Dividends
01. Dividends
- 36th Fiscal Period (March 1, 2022 -August 31, 2022) Actual
- Dividend per unit 3,523 yen
Only unitholders on the register as of the end of February 2023 are eligible to receive the dividend for the 37th fiscal period. The final trading day with rights at the Tokyo Stock Exchange and Fukuoka Stock Exchange is February 24, 2023.
- 37th Fiscal Period (September 1, 2022 -February 28, 2023) Forecast
- Dividend per unit 3,520 yen
- 38th Fiscal Period (March 1, 2023 -August 31, 2023) Forecast
- Dividend per unit 3,540 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
02. Financial Highlights
In the 36th fiscal period, FRC acquired Hakata Chikushi-Dori Center Building (acquisition price: 4.23 billiion yen) on March 1, 2022. Moreover, the occupancy rate remained solid, with the average period-end occupancy rate of all properties FRC owns standing at 99.4%.
Consequently, FRC posted operating revenues of 8,830 million yen, operating income of 3,181 million yen, ordinary income of 2,805 million yen, and profit of 2,804 million yen for the fiscal period under review. Dividend per unit came to 3,523 yen, which represents an increase of 23 yen over the dividend forecast of 3,500 yen disclosed at the time of the announcement of the financial results for the 35th fiscal period.
32nd | 33rd | 34th | 35th | 36th | |
---|---|---|---|---|---|
Operating revenues | 8,518 | 8,904 | 8,867 | 8,658 | 8,830 |
Leasing NOI (Note 1) | 5,307 | 5,347 | 5,336 | 5,334 | 5,370 |
Depreciation and amortization expenses | 1,686 | 1,623 | 1,552 | 1,486 | 1,514 |
Operating income | 2,966 | 3,061 | 3,204 | 3,185 | 3,181 |
Ordinary income | 2,587 | 2,677 | 2,817 | 2,816 | 2,805 |
Profit | 2,586 | 2,675 | 2,816 | 2,814 | 2,804 |
Dividend per unit (yen) | 3,250 | 3,361 | 3,539 | 3,536 | 3,523 |
Dividend yield (at period-end) (%) (Note 2) | 4.7 | 4.0 | 4.0 | 4.5 | 4.1 |
Total number of investment units outstanding (at period-end) | 796,000 | 796,000 | 796,000 | 796,000 | 796,000 |
Total assets (at period-end) | 199,004 | 199,559 | 199,804 | 198,745 | 201,223 |
Net assets (at period-end) | 101,525 | 101,614 | 101,755 | 101,753 | 101,743 |
Net assets per unit (at period-end) (yen) | 127,544 | 127,656 | 127,833 | 127,831 | 127,818 |
Market net assets value per unit (Note 3) | 171,592 | 171,943 | 175,502 | 178,079 | 178,348 |
Ratio of interest-bearing debt (%) | 41.4 | 41.3 | 41.2 | 41.5 | 41.7 |
FFO per unit (yen) (Note 4) | 5,368 | 5,401 | 5,358 | 5,403 | 5,425 |
Days in fiscal period(days) | 184 | 181 | 184 | 181 | 184 |
Number of investment properties (at period-end) | 31 | 31 | 32 | 32 | 33 |
Number of tenants (at period-end) (Note 5) | 1,016 | 1,011 | 1,010 | 1,016 | 1,021 |
Total leasable floor space (m2)(Note 6) | 591,021.51 | 608,557.7 | 572,215.71 | 572,288.25 | 578,255.35 |
Occupancy rate (at period-end) (%) | 99.7 | 99.5 | 99.5 | 99.4 | 99.4 |
- "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
32nd | 33rd | 34th | 35th | 36th | |
---|---|---|---|---|---|
Total debt (mm yen) | 82,400 | 82,400 | 82,400 | 82,400 | 83,900 |
Total assets (mm yen) | 199,004 | 199,559 | 199,804 | 198,745 | 201,223 |
Period-end appraisal value(mm yen) | 225,540 | 224,900 | 226,850 | 227,990 | 233,190 |
Period-end book value(mm yen) | 187,571 | 186,972 | 186,088 | 185,177 | 190,163 |
Unrealized gain (mm yen) | 37,968 | 37,927 | 40,761 | 42,812 | 43,026 |
LTV(%) | 41.4 | 41.3 | 41.2 | 41.5 | 41.7 |