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Nomura Real Estate Office Fund Inc. Sep 11
Standard & Poors, Sep 2011
Abstract
The highly regulated nature of J-REITs. A relatively strong business position. The high quality of its real estate portfolio of office properties. Strong liquidity at hand and financial flexibility. Weak profitability and cash flow. Portfolio's unrealized losses. A debt-to-capital ratio above its financial policy. High average age of properties. The rating on Nomura Real Estate Office Fund Inc. (NOF), a Japanese real estate investment trust (J-REIT), is supported by the company's relatively strong business position, which is backed by its sponsor's real estate management and development capabilities; the high quality of its sizable real estate portfolio of office properties; and its strong liquidity at hand and financial flexibility. At the same time, the ratings are tempered by weak portfolio profitability...
Companies mentioned in this report are: Nomura Real Estate Office Fund Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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