Summary: Frontier Real Estate Investment Corp. Jan 12

Standard & Poors, January 2012

Abstract
The ratings on Frontier Real Estate Investment Corp. (FRI) reflect its leading position in the Japanese REIT (J-REIT) market, backed by the real estate development, management capabilities, and brand recognition of its sponsor, Mitsui Fudosan Co. Ltd. (BBB+/Stable/A-2). As of the end of the 15th six-month fiscal term (ended Dec. 31, 2011), FRI's real estate portfolio was geographically well diversified, comprising 24 retail properties nationwide, including two plots of land with fixed-term leaseholds for commercial use ("sokochi"). The total acquisition value stood at about -221.2 billion. FRI's portfolio incorporates various types of assets, primarily large suburban shopping centers, as well as urban retail buildings and outlet malls. The retail industry has generally recovered from the adverse impact of the Great...

Companies mentioned in this report are: Frontier Real Estate Investment Corp.
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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Frontier Real Estate Investment Corp.

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