銘柄情報

Daiwa House REIT Investment Corporation

Effective September 1, 2016, Daiwa House Residential Investment Corporation merged with Daiwa House REIT Investment Corporation, which focuses on the two investment target assets of logistics properties and retail properties, and changed its name from Daiwa House Residential Investment Corporation to Daiwa House REIT Investment Corporation. Looking forward, in addition to the existing investment target assets of logistics, residential, and retail properties, Daiwa House REIT Investment Corporation will newly expand its investment target assets to hotels and office buildings, etc. and, as a “diversified REIT,” will carry out investment and management of real estate, etc. located throughout Japan, focusing on the three major metropolitan areas.(Excerpt from the website of  Daiwa House REIT Investment Corporation )

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/04/15Update

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 Daiwa House REIT Investment Corporation
Abbreviation DHR
Securities code 8984(JPX)
Listing date 2006/03/22
Time elapsed 16.38 year
Closing months February / August
URL http://www.daiwahouse-reit.co.jp/
Unitholders' capital 268,043Million JPY
Number of investment units authorized 2,320,000Unit
Investment amount per unit 115,536JPY
Rating R&I:AA- / JCR:AA 
Type of assets under management Logistics:52.5% Residential:26.9% Retail:13.8% Hotels:2.1% Other:4.7%
Management target regions
Greaeter Tokyo:65.6% Greater Nagoya:3.4% Greater Osaka:7.8% Other:23.2%
Number of investment properties 230
Number of tenants 251
Total leasable floor space 3,191,959.28㎡

Investment Index Information

NAV per Unit 301,374JPY
Unit Price / NAV per Unit 1.06
FFO per Unit 8,037JPY
Unit Price / FFO per Unit 39.57
NOI Yield 4.04%
Implied Cap Rate 2.98%
Market capitalization 737,760Million JPY
Acquisition book value 895,153Million JPY
Term-end book value 855,137Million JPY
Appraisal value 1,029,777Million JPY
Interest-bearing liabilities 407,550Million JPY
LTV 42.25%
EV / EBITDA 31.93
Average maturity of borrowings 4.6year
Ratio of long-term fixed interest rate
Average occupancy rate 99.7%
Average age of buildings 11.41year

Investment Management Policies

  • Aims to continuously increase Unitholder Value by ensuring stable revenue and steady growth of assets
  • DHR’s investments focus on logistics properties, residential properties, retail properties, and hotels (the “Core Assets”).
    DHR is also able to invest in other real estate asset types such as offices and healthcare properties (“Other Assets”).
  • Investments are mainly focused in the three major metropolitan areas.
    (Excerpt from the website of  Daiwa House REIT Investment Corporation )

Other Related Corporations

Asset Manager Daiwa House Aset Management Co., Ltd.
Update 2022/04/15 Capital 300Million JPY
Major Shareholders 100% DAIWA HOUSE INDUSTRY CO., LTD. Other Shareholders

Account Settlement InformationFY2022-2(Million JPY)

30th 31th 32th
(most recent)
33th forecast 34th forcast
Revised Date Revised Date
Operating revenue 28,097 29,571 30,264 29,125 29,121
Operating income 12,571 13,116 13,409 12,630 12,656
Ordinary income 11,099 11,619 11,685 11,011 11,012
Net income 11,098 11,619 11,685 11,011 11,012
Short-term borrowings 26,358 35,858 42,500
Long-term borrowings 322,200 308,700 327,050
Investment corporation bonds 30,000 34,000 38,000
Total assets 901,386 900,310 964,669
Net assets 490,586 489,467 524,178
Distribution per unit 5,856
JPY/per Unit
6,118
JPY/per Unit
5,822
JPY/per Unit
5,600
JPY/per Unit
5,600
JPY/per Unit

Other Affiliated Companies

Asset custodian Sumitomo Mitsui Trust Bank, Limited Accounting auditor Ernst & Young ShinNihon 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 Trust Bank, Limited MUFG Bank, Ltd .
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