Income Statement Starts Proceed Investment Corporation

Stocks

8979

JP3046340000

Residential REITs

Market Closed - Japan Exchange Other stock markets 02:30:00 2026-07-31 EDT			5-day change	1st Jan Change
184,800.00 ^JPY	-3.45%		+0.11%	-8.38%

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

1ae80bc5dbc4ba15357354bcc5.-f2svaImhlLxZ0nKawdGeoFh4tZeKmTmcSydnHdyz34.v4qY29h1vgK0UX25MjcBM9YGlq41QlyyMHvKrUZF9j24ounM53flY5IlPg

Published financial data: STARTS PROCEED INVESTMENT CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: April	2021	2022	2023	2024	2025
Rental Revenues	6.22B	6.27B	6.71B	7.15B	7.24B
Gain (Loss) on Sale of Assets, Total (Rev)	291M	-	-	-	-
Other Revenues, Total	-	2K	1K	-	-
Total Revenues	6.51B	6.27B	6.71B	7.15B	7.24B
Property Expenses	3.26B	3.32B	3.56B	3.78B	3.85B
Selling General & Admin Expenses, Total	71M	50.72M	50.1M	46.06M	44.31M
Other Operating Expenses	235M	250M	218M	258M	272M
Total Operating Expenses	3.57B	3.62B	3.83B	4.08B	4.17B
Operating Income (REIT / Utility Template)	2.95B	2.65B	2.88B	3.06B	3.07B
Interest Expense, Total	-418M	-359M	-414M	-484M	-619M
Interest and Investment Income	-	33K	33K	147K	44.18M
Net Interest Expenses	-418M	-359M	-414M	-484M	-575M
Other Non Operating Income (Expenses)	27M	-78.17M	-86.7M	-94.11M	-89.63M
EBT, Excl. Unusual Items	2.56B	2.22B	2.38B	2.49B	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	22M	-	-	-	-
EBT, Incl. Unusual Items	2.58B	2.36B	2.73B	2.64B	2.76B
Income Tax Expense	2M	3.92M	9.95M	15.76M	2.74M
Earnings From Continuing Operations	2.58B	2.36B	2.72B	2.63B	2.76B
Net Income to Company	2.58B	2.36B	2.72B	2.63B	2.76B
Net Income - (IS)	2.58B	2.36B	2.72B	2.63B	2.76B
Net Income to Common Incl Extra Items	2.58B	2.36B	2.72B	2.63B	2.76B
Net Income to Common Excl. Extra Items	2.58B	2.36B	2.72B	2.63B	2.76B
Per Share Items
Net EPS - Basic	10.15K	9.28K	10.13K	9.3K	9.78K
Basic EPS - Continuing Operations	10.15K	9.28K	10.13K	9.3K	9.78K
Basic Weighted Average Shares Outstanding	254K	254K	268K	282K	282K
Net EPS - Diluted	10.15K	9.28K	10.13K	9.3K	9.78K
Diluted EPS - Continuing Operations	10.15K	9.28K	10.13K	9.3K	9.78K
Diluted Weighted Average Shares Outstanding	254K	254K	268K	282K	282K
Normalized Basic EPS	6.29K	5.46K	5.55K	5.5K	5.33K
Normalized Diluted EPS	6.29K	5.46K	5.55K	5.5K	5.33K
Dividend Per Share	-	9.28K	11.64K	9.98K	10.72K
Payout Ratio	103.77	99.39	99.75	111.04	100.87
Supplemental Items
EBITDA	4.25B	3.95B	4.22B	4.41B	4.48B
EBITA	2.95B	2.65B	2.88B	3.06B	3.07B
EBIT	2.95B	2.65B	2.88B	3.06B	3.07B
Total Revenues (As Reported)	-	6.4B	7.03B	7.29B	7.6B
Effective Tax Rate - (Ratio)	0.08	0.17	0.36	0.6	0.1
Total Current Taxes	-	3.92M	10.55M	15.71M	2.13M
Total Deferred Taxes	-	-	-600K	59K	608K
Normalized Net Income	1.6B	1.39B	1.49B	1.55B	1.51B
Interest on Long-Term Debt	-	21.18M	27.68M	40.92M	55.51M
Supplemental Operating Expense Items
General and Administrative Expenses	71M	50.72M	50.1M	46.06M	44.31M
Maintenance & Repair Expenses, Total	-	214M	237M	266M	236M

Fiscal Period: April	2021	2022	2023	2024	2025
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	86.75B	85.41B	97.29B	101B	95.33B
Total Real Estate Assets	86.75B	85.41B	97.29B	101B	95.33B
Cash And Equivalents	1.39B	2.11B	2B	1.19B	2.17B
Accounts Receivable, Total	31M	32.51M	43.89M	40.56M	39.23M
Other Receivables	-	-	57.5M	-	-
Investment In Debt and Equity Securities	-	-	-	-	-
Other Intangibles, Total	-	407K	1.04B	1.03B	1.01B
Restricted Cash	1.92B	1.92B	2.24B	2.31B	2.26B
Other Current Assets, Total	82M	79.78M	94.2M	125M	131M
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	17M	664M	902M	1.02B	1.02B
Total Assets	90.19B	90.24B	104B	107B	102B
Liabilities
Current Portion of Long-Term Debt	8.64B	9.96B	9.03B	9.76B	5.55B
Short-Term Borrowings	-	-	-	3.08B	-
Long-Term Debt	37.01B	35.68B	43.81B	43.08B	47.7B
Accounts Payable, Total	350M	161M	125M	211M	172M
Accrued Expenses, Total	5M	30.61M	58.87M	77.35M	147M
Current Income Taxes Payable	-	1.96M	8.57M	7.92M	695K
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	3M	207M	258M	292M	262M
Other Non Current Liabilities	821M	813M	1.17B	1.19B	1.18B
Total Liabilities	46.82B	46.86B	54.47B	57.71B	55B
Common Stock, Total	41.68B	41.68B	48.08B	48.08B	48.08B
Retained Earnings	1.68B	1.7B	1.7B	1.41B	1.38B
Comprehensive Income and Other	-	-	-546M	-546M	-2.48B
Total Common Equity	43.37B	43.38B	49.24B	48.95B	46.98B
Total Equity	43.37B	43.38B	49.24B	48.95B	46.98B
Total Liabilities And Equity	90.19B	90.24B	104B	107B	102B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	254K	254K	282K	282K	272K
ECS Total Common Shares Outstanding	254K	254K	282K	282K	272K
Book Value / Share	171K	171K	174K	173K	172K
Tangible Book Value	43.37B	43.38B	48.19B	47.92B	45.98B
Tangible Book Value Per Share	171K	171K	171K	170K	169K
Total Debt	45.65B	45.65B	52.85B	55.93B	53.25B
Net Debt	44.26B	43.54B	50.85B	54.74B	51.08B
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	2021	2022	2023	2024	2025
Net Income	2.58B	2.36B	2.73B	2.64B	2.76B
Depreciation, Depletion & Amortization	1.3B	1.29B	1.34B	1.34B	1.41B
Total Depreciation, Depletion & Amortization	1.3B	1.29B	1.34B	1.34B	1.41B
Amortization of Deferred Charges, Total	-	5.69M	7.69M	11.6M	12.53M
(Gain) Loss On Sale of Asset - (CF)	-	-	-	-	-
Change in Accounts Receivable	1M	-870K	-11.38M	3.34M	1.32M
Change in Accounts Payable	-52M	17.55M	6.11M	27.32M	-17.53M
Change in Other Net Operating Assets (Collected)	-	958M	-102M	737M	4.79B
Other Operating Activities	3.84B	7.26M	3.68B	3.56M	22.58M
Cash from Operations	7.67B	4.64B	7.64B	4.77B	8.98B
Acquisition of Real Estate Assets, Total	-4.66B	-1.55B	-16.73B	-5.66B	-567M
Net Sale / Acquisition of Real Estate Assets	-4.66B	-1.55B	-16.73B	-5.66B	-567M
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	-2M	-9.24M	194M	18.86M	-22.54M
Cash from Investing	-4.66B	-1.57B	-17.76B	-5.66B	-632M
Short Term Debt Issued, Total	-	-	-	4B	-
Long-Term Debt Issued, Total	1B	8.64B	17.16B	9.03B	10.16B
Total Debt Issued	1B	8.64B	17.16B	13.03B	10.16B
Short Term Debt Repaid, Total	-	-	-	-915M	-3.08B
Long-Term Debt Repaid, Total	-1B	-8.64B	-9.96B	-9.03B	-9.76B
Total Debt Repaid	-1B	-8.64B	-9.96B	-9.95B	-12.85B
Issuance of Common Stock	-	-	5.85B	-	-
Repurchase of Common Stock	-	-	-	-	-1.74B
Common Dividends Paid	-2.67B	-2.34B	-2.71B	-2.92B	-2.79B
Common & Preferred Stock Dividends Paid	-2.67B	-2.34B	-2.71B	-2.92B	-2.79B
Other Financing Activities, Total	-11M	-13.28M	-12.43M	-11.86M	-213M
Cash from Financing	-2.68B	-2.35B	10.33B	155M	-7.42B
Miscellaneous Cash Flow Adjustments	-2M	3K	-	1K	-
Net Change in Cash	324M	718M	211M	-741M	931M
Supplemental Items
Cash Interest Paid	333M	342M	382M	455M	574M
Cash Income Tax Paid (Refund)	2M	3.9M	3.95M	16.35M	9.36M
Net Debt Issued / Repaid	0	0	7.2B	3.08B	-2.68B
Levered Free Cash Flow	-1.78B	-	1.48B	3.07B	2.99B
Unlevered Free Cash Flow	-1.52B	-	1.74B	3.36B	3.37B
Change In Net Working Capital	11M	-45.14M	357M	-102M	-33.79M

Fiscal Period: April	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.04	-	1.86	1.82	1.84
Return on Total Capital	2.07	-	1.89	1.85	1.87
Return On Equity %	5.93	-	5.87	5.35	5.76
Return on Common Equity	5.93	-	5.87	5.35	5.76
Margin Analysis
Gross Profit Margin %	49.94	47.13	46.98	47.15	46.79
SG&A Margin	1.09	0.81	0.75	0.64	0.61
EBITDA Margin %	65.25	62.95	62.97	61.65	61.86
EBITA Margin %	45.24	42.33	42.98	42.9	42.42
EBIT Margin %	45.24	42.33	42.98	42.9	42.42
Income From Continuing Operations Margin %	39.54	37.56	40.49	36.78	38.13
Net Income Margin %	39.54	37.56	40.49	36.78	38.13
Net Avail. For Common Margin %	39.54	37.56	40.49	36.78	38.13
Normalized Net Income Margin	24.52	22.1	22.2	21.75	20.78
Levered Free Cash Flow Margin	-27.38	-	22.13	42.93	41.25
Unlevered Free Cash Flow Margin	-23.37	-	25.9	47.06	46.47
Asset Turnover
Asset Turnover	0.07	0.07	0.07	0.07	0.07
Fixed Assets Turnover	0.08	0.07	0.07	0.07	0.07
Receivables Turnover (Average Receivables)	197.49	197.47	175.62	169.22	181.53
Short Term Liquidity
Current Ratio	0.38	0.4	0.47	0.27	0.75
Quick Ratio	0.16	0.21	0.22	0.09	0.36
Operating Cash Flow to Current Liabilities	0.85	0.45	0.81	0.35	1.47
Days Sales Outstanding (Average Receivables)	1.85	1.85	2.08	2.16	2.01
Average Days Payable Outstanding	39.08	28.12	14.66	16.26	18.13
Long Term Solvency
Total Debt/Equity	105.26	105.22	107.33	114.27	113.33
Total Debt / Total Capital	51.28	51.27	51.77	53.33	53.12
LT Debt/Equity	85.33	82.25	88.99	88.02	101.52
Long-Term Debt / Total Capital	41.57	40.08	42.92	41.08	47.59
Total Liabilities / Total Assets	51.92	51.93	52.52	54.11	53.93
EBIT / Interest Expense	7.05	7.4	6.96	6.33	4.97
EBITDA / Interest Expense	10.17	11	10.2	9.1	7.24
(EBITDA - Capex) / Interest Expense	-0.97	11	10.2	9.1	7.24
Total Debt / EBITDA	10.74	11.56	12.51	12.7	11.89
Net Debt / EBITDA	10.42	11.03	12.04	12.43	11.4
Total Debt / (EBITDA - Capex)	-112.43	11.56	12.51	12.7	11.89
Net Debt / (EBITDA - Capex)	-109.01	11.03	12.04	12.43	11.4
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-3.65	-	6.99	6.51	1.35
Gross Profit, 1 Yr. Growth %	-8.03	-	6.65	6.9	0.57
EBITDA, 1 Yr. Growth %	-5.43	-	7.02	4.27	1.7
EBITA, 1 Yr. Growth %	-9.05	-	8.64	6.29	0.24
EBIT, 1 Yr. Growth %	-9.05	-	8.64	6.29	0.24
Earnings From Cont. Operations, 1 Yr. Growth %	-9.17	-	15.32	-3.24	5.07
Net Income, 1 Yr. Growth %	-9.17	-	15.32	-3.24	5.07
Diluted EPS Before Extra, 1 Yr. Growth %	-9.17	-	9.15	-8.16	5.08
Normalized Net Income, 1 Yr. Growth %	-10.07	-	7.46	4.37	-3.16
Net Property, Plant and Equip., 1 Yr. Growth %	0.33	-	13.91	3.73	-5.54
Accounts Receivable, 1 Yr. Growth %	-3.12	-	35.01	-7.6	-3.26
Total Assets, 1 Yr. Growth %	-0.12	-	14.92	2.85	-4.38
Common Equity, 1 Yr. Growth %	-0.23	-	13.5	-0.59	-4.01
Tangible Book Value, 1 Yr. Growth %	-0.23	-	11.1	-0.57	-4.06
Cash From Operations, 1 Yr. Growth %	22.3	-	64.75	-37.64	88.45
Capital Expenditures, 1 Yr. Growth %	5.6	-	-	-	-
Levered Free Cash Flow, 1 Yr. Growth %	32.18	-	-	106.6	-2.61
Unlevered Free Cash Flow, 1 Yr. Growth %	39.27	-	-	93.48	0.09
Dividend Per Share, 1 Yr. Growth %	-	-	25.4	-14.2	7.36
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	2.3	0.52	-	6.75	3.9
Gross Profit, 2 Yr. CAGR %	3.7	-0.15	-	6.77	3.69
EBITDA, 2 Yr. CAGR %	3.62	0.17	-	5.63	2.97
EBITA, 2 Yr. CAGR %	4.21	-0.56	-	7.46	3.22
EBIT, 2 Yr. CAGR %	4.21	-0.56	-	7.46	3.22
Earnings From Cont. Operations, 2 Yr. CAGR %	5.6	-8.88	-	5.63	0.83
Net Income, 2 Yr. CAGR %	5.6	-8.88	-	5.63	0.83
Diluted EPS Before Extra, 2 Yr. CAGR %	6.22	-8.88	-	0.12	-1.76
Normalized Net Income, 2 Yr. CAGR %	4.97	-1.14	-	5.91	0.53
Net Property, Plant and Equip., 2 Yr. CAGR %	0.77	-0.62	-	8.7	-1.02
Accounts Receivable, 2 Yr. CAGR %	-3.08	0.01	-	11.69	-5.46
Total Assets, 2 Yr. CAGR %	0	-0.03	-	8.72	-0.83
Common Equity, 2 Yr. CAGR %	0.47	-0.1	-	6.22	-2.31
Tangible Book Value, 2 Yr. CAGR %	0.47	-0.1	-	5.1	-2.33
Cash From Operations, 2 Yr. CAGR %	41.68	-13.96	-	1.36	8.4
Capital Expenditures, 2 Yr. CAGR %	105.81	-	-	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	5.32	-	-	-	41.84
Unlevered Free Cash Flow, 2 Yr. CAGR %	-9.56	-	-	-	39.16
Dividend Per Share, 2 Yr. CAGR %	-	-1.68	-	3.72	-4.02
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.11	0.39	2.63	-	4.92
Gross Profit, 3 Yr. CAGR %	0.83	-0.29	2.07	-	4.66
EBITDA, 3 Yr. CAGR %	1.16	0.2	2.4	-	4.31
EBITA, 3 Yr. CAGR %	0.68	-0.41	2.41	-	5
EBIT, 3 Yr. CAGR %	0.68	-0.41	2.41	-	5
Earnings From Cont. Operations, 3 Yr. CAGR %	1.29	0.66	-1.43	-	5.44
Net Income, 3 Yr. CAGR %	1.29	0.66	-1.43	-	5.44
Diluted EPS Before Extra, 3 Yr. CAGR %	1.69	0.66	-3.22	-	1.75
Normalized Net Income, 3 Yr. CAGR %	0.84	-0.81	1.65	-	2.79
Net Property, Plant and Equip., 3 Yr. CAGR %	0.08	-0.01	4.01	-	3.73
Accounts Receivable, 3 Yr. CAGR %	2.25	-1.22	10.53	-	6.47
Total Assets, 3 Yr. CAGR %	-0.07	0.02	4.72	-	4.16
Common Equity, 3 Yr. CAGR %	-0.12	0.32	4.24	-	2.7
Tangible Book Value, 3 Yr. CAGR %	-0.12	0.33	3.5	-	1.96
Cash From Operations, 3 Yr. CAGR %	10.34	6.69	6.84	-	24.63
Capital Expenditures, 3 Yr. CAGR %	-8.04	-	-	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	-18.27	-	-18.75	-	-
Unlevered Free Cash Flow, 3 Yr. CAGR %	-20.4	-	-16.35	-	-
Dividend Per Share, 3 Yr. CAGR %	-	0.85	6.62	-	4.92
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.87	3.77	2.24	2.88	3.14
Gross Profit, 5 Yr. CAGR %	9.42	4.25	1.95	2.48	2.71
EBITDA, 5 Yr. CAGR %	8.73	3.6	2.15	2.34	2.63
EBITA, 5 Yr. CAGR %	9.97	3.39	2.15	2.66	2.74
EBIT, 5 Yr. CAGR %	9.97	3.39	2.15	2.66	2.74
Earnings From Cont. Operations, 5 Yr. CAGR %	12.74	4.84	1.84	2.62	-0.54
Net Income, 5 Yr. CAGR %	12.74	4.84	1.84	2.62	-0.54
Diluted EPS Before Extra, 5 Yr. CAGR %	4.51	5.09	0.97	0.44	-2.64
Normalized Net Income, 5 Yr. CAGR %	12.34	3.66	1.76	1.82	1.2
Net Property, Plant and Equip., 5 Yr. CAGR %	8.64	0.56	2.53	3.39	1.97
Accounts Receivable, 5 Yr. CAGR %	4.4	-0.64	8.33	3.75	3.84
Total Assets, 5 Yr. CAGR %	7.89	0.65	2.79	3.41	2.47
Common Equity, 5 Yr. CAGR %	7.08	0.01	2.5	2.64	1.57
Tangible Book Value, 5 Yr. CAGR %	7.08	0.01	2.06	2.21	1.13
Cash From Operations, 5 Yr. CAGR %	25.52	9.9	6.02	4.52	7.46
Capital Expenditures, 5 Yr. CAGR %	90.82	-	-	-	-
Levered Free Cash Flow, 5 Yr. CAGR %	0.46	-	-10.57	2.22	1.54
Unlevered Free Cash Flow, 5 Yr. CAGR %	-5.31	-	-9	2.68	2.54
Dividend Per Share, 5 Yr. CAGR %	-	1.53	4.66	1.99	2.23