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![Investments in SPCs SPCs BS [owned by TLC, considering interest ratio; Parent company]](../images/10.jpg)
Next, I'd like to give an overview of our SPC investments. Our SPC equity investment balance stood at ¥219.1 billion as of the end of September, down by ¥14 billion from the end of the previous fiscal year. Through this ¥219.1 billion in investments, we own ¥920 billion of total assets. Our non recourse loan balance is ¥670 billion.
Looking at total assets, we had ¥440 billion in assets in operation as of the end of September. Most of these assets in operation are located in central Tokyo, and are relatively new developments undertaken by the company. Our objective is to hold them over the long term as a way of generating stable income. There has been a ¥50 billion decline since the end of March, but this is due to the disposition of part of our holdings in the Shiodome Building etc.
We also hold ¥30 billion of temporary assets. These are assets such as bridge investments that are expected to be sold to funds or third parties. Compared to assets in operation, temporarily owned assets include more retail facilities located in the suburbs and regional areas. These temporary assets were sold down during the course of the previous fiscal year. We also realized a total of ¥5.4 billion in losses, consisting of ¥4.1 billion in disposition losses and ¥1.3 billion in valuation losses, so that temporary assets declined to ¥30 billion, and we intend to continue disposing of these assets in future.
In the first half of this fiscal year, we realized losses for temporary assets and regional properties to post ¥1.7 billion in disposition losses and ¥4 billion in valuation losses, for a total of ¥5.7 billion in losses. We are also anticipating losses on the order of about ¥1 billion in the second half of the year. Large-scale projects, namely properties in Ginza, Jingu-mae and Shinjuku Times Square, stood at ¥380 billion, while property under construction stood at ¥70 billion, the same level as at the end of March.
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