Good afternoon, everyone. I am Uchida, Executive Manager of Investor Relations at Mitsui Fudosan. I will explain details of our results for the third quarter of the fiscal year ending March 2023. Similar to previous briefings, I will use the financial results and business highlights materials dated February 10th, which are available on our website. Let's get started. As always, I will start with an overview of third quarter. Please turn to page three of the presentation materials. We show the nine-month cumulative results in the box outlined in blue on the upper left. As you can see, we were able to achieve year-on-year increases in operating revenue and all levels of profit, operating income, ordinary income, and profit attributable to owners of parent. As well, all represent new record highs for nine-month cumulative results.
For net income, this is the second consecutive fiscal year in which we have set a new record high. On the progress rate versus our full year guidance, we continue to make good progress toward achieving new full-year record highs for operating income and net profit of JPY 300 billion and JPY 190 billion, respectively. Reflecting the heightened likelihood of achieving our full year forecast, our commitm ent to steady and consistent shareholder returns, and as a part of our agile capital policy aimed at EPS growth and enhancing ROE, we have decided to implement a share buyback pro gram of up to a maximum of JPY 30 billion. For more details, please see today's press release, Notice Concerning the Determination of Share Repurchase. Please look at the table on this page, which shows the breakdown of profits by segment.
For the third quarter cumulative results, we were able to achieve higher or improved operating income for all four segments of leasing, property sales, management, and other. Please see the box to the right of the table where we provide an overview of the main drivers of improved profits for each segment. I will now discuss the results in more detail. The next page is a big jump forward. Please open to page 57. We will start with the consolidated profit and loss statement. For the nine-month third quarter results, consolidated operating revenue was JPY 1,626.3 billion, up JPY 159.4 billion, or 10.9% year-on-year. Operating income was JPY 213.3 billion, up JPY 58.7 billion, or 38% year-on-year.
Ordinary income was JPY 186.2 billion, up JPY 48.3 billion, or 35.1% year-on-year. Net profit attributable to owners of paren t was JPY 147.1 billion, up JPY 23.6 billion, or 19.2% year-on-year. On progress versus our full year plan, please see the box titled Progress Comparison with Full Year Forecast. Compared to our full year guidance, operating revenue stood at 73.9%, operating income at 71.1%, ordinary income at 71.6%, and net profit attributable to owners of parent at 77.5%. As you can see, we are making steady progress toward achieving our forecast. Next, before commenting on the segment details, please return to the table on the left. I will touch upon the major items below the line.
First, under non-operating income and expenses, net interest income and expense increased JPY 14 billion year-on-year. As I noted at the time of both first quarter and second quarter results, the major fthactor behind the increase 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. Once a property has been completed and becomes operational, interest paid is expensed as 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 as we had expected. Equity in net income or loss of affiliated companies increas ed JPY 6.2 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 net other non-operating income and expenses, overall non-operating income and expenses was a negative JPY 27.1 billion or a JPY 10.3 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 third quarter. Under extraordinary losses, we posted JPY 2.1 billion in losses on step acquisition. F or both of these items, the figures are unchanged from second quarter. Next, please look at the lower part of the table on the left.
Profits and losses attributable to non-controlling interests were a negative JPY 5.7 billion as of third quarter 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.. I will now cover the segment resu lts in more detail. I will start with the Leasing segment. Please turn to page 59 of the Investor presentation material. We show the Q3 segment results at the top of the page. Operating revenue of JPY 558.3 billion and operating income of JPY 115 billion. This represents year-on-year increases of JPY 65.1 billion and JPY 13.5 billion, respectively. In the comment section on the left, we described recent conditions for the leasing segment.
In addition to the revenue and OP growth from newly completed 50 Hudson Yards in New York, third quarter Leasing segment revenues and profits also benefited from a recovery from the pandemic impact at existing retail facilities and the start of operations at LaLaport FUKUOKA in April 2022, leading to year-over-year increases for operating revenue and profits. We show the office vacancy rate in the middle of the page. As a result of the temporary impact related to the completion of Tokyo Midtown Yaesu, Mitsui Fudosan's non-consolidated metropolitan area office vacancy rate as of the end of December was 6.4%. If we exclude Midtown Yaesu, the office vacancy rate was at the low 4% level, generally flat and stable compared to the levels as of the end of June and September.
For large scale properties like Tokyo Midtown Yaesu, the schedule for tenants moving in is staggered. It takes a certain amount of time after completion before all the tenants take occupancy. Because of this, optically the vacancy rate can look temporarily elevated immediately following the completion. As tenants move in, the vacancy rate should gradually decline into the end of the fiscal year. Also, with two months to go to the end of the fiscal year, we have re-examined our vacancy rate forecast. As a result, while we had indicated that we expected the vacancy rate as of the end of the fiscal year, excluding Midtown Yaesu, to be at the low to mid 4% level, we now expect it to come in very close to the 4% level, an improvement from our initial guidance.
With regard to the leasing situation for Midtown Yaesu, we continue to make good progress toward the grand opening slated for March. Prospects for being fully leased up are in sight, in line with plan. Next is the Property Sales segment. Please turn to page 60. As shown at the top of the page, overall third quarter results for the Property Sales segment were operating revenue of JPY 426.9 billion and operating income of JPY 90.7 billion. This represents year-over-year improvements of JPY 21.3 billion in operating revenue and JPY 15.3 billion in OP. Looking at the individual sub-segments, I will start with the domestic housing sales business. Please look at the second row from the top.
Operating revenue was JPY 195.6 billion and operating income JPY 29.5 billion, up JPY 9 billion year-on-year for both operating revenue and operating income. As stated in the comment section on the left, in third quarter, there was significant progress on handovers for Park Court Chiyoda Yonbancho, a central urban high-end property. The number of reported units are shown in the middle of the table. The combined units for condominiums and detached housing were 2,444, down 331 units year-on-year. The average unit price for condominiums and detached housing was over JPY 80 million, up from the previous fiscal year. Near term selling conditions remain very strong.
Third quarter completed inventory, as shown in the table in the lower part of the page, is at record low levels, with condominiums down to 51 units from the 82 units as of the end of March, and completed inventory for detached housing at only 11 units. These are record low levels for completed inventory. The contract progress rate for new domestic condominiums relative to the full year unit target of 3,250 has advanced to 98% as of the end of December. This is in keeping with the trend of the last several years. We continue to maintain a very high and stable level of close to 100%.
Although not noted on this page, the third quarter OPM for the domestic housing business was 15.1%, well above the 9.8% recorded at the end of fiscal 2021. We continue to make good progress toward achieving our full year forecast for operating income of JPY 38 billion and an operating margin of 13.3%. 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 231.3 billion and operating income JPY 61.1 billion for a year-over-year increase of JPY 12.3 billion in operating revenue and a year-over-year gain of JPY 6.2 billion in OP.
This reflects sales to investors of leasing housing properties developed in the U.S., such as West Edge Tower in Seattle and The Gage in Denver, and domestically developed leasing housing properties such as the Park Axis series in first half. As a part of our balance sheet control initiatives, we made progress on asset turnover, selling recently developed leading edge properties such as Toyosu Bayside Cross Tower and others. This supported the year-over-year growth in both operating revenue and profits. The real estate investment market for asset classes with stable cash flows, such as offices, logistics facilities, and leasing housing properties, remains robust with strong appetite from investors. Our progress rate on contracts, which underpin the sub-segment full year profit target of JPY 107 billion, is already at 90%.
We will continue to monitor trends of transaction market players and the financial and real estate markets and remain committed to making solid progress on contracts and handovers. Next is the Management segment. Please turn to page 61. 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 third quarter operating revenue of JPY 328.8 billion and operating income of JPY 47.9 billion, up JPY 10.2 billion and JPY 6.3 billion, respectively.
Profits even exceeded the pre-pandemic third quarter performance of fiscal 2019 of JPY 41.4 billion. As you can see, this business has already fully recovered from the pandemic impact. Looking at conditions for the individual businesses, I will start with Property Management. Sub-segment operating revenues were JPY 248.6 billion and operating income was JPY 28 billion, up JPY 8.8 billion and JPY 5.2 billion, respectively. The key factors were higher year-on-year occupancy rate at the Repark bu siness 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 80.1 billion and OP of JPY 19.8 billion, up JPY 1.4 billion and JPY 1.1 billion, respectively.
The major contributor was the increase in large scale corporate brokerage transactions. I will cover the other segment. Please turn to page 62. The mainstay businesses of the other segment are the facilities operation 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. As shown in the top row of the table, other segment operating revenue was JPY 312.2 billion for an operating loss of JPY 4.6 billion. This represents a JPY 62.6 billion year-on-year increase in operating revenues and a JPY 21.5 billion year-on-year narrowing of the operating loss.
The key factors, as outlined in the comment section on the left, were the year-on-year improvement of ADRs and occupancy rates for the hotel and resorts business and the increase in operating days and attendance at Tokyo Dome. The hotel and resorts business benefited from the nationwide travel support program, a recovery in inbound travelers, and the success of our domestic and overseas properties in capturing demand for accommodation. In particular, the lodging focused hotels reported a recovery in occupancy rates in third quarter to the mid-80s. ADRs are also verging on a return to pre-COVID-19 levels. For third quarter on a standalone basis, the lo dging based facilities business reverted to the black, reflecting the strong recovery. The Tokyo Dome business was impacted by the surge in infections from the seventh wave of COVID-19 in first half.
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 were around 90% versus fiscal 2019. This is a strong year-on-year recovery. Earnings had been in the red since the start of the pandemic. After second quarter, the business reverted to the black. Next, please look at page 63. We show here figures for the overseas business for your reference. Total overseas business profits for third quarter were JPY 52 billion, up a substantial JPY 29.9 billion year-on-year. Please note there is a three-month lag in reflecting overseas profits. The figures included in our third quarter fiscal 2022 earnings reflect the results for the overseas businesses for the period of January to September 2022.
Within this, the leasing segment reported year-on-year increases of JPY 30.2 billion in operating revenue and JPY 10.3 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 leasing housing properties and condominiums in the U.S., with significant year-on-year increases in revenues of JPY 89.5 billion and operating income of JPY 9.9 billion. The management and other segments reported a year-on-year improvement in operating revenues of JPY 10.8 billion and a narrowing of the operating loss by JPY 3.6 billion. As a result, third quarter overseas business profits accounted for 23.4% of total operating income. On a full year basis, we expect overseas business profits to account for a little less than 20% of the total.
We highlight the fact that 50 Hudson Yards, one of the largest office properties in Manhattan, was completed in October of last year. The leasing progress and business conditions for this property are shown on page 46. Please review this later at your leisure. I will move on to talk about the balance sheet. Please turn to page 64. At the very bottom of the page, total assets as of the end of third quarter fiscal 2022 were JPY 8,841.4 billion, an increase of JPY 633.4 billion versus the end of the previous fiscal year. Of the JPY 633.4 billion year-on-year increase in assets, approximately 2/3, or JPY 422.5 billion, is 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 65. The total outstanding balance of real property for sale, as shown in the table on the upper left, was JPY 2,168.8 billion, up JPY 117.1 billion from the end of March 2022. New investments were JPY 290.1 billion, which was offset by cost recovery of JPY 297.6 billion. Others, which includes Forex impact, was JPY 124.6 billion. If we look just at new investments and cost recovery, there was a slight increase in net cost recovery. However, taking into account the U.S. Forex impact led to a net increase of JPY 117.1 billion.
Next, looking at the table in the lower left, the outstanding balance of tangible and intangible fixed assets was JPY 4,331.4 billion, up JPY 417.3 billion from March 2022. We explain the key contributing factors in the comment section on the lower right. We incurred new investments of JPY 313.5 billion related to construction at Tokyo Midtown Yaesu, LaLaport FUKUOKA, and Fifty Hudson Yards in New York. This was offset by depreciation of JPY 93.3 billion. Taking into account Forex impact and other factors under other of JPY 197.1 billion, this resulted in a net increase of JPY 417.3 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 third quarter was JPY 4,275.6 billion, up JPY 608.3 billion from March 2022. Of this increase, approximately JPY 185.5 billion reflects the impact of Forex movements. We note that, as is typical, handovers in the property sales to investors' business are highly skewed to fourth quarter. Taking this and the expected Forex rate as of the end of the fiscal year into account, we expect total interest-bearing debt as of the end of the fiscal year to be JPY 4,150 billion in line with our guidance. The impact of Forex on the balance sheet is calculated based on the rate on the final business day of the applicable quarter under review for our overseas subsidiaries.
As you can see on the lower right on page 65, the rate we applied as of the end of third quarter was the rate as of the end of September of JPY 144.81 to the U.S.D. We do not show this on the slide. The rate as of the end of December was JPY 132.7 to the dollar. Given this, the impact of foreign exchange on total assets and interest bearing debt for the full year is likely to be smaller. Going back to page 64, please look at the lower right side. As a result of the above, the D/E ratio as of the end of third quarter was 1.49 x and the equity ratio was 32.4%. This completes the explanation of third quarter results.
I will now comment on investment securities separate from a discussion of earnings. Please turn to page 54. To date on page 54 under the heading of investment stocks held for purposes other than pure investment purposes, effectively strategic shareholdings, we had stated our policy of redu cing our holdings and had reported on the status of such holdings. This time, this page has been retitled Investment Securities. We have newly established a classification for investment stocks held for pure investment purposes, which we did not previously have. Oriental Land stock will be categorized as an investment stock held for pure investment purposes. The background to the change is as follows. We did not have a standard for pure investments to date because, as a real estate developer, we did not view transacting in equities as core business.
From a narrowly defined perspective, given that equity transactions were not considered core business, our view had been that the equities we held did not constitute pure investments. In other words, our holdings in equities, regardless of effective positioning or background to the holding, were all uniformly viewed as investment stocks held for purposes other than pure investment purposes. However, investment stocks held for purposes other than pure investment purposes are typically viewed as effectively equivalent to strategic shareholdings. Regardless of the review process and disclosures on such holdings, superficially, such holdings are viewed as equity holdings that constitute an issue from a corporate governance perspective and that as such, should be targeted for reduction. However, of the equities that we hold, there are businesses that Mitsui Fudosan has invested in that take the form of equity capital.
Given that such investme
nts are directly tied to core real estate business, we believe these should be viewed as the equivalent of investments in real estate. It is our view that equity holdings that are equivalent in nature to real estate investments should not be targeted for reduction from a corporate governance perspective. For this reason, we felt it was appropriate to create a classification for equity holdings that are distinct from strategic shareholdings. This is why we have chosen to establish a standard for pure investments and to reclassify our holdings accordingly. Please see the box in the middle of page 54. This time, we have included the standard for investment stocks held for pure investment purposes. We define such stocks as part of business investments held for the purposes of benefiting from medium to long-term increase in share value.
Based on this standard, we have categorized Oriental Land stock as an investment stock held for pure investment purposes. As we show on the lower part of page 54, Mitsui Fudosan was involved in the establishment of Oriental Land Company Limited in 1960. Our investment took the form of equity capital for the purposes of developing urban resorts and implementing an entertainment business. Our equity stake reflects our role as one of the founders of Oriental Land. Oriental Land is not a cross-share holding. This investment was made as part of our core business, which is real estate investment. Moreover, this investment has consistently generated profits through share value appreciation. Given this, we believe it is appropriate to reclassify Oriental Land stock as an investment stock held for pure investment purposes.
Based on its classification as a pure investment, where we aim to benefit from the medium to long-term increase in share value, from a management perspective, we will take a comprehensive view in continuing to consider and make decisions about this stock. This completes the briefing. Thank you.