Frontier Real Estate Investment Corporation

Code 8964

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Portfolio Data


1AEON Shinagawa Seaside Shopping CenterCommunity SC

AEON Retail's flagship shopping center in an increasingly populous area of central Tokyo

Summary of the Property
Address  4-12-5 Higashi Shinagawa, Shinagawa City, Tokyo
Lot Area  Building site 39,985.31㎡
Ownership share 22,599.20㎡
(portion held in common with other owners 0.311465)
Floor Area  Total floor area
Exclusive use area
Acquisition Price  20,100 million yen
Completion Date  2002/9/30
Acquisition Date  2004/8/9
Summary of the Tenant
Tenant name  AEON RETAIL Co., Ltd.
Overview of lease contract
20 years
Lease maturity Date  Oct. 10, 2022
Annual rent (Note 1) 1,468 million yen
occupancy rate  100.0%
(Note 1) Annual rent is based on the lease contract and rounded to the million.

Characteristics of the Property

AEON Retail's flagship shopping center in central Tokyo. Neighboring office buildings and the Oval Garden, which houses a variety of specialty stores including restaurants, the shopping center is always crowded with customers. The location offers good road access by car with an abundant parking capacity for approximately 1,000 cars. Moreover, the property was developed to be integrated with Shinagawa Seaside Station on the Tokyo Waterfront Area Rapid Transit (Rinkai Line) and so many shoppers can be expected from among those transiting via the station.


(million yen)
  19th FP 20th FP 21th FP 22th FP 23th FP
Operating revenue 742 742 742 742 742
Expenses related to rent 462 355 378 357 359
Net total(A) 280 386 363 385 383
Depreciation(B) 212 214 214 214 214
NOI (A+B) 492 601 578 600 597
Capex 408 - 1 2 0
NCF 84 601 577 598 597
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