Mori Hills Reit Investment Corporation (JP:3234)
:3234
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Mori Hills Reit Investment Corporation
(3234)
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Rating:63Neutral
Price Target:
¥134,297
▼(-7.00% Downside)
Action:Reiterated
Date:03/20/26
The score is driven primarily by solid underlying profitability and a supportive valuation (modest P/E and strong yield). These positives are tempered by uneven cash flow (recently negative free cash flow) and gradually rising leverage, while technical indicators suggest weak near-term momentum.
Positive Factors
Consistent Profitability
High and stable profitability with net income in a narrow ¥11.2B–¥12.8B range provides consistent distributable earnings for a REIT. Strong margins reduce dependence on one-off gains and support predictable payouts, making cash distribution planning more durable over multiple quarters.
Negative Factors
Creeping Leverage
Meaningful and increasing leverage reduces financial flexibility for a REIT. Debt/equity near 0.80–0.95 raises refinancing and interest coverage risk, constrains the ability to acquire opportunistically, and limits buffers for distributions if cash flows soften or rates rise over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Profitability
High and stable profitability with net income in a narrow ¥11.2B–¥12.8B range provides consistent distributable earnings for a REIT. Strong margins reduce dependence on one-off gains and support predictable payouts, making cash distribution planning more durable over multiple quarters.
Read all positive factors
Mori Hills Reit Investment Corporation (3234) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥242.22B
Dividend Yield4.15%
Average Volume (3M)3.19K
Price to Earnings (P/E)19.4
Beta (1Y)0.28
Revenue Growth1.36%
EPS Growth-1.18%
CountryJP
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)6449.71
Shares Outstanding1,916,330
10 Day Avg. Volume3,521
30 Day Avg. Volume3,194
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)1.35
Price to Sales (P/S)11.34
P/FCF Ratio-317.80
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)6,485.79
Revenue Forecast (FY)¥22.69B
Mori Hills Reit Investment Corporation Business Overview & Revenue Model
Company Description
Mori Hills REIT (MHR) is dedicated to elevating the profitability and intrinsic value of its real estate holdings. Its strategy centers on selective investments within urban environments, termed "Cities," with a keen focus on their competitive adv...
How the Company Makes Money
Mori Hills REIT Investment Corporation generates earnings by owning real estate and collecting property-level income, then distributing cash flow to unitholders as a J-REIT. Its primary revenue stream is rental income from tenants in its portfolio...
Mori Hills Reit Investment Corporation Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
52
Neutral
| Breakdown | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 24.16B | 11.09B | 22.35B | 22.43B | 21.02B |
| Gross Profit | 12.85B | 11.09B | 15.17B | 15.43B | 14.17B |
| EBITDA | 15.86B | 15.49B | 15.62B | 15.82B | 14.95B |
| Net Income | 12.22B | 6.16B | 12.63B | 12.83B | 11.96B |
Balance Sheet | |||||
| Total Assets | 411.23B | 413.18B | 413.26B | 414.89B | 412.89B |
| Cash, Cash Equivalents and Short-Term Investments | 9.33B | 19.64B | 18.22B | 16.05B | 10.64B |
| Total Debt | 189.52B | 165.23B | 189.92B | 192.42B | 192.42B |
| Total Liabilities | 208.25B | 207.53B | 207.69B | 210.09B | 210.10B |
| Stockholders Equity | 202.98B | 205.65B | 205.58B | 204.80B | 202.80B |
Cash Flow | |||||
| Free Cash Flow | -861.82M | 8.74B | 16.96B | 17.31B | 7.40B |
| Operating Cash Flow | 17.64B | 17.59B | 17.91B | 18.09B | 16.22B |
| Investing Cash Flow | -17.87B | -8.51B | -963.86M | -673.83M | -8.75B |
| Financing Cash Flow | -15.66B | -18.00B | -15.23B | -11.63B | -5.00B |
Mori Hills Reit Investment Corporation Technical Analysis
Negative
144400.00
Price Trends
131328.00
Negative
137607.94
Negative
140301.98
Negative
Market Momentum
-1369.70
Negative
39.03
Neutral
60.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3234, the sentiment is Negative. The current price of 144400 is above the 20-day moving average (MA) of 127520.00, above the 50-day MA of 131328.00, and above the 200-day MA of 140301.98, indicating a bearish trend. The MACD of -1369.70 indicates Negative momentum. The RSI at 39.03 is Neutral, neither overbought nor oversold. The STOCH value of 60.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3234.
Mori Hills Reit Investment Corporation Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥540.70B | 19.72 | ― | 4.28% | 5.70% | 18.14% | |
67 Neutral | ¥317.95B | 22.17 | 5.35% | 4.18% | 2.53% | 1.49% | |
66 Neutral | ¥378.11B | 18.58 | 7.08% | 3.74% | -6.29% | 21.95% | |
66 Neutral | ¥628.50B | 18.17 | 5.51% | 4.64% | 3.41% | 1.19% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | ¥242.22B | 19.41 | ― | 4.15% | 1.36% | -1.18% | |
63 Neutral | ¥509.76B | 20.23 | 6.80% | 4.46% | -0.32% | 1.93% |
* Real Estate Sector Average
JP:3234
Mori Hills Reit Investment Corporation
126,100.00
-2,250.80
-1.75%
JP:3279
Activia Properties
133,500.00
17,418.47
15.01%
JP:8955
Japan Prime Realty Investment
93,300.00
4,168.57
4.68%
JP:8960
United Urban Investment
159,300.00
9,203.75
6.13%
JP:8972
Kenedix Office Investment Corporation
155,400.00
7,295.50
4.93%
JP:8984
Daiwa House REIT Investment Corporation
118,200.00
3,961.09
3.47%
Mori Hills Reit Investment Corporation Corporate Events
Mori Hills REIT Advances Unit Buyback Program on Tokyo Stock Exchange
Jun 1, 2026
Mori Hills REIT Investment Corporation reported that it repurchased 1,665 of its own investment units in May 2026 for a total of 217.3 million yen, via market purchases on the Tokyo Stock Exchange under a discretionary transaction agreement. The b...
Mori Hills REIT Manager Expands Into Investment Advisory With New Conflict-Safeguard Rules
Jun 1, 2026
Mori Building Investment Management, the asset manager for Mori Hills REIT Investment Corporation, plans to add Investment Advisory and Agency Business to its licensed activities as part of a merger with Mori Building Real Estate Investment Adviso...
Mori Hills REIT Refinances Debt with 6.9 Billion Yen in Green Loans
May 20, 2026
Mori Hills REIT Investment Corporation has arranged new green loan borrowings totaling 6,894 million yen with several Japanese banks, including Sumitomo Mitsui Trust Bank, The Bank of Fukuoka, and The Norinchukin Bank, at floating rates linked to ...
Mori Hills REIT Continues Unit Buybacks Under Board-Approved Program
May 1, 2026
Mori Hills REIT Investment Corporation has continued its ongoing buyback program, repurchasing 1,889 of its own investment units on the Tokyo Stock Exchange in April 2026 for a total of about 255.8 million yen through market purchases under a disc...
Mori Hills REIT Manager to Merge Sister Advisory Firm in Group Streamlining
Apr 22, 2026
Mori Building Investment Management Co., Ltd., the asset manager for Mori Hills REIT Investment Corporation, will merge with fellow Mori Building Group subsidiary Mori Building Real Estate Investment Advisory Co., Ltd. in an absorption-type merger...
Mori Hills REIT Reports Progress on Investment Unit Buyback Program
Apr 1, 2026
Mori Hills REIT Investment Corporation has disclosed the progress of its investment unit repurchase program, reporting that it bought back 789 units in March 2026 for a total of 109,045,600 yen. The repurchases were executed via market purchases o...
Mori Building Lifts Stake in Mori Hills REIT to Over 22%
Mar 19, 2026
Mori Hills REIT Investment Corporation announced that its sponsor, Mori Building Co., Ltd., has completed an additional acquisition of the REIT’s investment units. Following this transaction, Mori Building’s holding increased from 365,...
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.