Fukuoka REIT Corporation

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Dividends

01. Dividends

41st Fiscal Period (September 1, 2024 - February 28, 2025) Actual
Dividend per unit 4,096 yen

Only unitholders on the register as of the end of February 2025 are eligible to receive the dividend for the 41st fiscal period. The final trading day with rights at the Tokyo Stock Exchange and Fukuoka Stock Exchange is February 26, 2025.

42nd Fiscal Period (March 1, 2025 -August 31, 2025) Forecast
Dividend per unit 4,100 yen
43rd Fiscal Period (September 1, 2025 -February 28, 2026) Forecast
Dividend per unit 4,000 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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  37th 38th 39th 40th 41st
Operating revenues 9,037 9,284 9,326 9,652 10,400
Leasing NOI (Note 1) 5,274 5,152 5,531 5,800 5,770
Depreciation and amortization expenses 1,499 1,531 1,609 1,611 1,595
Operating income 3,223 3,372 3,462 3,664 4,408
Ordinary income 2,851 2,988 3,031 3,225 3,967
Profit 2,849 2,987 3,030 3,223 3,966
Dividend per unit (yen) 3,580 3,753 3,807 3,850 4,096
Dividend yield (at period-end) (％) (Note 2) 4.4 4.6 4.6 5.1 5.7
Total number of investment units outstanding (at period-end) 796,000 796,000 796,000 796,000 872,000
Total assets (at period-end) 201,442 203,868 214,390 215,083 226,966
Net assets (at period-end) 101,788 101,926 101,969 102,161 113,389
Net assets per unit (at period-end) (yen) 127,875 128,048 128,102 128,344 130,034
Market net assets value per unit (Note 3) 182,750 185,197 189,440 194,842 194,747
Ratio of interest-bearing debt (%) 41.6 42.4 44.9 44.8 42.5
FFO per unit (yen) (Note 4) 5,319 5,133 5,529 5,828 5,242
Days in fiscal period(days) 181 184 182 184 181
Number of investment properties (at period-end) 33 35 35 35 35
Number of tenants (at period-end) (Note 5) 1,007 1,018 1,031 1,043 1,047
Total leasable floor space (m2)(Note 6) 577,161.81 580,272.77 590,409.24 590,145.62 582,606.85
Occupancy rate (at period-end) (%) 97.9 99.1 98.8 98.9 99.2
  • "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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  37th 38th 39th 40th 41st
Total debt （mm yen） 83,900 86,450 96,350 96,350 96,350
Total assets （mm yen） 201,442 203,868 214,390 215,083 226,966
Period-end appraisal value（mm yen） 215,737 239,392 255,674 259,054 260,974
Period-end book value（mm yen） 188,746 190,913 203,818 203,056 200,971
Unrealized gain （mm yen） 46,530 48,478 51,855 55,998 60,002
LTV（％） 41.6 42.4 44.9 44.8 42.5

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