銘柄情報

Fukuoka REIT Corporation

Diversified REIT sponsored by every major company in Kyushu. The flagship property, Canal City Hakata, accounts for nearly 40% of the portfolio, so that commercial facilities account for 60%, offices 30%, and other properties 10%. A little less than 80% of the investment areas are in the Fukuoka district.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/04/14Update

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 Fukuoka REIT Corporation
Abbreviation FRC
Securities code 8968(JPX)
Listing date 2005/06/21
Time elapsed 17.14 year
Closing months February / August
URL http://www.fukuoka-reit.jp/index.php
Unitholders' capital 98,939Million JPY
Number of investment units authorized 796,000Unit
Investment amount per unit 124,295JPY
Rating R&I:A+ / JCR:AA- 
Type of assets under management Diversified REIT / Retail Facilities:53.0% Office Buildings:33.0% Others:14.0%
Management target regions
Fukuoka area:77.1% Others Kyushu Areas:22.9%
Number of investment properties 32
Number of tenants 1016
Total leasable floor space 568,954.26㎡

Investment Index Information

NAV per Unit 181,616JPY
Unit Price / NAV per Unit 0.94
FFO per Unit 5,403JPY
Unit Price / FFO per Unit 31.74
NOI Yield 5.48%
Implied Cap Rate 4.32%
Market capitalization 136,514Million JPY
Acquisition book value 202,019Million JPY
Term-end book value 185,177Million JPY
Appraisal value 227,990Million JPY
Interest-bearing liabilities 82,400Million JPY
LTV 41.46%
EV / EBITDA 20.53
Average maturity of borrowings 5.2year
Ratio of long-term fixed interest rate
Average occupancy rate 99.4%
Average age of buildings 19.03year

Investment Management Policies

  • In principle, invests in the entire Kyushu area centering on Fukuoka (and including Okinawa), and Yamaguchi Prefecture. Its investment ratios are as follows. Fukuoka metropolitan area: 60% to 90%; Other Kyushu areas: 10% to 30%; Other: 0% to 10%
  • Invests with a particular focus on commercial facilities (60 to 80%), but in terms of investment type, will consider all kinds of properties with flexibility (diversified REIT).

Other Related Corporations

Asset Manager Fukuoka Realty Co., Ltd.
Update 2022/04/14 Capital 200Million JPY
Major Shareholders 50% Fukuoka Jisho Co., Ltd. Other Shareholders Saibugas Co., Ltd./Kyudenko Corporation/Kyushu Railway Company/Development Bank of Japan Inc./Royal Holdings Co., Ltd.
10% Kyushu Electric Power Co., Inc.
5% The Bank of Fukuoka, Ltd.
5% The Nishi-Nippon City Bank, Ltd.
5% Nishi-Nippon Railroad Co., Ltd.

Account Settlement InformationFY2022-2(Million JPY)

33th 34th 35th
(most recent)
36th forecast 37th forcast
Revised Date Revised Date
Operating revenue 8,904 8,867 8,658 8,807 8,749
Operating income 3,061 3,204 3,185 3,167 3,159
Ordinary income 2,677 2,817 2,816 2,787 2,787
Net income 2,675 2,816 2,814 2,786 2,786
Short-term borrowings 6,300 6,000 6,000
Long-term borrowings 7,100 71,400 71,400
Investment corporation bonds 5,000 5,000 5,000
Total assets 199,559 199,804 198,745
Net assets 101,614 101,755 101,753
Distribution per unit 3,361
JPY/per Unit
3,539
JPY/per Unit
3,536
JPY/per Unit
3,500
JPY/per Unit
3,500
JPY/per Unit

Other Affiliated Companies

Asset custodian Mitsubishi UFJ Trust and Banking Corporation Accounting auditor PricewaterhouseCoopers Aarata
Accounting services Mitsubishi UFJ Trust and Banking Corporation Unitholders registry administrator Sumitomo Mitsui Trust Bank, Limited
Tax administration services Mitsubishi UFJ Trust and Banking Corporation Investment corporation bond administrator Sumitomo Mitsui Baking Corporation
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