MFLP Mitsui Fudosan Logistics Park Inc. Development / Operation Track Record
1 Operating Highlights
MFLP Mitsui Fudosan
Continued steady growth through strategic partnership with Mitsui Fudosan
14th Fiscal Period (FP) Financial Summary
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Financial Summary
14th FP: Revenue, Profit, DPU up for 13 consecutive FPS
Operating revenue 11.4 billion yen (+0.51 bn vs 13th FP act.)
Ordinary income 4.2 billion yen (+0.05 bn vs 13th FP act.)
4.2 billion yen (+0.05 bn vs 13th FP act.)
Net income
1-1 External Growth
Acquired MFLP Osaka Katano in Feb. 2023 and completed
agreements to acquire 5 MFLP properties in Jul. 2023, for a
total of 6 properties worth 47.5 billion yen. Asset size up to
389.8 billion yen, further improving portfolio stability
Rich pipeline of 7 ROFL* properties (0.92mn m). Continued
prospects for external growth. Expansion of logistics facilities
development continues at Mitsui Fudosan with cumulative
investments of 850.0 billion yen
1-2 Internal Growth
Market firm on continued strong demand for logistics facilities
End-14th FP occupancy rate* remained high at 99.8%, expect
to stay at around 100% in the 15th and 16th FPs
Approximately 87% of floor space up for lease renewal in 15th
FP has been signed (or spoken for)
Majority of utilities expenses are borne by tenants: impact of
rising energy costs on MFLP-REIT is limited
Distributions per unit (DPU)*
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14th FP actual 8,804 yen (+5.4% YoY vs 12th FP act.)
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15th FP forecast 8,781 yen
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16th FP forecast 9,151 yen
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Logistics Park Inc.
Average annual growth of 7.8% since IPO (including 16th FP)
1-3 ESG Initiatives
Improved ratios for Green Building certification to 96.7%,
ZEB certification to 69.4%. Solid progress on other
environmental KPI as well
Established green power supply framework, transitioned to
green power usage in common areas at 12 properties (as of
April 2023)
1-4 Financial Strategy
End-14th FP (act.), end-15th FP (forecast) and end-16th FP
(forecast) LTV* 38.6%, 36.6% and 39.4% respectively. Projected
acquisition capacity* as of end-16th FP (at 50% LTV): 80.0 billion
yen
Near term, spread levels unchanged on recent borrowings.
Impact of rising interest rates on MFLP-REIT limited
For further details, please refer to [Highlights] [ROFL: Properties defined in "Right of first look and preferential negotiation rights agreement"] in the Notes on Matters Stated in this Document on p.52-54
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