銘柄情報

Frontier Real Estate Investment Corporation

Commercial facility REIT sponsored by Mitsui Fudosan. It specializes in those properties ("the best in the area") that can maintain their competitive edge over the medium to long term despite the market conditions (in terms of trading zone, competition, and consumer needs) and the situation being faced by commercial facilities. It mainly focuses on long-term fixed contracts, so that the cash flow is stable. It adopts conservative financial operations, requiring security deposits.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2021/12/15Update

投資指標の計算式について

Investment amount per unit

Unitholders' capital / Number of investment units authorized

NAV per unit

((Unitholders' capital + Investment surplus) + (Portforio assets appraisal value - ortfolio assets book value) / Number of investment units authorized

P/NAV

Investment unit price / NAV per unit

FFO per unit

(Net income + depreciation + profit and loss on real estate) / Number of investment units authorized

P/FFO

Investment unit price / FFO per unit

NOI

Rental business income + depreciation

NOI yield

NOI / Portfolio assets book value

Implied cap rate

NOI / (Market capitalization + (Interest-bearing liabilities - cash on hand and in bank) + Security and guarantee deposits received

Market capitalization

Investment unit price * Number of investment units authorized

LTV

Interest-bearing liabilities / Total assets

DSCR

NOI / (Interest-bearing liabilities at end of previous period - Interest-bearing liabilities at end of current period + current interest expense)

EV / EBITDA

Market capitalization + (Interest-bearing liabilities - cash on hand and in bank) / NOI

Ratio of long-term fixed interest rate

Long-term fixed interest / Interest-bearing liabilities

Corporate Data

Investment Corporation Name Frontier Real Estate Investment Corporation
Abbreviation FRI
Securities code 8964(JPX)
Listing date 2004/08/09
Time elapsed 18.00 year
Closing months June / December
URL http://www.frontier-reit.co.jp/
Unitholders' capital 168,510Million JPY
Number of investment units authorized 541,000Unit
Investment amount per unit 311,479JPY
Rating S&P:A+ / R&I:AA- / JCR:AA 
Type of assets under management Commercial Facility REIT / Retail Facilities:100%
Management target regions
Tokyo Area:54.5% Chubu:15.2% Kansai:13.1% Chugoku:7.6% Kyushu:9.7%
Number of investment properties 39
Number of tenants 112
Total leasable floor space 1,393,948.17㎡

Investment Index Information

NAV per Unit 463,076JPY
Unit Price / NAV per Unit 1.17
FFO per Unit 14,894JPY
Unit Price / FFO per Unit 36.26
NOI Yield 4.26%
Implied Cap Rate 2.91%
Market capitalization 292,140Million JPY
Acquisition book value 361,116Million JPY
Term-end book value 317,202Million JPY
Appraisal value 393,280Million JPY
Interest-bearing liabilities 123,400Million JPY
LTV 37.39%
EV / EBITDA 29.81
Average maturity of borrowings 4.81year
Ratio of long-term fixed interest rate
Average occupancy rate 100%
Average age of buildings 13.78year

Investment Management Policies

  • Invests mainly in real estate offered as suburban commercial facilities and urban commercial facilities, and real estate trust beneficiary rights that use real estate as trust assets.
  • Invests in real estate located in various places in Japan, and real estate trust beneficiary rights that use real estate as trust assets.
  • In principle, seeks to acquire real estate and real estate trust beneficiary rights that use real estate as trust asset based on the premise of medium-term and long-term holding, and thus does not acquire assets for the immediate purpose of selling them in the short term.

Other Related Corporations

Asset Manager Mitsui Fudosan Frontier REIT Management Inc.
Update 2021/12/15 Capital 450Million JPY
Major Shareholders 100% Mitsui Fudosan Co., Ltd. Other Shareholders

Account Settlement InformationFY2021-12(Million JPY)

33th 34th 35th
(most recent)
36th forecast 37th forcast
Revised Date Revised Date
Operating revenue 10,850 10,755 11,401 11,490 11,518
Operating income 5,606 5,742 6,255 6,228 6,273
Ordinary income 5,337 5,490 5,936 5,948 5,980
Net income 5,336 5,489 5,935 5,947 5,979
Short-term borrowings 10,500 11,000 11,500
Long-term borrowings 95,400 93,400 98,400
Investment corporation bonds 11,000 11,000 13,500
Total assets 309,407 350,510 330,060
Net assets 158,948 159,101 177,446
Distribution per unit 10,448
JPY/per Unit
10,747
JPY/per Unit
10,972
JPY/per Unit
10,970
JPY/per Unit
10,990
JPY/per Unit

Other Affiliated Companies

Asset custodian Sumitomo Mitsui Trust Bank, Limited Accounting auditor Ernst & Young ShinNihon LLC
Accounting services Heiseikaikeisha(“HSK”) Tax Corporation Unitholders registry administrator Sumitomo Mitsui Trust Bank, Limited
Tax administration services Heiseikaikeisha(“HSK”) Tax Corporation Investment corporation bond administrator Sumitomo Mitsui Trust Bank, Limited
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