銘柄情報

TOKYU REIT, Inc.

Complex-type REIT sponsored by Tokyu Corporation, which targets offices and commercial facilities. The investment areas are in central Tokyo and the areas along the Tokyu Line. The basic policy involves making the most of the development, information, and marketing capabilities of Tokyu Corporation.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/09/14Update

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 TOKYU REIT, Inc.
Abbreviation TRE
Securities code 8957(JPX)
Listing date 2003/09/10
Time elapsed 19.22 year
Closing months January / July
URL http://www.tokyu-reit.co.jp/
Unitholders' capital 110,479Million JPY
Number of investment units authorized 195,520Unit
Investment amount per unit 565,054JPY
Rating R&I:A+ / JCR:AA- 
Type of assets under management Complex-type REIT / Office Buildings:69.4% Retail:29.0% Land with leasehold Residence:1.2% interest:0.5%
Management target regions
5 Central Wards of Tokyo:88.1% Others:11.9%
Number of investment properties 31
Number of tenants 222
Total leasable floor space 141,449.42㎡

Investment Index Information

NAV per Unit 1,068,774JPY
Unit Price / NAV per Unit 0.20
FFO per Unit 36,740JPY
Unit Price / FFO per Unit 5.89
NOI Yield 3.43%
Implied Cap Rate 4.92%
Market capitalization 42,311Million JPY
Acquisition book value 232,451Million JPY
Term-end book value 217,721Million JPY
Appraisal value 307,150Million JPY
Interest-bearing liabilities 93,000Million JPY
LTV 41.40%
EV / EBITDA 17.45
Average maturity of borrowings 4.69year
Ratio of long-term fixed interest rate
Average occupancy rate 91.2%
Average age of buildings 24.82year

Investment Management Policies

  • Invests solely in the Tokyo metropolitan area (with 85% of investments concentrated in the five wards of central Tokyo and areas along the Tokyu Railway network).
  • It aims for an office/commercial facility ratio of 6:4.
  • Through reinvestment of Tokyu RE investment funds by Tokyu Corporation, etc., it promotes a cyclic reinvestment model that aims to enhance the value of target Tokyu RE investment areas through reinvestment.
  • It has a contrarian investment strategy that aims for a portfolio characterized by a strong balance sheet and competitive edge (Surf Plan).

Other Related Corporations

Asset Manager Tokyu Real Estate Investment Management Inc.
Update 2022/09/14 Capital 300Million JPY
Major Shareholders 100% TOKYU CORPORATION Other Shareholders

Account Settlement InformationFY2022-7(Million JPY)

36th 37th 38th
(most recent)
39th forecast 40th forcast
Revised Date Revised Date
Operating revenue 8,066 11,641 8,671 6,730 7,682
Operating income 3,981 7,481 4,732 2,888 3,374
Ordinary income 3,540 7,072 4,340 2,489 2,942
Net income 3,540 7,071 4,339 2,488 2,941
Short-term borrowings 29,600 11,600 7,200
Long-term borrowings 68,000 74,800 77,800
Investment corporation bonds 8,000 8,000 8,000
Total assets 235,035 226,847 224,636
Net assets 115,527 119,059 119,537
Distribution per unit 3,621
JPY/per Unit
3,950
JPY/per Unit
4,005
JPY/per Unit
3,200
JPY/per Unit
3,400
JPY/per Unit

Other Affiliated Companies

Asset custodian Mitsubishi UFJ Trust and Banking Corporation Accounting auditor PricewaterhouseCoopers Aarata
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 Mitsubishi UFJ Trust and Banking Corporation
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