For Immediate Release
For Translation Purposes Only
August 19, 2024
Japan Excellent, Inc. (TSE: 8987)
Shuichiro Kayama, Executive Director
Asset Management Company:
Japan Excellent Asset Management Co., Ltd.
Representative:
Shuichiro Kayama, President
Contact:
Motoharu Himeno
General Manager, Corporate Planning Dept.
TEL: +81-3-5412-7911

Japan Excellent, Inc. Reports 36th Period Financial Results(From January 1, 2024 to June 30, 2024)
This financial report has been prepared in accordance with Japanese accounting standards and the Japanesenational law. Figures have been rounded down to the nearest one million yen.

1.

Operating Results

Total revenues
Operating income
Ordinary income
Net income
Return on equity
Return on assets
Ordinary income to Operating Revenue ratio

2.

36th Period Ended
June 30, 2024
11,460 million yen
4,835 million yen
4,201 million yen
4,200 million yen
2.8%

35th Period Ended
December 31, 2023
10,857 million yen
4,665 million yen
4,050 million yen
4,049 million yen
2.7%

1.4%
36.7%

1.4%
37.3%

36th Period Ended
June 30, 2024
2,862 yen
3,782 million yen

35th Period EndedDecember 31, 2023
2,800 yen
3,745 million yen

90.0%
2.5%

92.5%
2.5%

Distributions

Distribution per unit
Distributions in excess of earnings per unit
Total distribution
Total distributions in excess
Payout ratio
Dividend ratio to net assets-1-3.

Financial Situation

Total assets
Net assets
Capital ratio
Net assets per unit

4.

36th Period Ended
June 30, 2024
304,049 million yen
149,114 million yen
49.0%
112,827 yen

35th Period Ended
December 31, 2023
294,823 million yen
150,659 million yen
51.1%
112,634 yen

36th Period EndedJune 30, 2024
7,254 million yen(14,056) million yen
4,226 million yen
18,972 million yen

35th Period Ended
December 31, 2023
5,541 million yen(18,976) million yen
4,239 million yen
21,548 million yen

37th Period Ended
December 31, 2024
11,415 million yen
4,812 million yen
4,067 million yen
4,066 million yen

38th Period Ended
June 30, 2025
11,498 million yen
4,983 million yen
4,185 million yen
4,184 million yen

2,770yen

2,850 yen

Cash Flow

Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Cash and cash equivalents at end of period

5. Forecasts

Total revenues
Operating income
Ordinary income
Net income
Distribution per unit
Assumption of Forecasts
1. Total Number of Outstanding Investment Units
1,321,614 units

Disclaimer
This news release was prepared solely for the convenience of and reference by investors and neither corresponds tothe original Japanese documents nor is it intended to constitute a disclosure document. The Japanese language
Kessan-Tanshin should always be referred to as originals of this document.
English terms for Japanese legal, accounting, tax, and business concepts used herein may not be precisely identical tothe concepts of the equivalent Japanese terms. With respect to any and all terms herein, the original Japanese
documents will always govern the meaning and interpretation.
The financial statements are a translation of the audited financial statements that were prepared in accordance withgenerally accepted principles in Japan which may materially differ in certain respects from generally accepted
accounting principles and practices in other jurisdictions.

-2-Certain provisions of this document contain forward-looking statements and information. We base these statementson our beliefs as well as our assumptions based solely on certain limited information currently available to us.
Because these statements reflect our current views concerning future events, these statements involve known andunknown risks, uncertainties, and assumptions. These forward-looking statements are not a guarantee of future
performance and involve risks and uncertainties, and there are certain important factors that could cause actual results
to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including
without limitation: the general economy, market conditions, financial markets including the performance of the realestate market, interest rate fluctuations, competition with our properties, and the impact of changing regulations ortaxation.

(End)
Japan Excellent, Inc. Website : https://www.excellent-reit.co.jp/en/-3-