MFLP Mitsui Fudosan Logistics Park Inc. Development / Operation Track Record
1-7. Reference
MFLP Mitsui Fudosan
Impact of 6 acquisitions in the 6th PO (after adjusting for temporary effects)
As a result of the acquisition of 6 properties through the 6th PO, MFLP-REIT's total NOI, total FFO and net income increased significantly
Logistics Park Inc.
• After retaining funds on hand (Total FFO - Total distributions) of around 2 billion yen, MFLP-REIT continues to consider measures to enhance unitholder value
MFLP-REIT revised its distribution policy to align it with its growth stage, raising the FFO payout ratio. As a result, DPU growth from the 13th FP is assumed to increase in 6.5%
(average annual growth rate), on the back of an increase of NOI and FFO per unit after the 6th PO and acquisition of 6 properties, and the impact from the rise in payout ratio
from 70% to 73%
• Although EPU in the 16th FP is forecasted to decline slightly on dilution resulting from the 6th PO and conservative operating assumptions, MFLP-REIT continues to aim to grow
EPU and enhance unitholder value
(million yen)
Total amount basis
Per unit basis
10,000
(yen)
16,000
15,000
9,000
+12.8%
ΝΟΙ
9,337
8,000
ΝΟΙ
8,275
7,000
FFO
6,820
Funds on hand
6,000
2,047
14,000
NOI
14,367
13,000
FFO
12,000
+11.2%
7,586
Funds on hand
FFO
2,049
11,000
11,840
10,000
FFO×73%
9,000
8,288
5,000
FFO ×70%
Distribution
5,537
8,000
+4.3%
7,000
4,000
Net income
4,112
Net income
4,291
Distribution
4,773
6,000
0
0
13th FP (January 2023)
Figures after adjusting for
temporary effects based on
the 13th FP results
16th FP (July 2024)
Figures after adjusting for
temporary effects based on
the 16th FP forecasts
Properties
Number of investment
units issued
24
30
576,000
+5.6%
608,000
FFO payout ratio
70%
+3pt
73%
+6.9%
(Annual average
growth rate
+4.5%)
+5.4%
(Annual average
growth rate
+3.6%)
+9.9%
NOI
15,358
FFO
12,477
H
DPU
EPU
7,139
13th FP (January 2023)
Figures after adjusting for
temporary effects based on
the 13th FP results
FFO
×70%
(Annual average
growth rate
+6.5%)
-1.1%
(Annual average
growth rate
-0.8%)
DPU
9,108
FFO
x73%
EPU
7,057
16th FP (July 2024)
Figures after adjusting for
temporary effects based on
the 16th FP forecasts
30
24
576,000
+5.6%
608,000
70%
+3pt
73%
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