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- J-REIT Market Capitalization
- Total value of listed J-REITs calculated according to the formula below.
- Market capitalization = number of investment units in issue × investment unit price
- J-REIT Expected Distribution Yield
- Capitalization-weighted average distribution yield calculated according to the formula below.
- Expected distribution yield = (expected profit distribution for current period + expected profit distribution for next period)/investment unit price
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*J-REITs for which expected profit distribution has not yet been announced:
Expected distribution yield = (expected profit distribution in most recent period × 2/investment unit price)
*Japan Hotel and Resort, Inc.:
Expected distribution yield = Expected profit distribution for the current period/investment unit price
*J-REITs listed in the current period:
Expected distribution yield = (expected profit distribution for the current period/effective no. of days of operation × 365/2+expected profit distribution for the next period)/investment unit price
- LTV (loan to value ratio)
- Loan to value ratio is the ratio of the total interest-bearing debt of J-REITs to appraisal value at the end of the previous period.
- P/NAV ratio
- P/NAV ratio = investment unit price/[(net assets per investment unit Eprofit distribution per unit) + (appraisal value per unit at accounting date Ebook value per unit at accounting date)]
- Spread
- Spread = J-REIT expected distribution yield - 10-year government bond yield
- Occupancy rate
- Calculated using: Occupancy rate = Leased area / Leasable area
- 10 year government bond yield
- Compound yield on most recently issued bond among 10 year maturity government bonds that are issued every month.
- Ratio of dividends to net assets
- Calculated using: Ratio of dividends to net assets = Dividend / Net asset value
- Net asset ratio
- Calculated using: 1 - debt ratio or Net assets / Total assets
- Value of assets owned by J-REITs by area (based on acquisition price)
Areas are categorized as follows:
- ● 3 Central Wards of Tokyo
Chiyoda, Chuo, Minato Wards
- ● 5 Central Wards of Tokyo
Chiyoda, Chuo, Minato, Shinjuku and Shibuya Wards
- ● 23 Wards of Tokyo
Wards other than the 5 central wards
- ● Kanto Area
Tokyo (excluding all 23 Wards of Tokyo), Ibaraki, Tochigi, Gunma, Saitama, Chiba and Kanagawa Prefectures
- ● Chubu Area
Gifu, Shizuoka, Aichi and Mie Prefectures
- ● Kinki Area
Shiga, Kyoto, Osaka, Hyogo, Nara and Wakayama Prefectures
- ● Other
Prefectures other than the above
- Leasing NOI
- NOI is the abbreviation of Net Operating Income and indicates the net income from leasing arrived at when leasing costs (excluding depreciation costs) are deducted from the income from the leasing business.
- Investment Trends by Investor Category
- Statistics on investment trends by investor category published by TSE.
- TSE First Section Market Capitalization
- Total value of stocks listed on TSE First Section calculated according to the formula below.
- Market capitalization = number of shares in issue × share price
- Dividend yield of TSE First Section stocks
- The aggregate market value of TSE First Section stocks is calculated according to the formula below.
- Dividend yield of TSE First Section stocks = dividend per share/share price
- TSE First Section Real Estate Market Capitalization
- Total value of real estate stocks listed on TSE First Section calculated according to the formula below.
- Market capitalization = number of shares in issue × share price
- TSE REIT Index
- The TSE REIT Index is a capitalization-weighted index of investment unit price based on all J-REITs listed on the TSE. The index value may or may not include dividends.
- TSE Mothers Index
- The TSE Mothers Index is a capitalization-weighted index of average value based on stocks listed on the TSE Mothers section.
- TOPIX
- TOPIX (TOkyo stock Price IndeX) is an index of stock price movement showing the total market value of all listed stocks on the First Section of the Tokyo Stock Exchange.
- TOPIX-17 Real Estate
- The TSE Real Estate Index is one of the 33 sector-specific indices of stock price on the TSE First Section.
- Return on dividend reinvestment
In principle, the calculation of return on dividend reinvestment complies with the calculation method of the TOPIX dividend included indices. However, reduction of capital for value shall not be arranged. Specifically, the following formula is use.
- * Return on dividend reinvestment = total market value at the time ÷standard total market value ×100
- * Standard total market value = former standard market value × (total market value on the pervious day - total ex-dividend price ± ex-dividend adjustment price) ÷total market value on the previous day.
- Fluctuation in J-REIT Profit Distribution
- Relative index taking the figure for the first half of 2002 as 100. The value for the current period is calculated by multiplying the rate of change in profit distribution compared to the previous period by total profit distribution for each J-REIT, adding all the individual values together and dividing by the total profit distribution for all J-REITs in the current period, then multiplying the resulting value by the current index value.
- Value of assets owned by J-REITs by property type
- In principle, properties are categorized based on the detailed usage in various announced reports of each investment corporation (based on acquisition price).
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