Good afternoon, everyone. I am Uchida, Executive Manager of Investor Relations at Mitsui Fudosan. I will present the Mitsui Fudosan group's financial results for the fiscal year ended March 2023. I will use the financial results and business highlights presentation dated May 10, which has been uploaded to our IR website in explaining the results. As always, I will go into more detail later, but first, the key highlights. Please turn to page three of the presentation entitled Financial Highlights. As indicated in the table and blue box in the upper half of the page, for fiscal 2022, Mitsui Fudosan not only exceeded its forecasts, but was able to grow both operating revenues and profits year-on-year to set new record highs for operating revenues and all levels of profits, operating income, ordinary income, and profit attributable to owners of the parent.
Fiscal 2022 ROA was 3.86%, ROE 6.92%, and the year-on-year growth in EPS, which was JPY 207.9, was 12.7%. Touching upon the forecast for March 2024, Mitsui Fudosan projects operating revenues of JPY 2.3 trillion, operating income of JPY 330 billion, and profit attributable to owners of the parent of JPY 210 billion. For operating revenues, this would represent the twelfth consecutive year of new record highs. For operating income and profit attributable to owners of the parent, the forecasts represent the second consecutive year of new record highs.
As shown in the table and blue box in the lower half of the page, relative to our fiscal 2022 guidance of a full year dividend per share of JPY 60, we have chosen to raise DPS by JPY 2 to JPY 62 per share. In combination with the JPY 30 billion share buyback program announced in Q3, this brings the total shareholder return ratio to 44.9% of profit attributable to owners of the parent for fiscal 2022. Our full year dividend guidance for the fiscal year ending March 2024 has been set at JPY 68, up JPY 6 year-on-year. This level is in accordance with our payout ratio target of 30% of our net profit forecast of JPY 210 billion. Please turn to page four for a detailed breakdown of segment profits.
In fiscal 2022, segment operating income for leasing, property sales, management, and other all either increased or improved year-on-year. In particular, the core three segments of leasing, property sales, and management achieved new record highs for operating income. Please see the blue box in the upper half of the page for the major factors underpinning the higher profits for each segment. I will now explain the full year results for fiscal 2022 in more detail. Please jump forward to page 61 of the presentation. I will start with the consolidated profit and loss statement. Revenue from operations for fiscal 2022 was JPY 2,269.1 billion, up JPY 168.2 billion or 8% year-on-year. Operating income was JPY 305.4 billion, up JPY 60.4 billion or 24.7% year-on-year.
Ordinary income was JPY 265.3 billion, up JPY 40.4 billion or 18% year-on-year. Profit attributable to owners of the parent was JPY 196.9 billion, up JPY 20 billion or 11.3% year-on-year. We show the progress rate for the results compared to our forecast in the table entitled Comparison with Full Year Forecast on the right. As noted at the outset, we exceeded our initial forecast for operating revenues and all levels of profits, achieving progress rates of 103.1% for operating revenues, 101.8% for operating income, 102.1% for ordinary income, and 103.7% for profit attributable to owners of the parent.
Next, before going into more detail on each segment, please look at the table on the left side of the page. I will first cover the major non-operating items below the line. First, under non-operating gains and losses, net interest income and expenses rose JPY 23.5 billion year-on-year. As discussed previously, the major factor behind this is the impact of U.S. accounting treatment. Under U.S. GAAP, interest paid on properties under development is considered a necessary expense for the property, and as such, is capitalized and included in the construction book value on the balance sheet. However, once a property has been completed and becomes operational, interest paid is expensed as a part of leasing revenue-related expenses. Given the multiple completions of large-scale properties in the U.S. this fiscal year, starting with 50 Hudson Yards, interest expenses have increased.
Equity in net income or loss of affiliated companies increased JPY 5.1 billion year-on-year. This is mainly due to improved occupancy rates in the facilities operation business at equity method affiliates and growth in business profits from the overseas property sales business. Factoring in the deterioration in net other non-operating income and expenses, overall non-operating income and expenses was negative JPY 40 billion or a JPY 20 billion year-on-year widening of losses. I will also discuss extraordinary gains and losses. As shown in the table titled Extraordinary Gains and Losses on the upper right, Mitsui Fudosan posted JPY 44 billion in gains on sales of investment securities in fiscal 2022. Under extraordinary losses, as is usual every year, we posted JPY 8.1 billion in losses on the retirement of tangible assets. This is related to progress on refurbishment or rebuilding projects.
We also posted JPY 3.1 billion in valuation losses on investment securities, reflecting changes in market prices of listed equities. Please look at the lower part of the table on the left. Profits and losses attributable to non-controlling interests were a negative JPY 6.3 billion as of the end of fiscal 2022. This is primarily the result of profit distributions to non-controlling shareholders on the back of progress on property sales to investors in the U.S. Let us move on to a discussion of the individual segments. I will start with the leasing segment. Please turn to page 63 of the presentation materials. As shown at the top of the page, fiscal 2022 operating revenue was JPY 754.3 billion. Operating income was JPY 149.1 billion.
Both revenues and profits increased substantially year-over-year, up JPY 86.1 billion and JPY 19.1 billion respectively. JPY 754.3 billion in operating revenue and JPY 149.1 billion in operating income both represent new record highs. Compared to our guidance, the results were largely in line, falling very slightly short as a result of the impact of the seventh wave of COVID-19 infections in first half, which led to a slightly softer performance from the retail facilities business. Please see the comment box on the left side of the page for a discussion of conditions in the leasing segment.
In fiscal 2022, we were able to achieve a substantial year-on-year increase in operating revenues and profits as a result of high revenue and profit contributions from the newly operational 50 Hudson Yards office property in the U.S., as well as the COVID-19 recovery at existing retail facilities and contributions from newly opened retail facilities, LaLaport FUKUOKA and LaLaport Sakai . We show the office vacancy rate in the middle of the page. As a result of progress on tenants moving in at Tokyo Midtown Yaesu and existing properties, Mitsui Fudosan's non-consolidated metropolitan area office vacancy rate as of the end of March improved a hefty 2.6 percentage points to 3.8% from 6.4% as of the end of December.
Originally, we had expected the vacancy rate at the end of the fiscal year to be in the low to mid 4% range, but were able to achieve a better than expected improvement. The major factor behind this improvement is the solid progress on leasing for Midtown Yaesu and the re-leasing of vacant space in existing properties. Next is the property sales segment. Please turn to page 64. As shown at the top of the page, overall fiscal 2022 results for the property sales segment were operating revenue of JPY 640.6 billion and operating income of JPY 145.7 billion. This represents a year-on-year decline of JPY 3.1 billion in operating revenue, but a year-on-year improvement of JPY 7.3 billion in OP.
JPY 145.7 billion represents a new record high for segment operating income. The results were largely in line with our guidance. Looking at the individual sub-segments, I will start with the domestic residential business or property sales to individuals domestic. Please look at the second row from the top. Operating revenue was JPY 270.5 billion, and operating income JPY 39.3 billion, up JPY 25.3 billion and JPY 15.3 billion year-on-year, respectively. As stated in the comment section on the left, in fiscal 2022, there was significant progress on handovers for Park Court Chiyoda Yonbancho, a central urban high-end property, and others. The number of reported units are as shown in the middle of the table.
The combined units for condominiums and detached housing were 3,616, down 99 units year-on-year. The average unit price for condominiums and detached housing was JPY 74.8 million, up roughly JPY 9 million from the previous fiscal year. Near-term selling conditions remain very strong. Fourth quarter completed inventory, as shown in the table in the lower part of the page, is at record low levels, with condominiums down to 55 units and completed inventory for detached housing at zero. Not noted on this page, the fiscal 2022 OPM for the property sales to individuals domestic business was 14.6%. Turning to property sales to investors and individuals overseas, please look at the third row from the top of the table near the top of the page.
Operating revenue was JPY 370.1 billion and operating income JPY 106.3 billion. Properties sold vary every fiscal year. As a result of a high year-on-year base for comparison, optically, operating revenues fell JPY 28.5 billion and operating income declined JPY 7.9 billion. That said, we continued to focus on asset turnover in fiscal 2022, disposing domestic and overseas properties. We were able to largely achieve our initial guidance, generating JPY 106.3 billion in OP as a result of property sales. The properties we sold in fiscal 2022 include overseas rental residential properties such as West Edge Tower in Seattle, The Gage in Denver, and leading-edge office properties developed by Mitsui Fudosan, such as Toyosu Bayside Cross Tower and Omiya Kadomachi Square.
The real estate investment market for asset classes with stable cash flows, such as offices, logistics facilities, and rental residential properties, remains robust, particularly in the domestic market. There has been no sign of a deterioration in cap rates in current transactions. We will continue to monitor trends in transaction market players and the financial and real estate markets. Next is the management segment. Please turn to page 65. This segment consists of the property management business, which focuses on managing properties under contract, and the car park leasing business, Repark, and the brokerage and asset management business, which includes the corporate and retail brokerage businesses and the asset management business for our sponsored REITs and others. Please look at the top row of the table.
The overall management segment reported fiscal 2022 operating revenue of JPY 445.9 billion, and operating income of JPY 63.3 billion, up JPY 16.5 billion and JPY 6.1 billion, respectively. These represent new record highs for both revenue and profit. Results were in line with our guidance. We believe this segment has fully recovered from the pandemic. Looking at conditions for the individual businesses, I will start with property management. Sub-segment operating revenues were JPY 334.9 billion, and operating income was JPY 37.5 billion, up JPY 13.4 billion and JPY 6.2 billion, respectively. The key factors were higher year-on-year occupancy rates at the Repark business and the ongoing impact of cost reduction efforts designed to improve operating efficiency, as well as improved profits at various management subsidiaries.
The brokerage and asset management business reported revenues of JPY 110.9 billion and OP of JPY 25.8 billion. Operating revenue was up JPY 3.1 billion, OP fell very slightly, down JPY 0.07 billion. The major factors were the increase in project management fee revenue, which was offset by increases in expenses for the Rehouse business. I will cover the other segment. Please turn to page 66. The mainstay business of the other segment are the facility operations business, which focuses on domestic and overseas hotels and resorts, the Tokyo Dome business, which we added in fiscal 2021, and the new construction under consignment business, which includes the Mitsui Home build to order detached housing and other businesses.
Overall, as shown in the top row of the table, other segment operating revenue was JPY 428.2 billion, for an operating loss of JPY 4.2 billion. This represents a JPY 68.7 billion year-on-year increase in operating revenues and a substantial JPY 25.4 billion year-on-year narrowing of the operating loss. The results were in line with our forecast. The key factors, as outlined in the comment section on the left, were the significant year-on-year improvement of RevPAR for the hotel and resorts business on the back of the increase in inbound travelers to Japan in 2nd half, and the increase in operating days and attendance at Tokyo Dome. In particular, for domestic lodging-focused hotels, occupancy rates for the 2nd half were in the mid-80% level, and 2nd half ADRs exceeded pre-pandemic fiscal 2019 levels.
On a standalone basis, the business was in the black in second half, a reflection of the strong recovery. The Tokyo Dome business was impacted by the surge in infections from the seventh wave of COVID-19 in first half, but total spectator figures for the Yomiuri Giants professional baseball team were in the mid 70% compared to pre-pandemic fiscal 2019 levels, while attendance figures for concerts and other events at Tokyo Dome exceeded 90% versus fiscal 2019. This is a strong year-on-year recovery. Earnings had been in the red since the start of the pandemic, but after second quarter, the business reverted to the black. Please look at page 67. We show here figures for the overseas business for your reference.
Total overseas business profits for fiscal 2022 were JPY 59.2 billion, up a substantial JPY 27.9 billion year-on-year. The overseas business OPM was 18.9%. Please note there is a three-month lag in reflecting overseas profits. The figures included in our fiscal 2022 earnings reflect the results for the overseas businesses for the period of January to December 2022. Within this, the leasing segment reported year-on-year increases of JPY 41.1 billion in operating revenue and JPY 14.8 billion in operating income, mainly driven by the contribution of 50 Hudson Yards. As noted earlier, the property sales segment benefited from the contribution of sales of rental residential properties and condominiums in the U.S., with significant year-on-year increases in revenues of JPY 94.9 billion and operating income of JPY 6.7 billion.
The management and other segment reported a year-on-year improvement in operating revenues of JPY 13.8 billion, and a narrowing of the operating loss by JPY 4.8 billion on the completion of the renovation and restart of operations at the Halekulani Hotel in Hawaii. I will move on to talk about the balance sheet. Please turn to page 68. At the very bottom of the page, total assets as of the end of fiscal 2022 were JPY 8,841.3 billion, an increase of JPY 633.3 billion versus the end of the previous fiscal year. Of the JPY 633.3 billion year-on-year increase in assets, approximately 40% or JPY 255.5 billion was the result of changes in foreign exchange rates.
I will now discuss the major components of change, such as cost recovery. Please turn to page 69. The total outstanding balance of real property for sale, as shown in the table on the upper left, was JPY 2,163.6 billion, up JPY 111.9 billion from the end of March 2022. New investments were JPY 469.7 billion, which was offset by cost recovery of JPY 440.5 billion. Others, which include Forex impact, was JPY 82.7 billion. If we look just at new investments and cost recovery, there was a slight increase in net cost recovery at Mitsui Fudosan, but net investments increased at Mitsui Fudosan Residential.
Cost recovery outweighed investments at Mitsui Fudosan America, factoring in the impact of the weak yen resulted in a net increase. Looking at the table in the lower left, the outstanding balance of tangible and intangible fixed assets was JPY 4,293.1 billion, up JPY 378.9 billion from March 2022. We explain the key contributing factors in the comment section on the lower right. We incurred new investments of JPY 386.5 billion related to construction at Tokyo Midtown Yaesu, LaLaport FUKUOKA, which is owned by a domestic SPC, and 50 Hudson Yards in New York.
Taking into account depreciation of JPY 125.2 billion, Forex impact, and other factors under other of JPY 117.7 billion, this resulted in a net increase of JPY 378.9 billion versus March 2022. On the liability side, please look at the table on the upper right. The outstanding balance of interest-bearing debt as of the end of fiscal 2022 was JPY 4,048.5 billion, up JPY 381.2 billion from March 2022. Of this increase, approximately one-third or JPY 132.9 billion reflects the impact of Forex movements.
Going back to page 68, as a result of the above, the D/E ratio as of the end of fiscal 2022 was 1.40 times, and the equity ratio was 32.8%, as shown in the lower right. Given that this is the end of the fiscal year, we have also reviewed the market value of our rental properties. Please see page 70. As you can see in the upper table, as of the end of March 2023, market value was JPY 6.6958 trillion. The unrealized gains, the difference between market and book value, is JPY 3.2626 trillion, up JPY 232.2 billion from March 2022. This fiscal year, we did not particularly adjust the cap rates used in the appraisal.
The major drivers of the increase are the addition of newly completed properties, such as 50 Hudson Yards, to the properties subject to market valuation and the impact of changes in foreign exchange rates. I will now discuss the earning forecast for the fiscal year ending 2024. Please turn to page 73. Please note that from this fiscal year, Mitsui Fudosan is changing its segment guidance, creating facility operations as a new segment in addition to the four segments to date of leasing, property sales, management, and other. The main change consists of moving the hotel and resorts and Tokyo Dome businesses, which had been included in the other segment until now, into the newly created facility operations segment. I will explain the segment breakout for the fiscal 2023 guidance, along with a restatement of fiscal 2022 operating revenues and operating income based on the new segmentation.
Starting with the leasing segment, we project operating revenues of JPY 780 billion, an operating income of JPY 162 billion, reflecting the profit contributions from properties completed in fiscal 2022, including Tokyo Midtown Yaesu, 50 Hudson Yards, and LaLaport Sakai , and the recovery of GMV at retail facilities. This represents new record highs for both, with a substantial increase of JPY 24.7 billion in operating revenue and JPY 12.2 billion in operating income. We are expecting the vacancy rate to improve from the 3.8% level as of the end of March 2023. The outlook for Mitsui Fudosan's non-consolidated metropolitan area office vacancy rate is expected to be at around the 3% level at the end of March 2024.
As always, the snapshot vacancy rate during the fiscal year is likely to be slightly lumpy, reflecting the impact of new leases and terminations. Property sales. We show a detailed breakout on the left side of page 74. Please refer to this. For the domestic residential business, we project total reported units to be 3,800, a combination of condominiums and detached housing for operating revenue of JPY 310 billion and operating income of JPY 50 billion, both up year-over-year. We expect the OPM to also improve by 1.5 percentage points to 16.1%, which is a new record high. Similar to fiscal 2022, we expect profit margins to improve in fiscal 2023 on the back of a higher unit price and strong sales of individual properties.
Relative to the forecast for reported condominium units of 3,350 units, the contract rate is 77.5%. We have confidence in our forecast for this business, given the higher than usual contract rate for this time of year. Our land bank currently stands at 25,000 units. We expect to continue to generate stable profits over the medium term with a continued focus on central urban, large scale redevelopment projects. Property sales to investors and individuals overseas. We aim to solidly realize unrealized gains through continued asset turnover as a part of our balance sheet control initiatives. We project operating revenues of JPY 290 billion and operating income of JPY 96 billion. Optically, the operating income forecasts appear to imply a year-on-year decline in operating income as well as operating revenue.
We are also expecting to generate extraordinary profits from the disposal of tangible assets in fiscal 2023. If these profits are factored in, then profits generated from property sales to investors on a broadly defined basis will remain over JPY 100 billion in fiscal 2023. Overall, for the property sales segment, we are projecting a year-on-year decline in operating revenues, but higher operating profits. Similar to the leasing segment OP for property sales is projected to hit a new record high. Next, please return to page 73 for the management segment. Continuing on from fiscal 2022, we expect trends in the retail brokerage and Repark car park leasing businesses to remain firm. However, we are also factoring in increases in DX and labor expenses for the group companies.
We project operating revenue of JPY 450 billion and operating income of JPY 60 billion. The guidance is for higher revenues but lower profits year-on-year. We expect to maintain the absolute operating income at JPY 60 billion, which is at a similar scale to the fiscal 2022 record high of JPY 63.3 billion. Next is the new facility operations segment. Reflecting the expected benefit from domestic and overseas travel demand in the hotel and resorts business, and spectator attendance at the Tokyo Dome business, and the recovery in demand for food, beverage, and merchandise sales. We project operating revenues of JPY 180 billion and operating income of JPY 14 billion. We expect positive year-on-year growth in operating revenues and operating income, as well as a return to full year profitability.
For the other segment, taking into account the recovery in domestic and overseas orders for the new construction under consignment business, we expect overall operating revenues of JPY 290 billion and operating income of JPY 2 billion. We expect positive year-on-year growth in operating revenues and operating income, as well as a return to full year profitability. Finally, with regard to net interest, income and expense, we project a year-on-year increase of JPY 26 billion to JPY 80 billion. The major factor behind the increase is related to U.S. dollar-denominated borrowings. In particular, roughly half of the non-recourse loan for projects under development in the U.S. are floating rate. As a result, we will be impacted on a full year basis owing to the rise in policy interest rates.
At the same time, the vast majority of our funding has been and continues to come from domestic and overseas corporate loans. More than 90% of such corporate loans are long-term fixed rate loans. As a result, the impact of rising rates on such loans should remain limited. Bringing it all together, for fiscal 2023, we forecast operating revenues of JPY 2.3 trillion, up JPY 30.8 billion year-on-year, and operating income of JPY 330 billion, up JPY 24.5 billion year-on-year. We project ordinary income of JPY 245 billion, down JPY 20.3 billion year-on-year.
After factoring in net extraordinary gains of JPY 65 billion on the back of measures such as the disposal of assets, including real estate, our guidance for profit attributable to owners of the parent is JPY 210 billion, up JPY 13 billion year-on-year. All of these forecasts represent new record highs. As noted at the beginning, our DPS guidance for fiscal 2023 is JPY 68 for the full year, up JPY 6 year-on-year, with interim and fiscal year-end dividends of JPY 34 each. With regard to investments, please turn back to page 74 and the table on the right side. For investments in tangible and intangible assets in fiscal 2023, reflecting planned investments including the Yaesu 2-Chome district re-redevelopment project, 50 Hudson Yards, and retail facilities in Taiwan, we expect investments of JPY 260 billion.
On real property for sale, we project investments of JPY 620 billion, up from the fiscal 2022 level. This is mainly reflecting the increase in construction-related investments for logistics facilities and domestic and overseas residential properties currently under development. Based on this, we project the outstandings for interest-bearing debt as of the end of March 2024 to be JPY 4,450 billion. This completes my explanation.