銘柄情報

Industrial & Infrastructure Fund Investment Corporation

Complex-type REIT sponsored by Mitsubishi Corporation and UBS A.G. It invests in logistics facilities, plants, research and development facilities, and so on, which serve as a basis for industrial activities, as well as infrastructure facilities. The target investment ratio for the investment areas in the three major metropolitan areas, designated cities, equivalent cities, and industrial complexes is 80% or greater. The aim of the REIT is to initially increase the investment ratios of private infrastructure facilities and public sector infrastructure facilities, mainly logistics facilities, and to construct a well-balanced portfolio in each field in the medium to long term.

  • 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 Industrial & Infrastructure Fund Investment Corporation
Abbreviation IIF
Securities code 3249(JPX)
Listing date 2007/10/18
Time elapsed 15.12 year
Closing months January / July
URL http://www.iif-reit.com/
Unitholders' capital 183,865Million JPY
Number of investment units authorized 2,070,016Unit
Investment amount per unit 88,823JPY
Rating JCR:AA 
Type of assets under management Complex-type REIT Logistics Facilities:49.4% Infrastructure Facilities:16.2%  Manufacturing, Research and Development, and Other Non-Logistics Facilities:34.4%
Management target regions
Tokyo Area:65.6% Osaka Area:20.1% Nagoya Area:2.6% Other Areas:11.6%
Number of investment properties 75
Number of tenants 101
Total leasable floor space 2,578,861.08㎡

Investment Index Information

NAV per Unit 136,276JPY
Unit Price / NAV per Unit 1.17
FFO per Unit 4,595JPY
Unit Price / FFO per Unit 34.82
NOI Yield 1.02%
Implied Cap Rate 0.71%
Market capitalization 331,203Million JPY
Acquisition book value 374,911Million JPY
Term-end book value 372,816Million JPY
Appraisal value 464,492Million JPY
Interest-bearing liabilities 202,753Million JPY
LTV 48.58%
EV / EBITDA 129.81
Average maturity of borrowings
Ratio of long-term fixed interest rate
Average occupancy rate 98.6%
Average age of buildings 21.64year

Investment Management Policies

  • As Japan's first industrial real estate REIT, it invests in "industrial real estate" that serves as the base of industrial activities, such as logistics facilities, factories, and research and development facilities, and "infrastructure real estate" that serves as the foundation supporting industrial activities.
  • Using the characteristic of industrial real estate of being essential to economic activity and social life and little affected by economic trends, it supports industrial activities in Japan in terms of real estate and contributes to economic and social development, based on the aims of securing stable earnings and continuously expanding unitholder value.

Other Related Corporations

Asset Manager Mitsubishi Corp. - UBS Realty Inc.
Update 2022/09/14 Capital 500Million JPY
Major Shareholders 51% Mitsubishi Corporation Other Shareholders
49% UBS Asset Management AG

Account Settlement InformationFY2022-7(Million JPY)

28th 29th 30th
(most recent)
31th forecast 32th forcast
Revised Date Revised Date
Operating revenue 15,349 16,493 17,194 17,922 16,583
Operating income 7,642 6,789 7,462 7,562 6,567
Ordinary income 6,665 5,787 6,494 6,549 5,573
Net income 6,663 5,786 6,492 6,547 5,571
Short-term borrowings 12,600 12,000 18,500
Long-term borrowings 171,783 172,383 169,283
Investment corporation bonds 10,000 15,000 15,000
Total assets 407,428 413,419 417,430
Net assets 190,116 189,173 189,358
Distribution per unit 3,266
JPY/per Unit
3,060
JPY/per Unit
3,100
JPY/per Unit
3,070
JPY/per Unit
3,070
JPY/per Unit

Other Affiliated Companies

Asset custodian Sumitomo Mitsui Trust Bank, Limited Accounting auditor Ernst & Young ShinNihon LLC
Accounting services Sumitomo Mitsui Trust Bank, Limited Unitholders registry administrator Mitsubishi UFJ Trust and Banking Corporation
Tax administration services Ernst & Young Tax Co. Investment corporation bond administrator MUFG Bank, Ltd.
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