銘柄情報

Advance Residence Investment Corporation

Rental housing REIT for which the main sponsor is Itochu Corporation, and which is one of Japan's largest REITs in terms of the size of the assets owned. The investment areas are nationwide, from Hokkaido to Kyushu for diversified investment. The goal of the REIT is to expand its asset size without greatly changing the area dispersion. It relies on partners in a wide variety of business categories and the transaction basis that Itochu Group and its supporting companies have. To acquire high-revenue properties, it uses a variety of acquisition means such as securing preferential negotiating rights through funding in bridge funds.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/03/17Update

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 Advance Residence Investment Corporation
Abbreviation ADR
Securities code 3269(JPX)
Listing date 2010/03/02
Time elapsed 12.44 year
Closing months January / July
URL http://www.adr-reit.com/
Unitholders' capital 139,035Million JPY
Number of investment units authorized 1,385,000Unit
Investment amount per unit 100,386JPY
Rating R&I:AA- / JCR:AA 
Type of assets under management Rent Housing REIT / Residential:100%
Management target regions
Tokyo 23 Wards:71% Tokyo Metropolitan Area:9% Other Major Cities:20%
Number of investment properties 272
Number of tenants 272
Total leasable floor space 782,322.75㎡

Investment Index Information

NAV per Unit 323,795JPY
Unit Price / NAV per Unit 1.12
FFO per Unit 8,029JPY
Unit Price / FFO per Unit 45.34
NOI Yield 4.57%
Implied Cap Rate 2.77%
Market capitalization 504,140Million JPY
Acquisition book value 462,267Million JPY
Term-end book value 431,898Million JPY
Appraisal value 649,820Million JPY
Interest-bearing liabilities 222,709Million JPY
LTV
EV / EBITDA 24.28
Average maturity of borrowings 4.year
Ratio of long-term fixed interest rate
Average occupancy rate 96.9%
Average age of buildings 15.47year

Investment Management Policies

  • Aims to "realize long-term stable profit sharing" by using negative goodwill generated by mergers (currently, dividend reserve).
    33.9 billion yen in dividend reserve following dividend payment of 6th term
  • Its basic policy is to grow its assets and secure stable earnings through diversified investments throughout Japan and for all dwelling types.

Other Related Corporations

Asset Manager AD Investment Management Co.,Ltd.
Update 2022/03/17 Capital 300Million JPY
Major Shareholders 80.6% ITOCHU Corporation Other Shareholders Sumitomo Mitsui Banking Corporation / The Bank of Tokyo-Mitsubishi UFJ, Ltd .
19.4% Itochu Property Development, Ltd.

Account Settlement InformationFY2022-1(Million JPY)

21th 22th 23th
(most recent)
24th forecast 25th forcast
Revised Date Revised Date
Operating revenue 17,014 16,884 17,313 17,178 17,088
Operating income 8,513 8,224 8,710 8,209 8,235
Ordinary income 7,549 7,294 7,813 7,369 7,369
Net income 7,548 7,294 7,812 7,368 7,368
Short-term borrowings 29,478 27,720
Long-term borrowings 157,310 158,789
Investment corporation bonds 34,000 34,000
Total assets 458,579 457,829 459,988
Net assets 230,966 230,491 230,562
Distribution per unit 5,600
JPY/per Unit
5,646
JPY/per Unit
5,692
JPY/per Unit
5,700
JPY/per Unit
5,700
JPY/per Unit

Other Affiliated Companies

Asset custodian Sumitomo Mitsui Trust Bank, Limited Accounting auditor Deloitte Touche Tohmatsu LLC
Accounting services Sumitomo Mitsui Trust Bank, Limited Unitholders registry administrator Mizuho Trust & Banking Co., Ltd.
Tax administration services Sumitomo Mitsui Trust Bank, Limited Investment corporation bond administrator MUFG Bank, Ltd. / Sumitomo Mitsui Trust Bank, Limited/Mizuho Bank Ltd./DBJ Securities Co., Ltd.
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