銘柄情報

Kenedix Residential Next Investment Corporation

Rental housing REIT sponsored by Kenedix. KDR merged with Japan Senior Living Investment Corporation on March 1, 2018. By this merger, KDR continues to invest mainly in residential facilities (rental housing, etc.) but added healthcare facilities (homes for the elderly, etc.) and accommodation (hotels, etc.) in KDR’s main target investments and made a new start as a new investment corporation pursuing stable revenue and sustained growth through wide-ranging investment spanning the “spaces where people live and stay”.(Excerpt from the website of Kenedix Residential Next Investment Corporation )

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/03/16Update

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 Kenedix Residential Next Investment Corporation
Abbreviation KDR
Securities code 3278(JPX)
Listing date 2012/04/26
Time elapsed 10.29 year
Closing months January / July
URL http://www.kdr-reit.com/
Unitholders' capital 125,564Million JPY
Number of investment units authorized 1,045,758Unit
Investment amount per unit 120,070JPY
Rating JCR:AA- 
Type of assets under management Rent Housing REIT / Residential facilities:75.3% Healthcare facilities:22.9% Accomodations:1.8%
Management target regions
Tokyo Metropolitan Area:65.8%  Regional Areas:33.7% Other:0.5%
Number of investment properties 165
Number of tenants 165
Total leasable floor space 529,020.75㎡

Investment Index Information

NAV per Unit 204,402JPY
Unit Price / NAV per Unit 1.07
FFO per Unit 5,632JPY
Unit Price / FFO per Unit 38.90
NOI Yield 3.83%
Implied Cap Rate 2.82%
Market capitalization 229,126Million JPY
Acquisition book value 277,569Million JPY
Term-end book value 275,695Million JPY
Appraisal value 344,484Million JPY
Interest-bearing liabilities 155,820Million JPY
LTV 51.53%
EV / EBITDA 34.11
Average maturity of borrowings 4.1year
Ratio of long-term fixed interest rate
Average occupancy rate 97.3%
Average age of buildings 14.37year

Investment Management Policies

  • Kenedix Residential NEXT Investment Corporation (“KDR”) is committed to maximizing the profits of unitholders by realizing stable rental revenues and steady growth of the asset size with investment in a broad range of properties from residential to healthcare and accommodations (“spaces where people live and stay”)
    KDR will realize strong profitability and sustainable growth by focusing on three asset types with different profit characteristics and market cycles.

Other Related Corporations

Asset Manager Kenedix Real Estate Fund Management, Inc.
Update 2022/03/16 Capital 100Million JPY
Major Shareholders 100% Kenedix, Inc. Other Shareholders

Account Settlement InformationFY2022-1(Million JPY)

18th 19th 20th
(most recent)
21th forecast 22th forcast
Revised Date Revised Date
Operating revenue 8,382 9,195 9,143 9,407 9,486
Operating income 4,344 4,822 4,840 4,884 4,963
Ordinary income 3,632 4,147 4,119 4,137 4,224
Net income 3,631 4,146 4,119 4,136 4,223
Short-term borrowings 17,200 21,950 22,250
Long-term borrowings 121,020 116,270 125,870
Investment corporation bonds 7,000 8,700 7,700
Total assets 283,172 293,176 302,410
Net assets 127,132 135,218 135,790
Distribution per unit 4,066
JPY/per Unit
4,117
JPY/per Unit
4,101
JPY/per Unit
4,101
JPY/per Unit
4,120
JPY/per Unit

Other Affiliated Companies

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