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 | 11 |
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 | 13 |
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 | 15 |
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 | 16 |
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 | 17 |
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 | 18 |
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
- 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 | 19 |
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Mitsui Fudosan Co. Ltd. published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 06:08:57 UTC.