Fukuoka REIT Corporation

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Dividends

01. Dividends

39th Fiscal Period (September 1, 2023 - February 29, 2024) Actual
Dividend per unit 3,807 yen

Only unitholders on the register as of the end of February 2024 are eligible to receive the dividend for the 39th fiscal period. The final trading day with rights at the Tokyo Stock Exchange and Fukuoka Stock Exchange is February 27, 2024.

40th Fiscal Period (March 1, 2024 -August 31, 2024) Forecast
Dividend per unit 3,600 yen
41st Fiscal Period (September 1, 2024 - February 28, 2025) Forecast
Dividend per unit 3,600 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

FRC acquired Hakata FD Business Center (acquisition price: 14.1billion yen) on September 1, 2023, the 39th fiscal period. Moreover, the occupancy rate remained solid, with the average period-end occupancy rate of all properties FRC owns standing at 98.8%.
Consequently, FRC posted operating revenues of 9,326 million yen, operating income of 3,462 million yen, ordinary income of 3,031 million yen, and profit of 3,030 million yen for the fiscal period under review. Dividend per unit came to 3,807 yen, which represents an increase of 52 yen over the dividend forecast of 3,755 yen disclosed at the time of the announcement of the financial results for the 38th fiscal period.

(mm yen)
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  35th 36th 37th 38th 39th
Operating revenues 8,658 8,830 9,037 9,284 9,326
Leasing NOI (Note 1) 5,334 5,370 5,274 5,152 5,531
Depreciation and amortization expenses 1,486 1,514 1,499 1,531 1,609
Operating income 3,185 3,181 3,223 3,372 3,462
Ordinary income 2,816 2,805 2,851 2,988 3,031
Profit 2,814 2,804 2,849 2,987 3,030
Dividend per unit (yen) 3,536 3,523 3,580 3,753 3,807
Dividend yield (at period-end) (％) (Note 2) 4.5 4.1 4.4 4.6 4.6
Total number of investment units outstanding (at period-end) 796,000 796,000 796,000 796,000 796,000
Total assets (at period-end) 198,745 201,223 201,442 203,868 214,390
Net assets (at period-end) 101,753 101,743 101,788 101,926 101,969
Net assets per unit (at period-end) (yen) 127,831 127,818 127,875 128,048 128,102
Market net assets value per unit (Note 3) 178,079 178,348 182,750 185,197 189,440
Ratio of interest-bearing debt (%) 41.5 41.7 41.6 42.4 44.9
FFO per unit (yen) (Note 4) 5,403 5,425 5,319 5,133 5,529
Days in fiscal period(days) 181 184 181 184 182
Number of investment properties (at period-end) 32 33 33 35 35
Number of tenants (at period-end) (Note 5) 1,016 1,021 1,007 1,018 1,031
Total leasable floor space (m2)(Note 6) 572,288.25 578,255.35 577,161.81 580,272.77 590,409.24
Occupancy rate (at period-end) (%) 99.4 99.4 97.9 99.1 98.8
  • "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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  35th 36th 37th 38th 39th
Total debt （mm yen） 82,400 83,900 83,900 86,450 96,350
Total assets （mm yen） 198,745 201,223 201,442 203,868 214,390
Period-end appraisal value（mm yen） 227,990 233,190 215,737 239,392 255,674
Period-end book value（mm yen） 185,177 190,163 188,746 190,913 203,818
Unrealized gain （mm yen） 42,812 43,026 46,530 48,478 51,855
LTV（％） 41.5 41.7 41.6 42.4 44.9

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