銘柄情報

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.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/09/14Update

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 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
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