Japanese real estate companies' net leverage, measured by net debt divided by total property assets, rose slightly for their respective fiscal years. The total real estate assets of the property majors rose by 6% yoy, while net debt grew faster, by 9%, on robust activity and development pipelines. The six major property companies – Mitsubishi Estate Co., Ltd., Mitsui Fudosan Co., Ltd., Sumitomo Realty and Development Co. Ltd., Tokyu Fudosan Holdings Co. Ltd., Nomura Real Estate Holdings, Inc. and Tokyo Tatemono Co. Ltd. – increased EBITDA by 11% on aggregate for the fiscal year. Resilient earnings were supported by ... (full story)