I am replacing Mr. Uchida, who moved to another position in April, and will be responsible for explaining our earnings results going forward. I know that I have big shoes to fill but will do my best to follow in his footsteps. I will explain in detail the Mitsui Fudosan Group's results for the fiscal year ended March 2025. As usual, I will use the financial results and business highlights materials dated May 9th, which are available on our website. Let's get started. As always, I will begin with an overview of the full year results. Please turn to the financial highlights on page 3 of the presentation materials.
As shown in the box outlined in blue at the top of the page and the table, in fiscal 2024, we were able to achieve year-on-year growth and hit new record highs in each of operating revenue, operating income, business income, ordinary income, and profit attributable to owners of parent. We were also able to overshoot our fiscal 2024 guidance as well. For operating revenue, this is the 13th consecutive year of new record highs. For operating income, ordinary income, and profit attributable to owners of parent, these results represent the third consecutive year of new record highs. With regard to business income, we were able to achieve significant year-on-year growth of JPY 52.5 billion.
Also, as shown in the lower box outlined in blue and the table, for our fiscal 2025 earnings forecast, we are guiding for operating revenue of JPY 2 trillion 700 billion, business income of JPY 425 billion, and profit attributable to owners of parent of JPY 260 billion. Once again, we expect to hit new record highs. These figures represent the 14th consecutive year of new record highs for operating revenue, the second consecutive year of new highs for business income, and the fourth consecutive year of new highs for net income. Please turn to page 4 for fiscal 2024 shareholder returns. As shown in the box outlined in blue and the table, we have decided to raise the full year dividend per share by JPY 1 from our forecast of JPY 30 per share to JPY 31 per share.
This reflects the fact that net income exceeded our forecast and is based on the & Innovation 2030 dividend payout ratio target of around 35%. Based on the above and taking into account the JPY 45 billion share buyback program announced on February 7th, the total payout ratio for fiscal 2024 comes to 52.7% of profits attributable to owners of parent. Our guidance for dividends per share on a full year basis for fiscal 2025, based on a payout ratio of 35% and our net profit forecast of JPY 260 billion, is JPY 33, up JPY 2 versus fiscal 2024. Next, please turn to page 6, where we show details of profits by segment. For fiscal 2024, we achieved year-on-year growth in business income across all segments. In particular, for each of the core segments of leasing, property sales, management, and facility operations, we achieved new record highs.
Please see the box outlined in blue on the upper part of the page for an overview of the major factors behind the profit growth. I will now explain the results in more detail. Please turn to page 61 of the presentation materials. I will start with the profit and loss statement. Fiscal 2024 operating revenue was JPY 2 trillion 625.3 billion, up JPY 242 billion, or 10.2% year-on-year. Business income, which is the combination of operating income and gains and losses on the disposal of tangible assets and equity method investments, was JPY 398.6 billion, up JPY 52.5 billion, or 15.2% year-on-year. Ordinary income was JPY 290.2 billion, up JPY 22.3 billion, or 8.4% year-on-year. Profit attributable to owners of parent was JPY 248.7 billion, up JPY 24.1 billion, or 10.8% year-on-year. On the right, we show the progress rate relative to our full year forecast.
Please see the box titled "Progress Comparison with Full Year Forecast." In fiscal 2024, we revised up our forecast but were able to exceed the upwardly revised full year forecast for all levels from operating revenue to net profit. Although not shown here, business income and net income exceeded our initial forecast by JPY 28.6 billion and JPY 13.7 billion, respectively. 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. I will start with non-operating income and expenses. Equity and net income or loss of affiliated companies fell JPY 6.4 billion year-on-year, but this is largely the result of factors such as a high year-on-year base for comparison due to property sales profits generated at Asian equity method affiliates in the previous fiscal year and the recording of valuation losses on residential properties in China.
The net interest burden was JPY 79.3 billion, up JPY 7 billion from the previous fiscal year. The results virtually matched our forecast of JPY 79 billion. The major factors behind the year-on-year increase are the rise in yen interest rates and changes in forex rates. Factoring in dividends received and net other non-operating income and expenses, overall non-operating income and expenses was a negative JPY 82.4 billion, with losses widening JPY 10.6 billion. Next, I will discuss extraordinary gains and losses. As shown in the table entitled "Extraordinary Gains and Losses" on the upper right, Mitsui Fudosan posted JPY 54.5 billion in extraordinary profits in fiscal 2024 from gains on sales of investment securities, both securities held for pure investment and strategic shareholdings. We also recorded JPY 29.1 billion in gains on the sale of tangible fixed assets, bringing the total to JPY 83.6 billion.
Within this, for strategic shareholdings versus our target of reducing our holdings by 50% during the three-year period from fiscal 2024 to fiscal 2026 under our long-term vision & Innovation 2030, as of the end of 2024, we achieved a reduction of roughly 23% relative to the market value of strategic shareholdings as of the end of fiscal 2023. In addition, with regard to the gains on sales of tangible fixed assets, in line with our stated policy of making no distinction between tangible fixed assets and real property for sale in considering asset sales in our long-term vision & Innovation 2030, we sold a number of properties, including the Yokohama Mitsui Building. Also, as we flagged up in revising our forecast at the time of our third quarter results, we posted impairment losses of JPY 10.8 billion.
This is primarily related to a change in business policy for some older domestic facilities, as well as some properties where the ramp-up of operations is taking time. We reviewed the market value of the properties, reporting the gap between market and book value as impairment losses. Please now look at the table on the lower left-hand side. In fiscal 2024, we posted a JPY 2.7 billion in profit attributable to non-controlling shareholders. This is mainly the result of factors such as the allocation of losses related to the sale of properties in the U.S. to non-controlling shareholders. I will now cover the segment results in more detail. Please turn to page 63 of the presentation materials. I will start with the leasing segment. As shown at the top of the page, fiscal 2024 operating revenue was JPY 872.3 billion, and business income was JPY 176.4 billion.
This was a year-on-year top-line increase of JPY 57.3 billion and a profit increase of JPY 7.3 billion. The operating revenue of JPY 872.3 billion and business income of JPY 176.4 billion are both new record highs. We had revised up our business income target by JPY 5 billion- JPY 175 billion at third quarter, but were ultimately able to exceed our revised forecast by JPY 1.4 billion. In the comment section on the left, we describe recent conditions for the leasing segment. We were able to achieve substantial year-on-year growth in operating revenues and profits in fiscal 2024, backed by GMV growth at existing retail facilities, on top of revenue and profit growth at domestic and overseas offices from properties such as Tokyo Midtown Yaesu, which began operations in fiscal 2022, and offices in the U.K. We show the office vacancy rate in the box in the middle of the page.
Mitsui Fudosan's non-consolidated metropolitan area office vacancy rate as of the end of March was 1.3%, an improvement of 1.2 percentage points from the 2.5% as of the end of December. Next is the property sales segment. Please turn to page 64. As shown at the top of the page, overall fiscal 2024 segment operating revenue was JPY 758 billion, and business income was JPY 167 billion. On a year-on-year basis, this represents increases of JPY 130.4 billion and JPY 31.8 billion, respectively. On the subsegments, I will start with property sales to domestic individuals. Operating revenue was JPY 413.5 billion, and operating income was JPY 96.4 billion. This represents year-on-year increases of JPY 99.1 billion and JPY 46.6 billion, respectively. As stated in the comment section on the left, this mainly reflects progress on handovers at Park Tower Kachidoki South and Mita Garden Hills.
Other key reported properties are listed in the box below the comment section on the left for your reference. The number of reported units are shown in the middle of the table. The combined units for condominiums and detached housing were JPY 4,110, up 410 units year-on-year. The average unit price for condominiums and detached housing was roughly JPY 100 million, up JPY 15 million plus year-on-year. Near-term selling conditions remain strong. Completed inventory at the end of fiscal 2024, as shown in the table on the lower part of the page, was 32 units for condominiums and 22 units for detached housing, for a total of 54. Inventory levels remain at record low levels. Although not shown on the slide, the OPM for the overall property sales to domestic individuals subsegment was 23.3%. Next, for property sales to investors and overseas individuals, please return to the top of the page.
Operating revenue was JPY 344.4 billion, up JPY 31.2 billion year-on-year. Business income was the combination of JPY 46.4 billion in operating income from property sales to investors and JPY 24.1 billion in combined gains on equity method investments and gains and losses on tangible assets, for a total of JPY 70.6 billion. On a year-on-year basis, operating income from property sales to investors fell JPY 35.7 billion year-on-year, while the combination of gains on equity method investments and gains and losses on tangible assets increased JPY 20.9 billion year-on-year. On a combined basis, business income fell JPY 14.7 billion year-on-year. In fiscal 2024, we made progress on property sales through the acceleration of asset recycling of both tangible fixed assets and real property for sale, such as the sale of partial stakes in tangible fixed asset Yokohama Mitsui Building and Otemachi One Tower.
However, there was a high base for comparison given the disposals of highly profitable properties in the previous fiscal year and, as previously highlighted, the reporting of losses related to the sale of overseas properties. As a result, this subsegment reported higher revenues but lower profits. Next, 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 businesses for our sponsored REITs and others. Please look at the top row of the table. The overall management segment reported operating revenue of JPY 486.2 billion and business income of JPY 71.6 billion in fiscal 2024. This represents year-on-year increases of JPY 23.4 billion and JPY 5.3 billion, respectively.
We achieved new record highs for both revenue and profit. Relative to our upwardly revised business income forecast as of third quarter of JPY 70 billion, which was raised by JPY 10 billion, the results overshot our guidance by JPY 1.6 billion. I will now discuss conditions for the individual subsegments within this segment. I will start with property management. Subsegment operating revenue was JPY 361.4 billion, and business income was JPY 38.4 billion. This represents a year-on-year increase of JPY 14.3 billion in revenue and a slight year-on-year decline in business income. The key factors were a year-on-year improvement in occupancy rates for the Repark car park leasing business, but an increase in expenses related to systems upgrades. Next is the brokerage and asset management subsegment. Operating revenue was JPY 124.8 billion, and business income JPY 33.1 billion for year-on-year increases of JPY 9 billion and JPY 5.4 billion, respectively.
The key factors were increases in unit prices in the retail brokerage business, Rehouse, and growth in AUM at our sponsored REITs and others. Next is the facility operations segment. Please turn to page 66. Overall facility operations reported fiscal 2024 operating revenues of JPY 224 billion and business income of JPY 38.6 billion. This represents a year-on-year increase of JPY 29.5 billion in revenues and a substantial year-on-year JPY 12.2 billion rise in business income. We revised up our business income forecast at third quarter by JPY 5 billion- JPY 35 billion, but in comparison to the revised forecast, we were able to overshoot our target by JPY 3.6 billion. The key factors, as outlined in the comment section on the left, were significant increases in ADRs in the hotel and resorts business and the increase in operating days and visitor numbers at Tokyo Dome.
Looking at the individual subsegments, the hotel and resorts business posted operating revenue of JPY 162.1 billion, up JPY 21.5 billion. The sports and entertainment business, consisting primarily of Tokyo Dome City, reported operating revenue of JPY 61.9 billion, up JPY 8 billion year-on-year. As you can see, both subsegments reported year-on-year top-line growth. Next is the other segment. Please turn to page 67. Overall, the other segment reported fiscal 2024 operating revenues of JPY 284.6 billion, and business income was JPY 6.5 billion. The improved margin for the new construction under consignment business of Mitsui Home and orders for large-scale projects for office and hotel properties at Mitsui Design Tech drove a year-on-year increase of JPY 1.3 billion in revenue and a JPY 2.4 billion improvement in business income. Next, for reference, we show figures for the overseas business. Please turn to page 68.
Overall combined overseas business profit for fiscal 2024 was JPY 27.2 billion, down JPY 27.8 billion year-on-year. Please note there is a three-month lag in reflecting overseas profits. The figures included in fiscal 2024 reflect the results of the overseas business for the period of January to December 2024. Within overseas profits, despite an increase in property taxes and a high base for comparison due to the impact of property sales in the previous fiscal year, the leasing segment reported an increase of revenues and profits from progress on leasing and Forex impact. Operating revenues grew JPY 25.8 billion, and profit rose JPY 2.1 billion year-on-year. In the property sales segment, a high base for comparison on the back of the sale of large-scale properties in the U.S. in the previous fiscal year, the impact of losses related to selling a U.S.
Rental residential property and valuation losses on residential property for sale in China led to a JPY 37.7 billion drop in revenue and a JPY 29.8 billion decline in profit. The combination of the management and other segments reported a JPY 3.2 billion increase in revenue and a JPY 0.1 billion decline in profits on the back of improved RevPAR at the Halekulani Hotel and other hotels, but an increase in expenses. Next, I will talk about the balance sheet. Please turn to page 69. At the bottom of the page on the left, total assets as of the end of fiscal 2024 were JPY 9,859.8 trillion, up JPY 370.3 billion from the end of the previous fiscal year. Of the increase in outstanding assets, roughly 80% or JPY 284 billion is the result of the impact of foreign exchange rate changes.
I will now discuss the major components of change, such as investment and cost recovery. Please turn to page 70. As shown in the table on the upper left, the total outstanding balance of real property for sale was JPY 2,500.7 trillion, up JPY 125.4 billion from the end of the previous fiscal year. New investments were JPY 607.4 billion, cost recovery was JPY 561.2 billion, and other, which includes elements such as Forex impact, was JPY 79.2 billion. Reflecting our success in sourcing superior investment opportunities, investments outweigh cost recovery, but through the acceleration of asset turnover, we were able to achieve a higher than typical level of cost recovery, as indicated at the beginning of the fiscal year.
As you can see in the breakdown by company, Mitsui Fudosan reported a net increase in cost recovery of JPY 13.6 billion, Mitsui Fudosan Residential a net increase in investment of JPY 60.6 billion, while the overseas subsidiaries, such as Mitsui Fudosan America, posted a net cost recovery of JPY 26.8 billion and Mitsui Fudosan UK a net increase in investments of JPY 37.8 billion. Next, looking at the lower left, the outstanding balance of tangible and intangible assets was JPY 4,707.4 trillion, up JPY 301.8 billion from the end of the previous fiscal year. The key contributing factors for both investments and cost recovery are shown in the comment section on the lower right. New investments, including construction investments for senior residents Park Well State Nishiazabu and LaLaport ANJO, were JPY 362.7 billion, but depreciation was JPY 140.5 billion.
Factoring in JPY 79.6 billion for other, including Forex impact, there was a net increase of JPY 301.8 billion versus the end of the previous fiscal year. On the liability side, please see the table on the upper right. The outstanding balance of interest-bearing debt as of fiscal 2024 was JPY 4,416 billion, down JPY 14.3 billion from the end of the previous fiscal year. While there was a JPY 82.7 billion increase from the impact of changes in foreign exchange rates, we also made progress on cash recovery, including the receipt of payments for Park Tower Kachidoki and the sale of partial stakes in Otemachi One Tower and Yokohama Mitsui Building, leading to the year-on-year decline in liabilities. Going back to page 69, as a result of the above, the D/E ratio as of the end of fiscal 2024 was 1.4x , and the equity ratio was 31.9%, as shown on the lower right.
Given that it is the end of the fiscal year, we have also reviewed the market value of our rental properties. Please turn to page 78. As you can see in the table at the top, market value as of the end of fiscal 2024 was JPY 7,492.7 trillion. The gap between market and book value, effectively the unrealized gains, was JPY 3,685.5 trillion, up JPY 316.5 billion year-on-year. With regard to the factors behind the increase, there was no change to the appraisal cap rates. Instead, it was primarily due to the addition of newly completed properties such as Mitsui Outlet Park Marin pia Kobe, LaLaport ANJO, and the phase four expansion of floor space at Mitsui Outlet Park Kisarazu planned for this fiscal year, in addition to the impact of changes in foreign exchange rates.
Next, I will discuss our earnings forecast for the fiscal year ending March 2026 in more detail. Please turn to page 74. For fiscal 2025 business income, we forecast JPY 425 billion, up JPY 26.3 billion versus fiscal 2024, and net income of JPY 260 billion, up also by JPY 11.2 billion year-on-year. Taking into account the impact of changes in behavior as a result of the pandemic on some of our properties, the fact that there are properties that continue to be impacted by the economic and financial operating environment, such as persistently high interest rates or cap rates, as well as uncertainty in the outlook for global economies and financial markets as a result of the recent tariff policies of the U.S., our earnings forecasts factor in a certain level of losses as a risk buffer for asset turnover.
However, as noted in the box on the right, on the back of strong property sales to domestic individuals and management businesses, and further expected growth in revenue and profit in the facility operations segment, we expect to hit new record highs in each of operating revenue, business income, and profit attributable to owners of parent. I will now discuss the breakdown of our forecast. Starting with the leasing segment, while there will be positive contributions to rental revenue on the back of new openings and expanded floor space at domestic retail facilities, including LaLaport ANJO and Mitsui Outlet Park Marinp ia Kobe, as well as from Tokyo Midtown Yaesu and other properties, we expect an increase in expenses on completions of U.S. rental residential properties and have also factored in a profit impact from asset turnover.
For the segment as a whole, we project operating revenues of JPY 940 billion and business income of JPY 175 billion, largely unchanged from fiscal 2024 levels. With regard to the forecast for our non-consolidated metropolitan area office vacancy rate, we expect it to remain at low levels, projecting it to be at around the 2% level at the end of the fiscal year. For the property sales segment, we project operating revenue of JPY 710 billion and a substantially higher business income of JPY 190 billion as a result of an improved profit margin due to the reporting of central urban, high-end, large-scale properties in the domestic residential property sales business and the acceleration of asset turnover encompassing both real property for sale and tangible fixed assets in the property sales to investors business.
Within this, with regard to the domestic residential property sales business, please see the box on the upper left of page 75. We expect to report a combined total of condominium and detached housing units of JPY 3,200 for operating revenue of JPY 440 billion and operating income of JPY 110 billion. This represents year-on-year increases of JPY 26.4 billion and JPY 13.5 billion, respectively. The OPM is projected to be 25%, up 1.7 percentage points from fiscal 2024, which will be yet another new record high following the record high in fiscal 2024. In terms of specific properties, similar to fiscal 2024, the majority of properties will be central urban, high-end, and large-scale. We expect the profit margin to improve on higher unit prices and the strong sales of specific properties.
Although we do not show this on the page, the progress rate for contracts for the planned 2,800 condominium units is already at 88.4%, high even in comparison to the 84.4% level of the same time last year. This is the highest progress rate for contracts at the start of a fiscal year, even in comparison to recent history. We believe this is a solid indication of the high likelihood of achieving the fiscal 2025 forecast for this business. In addition, the current land bank stands at 26,500 units. We believe that we can continue to stably generate profits over the longer term, focusing mainly on central urban, large-scale redevelopment projects.
With regard to property sales to investors, as mentioned earlier, while we have baked in a certain risk buffer related to asset turnover, we will be mindful of maintaining a good balance in growing both stable and sustainable leasing profits and property sales profits. This fiscal year, we will continue to sell both real property for sale and tangible fixed assets in our aim to improve efficiency through continuous asset turnover and realize added value. Next, please turn back to page 74 for a moment for a discussion of the management segment. For this segment, we are projecting operating revenue of JPY 500 billion and business income of JPY 75 billion, both up year-on-year on the back of an increase in assets under management and increases in management fees as a result of GMV growth.
For the facility operations segment, we are guiding for operating revenue of JPY 240 billion and business income of JPY 45 billion, supported by strong demand for hotels and resorts, which will drive further revenue and profit growth and improved profitability at Tokyo Dome as a result of value-enhancing initiatives. We project year-on-year growth for both revenues and profits. Next, the other segment. We forecast operating revenue of JPY 310 billion and business income of JPY 5 billion for the segment. Finally, our projection for net interest burden is JPY 80 billion, unchanged from fiscal 2024 levels. In summary, we expect fiscal 2025 operating revenues to rise JPY 74.6 billion- JPY 2,700 trillion. We are guiding for business income to grow JPY 26.3 billion- JPY 425 billion, ordinary income to fall JPY 5.2 billion- JPY 285 billion, and profit attributable to owners of parents to increase JPY 11.2 billion- JPY 260 billion.
We are projecting new record highs for each of operating revenue, business income, and profit attributable to owners of parent. As mentioned at the outset on page 4, our annual DPS guidance for fiscal 2025 is JPY 33, up JPY 2 from the JPY 31 of fiscal 2024. This will be split equally with an interim dividend of JPY 16.5 and a fiscal year-end dividend of JPY 16.5. Next, with regard to investments, please turn back to page 75 and look at the table on the right. For fiscal 2025, we project investments in tangible and intangible assets of JPY 200 billion, primarily focused on domestic development investments. For real property for sale in fiscal 2025, we project investments of JPY 630 billion and cost recovery of JPY 490 billion. Based on this, our assumption for interest-bearing debt as of the end of the fiscal year is JPY 4,600 billion.
Finally, in conclusion, with regard to the progress we are making toward the quantitative targets set out under the Group Long-Term Vision & Innovation 2030, we have added a new page to our information materials. Please turn to page 8. With regard to the EPS growth metric, we had set a three-year target of a CAGR of 8% or higher for EPS based on the fiscal 2023 EPS level of JPY 78.5 derived from the net income forecast of JPY 220 billion. However, in the first year of our plan, fiscal 2024, we achieved an EPS of JPY 89.3 for a growth rate of 13.7%. EPS, assuming our net income target of JPY 260 billion for fiscal 2025, translates into an EPS of roughly JPY 94, which would imply a two-year CAGR of 9.6% for EPS growth to the end of fiscal 2025. Also, efficiency metric ROE was 8% in fiscal 2024.
On the back of expected net income growth in fiscal 2025, we expect ROE to be in the low 8% range. We are making solid advances to our fiscal 2026 target of 8.5% or higher. With regard to the P&L, as already discussed, we are making steady progress toward the quantitative targets for fiscal 2026 for business income and net profit. With regard to the balance sheet, interest-bearing debt was JPY 4,416 trillion for fiscal 2024. We project this to be JPY 4,600 trillion in fiscal 2025. As a result of progress on investments, both domestic and overseas, we expect a slight increase in fiscal 2025, but we continue to focus on balance sheet control as we aim to achieve a level of around JPY 4,500 trillion in fiscal 2026. The D/E ratio was 1.4x in fiscal 2024.
We expect to be at around the 1.4x range in fiscal 2025 as well, which is well within our stated target range of 1.2x-1.5x . With regard to strategic shareholdings within investment securities, as mentioned earlier, we have reduced our holdings by 23% as of fiscal 2024. We will continue to reduce our holdings in fiscal 2025 and aim to achieve cumulative reductions of around 40%. With regard to cash allocation, please turn to page 11. On the left, we show our assumptions for the cumulative three-year period as set out in & Innovation 2030. The actual results for fiscal 2024 are shown in the table on the right. Both cash inflow and outflow were around JPY 1.1 trillion, 1/3 of the level set out in the plan. As you can see, for each item, our progress is roughly around 1/3. We are making steady progress.
Currently, as a result of U.S. trade policy, we are seeing dramatic volatility in the financial markets and economic conditions. However, the near-term fundamentals of our core business, mainly the Japanese real estate market, remain firm in our view. The group as a whole will continue to monitor domestic and overseas financial and real estate market trends while firmly focusing on achieving the business income and net profit targets we have disclosed for this fiscal year and the achievement of the KPIs set out in & Innovation 2030. This completes my presentation.