銘柄情報

Kenedix Office Investment Corporation

Diversified REIT consisting mainly of office buildings, sponsored by Kenedix. The investment policy involves concentrating on medium-scale office buildings in the Tokyo economic zone, mainly the five wards of central Tokyo. Its policy is to expand its asset size, mainly in office buildings, in the future.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/06/14Update

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 Kenedix Office Investment Corporation
Abbreviation KDO
Securities code 8972(JPX)
Listing date 2005/07/21
Time elapsed 17.36 year
Closing months April / October
URL http://www.kdx-reit.com/
Unitholders' capital 220,970Million JPY
Number of investment units authorized 428,510Unit
Investment amount per unit 515,671JPY
Rating JCR:AA 
Type of assets under management Mid-sized Office Buildings:84.1% Other Office Buildings:15.3% Others:0.6%
Management target regions
Five Central Wards Of Tokyo:51.4% Tokyo Metropolitan Area(excluding 5 Central Wards):28.5% Other Regional Areas:20.0%
Number of investment properties 97
Number of tenants 1167
Total leasable floor space 482,913.73㎡

Investment Index Information

NAV per Unit 793,279JPY
Unit Price / NAV per Unit 0.43
FFO per Unit 22,998JPY
Unit Price / FFO per Unit 14.78
NOI Yield 4.14%
Implied Cap Rate 5.07%
Market capitalization 145,693Million JPY
Acquisition book value 445,606Million JPY
Term-end book value 426,967Million JPY
Appraisal value 535,600Million JPY
Interest-bearing liabilities 205,150Million JPY
LTV 44.14%
EV / EBITDA 17.90
Average maturity of borrowings 4.1year
Ratio of long-term fixed interest rate
Average occupancy rate 98.3%
Average age of buildings 26.05year

Investment Management Policies

  • Invests with a focus on mid-sized office buildings. Its goal by type is as follows. Rental office buildings that meet the following criteria for total floor area and whose primary type is as offices: 80% to 100%
    * Tokyo's 23 wards: Total floor area of 13,000 ㎡ or less
    * Outside Tokyo's 23 wards: Total floor area of 20,000 ㎡ or less
    Rental office buildings other than above whose primary use is as offices, urban commercial facilities, housing: 0% to 20%
  • Invests primarily in real estate, etc., located in the Tokyo metropolitan economic bloc (major cities in Tokyo Prefecture, Kanagawa Prefecture, Saitama Prefecture, Chiba Prefecture).

Other Related Corporations

Asset Manager Kenedix Real Estate Fund Management, Inc.
Update 2022/06/14 Capital 100Million JPY
Major Shareholders 100% Kenedix, Inc. Other Shareholders

Account Settlement InformationFY2022-4(Million JPY)

32th 33th 34th
(most recent)
35th forecast 36th forcast
Revised Date Revised Date
Operating revenue 16,301 15,028 15,891 15,959 15,600
Operating income 7,900 6,857 7,427 7,114 6,743
Ordinary income 7,017 5,911 6,497 6,191 5,837
Net income 7,016 5,909 6,496 6,190 5,836
Short-term borrowings 21,868 29,150 22,050
Long-term borrowings 159,250 156,600 1,000
Investment corporation bonds 11,000 13,000 182,100
Total assets 457,505 456,327 464,802
Net assets 230,981 230,544 231,763
Distribution per unit 15,384
JPY/per Unit
14,000
JPY/per Unit
14,000
JPY/per Unit
14,150
JPY/per Unit
14,150
JPY/per Unit

Other Affiliated Companies

Asset custodian Mizuho Trust & Banking Co., Ltd. Accounting auditor Ernst & Young ShinNihon LLC
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 Banking Corporation、Mitsubishi UFJ Trust and Banking Corporation
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