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Mori Hills REIT Investment Corporation
Diversified REIT sponsored by Mori Building, consisting mainly of office buildings. It focuses on investing in premium properties located in the five wards of central Tokyo and its surrounding districts. The ratio of investments in Minato ward (Tokyo) is particularly high. The ratio of investments in office buildings is 50％ or greater. In addition, it has an urban portfolio that focuses on premium properties such as rental housing and commercial facilities. One strength of this REIT is that it makes the most of the total power of Mori Building Group, which has know-how in redevelopment projects.
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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 | Mori Hills REIT Investment Corporation |
|---|---|
| Abbreviation | MHR |
| Securities code | 3234（JPX） |
| Listing date | 2006/11/30 |
| Time elapsed | 16.00 year |
| Closing months | January / July |
| ＵＲＬ | http://mori-hills-reit.co.jp/ |
| Unitholders' capital | 195,718Million JPY |
| Number of investment units authorized | 1,916,330Unit |
| Investment amount per unit | 102,132JPY |
| Rating | JCR:AA |
| Type of assets under management | Diversified REIT / Office：88.9％ Residential：6.1％ Retail：5.0％ |
| Management target regions | Minato-ku：88.4％ Bunkyo-ku：6.6％ Shibuya-ku：5.0％ |
| Number of investment properties | 11 |
| Number of tenants | 358 |
| Total leasable floor space | 178,203.13㎡ |
Investment Index Information
| NAV per Unit | 156,886JPY |
|---|---|
| Unit Price / NAV per Unit | 1.05 |
| FFO per Unit | 268,276JPY |
| Unit Price / FFO per Unit | 0.61 |
| NOI Yield | 227.29％ |
| Implied Cap Rate | 172.05％ |
| Market capitalization | 315,811Million JPY |
| Acquisition book value | 409,252Million JPY |
| Term-end book value | 397,276Million JPY |
| Appraisal value | 495,886Million JPY |
| Interest-bearing liabilities | 192,422Million JPY |
| LTV | 46.60％ |
| EV / EBITDA | 0.55 |
| Average maturity of borrowings | 4.5year |
| Ratio of long-term fixed interest rate | |
| Average occupancy rate | 98.3％ |
| Average age of buildings | 20.87year |
Investment Management Policies
- With an emphasis on office buildings, invests in housing and commercial facilities, among other things. In terms of investment composition by type, it manages assets aiming for the following breakdown by type (on the basis of acquisition price).
Office buildings: 50％ or more; Housing, commercial facilities, etc.: 50％ or less
- The Tokyo metropolitan area is its main investment area. It invests primarily in the five wards of central Tokyo and the surrounding areas, and among these, more actively in Minato Ward.
- With regard to real-estate-related assets in the major regional cities, it invests with the aim to make this part 20％ or less of its portfolio total.
Other Related Corporations
| Asset Manager | Mori Building Investment Management Co., Ltd | |||
|---|---|---|---|---|
| Update | 2022/09/14 | Capital | 200Million JPY | |
| Major Shareholders | 100％ | Mori Building Co., Ltd. | Other Shareholders | |
Account Settlement InformationFY2022-7(Million JPY)
| 30th | 31th |
32th （most recent） |
33th forecast | 34th forcast | |
| Revised Date |
Revised Date |
||||
| Operating revenue | 9,841 | 9,820 | 11,197 | 11,192 | 11,166 |
| Operating income | 6,157 | 6,085 | 6,985 | 6,932 | 6,890 |
| Ordinary income | 5,583 | 5,514 | 6,443 | 6,388 | 6,358 |
| Net income | 5,582 | 5,513 | 6,443 | 6,386 | 6,357 |
| Short-term borrowings | 22,000 | 1,550 | 15,200 | ||
| Long-term borrowings | 145,422 | 156,622 | 156,922 | ||
| Investment corporation bonds | 18,800 | 20,300 | 20,300 | ||
| Total assets | 404,953 | 411,259 | 412,892 | ||
| Net assets | 200,818 | 201,657 | 202,797 | ||
| Distribution per unit | 2,913 JPY/per Unit |
2,927 JPY/per Unit |
3,030 JPY/per Unit |
3,040 JPY/per Unit |
3,050 JPY/per Unit |
Other Affiliated Companies
| Asset custodian | Sumitomo Mitsui Trust Bank, Limited | Accounting auditor | Ernst & Young ShinNihon LLC |
|---|---|---|---|
| Accounting services | Heiseikaikeisha(“HSK”) Tax Corporation | Unitholders registry administrator | Mitsubishi UFJ Trust and Banking Corporation |
| Tax administration services | Heiseikaikeisha(“HSK”) Tax Corporation | Investment corporation bond administrator | Mitsubishi UFJ Trust and Banking Corporation |
