Notice of Financial Results for the Six months of the Fiscal Year Ending March 31, 2014

NTT Urban Development Corporation (head office: Chiyoda-ku, Tokyo, President and Chief Executive Officer: Sadao Maki) announced the consolidated financial results for the NTT Urban Development Group for the six months (from April 1, 2013 to September 30, 2013) of the fiscal year ending March 31, 2014 (referring the 29th business period). Please refer to Presentation Material for the 2nd Quarter of FY 2013 and Summary of Financial Statements for the 2nd Quarter of FY 2013.

Highlights

• For the six months of the fiscal year ending March 31, 2014, operating revenue reached ¥82.0 billion, an increase of ¥3.0 billion year on year. Operating income was ¥17.8 billion, falling ¥0.1 billion, and ordinary income was ¥14.6 billion, decreasing ¥0.6 billion. Net income stood at ¥8.8 billion, a decrease of ¥0.6 billion. Results were mostly on a par with the forecasts.
• In the Leasing Business, operating revenue reached ¥53.3 billion, rising ¥3.4 billion year on year, with a fall in rent income from existing properties more than offset by income, including rent income from new properties and sales of properties. Operating income stood at ¥17.1 billion, declining ¥0.7 billion year on year, mainly reflecting an increase in operating expenses associated with new properties and properties acquired.
• In the Residential Property Sales Business, operating revenue amounted to ¥22.4 billion, an increase of ¥0.4 billion year on year, and operating income was ¥2.8 billion, an increase of ¥0.6 billion, primarily reflecting a rise in the number of condominiums delivered and other factors.