銘柄情報

Nomura Real Estate Master Fund, Inc.

The Investment Corporation began a brand new start on October 1, 2015 with the consolidation-type merger of the former Nomura Real Estate Master Fund, Inc., Nomura Real Estate Office Fund, Inc. and Nomura Real Estate Residential Fund, Inc., as the reborn Nomura Real Estate Master Fund, Inc. and was listed on the Tokyo Stock Exchange REIT market on October 2, 2015. Completion of Merger with TOP REIT Inc. on September 1,2016

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/04/19Update

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 Nomura Real Estate Master Fund, Inc.
Abbreviation NMF
Securities code 3462(JPX)
Listing date 2015/10/02
Time elapsed 6.75 year
Closing months February / August
URL http://www.nre-mf.co.jp/
Unitholders' capital 244,997Million JPY
Number of investment units authorized 4,715,200Unit
Investment amount per unit 51,959JPY
Rating R&I:AA- / JCR:AA 
Type of assets under management Office Building 43.7% Retail Facilities(Near Stations) 10.6% Retail Facilities(Residential Areas) 5.4% Logistics Facilities 20.0% Residential Facilities 19.4% Hotels 0.6% Others 0.4%
Management target regions
Greater Tokyo:83.8% Others:16.2%
Number of investment properties 298
Number of tenants 1329
Total leasable floor space 2,138,525.13㎡

Investment Index Information

NAV per Unit 171,994JPY
Unit Price / NAV per Unit 0.98
FFO per Unit 3,849JPY
Unit Price / FFO per Unit 44.01
NOI Yield 4.06%
Implied Cap Rate 3.16%
Market capitalization 798,755Million JPY
Acquisition book value 1,081,389Million JPY
Term-end book value 1,059,050Million JPY
Appraisal value 1,252,960Million JPY
Interest-bearing liabilities 517,756Million JPY
LTV 43.60%
EV / EBITDA 29.47
Average maturity of borrowings 4.88year
Ratio of long-term fixed interest rate
Average occupancy rate 98.7%
Average age of buildings 20.13year

Investment Management Policies

  • The basic policy of the Investment Corporation is to pursue the securing of stable income over the medium to long term as well as the steady growth of its assets under management. Investment and management will be carried out for a diverse range of sectors that includes offices, retail facilities, logistics facilities and residential facilities, without limiting investment targets.
     In addition to external growth through the acquisition of rental revenue generating real estate developed by the sponsor by utilizing the collective strengths of the Nomura Real Estate Group centered on Nomura Real Estate, one of Japan’s leading comprehensive real estate companies, it manages real estate properties by making use of their specific characteristics and aims to increase unitholder value on an ongoing basis through an expansion of assets under management and by adding to their value.

Other Related Corporations

Asset Manager Nomura Real Estate Asset Management Co., Ltd.
Update 2022/04/19 Capital 300Million JPY
Major Shareholders 100% Nomura Real Estate Holdings, Inc. Other Shareholders

Account Settlement InformationFY2022-2(Million JPY)

11th 12th 13th
(most recent)
14th forecast 15th forcast
Revised Date Revised Date
Operating revenue 38,064 37,519 37,520 38,762 38,243
Operating income 15,370 14,741 14,593 15,467 15,069
Ordinary income 13,048 12,435 12,380 13,271 12,889
Net income 13,016 12,434 12,377 13,220 12,888
Short-term borrowings 58,761 55,091 58,616
Long-term borrowings 427,081 430,708 427,140
Investment corporation bonds 32,000 32,000 32,000
Total assets 1,196,357 1,192,507 1,187,420
Net assets 623,014 1,192,507 616,878
Distribution per unit 3,330
JPY/per Unit
3,288
JPY/per Unit
3,244
JPY/per Unit
3,296
JPY/per Unit
3,289
JPY/per Unit

Other Affiliated Companies

Asset custodian Sumitomo Mitsui Trust Bank, Limited Accounting auditor Ernst & Young ShinNihon 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 The Bank of Tokyo-Mitsubishi UFJ, Ltd .
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