Nippon Accommodations Fund Inc. (JP:3226)
:3226
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Nippon Accommodations Fund Inc.
(3226)
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Rating:58Neutral
Price Target:
¥139,568
▲(3.31% Upside)
Action:ReiteratedDate:03/24/26
The score is driven primarily by moderate financial performance: strong profitability and a stable balance sheet are offset by the sharp 2025 revenue decline, elevated leverage, and weakening/volatile free cash flow. Technicals add a modest headwind due to negative MACD and the price sitting below short-term moving averages, while valuation (moderate P/E and ~3.5% yield) provides some support.
Positive Factors
Stable rental income from prime residential portfolio
The fund’s core revenue is recurring rental income from middle- to high-income residential assets in Tokyo and surrounding areas. Long-term leases and a sponsor relationship with Mitsui Fudosan support steady cash flow, making distributable income more durable across multi-year cycles.
Negative Factors
Structurally elevated leverage
Leverage modestly above equity leaves limited downside protection and heightens sensitivity to revenue shocks or rate rises. With debt structurally elevated, the REIT has less balance-sheet flexibility to fund opportunistic purchases or absorb sustained cash-flow weakness without asset sales or higher funding costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable rental income from prime residential portfolio
The fund’s core revenue is recurring rental income from middle- to high-income residential assets in Tokyo and surrounding areas. Long-term leases and a sponsor relationship with Mitsui Fudosan support steady cash flow, making distributable income more durable across multi-year cycles.
Read all positive factors
Nippon Accommodations Fund Inc. (3226) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥329.02B
Dividend Yield3.56%
Average Volume (3M)5.48K
Price to Earnings (P/E)13.7
Beta (1Y)0.16
Revenue Growth5.45%
EPS Growth7.40%
CountryJP
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)N/A
Shares Outstanding2,517,360
10 Day Avg. Volume3,998
30 Day Avg. Volume5,480
Financial Highlights & Ratios
PEG Ratio19.75
Price to Book (P/B)2.04
Price to Sales (P/S)23.56
P/FCF Ratio42.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Nippon Accommodations Fund Inc. Business Overview & Revenue Model
Company Description
Nippon Accommodations Fund Inc. (hereinafter "NAF") was established on October 12, 2005 as an investment corporation under the Investment Trust and Investment Corporation Act of Japan with Mitsui Fudosan Accommodations Fund Management Co., Ltd. (h...
How the Company Makes Money
Nippon Accommodations Fund Inc. makes money primarily by generating rental-related income from its residential property portfolio and, to a lesser extent, through gains associated with property transactions.
Key revenue streams include:
1) Rental...
Nippon Accommodations Fund Inc. Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
58
Neutral
Cash Flow
52
Neutral
| Breakdown | TTM | Feb 2025 | Feb 2024 | Aug 2023 | Feb 2022 | Feb 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.09B | 13.20B | 25.29B | 25.39B | 24.65B | 23.55B |
| Gross Profit | 6.67B | 7.84B | 15.01B | 14.94B | 14.21B | 13.34B |
| EBITDA | 17.06B | 8.28B | 15.96B | 15.99B | 15.50B | 14.73B |
| Net Income | 12.20B | 5.85B | 11.34B | 11.32B | 10.57B | 9.84B |
Balance Sheet | ||||||
| Total Assets | 330.62B | 328.69B | 325.69B | 327.05B | 328.47B | 327.82B |
| Cash, Cash Equivalents and Short-Term Investments | 12.14B | 9.91B | 11.49B | 14.86B | 13.05B | 12.26B |
| Total Debt | 169.70B | 168.50B | 166.00B | 167.50B | 169.50B | 169.50B |
| Total Liabilities | 177.75B | 176.32B | 173.61B | 175.18B | 177.30B | 176.90B |
| Stockholders Equity | 152.87B | 152.37B | 152.08B | 151.87B | 151.17B | 150.93B |
Cash Flow | ||||||
| Free Cash Flow | 7.60B | 7.36B | 9.37B | 14.48B | 11.24B | -9.15B |
| Operating Cash Flow | 16.77B | 15.57B | 15.20B | 15.97B | 15.09B | 14.10B |
| Investing Cash Flow | -9.16B | -8.18B | -5.90B | -1.60B | -3.91B | -23.22B |
| Financing Cash Flow | -8.94B | -8.86B | -12.63B | -12.61B | -10.37B | 11.84B |
Nippon Accommodations Fund Inc. Technical Analysis
Negative
135100.00
Price Trends
136216.45
Negative
134426.48
Negative
128305.13
Positive
Market Momentum
-288.79
Positive
42.83
Neutral
28.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3226, the sentiment is Negative. The current price of 135100 is below the 20-day moving average (MA) of 135260.00, below the 50-day MA of 136216.45, and above the 200-day MA of 128305.13, indicating a neutral trend. The MACD of -288.79 indicates Positive momentum. The RSI at 42.83 is Neutral, neither overbought nor oversold. The STOCH value of 28.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3226.
Nippon Accommodations Fund Inc. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | ¥365.84B | 17.54 | 6.80% | 5.16% | -27.00% | 18.03% | |
67 Neutral | ¥333.64B | 23.38 | 5.35% | 4.18% | 2.53% | 1.49% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | ¥256.21B | 11.18 | ― | 4.15% | 1.36% | -1.18% | |
63 Neutral | ¥163.81B | 6.57 | ― | 4.70% | 73.49% | 34.06% | |
58 Neutral | ¥329.02B | 13.66 | ― | 3.56% | 5.45% | 7.40% |
* Real Estate Sector Average
JP:3226
Nippon Accommodations Fund Inc.
131,500.00
17,250.18
15.10%
JP:3279
Activia Properties
139,100.00
27,653.84
24.81%
JP:3309
Sekisui House Reit
84,700.00
11,300.48
15.40%
JP:3234
Mori Hills Reit Investment Corporation
133,400.00
4,666.35
3.62%
JP:3296
NIPPON REIT Investment Corp
89,100.00
7,498.09
9.19%
JP:3468
Star Asia Investment Corp.
56,100.00
3,431.95
6.52%
Nippon Accommodations Fund Inc. Corporate Events
Mitsui Fudosan Accommodations Fund to Appoint New Auditor at Asset Manager
Mar 17, 2026
Mitsui Fudosan Accommodations Fund Inc. announced a planned change of auditor at its asset management company, with the board resolving to nominate Hideyuki Hagiwara as a part-time auditor effective April 1, 2026, subject to shareholder approval. ...
Mitsui Fudosan Accommodations Fund Drops Mitsui Fudosan Residential From Specified Associated Status
Mar 2, 2026
Mitsui Fudosan Accommodations Fund Inc. (MAF), a residential-focused Japanese REIT, announced that Mitsui Fudosan Residential Co., Ltd. is no longer classified as a specified associated corporation of its asset management company. The reclassifica...
Mitsui Fudosan Accommodations Fund Completes Acquisition of Campus Terrace Kyudai-Gakkentoshi
Mar 2, 2026
Mitsui Fudosan Accommodations Fund Inc. has completed the acquisition of a domestic real estate property in Japan named Campus terrace Kyudai-Gakkentoshi, formerly known as NNB Kyudai Square. The property, purchased from Nishinippon Shimbun Buildi...
Mitsui Fudosan Accommodations Fund Borrows ¥4 Billion to Finance New Property Acquisition
Feb 26, 2026
Mitsui Fudosan Accommodations Fund Inc. has arranged a total of ¥4 billion in new long-term bank loans from several domestic lenders, with maturities stretching from 2031 to 2036 and a mix of fixed and TIBOR-linked interest rates. The borrowi...
Mitsui Fudosan Accommodations Fund Refinances ¥6bn in Loans Without Raising Debt Level
Feb 25, 2026
Mitsui Fudosan Accommodations Fund Inc. has arranged new unsecured, unguaranteed loans totaling 6 billion yen from Sumitomo Mitsui Trust Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation, with maturities ranging from 2026 to 2036 and interes...
Mitsui Fudosan Accommodations Fund Completes Sale of Park Axis Takamiya Higashi
Feb 20, 2026
Mitsui Fudosan Accommodations Fund Inc. has completed the planned sale of its domestic residential property Park Axis Takamiya Higashi. The asset, structured via a trust and transferred as a trust beneficiary interest, was sold for ¥790 milli...
Mitsui Fudosan Accommodations Fund Secures New Long-Term Loan for Debt Refinancing
Jan 8, 2026
Mitsui Fudosan Accommodations Fund Inc. has arranged a new 1.0 billion yen, unsecured and unguaranteed long-term loan from SBI Shinsei Bank at an interest rate of 2.275%, with a maturity date in January 2036 and a bullet repayment structure. The p...
Mitsui Fudosan Accommodations Fund Refinances Debt, Slightly Reduces Leverage
Dec 26, 2025
Mitsui Fudosan Accommodations Fund Inc. has arranged new long-term borrowings totaling 2.0 billion yen from The Ashikaga Bank and THE NISHI-NIPPON CITY BANK to refinance existing loans, including scheduled repayments to The Ashikaga Bank and The N...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.