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Japan Real Estate Investment Corporation
Office building REIT sponsored by Mitsui Fudosan. Was Japan's first REIT to be listed, and has the largest market capitalization of any J-REIT for its investment units. With the cooperation of the sponsor, Mitsui Fudosan, it owns properties, mainly large-scale buildings in central Tokyo, and pursues a policy of diversified investment in Greater Tokyo and other cities.
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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 | Japan Real Estate Investment Corporation |
|---|---|
| Abbreviation | JRE |
| Securities code | 8952（JPX） |
| Listing date | 2001/09/10 |
| Time elapsed | 22.07 year |
| Closing months | March / September |
| ＵＲＬ | http://www.j-re.co.jp/ |
| Unitholders' capital | 497,241Million JPY |
| Number of investment units authorized | 1,385,210Unit |
| Investment amount per unit | 358,964JPY |
| Rating | S&P:A+ / R&I:AA / JCR:AA+ |
| Type of assets under management | Office Building REIT / Office Buildings：100％ |
| Management target regions | 5 Central Wards：68.9％ Tokyo 23 Wards（excluding 5 Central Wards）：8.5％ Tokyo Metropolitan Area (excluding Tokyo 23 Wards)：5.9％ Other Major Cities：16.7％ |
| Number of investment properties | 76 |
| Number of tenants | 1582 |
| Total leasable floor space | 886,439.00㎡ |
Investment Index Information
| NAV per Unit | 609,547JPY |
|---|---|
| Unit Price / NAV per Unit | 0.94 |
| FFO per Unit | 18,586JPY |
| Unit Price / FFO per Unit | 30.67 |
| NOI Yield | 3.98％ |
| Implied Cap Rate | 2.99％ |
| Market capitalization | 789,570Million JPY |
| Acquisition book value | 1,125,700Million JPY |
| Term-end book value | 1,010,085Million JPY |
| Appraisal value | 1,336,443Million JPY |
| Interest-bearing liabilities | 460,493Million JPY |
| LTV | 43.98％ |
| EV / EBITDA | 30.35 |
| Average maturity of borrowings | 4.51year |
| Ratio of long-term fixed interest rate | |
| Average occupancy rate | 95.5％ |
| Average age of buildings | 21.10year |
Investment Management Policies
- Basically aims to manage properties with a percentage breakdown of real estate assets by location of 70％ or greater in the Tokyo metropolitan area (Tokyo Prefecture, Kanagawa Prefecture, Chiba Prefecture, Saitama Prefecture) and 30％ or less in other regional cities.
- Invests primarily in office building related investment real estate, etc.
- In principle, invests in buildings with a total floor area of 3000 ㎡ or more as well as in their sits.
Other Related Corporations
| Asset Manager | Japan Real Estate Asset Management Co.,Ltd. | |||
|---|---|---|---|---|
| Update | 2023/05/15 | Capital | 263Million JPY | |
| Major Shareholders | 90％ | MITSUBISHI ESTATE CO., LTD. | Other Shareholders | |
| 10％ | MITSUI & CO., LTD. | |||
Account Settlement InformationFY2023-3(Million JPY)
| 41th | 42th |
43th （most recent） |
44th forecast | 45th forcast | |
| Revised Date |
Revised Date |
||||
| Operating revenue | 36,453 | 37,654 | 37,345 | 38,610 | 41,050 |
| Operating income | 17,107 | 18,042 | 17,041 | 17,390 | 19,320 |
| Ordinary income | 16,191 | 17,256 | 16,172 | 16,380 | 18,260 |
| Net income | 16,045 | 16,790 | 16,161 | 16,380 | 17,620 |
| Short-term borrowings | 89,700 | 70,200 | 91,800 | ||
| Long-term borrowings | 317,200 | 310,200 | 325,700 | ||
| Investment corporation bonds | 42,993 | 42,993 | 42,993 | ||
| Total assets | 1,035,072 | 1,008,970 | 1,047,158 | ||
| Net assets | 516,762 | 517,761 | 517,993 | ||
| Distribution per unit | 11,400 JPY/per Unit |
11,500 JPY/per Unit |
11,667 JPY/per Unit |
11,500 JPY/per Unit |
11,550 JPY/per Unit |
Other Affiliated Companies
| Asset custodian | Sumitomo Mitsui Trust Bank, Limited | Accounting auditor | Ernst & Young ShinNihon LLC |
|---|---|---|---|
| Accounting services | Mitsubishi UFJ Trust and Banking Corporation | Unitholders registry administrator | MUFG Bank,Ltd. |
| Tax administration services | Mitsubishi UFJ Trust and Banking Corporation | Investment corporation bond administrator | MUFG Bank,Ltd. |
