銘柄情報

Japan Excellent, Inc.

Sponsored by Nippon Steel Kowa Real Estate, The Dai-ichi Life Insurance Company, and Sekisui House, among others, the main sponsor being Mizuho Financial Group. Although it is a diversified REIT, 90% or more of the portfolio is in office buildings. The investment areas are in large metropolitan areas, mainly the six wards of central Tokyo, but most of the investments are in the Tokyo Area. One strength is the overall resources of the sponsor companies, which have strengths in the real estate and financial industries, which they can mutually draw upon.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/02/17Update

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 Excellent, Inc.
Abbreviation JEI
Securities code 8987(JPX)
Listing date 2006/06/27
Time elapsed 16.01 year
Closing months June / December
URL http://www.excellent-reit.co.jp/
Unitholders' capital 147,907Million JPY
Number of investment units authorized 1,353,000Unit
Investment amount per unit 109,318JPY
Rating Moody's:A3 / R&I:A+ / JCR:AA- 
Type of assets under management Diversified REIT Office Buildings:100%
Management target regions
Six central wards of Tokyo:52.6%、Other Tokyo Area and its vicinity:32.0%、Other Regional Cities:15.4%
Number of investment properties 36
Number of tenants 587
Total leasable floor space 317,608.37㎡

Investment Index Information

NAV per Unit 165,814JPY
Unit Price / NAV per Unit 0.74
FFO per Unit 4,241JPY
Unit Price / FFO per Unit 28.88
NOI Yield 4.68%
Implied Cap Rate 4.21%
Market capitalization 165,743Million JPY
Acquisition book value 286,600Million JPY
Term-end book value 268,611Million JPY
Appraisal value 340,752Million JPY
Interest-bearing liabilities 125,600Million JPY
LTV 42.73%
EV / EBITDA 21.40
Average maturity of borrowings 4.4year
Ratio of long-term fixed interest rate
Average occupancy rate 93.1%
Average age of buildings 22.96year

Investment Management Policies

  • Aims to build a portfolio with a concentration on office buildings and the six wards of central Tokyo. In principle, aims to have its portfolio consist of 90% or more of real estate-related assets whose type is primarily office buildings, and 10% or less of real estate-related assets of other types.
  • Its investment target area is Tokyo and surrounding areas (Chiba Prefecture, Kanagawa Prefecture, and Saitama Prefecture) and also designated cities, prefectural capitals and equivalent cities.

Other Related Corporations

Asset Manager JAPAN EXCELLENT ASSET MANAGEMENT CO., LTD.
Update 2022/02/17 Capital 450Million JPY
Major Shareholders 54% JAPAN EXCELLENT ASSET MANAGEMENT CO., LTD. Other Shareholders
26% The Dai-ichi Life Insurance Company, Limited
5% THE DAI-ICHI BUILDING CO., LTD.
5% SOHGO HOUSING CO., Ltd.
5% Mizuho Bank, Ltd.
5% Mizuho Trust & Banking Co., Ltd.

Account Settlement InformationFY2021-12(Million JPY)

29th 30th 31th
(most recent)
32th forecast 33th forcast
Revised Date Revised Date
Operating revenue 11,043 10,567 10,666 11,117 10,486
Operating income 4,924 4,590 4,485 4,684 4,215
Ordinary income 4,291 3,976 3,846 4,088 3,586
Net income 4,290 3,975 3,846 4,087 3,585
Short-term borrowings 13,510 14,510 13,750
Long-term borrowings 74,090 73,090 73,850
Investment corporation bonds 38,000 38,000 38,000
Total assets 294,004 293,970 293,960
Net assets 152,418 152,335 152,206
Distribution per unit 3,000
JPY/per Unit
2,938
JPY/per Unit
2,843
JPY/per Unit
2,800
JPY/per Unit
2,800
JPY/per Unit

Other Affiliated Companies

Asset custodian Mizuho Trust & Banking Co., Ltd. Accounting auditor Ernst & Young ShinNihon LLC
Accounting services Mizuho Trust & Banking Co., Ltd. Unitholders registry administrator Mizuho Trust & Banking Co., Ltd.
Tax administration services Mizuho Trust & Banking Co., Ltd. Investment corporation bond administrator Mizuho Bank, Ltd.
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