銘柄情報

Takara Leben Real Estate Investment Corporation

Diversified J-REIT is sponsored by companies including Takara Leben Co., Ltd., PAG Investment Management Limited, Kyoritsu Maintenance Co., Ltd., and Yamada-Denki Co., Ltd., which have considerable expertise and know-how, backed up by an extensive track record with offices, houses, hotels, commercial facilities, and other properties. It aims to achieve "steady growth" and "stable management" by leveraging the multi-sponsor management system that brings together the expertise and know-how of the individual sponsors, each of which has its own strengths. (Taken from the website of Takara Leben Real Estate Investment Corporation)

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/04/13Update

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 Takara Leben Real Estate Investment Corporation
Abbreviation
Securities code 3492(JPX)
Listing date 2018/07/27
Time elapsed 4.04 year
Closing months February / August
URL https://takara-reit.co.jp/
Unitholders' capital 57,382Million JPY
Number of investment units authorized 575,000Unit
Investment amount per unit 99,795JPY
Rating R&I:A- / JCR:A- 
Type of assets under management Office Buildings:42% Residential:25% Hotels:9% Retail/Other:25%
Management target regions
Tokyo metropolitan area:54% Nagoya metropolitan area:15% Osaka metropolitan area:6% Fukuoka metropolitan area:7% Others:19%
Number of investment properties 46
Number of tenants 997249897.33
Total leasable floor space 178,560.36㎡

Investment Index Information

NAV per Unit 114,541JPY
Unit Price / NAV per Unit 1.01
FFO per Unit 5,146JPY
Unit Price / FFO per Unit 22.46
NOI Yield 3.42%
Implied Cap Rate 3.07%
Market capitalization 66,470Million JPY
Acquisition book value 108,732Million JPY
Term-end book value 109,706Million JPY
Appraisal value 116,233Million JPY
Interest-bearing liabilities 57,300Million JPY
LTV 47.23%
EV / EBITDA 30.31
Average maturity of borrowings
Ratio of long-term fixed interest rate
Average occupancy rate 99.0%
Average age of buildings 19.91year

Investment Management Policies

  • The J-REIT draws on the development expertise of the Takara Leben group, a general real-estate developer, the sourcing capabilities of PAG, a fund management company, the plethora of property information collected through the group and PAG’s networks as well as their property acquisition routes, and the abundant pipelines for the development projects of the Takara Leben group. Each of the sponsors has sector-leading expertise and know-how, backed up by an extensive track record with offices, houses, hotels, commercial facilities, and other properties. The J-REIT has a diversified portfolio focusing on the four economic zones, with some regional diversification. It aims to achieve internal growth, stable operation, and value improvement through the stable management of the portfolio, profitability improvement, and operating-cost optimization through the use of the diverse management know-how and operation capabilities of the individual sponsors.(Taken from the website of Takara Leben Real Estate Investment Corporation)

Other Related Corporations

Asset Manager Takara PAG Real Estate Investment Advisors,Inc
Update 2022/04/13 Capital 50Million JPY
Major Shareholders 60% Takara Leben Real Estate Investment Corporation Other Shareholders
30% PAG Real Estate Holdings Limited
5% Kyoritsu Maintenance Co., Ltd.
5% Yamada Denki Co., Ltd.

Account Settlement InformationFY2022-2(Million JPY)

6th 7th 8th
(most recent)
9th forecast 10th forcast
Revised Date Revised Date
Operating revenue 2,874 3,061 4,030 3,448 3,065
Operating income 1,702 1,843 2,083 1,980 1,692
Ordinary income 1,500 1,621 1,806 1,686 1,399
Net income 1,476 1,563 1,801 1,685 1,398
Short-term borrowings 10,000 9,950 9,950
Long-term borrowings 33,450 47,350
Investment corporation bonds
Total assets 94,380 94,281 121,319
Net assets 46,644 46,784 59,320
Distribution per unit 3,100
JPY/per Unit
3,156
JPY/per Unit
3,120
JPY/per Unit
2,930
JPY/per Unit
2,700
JPY/per Unit

Other Affiliated Companies

Asset custodian Sumitomo Mitsui Trust Bank, Limited Accounting auditor Pricewaterhouse Coopers Arata
Accounting services Unitholders registry administrator Sumitomo Mitsui Trust Bank, Limited
Tax administration services Investment corporation bond administrator
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