Consolidated Financial Results for Fiscal 2019 (Year ended March 31, 2020)
May 14, 2020

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

TSE18830
Tokyo, Japan
http://www.sumitomo-rd.co.jp/english/

1. Results of Fiscal 2019 (Year ended March 31, 2020)(1) Consolidated financial results (Amounts less than one million yen, except for per share amounts, are omitted.)
Revenue from operations
1,013,512
1,012,198

Profit attributable toowners of parent

Ordinary profit%

Millions of yen%

Millions of yen%

Millions of yen%

0.1

234,332
219,3896.8

220,520203,2278.5

140,997
130,102

8.4

Millions of yen

Fiscal 2019
Fiscal 2018

Operating income－－－－

Notes 1: Comprehensive Income
FY 2019 : 108,064 millions of yen, 2.2%; FY 2018 : 105,781 millions of yen, (－%)
2: Percentages represent changes compared with the previous year.

Return on average
equityEarnings per share

Fiscal 2019
Fiscal 2018

Ratio of ordinary
profit to averageassetsOperating income
marginYen%%%

297.50274.51

11.3
11.2

4.2
3.9

23.1
21.7

Note: Average number of shares issued and outstanding (consolidated)
FY 2019 : 473,939,888 shares; FY 2018 : 473,942,220 shares(2) Consolidated financial position (Amounts less than one million yen, except for per share amounts, are omitted.)
Total assets
Fiscal 2019
Fiscal 2018

Shareholders' equity

Shareholders' equity ratio

Shareholders' equity
per share

Millions of yen

Millions of yen%Yen

5,317,623
5,130,118

1,294,998
1,202,103

24.4
23.4

2,732.41
2,536.40

Note: Number of shares issued and outstanding (consolidated)
As of Mar 31, 2020 : 473,939,577 shares; As of Mar 31, 2019 : 473,940,149 shares

2. Dividend Position
InterimFiscal 2019
Fiscal 2018
Forecast for Fiscal 2020

Dividend per share
Year end

AnnualAmount of dividend(Annual)

Dividend payout ratio(Consolidated)

Dividend on equity ratio(Consolidated)

Yen

Yen

Yen

Millions of yen%

%

16.00
14.00
19.00

19.00
16.00
19.00

35.00
30.00
38.00

16,587
14,218

11.8
10.9
13.9

1.3
1.2

3. Forecast for Fiscal 2020 (Year ending March 31, 2021)
Revenue from operations
Fiscal 2020

Operating income

Ordinary profit

Profit attributable toowners of parentMillions of yen

Millions of yen

Millions of yen

Millions of yen

880,000

204,000

190,000

130,000

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.
The impact by the outbreak of COVID-19 on our business activities and business results is unclear. We estimate the forecasts based on the assumption thatduring the Fiscal 2020, the business activities will not return to the same level as the previous fiscal year, despite the anticipation that they will be gradually
resumed from the second quarter.

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

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

Fiscal 2018

Fiscal 2019

381,763
331,751
221,693
71,8675,122
1,012,198

395,592
324,967
218,930
69,331
4,691
1,013,512

Fiscal 2018

Fiscal 2019

149,932
47,115
20,407
20,977(19,044)219,389

169,416
47,374
20,583
19,336(22,378)
234,332

Increase(Decrease)+13,828(6,784)(2,762)(2,535)(431)+1,314

Forecast for
Fiscal 2020
390,000
270,000170,000
50,000880,000

Increase(Decrease)(5,592)(54,967)(48,930)(19,331)(4,691)(133,512)

Increase(Decrease)+19,483+258+176(1,641)(3,334)+14,942

Forecast for
Fiscal 2020
163,000
48,00010,00010,000(27,000)
204,000

Increase(Decrease)(6,416)+625(10,583)(9,336)(4,621)(30,332)(2) Operating income

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

Note: Consolidated financial results for fiscal 2018 (year ended March 31, 2019) have been adjusted retroactively, reflecting the adoption of Accounting Standard for Revenue
Recognition in Sumitomo Real Estate Sales effective from the beginning of fiscal 2019.

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

Millions of yen
March 31,
2020

AssetsMarch 31,2019

Current assets:Cash, time and notice deposits\195,360\172,191

Notes and accounts receivable―trade17,405

21,566

Real estate for sale351,368

390,025

Real estate for sale in process

286,254282,594

Costs on uncompleted construction contracts

10,3695,826

Other inventories

887

1,455

Other current assets54,447

59,422(60)(72)

916,034

933,011

Buildings and structures, net

1,036,339

859,028Land

2,558,356

2,523,936

Construction in progress

133,716

139,452

Other property and equipment, net

11,842

8,593

3,740,255

3,531,010

Leasehold rights

55,82355,193

Other intangible assets

1,738

1,557

57,56156,751

Investment securities

469,229

478,966

Guarantee and lease deposits paid to lessors

70,17170,298Deferred income taxes

30,067

17,463

Other investments

36,38551,769Allowance for doubtful accounts(2,082)(9,152)

Total investment and other assets

603,772

609,345

Total fixed assets

4,401,589

4,197,107

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

Total Property and equipment
Intangible assets

Total intangible assets
Investment and other assets

Total assets\5,317,623\5,130,118

Millions of yen
March 31,2020

Liabilities and Net Assets

March 31,2019

Current liabilities:
Notes and accounts payable―trade\36,392\54,937

Short-term debt

26,72625,643Long-term debt due within one year

131,471

129,618Long-term non-recourse loans due within one year

62,373

100,298

Commercial paper

120,000－－

40,000Non-recourse bonds due within one year

8,000

2,000

Accrued income taxes

32,34329,260

Deposits received

51,19561,581

Corporate bonds due within one year

Accrued bonuses

5,441

5,572

148,102

137,127

622,045586,039

Corporate bonds

270,000

270,000

Non-recourse bonds

31,10037,1002,572,156

2,474,327

219,082

263,800

47

40

6,269

6,018

Guarantee and lease deposits received

247,609

228,958

Long-term deposits received

45,89549,807

Other long-term liabilities

8,417

11,924

Total long-term liabilities

3,400,578

3,341,975

Total liabilities

4,022,624

3,928,015

Capital122,805

122,805

Capital surplus

104,153

104,153

Retained earnings

1,002,633

876,802(4,473)(4,469)1,225,119

1,099,291

Net unrealized holding gains on securities

76,335109,209

Net deferred losses on hedges(3,560)(3,971)

Foreign currency translation adjustments(2,718)(2,352)Remeasurements of defined benefit plans

(177)

(73)

Total accumulated other comprehensive income69,879

102,811

Total net assets

1,294,998

1,202,103

Other current liabilities
Total current liabilities
Long-term liabilities:

Long-term debt
Long-term non-recourse loans
Allowance for retirement benefits for directors
Net defined benefit liability

Net assets:
Shareholders' equity

Treasury stock
Total shareholders' equity
Accumulated other comprehensive income (loss)

Total liabilities and net assets\5,317,623\5,130,118

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

Millions of yen
Fiscal year ended March 31,2020\Revenue from operations

2019

1,013,512\1,012,198

Cost of revenue from operations

691,832

711,050

Gross profit

321,680

301,148

Selling, general and administrative expenses

87,34881,758Operating income

234,332

219,389

Interest and dividend income

11,67910,066

Other non-operating income

570

630

12,24910,697

Interest expense

19,18620,184

Other non-operating expenses

6,874

6,675

26,061

26,859220,520203,227

Gain on sale of property and equipment

27875

Gain on sale of investment securities

1,417

11

Reversal of allowance for doubtful accounts

4,824－

6,519

86

Loss on impairment of fixed assets

9,660

8,575

Loss on sale of property and equipment

2,130

3,723

Loss on disposal of property and equipment

1,566

1,280

Loss on devaluation of investment securities

7,838

1,104

35

70

21,231

14,755

Income before income taxes

205,809

188,558

Income taxes

64,81258,456

Profit140,997

130,102－－

Non-operating income

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary profit
Extraordinary income

Total extraordinary income
Extraordinary loss

Other extraordinary losses
Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent\140,997\130,102

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

Millions of yen
Fiscal year ended March 31,2020\Profit2019

140,997\130,102

Other comprehensive income (loss)(32,874)(21,905)

Net deferred gains (losses) on hedges

Net unrealized holding gains (losses) on securities

411(1,922)Foreign currency translation adjustments(366)(259)Remeasurements of defined benefit plans

(103)

(233)

(32,932)(24,321)

108,064

105,781

108,064

105,781－－

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

Millions of yen

As of March 31, 2020
Carrying
amountInvestment and rental Properties\3,555,071

As of March 31, 2019
Carrying
amountFair value\6,731,222\3,515,337

Fair value\6,218,600

Note: Consolidated financial results for fiscal 2018 (year ended March 31, 2019) have been adjusted retroactively, reflecting the adoption of Accounting Standard for Revenue Recognition inSumitomo Real Estate Sales effective from the beginning of fiscal 2019.