銘柄情報

Invincible Investment Corporation

Diversified REIT sponsored by Calliope (corporation affiliated with Fortress, an alternative investment management company in the United States). The main feature is diversification into individual properties because it mainly focuses on rental housing. One-quarter of the investments are diversified into offices, commercial facilities, and other properties (such as houses for seniors). It establishes a rough standard whereby at least 70% of the investment areas should be in the Tokyo metropolitan area, and less than 30% should be in other major cities.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/02/24Update

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 Invincible Investment Corporation
Abbreviation INV
Securities code 8963(JPX)
Listing date 2004/05/17
Time elapsed 18.23 year
Closing months June / December
URL http://www.invincible-inv.co.jp/
Unitholders' capital 235,702Million JPY
Number of investment units authorized 6,096,840Unit
Investment amount per unit 38,660JPY
Rating JCR:A+ 
Type of assets under management Diversified REIT / Hotels:91.7% Residential:7.8% Commercial Facirities:0.5%
Management target regions
Tokyo 23 wards:32.0% Its Surrounding Area:13.7% Major Regional Cities:54.3%
Number of investment properties 128
Number of tenants 137
Total leasable floor space 681,447.22㎡

Investment Index Information

NAV per Unit 52,159JPY
Unit Price / NAV per Unit 0.81
FFO per Unit 1,219JPY
Unit Price / FFO per Unit 34.74
NOI Yield 2.14%
Implied Cap Rate 1.60%
Market capitalization 258,201Million JPY
Acquisition book value 491,300Million JPY
Term-end book value 451,804Million JPY
Appraisal value 523,696Million JPY
Interest-bearing liabilities 244,945Million JPY
LTV 49.50%
EV / EBITDA 49.92
Average maturity of borrowings
Ratio of long-term fixed interest rate
Average occupancy rate 99.2%
Average age of buildings 25.71year

Investment Management Policies

  • Basically its investment area is the Tokyo metropolitan area (Tokyo Prefecture, Kanagawa Prefecture, Chiba Prefecture, Saitama Prefecture) and the major regional cities. By type, its investment target is a wide range of types including housing, office buildings, commercial facilities, hotels, senior housing, and parking lots.

Other Related Corporations

Asset Manager Consonant Investment Management Co., Ltd.
Update 2022/02/24 Capital 190Million JPY
Major Shareholders 100% Calliope Godo Kaisha Other Shareholders

Account Settlement InformationFY2021-12(Million JPY)

35th 36th 37th
(most recent)
38th forecast 39th forcast
Revised Date Revised Date
Operating revenue 8,340 3,806 8,406
Operating income 1,690 -2,341 2,292
Ordinary income 624 -3,599 1,014
Net income 623 -3,599 1,014
Short-term borrowings 90,448 53,315 120,453
Long-term borrowings 163,940 143,455 116,292
Investment corporation bonds 8,200 8,200 8,200
Total assets 516,490 497,889 494,819
Net assets 249,641 245,113 246,130
Distribution per unit 167
JPY/per Unit
15
JPY/per Unit
166
JPY/per Unit

JPY/per Unit

Other Affiliated Companies

Asset custodian Sumitomo Mitsui Trust Bank, Limited Accounting auditor Ernst & Young ShinNihon LLC
Accounting services EP Consulting Services Corporation Unitholders registry administrator Sumitomo Mitsui Trust Bank, Limited
Tax administration services EP Consulting Services Corporation Investment corporation bond administrator
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