A Contract Longer Than the Year That Reports It

Page 60 of Daito Trust Construction's annual securities report for the year ended 31 March 2026, filed 25 June 2026, divides 3,439,499 trading units among categories of holder. The row labelled foreign corporations and others, excluding individuals, holds 1,554,609 of them. Divide, and the quotient is 45.1987 per cent. The table prints 45.19. The printed percentages — 24.58, 5.36, 8.03, 45.19, 0.01, 16.83, with a dash for government and local authorities — total exactly 100.00, which they would not at 45.20.

The same table accounts for the company's own 18,461,204 treasury shares in two places: 184,612 units inside the individuals-and-others row, with the remaining four shares carried in the odd-lot line (単元未満株式の状況), where a note on page 63 finds them again. Subtract those 184,612 units from 3,439,499 and the result is 3,254,887, which is the total number of voting rights printed three pages later, on that same page 63. Measured against votes rather than units, the same foreign holding is 47.76 per cent. Neither figure is wrong. They answer different questions, and the report prints both denominators.

The prior year's report prints the same two denominators in the same two places, three pages apart again — the ownership table on page 52, the voting table on page 55. At 31 March 2025 the ownership table divides 685,545 units, and foreign corporations and others, excluding individuals, hold 295,186 of them; 295,186 over 685,545 is 43.0586 per cent, and the table prints 43.06. Foreign individuals hold 36 units, printed as 0.01. Total voting rights that year were 662,039, and 685,545 minus 662,039 is 23,506 — the treasury units carried in the individuals-and-others row, beside 68 shares of treasury in the odd-lot line; 23,506 hundreds plus 68 is the 2,350,668 treasury shares the note gives. Measured against votes rather than units, the same foreign holding is 44.59 per cent. Shares outstanding were 68,918,979 at both the year end and the filing date of 25 June 2025, 100 shares to a unit. The two readings of one holding are 43.06 and 44.59 in that year against 45.19 and 47.76 in this one.

The share section of the same document says where the shares trade. The field reads, across four lines with no punctuation between them: Tokyo Stock Exchange / Prime Market / Nagoya Stock Exchange / Premier Market. One field, two exchanges, 344,594,895 shares outstanding at both the year end and the filing date, 100 shares to a unit. Which raises a narrow question with a locatable answer: what does an issuer owe the second exchange that it does not already owe the first?

Nagoya's Securities Listing Regulations put corporate disclosure in Chapter 4, Section 2, Articles 402 through 421. Article 402 requires immediate disclosure once the body deciding business execution decides any item on a lettered list running from a to au — excluding items that meet standards set in the enforcement rules, and others the exchange judges to have only slight effect on investment decisions. Article 403 extends this to subsidiaries, carrying its own carve-out for the slight. Article 404 covers results for the fiscal year and interim period, and 404(2) the quarterly periods other than the second. Article 405(1) covers the difference between the last published forecast and either a newly calculated forecast or the settled results, across revenue, operating, ordinary and net income, and only where that difference meets the enforcement-rule standard for importance to investment decisions, with a parallel list for IFRS filers. Article 419(1) requires corrections to content disclosed under 402 to 413 to be disclosed immediately; 419(2) provides that where results disclosed under 404(1) fall to be changed or corrected before the annual or semi-annual report is filed, disclosure without delay after that filing suffices, except where the exchange judges the effect on investment decisions important.

Article 417(1) says disclosure under 402 to 413 is made through TDnet, and 417(2) that the issuer transmits the materials that way. Then 417(3). The issuer may instead deliver a notice concerning publication of corporate information, plus the materials, to Nagoya directly; and where the issuer's securities are also listed on another domestic exchange that has TDnet, submitting the documents Nagoya considers appropriate to that exchange is deemed to be submission of the notice to Nagoya. The second listing does not double the filing act. It relocates it.

Language appears in the same rulebook much earlier, at Article 4(1). Documents submitted to the exchange are, in principle, in Japanese. The next item says that where the issuer is a foreign entity or foreign corporation, documents may be in English, except those specified by the enforcement rules and as those rules provide — a permission attached to foreign issuers, phrased as a may. Whether the rulebook addresses English disclosure by domestic issuers somewhere else is not settled by the pages read here, which are long but not the whole of it. What the other exchange requires is not established by them either.

The exception written into that permission has a book of its own. Rule 11(1) of the Nagoya enforcement rules designates what may not be submitted in English: materials for the disclosure of corporate information under Part 2, Chapter 4, Section 2 of the regulations — the section the articles above sit in — together with any document the exchange decides, case by case, must be in Japanese. Rule 11(2): where the exchange's form is in Japanese, an English document states the same content as that form. Rule 11(3): where the exchange requires it, a translation carries the translator's certificate that it is accurate. So the permission Article 4 attaches to foreign issuers does not reach the disclosure materials of that section. The numeric standards those articles defer to — the lightness thresholds under Articles 402 and 403, and the importance standard for the forecast revisions of Article 405(1) — are elsewhere in the same enforcement rules and not on the pages read here.

At the other exchange, English disclosure has a FAQ category of its own, and a search of it returns 25 items. What I have is the list of questions, not the answers, and the questions carry information of their own. Whether the obligation covers only decision facts, occurrence facts, results information and revisions to earnings and dividend forecasts. Which documents count as results information. Whether every timely disclosure must be released in both languages simultaneously. What standard applies when only part, or a summary, of the Japanese is put out in English. What to do when the earnings release and the briefing material are published in Japanese at different times. Whether PR material and the documents kept for public inspection, including convocation notices and corporate governance reports, are covered. The questions are marked as applying from April 2025 onwards; the listing itself carries no posting date, and the answer texts are not in what I read.

The exchange has also published a version of that category with the answers attached, dated March 2025. Two classes are mandatory, in English at the same time as the Japanese, for disclosures made on or after 1 April 2025: results information and timely disclosure information. The rest stays in the same code of corporate conduct as a desirable item — disclose company information in English, to the same content, at the same time, as far as possible. A company that filed a written implementation schedule with the exchange between 6 January and 14 March 2025 has the obligation deferred one year, to 1 April 2026, whatever date its schedule named. Results information means the earnings release and the quarterly earnings release together with the supplementary explanatory material published with them, which the answer describes as including material provided to investors at briefings. The English may be a part or an outline of the Japanese: the summary pages of an earnings release alone are not a breach. Where the earnings release and the briefing material go out in Japanese on different days, the English is required with the earlier of them, and the briefing material's English is not. Timely disclosure covers everything put out through TDnet other than results information, including voluntary disclosures and including matters that met a lightness standard but were disclosed in Japanese anyway; simultaneous in principle, and where simultaneity would delay the Japanese, Japanese first and English the same day, or by nine in the morning of the next trading day. PR material and the public-inspection documents — convocation notices, corporate governance reports — are outside the obligation. The English is positioned as a reference translation of the Japanese, and its accuracy is outside the measures for rule breaches.

The company keeps two IR libraries. The Japanese index for the year ended March 2026 carries headings for earnings releases, results briefings, briefing videos, briefing scripts, Q&A summaries, the half-year report and annual securities report under a single heading, the integrated report, the FACTBOOK and IR events, and it marks earnings releases pre-review and post-review. The English index for FY2025 carries Financial Results, Presentation Slides, Transcript, Q&A Summary, Annual Securities Report, Integrated Report, Factbook and IR Events, with periods labelled Three Months, Six Months, Nine Months and Year Ended, and a line reading that the Independent Accountant's Review Report has been attached. These are heading labels; one of them already bundles two documents. They tell you what sections each page has, not what is inside the files.

Now the other question, which is about length. The largest revenue line of the year is the real estate leasing segment: ¥1,203,091 million (US$7,344.9 million), on which the segment reported operating profit of ¥85,554 million (US$522.3 million), a margin of 7.11 per cent. Inside that revenue, bulk leasing is broken out twice. Page 40 of the report gives ¥1,065,410 million (US$6,504.3 million), 88.6 per cent of the segment; the briefing deck gives ¥1,068,496 million (US$6,523.2 million), 88.8 per cent, defined in a note as the sublease contracts written by Daito Kentaku Partners under the rental management entrustment system. The ¥3,086 million (US$18.8 million) between the two sits in the other line in one table and in bulk leasing in the other, and both tables total ¥1,203,091 million (US$7,344.9 million). The business description says the same subsidiary signs a bulk lease with the building's owner and a sublease with the tenant. Revenue is the tenant's rent; the owner's rent is a cost the pages read here do not itemise.

A year earlier the two documents printed one amount, not two. The report for the 51st term gives bulk leasing at ¥1,036,985 million (US$6,330.8 million) for the year ended March 2025 and ¥1,012,551 million (US$6,181.6 million) for the year before it; the briefing deck for that year prints the same two amounts. What differs is the share: 89.7 per cent in both documents for the earlier year, and 89.0 in the report against 89.1 in the deck for the later one. The report puts leasing revenue for that year at ¥1,164,672 million (US$7,110.3 million), and ¥1,036,985 million over that is 89.04 per cent. Across the two years this pair of documents covers, the amounts agree in both and the shares agree in one.

That line comes apart with figures from the same deck. Units under management at March 2026: 1,317 thousand residential, 33.5 thousand non-residential. Rent under management, monthly average: ¥84,600 million (US$516.5 million) and ¥6,100 million (US$37.2 million). Annualised at twelve months, the rent roll is ¥1,088,400 million (US$6,644.7 million). Apply the March occupancy rates of 98.0 and 99.4 per cent to the two streams and the sum is ¥1,067,657 million (US$6,518.0 million). That is 0.08 per cent below the deck's bulk-leasing revenue of ¥1,068,496 million and 0.21 per cent above the report's ¥1,065,410 million.

Two cautions before that is used for anything. The rent-under-management figures are labelled monthly averages, and the pages read here do not say over what period the averaging runs, while the occupancy rates are for the single month of March; and occupancy is defined as one minus the leased-in rent paid on vacant properties over total rent, so its numerator is money paid out, not money taken in. Whether the near-identity is an identity or a coincidence is not settled here. What the same inputs divide out to is unit price: ¥84,600 million over 1,317,000 units is about ¥64,200 (US$392) of monthly rent per residential unit, and ¥6,100 million over 33,500 units about ¥182,000 (US$1,111) per non-residential one. The deck prints a residential figure of its own on the page after those inputs, ¥67,455 (US$411.8) of rent per unit under management at March 2026, above the ¥64,200 divided out here; what units and what rent either of the two is struck on is not stated on the pages read here. Non-residential is 2.5 per cent of units and 6.7 per cent of rent. The deck's two rounded unit counts sum to 1,350,500 against the 1,351,329 the report's discussion gives for units under management; rounding to thousands and to tenths of a thousand can account for at most 550 of the 829, the two figures sit in different documents, and the pages read here do not account for the rest.

The same construction can be run a year back, on the deck one edition earlier. Units under management at March 2025: 1,287 thousand residential, 33.8 thousand non-residential. Rent under management, monthly average: ¥81,600 million (US$498.2 million) and ¥6,200 million (US$37.9 million). March occupancy that year: 97.8 per cent residential, 99.4 non-residential. Annualise at twelve months and apply the two rates, and the sum is ¥1,031,611 million (US$6,298.0 million) — 0.52 per cent below the ¥1,036,985 million (US$6,330.8 million) both documents printed for bulk leasing that year, where the same arithmetic a year later came out 0.08 per cent below one published figure and 0.21 per cent above the other. Whether 0.52 and 0.08 are one relation measured twice is not settled by two runs of it. The unit prices divide out the same way, and stand the same way against the deck's own: ¥63,400 (US$387) of monthly rent per residential unit, beside the ¥66,852 (US$408.1) that edition prints on the page after its inputs as residential rent per unit under management at March 2025, and ¥183,000 (US$1,117) per non-residential one, with non-residential at 2.6 per cent of units and 7.1 per cent of rent. The deck plots three years of both series — 1,224, 1,255 and 1,287 thousand residential units against ¥76,800 million (US$468.9 million), ¥78,900 million (US$481.7 million) and ¥81,600 million of monthly rent, and 34.5, 34.1 and 33.8 thousand non-residential units against ¥6,200 million in each of the three.

The report and the deck also do not use the same segment set. The report's discussion runs five: construction, real estate leasing, real estate development, finance at ¥12,808 million (US$78.2 million) of revenue and ¥6,386 million (US$39.0 million) of operating profit, and other at ¥77,475 million (US$473.0 million) and ¥13,133 million (US$80.2 million). The deck runs four, with other at ¥90,283 million (US$551.2 million) and ¥19,519 million (US$119.2 million). Add: 77,475 plus 12,808 is 90,283, and 13,133 plus 6,386 is 19,519. Finance is folded in. The deck's four revenue figures sum to ¥1,984,740 million against consolidated revenue of ¥1,984,743 million; the pages read here neither state whether the segment figures and the consolidated figure are struck on the same basis nor carry a reconciliation line, so what the ¥3 million (US$18,300) is cannot be determined from them. At this exchange rate both sums convert to US$12,116.9 million.

Construction orders for the year were ¥570,514 million (US$3,483.0 million), down 4.4 per cent, and the deck decomposes the move. 4,248 contracts at an average ¥140.91 million (US$860,300) became 3,641 contracts at ¥157.13 million (US$959,300), with the cancellation rate going from 12.7 to 12.3 per cent. Count fell 14.29 per cent; average price rose 11.51 per cent; 0.8571 times 1.1151 is 0.9558, or minus 4.42 per cent. The deck puts yen on four effects: count minus ¥85,500 million (US$522.0 million), price plus ¥59,000 million (US$360.2 million), cancellations plus ¥6,500 million (US$39.7 million), and repair and related contracts minus ¥6,400 million (US$39.1 million), that last shown as ¥84,700 million (US$517.1 million) going to ¥78,300 million (US$478.0 million). The four sum to minus ¥26,400 million (US$161.2 million); orders fell from ¥596,910 million (US$3,644.1 million) by ¥26,396 million (US$161.1 million). The decomposition closes to ¥4 million (US$24,400), which is what rounding a table struck in 億 leaves. Multiplying the count by the average gives ¥572,110 million (US$3,492.7 million), which is not the ¥570,514 million total measured a second way: page 39 splits that total into ¥536,578 million (US$3,275.8 million) of construction orders and ¥33,936 million (US$207.2 million) of repair work, and the deck carries repair contracts as one factor and cancellations as another, neither of which the count and the average pass through. Volume fell and price carried most of it back.

Construction is also where a long commitment appears as a stock rather than a rate, and page 39 carries both measures in one table. Construction backlog at 31 March 2026 was ¥775,755 million (US$4,736.0 million) against construction completed work of ¥544,283 million (US$3,322.9 million): 1.43 years of completions carried as a balance. On the totals, which add the repair work booked in real estate leasing, ¥783,634 million (US$4,784.1 million) against ¥579,662 million (US$3,538.8 million) is 1.35 years. That second completed-work figure, the one the deck also prints, is the same table's total: ¥544,283 million plus ¥35,378 million (US$216.0 million) of repair completions, the parts summing to ¥579,661 million (US$3,538.8 million), ¥1 million (US$6,100) under the printed total. The ¥33,936 million (US$207.2 million) of repair work in the order table on the same page is that line measured as orders rather than completions.

Both construction measures have a prior-year version. The deck one edition earlier decomposes the year ended March 2025 into four factors, on which orders rose ¥6,500 million (US$39.7 million): count minus ¥17,800 million (US$108.7 million), 4,378 contracts becoming 4,248; price plus ¥18,000 million (US$109.9 million), an average of ¥136.66 million (US$834,300) becoming ¥140.91 million (US$860,300); cancellations plus ¥3,900 million (US$23.8 million), the rate going from 13.3 to 12.7 per cent; repair and related contracts plus ¥2,400 million (US$14.7 million), ¥82,400 million (US$503.1 million) going to ¥84,800 million (US$517.7 million). That deck defines the cancellation rate as cancelled amount over new orders, and the order figure as new orders less cancellations. Orders went from ¥590,407 million (US$3,604.4 million) to ¥596,910 million, a rise of ¥6,503 million (US$39.7 million), so the four factors close to ¥3 million (US$18,300), against ¥4 million the year after. Count fell 2.97 per cent and price rose 3.11 per cent; 0.9703 times 1.0311 is 1.0005, plus 0.05 per cent, so the pair that carried the next year's fall was flat here and the rise came from the other two. The end point of that year's repair line, ¥84,800 million, is what the next year's deck prints as ¥84,700 million (US$517.1 million) where its own bridge starts; both tables are struck in 億. On the totals basis the three years of orders run ¥590,407 million, ¥596,910 million and ¥570,514 million, up 1.10 per cent then down 4.42 per cent, and the first of them splits into ¥558,157 million (US$3,407.6 million) of construction orders and ¥32,250 million (US$196.9 million) of repair — the same two lines page 39 of the later report carries as ¥536,578 million and ¥33,936 million. The stock moved the other way: backlog at 31 March 2025 was ¥802,454 million (US$4,899.0 million) on the totals basis, which that report's discussion puts at 2.0 per cent above a year earlier, against ¥783,634 million a year later, ¥18,820 million (US$114.9 million) and 2.35 per cent lower. Completions in the year ended March 2024, from the same table, were ¥524,978 million (US$3,205.0 million) in total: ¥492,434 million (US$3,006.3 million) of construction and ¥32,544 million (US$198.7 million) of repair.

The plan for the following year is ¥2,050,000 million (US$12,515.3 million) of revenue and ¥142,000 million (US$866.9 million) of operating profit, with completed-work gross margin moving from 25.4 to 26.1 per cent. Four assumptions are stated behind that margin: labour cost minus 0.9 points, materials minus 0.9, currency and imported materials nil, price revision plus 2.5 points, described as roughly ¥14,100 million (US$86.1 million). They sum to plus 0.7 points, and 25.4 plus 0.7 is 26.1.

Which brings the sublease business back. In the pages read here it appears four times: as a contractual structure in the business description, bulk lease with the owner and sublease with the tenant; as a sentence in the risk section, which states that most of the rental buildings under management are under sublease contracts and that a fall in rents would reduce income; as the first line of the report's leasing revenue table, ¥1,065,410 million (US$6,504.3 million), 88.6 per cent of that segment; and as one line inside the deck's breakdown of the same segment, ¥1,068,496 million (US$6,523.2 million), 88.8 per cent — in both cases a segment line rather than a group-wide total. Beyond the cash-flow statement, the financial statements and their notes sit in the part of the 204-page report I did not open, and nothing here is a claim about what they say.

There is a fifth place, and it is the one with arithmetic in it. The deck carries a reference calculation for the new lease accounting standard, which it says begins with the year ending March 2028: equity ratio 36.5 per cent becomes 12.2, ROA 7.6 becomes 2.9, ROE 20.5 becomes 23.7. The same slide prints the balance sheet those ratios are struck on. Assets go from ¥1,368,000 million (US$8,351.6 million) to ¥3,623,000 million (US$22,118.4 million), 2.65 times, of which ¥2,255,000 million (US$13,766.8 million) is right-of-use asset; liabilities from ¥871,000 million (US$5,317.5 million) to ¥3,184,000 million (US$19,438.3 million), of which ¥2,313,000 million (US$14,120.9 million) is lease liability; net assets from ¥497,000 million (US$3,034.2 million) to ¥439,000 million (US$2,680.1 million), 0.883 of the reported level, the ¥58,000 million (US$354.1 million) between the two columns being the reduction in retained earnings, which the slide notes follows from the right-of-use asset and the lease liability not being set at the same amount. The next slide moves income as well: profit after tax adjustments (税金等調整後当期純利益) of ¥99,000 million (US$604.4 million) becomes ¥101,000 million (US$616.6 million). Put those together and the printed ratios come back: 20.5 times 101 over 99, divided by 0.883, is 23.7; 7.6 times 101 over 99, divided by 2.65, is 2.9. The deck states these are not the figures that will be reported in that year.

The standard that slide names is public. Paragraph 58 applies it from the beginning of consolidated and individual fiscal years starting on or after 1 April 2027, with early application permitted from years starting on or after 1 April 2025; the standard states the date as a year beginning, not as the year ending March 2028 the deck names, and for a March year-end the two are the same year. Paragraph 33 requires the lessee to recognise a lease liability at the commencement date, and a right-of-use asset equal to that liability plus lease payments made up to that date, incidental costs and the removal costs corresponding to an asset retirement obligation, less lease incentives received — which is the mechanism the slide's note points at when it says the two are not set at the same amount. Paragraph 34 measures the liability as the present value of the unpaid lease payments with the interest component within them deducted. Paragraph 31 sets the lessee's lease term as the non-cancellable period plus the periods covered by extension options the lessee is reasonably certain to exercise and by termination options it is reasonably certain not to exercise, and the basis for conclusions adds that the term is revisited when a significant event or circumstance within the lessee's control arises. Where ownership does not transfer, the right-of-use asset is depreciated over that lease term to a residual of zero. Paragraph 59 ends the application of Accounting Standard No. 13 on lease transactions, its implementation guidance, a practical solution on lessee accounting in an advanced-equipment investment support scheme, and a transferred guidance on lease accounting in consolidated statements. The model is single: every lease in scope goes on the balance sheet and produces depreciation and interest. The standard fixes no number of years anywhere in it — how long a long commitment is measured to be is the option judgement, made contract by contract, and the pages read here put no figure on it.

Long horizons are not scarce elsewhere in the document. Climate and natural-capital risks are assessed over three of them — short to 2029, medium to 2035, long to 2050 — and graded in absolute yen: large is ¥10,000 million (US$61.0 million) or more of effect on group revenue or cost, medium ¥2,000 million (US$12.2 million) to ¥10,000 million, small below ¥2,000 million. Against this year's revenue of ¥1,984,743 million (US$12,116.9 million), the base the document names, the threshold for large is 0.50 per cent. An internal carbon price of ¥5,500 (US$33.58) per tonne of CO2 has applied to new decarbonisation projects and capital spending since April 2025. Restricted shares granted to about 16,000 employees in September 2024 — 380,000 shares, up to ¥6,800 million (US$41.5 million) — release after the 2024 to 2026 plan ends.

The year's dividend is printed three times in three units, because the shares split five for one on 1 October 2025, mid-year. The parent-company table shows ¥424 (US$2.59) per share and a payout ratio of 57.48 per cent. A note gives the pre-split basis: final ¥410 (US$2.50), annual ¥752 (US$4.59). The deck shows ¥150.4 (US$0.918) — interim ¥68.4 (US$0.418), final ¥82 (US$0.50) — beside a shareholder-return policy of 50 per cent. All three describe the same money: ¥752 minus ¥410 plus ¥82 equals ¥424 (US$4.59 minus US$2.50 plus US$0.50 equals US$2.59) is the as-paid figure, and ¥752 divided by 5 is ¥150.4 is the all-post-split one. The two percentages are not the same kind of number. 57.48 is the parent-only ratio in the parent-company table: ¥150.4 over the parent's ¥261.67 (US$1.598) per share, both struck after the split, and the same division reproduces the four earlier years printed beside it. 50 is a target — the report's dividend-policy section sets a consolidated payout ratio of 50 per cent, and the deck prints the same 50 as its shareholder-return policy. The consolidated ratio is on that policy page as well. Consolidated profit attributable to owners was ¥99,030 million (US$604.6 million), and the consolidated table prints earnings per share of ¥299.01 (US$1.826), struck on a weighted average count and on the same post-split basis as the ¥150.4; ¥150.4 over ¥299.01 is 50.3 per cent, which is the figure the policy page gives, and gives as an expectation, the final ¥82 being a resolution for the general meeting of 26 June 2026.

Several of these numbers stand together on one earlier document, the results release for the year. Total assets there are ¥1,367,502 million (US$8,348.6 million) and net assets ¥496,598 million (US$3,031.7 million): the deck's ¥1,368,000 million and ¥497,000 million are those two to the nearest ¥1,000 million. The equity ratio is the same 36.5 per cent, and a reference line beside it gives equity attributable to owners of ¥499,571 million (US$3,049.9 million); 499,571 over 1,367,502 is 36.53 per cent, and 496,598 over the same assets is 36.32. The release prints return on equity of 20.5 per cent, the figure the lease trial carries, and a ratio of ordinary profit to total assets of 10.7 per cent, on ordinary profit of ¥139,169 million (US$849.6 million); the 7.6 the deck labels ROA is not on the pages of it read here. Both per-share denominators sit on its first two pages, ¥299.01 (US$1.826) consolidated on the first and ¥261.67 (US$1.598) parent on the second, in the reference summary of the parent-only results, each stated to be struck as though the five-for-one split had occurred at the start of the prior year. The dividend appears in a fourth unit: an interim of ¥342 (US$2.09) as paid, which is five times the ¥68.4 the deck shows, with the release stating that the interim and the ¥82 final are on different bases and so are not summed. Its dividend table gives ¥714 (US$4.36) as paid for the year ended March 2025 and ¥163 (US$0.995) planned for the year ending March 2027; ¥714 divided by five is ¥142.8 (US$0.872). Both percentages are here too, the 50.3 consolidated payout and the 50 target. Treasury shares at the year end are 18,979,084, against the 18,461,204 of the report's voting table — 517,880 apart, which is the number page 16 of the same release gives as the shares remaining in the officer-remuneration BIP trust at the year end, and which that page also states are not treasury shares under the Companies Act and carry voting and dividend rights like any other share; page 2, the page that prints the 18,979,084, sets out which trust holdings are and are not counted as treasury in that figure, and note 2 on page 63 of the report says the voting table's treasury column leaves out the shares held by the share-grant trust, the employee-shareholding ESOP trust and that same BIP trust — and the year's purchase, 7,256,800 shares at ¥3,445 (US$21.03) on 10 February 2026 through ToSTNeT-3, multiplies to ¥24,999,676,000 and is carried at ¥24,999 million (US$152.6 million) in a statement struck to the million with the fractions dropped.

Cash from operations was ¥40,490 million (US$247.2 million), investing used ¥41,702 million (US$254.6 million), financing provided ¥37,219 million (US$227.2 million). Those net to ¥36,007 million (US$219.8 million), and the line printed directly beneath them, translation differences of minus ¥1,460 million (US$8.9 million), brings them onto the reported increase in cash of ¥34,546 million (US$210.9 million), to ¥258,120 million (US$1,575.8 million), to within ¥1 million (US$6,100). Capital expenditure was ¥33,380 million (US$203.8 million), of which the leasing segment took ¥17,849 million (US$109.0 million), and the report states there are no material plans for new facilities or for retirement of facilities. The rent roll annualised above is ¥1,088,400 million. The buildings it comes from belong, per the business description, to the owners who leased them out.

Conversion: every yen amount above is converted at ¥163.8 = US$1, the rate on 24 July 2026, applied uniformly to all periods regardless of when the amount arose. Significant figures follow the yen originals as published. Percentages, ratios, multiples, unit counts and share counts are not converted. Amounts published in 億円 were restated at 1億 = 100百万 before conversion: the ¥100億 and ¥20億 impact thresholds; the ¥141億 price-revision effect; the ¥855億, ¥590億, ¥65億 and ¥64億 order effects, with the repair-contract line shown as ¥847億 going to ¥783億; the lease-standard reference figures, ¥1兆3,680億 and ¥3兆6,230億 of assets, ¥8,710億 and ¥3兆1,840億 of liabilities, ¥4,970億 and ¥4,390億 of net assets, ¥2兆2,550億 of right-of-use asset, ¥2兆3,130億 of lease liability, the ¥580億 of retained earnings and the ¥990億 and ¥1,010億 of profit; the ¥178億49百万 of leasing capital expenditure; and the rent roll, which the deck gives by category as ¥846億 a month for residential and ¥61億 for non-residential, ¥907億 together.