銘柄情報

NIPPON REIT Investment Corporation

Diversified REIT for which the main sponsor is the general trading company, Sojitz. It is listed as a complex type with office buildings and rental housing. The investment ratio in office buildings is 50% or greater, that in rental housing is 50% or less, and that in commercial facilities is 20% or less. In terms of investment areas, it focuses on investments in office buildings in the six wards of central Tokyo, makes diversified investments in rental housing mainly in the three major metropolitan areas, and carefully selects and invests in commercial facilities in all investment areas. Among the strengths of this REIT are making the most of the total power of the main sponsor group and the sponsor networks with sub-sponsors of real estate funds and their knowledge.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/02/17Update

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 NIPPON REIT Investment Corporation
Abbreviation NRI
Securities code 3296(JPX)
Listing date 2014/04/24
Time elapsed 8.29 year
Closing months June / December
URL http://www.nippon-reit.com/
Unitholders' capital 126,516Million JPY
Number of investment units authorized 449,930Unit
Investment amount per unit 281,190JPY
Rating JCR:A+ 
Type of assets under management Complex-type REIT Office Buildings:71.5% Residential:25.4% Retail:3.2%
Management target regions
Tokyo Central 6 Wards:66.2% Three Major Metropolitan Areas:32.3% Ordinance-Designated Cities,etc.:1.5%
Number of investment properties 107
Number of tenants 2912
Total leasable floor space 309,188.54㎡

Investment Index Information

NAV per Unit 407,430JPY
Unit Price / NAV per Unit 0.91
FFO per Unit 14,105JPY
Unit Price / FFO per Unit 26.30
NOI Yield 3.66%
Implied Cap Rate 3.11%
Market capitalization 166,924Million JPY
Acquisition book value 255,935Million JPY
Term-end book value 258,363Million JPY
Appraisal value 309,808Million JPY
Interest-bearing liabilities 132,620Million JPY
LTV 47.95%
EV / EBITDA 30.02
Average maturity of borrowings 4.15year
Ratio of long-term fixed interest rate
Average occupancy rate 98.1%
Average age of buildings 25.91year

Investment Management Policies

  • This REIT aims to build a diversified portfolio mainly comprised of office, residential, and commercial facilities, and to fully use the characteristics of a diversified REIT to maximize unitholder value through agile and timely investments and interests matched to those of unitholders, with an emphasis on revenue growth and stability.

Other Related Corporations

Asset Manager Sojitz REIT Advisors K.K.
Update 2022/02/17 Capital 150Million JPY
Major Shareholders 67% Sojitz Corporation Other Shareholders
18% Cushman & Wakefield Asset Management K.K.
15% Agility Asset Advisers Inc.

Account Settlement InformationFY2021-12(Million JPY)

17th 18th 19th
(most recent)
20th forecast 21th forcast
Revised Date Revised Date
Operating revenue 10,127 9,410 10,041 8,519 8,346
Operating income 6,088 5,499 6,043 4,495 4,343
Ordinary income 5,444 4,859 5,390 3,863 3,671
Net income 5,443 4,858 5,335 3,863 3,671
Short-term borrowings 18,500 12,320 10,320
Long-term borrowings 109,620 114,800 115,800
Investment corporation bonds 4,500 4,500 6,500
Total assets 277,192 276,120 276,577
Net assets 131,978 131,393 131,869
Distribution per unit 12,100
JPY/per Unit
10,800
JPY/per Unit
11,665
JPY/per Unit
8,586
JPY/per Unit
8,159
JPY/per Unit

Other Affiliated Companies

Asset custodian Mitsubishi UFJ Trust and Banking Corporation Accounting auditor KPMG AZSA LLC
Accounting services Mitsubishi UFJ Trust and Banking Corporation Unitholders registry administrator Mitsubishi UFJ Trust and Banking Corporation
Tax administration services Mitsubishi UFJ Trust and Banking Corporation Investment corporation bond administrator
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