銘柄情報

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.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/11/15Update

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 Japan Real Estate Investment Corporation
Abbreviation JRE
Securities code 8952(JPX)
Listing date 2001/09/10
Time elapsed 21.22 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+ / Moody's:A2 / R&I:AA 
Type of assets under management Office Building REIT / Office Buildings:100%
Management target regions
5 Central Wards:68.6% Tokyo 23 Wards(excluding 5 Central Wards):8.0% Tokyo Metropolitan Area (excluding Tokyo 23 Wards):6.1% Other Major Cities:17.2%
Number of investment properties 73
Number of tenants 1499
Total leasable floor space 875,648.00㎡

Investment Index Information

NAV per Unit 609,464JPY
Unit Price / NAV per Unit 1.01
FFO per Unit 19,081JPY
Unit Price / FFO per Unit 32.18
NOI Yield 4.15%
Implied Cap Rate 2.96%
Market capitalization 850,519Million JPY
Acquisition book value 1,091,200Million JPY
Term-end book value 977,086Million JPY
Appraisal value 1,303,560Million JPY
Interest-bearing liabilities 401,693Million JPY
LTV 41.96%
EV / EBITDA 30.74
Average maturity of borrowings 4.37year
Ratio of long-term fixed interest rate
Average occupancy rate 93.9%
Average age of buildings 20.35year

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 2022/11/15 Capital 263Million JPY
Major Shareholders 90% MITSUBISHI ESTATE CO., LTD. Other Shareholders
10% MITSUI & CO., LTD.

Account Settlement InformationFY2022-9(Million JPY)

40th 41th 42th
(most recent)
43th forecast 44th forcast
Revised Date Revised Date
Operating revenue 36,901 36,453 37,654 36,980 37,180
Operating income 18,394 17,107 18,042 16,670 16,570
Ordinary income 17,477 16,191 17,256 15,810 15,670
Net income 16,865 16,045 16,790 15,790 15,660
Short-term borrowings 69,000 89,700 70,200
Long-term borrowings 307,500 317,200 310,200
Investment corporation bonds 42,993 42,993 42,993
Total assets 1,003,583 1,035,072 1,008,970
Net assets 516,447 516,762 517,761
Distribution per unit 11,356
JPY/per Unit
11,400
JPY/per Unit
11,500
JPY/per Unit
11,400
JPY/per Unit
11,300
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.
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