銘柄情報

Tosei Reit Investment Corporation

Diversified REIT sponsored by Tosei Corporation, centering on the Tokyo economic zone. It manages assets by regarding offices, commercial facilities, and housing within the Tokyo economic zone as its investment target. Its main investment target is competitive real estate for which there is relatively little competition for acquisition, and which is located in areas where high yields can be expected, as well as real estate that offers major potential, regardless of its age.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/06/15Update

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 Tosei Reit Investment Corporation
Abbreviation TRI
Securities code 3451(JPX)
Listing date 2014/11/27
Time elapsed 7.70 year
Closing months April / October
URL http://www.tosei-reit.co.jp/ja/index....
Unitholders' capital 39,395Million JPY
Number of investment units authorized 361,505Unit
Investment amount per unit 108,975JPY
Rating JCR:A- 
Type of assets under management Diversified REIT / Office:43.3% Retail:7.3% Residential:49.4%
Management target regions
Tokyo Central 5 Wards:5.0% Tokyo(23 Wards):19.1% Tokyo Metropolitan Area:75.9%
Number of investment properties 59
Number of tenants 2385
Total leasable floor space 191,898.49㎡

Investment Index Information

NAV per Unit 148,351JPY
Unit Price / NAV per Unit 0.92
FFO per Unit 4,689JPY
Unit Price / FFO per Unit 29.07
NOI Yield 4.81%
Implied Cap Rate 4.16%
Market capitalization 49,273Million JPY
Acquisition book value 78,274Million JPY
Term-end book value 77,159Million JPY
Appraisal value 89,987Million JPY
Interest-bearing liabilities 40,900Million JPY
LTV 47.78%
EV / EBITDA 22.20
Average maturity of borrowings 3.24year
Ratio of long-term fixed interest rate
Average occupancy rate 96.0%
Average age of buildings 28.70year

Investment Management Policies

  • Its basic investment targets are offices, commercial facilities, and housing. An upper combined limit of 80% is set for offices and commercial facilities, and 50% for housing.
    * Offices Total floor area of 1000 m2 or greater
    * Commercial facilities: Total floor area of 1000 m2 or greater
    * Housing Exclusive area: The exclusive area of each main dwelling unit should be 20 m2 or greater.
  • It constructs a portfolio with real estates located in the Tokyo economic zone including the Tokyo urban area as its main target. Besides the Tokyo economic zone, it invests in other major cities growing in population within 20% of the entire portfolio.

Other Related Corporations

Asset Manager Tosei Asset Advisors, Inc.
Update 2022/06/15 Capital 100Million JPY
Major Shareholders 100% Tosei Corporation Other Shareholders

Account Settlement InformationFY2022-4(Million JPY)

13th 14th 15th
(most recent)
16th forecast 17th forcast
Revised Date Revised Date
Operating revenue 3,311 3,157 3,302 3,369 3,350
Operating income 1,652 1,532 1,582 1,586 1,590
Ordinary income 1,373 1,244 1,287 1,280 1,292
Net income 1,339 1,240 1,286 1,279 1,291
Short-term borrowings 6,000 5,200 6,400
Long-term borrowings 3,200 32,300 33,500
Investment corporation bonds 1,000 1,000
Total assets 80,252 79,985 85,596
Net assets 37,913 37,877 40,801
Distribution per unit 3,750
JPY/per Unit
3,643
JPY/per Unit
3,558
JPY/per Unit
3,570
JPY/per Unit
3,570
JPY/per Unit

Other Affiliated Companies

Asset custodian Mitsubishi UFJ Trust and Banking Corporation Accounting auditor Shinsoh Audit Corporation
Accounting services Heiseikaikeisha(“HSK”) Tax Corporation Unitholders registry administrator Mitsubishi UFJ Trust and Banking Corporation
Tax administration services Heiseikaikeisha(“HSK”) Tax Corporation Investment corporation bond administrator
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