銘柄情報

Daiwa Office Investment Corporation

Office building REIT sponsored by Daiwa Securities Group Inc. The investment policy involves carefully selecting areas and sizes of investment in accordance with the characteristics of office buildings to ensure stable management and aim to ensure long-term EPS (earnings per share). Specifically, it aims to make diversified investments in properties of various ages, each with a total floor space of 2000 ㎡ or greater. Sixty percent or more of the investment areas are in the Tokyo's five major wards (the most important investment areas), up to 40% in other parts of the Tokyo metropolitan area, and up to 20% in other major cities.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/07/21Update

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 Daiwa Office Investment Corporation
Abbreviation DOI
Securities code 8976(JPX)
Listing date 2005/10/19
Time elapsed 16.81 year
Closing months May / November
URL http://www.daiwa-office.co.jp/
Unitholders' capital 241,093Million JPY
Number of investment units authorized 482,529Unit
Investment amount per unit 499,646JPY
Rating R&I:AA- / JCR:AA 
Type of assets under management Office Building REIT / OfficeBuildings:100%
Management target regions
Five Central Wards of Tokyo:80.7% Greater Tokyo:17.3% Other Regions:2.0%
Number of investment properties 59
Number of tenants 635
Total leasable floor space 350,711.77㎡

Investment Index Information

NAV per Unit 803,242JPY
Unit Price / NAV per Unit 0.85
FFO per Unit 21,099JPY
Unit Price / FFO per Unit 32.18
NOI Yield 3.39%
Implied Cap Rate 2.76%
Market capitalization 327,637Million JPY
Acquisition book value 466,528Million JPY
Term-end book value 453,560Million JPY
Appraisal value 590,840Million JPY
Interest-bearing liabilities 205,800Million JPY
LTV 42.57%
EV / EBITDA 32.98
Average maturity of borrowings 4.0year
Ratio of long-term fixed interest rate
Average occupancy rate 98.4%
Average age of buildings 24.12year

Investment Management Policies

  • For existing properties, provides highly satisfactory office environments to existing tenants, aiming to reduce the risk of tenant vacation risk and maintain occupancy rates. Moreover, aims to actively incorporate the needs of new tenants in order to secure stable earnings over the medium to long term. Further, by leveraging economies of scale, also aims to decrease operation and management costs.
  • With regard to new properties, continues to invest heavily in Class A and Class B office buildings* mainly located in the five wards of central Tokyo and the Tokyo metropolitan area. Rather than combine types with different characteristics, invests exclusively in office buildings.
    *: Class A building: Building with a total floor area of 30,000 ㎡ or more
    Class B building: Building with a total floor area between 2,000 ㎡ and under 30,000 ㎡

Other Related Corporations

Asset Manager Daiwa Real Estate Asset Management Co. Ltd.
Update 2022/07/21 Capital 200Million JPY
Major Shareholders 100% Daiwa Securities Co. Ltd. Other Shareholders

Account Settlement InformationFY2022-5(Million JPY)

31th 32th 33th
(most recent)
34th forecast 35th forcast
Revised Date Revised Date
Operating revenue 15,054 13,882 14,474 13,727 13,629
Operating income 8,137 7,351 7,923 6,949 6,873
Ordinary income 7,550 6,784 7,493 6,370 6,273
Net income 7,549 6,799 7,493 6,369 6,272
Short-term borrowings 23,900 34,000 30,600
Long-term borrowings 170,450 159,350 166,200
Investment corporation bonds 9,000 9,000 9,000
Total assets 484,310 483,279 483,461
Net assets 253,522 253,637 250,538
Distribution per unit 14,000
JPY/per Unit
14,000
JPY/per Unit
14,000
JPY/per Unit
13,600
JPY/per Unit
13,600
JPY/per Unit

Other Affiliated Companies

Asset custodian Sumitomo Mitsui Trust Bank, Limited Accounting auditor KPMG AZSA LLC
Accounting services Sumitomo Mitsui Trust Bank, Limited Unitholders registry administrator Sumitomo Mitsui Trust Bank, Limited
Tax administration services Sumitomo Mitsui Trust Bank, Limited Investment corporation bond administrator Sumitomo Mitsui Banking Corporation Resona Bank,Limited
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