| Assets | — | — |
| Current assets | — | — |
| Cash and deposits | 82,878a | 138,400a |
| Trade accounts receivable and contract assets | 8,992a | 7,097a |
| Merchandise | 24a | 21a |
| Real estate for sale | 263,089a | 90,770a |
| Real estate for sale in process | 2,871a | 4,355a |
| Costs on construction contracts in progress | 39a | 21a |
| Supplies | 373a | 371a |
| Other | 14,707a | 9,870a |
| Allowance for doubtful accounts | -4a | -7a |
| Total current assets | 372,973a | 250,901a |
| Non-current assets | — | — |
| Property, plant and equipment | — | — |
| Buildings and structures | 305,967a | 303,251a |
| Accumulated depreciation | -70,638a | -69,776a |
| Buildings and structures, net | 235,329a | 233,474a |
| Machinery, equipment and vehicles | 14,894a | 11,373a |
| Accumulated depreciation | -2,902a | -2,483a |
| Machinery, equipment and vehicles, net | 11,991a | 8,890a |
| Land | 1,316,801a | 1,374,904a |
| Construction in progress | 42,755a | 16,207a |
| Other | 16,228a | 15,669a |
| Accumulated depreciation | -5,701a | -4,696a |
| Other, net | 10,527a | 10,972a |
| Total property, plant and equipment | 1,617,405a | 1,644,449a |
| Intangible assets | — | — |
| Goodwill | 4,164a | 4,795a |
| Leasehold interests in land | 70,695a | 81,233a |
| Other | 3,079a | 2,199a |
| Total intangible assets | 77,938a | 88,228a |
| Investments and other assets | — | — |
| Investment securities | 328,463a | 284,706a |
| Guarantee deposits | 47,384a | 37,545a |
| Deferred tax assets | 947a | 856a |
| Net defined benefit asset | 752a | 493a |
| Other | 32,838a | 10,865a |
| Allowance for doubtful accounts | 0a | -31a |
| Total investments and other assets | 410,387a | 334,436a |
| Total non-current assets | 2,105,731a | 2,067,114a |
| Deferred assets | — | — |
| Business commencement expenses | 15a | 22a |
| Share issuance costs | 210a | 404a |
| Bond issuance costs | 1,542a | 1,895a |
| Total deferred assets | 1,768a | 2,321a |
| Total assets | 2,480,472a | 2,320,337a |
| Liabilities | — | — |
| Current liabilities | — | — |
| Short-term borrowings | 1,774a | 660a |
| Current portion of long-term borrowings | 103,109a | 161,577a |
| Current portion of bonds payable | 30,000a | 50,000a |
| Accrued expenses | 4,523a | 3,843a |
| Income taxes payable | 18,760a | 11,531a |
| Advances received | 6,510a | 6,543a |
| Provision for bonuses | 532a | 377a |
| Provision for bonuses for directors (and other officers) | 382a | 340a |
| Other | 19,715a | 10,883a |
| Total current liabilities | 185,306a | 245,757a |
| Non-current liabilities | — | — |
| Bonds payable | 381,000a | 371,000a |
| Long-term borrowings | 929,145a | 857,748a |
| Deferred tax liabilities | 73,210a | 53,532a |
| Provision for share awards | 3,238a | 2,846a |
| Net defined benefit liability | 1,706a | 1,634a |
| Long-term guarantee deposits | 93,307a | 88,287a |
| Other | 44,257a | 12,376a |
| Total non-current liabilities | 1,525,865a | 1,387,426a |
| Total liabilities | 1,711,172a | 1,633,183a |
| Net assets | — | — |
| Shareholders’ equity | — | — |
| Share capital | 111,609a | 111,609a |
| Capital surplus | 137,731a | 137,741a |
| Retained earnings | 461,214a | 401,090a |
| Treasury shares | -3,760a | -3,971a |
| Total shareholders’ equity | 706,794a | 646,469a |
| Accumulated other comprehensive income | — | — |
| Valuation difference on available-for-sale securities | 58,943a | 40,267a |
| Deferred gains or losses on hedges | -436a | -261a |
| Foreign currency translation adjustment | 0a | 0a |
| Remeasurements of defined benefit plans | 355a | 252a |
| Total accumulated other comprehensive income | 58,862a | 40,258a |
| Non-controlling interests | 3,643a | 424a |
| Total net assets | 769,300a | 687,153a |
| Total liabilities and net assets | 2,480,472a | 2,320,337a |