Good afternoon, everyone. I am Uchida, Executive Manager of Investor Relations at Mitsui Fudosan. As always, I will explain the results in more detail later, but first, the key highlights. In the fiscal year ended March 2022, Mitsui Fudosan reported year-over-year growth in sales and profits. Operating revenue rose JPY 93.3 billion year-over-year, operating income increased JPY 41.2 billion year-over-year, and net profit attributable to the owners of the parent was up JPY 47.4 billion year-over-year. We set new record highs for overall operating income as well as segment operating income for both property sales and management. For the fiscal year ending March 2023, Mitsui Fudosan forecasts operating revenue of JPY 2.2 trillion, operating income of JPY 300 billion, and net profit attributable to owners of the parent of JPY 190 billion.
All represent new record highs. The Mitsui Fudosan Group has been considering enhancing shareholder returns. In addition to the recovery from the pandemic in the core businesses of leasing, property sales, and management, we have decided to raise our shareholder returns policy based on our increased confidence in our ability to achieve sustainable growth in fiscal 2022 and beyond, and our policy to take a balanced approach to investing for future growth while also strengthening shareholder returns. We now raise our total shareholder return ratio target from the previous level of around 35% to around 45% from this fiscal year. Also, at the time of the Q3 results announcement, we raised our full year forecast.
Based on a dividend payout ratio of 30%, we also increased our full year DPS guidance from JPY 44 to JPY 55 and initiated a share buyback program of up to a maximum of JPY 15 billion. We now announce a further share buyback program of up to a maximum of JPY 15 billion. Reflecting this, the total shareholder return ratio for fiscal 2021 will be 46.6% of the net profit attributable to the owners of the parent. With regard to the DPS for fiscal 2022, we are guiding for a full year DPS of JPY 60, up JPY 5 from the JPY 55 of fiscal 2021, based on a dividend payout ratio of around 30% and our net profit target of JPY 190 billion.
I will now explain the full year results for fiscal 2021 using the fact book. Please turn to page two and the consolidated profit and loss statement. Despite the ongoing impact of the pandemic, Mitsui Fudosan reported operating revenue of JPY 2 100.8 billion, up JPY 93.3 billion, or 4.6% year-on-year. Operating income was JPY 244.9 billion, up JPY 41.2 billion, or 20.2% year-on-year. This reflects a year-on-year recovery in the retail facilities business, increased property disposals in the property sales to investors business, and growth in operating revenues and profits for the car park leasing business Repark and the retail brokerage business Rehouse. Ordinary profit was JPY 224.9 billion, up JPY 56 billion, or 33.2% year-on-year.
Net profit attributable to the owners of the parent was JPY 176.9 billion, up JPY 47.4 billion, or 36.6% year-on-year. In the upper right, we show the progress rate relative to our forecast. Compared to the upwardly revised full year forecast as of Q3, we were able to exceed our guidance for operating income, ordinary income, and net profit. In addition, at the operating income level, we were able to exceed or match our targets for each of our segments. Next, please return to the table on the left. I will explain the segment results in more detail later, but will first touch upon non-operating items below the line. Non-operating income and expenses were negative JPY 20 billion, a year-on-year improvement of JPY 14.8 billion.
The major factors were improved operating conditions in the hotel business at affiliated companies in equity, in net income or loss of affiliated companies, growth in property sales segment profits, and in others, on a net basis, a decline in one-off non-operating expenses versus the previous fiscal year. The JPY 3.9 billion year-on-year rise in net interest income and expense chiefly reflects the higher interest expense on the back of rising overseas investments. Next, I will touch on extraordinary profits and losses. Please look at the table on the right. First, under extraordinary profits, we posted gains on sales of investment securities of JPY 51.7 billion. This reflects our policy to reduce our strategic equity holdings. We continue to divest our holdings with a focus on Oriental Land. We also posted JPY 6.8 billion in gains on sales of tangible assets.
These are gains on property sales. We have been adjusting our portfolio assets as part of our balance sheet control initiatives. Next, under extraordinary losses, we incurred impairment losses of JPY 9.4 billion. As a part of our review of the asset portfolio, there have been properties that were acquired in the past as long-term holdings, which have been transferred from tangible assets to real property for sale. In conjunction with the recategorization, there was a change in valuation methodology, which resulted in impairment losses. Also, as usual every year, we incurred losses of JPY 7.4 billion on the retirement of tangible assets. This is related to progress on refurbishment or rebuilding projects. We also incurred JPY 4.2 billion in loss related to COVID-19.
These losses are the aggregation of fixed costs, such as leases for retail and other facilities that were temporarily closed as a result of the state of emergency. As of the end of Q3, this figure was also a cumulative JPY 4.2 billion, so there were almost no extraordinary COVID-19 losses generated in Q4. If we compare the fiscal 2021 losses of JPY 4.2 billion to the previous fiscal year, the equivalent losses in fiscal 2020 were JPY 14.7 billion. If we compare operating profit after adding back these expenses, OP for fiscal 2021 declines from JPY 244.9 billion to JPY 240.7 billion versus JPY 189 billion from a starting point of JPY 203.7 billion for the same period last year.
After adjusting operating income for the extraordinary losses, real operating profit was up JPY 51.7 billion on a year-on-year basis. Please turn to the next page for a discussion of the individual segments. Please open to page three. First is the leasing segment. On a year-on-year basis, operating revenues increased JPY 45 billion and operating profit rose JPY 9.2 billion. On a full year basis, we had guided for a JPY 9.2 billion year-on-year increase, so the results were effectively in line with our expectations. Please see the comment section for more details on operating conditions at the leasing segment. In office leasing, there was a full year contribution from Bunkyo Garden Gate Tower, which was completed in the previous fiscal year, as well as higher revenues and profits from existing domestic offices such as Otemachi One Tower and Toyosu Bayside Cross.
In addition, the year-on-year recovery in GMV at the retail facilities also contributed to year-on-year improvements in operating revenues and profits for the leasing segment. With regard to the office vacancy rate, Mitsui Fudosan's metropolitan area office vacancy rate for the parent as of the end of March was 3.2%, an improvement of 0.9 percentage points from the 4.1% level as of the end of December. This reflects the fact that we have been able to solidly capture tenant demand after the lifting of the state of emergency from October 2021, allowing us to make solid progress on leasing vacant space in existing properties. Next is the property sales segment. Please turn to page four.
Overall, the property sales segment reported a JPY 70.8 billion year-on-year decline in operating revenues, but a JPY 20.1 billion increase in operating profits. As noted at the outset, Mitsui Fudosan set a new record high for full year operating income of JPY 138.3 billion. I will explain the breakdown. For domestic residential property sales, operating revenues fell JPY 80.2 billion year-on-year, and operating income declined JPY 15.9 billion year-on-year. Operating income was virtually in line with our forecast of JPY 24 billion.
As noted in the comment section, the main reasons for the year-on-year declines in operating revenues and profits are the year-on-year drop in the number of reported units, the relatively higher proportion of suburban properties compared to a typical year, and a high base for comparison as a result of a large number of handovers of central urban large-scale high margin properties in the previous fiscal year. This led to lower sub-segment operating revenues and profits on a year-on-year basis. The combined total of condominium and detached house units reported was 3,715, down 575 year-on-year. The blended average price per unit for condominiums and detached houses was JPY 65.99 million. Near term sales remain very strong.
Completed inventory remains stable at low levels with inventory for condominiums and detached houses of only 89 units, down 22 units from the end of December, a record low. Although not noted in the materials, the OPM for fiscal 2021 was 9.8%. Next, in property sales to investors and individuals overseas, operating revenue was up JPY 9.3 billion and operating income rose JPY 36.1 billion. Appetite to invest remains solid in the real estate investment market for asset classes generating stable cash flows such as offices, logistics facilities, and rental residential properties. We have seen no deterioration in cap rates in near-term transactions.
With regard to the upwardly revised earnings forecast as of Q3, we had raised our operating income guidance JPY 2 billion from JPY 111 billion to JPY 113 billion, reflecting the increase of gains on sales of properties relative to the initial forecast. However, as a result of solid progress on property disposals to domestic J-REITs and other investors, we were able to exceed our forecast for JPY 113 billion by a further JPY 1.3 billion. Both operating revenue of JPY 398.6 billion and operating income of JPY 114.3 billion for fiscal 2021 represent new record highs for the sub-segment. Next is the management segment. Please turn to page five.
This segment consists of the property management business, which focuses on managing properties under contract, Mitsui Fudosan Realty's car park leasing business Repark, the corporate and retail brokerage businesses, the asset management business for our sponsored REITs and others, and the consignment sales business, which concentrates on selling condominiums developed by other developers. On a year-over-year basis, operating revenues improved JPY 26.4 billion and operating income rose JPY 17.2 billion. We had guided for a JPY 17 billion year-over-year increase in operating income. We exceeded our forecast by JPY 0.2 billion, effectively in line with our forecast. As noted at the outset, the JPY 429.3 billion in operating revenue and the JPY 57.2 billion in operating income represent new record highs. Please see the comment section for more detail on conditions in this segment.
Property management reported a JPY 12.4 billion increase in operating revenues and a JPY 9.4 billion rise in OP. We continue to see improvements at the Repark business, a major factor in the recovery. Repark occupancy rates have rebounded to 90% of the pre-COVID-19 fiscal 2019 levels. In particular, we have seen demand generally recovering in the absence of a state of emergency or quasi-emergency measures. On top of this, Repark continued to execute on strategic cost reduction measures with a view to improving business efficiency. Next is the brokerage and asset management business. Operating revenues and OP also improved year-on-year, rising JPY 13.9 billion and JPY 7.8 billion, respectively. The main drivers are growth in the brokerage business, including Rehouse, rising unit transaction values, an increase in brokerage transactions, and an increase in corporate brokerage transactions.
Finally, the other segment. Please turn to page six. The mainstay businesses of this segment are the facilities operation business, which focuses on hotels and resorts, the new construction under consignment business, which includes the Mitsui Home build to order detached house business, and the reform and renewal business for offices, retail facilities, and residential properties. From first quarter fiscal 2021, this segment includes the Tokyo Dome business as well. For the segment as a whole, operating revenues increased JPY 92.6 billion year-on-year, but the operating loss widened JPY 2.4 billion. Compared to our forecast, we had projected an operating loss of JPY 31 billion, but the actual result was a loss of JPY 29.6 billion. We were able to achieve a JPY 1.3 billion narrowing of operating losses relative to our forecast.
Both the increase in operating revenues and the larger losses on a year-on-year basis are primarily due to the inclusion of Tokyo Dome Corporation results. There was an improvement in the facilities operation business as a result of better occupancy rates on a year-on-year basis. As a result of the lifting of the state of emergency on a nationwide basis from October, the lodging-focused hotels business was able to capture an upswing in second half in leisure travel demand, which had been depressed in first half. Despite rising new cases from the Omicron variant, this business was able to achieve year-on-year increases in revenue and a narrowing of losses. Losses widened year-on-year for the resort facilities business on the back of the closure of properties in Hawaii for renovations.
However, if we look just at the domestic resorts, revenue increased and losses narrowed on the back of a rebound in occupancy rates. Tokyo Dome was subject to a series of limits on spectator numbers and restrictions on food and beverage offerings, but near term, we are seeing signs of a recovery on the back of the gradual lifting of restrictions. Next, please look at the right-hand side of page six. We show here figures for the overseas business for your reference. Total overseas profits were JPY 31.3 billion for fiscal 2021, up JPY 3.3 billion year-on-year. Please note there is a three month lag in reflecting overseas profits. The figures included in our fiscal 2021 earnings reflect the results for the overseas businesses for the period of January to December 2021.
Within this, the overall leasing segment reported year-on-year increases of JPY 10.7 billion in revenues and JPY 2.1 billion in operating income. While profits for retail facilities in Taiwan and Malaysia declined related to COVID-19, this was offset by profit contributions from new and existing office leasing properties. For property sales, operating revenues increased JPY 28.9 billion and profit rose JPY 14.2 billion, primarily on the significant contribution from the sale of the Moorgate office property in the UK within the property sales to investors business. For management and other, operating revenues were down JPY 0.8 billion and operating profit fell JPY 3.3 billion, primarily because the Halekulani Hotel in Hawaii was closed for renovations until September and the impact of the pandemic.
Please note that the Halepuna Hotel reopened in July 2021 and the Halekulani reopened in October 2021. The pro forma operating income of overseas affiliates reported a profit decline of JPY 9.6 billion in the absence of the sale of equity related to the disposal of property in the previous fiscal year. However, this result was in line with expectations. Next, although not included in the materials, I will comment on the fiscal 2021 COVID-19 impact. Briefly, to recap the assumption underpinning the full year forecast we announced at the beginning of the fiscal year, we assumed the full year profit impact of COVID-19 would be JPY 60 billion above the line and JPY 5 billion below the line, for a total of JPY 65 billion.
Relative to this, fiscal 2021 COVID-19 impact was approximately JPY 56 billion above the line and roughly JPY 7 billion below the line for a combined total of JPY 63 billion, largely in line with expectations. By segment, the COVID-19 impact on the retail facilities leasing and Tokyo Dome businesses was largely in line with our initial assumptions. The impact on the hotel and resorts business has been larger than we initially expected, but this was mostly offset by the smaller than expected impact of COVID-19 on the management business. Therefore, although there is some variance in the individual businesses, the overall COVID-19 impact is largely in line with our initial expectations. Turning to the next page, I will now comment on the balance sheet.
Total assets as of the end of fiscal 2021 stood at JPY 8,208 billion, up JPY 466 billion from the end of the previous fiscal year. On the main drivers of the increase, first please look at the table on the upper right hand. This shows the outstanding balance of real property for sale, which rose JPY 121.1 billion from the end of the previous fiscal year to JPY 2,051.7 billion. New investments were JPY 524.7 billion. Cost recovery was JPY 465.9 billion, while others, including Forex impact, were JPY 62.3 billion.
In terms of the breakout by corporate entity, while there was a net increase in cost recovery at Mitsui Fudosan, on a net basis, new investments increased at Mitsui Fudosan Residential. Taking into account the development investments and the impact of yen depreciation at Mitsui Fudosan America Group, the balance increased by a net JPY 121.1 billion. Next, the outstanding balance of tangible and intangible assets was JPY 3,914.1 billion, up JPY 117.3 billion from the end of the previous fiscal year. We touch upon the key cost recovery items in the comment section.
While we incurred further investments at Fifty Hudson Yards in New York as a result of progress on construction, factoring in the transfer of tangible assets to real property for sale, depreciation and Forex impact resulted in a net increase of JPY 117.3 billion. Note that of the increase in assets of JPY 466 billion, more than 30%, or approximately JPY 160 billion, is related to the impact of foreign exchange moves. On the next page, we show the liability side of the balance sheet. Outstanding interest bearing debt as of the end of fiscal 2021 was JPY 3,667.2 billion, up JPY 43.7 billion from the end of March 2021.
Note that the increase of JPY 43.7 billion includes a Forex impact of approximately JPY 100 billion. If the Forex impact is excluded, then interest bearing debt declined around JPY 50 billion from the end of March 2021. As a result of the above, the D/E ratio at the end of fiscal 2021 was 1.31x , and the equity ratio was 34.1%. Given that this is the end of the fiscal year, we have also reviewed the market value of our rental properties. Please see page nine . As of the end of March 2022, market value was JPY 6.1368 trillion. The unrealized gains, the difference between market and book value, is JPY 3.0303 trillion, up JPY 203.8 billion from March 2021.
This fiscal year, we did not particularly adjust the cap rates used in the appraisal. The major driver of the increase is the addition of newly completed properties to the properties subject to valuation. I will now discuss the earnings forecast for the fiscal year ending March 2023. Please turn to page 13. Near term, the COVID-19 situation has not come fully under control, but we are seeing a return to more normal economic activities in conjunction with measures to control the spread of infections. Based on this, in addition to recovery trends, particularly at the retail facilities business within leasing and the hotel and resorts and Tokyo Dome business in others, we expect revenue and profit contributions from newly completed offices and retail facilities in the leasing business.
Based on success in capturing new demand by responding to COVID-19 related needs, Mitsui Fudosan expects to hit new record highs in fiscal 2022 for each of operating revenue, operating income, ordinary income, and profit attributable to the owners of the parent. We do expect to see some lingering impact from the pandemic on the hotel and resorts and Tokyo Dome businesses. However, we remain focused on initiatives to improve earnings through continued measures to boost profitability and reduce expenses. By segment, starting with leasing, we expect operating revenues to increase JPY 51.8 billion and operating income to increase JPY 22 billion, both of which are new record highs.
This will be driven by profit contributions from properties to be completed in fiscal 2022, such as Tokyo Midtown Yaesu, 50 Hudson Yards, and LaLaport Fukuoka, a recovery in GMV at retail facilities, and increased revenues from the Work Styling business. We forecast the non-consolidated Tokyo metropolitan area office building vacancy rate to settle around the lower half of the 4% level as of the end of the fiscal year, reflecting the impact of new large-scale properties to be completed during fiscal 2022, and as is typical, a certain level of new leases and terminations during the period. Next, for the property sales segment, please turn to page 14 for a detailed discussion.
For the domestic residential business, our forecast for total combined condominiums and detached houses is 3,700 units for operating revenue of JPY 285 billion and operating income of JPY 33 billion. We are guiding for higher year-on-year revenues and profits in fiscal 2022. We expect to maintain OPM at a high level, guiding for an OPM of 11.6%, up 1.8 percentage points year on year. Compared to the property sold in fiscal 2021, we expect the OPM to improve year on year on a higher average selling price and strong sales at specific properties. Relative to the total number of condominium units expected to be sold in fiscal 2022, the contract rate currently stands at 70%.
As usual, this is a very high level, which should provide investors with a sense for the degree of confidence we have in achieving our target. The current land bank for the Mitsui Fudosan Group stands at 27,000 units. We believe we can continue to generate stable profits over the medium term, chiefly focusing on central urban large-scale redevelopment projects. For property sales to investors, given the firm real estate investment market, we aim to ensure we do not miss out on the timing of sales. Through stable and continued asset turnover, we aim to solidly realize unrealized gains. Our forecast is for operating revenues of JPY 365 billion and operating income of JPY 107 billion, largely unchanged year-on-year. The overall property sales segment should achieve higher revenues and profits.
Similar to the leasing segment, we expect to hit a new record high for operating income. Next, returning to page 13 and the management segment. Backed by the continued firm performance in retail brokerage transactions and the Repark business, we forecast operating income of JPY 57 billion, largely in line with the fiscal 2021 level. Finally, the other segment. Although we expect to see some lingering impact from COVID-19 on several businesses, we expect a return to more normal economic and social activity will drive year-on-year increases in both operating revenue and profit. We expect the segment to return to the black. The Tokyo Dome business should generate higher revenues and profits, returning to profitability on the back of an increase in spectator numbers.
For the hotel and resorts business, while we do not expect to return to pre-COVID-19 levels when taking into consideration trends in inbound travelers to Japan, we expect a substantial improvement in earnings as a result of capturing domestic demand. We are guiding for an increase of JPY 50.5 billion in revenues and JPY 32.6 billion in profits for the overall other segment. Bringing it all together, for fiscal 2022, we forecast operating revenues of JPY 2.2 trillion, up JPY 99.1 billion year-on-year, and operating income of JPY 300 billion, up JPY 55 billion year-on-year. We project ordinary income of JPY 260 billion, up JPY 35 billion year-on-year.
After factoring in extraordinary gains and losses of JPY 30 billion, our guidance for profit attributable to the owners of the parent is JPY 190 billion, up JPY 13 billion year-on-year. As noted at the beginning, our DPS guidance for fiscal 2022 is JPY 60 for the full year, up JPY 5 year-on-year, with interim and fiscal year-end dividends of JPY 30 each. Additionally, we are expecting the total COVID-19 impact to be around JPY 20 billion above and below the line, chiefly reflecting the impact of the hotel and resorts business on the other segment. We believe that this should be viewed as the potential for further earnings recovery in the post-COVID era. Next, with regard to investments, please turn back to page 14.
For investments in tangible and intangible assets in fiscal 2022, reflecting the impact of completions of large scale properties such as Tokyo Midtown Yaesu and 50 Hudson Yards, we expect investments of JPY 400 billion, up JPY 127.6 billion year-on-year. On real property for sale, we project investments of JPY 500 billion, largely in line with the level for fiscal 2021. This is mainly reflecting the increase in construction-related investments for logistics facilities and domestic and overseas rental residential properties currently under development. Based on this, we project the outstandings for interest-bearing debt as of the end of March 2023 to be JPY 3,950 billion. This completes my explanation.