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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.
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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 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. |
