Fukuoka REIT Corporation

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Dividends

01. Dividends

40th Fiscal Period (March 1, 2024 - August 31, 2024) Actual
Dividend per unit 3,850 yen

Only unitholders on the register as of the end of August 2024 are eligible to receive the dividend for the 40th fiscal period. The final trading day with rights at the Tokyo Stock Exchange and Fukuoka Stock Exchange is August 28, 2024.

41st Fiscal Period (September 1, 2024 - February 28, 2025) Forecast
Dividend per unit 3,900 yen
42nd Fiscal Period (March 1, 2025 -August 31, 2025) Forecast
Dividend per unit 3,900 yen

The figures above are the dividend forecasts and results of Fukuoka REIT Corporation. The dividend forecasts are calculated under the definite presumption. The actual dividend could be changed under the variation of economic condition. In addition, these forecasts are not guaranteed the price of dividend.

Dividend track record

(yen)
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02. Financial Highlights

(mm yen)
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  36th 37th 38th 39th 40th
Operating revenues 8,830 9,037 9,284 9,326 9,652
Leasing NOI (Note 1) 5,370 5,274 5,152 5,531 5,800
Depreciation and amortization expenses 1,514 1,499 1,531 1,609 1,611
Operating income 3,181 3,223 3,372 3,462 3,664
Ordinary income 2,805 2,851 2,988 3,031 3,225
Profit 2,804 2,849 2,987 3,030 3,223
Dividend per unit (yen) 3,523 3,580 3,753 3,807 3,850
Dividend yield (at period-end) (％) (Note 2) 4.1 4.4 4.6 4.6 5.1
Total number of investment units outstanding (at period-end) 796,000 796,000 796,000 796,000 796,000
Total assets (at period-end) 201,223 201,442 203,868 214,390 215,083
Net assets (at period-end) 101,743 101,788 101,926 101,969 102,161
Net assets per unit (at period-end) (yen) 127,818 127,875 128,048 128,102 128,344
Market net assets value per unit (Note 3) 178,348 182,750 185,197 189,440 194,842
Ratio of interest-bearing debt (%) 41.7 41.6 42.4 44.9 44.8
FFO per unit (yen) (Note 4) 5,425 5,319 5,133 5,529 5,828
Days in fiscal period(days) 184 181 184 182 184
Number of investment properties (at period-end) 33 33 35 35 35
Number of tenants (at period-end) (Note 5) 1,021 1,007 1,018 1,031 1,043
Total leasable floor space (m2)(Note 6) 578,255.35 577,161.81 580,272.77 590,409.24 590,145.62
Occupancy rate (at period-end) (%) 99.4 97.9 99.1 98.8 98.9
  • "Leasing NOI" is calculated using "Leasing business revenues - Expenses related to leasing business + Depreciation and amortization expenses".
  • (Dividend / Days in fiscal period × 365) / Unit price (at end of each fiscal period)
  • Market net asset value per unit= {Total net assets + Unrealized gains - Total amount of dividends} / Total number of investment units outstanding
  • The FFO per unit is calculated by the following method.
    FFO per unit = (Profit + Loss on sale of real estate-Gain on sale of real estate + Depreciation) / Total number of investment units outstanding
  • "Number of tenants" is based on the total number of sections stipulated in the tenancy agreements for retail and office buildings among relevant properties. For the number of tenants in pass-through master leasing properties, the number of sections stipulated in the tenancy agreements with end tenants is shown.
  • "Total leasable floor space" indicates the figure for properties owned at end of period.
  • Fukuoka REIT implemented a 5-for-1 split of its investment units with March 1, 2014 as the effective date.

03. LTV track record

(%)
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  36th 37th 38th 39th 40th
Total debt （mm yen） 83,900 83,900 86,450 96,350 96,350
Total assets （mm yen） 201,223 201,442 203,868 214,390 215,083
Period-end appraisal value（mm yen） 233,190 215,737 239,392 255,674 259,054
Period-end book value（mm yen） 190,163 188,746 190,913 203,818 203,056
Unrealized gain （mm yen） 43,026 46,530 48,478 51,855 55,998
LTV（％） 41.7 41.6 42.4 44.9 44.8

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