銘柄情報

Activia Properties Inc.

Diversified REIT sponsored by Tokyu Land Corporation, consisting mainly of commercial facilities and office buildings. It focuses on investments in urban commercial facilities and in office buildings in Tokyo's 23 wards, for which the investment ratio is 70% or greater. By making the most of the value chain and know-how of Tokyu Land Group, it acquires highly competitive assets, and aims to improve the yield of assets and ensure stable revenues through operations and management that maximize the competitive edge of its operating assets.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/07/14Update

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 Activia Properties Inc.
Abbreviation API
Securities code 3279(JPX)
Listing date 2012/06/13
Time elapsed 10.46 year
Closing months May / November
URL http://www.activia-reit.co.jp/
Unitholders' capital 266,964Million JPY
Number of investment units authorized 812,564Unit
Investment amount per unit 328,545JPY
Rating JCR:AA 
Type of assets under management Urban Retail Properties 33.6% Tokyo Office Properties 47.3% Other Properties 19.1%
Management target regions
6 wards of Tokyo 71.4% Wards of Tokyo other than 6 wards 1.8% Three major metropolitan areas 24.9% Other locations 1.9%
Number of investment properties 47
Number of tenants 654
Total leasable floor space 419,302.14㎡

Investment Index Information

NAV per Unit 469,931JPY
Unit Price / NAV per Unit 0.91
FFO per Unit 11,197JPY
Unit Price / FFO per Unit 38.31
NOI Yield 3.11%
Implied Cap Rate 2.62%
Market capitalization 348,590Million JPY
Acquisition book value 548,035Million JPY
Term-end book value 542,745Million JPY
Appraisal value 649,845Million JPY
Interest-bearing liabilities 260,350Million JPY
LTV 46.30%
EV / EBITDA 35.09
Average maturity of borrowings 4.4year
Ratio of long-term fixed interest rate
Average occupancy rate 97.8%
Average age of buildings 21.22year

Investment Management Policies

  • In order to build a portfolio that is competitive in the medium and long term, invests primarily (investment ratio of 70% or more) in urban commercial facilities and Tokyo offices, comprehensively taking into consideration individual factors such as type, scale, quality, specifications and tenants, with emphasis on location selection, including consideration of the surrounding environment.

Other Related Corporations

Asset Manager TLC REIT Management Inc.
Update 2022/07/14 Capital 200Million JPY
Major Shareholders 100% Tokyu Land Corporation Other Shareholders

Account Settlement InformationFY2022-5(Million JPY)

19th 20th 21th
(most recent)
22th forecast 23th forcast
Revised Date Revised Date
Operating revenue 14,715 15,646 15,512 15,882 15,868
Operating income 8,101 8,758 8,624 8,834 8,712
Ordinary income 7,250 7,781 7,734 7,888 7,706
Net income 7,249 7,753 7,731 7,773 7,693
Short-term borrowings 27,850 26,100 26,500
Long-term borrowings 193,500 207,550 207,150
Investment corporation bonds 22,800 26,700 26,700
Total assets 525,379 566,257 562,272
Net assets 255,581 278,716 274,768
Distribution per unit 9,386
JPY/per Unit
9,360
JPY/per Unit
9,510
JPY/per Unit
9,300
JPY/per Unit
9,350
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 Sumitomo Mitsui Trust Bank, Limited
Tax administration services Sumitomo Mitsui Trust Bank, Limited Investment corporation bond administrator Mitsubishi UFJ Trust and Banking Corporation
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