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Japan Real Estate Investment
(8952)
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Rating:71Outperform
Price Target:
¥131,385
▲(7.25% Upside)
Action:Upgraded
Date:08/06/26
The score is driven primarily by solid financial performance—strong revenue growth and profitability with a stable balance sheet—tempered by cash flow volatility and modest ROE. Technical signals are mixed with neutral momentum and near-oversold readings, while valuation is supported by a solid dividend yield but constrained by a relatively high P/E.
Positive Factors
Strong revenue growth and healthy margins
A reported 23.08% revenue increase and healthy profit margins indicate durable leasing demand and effective cost control across the portfolio. For a J-REIT, sustained top-line growth plus margin stability supports reliable rental cash flows and the capacity to sustain distributions and reinvestment over multiple quarters.
Negative Factors
Free cash flow volatility and recent decline
Volatile and recently declining free cash flow reduces the trust’s cushion for capital expenditures, debt paydown, or unexpected vacancies. Persistent FCF instability can force reliance on external financing or unit issuance, undermining long-term distribution sustainability and limiting strategic investments in the portfolio.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth and healthy margins
A reported 23.08% revenue increase and healthy profit margins indicate durable leasing demand and effective cost control across the portfolio. For a J-REIT, sustained top-line growth plus margin stability supports reliable rental cash flows and the capacity to sustain distributions and reinvestment over multiple quarters.
Read all positive factors
Japan Real Estate Investment (8952) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥889.33B
Dividend Yield4.13%
Average Volume (3M)14.19K
Price to Earnings (P/E)23.9
Beta (1Y)0.16
Revenue Growth-1.30%
EPS Growth-3.43%
CountryJP
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)5118.04
Shares Outstanding7,283,580
10 Day Avg. Volume14,546
30 Day Avg. Volume14,186
Financial Highlights & Ratios
PEG Ratio-11.20
Price to Book (P/B)1.63
Price to Sales (P/S)8.57
P/FCF Ratio30.34
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)5,234.89
Revenue Forecast (FY)¥75.06B
Japan Real Estate Investment Business Overview & Revenue Model
Company Description
JRE's investment strategy focuses on a defined set of assets, primarily comprising direct real estate holdings and securities predominantly linked to real estate, with the goal of achieving consistent value growth over the medium to long term....
How the Company Makes Money
Japan Real Estate Investment Corporation primarily makes money from (1) rental revenue earned from tenants leasing space in its properties and (2) property-related income such as common area charges and other reimbursable operating income collecte...
Japan Real Estate Investment Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 100.94B | 103.38B | 84.00B | 75.89B | 73.75B | 71.75B |
| Gross Profit | 26.55B | 28.69B | 41.83B | 35.72B | 35.49B | 35.47B |
| EBITDA | 52.40B | 52.39B | 53.40B | 47.55B | 47.75B | 47.68B |
| Net Income | 36.41B | 36.67B | 37.48B | 33.24B | 32.84B | 32.43B |
Balance Sheet | ||||||
| Total Assets | 1.12T | 1.08T | 1.07T | 1.06T | 1.01T | 1.00T |
| Cash, Cash Equivalents and Short-Term Investments | 32.86B | 29.47B | 23.26B | 29.09B | 20.47B | 37.57B |
| Total Debt | 503.19B | 461.19B | 457.89B | 450.19B | 423.39B | 419.49B |
| Total Liabilities | 578.66B | 533.79B | 528.13B | 518.89B | 491.21B | 487.14B |
| Stockholders Equity | 543.57B | 542.83B | 541.42B | 538.40B | 517.76B | 516.45B |
Cash Flow | ||||||
| Free Cash Flow | 4.96B | 29.19B | 25.33B | -4.67B | 11.73B | 46.54B |
| Operating Cash Flow | 67.86B | 67.79B | 72.51B | 59.89B | 68.59B | 49.98B |
| Investing Cash Flow | -60.72B | -37.05B | -51.20B | -64.73B | -58.61B | -3.41B |
| Financing Cash Flow | -7.05B | -31.96B | -26.76B | 14.17B | -27.62B | -30.83B |
Japan Real Estate Investment Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥147.12B | 19.02 | ― | 6.26% | -17.50% | -15.10% | |
71 Outperform | ¥889.33B | 23.86 | 6.70% | 4.05% | -1.30% | -3.43% | |
67 Neutral | ¥569.11B | 21.16 | ― | 4.10% | 5.25% | 19.44% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | ¥1.19T | 26.94 | 5.94% | 3.65% | -14.70% | -7.58% | |
62 Neutral | ¥318.75B | 20.71 | ― | 3.94% | 23.62% | 10.38% | |
60 Neutral | ¥226.80B | 18.78 | ― | 4.63% | 19.76% | 7.95% |
* Real Estate Sector Average
JP:8952
Japan Real Estate Investment
119,400.00
-2,155.79
-1.77%
JP:8951
Nippon Building
130,300.00
-5,627.92
-4.14%
JP:3295
Hulic Reit, Inc.
153,800.00
-5,500.69
-3.45%
JP:8954
ORIX JREIT Inc.
99,400.00
3,033.30
3.15%
JP:8975
Ichigo Office REIT Investment Corporation
93,700.00
1,903.23
2.07%
JP:8976
Daiwa Office Investment Corporation
328,000.00
-13,909.00
-4.07%
Japan Real Estate Investment Corporate Events
Japan Real Estate Investment Corp Refinances Debt With New JPY 3 Billion Loan
Jul 21, 2026
Japan Real Estate Investment Corporation has arranged a new JPY 3 billion unsecured, unguaranteed long-term loan from SBI Shinsei Bank, with interest set at the three-month JBA JPY TIBOR plus 0.13%. The borrowing, dated July 23, 2026, carries a lu...
Japan Real Estate Investment Overhauls Governance Roles at Asset Manager
Jul 6, 2026
Japan Real Estate Investment Corporation announced that its asset management company will propose the appointment of Yasuyuki Sakurai as director, senior executive officer and general manager overseeing Corporate Administration and Risk Management...
Japan Real Estate Investment Rolls Over ¥3.7 Billion Loan with New Mizuho Facility
Jun 25, 2026
Japan Real Estate Investment Corporation has arranged a new ¥3.7 billion unsecured, unguaranteed loan from Mizuho Bank to refinance an existing long-term facility maturing on June 29, 2026. The new borrowing, priced at a floating rate based o...
Japan Real Estate Investment Refinances ¥5 Billion Short-Term Loan Without Changing Debt Level
Jun 23, 2026
Japan Real Estate Investment Corporation will prepay a ¥5 billion short-term unsecured loan from The Norinchukin Bank on June 25, 2026, ahead of its original March 2027 maturity, without incurring an early repayment fee. The move is part of t...
Japan Real Estate Investment Posts Higher Earnings and Steady Payouts for March 2026 Period
May 19, 2026
Japan Real Estate Investment Corporation reported a solid performance for the fiscal period ended March 31, 2026, with operating revenues rising 3.3% to ¥42.4 billion and profit increasing 4.5% to ¥18.6 billion. Key profitability metrics...
Japan Real Estate Investment Sells Niigata Office to Recycle Capital and Strengthen Portfolio
May 15, 2026
Japan Real Estate Investment Corporation will dispose of the Daido Seimei Niigata Building for JPY 1,650 million, booking an estimated gain of JPY 40 million as the price exceeds the property’s book value, though it falls below the latest ap...
Japan Real Estate Investment Approves Up to JPY 100 Billion in Unsecured Bond Issuance
May 15, 2026
Japan Real Estate Investment Corporation has approved a comprehensive resolution authorizing the issuance of up to JPY 100 billion in unsecured investment corporation bonds between May 15 and November 30, 2026. The bonds may be issued in multiple ...
Japan Real Estate Investment Maintains Leverage With ¥11 Billion Refinancing
May 14, 2026
Japan Real Estate Investment Corporation has arranged a new ¥11 billion short-term loan from MUFG Bank at a fixed interest rate of 1.278%, with borrowing set for May 18, 2026 and lump-sum repayment due on August 18, 2026. The proceeds will be...
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.