This document has been translated from 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 no responsibility for thistranslation, 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.
May 9, 2024

Outline of Consolidated Financial Statements for the First Quarter of the Fiscal YearEnding 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 quarterly report:
May 13, 2024
Scheduled date for commencement of dividend payment:－
Supplementary documents for quarterly results:
Quarterly results briefing:Yes
Yes (for institutional investors and analysts)(Amounts are rounded down to the nearest one million yen.)

1. Consolidated Results of Operations for the First Quarter of Fiscal Year Ending December 2024
(January 1, 2024 to March 31, 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 1Q

116,195(1.9)

19,167(29.8)

19,420(29.3)

11,661(34.3)FY2023 1Q

118,393(2.7)

27,2897.0

27,472

9.2

17,755

3.1

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

FY2024 1Q¥20,865 million (1.4%)

FY2023 1Q¥20,570 million (12.6%)

Profit per share after adjustingfor dilution

Profit per share
Yen

(2)

Yen

FY2024 1Q

55.82

−

FY2023 1Q

85.00

−

Consolidated financial status
Total assets
FY2024 1Q
FY2023

Reference: Equity capital

Net assets

Equity capital ratio

Net assets per share

Million yen

Million yen%

Yen

2,009,384
1,905,309

521,140
508,03525.4
26.1

2,439.50
2,378.61

FY2024 1Q ¥509,646 million
FY2023¥496,900 million

2. Dividend Status
Dividend per share
End of first quarterEnd of second
quarter

End of third
quarterYear-end

Total

Yen

Yen

Yen

Yen

Yen

FY2023

－

36.00

－

37.00

73.00

FY2024

－
37.00

－

42.00

79.00

FY2024 (Forecast)
Note: Revisions to dividend forecasts published most recently: None

3. Forecast of Consolidated Results of Operations for Fiscal Year Ending December 2024 (January 1, 2024 to December 31, 2024)
Operating revenue

Operating profit

Profit attributable toowners of parent

Ordinary profit

Profit per share

Million yen%

Million yen%

Million yen%

Million yen%

Yen

495,000

31.7

75,000

6.4

67,000(3.6)

48,0006.5

229.76

Full year

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: None

*Notes(1)

Significant changes in subsidiaries accompanied by a change in the scope of consolidation during the period: None

(2)

Application of particular accounting practices to the preparation of quarterly 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)

Number of shares outstanding (including treasury shares) at the end of the period
As of March 31, 2024: 209,167,674 shares
As of December 31, 2023:(ii)

Number of shares of treasury shares at the end of the period
As of March 31, 2024:
253,650 shares

209,167,674 shares

As of December 31, 2023:

264,481 shares(iii) Average number of shares during the period (cumulative consolidated quarterly periods)
FY2024 1Q: 208,914,084 shares
FY2023 1Q:

208,889,077 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 Quarterly Financial Statements is not subject to quarterly 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.
Qualitative Information on Consolidated Operating Results, Etc. for the Period Under Review; (3) Description of Consolidated Earnings Forecasts
and Other Forward-Looking Statements” for matters regarding the performance forecasts.

Contents of Accompanying Materials

1. Qualitative Information on Consolidated Operating Results, Etc. for the Period Under Review ................................. 2(1) Description of Operating Results ............................................................................................................................................... 2(2) Description of Financial Position ............................................................................................................................................... 4(3) Description of Consolidated Earnings Forecasts and Other Forward-Looking Statements ........................................................ 4

2. Quarterly Consolidated Financial Statements and Key Notes....................................................................................... 5(1) Quarterly Consolidated Balance Sheet ....................................................................................................................................... 5(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income .................... 7(3) Notes on Quarterly 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(Significant changes in subsidiaries during the period under review) .................................................................................. 9(Major subsequent events) ................................................................................................................................................... 9

- 1 -

1.

Qualitative Information on Consolidated Operating Results, Etc. for the Period Under Review(1)

Description of Operating Results

In the three months ended March 31, 2024 (first quarter 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, during the first quarter of FY2024, the condominium unit sales recorded in the Residential businessincreased, while sales to investors in the Commercial Properties business and the Asset Service business decreased. Consequently,
operating revenue was ¥116,195 million (down 1.9% from ¥118,393 million for the same period last year), operating profit was¥19,167 million (down 29.8% from ¥27,289 million for the same period last year), business profit was ¥19,180 million (down 31.8%
from ¥28,136 million for the same period last year), ordinary profit was ¥19,420 million (down 29.3% from ¥27,472 million for thesame period last year), and profit attributable to owners of parent was ¥11,661 million (down 34.3% from ¥17,755 million for thesame period last 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 equity method, as a profit indicator.
See below for an outline of consolidated results by business segment.
(i)Commercial Properties BusinessIn the first quarter of FY2024, while building rentals performed well, income decreased in real estate sales due to a decline in sales
to investors.
Consequently, operating revenue was ¥30,855 million (down 10.4% from ¥34,420 million for the same period last year), operating
profit was ¥8,028 million (down 20.5% from ¥10,102 million for the same period last year), and business profit was ¥7,954 million(down 21.8% from ¥10,167 million for the same period last year).
First quarter of FY2023
Item

Leasing of buildings, etc.

Operatingrevenue(million yen)

Quantity, etc.
Leased area of buildings
983,086 m2(Of which, subleased area
81,207 m2)

Sales of real estate

First quarter of FY2024

2 properties

Quantity, etc.

Leased area of buildings
1,131,258 m2
18,882(Of which, subleased area
67,225 m2)
5,770

1 property

Operatingrevenue(million yen)
19,266
1,520

−

9,767

−

10,068

Total operating revenue－

34,420－30,855

Operating profit－

10,102－

8,028

Business profit－

10,167－

7,954

Building management service, etc.

- 2 -

(ii)

Residential BusinessIn the first quarter of FY2024, residential sales were recorded for “HARUMI FLAG” (Chuo-ku, Tokyo) and “Brillia Tower
Hamarikyu” (Minato-ku, Tokyo), and sales of real estate were recorded for “Grapes Asakusa” (Taito-ku, Tokyo) as property sales toinvestors. However, the profit margin for residential sales fell year on year.
Consequently, operating revenue was ¥69,251 million (up 8.5% from ¥63,842 million for the same period last year), operating profit
was ¥11,895 million (down 33.3% from ¥17,840 million for the same period last year), and business profit was ¥11,840 million(down 33.6% from ¥17,840 million for the same period last year).
First quarter of FY2023
Item

Quantity, etc.

Residential sales

First quarter of FY2024

Operatingrevenue(million yen)

Quantity, etc.

53,611548 units

Operatingrevenue(million yen)
57,836

688 units

Sales of real estate

－

1,960

－

3,966

Residence leasing

Leased area of buildings
128,337 m2

1,453

Leased area of buildings
117,933 m2

1,409

Condominium management
service

Number of managed units
98,159 units

3,989

Number of managed units
100,093 units

3,566

－

2,827

－

2,472

Total operating revenue－

63,842－

69,251

Operating profit－

17,840－11,895Business profit－

17,840－11,840Other(iii) Asset Service BusinessIn the first quarter of FY2024, while revenue increased from brokerage, sales decreased due to property sales to investors decreasingin the Asset Solutions business.
Consequently, operating revenue was ¥11,284 million (down 20.8% from ¥14,251 million for the same period last year), andoperating profit and business profit were both ¥1,976 million (up 17.1% from ¥1,687 million for the same period last year).
First quarter of FY2023
Item

Quantity, etc.

Brokerage

248 properties

Asset solution (Note)－

Management service, etc.

－

Parking lot operations

Number of parking spaces
79,045 spaces

First quarter of FY2024

Operatingrevenue(million yen)

Quantity, etc.

848

Operatingrevenue(million yen)

277 properties

1,867

6,544

－

2,332

1,186

－

1,151

Number of parking spaces
5,671
81,333 spaces

5,933

Total operating revenue－

14,251－

11,284

Operating profit

－

1,687

－

1,976

Business profit

－

1,687

－

1,976

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

- 3 -(iv) OtherIn the first quarter of FY2024, revenues decreased in the leisure & child care 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, the share of profit of entities accounted for using equity method decreased in overseas businesses under otherbusinesses.
Consequently, operating revenue was ¥4,804 million (down 18.3% from ¥5,879 million for the same period last year), operating
profit was ¥618 million (up 22.9% from ¥503 million for the same period last year), and business profit was ¥760 million (down
40.8% from ¥1,285 million for the same period last year).

Item

(2)

First quarter of FY2023

First quarter of FY2024

Operating revenue(million yen)

Operating revenue(million yen)

Leisure & child care business

4,499

3,357

Other

1,379

1,447

Total operating revenue

5,879

4,804

Operating profit

503

618

Business profit

1,285

760

Description of Financial Position(Assets)
Total assets at the end of the first quarter of FY2024 were ¥2,009,384 million, up ¥104,074 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), cash and deposits, property, plant and equipment, and investment securities.
(Liabilities)
Total liabilities at the end of the first quarter of FY2024 were ¥1,488,243 million, up ¥90,969 million from the end of the previous
fiscal year. This was primarily attributable to an increase in interest-bearing debt. The balance of interest-bearing debt (excluding
lease obligations) was ¥1,162,044 million, up ¥73,038 million from the end of the previous fiscal year.
(Net assets)
Total net assets at the end of the first quarter of FY2024 were ¥521,140 million, up ¥13,105 million from the end of the previous
fiscal year. This was primarily attributable to an increase in retained earnings and valuation difference on available-for-salesecurities.
(3)

Description of Consolidated Earnings Forecasts and Other Forward-Looking Statements

Business results for the first quarter of FY2024 were generally steady and the Company has not revised the earnings forecasts for
FY2024 stated in “Outline of Consolidated Financial Statements for the Fiscal Year Ended December 2023” that it released on
February 13, 2024.

- 4 -

2.

Quarterly Consolidated Financial Statements and Key Notes(1)

Quarterly 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 1Q(March 31, 2024)

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

158,236
12,559248,650
148,120
143,452
58,353(30)
769,342

397,020(183,025)
213,994
529,506
89,42831,920(21,284)
10,635843,565

407,636(186,349)
221,286
533,348
94,35832,309(21,676)
10,632859,627

127,628
3,996
131,624

127,5392,806
130,346

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

162,865
6,027
2,265
20,7481,539
56,678(57)
250,068
1,240,042
2,009,384

(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 1Q(March 31, 2024)

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

74,56053,00010,00029,426
5,613
3,035

11,3005,800

76,198240,057

85,821
267,257

255,000
715,223
23,99927,274379
77,764
14,104

255,000
767,556
26,30927,274
2,692
78,893
14,034

10,447

16,44733,022
1,157,216
1,397,274

32,7771,220,986
1,488,243

92,451
66,262
219,528(421)
377,82192,451
66,262
223,453(403)
381,763

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

78,97643,1876,365(646)
127,882
11,494
521,140
2,009,384

(2)Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income(Quarterly consolidated statement of income)(Consolidated first quarter)(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
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 liquidation and sale of investments in capital ofsubsidiaries and associates
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Loss on valuation of investment securities
Provision for loss on guarantees
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 1Q(January 1, 2023
to March 31, 2023)
118,393
79,94738,446
11,15627,289FY2024 1Q(January 1, 2024
to March 31, 2024)
116,195
84,37731,81812,65019,167

11
1,147

79
1,493

847

13

91
123
2,221

984
142
2,712

1,688
290

2,094
236

21

18

37
2,038
27,472109
2,459
19,420

2

－

－

1,103

2

1,103

23
3
－
－
26
27,448
10,620(1,165)
9,455
17,993237
17,755

41
12
3
2,314
2,371
18,152
6,923
(704)
6,218
11,934272
11,661

(Quarterly consolidated statement of comprehensive income)(Consolidated first quarter)(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 1Q(January 1, 2023
to March 31, 2023)
17,993

FY2024 1Q(January 1, 2024
to March 31, 2024)
11,934

1,760
1,507
(25)

7,576
887
0

(664)

466

2,577
20,5708,931
20,86520,28020,465

289

399

(3)

Notes on Quarterly 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(Significant changes in subsidiaries during the period under review)Not applicable(Major subsequent events)(Issuance of bonds)
The Company decided to issue unsecured straight bonds (sustainability bonds) on April 19, 2024, issuing them on May 2,2024, based on the limit and summary of unsecured straight bond issuance approved by the Board of Directors on February
13, 2024.
These unsecured bonds are for retail investors, and the bonds are titled “Tokyo Tatemono Brillia Bond for individual
investors.”
A summary of these bonds is below.
35th unsecured bonds (sustainability bonds)
1. Issue amount: 10,000 million yen
2. Issue price: 100 yen per 100 yen
3. Interest rate: 1.190% per annum
4. Maturity date: May 2, 2031 (lump-sum repayments at maturity)
5. Payment date (issue date): May 2, 2024
6. Use of funds: To be used for funds for loan repayment- 9 -