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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.
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Unit Price and Trading Volume
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Unit Yield, Sector Average and Overall Average
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 |
