NIPPON REIT Investment Corporation

Securities code:3296


Financial Strategy

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NIPPON REIT conducts fund procurement in a diversified and well-balanced manner in order to construct a stable financial foundation over the medium to long term.

Equity finance Conduct additional issuance of investment units in a timely manner after giving considerations to dilution of investment units (a decrease in the unitholding ratio as a result of additional issuance of new investment units)
Debt finance Select efficient fund procurement means in terms of borrowing periods and interest rate types (fixed rate or floating rate), etc., after comprehensively taking into account the trends in the capital market and interest rates, the capital structure of NIPPON REIT, impacts on existing unitholders and other factors as well as forecasting the economic and social changes into the future
LTV(Note 1) A targeted ceiling is set at 60% (Note 2)
Long-term issuer credit rating (Note 3) A+ (Stable) (Japan Credit Rating Agency, Ltd.)
(Note 1) “LTV” refers to the ratio of the balance of borrowings and outstanding investment corporation bonds over the total assets of NIPPON REIT.
(Note 2) The ratio may temporarily surpass 60% in accordance with asset acquisitions and changes in appraisal values of properties.
(Note 3) The rating is the issuer rating, and not a rating granted to the investment units of NIPPON REIT. Furthermore, the investment units have no credit rating that have been or will be granted or submitted for inspection by any rating agency at the request of NIPPON REIT.

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