Fukuoka REIT Corporation

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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

(yen)
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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.

(mm yen)
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  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

(%)
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  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

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