MFLP Mitsui Fudosan Logistics Park Inc. Development / Operation Track Record
1-6.
MFLP Mitsui Fudosan
Logistics Park Inc.
15th Fiscal Period (Ending January 2024) & 16th Fiscal Period (Ending July 2024) Earnings Forecast
14th fiscal
period
Actual
15th fiscal
period
Forecast
Difference
(b)-(a)
(a)
(b)
16th fiscal
period
Forecast*1
(c)
Main breakdown of difference
Difference
(c)-(b)
(Unit: million yen)
Operating revenue
(b)-(a)
(c)-(b)
Operating revenue
11,478
11,869
390
12,353
484
Increase due to properties acquired in the 15th FP
+343
+17
Increase due to properties acquired in the 16th FP
+450
Rental expenses (excluding depreciation)
2,668
2,809
141
2,969
159
Increase/decrease in utilities charge
+79
-74
(excluding properties acquired in the 15th & 16th FPs)
ΝΟΙ
8,810
9,059
248
9,384
324
Depreciation
2,984
3,116
131
3,295
178
Increase/decrease in solar power generation
facilities rent revenue
-48
+48
Net rental revenues
5,825
5,942
116
6,088
145
(excluding properties acquired in the 15th & 16th FPs)
Increase in other operating revenue
+16
+42
General and administrative expenses, etc.
1,221
1,271
49
1,304
32
Operating expenses
(b)-(a)
(c)-(b)
Increase due to properties acquired in the 15th FP
+164
Operating income
4,604
4,671
67
4,784
113
Non-operating income
2
-2
Non-operating expenses
344
370
26
456
85
Increase due to properties acquired in the 16th FP
Expensing of fixed asset tax and city planning tax
for properties acquired in the 14th & 15th FPS
Increase in repair expenses
+191
+87
+8
+58
Ordinary income
4,261
4,300
39
4,327
27
Profit (Net income)
4,260
4,299
39
4,326
27
(excluding properties acquired in the 15th & 16th FPs)
Increase/decrease in utilities expense
+74
-55
(excluding properties acquired in the 15th &16th FPs)
Increase in insurance premiums
+14
(excluding properties acquired in the 15th &16th FPs)
FFO
7,244
7,415
170
7,622
206
Increase in asset management fees
+29
FFO Payout ratio
70%
72%
2pt
73%
1pt
Increase in other operating expenses
+61
+59
Total number of investment units (unit)
576,000
608,000
32,000
608,000
Non-operating expenses
(b)-(a)
(c)-(b)
Distribution per unit (DPU) (yen)
8,804
8,781
-23
9,151
370
Increase in interest expenses
+14
+102
Of which,
Increase/decrease in expenses related to
investment unit offering
+13
-13
Distributions of earnings per unit (EPU)
7,396
7,071
-325
7,117
46
(yen)
Increase/decrease in other non-operating
-1
-3
expenses
Of which,
*
Distributions in excess of earnings per
1,408
1,710
302
2,034
324
unit (yen)
Distributions in excess of earnings
expressed as a percentage of
27.2%
33.4%
37.5%
depreciation
A Property acquired in the 14th FP ...
Properties acquired in the 15th FP
Properties acquired in the 16th FP ...
MFLP Osaka Katano
MFLP Tomei Ayase, MFLP Tokorozawa
MFLP Hiratsuka III, MFLP Shinkiba I,
SG Realty MFLP Fukuoka Kasuya
*1 For further details, please refer to [Earnings Forecast] in the Notes on Matters
Stated in this Document on p.52-54
15View entire presentation