Consolidated Financial Results for Fiscal 2011 (Year ended March 31, 2012)
May 14, 2012

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 2011 (Year ended March 31, 2012)(1) Consolidated financial results (Amounts less than one million yen, except for per share amounts, are omitted.)
Operating revenues
Fiscal 2011
Fiscal 2010

Operating income

Ordinary profit

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

688,662
744,756(7.5)
3.5

147,465
138,462

6.5
3.3

107,912106,295

1.5
5.8

53,23650,9084.6(3.3)

Note: Comprehensive Income
FY 2011 : 60,251 millions of yen 24.6%; FY 2010 : 48,363 millions of yen (26.9%)

Diluted earnings pershare

Earnings per share

Fiscal 2011
Fiscal 2010

Return on average
equityRatio of ordinary profit
to average assets

Operating income
marginYen

Yen%

%

%

112.28107.35

99.83
94.73

9.9
10.0

3.0
3.3

21.4
18.6

Notes 1. Average number of shares issued and outstanding (consolidated)
FY 2011 : 474,157,494 shares; FY 2010 : 474,205,887 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

3,859,698
3,234,202

553,843526,227

14.3
16.3

1,168.11
1,109.78

Fiscal 2011
Fiscal 2010

Shareholders' equity ratio

Shareholders' equity
per share

Total assets

Note: Number of shares issued and outstanding (consolidated)
As of March 31, 2012 : 474,134,863 shares; As of March 31, 2011 : 474,172,389 shares

2. Dividend Position
InterimFiscal 2011
Fiscal 2010
Forecast for Fiscal 2012

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

9,482
9,483

Dividend payout ratio(Consolidated)

Dividend on equity ratio(Consolidated)

%

17.8
18.6
16.4

%

1.8
1.9

3. Forecast for Fiscal 2012 (Year ending March 31, 2013)

Fiscal 2012

Operating revenues

Operating income

Ordinary profit

Net income

Millions of yen

Millions of yen

Millions of yen

Millions of yen

720,000

150,000

109,000

58,000Note: 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 inthe future.

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

Fiscal 2010
Leasing
Sales
Construction
Brokerage
Other and Elimination/Corporate
Total

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

Fiscal 2011
271,811
198,153
165,99549,396
3,305
688,662

Increase(Decrease)(21,063)(41,555)+3,070+2,966+486(56,094)

Forecast for
Fiscal 2012
275,000
220,000
167,000
54,0004,000
720,000

Increase(Decrease)+3,189+21,847+1,005+4,604+695+31,338

Increase(Decrease)+1,395+4,474(221)+2,337+1,016+9,002

Forecast for
Fiscal 2012
92,00038,00017,00016,000(13,000)
150,000

Increase(Decrease)+2,364+108+524+1,461(1,921)+2,535(2) Operating income(Millions of yen)

Fiscal 2010
LeasingSales
Construction
Brokerage
Other and Elimination/Corporate
Total

88,24033,418
16,698
12,202(12,096)
138,462

Fiscal 2011
89,63637,892
16,476
14,539(11,079)
147,465

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

Millions of yen
March 31,
2012

AssetsMarch 31,2011

Current assets:\Cash, time and notice deposits

146,475\119,748

Notes and accounts receivable-trade

17,05814,283

Real estate for sale

172,678

206,339

Real estate for sale in process

407,955

345,164

Costs on uncompleted construction contracts

4,271

5,569

Other inventories

1,2641,017

Deferred income taxes

10,587

12,822Other current assets

41,361

101,957

(511)

(947)

801,141805,957

600,175

385,708

2,005,363

1,523,346

Construction in progress

59,81864,250

Other property and equipment, net

7,165

5,356

2,672,522

1,978,663

Leasehold rights

50,52050,785

Other intangible assets

1,066

1,029

51,58751,815Investment securities

155,551

217,730

Guarantee and lease deposits paid to lessors

134,067

145,706

Deferred income taxes

18,565

11,604

Other investments

41,33038,195

Allowance for doubtful accounts(15,067)(15,471)

Total investment and other assets

334,446

397,766

Total fixed assets

3,058,556

2,428,245

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

Total Property and equipment
Intangible assets

Total intangible assets
Investment and other assets

Total assets\3,859,698\3,234,202

Millions of yen
March 31,2012

Liabilities and Net Assets

March 31,2011

Current liabilities:\Notes and accounts payable-trade\34,663

31,756

Short-term debt

149,700

185,750Long-term debt due within one year

217,623

284,792

Long-term non-recourse loans due within one year

47,610-Commercial paper

19,99429,988

Corporate bonds due within one year

90,00090,000Non-recourse bonds due within one year

89,828-

Accrued income taxes

24,066

17,109Deposits received

121,814

169,719

Accrued bonuses

3,137

3,184

Provision for loss on disaster-

Other current liabilities

1,930

82,372

76,110880,808

890,340

Corporate bonds

250,000

310,000

Non-recourse bonds

48,520-1,295,045

1,121,068

345,795-

5,1014,882

186

213

Guarantee and lease deposits received

165,002164,317Long-term deposits received

261,783

167,985

Other long-term liabilities

24,78930,065

Total long-term liabilities

2,396,223

1,798,533

Total liabilities

3,277,031

2,688,873

Capital122,805

122,805

Capital surplus

132,747

132,748

Retained earnings

313,041

290,259

Treasury stock(3,704)(3,644)564,889

542,168(1,932)(6,700)(971)(1,924)(8,141)(7,315)(11,045)(15,940)

28,822

19,101

582,666

545,328

Total current liabilities
Long-term liabilities:

Long-term debt
Long-term non-recourse loans
Allowance for employees' severance and retirement benefits
Allowance for retirement benefits for directors

Net assets:
Shareholders' equity

Total shareholders' equity
Accumulated Other Comprehensive Income
Net unrealized holding losses on securities
Net deferred losses on hedges
Foreign currency translation adjustments
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets\3,859,698\3,234,202

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

Millions of yen
Fiscal year ended March 31,2012\Revenue from operations

2011\688,662

744,756

Cost of revenue from operations

490,436551,364

Gross profit

198,225

193,392

Selling, general and administrative expenses

50,76054,929Operating income

147,465

138,462Interest and dividend income

3,760

3,524

Other non-operating income

681

816

4,442

4,341

Interest expense

35,82429,969Other non-operating expenses

8,171

6,539

43,99536,508

107,912106,295

Gain on sale of property and equipment428120

Gain on sale of investment securities

03

Non-operating income

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary profit
Extraordinary income

Compensation income-78

Gain on prior periods adjustment-412

Other extraordinary income

20112

449

727

5,617

7,601

Loss on sale of property and equipment

398

19

Loss on disposal of property and equipment

554

2,188

Loss on devaluation of investment securities

3,740

6,709

033

Total extraordinary income
Extraordinary losses
Loss on impairment of fixed assets

Loss on sale of investment securities
Loss on devaluation of common stocks of affiliates

854--

1,930

Provision of allowance for loss on disaster
Other extraordinary losses

28781

11,194

19,264

Income before income taxes and minority interests

97,16787,757

Income taxes

41,84035,010

Income before minority interests

55,32752,747

Minority interests

2,090

1,839

Total extraordinary losses

Net income\53,236\50,908

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

Millions of yen
Fiscal year ended March 31,2012

Income before minority interests\2011\55,327

52,747

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

4,779(3,307)

Net deferred gains on hedges

1,211

533

Foreign currency translation adjustments(1,066)(1,610)4,924(4,383)60,251

48,363

Owners of the parent

58,351

46,916

Minority interests

1,899

1,446

Total other comprehensive income (loss)
Comprehensive income
Comprehensive income attributable to:Fair Value of Investment and Rental Properties
Millions of yen
As of March 31, 2012
As of March 31, 2011
Carrying
Carrying
Fair value
Fair value
amountamount

Investment and rental Properties
Investment and rental Properties held by SPEs *\\2,665,754-

3,641,735-\

1,972,362
658,966\

2,518,169
1,114,133* As part of the real estate operations, the Company invests in SPEs (principally Tokutei Mokuteki Kaisha ("TMKs") under the Asset Securitization Law).
The SPEs, which conduct real estate development and leasing projects, are funded by investments from the Company and by borrowings from financial institutions(non-recourse loans and debentures).