銘柄情報

Mitsubishi Estate Logistics REIT Investment Corporation

Along with fully leveraging the strengths of MEC’s extensive sponsor pipeline founded in its strong logistics facilities development capabilities and tenant relations stemming from its long-standing track-record of good corporate customer relations, MEL also leverages the real estate fund capabilities of Mitsubishi Jisho Investment Advisors, Inc. (MJIA). Through this “HYBRID” leveraging of the strengths of both companies, MEL is able to realize stable and steady growth to achieve maximization of unitholder value.(Excerpt from the website of Mitsubishi Estate Logistics REIT Investment Corporation)

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/10/14Update

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 Mitsubishi Estate Logistics REIT Investment Corporation
Abbreviation MEL
Securities code 3481(JPX)
Listing date 2017/09/14
Time elapsed 5.21 year
Closing months February / August
URL https://mel-reit.co.jp/
Unitholders' capital 136,643Million JPY
Number of investment units authorized 449,935Unit
Investment amount per unit 303,695JPY
Rating JCR:AA 
Type of assets under management Logistics Facirities:100%
Management target regions
Greater Tokyo:58.1% Kinki Area:20.0%  Chubu Area:13.0% Other:8.9%
Number of investment properties 24
Number of tenants 94
Total leasable floor space 952,781.91㎡

Investment Index Information

NAV per Unit 382,969JPY
Unit Price / NAV per Unit 1.17
FFO per Unit 9,064JPY
Unit Price / FFO per Unit 49.48
NOI Yield 3.46%
Implied Cap Rate 2.62%
Market capitalization 201,796Million JPY
Acquisition book value 216,242Million JPY
Term-end book value 213,459Million JPY
Appraisal value 246,148Million JPY
Interest-bearing liabilities 82,074Million JPY
LTV 35.97%
EV / EBITDA 36.75
Average maturity of borrowings 5.4year
Ratio of long-term fixed interest rate
Average occupancy rate 100%
Average age of buildings 7.69year

Investment Management Policies

  • "Focusing on “location,” “building features” and “stability,” we aim to build a long-term and stable portfolio through selective investments in highly competitive logistics facilities that meet tenant needs.
    Focus on investing in logistics hub connecting “consumer location” and “industrial location” mainly in the three metropolitan areas (the Tokyo metropolitan area, the Kinki region and the Chubu region)
    (Excerpt from the website of Mitsubishi Estate Logistics REIT Investment Corporation)"

Other Related Corporations

Asset Manager Mitsubishi Jisho Investment Advisors, Inc.
Update 2022/10/14 Capital 150Million JPY
Major Shareholders 100% Mitsubishi Estate Co., Ltd. Other Shareholders

Account Settlement InformationFY2022-8(Million JPY)

10th 11th 12th
(most recent)
13th forecast 14th forcast
Revised Date Revised Date
Operating revenue 4,953 5,028 6,276 7,099 7,455
Operating income 2,555 2,640 3,239 3,826 3,751
Ordinary income 2,382 2,541 2,980 3,399 3,495
Net income 2,381 2,540 2,979 3,398 3,494
Short-term borrowings 3,611 3,310 6,010
Long-term borrowings 53,663 53,064 74,064
Investment corporation bonds 2,000 2,000 2,000
Total assets 181,206 180,403 228,173
Net assets 116,410 116,305 139,623
Distribution per unit 6,764
JPY/per Unit
7,174
JPY/per Unit
7,353
JPY/per Unit
7,628
JPY/per Unit
7,832
JPY/per Unit

Other Affiliated Companies

Asset custodian Mitsubishi UFJ Trust and Banking Corporation Accounting auditor Ernst & Young ShinNihon LLC
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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