Mitsui Fudosan : Financial Reporting Document

三井不動産グループの資産と収益（2024年3月期）

Assets and Revenues of the Mitsui Fudosan Group（FY2023）

三井不動産グループの資産

Assets of the Mitsui Fudosan Group

● 連結総資産	約9.4兆円
Total Consolidated Assets
● 有形・無形固定資産	Approx.￥9.4 trillion
（うち、賃貸等不動産3.5兆円）	約4.4兆円
Tangible and Intangible Fixed Assets
(including about ¥3.5 trillion in rental property)	Approx.￥4.4 trillion
● 販売用不動産	約2.3兆円
（うち投資家向け約1.6兆円、個人向け0.7兆円）
Real Property for Sale	Approx.￥2.3 trillion
(Approx.¥1.6 trillion for investors;
Approx.¥0.7 trillion for individuals)
収益構造
Revenue Structure

2 経営方針Management Policy

有形・無形固定資産	Tangible and Intangible Fixed Assets
約4.4兆円		Approx.¥4.4 trillion
46%	総資産	46%

約9.4兆円

		販売用不動産
その他資産	Approx.¥9.4 trillion	約2.3兆円
約2.7兆円		25%

29%	Real Property for Sale
Others
Approx.¥2.3 trillion
Approx.¥2.7 trillion
25%
29%

	その他
施設営業	Other		賃貸		分譲	マネジメント	施設営業	その他
Facility	12%
Operations	賃貸	Leasing	Property Sales	Management	Facility Operations	Other
8%		Leasing	その他						その他
	34%		投資家向け・			スポーツ・エンターテインメント
	連結営業収益	Other			仲介・AM等	Others
	10%		海外住宅等		Sports＆	13%
	約2.3兆円			To Investors		Brokerage, AM, etc.	Entertainments
			オフィス
			国内住宅	25%
			and	28%
Revenue from Operations	商業	Office
	To
Individuals
マネジメント	Approx. ￥2.3 trillion		Retail	55%	Individuals
	(Overseas),	PM	ホテル・リゾート	新築請負・リフォーム
Management			35%		etc.	(Domestic)	75%	New Construction under
			Hotels & Resorts
19%					50%	50%	Consignment & Reform
分譲
				72%	87%
	Property Sales
	26%
MITSUI FUDOSAN CO.,LTD				10

セグメント事業利益とアセットクラス	2	経営方針
Segment Business Income and Asset Classes	Management Policy

セグメント毎の事業利益の構成（2024年3月期）

Composition of Business Income for Each Segment (FY2023)

十億円

Billions of Yen

合計

Total

賃貸

分譲

マネジメント

施設営業

その他

Leasing

Property Sales

Management

Facility Operations

Other

●主に収益を上げているカテゴリ

個人向け/To individuals

プロパティ

仲介/Brokerage

アセット

ホテル・

スポーツ・エン

新築請負・

国内住宅

海外住宅

マネジメント

マネジメント

オフィス

商業施設

その他

投資家向け

個人向け

リフォーム

リゾート

ターテインメント

Domestic

Overseas

Property

法人向け

Asset

New Construction

●Main revenuegeneratingcategories Office

Retail

Other

To investors

To

housing

housing

Management

To corp.

management Hotels &

Sports &

under

individuals

Resorts

Entertainment

Consignment ＆

Reform

オフィス

●

●

●

●

●

Office Buildings

商業施設

●

●

●

●

Retail Facilities

物流施設

●

●

●

●

主なアセットクラス Logistics Facilities

Main asset

中高層

●

●

●

●

●

●

●

住宅

Condominiums

class

Housing

戸建

●

●

●

Detached Housing

ホテル・リゾート

●

Hotels and Resorts

東京ドーム

●

Tokyo Dome

MITSUI FUDOSAN CO.,LTD

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持続的な成⾧を実現するビジネスモデル	2	経営方針
Business Model that Realizes Sustainable Growth	Management Policy

不動産の「保有」「開発」「マネジメント」を最適、かつ柔軟に組み合わせ、利益の最大化を実現

Maximize Profits through an Optimal and Flexible Combination of Real Estate "Holding & Leasing," "Development & Sales," and "Management"

	三井不動産グループ
	Mitsui Fudosan Group
		開発
		Development
Tangible and Intangible Fixed Assets	and Sales
Business
Approx. ¥ 4.4 trillion
46%
	46%
約9.4兆円
Approx. ¥ 9.4 trillion
その他資産	販売用不動産	Cash
約2.3兆円
約2.7兆円
25%	Flow
Others	Real Property for Sale	保有	マネジメント
Approx. ¥ 2.3 trillion	Holding and
Approx. ¥ 2.7 trillion	Management
25%	Leasing
29%	Business
Business
（2024年3月期/FY2023）
三井不動産グループ総資産	Mitsui Fudosan Group Total Assets
（約9.48兆円）	(Approx. ¥9.48 trillion)

分譲・売却

Property Sales

売却売上

Sales

Revenue

管理・運営・仲介等

Management

Operation

Brokerage, etc.

手数料

Commissions

投資家・不動産オーナー

Investors, Property owners

投資家

Investors

不動産

オーナー

Property

owners

（2024年3月期/FY2023）

預かり資産（約4.72兆円）

Customers' assets in custody

（Approx. ￥4.72 trillion）

		賃貸	賃料収入
	Leasing	Leasing Revenue
	テナント Tenants
	オフィステナント/Office tenants	テナント	商業テナント/Retail tenants
	約3,000社*1/Approx. 3,000 companies*1	Tenants	約2,500社*2/Approx. 2,500 companies*2
	*1 2024年3月末時点 /As of March 31, 2024		*2 2023年10月1日時点 /As of Oct. 1, 2023
MITSUI FUDOSAN CO.,LTD		12

＊「保有・開発・マネジメント」とは

保有:稼働資産の保有を通じた、安定的な「賃貸利益」「施設営業利益」の享受

開発:資産の売却による付加価値の顕在化、「開発利益（売却益）」の享受

マネジメント:預かり資産等を通じた、継続的な「マネジメント利益」の享受 *Holding & Leasing, Development & Sales, and Management activities Holding & Leasing:

Generate stable leasing income and facility operating income through the ownership of operating assets.

Development & Sales:

Realize added value through the sale of assets and development profit (gain on sale). Management:

Generate continuous management profit through assets under management, etc.

成⾧投資とポートフォリオ	2	経営方針
Growth Investment and Portfolio	Management Policy

Creation of Added Value through Growth Investment

Guideline for Investment Criteria

Asset Portfolio of the Mitsui Fudosan Group

(Domestic example: NOI yield) Central Tokyo prime office buildings

≈5%

Retail Facilities (land holding)

≈8%

Retail Facilities (lease-land type)

≈12%

Investment and Development

Focal points in portfolio building

✓Sourcing of properties with high potential for added value

✓Adding value and improving margin through development investment

✓Strengthening of resilience to market changes through area-product combinations; awareness of balance between risk and returns

Area

Domestic Central Tokyo

Suburbs

Europe and

Overseas North America

Asia and Other

Regions

		3,592.7
		38%
Other Tangible	Tangible and Intangible
and Intangible		Fixed Assets
Fixed Assets
9%		¥9,489.5	1,631.7
	Others	（FY2023） Real		17%
		Property

for

2,708.8	743.5
29％
8%
Unit: Billions of yen

Product Category

Office Retail Housing Buildings Facilities

Logistics Hotels,

Facilities etc.

A. Rental Properties

B. Real Property for Sale

(For Property Sales to Investors)

C. Real Property for Sale

(For Property Sales to Individuals (Domestic))

MITSUI FUDOSAN CO.,LTD

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成⾧投資とポートフォリオ	2	経営方針
Growth Investment and Portfolio	Management Policy

Realisation of unrealized gain from the timely sale of income-generating real estate holdings (Approx. 5.2 trillion)

Change in

Leasing segment Operating Income

（Billions of Yen）

180.0
		167.8
160.0
	145.8	149.1
	141.9
140.0	138.3
135.7
	129.9
	124.1
	120.7
120.0

109.2

104.3 107.8

100.0

80.0

60.0

40.0

20.0

0.0

FY FY FY FY FY FY FY FY FY FY FY FY 201220132014201520162017201820192020202120222023

A. Rental Properties (Tangible and Intangible Fixed Assets)

Development

Operating Asset

11%

Expected NOI yield

8.0%

Overseas

Domestic

7.9%

26%

Book value at

Overseas

8.1%

Approx. ¥3.59 trillion*1

*1 Asset breakdown

89%

Operating Asset

Under

Domestic

Total

Develo

Domestic

Office

Retail

Other

Overseas

pment

63%

43%

15%

5%

26%

11%

100%

￥3.59

trillion

Domestic

Overseas Under Development

B. Real Property for Sale (for Property Sales to Investors)

Under

Domestic

Operating Asset

Development

Expected NOI yield

6.4%

45%

29%

Domestic

7.0%

Book value at

Overseas

5.4%

the end of March 2024

Approx. ¥1.63 trillion*2

*2 Asset breakdown

71%

Operating Asset

Under

Overseas

Domestic

Develo

Total

Office

Retail

Logistics

Rental

Other

Overseas

pment

26%

Housing

13%

10%

11%

11%

1%

26%

29%

100%

￥1.63

trillion

Domestic Overseas

Under Development

		Change in Gains on Sales
（Billions of Yen）
130	Gains on Sales of Fixed Assets
		121.4
120	Gain on sales of Real Property for Sale	6.8
		(Excluding Residential use for Individuals)
110
100					97.9	96.7
				93.8
90					20.7
							82.8
80							4.4
70				62.4
60				53.3	114.4
50					93.8	96.7
40			34.6	77.2		78.4
30			20.5	62.4
				53.3
20		18.7
17.5	34.6
		10.6

10 2.8 13.1 18.7 20.5

0 7.8 4.2

FY FY FY FY FY FY FY FY FY FY FY FY 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Cap rate Examples of Major Assets

Sold in the Past

(FY2019-2023 results)

Office	2.7 ~ 4.2%
Retail	2.8 ~ 4.2%
Logistics	3.9 ~ 4.9%

MITSUI FUDOSAN CO.,LTD

グループ⾧期経営方針 ＆INNOVATION2030 *2024年4月策定	2 Management経営方針	Policy
Mitsui Fudosan Group Long-Term Vision:＆INNOVATION2030 ⋆Announced in Apr. 2024

Structure of & INNOVATION 2030

Please refer to the following URL link for details

https://www.mitsuifudosan.co.jp/english/corporate/innovation2030/

MITSUI FUDOSAN CO.,LTD

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グループ⾧期経営方針 ＆INNOVATION2030	*2024年4月策定		2 Management経営方針	Policy
Mitsui Fudosan Group Long-Term Vision:＆INNOVATION2030 ⋆Announced in Apr. 2024
Quantitative Targets: Around FY2030
Growth Indicator	EPS*1 growth rate	＋8% or higher*2	Efficiency Indicator	ROE 10% or higher
*1: Earnings Per Share *2:FY2023 (forecast as of Apr.11, 2024)-FY2030(forecast)CAGR
Quantitative Targets: FY2026
Growth Indicator	EPS growth rate	＋8% or higher*3	Efficiency Indicator	ROE 8.5% or higher
	Business	¥440 billion or higher *4		Total payout	50% or higher each period
PL	income		return ratio
Profit attributable to	¥270 billion or higher			Around 35% each period
	owners of parent		payout ratio
		Shareholder Returns
	Total assets	Around ¥9 trillion
BS	（FY2024-FY2026）	profit growth
Interest-	Around ¥4.5 trillion	(continuous and progressive dividends)
	bearing debt
Efficiency Indicator	ROA	5％ or higher*5		Flexible and continuous repurchase of own shares

*3: FY2023 (forecast as of Apr.11, 2024)-FY2026 (forecast)CAGR

*4: Operating income +Equity in earnings/losses of affiliates (including Gain/loss on sales ofshares of subsidiaries and affiliates for the purpose of real estate sales)+Gain/loss on salesoffixed assets

*5: Business income / Average total assets over period

Indicators Trends in actual results (11 most recent fiscal years)

（Yen）	EPS
85.0
	Based on post stock split executed on April 1, 2024	80.2
75.0
		69.3
		62.8	61.5

（%）ROA

5.0

4.6 4.6

4.4

4.5

4.2

4.1 4.1 4.1

（%）	ROE
8.0
			7.7
		7.4	7.4	7.5
7.5
			6.9

65.0

57

52.

55.0

4.0

3.9 3.9

7.0		6.8
		6.6
6.5	6.3	6.4
		6.2

		44.5
45.0		39
	34.	44.8

35.0 29.

25.0

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

3.5

3.3

3.0

2.8

2.5

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

6.0

5.5
5.0	5.2

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

MITSUI FUDOSAN CO.,LTD

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グループ⾧期経営方針 ＆INNOVATION2030 *2024年4月策定	2 Management経営方針	Policy
Mitsui Fudosan Group Long-Term Vision:＆INNOVATION2030 ⋆Announced in Apr. 2024

Executive summary of Financial Strategy

Manage with an equal focus on the three key objectives : enhance growth, efficiency and shareholder returns

Achieve stable and continuous profit growth and

enhance cash-generating capabilities

⚫Achieve stable and continuous leasing income growth through various measures, including the development of new properties and existing property top-line growth.

⚫Realize development added value through the stable and continuous turnover of assets, while taking into consideration the balance between

leasing income and sales profit.

⚫Enhance cash-generating capabilities through business planning, property development, and management capabilities that are the source of the Company's competitive advantage.

Improve efficiency and maintain financial soundness

by managing the Company's balance sheet

⚫Further enhance the quality of the asset portfolio by considering and executing asset turnover, reviewing not only real property for sale but fixed assets and investment securities.

⚫Maintainan "A" rating as a measure of financial soundness and appropriately control financial leverage.

⚫Steadily and sustainably improve ROE to a level that exceeds the cost of capital.

Expand shareholder returns

based on growth and efficiency

⚫Improve the dividend payout ratio and achieve stable dividend increase linked to profit growth (continuous and progressive dividends).

⚫Undertake the flexible and continuous repurchase of own shares.

⚫Implement measures to increase the proportion of long-term shareholders.

MITSUI FUDOSAN CO.,LTD

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グループ⾧期経営方針 ＆INNOVATION2030 *2024年4月策定

Mitsui Fudosan Group Long-Term Vision:＆INNOVATION2030 ⋆Announced in Apr. 2024

Achieve stable and continuous profit growth

• 経営方針Management Policy

Segment

Leasing

Property Sales

Management

Facility Operations

FY2022

Business income*

Approx.

¥150 billion

Approx.

¥153 billion

Approx.

¥63 billion

Approx.

• ¥4 billion

Image of growth

Increase in leasing income due to the completion of new properties.

Increase in leasing income due to such factors as the increase in existing property rent revenue.

Focus on the stable generation of high margins.

Amounts recorded each period vary depending on market conditions.

Increase in management fees due to such factors as AUM growth and increase in property management fees.

Further improvements in ADR for hotels and resorts.

Increase in the number of Tokyo Dome customers, etc.

FY2026 Business income*

Around ¥180 billion

Around ¥210 billion

Around ¥70 billion

Around ¥30 billion

Total Business Income*	Approx.	Based on the above
¥313 billion

¥440 billion or higher

• Business income = Operating income + Equity in earnings/losses of affiliates (including Gain/loss on sales of shares of subsidiaries and affiliates for the purpose of real estate sales) + Gain/loss on sales of fixed assets Total business income includes income and loss of "Other" and "Corporate and Elimination" segments in addition to the above 4 segments.

MITSUI FUDOSAN CO.,LTD

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グループ⾧期経営方針 ＆INNOVATION2030 *2024年4月策定	2 Management経営方針	Policy
Mitsui Fudosan Group Long-Term Vision:＆INNOVATION2030 ⋆Announced in Apr. 2024

Improve efficiency and maintain financial soundness

▶Accelerate asset turnover and realize added value (valuation gains), while taking into consideration the balance between leasing income and sales profit.

(Sale of fixed assets and real property for sale without exception; reduction of strategic shareholdings; sell at the right time stocks held purely for investment purposes)

Work to increase management revenue by expanding assets under management.

▶Maintain a highly efficient and sound financial structure while controlling the balance sheet (BS).

Assets under management

Expand assets under management (AUM)

⇒Expand management income

Total assets

Accelerate asset turnover

⇒Realize added value (valuation gains)

Proceeds from asset turnover Around ¥2 trillion (FY2024-FY2026)

Interest-bearing debt/Equity

Financial leverage Maintain an "A" rating

Our affiliated REITs, PFs, business corporations, individuals, etc.

Trillion yen

1. Steady growth in total assets under management

0.00

FY2002 FY2007 FY2012 FY2017 FY2022 FY2030

Fixed assets/ Real property for sale

Sale without exception

Marketable securities●Strategic shareholdings

Reduction of around 50% (FY2024-FY2026)

Accelerate efforts to reduce strategic shareholdings; reduce current holdings by 50% over the three-year period to FY2026. Continue to actively reduce strategic shareholdings from FY2026 onward.

●Stocks held purely for investment purposes

Sell at the right time

Reflecting our track record to date, we will continue to take a flexible and sustainable approach to selling over time, allocating proceeds to invest for future growth while also taking the share price into account.

D/E ratio

Around 1.2-1.5times

Shareholder returns

Return of profits to shareholders

taking into consideration financial soundness

and capital efficiency

• Steadily and sustainably improve ROE to a level that exceeds the cost of shareholders' equity

Expand spread	Cost of
Improve	shareholders'

ROEequity

（As of 2024:Around7%）

11.0%	ROE Results and Future Targets
10.0%
			10%
9.0%
7.4%	7.7%		8.5%
8.0%
	6.6%	6.9%
7.0%

6.0%

5.0%

5.2%

4.0%

FY2018 FY2019 FY2020 FY2021 FY2022 FY2026 FY2030

Active IR dialogue

	Competitive
Social impact	advantage	Promote ESG
Social value	Differentiation	initiatives
	strategy
Enhance	Future	Enhance growth,
performance	efficiency and
the quality of
stability and	shareholder
the portfolio
continuity	returns

Gain the trust and confidence of stakeholders

MITSUI FUDOSAN CO.,LTD

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