銘柄情報

Japan Prime Realty Investment Corporation

Complex-type REIT sponsored by five real estate, construction, and financial companies, namely, Tokyo Tatemono (the head sponsor), Taisei Corporation, Yasuda Real Estate, Meiji Yasuda Life Insurance Company, and Sompo Japan Insurance, which draws on the know-how of each of the companies. It is one of the largest complex-type REITs dealing in offices and commercial facilities, with 80% of the investment areas being in the Tokyo metropolitan area, mainly central Tokyo.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/02/16Update

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 Japan Prime Realty Investment Corporation
Abbreviation JPR
Securities code 8955(JPX)
Listing date 2002/06/14
Time elapsed 20.16 year
Closing months June / December
URL http://www.jpr-reit.co.jp/
Unitholders' capital 261,751Million JPY
Number of investment units authorized 997,178Unit
Investment amount per unit 262,492JPY
Rating S&P:A / R&I:AA- 
Type of assets under management Complex-type REIT / Office:77.1% Retail:22.9%
Management target regions
Tokyo CBDs:45.6% Greater Tokyo:21.7% Other Cities:12.2%
Number of investment properties 66
Number of tenants 1134
Total leasable floor space 487,246.75㎡

Investment Index Information

NAV per Unit 389,587JPY
Unit Price / NAV per Unit 1.05
FFO per Unit 11,925JPY
Unit Price / FFO per Unit 34.47
NOI Yield 4.04%
Implied Cap Rate 2.91%
Market capitalization 409,840Million JPY
Acquisition book value 465,600Million JPY
Term-end book value 458,015Million JPY
Appraisal value 574,963Million JPY
Interest-bearing liabilities 206,900Million JPY
LTV 41.75%
EV / EBITDA 31.40
Average maturity of borrowings 4.6year
Ratio of long-term fixed interest rate
Average occupancy rate 98.1%
Average age of buildings 23.69year

Investment Management Policies

  • With the basic concept of "investing in urban commercial real estate," invests mainly in excellent "offices" and commercial facilities in prime downtown locations.
  • Regarding the allocation rate for offices and commercial facilities, the assets it manages consist, in investment value terms, of about 70% to under 90% of offices, and about 10% to under 30% of commercial facilities.
  • Regarding the allocation rate between Tokyo and regional locations in investment value terms, about 80% to under 90% of assets under management are located in Tokyo, and about 10% to under 20% in regional locations.

Other Related Corporations

Asset Manager Tokyo Realty Investment Management, Inc.
Update 2022/02/16 Capital 350Million JPY
Major Shareholders 52% Tokyo Tatemono Co.,Ltd. Other Shareholders
18% Yasuda Real Estate Co.,Ltd.
10% TAISEI CORPORATION
10% Sompo Japan Nipponkoa Insurance Inc.
10% Meiji Yasuda Life Insurance Company

Account Settlement InformationFY2021-12(Million JPY)

38th 39th 40th
(most recent)
41th forecast 42th forcast
Revised Date Revised Date
Operating revenue 17,129 17,305 18,253 18,617 18,617
Operating income 8,533 8,789 8,626 9,247 9,376
Ordinary income 7,840 8,121 7,893 8,529 8,579
Net income 7,839 8,120 7,892 8,528 8,579
Short-term borrowings 25,820 22,500 30,500
Long-term borrowings 138,200 13,850 138,500
Investment corporation bonds 32,500 35,500 37,900
Total assets 484,573 484,323 495,615
Net assets 256,399 257,093 257,649
Distribution per unit 7,750
JPY/per Unit
7,657
JPY/per Unit
7,550
JPY/per Unit
7,750
JPY/per Unit
7,750
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 Mizuho Trust & Banking Co., Ltd.
Tax administration services Mizuho Trust & Banking Co., Ltd. Investment corporation bond administrator Mizuho Bank, Ltd.
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