Investor Presentaiton
Fudosan
2-1. Four Roadmaps to Stable Growth and Trajectory of Growth MFLP Logistics Park Inc.
Fiscal 2016 - Fiscal 2019
1st 6th fiscal periods
Fiscal 2020
7th fiscal
period
8th fiscal
period
9th fiscal
period
Asset size
1st follow-on offering
January 2018
2nd follow-on offering
January 2019
3rd follow-on offering
January 2020
Acquisition with
borrowed funds, etc.
August 2017
Acquisition with
borrowed funds, etc.
December 2018
16 properties
12 properties 13 properties
9 properties
10 properties
75.5
billion yen
78.7
billion yen
98.3
billion yen
103.5
billion yen
156.7
billion yen
205.0
18 properties
Target asset size
Achieved
200 billion yen
billion yen
MFLP Prologis Park Kawagoe (50%)
MFLP Hiroshima I
MFLP Sakai (80%)
LTV*
Fiscal 2021 or after
10th fiscal period or after
Aim to continuously
acquire properties,
focused on
high-quality properties
covered by "Right of first
look and preferential
negotiation rights
agreement"
300.0
billion yen
Aim for further
expansion of
asset size
Medium-term
target asset size
End of 9th
fiscal period
(Forecast)
(January 31, 2021)
Fund procurement and
LTV management
optimal for the expansion
of acquired asset size
Medium-to
long-term
stabilized LTV level
40% to 50%
range
End of 7th
End of 1st
fiscal period
End of 2nd
fiscal period
End of 3rd
fiscal period
End of 4th
fiscal period
End of 5th
fiscal period
End of 6th
fiscal period
fiscal period
(January 31, 2020)
End of 8th
fiscal period
(Forecast)
(July 31, 2020)
24.5%
21.6%
22.5%
23.9%
26.8%
29.1%
27.3%
30.6%
28.9%
Distribution
per unit (DPU)
1st fiscal
period
2nd fiscal
period
3rd fiscal
period
4th fiscal
period
5th fiscal
period
6th fiscal
period
7th fiscal
period
8th fiscal
period
(Forecast)
9th fiscal
period
(Forecast)
5,198 yen 5,346 yen
6,890 yen
7,217 yen
6,496 yen
6,584 yen
6,105 yen
5,563 yen
5,832 yen
Market cap
*
Trends of NAV
per unit*
305,914 yen
314,345 yen
292,424 yen
318,471 yen
End of 6th
fiscal period
354,492 yen
326,618 yen
End of 7th
fiscal period February 2020)
After 3rd
follow-on offering
(as of the end of
286,378 yen
273,318 yen
End of 1st
fiscal period
76.1
billion yen
End of 2nd
fiscal period
End of 3rd
fiscal period
End of 4th
fiscal period
End of 5th
fiscal period
71.5
billion yen
84.4
billion yen
84.7
billion yen
198.9
billion yen
212.7
billion yen
September Inclusion in EPRA/NAREIT Index
2019
*For further details, please refer to "Four Roadmaps to Stable Growth and Trajectory of Growth" on p. 43.
90.7
149.1
billion yen
billion yen
Continuous DPU growth
through leverage effects
Expansion of market cap
through public offerings, etc.
Growth
potential
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