Mitsui Fudosan Logistics Park (3471) Q4 2024 earnings summary

Executive summary

• 15th FP revenue, profit and DPU increased for the 14th consecutive period; occupancy was 99.8% at period-end.

• Acquisitions are expected to expand the portfolio to 30 properties and ¥399.7bn in assets, supporting the medium-term ¥500bn asset target.

Financial highlights

• Revenue was ¥11.845bn, up 3.2% YoY and ¥366m QoQ; operating income was ¥4.738bn, up 2.9% YoY and ¥134m QoQ.

• Net income was ¥4.405bn, up 3.4% YoY; FFO was ¥7.514bn, up ¥269m.

• DPU was ¥8,898, up 5.9% YoY, including ¥7,247 from earnings and ¥1,651 in excess distributions; FFO payout ratio was 72%.

Outlook and guidance

• 16th FP forecasts: revenue ¥12.419bn, operating income ¥4.851bn, net income ¥4.350bn and DPU ¥9,214.

• 17th FP forecasts: revenue ¥12.493bn, operating income ¥4.793bn, net income ¥4.294bn and DPU ¥9,313.

• Occupancy is forecast at 99.5% for the 16th FP and 100% for the 17th FP; DPU growth is forecast at 7.6% through the 17th FP.

• Excess distributions are planned at 73% of FFO for the 16th FP and 74% for the 17th FP; policy permits up to 75%, subject to financial and asset-maintenance conditions.