Income Statement Starts Proceed Investment Corporation

Stocks

8979

JP3046340000

Residential REITs

Market Closed - Japan Exchange 02:30:00 2026-08-21 EDT			5-day change	1st Jan Change
185,800.00 ^JPY	-0.27%		+0.70%	-7.88%

06-15	Starts Proceed Investment's Net Income Slips in Half-Year Ended April	MT
06-15	Starts Proceed Investment Corporation Revises Earnings Guidance for the Fiscal Period from May 1, 2026, to October 31, 2026	CI

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Published financial data: STARTS PROCEED INVESTMENT CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: April	2022	2023	2024	2025	2026
Rental Revenues	6.27B	6.71B	7.15B	7.24B	7.27B
Gain (Loss) on Sale of Assets, Total (Rev)	-	-	-	-	35M
Other Revenues, Total	2K	1K	-	-	-
Total Revenues	6.27B	6.71B	7.15B	7.24B	7.3B
Property Expenses	3.32B	3.56B	3.78B	3.85B	3.83B
Selling General & Admin Expenses, Total	50.72M	50.1M	46.06M	44.31M	58M
Other Operating Expenses	250M	218M	258M	272M	264M
Total Operating Expenses	3.62B	3.83B	4.08B	4.17B	4.15B
Operating Income (REIT / Utility Template)	2.65B	2.88B	3.06B	3.07B	3.15B
Interest Expense, Total	-359M	-414M	-484M	-619M	-882M
Interest and Investment Income	33K	33K	147K	44.18M	124M
Net Interest Expenses	-359M	-414M	-484M	-575M	-758M
Other Non Operating Income (Expenses)	-78.17M	-86.7M	-94.11M	-89.63M	16M
EBT, Excl. Unusual Items	2.22B	2.38B	2.49B	2.41B	2.41B
Gain (Loss) on Sale of Assets	131M	318M	144M	354M	-
Insurance Settlements	11.34M	25.74M	13.52M	1.5M	-
Other Unusual Items	-	-	-	-	-2M
EBT, Incl. Unusual Items	2.36B	2.73B	2.64B	2.76B	2.41B
Income Tax Expense	3.92M	9.95M	15.76M	2.74M	0
Earnings From Continuing Operations	2.36B	2.72B	2.63B	2.76B	2.41B
Net Income to Company	2.36B	2.72B	2.63B	2.76B	2.41B
Net Income - (IS)	2.36B	2.72B	2.63B	2.76B	2.41B
Net Income to Common Incl Extra Items	2.36B	2.72B	2.63B	2.76B	2.41B
Net Income to Common Excl. Extra Items	2.36B	2.72B	2.63B	2.76B	2.41B
Per Share Items
Net EPS - Basic	9.28K	10.13K	9.3K	9.78K	8.83K
Basic EPS - Continuing Operations	9.28K	10.13K	9.3K	9.78K	8.83K
Basic Weighted Average Shares Outstanding	254K	268K	282K	282K	272K
Net EPS - Diluted	9.28K	10.13K	9.3K	9.78K	8.83K
Diluted EPS - Continuing Operations	9.28K	10.13K	9.3K	9.78K	8.83K
Diluted Weighted Average Shares Outstanding	254K	268K	282K	282K	272K
Normalized Basic EPS	5.46K	5.55K	5.5K	5.33K	5.52K
Normalized Diluted EPS	5.46K	5.55K	5.5K	5.33K	5.52K
Dividend Per Share	9.28K	11.64K	9.98K	10.72K	-
Payout Ratio	99.39	99.75	111.04	100.87	116.38
Supplemental Items
EBITDA	3.95B	4.22B	4.41B	4.48B	4.58B
EBITA	2.65B	2.88B	3.06B	3.07B	3.15B
EBIT	2.65B	2.88B	3.06B	3.07B	3.15B
Total Revenues (As Reported)	6.4B	7.03B	7.29B	7.6B	-
Effective Tax Rate - (Ratio)	0.17	0.36	0.6	0.1	0
Total Current Taxes	3.92M	10.55M	15.71M	2.13M	-
Total Deferred Taxes	-	-600K	59K	608K	-
Normalized Net Income	1.39B	1.49B	1.55B	1.51B	1.5B
Interest on Long-Term Debt	21.18M	27.68M	40.92M	55.51M	-
Supplemental Operating Expense Items
General and Administrative Expenses	50.72M	50.1M	46.06M	44.31M	58M
Maintenance & Repair Expenses, Total	214M	237M	266M	236M	-

Fiscal Period: April	2022	2023	2024	2025	2026
Assets
Gross Property Plant And Equipment	97.72B	110B	115B	111B	-
Accumulated Depreciation	-12.31B	-12.94B	-14.17B	-15.24B	-
Net Property Plant And Equipment	85.41B	97.29B	101B	95.33B	100B
Total Real Estate Assets	85.41B	97.29B	101B	95.33B	100B
Cash And Equivalents	2.11B	2B	1.19B	2.17B	1.55B
Accounts Receivable, Total	32.51M	43.89M	40.56M	39.23M	40M
Other Receivables	-	57.5M	-	-	-
Investment In Debt and Equity Securities	-	-	-	-	-
Other Intangibles, Total	407K	1.04B	1.03B	1.01B	-
Restricted Cash	1.92B	2.24B	2.31B	2.26B	2.34B
Other Current Assets, Total	79.78M	94.2M	125M	131M	152M
Deferred Tax Assets Long-Term (Collected)	81K	682K	623K	14K	-
Deferred Charges Long-Term	24.96M	29.7M	29.95M	31.38M	-
Other Long-Term Assets, Total	664M	902M	1.02B	1.02B	35M
Total Assets	90.24B	104B	107B	102B	104B
Liabilities
Current Portion of Long-Term Debt	9.96B	9.03B	9.76B	5.55B	10.02B
Short-Term Borrowings	-	-	3.08B	-	-
Long-Term Debt	35.68B	43.81B	43.08B	47.7B	45.93B
Accounts Payable, Total	161M	125M	211M	172M	455M
Accrued Expenses, Total	30.61M	58.87M	77.35M	147M	152M
Current Income Taxes Payable	1.96M	8.57M	7.92M	695K	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	207M	258M	292M	262M	7M
Other Non Current Liabilities	813M	1.17B	1.19B	1.18B	1.19B
Total Liabilities	46.86B	54.47B	57.71B	55B	57.75B
Common Stock, Total	41.68B	48.08B	48.08B	48.08B	45.39B
Retained Earnings	1.7B	1.7B	1.41B	1.38B	1.2B
Comprehensive Income and Other	-	-546M	-546M	-2.48B	-
Total Common Equity	43.38B	49.24B	48.95B	46.98B	46.59B
Total Equity	43.38B	49.24B	48.95B	46.98B	46.59B
Total Liabilities And Equity	90.24B	104B	107B	102B	104B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	254K	282K	282K	272K	272K
ECS Total Common Shares Outstanding	254K	282K	282K	272K	272K
Book Value / Share	171K	174K	173K	172K	171K
Tangible Book Value	43.38B	48.19B	47.92B	45.98B	46.59B
Tangible Book Value Per Share	171K	171K	170K	169K	171K
Total Debt	45.65B	52.85B	55.93B	53.25B	55.95B
Net Debt	43.54B	50.85B	54.74B	51.08B	54.4B
Account Code - Inventory Valuation	3	3	3	3	-
Land - (BS)	48.88B	55.56B	56.87B	53.36B	-
Buildings, Total	48.19B	53.87B	57.28B	56.2B	-
Machinery, Total	648M	799M	939M	1B	-

Fiscal Period: April	2022	2023	2024	2025	2026
Net Income	2.36B	2.73B	2.64B	2.76B	2.41B
Depreciation, Depletion & Amortization	1.29B	1.34B	1.34B	1.41B	1.43B
Total Depreciation, Depletion & Amortization	1.29B	1.34B	1.34B	1.41B	1.43B
Amortization of Deferred Charges, Total	5.69M	7.69M	11.6M	12.53M	-
(Gain) Loss On Sale of Asset - (CF)	-	-	-	-	-
Change in Accounts Receivable	-870K	-11.38M	3.34M	1.32M	-1M
Change in Accounts Payable	17.55M	6.11M	27.32M	-17.53M	-33M
Change in Other Net Operating Assets (Collected)	958M	-102M	737M	4.79B	-
Other Operating Activities	7.26M	3.68B	3.56M	22.58M	294M
Cash from Operations	4.64B	7.64B	4.77B	8.98B	4.1B
Acquisition of Real Estate Assets, Total	-1.55B	-16.73B	-5.66B	-567M	-4.51B
Net Sale / Acquisition of Real Estate Assets	-1.55B	-16.73B	-5.66B	-567M	-4.51B
Purchase / Sale of Intangible Assets	-445K	-1.05B	-	-308K	-
Investment in Marketable and Equity Securities, Total	-8.89M	-177M	-20.8M	-41.58M	-
Other Investing Activities, Total	-9.24M	194M	18.86M	-22.54M	-15M
Cash from Investing	-1.57B	-17.76B	-5.66B	-632M	-4.53B
Short Term Debt Issued, Total	-	-	4B	-	-
Long-Term Debt Issued, Total	8.64B	17.16B	9.03B	10.16B	2.7B
Total Debt Issued	8.64B	17.16B	13.03B	10.16B	2.7B
Short Term Debt Repaid, Total	-	-	-915M	-3.08B	-
Long-Term Debt Repaid, Total	-8.64B	-9.96B	-9.03B	-9.76B	-
Total Debt Repaid	-8.64B	-9.96B	-9.95B	-12.85B	-
Issuance of Common Stock	-	5.85B	-	-	-
Repurchase of Common Stock	-	-	-	-1.74B	-
Common Dividends Paid	-2.34B	-2.71B	-2.92B	-2.79B	-2.8B
Common & Preferred Stock Dividends Paid	-2.34B	-2.71B	-2.92B	-2.79B	-2.8B
Other Financing Activities, Total	-13.28M	-12.43M	-11.86M	-213M	-15M
Cash from Financing	-2.35B	10.33B	155M	-7.42B	-115M
Miscellaneous Cash Flow Adjustments	3K	-	1K	-	-
Net Change in Cash	718M	211M	-741M	931M	-542M
Supplemental Items
Cash Interest Paid	342M	382M	455M	574M	735M
Cash Income Tax Paid (Refund)	3.9M	3.95M	16.35M	9.36M	-
Net Debt Issued / Repaid	0	7.2B	3.08B	-2.68B	2.7B
Levered Free Cash Flow	-	1.48B	3.07B	2.99B	-1.73B
Unlevered Free Cash Flow	-	1.74B	3.36B	3.37B	-1.18B
Change In Net Working Capital	-45.14M	357M	-102M	-33.79M	66.46M

Fiscal Period: April	2022	2023	2024	2025	2026
Profitability
Return on Assets	-	1.86	1.82	1.84	1.91
Return on Total Capital	-	1.89	1.85	1.87	1.94
Return On Equity %	-	5.87	5.35	5.76	5.14
Return on Common Equity	-	5.87	5.35	5.76	5.14
Margin Analysis
Gross Profit Margin %	47.13	46.98	47.15	46.79	47.54
SG&A Margin	0.81	0.75	0.64	0.61	0.79
EBITDA Margin %	62.95	62.97	61.65	61.86	62.76
EBITA Margin %	42.33	42.98	42.9	42.42	43.13
EBIT Margin %	42.33	42.98	42.9	42.42	43.13
Income From Continuing Operations Margin %	37.56	40.49	36.78	38.13	32.95
Net Income Margin %	37.56	40.49	36.78	38.13	32.95
Net Avail. For Common Margin %	37.56	40.49	36.78	38.13	32.95
Normalized Net Income Margin	22.1	22.2	21.75	20.78	20.61
Levered Free Cash Flow Margin	-	22.13	42.93	41.25	-23.67
Unlevered Free Cash Flow Margin	-	25.9	47.06	46.47	-16.13
Asset Turnover
Asset Turnover	0.07	0.07	0.07	0.07	0.07
Fixed Assets Turnover	0.07	0.07	0.07	0.07	0.07
Receivables Turnover (Average Receivables)	197.47	175.62	169.22	181.53	183.46
Short Term Liquidity
Current Ratio	0.4	0.47	0.27	0.75	0.38
Quick Ratio	0.21	0.22	0.09	0.36	0.15
Operating Cash Flow to Current Liabilities	0.45	0.81	0.35	1.47	0.39
Days Sales Outstanding (Average Receivables)	1.85	2.08	2.16	2.01	1.99
Average Days Payable Outstanding	28.12	14.66	16.26	18.13	29.88
Long Term Solvency
Total Debt/Equity	105.22	107.33	114.27	113.33	120.09
Total Debt / Total Capital	51.27	51.77	53.33	53.12	54.56
LT Debt/Equity	82.25	88.99	88.02	101.52	98.58
Long-Term Debt / Total Capital	40.08	42.92	41.08	47.59	44.79
Total Liabilities / Total Assets	51.93	52.52	54.11	53.93	55.35
EBIT / Interest Expense	7.4	6.96	6.33	4.97	3.57
EBITDA / Interest Expense	11	10.2	9.1	7.24	5.2
(EBITDA - Capex) / Interest Expense	11	10.2	9.1	7.24	0.08
Total Debt / EBITDA	11.56	12.51	12.7	11.89	12.21
Net Debt / EBITDA	11.03	12.04	12.43	11.4	11.87
Total Debt / (EBITDA - Capex)	11.56	12.51	12.7	11.89	799.23
Net Debt / (EBITDA - Capex)	11.03	12.04	12.43	11.4	777.14
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	6.99	6.51	1.35	0.84
Gross Profit, 1 Yr. Growth %	-	6.65	6.9	0.57	2.47
EBITDA, 1 Yr. Growth %	-	7.02	4.27	1.7	2.3
EBITA, 1 Yr. Growth %	-	8.64	6.29	0.24	2.53
EBIT, 1 Yr. Growth %	-	8.64	6.29	0.24	2.53
Earnings From Cont. Operations, 1 Yr. Growth %	-	15.32	-3.24	5.07	-12.86
Net Income, 1 Yr. Growth %	-	15.32	-3.24	5.07	-12.86
Diluted EPS Before Extra, 1 Yr. Growth %	-	9.15	-8.16	5.08	-9.66
Normalized Net Income, 1 Yr. Growth %	-	7.46	4.37	-3.16	-0.01
Net Property, Plant and Equip., 1 Yr. Growth %	-	13.91	3.73	-5.54	5.13
Accounts Receivable, 1 Yr. Growth %	-	35.01	-7.6	-3.26	1.95
Total Assets, 1 Yr. Growth %	-	14.92	2.85	-4.38	2.3
Common Equity, 1 Yr. Growth %	-	13.5	-0.59	-4.01	-0.85
Tangible Book Value, 1 Yr. Growth %	-	11.1	-0.57	-4.06	1.33
Cash From Operations, 1 Yr. Growth %	-	64.75	-37.64	88.45	-54.35
Capital Expenditures, 1 Yr. Growth %	-	-	-	-	-
Levered Free Cash Flow, 1 Yr. Growth %	-	-	106.6	-2.61	-157.88
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	93.48	0.09	-135
Dividend Per Share, 1 Yr. Growth %	-	25.4	-14.2	7.36	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	0.52	-	6.75	3.9	1.1
Gross Profit, 2 Yr. CAGR %	-0.15	-	6.77	3.69	1.51
EBITDA, 2 Yr. CAGR %	0.17	-	5.63	2.97	2
EBITA, 2 Yr. CAGR %	-0.56	-	7.46	3.22	1.38
EBIT, 2 Yr. CAGR %	-0.56	-	7.46	3.22	1.38
Earnings From Cont. Operations, 2 Yr. CAGR %	-8.88	-	5.63	0.83	-4.32
Net Income, 2 Yr. CAGR %	-8.88	-	5.63	0.83	-4.32
Diluted EPS Before Extra, 2 Yr. CAGR %	-8.88	-	0.12	-1.76	-2.57
Normalized Net Income, 2 Yr. CAGR %	-1.14	-	5.91	0.53	-1.6
Net Property, Plant and Equip., 2 Yr. CAGR %	-0.62	-	8.7	-1.02	-0.35
Accounts Receivable, 2 Yr. CAGR %	0.01	-	11.69	-5.46	-0.69
Total Assets, 2 Yr. CAGR %	-0.03	-	8.72	-0.83	-1.1
Common Equity, 2 Yr. CAGR %	-0.1	-	6.22	-2.31	-2.44
Tangible Book Value, 2 Yr. CAGR %	-0.1	-	5.1	-2.33	-1.4
Cash From Operations, 2 Yr. CAGR %	-13.96	-	1.36	8.4	-7.25
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-	41.84	-24.92
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-	39.16	-40.82
Dividend Per Share, 2 Yr. CAGR %	-1.68	-	3.72	-4.02	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	0.39	2.63	-	4.92	2.87
Gross Profit, 3 Yr. CAGR %	-0.29	2.07	-	4.66	3.28
EBITDA, 3 Yr. CAGR %	0.2	2.4	-	4.31	2.75
EBITA, 3 Yr. CAGR %	-0.41	2.41	-	5	2.99
EBIT, 3 Yr. CAGR %	-0.41	2.41	-	5	2.99
Earnings From Cont. Operations, 3 Yr. CAGR %	0.66	-1.43	-	5.44	-3.96
Net Income, 3 Yr. CAGR %	0.66	-1.43	-	5.44	-3.96
Diluted EPS Before Extra, 3 Yr. CAGR %	0.66	-3.22	-	1.75	-4.47
Normalized Net Income, 3 Yr. CAGR %	-0.81	1.65	-	2.79	0.35
Net Property, Plant and Equip., 3 Yr. CAGR %	-0.01	4.01	-	3.73	0.99
Accounts Receivable, 3 Yr. CAGR %	-1.22	10.53	-	6.47	-3.05
Total Assets, 3 Yr. CAGR %	0.02	4.72	-	4.16	0.2
Common Equity, 3 Yr. CAGR %	0.32	4.24	-	2.7	-1.83
Tangible Book Value, 3 Yr. CAGR %	0.33	3.5	-	1.96	-1.12
Cash From Operations, 3 Yr. CAGR %	6.69	6.84	-	24.63	-18.75
Capital Expenditures, 3 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	-	-18.75	-	-	5.21
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-16.35	-	-	-12.16
Dividend Per Share, 3 Yr. CAGR %	0.85	6.62	-	4.92	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	3.77	2.24	2.88	3.14	2.32
Gross Profit, 5 Yr. CAGR %	4.25	1.95	2.48	2.71	1.32
EBITDA, 5 Yr. CAGR %	3.6	2.15	2.34	2.63	1.52
EBITA, 5 Yr. CAGR %	3.39	2.15	2.66	2.74	1.35
EBIT, 5 Yr. CAGR %	3.39	2.15	2.66	2.74	1.35
Earnings From Cont. Operations, 5 Yr. CAGR %	4.84	1.84	2.62	-0.54	-1.35
Net Income, 5 Yr. CAGR %	4.84	1.84	2.62	-0.54	-1.35
Diluted EPS Before Extra, 5 Yr. CAGR %	5.09	0.97	0.44	-2.64	-2.74
Normalized Net Income, 5 Yr. CAGR %	3.66	1.76	1.82	1.2	-1.18
Net Property, Plant and Equip., 5 Yr. CAGR %	0.56	2.53	3.39	1.97	2.93
Accounts Receivable, 5 Yr. CAGR %	-0.64	8.33	3.75	3.84	5.23
Total Assets, 5 Yr. CAGR %	0.65	2.79	3.41	2.47	2.96
Common Equity, 5 Yr. CAGR %	0.01	2.5	2.64	1.57	1.44
Tangible Book Value, 5 Yr. CAGR %	0.01	2.06	2.21	1.13	1.44
Cash From Operations, 5 Yr. CAGR %	9.9	6.02	4.52	7.46	-11.76
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	-0.62
Levered Free Cash Flow, 5 Yr. CAGR %	-	-10.57	2.22	1.54	-0.61
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-9	2.68	2.54	-5
Dividend Per Share, 5 Yr. CAGR %	1.53	4.66	1.99	2.23	-