銘柄情報

Nippon Accommodations Fund

Rental housing REIT sponsored by Mitsui Fudosan. It invests in rental houses, student dormitories and student condominiums, serviced apartments, houses for seniors, and company houses as living spaces and accommodations satisfying the various needs associated with changes in lifestyle and family structure. It defines these properties as "accommodation assets". The target area ratios are such that the ratio of Tokyo's 23 wards should be 80% or greater (based on acquisition price). One strength is that all operations are undertaken within Mitsui Fudosan Group.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/04/19Update

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 Nippon Accommodations Fund
Abbreviation NAF
Securities code 3226(JPX)
Listing date 2006/08/04
Time elapsed 16.02 year
Closing months February / August
URL http://www.naf-r.jp/
Unitholders' capital 145,450Million JPY
Number of investment units authorized 503,472Unit
Investment amount per unit 288,894JPY
Rating S&P:A+ / R&I:AA- 
Type of assets under management Rent Housing REIT / Residential:100%
Management target regions
Tokyo(23 Wards):88.5% Tokyo(excluding 23 Wards):4.5% Other Major Cities:7.0%
Number of investment properties 134
Number of tenants
Total leasable floor space 521,593.41㎡

Investment Index Information

NAV per Unit 556,973JPY
Unit Price / NAV per Unit 1.23
FFO per Unit 14,552JPY
Unit Price / FFO per Unit 47.00
NOI Yield 4.61%
Implied Cap Rate 2.80%
Market capitalization 344,375Million JPY
Acquisition book value 337,900Million JPY
Term-end book value 309,327Million JPY
Appraisal value 438,594Million JPY
Interest-bearing liabilities 169,500Million JPY
LTV 51.37%
EV / EBITDA 34.91
Average maturity of borrowings 4.9year
Ratio of long-term fixed interest rate
Average occupancy rate 96.9%
Average age of buildings 15.44year

Investment Management Policies

  • Invests in real estate offered primarily for residential use and trust beneficiary rights that use mainly such real estate as trust property. Among the real estate offered primarily for residential use, it defines rental housing, student dormitories and student apartments, serviced apartments, senior housing, and company housing as "accommodation assets," and invests in these.
  • Invests in rental housing located mainly in the 23 wards of Tokyo, the Tokyo metropolitan area and regional core cities designated by government ordinance. In terms of investment ratio by region, it aims for 80% of investments in the 23 wards of Tokyo.

Other Related Corporations

Asset Manager Mitsui Fudosan Accommodations Fund Management Co., Ltd.
Update 2022/04/19 Capital 300Million JPY
Major Shareholders 100% Mitsui Fudosan 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 11,560 11,986 12,217 12,248 12,219
Operating income 5,266 5,428 5,726 5,497 5,630
Ordinary income 4,862 4,978 5,279 5,041 5,166
Net income 4,861 4,978 5,278 5,040 5,165
Short-term borrowings 23,000 26,000 25,000
Long-term borrowings 139,500 139,500 134,500
Investment corporation bonds 4,000 4,000 8,000
Total assets 317,740 327,824 326,050
Net assets 151,023 150,926 151,153
Distribution per unit 10,080
JPY/per Unit
10,035
JPY/per Unit
10,485
JPY/per Unit
10,010
JPY/per Unit
10,260
JPY/per Unit

Other Affiliated Companies

Asset custodian Sumitomo Mitsui Trust Bank, Limited Accounting auditor KPMG AZSA LLC
Accounting services Heiseikaikeisha(“HSK”) Tax Corporation Unitholders registry administrator Sumitomo Mitsui Trust Bank, Limited
Tax administration services PwC Zeirishi-Hojin Investment corporation bond administrator
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