Investors Guide
Financial Results for FY2023
Financial Results and | New Group Long-Term Vision, | ||||||||||||||||||||||||||||
Business Highlights | & Innovation 2030 | ||||||||||||||||||||||||||||
For more details |
Business Overview
Year ended March 31, 2024 (FY2023)
Tangible and Intangible | Trend in Revenue | ||||||||
Fixed Assets | from Operations | ¥2.6 | |||||||
Approx. | |||||||||
¥4. trillion | |||||||||
46% | trillion | ||||||||
Approx. | |||||||||
Total Assets | ¥1.4 | ||||||||
trillion | |||||||||
Approx. | |||||||||
Approx. | ¥9.4trillion | Real Property | |||||||
Approx. | |||||||||
Others | for Sale | ||||||||
¥2.7 trillion | ¥2.3 trillion | (Forecast) | |||||||
29% | 25% | FY2012 | |||||||
FY2024 | |||||||||
Facility | Other | Leasing | Other | To Investors and Individuals | Brokerage, | ||||
12% | 10% | 50% | 25% | ||||||
(Overseas), etc. | Asset Management, etc. | ||||||||
Operations | 34% | Leasing | Office | Property | To Individuals | Manage- | |||
8% | (Domestic) | ||||||||
Revenue from | Retail | 55% | Sales | 50% | ment | Property | |||
Operations | 35% | Management | |||||||
Approx. | Sports & Entertainments | Others | 75% | ||||||
Management | ¥2.3 trillion | 28% | Facility | 13% | |||||
19% | Other | ||||||||
Property Sales | Operations | ||||||||
New Construction under | |||||||||
Hotels & | |||||||||
26% | 72% | 87% | |||||||
Resorts | Consignment & Reform |
Management Goals
Growth Indicator
or | Around FY2030 | FY2026 | |||||||||
+8 | |||||||||||
EPS*¹ growth rate | EPS growth rate | Business income | Net income*⁵ | ||||||||
% | +8% | ¥440 ¥270 | |||||||||
or higher | billion | billion | |||||||||
higher each year*² | each year*³ | or higher*⁴ | or higher | ||||||||
Efficiency Indicator | |||||||||||
Around FY2030 | FY2026 | ||||||||||
ROE | ROE | ROA | 6 | D/E Ratio | |||||||
10or | 8.5% | 5% | Around | ||||||||
Maintain financial soundness | |||||||||||
while conscious of ratings | |||||||||||
1.2-1.5 | |||||||||||
% | or higher | or higher* | times | ||||||||
higher | |||||||||||
Shareholder Returns (FY2024-FY2026) | 52.7 | ||||||||||
% | |||||||||||
Total Payout Ratio |
Total payout return ratio | Share Repurchase | |
¥40.0B | ||
50% | ||
Dividend payout Ratio | ||
25.2% | 34.9% | |
or higher each period |
Performance Trends | FY2024 | ||
EPS Growth Rate(YoY) | (Forecast) | ||
+15% | EPS | ||
+12% | ¥83.9 | ||
FY2023 | +37% | ||
Profit Attributable to | |||
EPS | |||
Owners of Parent | |||
¥80.2 | ¥29.1 | ¥235B | |
Profit Attributable to | ¥76.8B | ||
Owners of Parent | |||
¥224.6B | FY2013 | FY2020 | FY2024 |
(Forecast) |
ROE
7.5%
5.3% | ROA |
3.9% | |
3.7% | |
FY2012 | FY2023 |
ROA = (Operating income + Non-operating income)/Average total assets over the period
ROE = Profit Attributable to Owners of Parent/Average shareholders' equity over the period
Total Dividends | |||||||||||||||||||||||||||||||||||||||||||||||
25.2% | ¥78.5B | ||||||||||||||||||||||||||||||||||||||||||||||
Dividend payout ratio | ¥29.6B | ||||||||||||||||||||||||||||||||||||||||||||||
Around | |||||||||||||||||||||||||||||||||||||||||||||||
FY2015 | FY2023 | ||||||||||||||||||||||||||||||||||||||||||||||
35% | Annual Dividend | ||||||||||||||||||||||||||||||||||||||||||||||
per Share*7 | |||||||||||||||||||||||||||||||||||||||||||||||
¥30 | |||||||||||||||||||||||||||||||||||||||||||||||
each period | Profit Attributable to | ||||||||||||||||||||||||||||||||||||||||||||||
Stable dividend increases linked to | Owners of Parent | ||||||||||||||||||||||||||||||||||||||||||||||
sustainable profit growth | ¥ | 2 | ¥235B | ||||||||||||||||||||||||||||||||||||||||||||
(continuous and progressive dividends) | ¥29.8B | ||||||||||||||||||||||||||||||||||||||||||||||
Flexible and continuous repurchase | |||||||||||||||||||||||||||||||||||||||||||||||
of own shares | FY2001 | FY2024 | |||||||||||||||||||||||||||||||||||||||||||||
(Forecast) |
* 1: Earnings Per Share * 2: FY2023 (forecast as of February 9, 2024) - FY2030 (forecast) CAGR * 3: FY2023 (forecast as of February 9, 2024) - FY2026 (forecast) CAGR * 4: Operating income +Equity in earnings/losses of affiliates (including Gain/loss on sales of shares of subsidiaries and affiliates for the purpose of real estate sales)+Gain/loss on sales of fixed assets
* 5: Profit attributable to owners of parent * 6: Business income / Average total assets over period
* 7: In light of the stock split undertaken on April 1, 2024 at a ratio of three shares to one share, FY2001-FY2023 data is adjusted on a post-stock split basis and rounded to the nearest whole number.
Source of Our Profit
(FY2023) | ||||||||||
Total Assets | Approx.¥9.4 trillion | |||||||||
Tangible/Intangible Fixed Assets | Real Property for Sale | Others | ||||||||
Approx. | Approx. | |||||||||
¥3.59trillion | ¥1.63trillion | |||||||||
Rental Properties | Other Fixed Assets | To Investors | To Individuals | Others | ||||||
38% | 9% | 17% | 8% | 29% | ||||||
Approx. | Approx. | |||||||||
50% | 50% | |||||||||
Tokyo Dome, | Other | |||||||||
hotels |
Approx.¥4.7 trillion
Assets Under Management
Business Income*
(FY2024 Forecast)
Leasing | Facility Operations | Property Sales | Management* | Other | Elimination or Corporate | |||||||||||||||||||
¥170B | ¥30B | ¥170B | ¥60B | ¥0B | ¥60B | |||||||||||||||||||
*Includes other non-asset (brokerage, sales contract, etc.) profits
¥370Total B
*Operating income +Equity in earnings/losses of affiliates (including Gain/loss on sales ofshares of subsidiaries and affiliates for the purpose of real estate sales)+Gain/loss on salesoffixed assets
Operating Income | |
from Leasing | |
¥167.8B | |
¥104.3B | |
FY2012 | FY2023 |
Rental | Year-end Book Value | ¥3.59trillion | |||||||||||||
A Properties | FY2023 | ||||||||||||||
Year-end Market Price | ¥6.96trillion | ||||||||||||||
Operating Assets | Unrealized Profit | ¥3.36trillion | Real Property for Sale | ||||||||||||
NOI yield 8.0% | Domestic | 7.9% | Overseas | 8.1% | Turnover | ||||||||||
Operating Assets | |||||||||||||||
Expected | B | (to Investors) | Stable Asset | ||||||||||||
Under | Operating Assets | Under | At the time of | ||||||||||||
11% | 89% | NOI yield | 7.0% | 5.4% | NOI yield at | ||||||||||
6.4% | Domestic | Overseas | |||||||||||||
Development | Expected | real estate sale | |||||||||||||
Book value | Development | Operating Assets | Approx. | 3-4 | % | ||||||||||
at the end | 71% | (Latest | |||||||||||||
of March 2024 | Asset Sales | 29% | result) | ||||||||||||
Book value | Unrealized Profit | ||||||||||||||
Approx. | and | ||||||||||||||
¥3.59trillion | Replacement | at the end | ¥0.6-1.1 | ||||||||||||
of March 2024 | trillion | ||||||||||||||
according to | Examples of | ||||||||||||||
Portfolio Strategies | Approx. | ||||||||||||||
Overseas | Domestic | ¥1.63trillion | Major Assets Sold in the Past | ||||||||||||
(FY2019-2023 results) | |||||||||||||||
26% | 63% | ||||||||||||||
Overseas | Domestic | Office | 2.7-4.2% | ||||||||||||
Retail | 2.8-4.2% | ||||||||||||||
26% | 45% | ||||||||||||||
Logistics | 3.9-4.9% |
Operating Income
from Property Sales to Investors ¥and Individuals82(Overseas),.1etc.
B
¥7.7B | |
FY2012 | FY2023 |
Market Potential
As of March 31, 2024, except as stated
Leasing
Property Sales to Individuals
Office |
Vacancy Rate |
8.57% |
Central Tokyo |
Retail
Number of | National Commercial |
Domestic Facilities | Sales Ranking |
21 | 4 out of Top 10 Facilities |
Logistics
Facilities under development or operation in Japan and overseas
Number of Condominium Contracts Posted 3,650units Contract Progress Rate Approx. 84%
Market share of high-grade condominiums (over ¥200 million/unit) Over 50% of the Group
5 Wards | |
5.8% | 5.47% |
Source: Miki Shoji | |
(As of March 31, 2024) |
Mitsui Fudosan | ||
(Tokyo | ||
metropolitan area; | ||
non-consolidated) | ||
2.2% | ||
2003 | 2024 | (As of March 31, 2024) |
Corporate Shared Office | ||
280,000 members | Approx. 19 times vs. FY2018 | |
(As of April, 2024) |
Owned | |||||
13 | by Mitsui Fudosan | ||||
Store sales Rankings, FY2022 | |||||
Approx. | 2nd | LAZONA Kawasaki Plaza | ¥85.7B | ||
2,500tenants | |||||
4th | Lalaport TOKYO-BAY | ¥68.2B | |||
(As of October 1, 2023) | |||||
6th | Mitsui Outlet Park | ¥59.2B | |||
Approx. | KISARAZU | ||||
8th | Mitsui Outlet Park | ||||
10,300stores | ¥54.4B | ||||
JAZZ DREAM NAGASHIMA | |||||
(As of October 1, 2023) | Source: SENKEN SHIMBUN | ||||
*Excerpt from our facilities only |
Total 67properties
Over ¥850.0billion cumulative investment Approx. 5.3million m2 total floor space
Leased properties
Almost fully occupied (Mitsui Fudosan)
Tokyo Metropolitan Area
9.3% vacancy rate (Market) Source: CBRE
Operating Income/ | Operating |
Operating Income Margin | |
Income | |
Margin | |
15.8% | |
5.4% | Operating |
Income | |
¥15.3B | ¥49.7B |
FY2012 | FY2023 |
FY2030 | FY2024-2026 |
or later | 10,000 |
8,000 | units |
units | |
Approx. | |
27,000 | |
units* | |
FY2027-2029 | |
9,000 units |
*Including a redevelopment project in the planning phase
Management
Facility Operation
Operating Income | |
Property | |
Management | |
¥38.5B | |
¥26.4B | |
Brokerage/Asset | |
Management, etc. | |
¥15.1B | ¥27.7B |
FY2012 | FY2023 |
Property | Brokerage | |||||||
Management | ||||||||
Brokerage for Individuals | ||||||||
Rental Parking (Repark) | (Rehouse) | |||||||
Approx. | ||||||||
Approx. 250Kunits* | ||||||||
38,700units* | ||||||||
handled for | ||||||||
individuals | ||||||||
Contracted Operation | No. 1for | |||||||
and Management | ||||||||
(e.g., Office, Retail, Housing) | ||||||||
Condominiums Managed | 37consecutive | |||||||
years | ||||||||
Approx. 290Kunits* | (FY1986-FY2022) | |||||||
Leasing Housing Units Managed | ||||||||
Approx. 150Kunits* | ||||||||
*FY2023 | *FY2023 |
Asset
Management
Sales to various | Management of assets | |
investors | from property owners | |
Private fund,etc. | ||
30% | AUM | 28% |
Approx. | ||
¥4.7 | ||
7% | trillion | Originator |
19% | ||
8% | ||
8% |
(As of March 31, 2024)
Hotels and Resorts
Trends in Occupancy Rates/ADR (Lodging-focusedhotels)
(%) | (Yen) | ||||||
100 | 22,500 | Average Occupancy Rate | |||||
90 | 20,500 | (Average of FY2023) | |||||
80 | 18,500 | 83% | |||||
70 | 16,500 | ||||||
60 | 14,500 | ||||||
Average | |||||||
50 | 12,500 | ||||||
40 | 10,500 | Occupancy Rate | |||||
(Left) | |||||||
30 | 8,500 | ADR (Right) | |||||
FY2012 | FY2023 | ||||||
Facilities Directly Operated by the Company
(Domestic and overseas)
53facilities Approx. 13,300rooms
910KMitsui Garden Hotel members Twicemembers as many as 2018 year-end (As of March 31, 2024)
Tokyo Dome
Adjacent to 3 stations
on 4 lines, for convenience of transportation
Tokyo Station
Approx. 6minutes
Haneda Airport
Approx. 45minutes
Narita Airport
Approx. 50minutes
Visitors (FY2019)
Approx. 40Mpeople/year
In central Tokyo
A spacious site13covering
Approx. hectares
Facility Overview
Plentiful Facilities That Meet the Needs of Diverse Visitors
Tokyo Dome
All-weather stadium
LaQua
Retail facilities, amusement park, spa
Tokyo Dome Hotel
Large-scale city hotel
Overseas
Facility Operation
Expansion of Overseas Projects
Breakdown of Group Assets by Area
Growth of Overseas Assets |
2.7 |
LaLa arena TOKYO-BAY Completed in Apr. 2024
Number of properties in operation | |||
as of end of Mar., 2024. | |||
Europe and | Asia | Total | |
America | |||
Office | (16) | (1) | 17 |
Retail | (-) | (8) | 8 |
Leasing | (13) | (-) | 13 |
Housing | |||
Logistics | (2) | (9) | 11 |
Hotel/SA/ |
Number in
future development pipeline*
Europe and | Asia | Total |
America | ||
(+9) | (+1) | +10 |
(-) | (+5) | +5 |
(+22) | (+1) | +23 |
(+3) | (+5) | +8 |
*Plans for the next phase and expansion of existing properties are counted
As of March 31, 2024 | |
Total Assets | Asia 19% |
Overseas | |
Approx. | |
¥9.4 | 28.5% |
trillion | U.K. 11% |
Domestic | |
71.5% |
Approx. | times | ¥2,709B | |||||||||||||||||
in 6 years | |||||||||||||||||||
Approx. 3.0 times | Asia | ||||||||||||||||||
¥514B | |||||||||||||||||||
in the U.S. | |||||||||||||||||||
U.S. 70% | U.K. | ||||||||||||||||||
¥153B | ¥ | 1,003B | ¥300B | ||||||||||||||||
¥208B | U.S. | ||||||||||||||||||
¥640B | ¥1,894B | ||||||||||||||||||
FY2017 | FY2023 |
● Further promote neighborhood | ● Large multipurpose arena with a |
creation with "excitement" by | seating capacity of 10,000 |
leveraging the power of sports and | |
entertainmant | |
Basketball game (image) |
Music Concerts (image)
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Disclaimer
Mitsui Fudosan Co. Ltd. published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 06:08:56 UTC.