Despite the weak condition of the office leasing market in Japan, Reuters said that the ratings given by S&P clearly show the company?s high quality assets, particularly those in Tokyo?s Marunouchi central business district. The company has also reported low average vacancy rate of all its assets.
Repair and improvement of the company?s buildings also helped increase the competitiveness of its portfolio and support the profitability of its building business. Aside from reconstruction of its buildings, recorded rents of the company have low vulnerability to economic cycles because of the strong credit quality of its tenants and because of the company?s way of dealing with other businesses.
S&P said that the profitability in the residential and commercial property development businesses of Mitsubishi Estate remains low, which is a key constraint on the company?s ratings. S&P adds that there could be profit improvement on the company?s commercial property development business. However, they expect it to be gradual because of the sluggish growth and performance of the real estate investment market in Japan. Another factor is the company?s level of debt, which is also expected to increase as the company plans to increase its investments in the next couple of years.
Original article: Reuters Photo credits: Machinima_com?via Flickr Creative Commons ? ?Tokyo Apartments For Sale | Tokyo Apartments For Rent | Real Estate Japan
Source: http://www.realestate.co.jp/2012/09/13/japans-mitsubishi-estates-domestic-bonds-get-an-a-rating/
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