767
939,904

444,406
241,207205,058
72,3084,711967,692(2) Operating income

Leasing
Sales
Construction
Brokerage
Other and Elimination/Corporate
Total

Increase(Decrease)+19,037+19,130(8,525)(2,798)+943+27,787

Forecast for
Fiscal 2024
465,000
240,000
215,000
75,0005,000
1,000,000

Increase(Decrease)+20,593(1,207)+9,941+2,691―+32,307(Millions of yen)

Fiscal 2022

Fiscal 2023

165,693
53,92821,421
20,030(19,799)
241,274

176,580
60,20820,841
18,739(21,703)
254,666

Increase(Decrease)+10,887+6,280(580)(1,291)(1,903)+13,392

Forecast forFiscal 2024
187,000
55,00023,00022,000(20,000)
267,000

Increase(Decrease)+10,419(5,208)+2,158+3,260―+12,333

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

Millions of yen
March 31,2024

AssetsMarch 31,2023

Current assets:
Cash and deposits\103,911\185,119

Accounts receivable―trade31,54738,047

Real estate for sale396,807399,244

Real estate for sale in process

474,633

381,753

4,367

8,002

Other inventories

870

1,070

Other current assets

58,76573,659(25)(24)

1,070,877

1,086,872

Buildings and structures, net

1,281,710

1,265,357

Land

3,148,573

3,057,436

Construction in progress

81,151

126,591

Other property and equipment, net

15,015

15,0784,526,450

4,464,465

Leasehold rights

65,53860,846

Other intangibles

3,287

2,446

68,826

63,292

Investment securities

885,526

628,396

Guarantee and lease deposits

64,451

67,043Net defined benefit asset

1,309

292

Deferred income taxes

17,66013,249Other investments and other assets

44,33442,728

Allowance for doubtful accounts(1,047)(905)

Total investments and other assets

1,012,235

750,805

Total fixed assets

5,607,513

5,278,563

Costs on uncompleted construction contracts

Allowance for doubtful accounts
Total current assets
Fixed assets:
Property and equipment

Total property and equipment
Intangibles

Total intangibles
Investments and other assets

Total assets\6,678,390\6,365,436

Millions of yen
March 31,2024

Liabilities and Net Assets

March 31,2023

Current liabilities:
Notes and accounts payable―trade\35,216\29,066

Short-term debt

24,66528,610Long-term debt due within one year

289,415

219,472

4,374

4,640

Commercial paper

113,000

180,000

Corporate bonds due within one year

90,00070,000Accrued income taxes

44,72930,827

Provision for bonuses

4,139

4,924

Other current liabilities

243,023

273,987

848,563

841,527

Corporate bonds

270,000

250,000

Non-recourse bonds

35,60035,6002,887,237

2,898,052

Long-term non-recourse debt

247,273

251,647

Net defined benefit liability

5,178

5,534

Guarantee and lease deposits received

258,494

254,008

Other long-term liabilities

75,46029,693

Total long-term liabilities

3,779,244

3,724,536

Total liabilities

4,627,807

4,566,064

Capital122,805

122,805

Capital surplus

104,153

104,153

Retained earnings

1,546,549

1,396,392(4,478)(4,476)

1,769,030

1,618,875

268,967

171,827

Net deferred gains (losses) on hedges

7,182

5,979

Foreign currency translation adjustments

4,696

2,659

Remeasurements of defined benefit plans

706

30

Total accumulated other comprehensive income

281,552

180,497

Total net assets

2,050,582

1,799,372

Long-term non-recourse debt due within one year

Total current liabilities
Long-term liabilities:

Long-term debt

Net assets:
Shareholders' equity

Treasury stock
Total shareholders' equity
Accumulated other comprehensive income (loss)
Net unrealized holding gains on securities

Total liabilities and net assets\6,678,390\6,365,436

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

Millions of yen
Fiscal year ended March 31,
2024

Revenue from operations\2023

967,692\939,904

Cost of revenue from operations

635,342

625,452Gross profit

332,349

314,452

Selling, general and administrative expenses

77,682

73,178Operating income

254,666

241,274

Interest income

1,301

454

Dividend income

18,935

15,625360

565

20,597

16,645Interest expenses

17,961

17,576

Other non-operating expenses

4,190

3,691

22,152

21,268253,111

236,651

Gain on sale of property and equipment

2,532

14

Gain on sale of investment securities

10,3384,712

24－

12,895

4,727

6,998

8,099

15－

Loss on disposal of property and equipment

2,356

1,742

Loss on reduction of property and equipment

424－

1,608

7－

213

1,341

979

12,744

11,042

Income before income taxes

253,263

230,336

Income taxes

76,092

68,410

Profit177,171

161,925－－Non-operating income

Other non-operating income
Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary profit
Extraordinary income

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

Loss on sale of investment securities
Loss on devaluation of investment securities
Other extraordinary loss
Total extraordinary loss

Profit attributable to non-controlling interests
Profit attributable to owners of parent\177,171\161,925

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

Millions of yen
Fiscal year ended March 31,
2024

Profit\2023

177,171\161,925

Other comprehensive income (loss)
Net unrealized holding gains (losses) on securities

97,13915,964

Net deferred gains (losses) on hedges

1,203

5,274

Foreign currency translation adjustments

2,037

4,109

Remeasurements of defined benefit plans675

325

101,055

25,673

278,226

187,599

278,226

187,599－－

Total other comprehensive income (loss)
Comprehensive income
Comprehensive income attributable to:
Owners of the parent
Non-controlling interests

Fair Value of Investment and Rental Properties
Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

As of March 31, 2024

Carrying
amountInvestment and rental properties\4,381,738

Millions of yen

Fair value\8,376,611

As of March 31, 2023

Carrying
amount\4,310,628

Fair value\8,047,339