This document has been translated from a portion of the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail. The Company assumes noresponsibility for this translation, nor for direct, indirect, or any other form of damages that may arise from use of this translation.
This English version includes some explanatory notes.
August 8, 2024

Outline of Consolidated Financial Statements for the First Two Quarters of the Fiscal
Year Ending December 2024 <under Japanese GAAP>
Name of Company Listed:
Code Number:
Representative:
Contact:

Tokyo Tatemono Co., Ltd.
Exchange: Prime Market of Tokyo Stock Exchange
8804
URL:
https://www.tatemono.com/english/
Hitoshi Nomura, President & Chief Executive Officer
Munetoshi Harunaga, General Manager, Corporate Communications Department
TEL: +81-(0)3‐3274‐1984
Scheduled date for submission of semi-annual report:
August 9, 2024
Scheduled date for commencement of dividend payment:
September 6, 2024
Supplementary documents for quarterly results:
Yes
Quarterly results briefing:
Yes (for institutional investors and analysts)(Amounts are rounded down to the nearest million yen.)

1. Consolidated Results of Operations for the First Two Quarters of Fiscal Year Ending December 2024
(January 1, 2024 to June 30, 2024)(1)

Consolidated business results (on a cumulative basis)
Operating revenue

Operating profit

Profit attributable toowners of parent

Ordinary profit

Million yen%

Million yen%

Million yen%

Million yen%

FY2024 2Q

277,61654.5

51,23642.1

48,13432.8

31,69233.1

FY2023 2Q

179,670(16.5)

36,050(25.2)

36,242(27.8)

23,816(32.6)

Note 1: The percentage figures indicate the percentage increase/decrease compared with the previous fiscal year.
Note 2: Comprehensive income

FY2024 2Q¥39,012 million (4.7%)

FY2023 2Q¥37,267 million (-2.0%)

Profit per share after adjustingfor dilution

Profit per share
Yen

(2)

FY2024 2Q

151.73

FY2023 2Q

114.01

Yen

Consolidated financial status
Total assets
FY2024 2Q
FY2023

Reference: Equity capital

Net assets

Equity capital ratio

Net assets per share

Million yen

Million yen%

Yen

2,026,347
1,905,309

538,733
508,03526.0
26.1

2,526.43
2,378.61

FY2024 2Q ¥527,459 million
FY2023¥496,900 million

2. Dividend Status
Dividend per share
End of first quarter

FY2023
FY2024End of second
quarter

End of third
quarterYear-end

Total

Yen

Yen

Yen

Yen

Yen

－
－

36.00
37.00

－

37.00

73.00

－

43.00

80.00

FY2024 (Forecast)

Note: Revisions to dividend forecasts published most recently: Yes
For details of the revisions to the dividend forecast, please refer to the “Notice Concerning Revisions to Forecast of Full-year Consolidated
Financial Results of Operations and Dividend Forecast” released today (August 8, 2024).

3. Forecast of Consolidated Results of Operations for Fiscal Year Ending December 2024 (January 1, 2024 to December 31, 2024)
Profit attributable toowners of parent

Operating revenue

Operating profit

Million yen%

Million yen%

Million yen%

Million yen%

Yen

465,000

23.7

77,5009.9

69,5000.0

48,5007.6

232.25Full year

Ordinary profit

Profit per share

Note 1: The percentage figures indicate the percentage increase/decrease compared with the previous fiscal year.
Note 2: Revisions to consolidated results forecast of operations published most recently: Yes
For details of the revisions to the consolidated earnings forecast, please refer to “1. Outline of Operating Results, Etc.; (3) Description ofConsolidated Earnings Forecasts and Other Forward-Looking Statements” on page 4 of the attached materials.

*Notes(1)

Significant changes in the scope of consolidation during the first two quarters: Yes

Newly included:
4 companies

Tokyo Tatemono (Thailand) Ltd.
Shirooka Logistics Development Special Purpose Company
Village Higashikaruizawa Golf Club Co., Ltd.
Kita-Aoyama 3-Chome Project Special Purpose Company

Excluded:
0 companies(2)

Application of particular accounting practices to the preparation of semi-annual consolidated financial statements: None

(3)

Changes in the accounting principles and changes or restatement of accounting estimates

(4)

(i)

Changes in the accounting principles due to amendment of accounting standard, etc.:

None

(ii)

Changes in the accounting principles other than (i):None(iii) Changes in the accounting estimates:None(iv) Restatement:

None

Number of shares outstanding (common shares)
(i)
(ii)

Number of shares outstanding (including treasury shares) at the end of the period
As of June 30, 2024: 209,167,674 shares
As of December 31, 2023:
Number of shares of treasury shares at the end of the period
As of June 30, 2024:
391,098 shares

209,167,674 shares

As of December 31, 2023:

264,481shares(iii) Average number of shares during the period (cumulative consolidated semi-annual period)
FY2024 2Q: 208,868,205 shares
FY2023 2Q:

208,896,720 shares* The Company has introduced a stock compensation plan, “Board Benefit Trust (BBT).” The shares of the Company held by the trust areincluded in the number of shares of treasury shares at the end of the period and the treasury shares deducted in the calculation of the average
number of shares during the period.

* Outline of Semi-annual Financial Statements is not subject to review by a certified public accountant or audit corporation.
* Explanation Regarding the Appropriate Use of Business Performance Forecasts, and Other Items to Note
The performance forecasts and other statements regarding the future in these materials are based on information currently available to the Company

and on certain assumptions deemed to be rational. Actual performance may differ materially depending on various factors. Refer to page 4, “1. Outlineof Operating Results, Etc.; (3) Description of Consolidated Earnings Forecasts and Other Forward-Looking Statements” for matters regarding theperformance forecasts.

Contents of Accompanying Materials

1. Outline of Operating Results, Etc. .................................................................................................................................. 2(1) Outline of Operating Results for the First Two Quarters Under Review ................................................................................... 2(2) Description of Financial Position for the First Two Quarters Under Review............................................................................. 4(3) Description of Consolidated Earnings Forecasts and Other Forward-Looking Statements ........................................................ 4

2. Semi-annual Consolidated Financial Statements and Key Notes .................................................................................. 5(1) Semi-annual Consolidated Balance Sheet .................................................................................................................................. 5(2) Semi-annual Consolidated Statement of Income and Semi-annual Consolidated Statement of Comprehensive Income .......... 7(3) Notes on Semi-annual Consolidated Financial Statements ........................................................................................................ 9(Notes on going assumptions) .............................................................................................................................................. 9(Notes on cases where there was a substantial change in the amount of shareholders’ equity) ........................................... 9(Notes on segment information, etc. ) .................................................................................................................................. 9- 1 -1. Outline of Operating Results, Etc.
(1) Outline of Operating Results for the First Two Quarters Under Review
In the six months ended June 30, 2024 (first two quarters of the fiscal year ending December 31, 2024 (FY2024)), the Japanese
economy showed a moderate recovery trend with the progress of improvements in the employment and income environments,
coupled with the effects of various policies. However, the economic outlook remained uncertain due to the risk of a global economic
slowdown due to unstable international affairs, a review of domestic financial policies, and the impact of currency exchange rate
fluctuations and price increases.
Amid this business environment, as to the consolidated results for the first two quarters of FY2024, with factors such as an increasein the number of condominium units recorded in the Residential business and an increase in property sales to investors in theCommercial Properties business and the Residential business, operating revenue was ¥277,616 million (up 54.5% from ¥179,670
million for the same period last fiscal year), operating profit was ¥51,236 million (up 42.1% from ¥36,050 million for the same period
last fiscal year), business profit was ¥52,066 million (up 37.1% from ¥37,984 million for the same period last fiscal year), ordinary
profit was ¥48,134 million (up 32.8% from ¥36,242 million for the same period last fiscal year), and profit attributable to owners ofparent was ¥31,692 million (up 33.1% from ¥23,816 million for the same period last fiscal year).
The Tokyo Tatemono Group has set “business profit,” which is the sum of operating profit and share of profit (loss) of entities
accounted for using the equity method, as a profit indicator.
See below for an outline of consolidated results by business segment.
(i)Commercial Properties Business

During the first two quarters of FY2024, while building rentals were solid and we recorded sales from the disposal of “T-LOGI
Ichinomiya” (Ichinomiya-shi, Aichi) to investors in real estate sales, the purchase of non-current assets temporarily increased costs
such as transfer taxes.
Consequently, operating revenue was ¥75,621 million (up 21.3% from ¥62,331 million for the same period last fiscal year), operating
profit was ¥15,973 million (down 8.9% from ¥17,527 million for the same period last fiscal year), and business profit was ¥15,998
million (down 9.5% from ¥17,685 million for the same period last fiscal year).
First two quarters of FY2023
Item

Leasing of buildings, etc.

Operatingrevenue(million yen)

Quantity, etc.
Leased area of buildings
1,020,869 m2(Of which, subleased area
64,512m2)

Sales of real estate

First two quarters of FY2024

2 properties

Quantity, etc.

Operatingrevenue(million yen)

Leased area of buildings
1,111,355m2
37,925(Of which, subleased area
66,754m2)

39,054

5,770

16,7444 properties

Building management service, etc.

－

18,635－19,822

Total operating revenue－

62,331－75,621

Operating profit－

17,527－

15,973Business profit－

17,685－

15,998

- 2 -

(ii)

Residential Business

During the first two quarters of FY2024, residential sales were recorded for “Brillia Tower Dojima” (Kita-ku, Osaka-shi), “HARUMI
FLAG” (Chuo-ku, Tokyo), and “Brillia Tower Hamarikyu” (Minato-ku, Tokyo). Meanwhile, real estate sales were recorded for“Grapes Asakusa” (Taito-ku, Tokyo) and “THE CROSS SITE Noborito” (Tama-ku, Kawasaki-shi) as property sales to investors.
Consequently, operating revenue was ¥171,495 million (up 119.6% from ¥78,110 million for the same period last fiscal year),
operating profit was ¥36,611 million (up 106.1% from ¥17,759 million for the same period last fiscal year), and business profit was¥36,445 million (up 105.2% from ¥17,759 million for the same period last fiscal year).
First two quarters of FY2023
Item

Quantity, etc.

Residential sales

First two quarters of FY2024

Operatingrevenue(million yen)

660 units

Quantity, etc.

60,730Operatingrevenue(million yen)

1,409 units

136,926

Sales of real estate

－

2,389

－

19,014

Residence leasing

Leased area of buildings
128,337 m2

2,964

Leased area of buildings
115,276 m2

2,904

Condominium management
service

Number of managed units
98,141 units

7,389

Number of managed units
99,896 units

7,506

－

4,636

－

5,143

Total operating revenue－

78,110－171,495

Operating profit－

17,759－36,611Business profit－

17,759－36,445Other(iii) Asset Service BusinessIn the first two quarters of FY2024, while brokerage and parking lot operations remained strong, real estate sales from sales ofproperties to investors declined in the asset solution business.
Consequently, operating revenue was ¥20,572 million (down 25.3% from ¥27,521 million for the same period last fiscal year), andoperating profit and business profit were both ¥4,401 million (down 14.1% from ¥5,124 million for the same period last fiscal year).
First two quarters of FY2023
Item

Quantity, etc.

First two quarters of FY2024

Operatingrevenue(million yen)

Quantity, etc.

Operatingrevenue(million yen)

Brokerage

494 properties

2,279

567 properties

2,875

Asset solution (Note)－

11,346－

3,421

Management service, etc.

－

2,414

－

2,321

Parking lot operations

Number of parking spaces
81,620 spaces

Number of parking spaces
11,481
82,473 spaces

11,954

Total operating revenue－

27,521－

20,572

Operating profit

－

5,124

－

4,401

Business profit

－

5,124

－

4,401

Note: This business mainly improves the added value of acquired real estate for the purpose of resale.

- 3 -(iv) OtherIn the first two quarters of FY2024, revenues decreased in the leisure business mainly due to the transfer of all shares of a subsidiary
operating the child care and temporary staffing businesses in the previous fiscal year, despite strong occupancy of resort facilities. In
addition, share of profit of entities accounted for using the equity method decreased in overseas businesses under other businesses.
Consequently, operating revenue was ¥9,927 million (down 15.2% from ¥11,707 million for the same period last fiscal year),
operating profit was ¥909 million (down 0.2% from ¥911 million for the same period last fiscal year), and business profit was ¥1,880
million (down 30.0% from ¥2,687 million for the same period last fiscal year).

Item

(2)

First two quarters of FY2023

First two quarters of FY2024

Operating revenue(million yen)

Operating revenue(million yen)

Leisure & child care business

9,485

7,138

Other

2,221

2,788

Total operating revenue

11,707

9,927

Operating profit

911

909

Business profit

2,687

1,880

Description of Financial Position for the First Two Quarters Under Review(Assets)
Total assets at the end of the second quarter of FY2024 were ¥2,026,347 million, up ¥121,037 million from the end of the previous
fiscal year. This was primarily attributable to an increase in real estate for sale (including real estate for sale in process and realestate for development) and property, plant and equipment.
(Liabilities)
Total liabilities at the end of the second quarter of FY2024 were ¥1,487,613 million, up ¥90,339 million from the end of theprevious fiscal year. This was primarily attributable to an increase in interest-bearing debt. The balance of interest-bearing debt
(excluding lease obligations) was ¥1,182,722 million, up ¥93,715 million from the end of the previous fiscal year.
(Net assets)
Total net assets at the end of the second quarter of FY2024 were ¥538,733 million, up ¥30,697 million from the end of the previous
fiscal year. This was primarily attributable to increase in retained earnings.
(3)

Description of Consolidated Earnings Forecasts and Other Forward-Looking Statements
As for the consolidated earnings forecasts, the full-year earnings forecasts for the fiscal year ending December 31, 2024, releasedon February 13, 2024, have been revised as follows, in light of the results of the first two quarters of FY2024 and future outlook.
(Million yen)
Revised forecast

Previous forecast

ChangeChange (%)(30,000)(6.1)%

67,000

2,500

3.7%

48,000500

1.0%Operating revenue

465,000

495,000

Operating profit

77,50075,000Business profit

78,00077,000Ordinary profit

69,500

Profit attributable toowners of parent

48,500

2,500
1,000

3.3%
1.3%

For details, please refer to the “Notice Concerning Revisions to Forecast of Full-year Consolidated Financial Results of Operations
and Dividend Forecast” released today (August 8, 2024).
Although the revision has resulted in a greater rate of progress against the full-year consolidated earnings forecasts, this is due tothe concentration of the recording of condominium units sold by the end of the first two quarters of FY2024.

- 4 -

2.

Semi-annual Consolidated Financial Statements and Key Notes(1)

Semi-annual Consolidated Balance Sheet(Million yen)
End of FY2023(December 31, 2023)
AssetsCurrent assets
Cash and deposits
Trade notes, accounts receivable, and contract assets
Real estate for sale
Real estate for sale in process
Real estate for development
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Leasehold interests in land
Other
Total intangible assets
Investments and other assets
Investment securities
Investments in silent partnerships
Deferred tax assets
Leasehold and guarantee deposits
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 5 -End of FY2024 2Q(June 30, 2024)

127,305
13,887
232,478
166,181
100,339
52,296(23)
692,464

111,725
11,685
252,145
129,409148,069
36,541(27)
689,550

397,020(183,025)
213,994
529,506
89,42831,920(21,284)
10,635843,565438,777(189,774)
249,003597,307
93,822
33,971(22,088)
11,883952,017

127,628
3,996
131,624

127,451
2,892
130,344

153,814
2,598
2,327
20,671
1,561
56,737(55)
237,655
1,212,845
1,905,309

158,245
12,337
1,907
20,796
1,518
61,981(2,349)254,435
1,336,797
2,026,347

(Million yen)
End of FY2023(December 31, 2023)
Liabilities
Current liabilities
Short-term borrowings
Commercial papers
Current portion of bonds payable
Accounts payable - other
Income taxes payable
Provisions
Deposits received under real estate specified joint
enterprise law
OtherTotal current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provisions
Leasehold and guarantee deposits received
Retirement benefit liability
Deposits received under real estate specified joint
enterprise law
OtherTotal non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 6 -End of FY2024 2Q(June 30, 2024)

56,75450,00010,00017,343
17,4491,012

78,87270,000－20,257
14,235
1,096

11,3005,800

76,198240,057

72,384
262,646

255,000
715,223
23,99927,274379
77,764
14,104265,000
766,922
25,60727,274472
79,493
14,041

10,447

17,94733,022
1,157,216
1,397,274

28,2071,224,967
1,487,613

92,451
66,262
219,528(421)
377,82192,451
66,262
243,483(746)
401,450

71,52643,1875,011(647)
119,078
11,135508,035
1,905,309

75,531
43,1877,931(641)
126,008
11,274
538,733
2,026,347

(2)Semi-annual Consolidated Statement of Income and Semi-annual Consolidated Statement of Comprehensive Income(Semi-annual consolidated statement of income)(Consolidated first two quarters)(Million yen)

Operating revenue
Operating costs
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing fee
Bond issuance costs
Dividends paid on real estate specified joint enterprise
law
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on sales of investments in capital of subsidiaries
and associates
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Loss on valuation of investment securities
Loss on sales of shares of subsidiaries and associates
Provision of allowance for doubtful accounts
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent- 7 -FY2023 2Q(January 1, 2023
to June 30, 2023)
179,670
123,674
55,996
19,94536,050

FY2024 2Q(January 1, 2024
to June 30, 2024)
277,616
201,017
76,59925,362
51,236

65
1,928

197
2,355

1,933

829

143
212
4,282

2,702
258
6,343

3,447
515
－

4,409
484
61

43

4,169

83
4,090
36,242

320
9,444
48,134

214
－

1
810

－

1,103

214

1,915

－
74
17
－
43
－
136
36,32013,861(1,750)12,11024,210393
23,816

0
79
25
3
－
2,293
2,401
47,64915,631(120)
15,51032,138446
31,692

(Semi-annual consolidated statement of comprehensive income)(Consolidated first two quarters)(Million yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 8 -FY2023 2Q(January 1, 2023
to June 30, 2023)
24,210

FY2024 2Q(January 1, 2024
to June 30, 2024)
32,138

10,897
2,196
(91)

3,948
1,718
5

55

1,201

13,05737,267

6,874
39,012

36,63938,622

627

390

(3)

Notes on Semi-annual Consolidated Financial Statements(Notes on going assumptions)Not applicable(Notes on cases where there was a substantial change in the amount of shareholders’ equity)
Not applicable(Notes on segment information, etc. )Segment Information
I. First two quarters of FY2023 (January 1, 2023 to June 30, 2023)
1. Information on Operating Revenue and Profit (Loss) by Reportable Segment(Million yen)
Reportable segments
Commercial
Residential
Properties

Asset
Service

Total

Other
(Note 1)

Total

Amount recorded
in semi-annual
Adjustment
consolidated(Note 2)statement ofincome(Note 3)Operating revenue
External customers

62,331

78,11027,521

167,963

11,707

179,670－

179,670

Inter-segment or transfer

562

148

361

1,072

74

1,147

(1,147)－

Total

62,89378,25827,883

169,035

11,781

180,817(1,147)

179,670

17,527

17,7595,124

40,412

911

41,324(5,273)36,050

157

－

－

157

1,775

1,933

－

1,933

17,68517,7595,124

40,5702,687

43,257(5,273)37,984

Segment profit (loss)(Business profit (loss))
Operating profit (loss)
Share of profit (loss) of entities
accounted for using equity
methodTotal

Note 1: The “Other” business segment is not included in reportable segments. “Other” includes businesses such as “leisure,”“asset management,” and “overseas.”
Note 2: Adjustment of -¥5,273 million for segment profit (loss) includes inter-segment elimination of -¥6 million andcorporate expenses of -¥5,267 million that is not distributed to the reportable segments. Corporate expenses areprimarily general and administrative expenses that do not belong to the reportable segments.
Note 3: Segment profit (loss) is adjusted with the sum of operating profit and share of profit (loss) of entities accounted forusing the equity method in the semi-annual consolidated statement of income.

- 9 -II. First two quarters of FY2024 (January 1, 2024 to June 30, 2024)
1. Information on Operating Revenue and Profit (Loss) by Reportable Segment(Million yen)Amount recorded
in semi-annual
Adjustment
consolidated(Note 2)statement ofincome(Note 3)

Reportable segments
Commercial
Residential
Properties

Asset
Service

Total

Other
(Note 1)

Total

Operating revenue
External customers

75,621

171,495

20,572

267,689

9,927

277,616－

277,616

Inter-segment or transfer

461

325

5,171

5,958

93

6,052

(6,052)－

Total

76,083

171,820

25,743

273,647

10,021

283,668(6,052)

277,616

15,97336,611

4,401

56,986909

57,896(6,659)51,236

25

(166)

－

(140)

970

829

－

829

15,99836,4454,401

56,845

1,880

58,725(6,659)52,066

Segment profit (loss)(Business profit (loss))
Operating profit (loss)
Share of profit (loss) of entities
accounted for using equity
methodTotal

Note 1: The “Other” business segment is not included in reportable segments. “Other” includes businesses such as “leisure,”“asset management,” and “overseas.”
Note 2: Adjustment of -¥6,659 million for segment profit (loss) includes inter-segment elimination of -¥302 million andcorporate expenses of -¥6,356 million that is not distributed to the reportable segments. Corporate expenses areprimarily general and administrative expenses that do not belong to the reportable segments.
Note 3: Segment profit (loss) is adjusted with the sum of operating profit and share of profit (loss) of entities accounted forusing the equity method in the semi-annual consolidated statement of income.

- 10 -