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Kenedix Office Investment Corporation
(8972)
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Rating:65Neutral
Price Target:
¥165,120
▼(-5.91% Downside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid financial performance supported by strong recent revenue growth and high reported profitability, but held back by leverage and inconsistent cash-flow conversion. Technicals are modestly negative with the stock trading below major moving averages, while valuation is supported by a high dividend yield and a moderate P/E.
Positive Factors
Revenue Growth
A step-change in revenue over two years materially increases the REIT’s earning base and recurring rental cash flows. Larger scale improves leasing leverage, diversification across tenants, and the ability to cover fixed costs, supporting more durable distributable income and capital reinvestment capacity.
Negative Factors
High Leverage
Debt levels near 0.8–0.9x equity are typical for REITs but reduce balance-sheet flexibility. Elevated leverage increases refinancing and interest-rate sensitivity, limits ability to pursue opportunistic acquisitions without issuing equity, and raises the risk to distributions if vacancies or rent declines persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
A step-change in revenue over two years materially increases the REIT’s earning base and recurring rental cash flows. Larger scale improves leasing leverage, diversification across tenants, and the ability to cover fixed costs, supporting more durable distributable income and capital reinvestment capacity.
Read all positive factors
Kenedix Office Investment Corporation (8972) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥630.52B
Dividend Yield5.3%
Average Volume (3M)6.78K
Price to Earnings (P/E)18.5
Beta (1Y)0.23
Revenue Growth3.41%
EPS Growth1.19%
CountryJP
Employees33
SectorGeneral
Sector StrengthN/A
IndustryREIT - Diversified
Share Statistics
EPS (TTM)8421.68
Shares Outstanding4,039,198
10 Day Avg. Volume5,490
30 Day Avg. Volume6,775
Financial Highlights & Ratios
PEG Ratio-0.66
Price to Book (P/B)1.09
Price to Sales (P/S)8.76
P/FCF Ratio15.03
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)8,257.2
Revenue Forecast (FY)¥56.57B
Kenedix Office Investment Corporation Business Overview & Revenue Model
Company Description
Operating as a real estate investment trust (REIT), KDX Realty Investment Corporation specializes in acquiring various property types. The company's portfolio primarily comprises office, residential, and retail structures strategically situated ac...
How the Company Makes Money
Kenedix Office Investment Corporation makes money primarily by earning rental income from tenants leasing space in its office properties. This income stream includes base rent and may also include other tenant-related income (e.g., common area or ...
Kenedix Office Investment Corporation Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
64
Positive
Cash Flow
55
Neutral
| Breakdown | Apr 2026 | Apr 2025 | Apr 2024 | Apr 2023 | Apr 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 78.72B | 78.06B | 39.54B | 32.16B | 31.33B |
| Gross Profit | 46.67B | 47.34B | 18.27B | 17.14B | 17.20B |
| EBITDA | 48.98B | 63.66B | 21.18B | 19.70B | 19.66B |
| Net Income | 33.83B | 49.40B | 13.78B | 12.95B | 12.93B |
Balance Sheet | |||||
| Total Assets | 1.25T | 1.24T | 475.37B | 473.01B | 456.33B |
| Cash, Cash Equivalents and Short-Term Investments | 49.66B | 24.86B | 28.94B | 20.38B | 19.27B |
| Total Debt | 565.43B | 548.40B | 214.95B | 214.95B | 198.75B |
| Total Liabilities | 622.35B | 606.12B | 243.84B | 243.45B | 225.78B |
| Stockholders Equity | 632.30B | 635.86B | 231.52B | 229.56B | 230.54B |
Cash Flow | |||||
| Free Cash Flow | 45.91B | -18.14B | 20.04B | -1.16B | 18.52B |
| Operating Cash Flow | 82.72B | 57.06B | 21.88B | 20.90B | 20.88B |
| Investing Cash Flow | -37.83B | -73.68B | -675.89M | -20.12B | -2.16B |
| Financing Cash Flow | -21.76B | -5.85B | -12.63B | 1.19B | -16.20B |
Kenedix Office Investment Corporation Technical Analysis
Negative
175500.00
Price Trends
155978.00
Negative
158607.21
Negative
163236.89
Negative
Market Momentum
-87.33
Positive
38.39
Neutral
2.64
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8972, the sentiment is Negative. The current price of 175500 is above the 20-day moving average (MA) of 156990.00, above the 50-day MA of 155978.00, and above the 200-day MA of 163236.89, indicating a bearish trend. The MACD of -87.33 indicates Positive momentum. The RSI at 38.39 is Neutral, neither overbought nor oversold. The STOCH value of 2.64 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:8972.
Kenedix Office Investment Corporation Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ¥397.13B | 19.66 | 7.08% | 4.36% | -6.29% | 21.95% | |
65 Neutral | ¥630.52B | 18.54 | 5.37% | 4.64% | 3.41% | 1.19% | |
65 Neutral | ¥203.48B | 22.40 | ― | 4.51% | 14.47% | 1.64% | |
63 Neutral | ¥521.28B | 18.98 | 7.25% | 4.46% | -1.59% | 7.45% | |
63 Neutral | ¥244.51B | 20.17 | ― | 4.61% | 1.36% | -1.18% | |
63 Neutral | ¥221.81B | 18.82 | ― | 4.67% | -14.95% | -8.84% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
JP:8972
Kenedix Office Investment Corporation
152,000.00
-6,003.50
-3.80%
JP:8955
Japan Prime Realty Investment
96,200.00
-992.51
-1.02%
JP:8960
United Urban Investment
160,100.00
-1,315.30
-0.81%
JP:3234
Mori Hills Reit Investment Corporation
126,900.00
-6,457.58
-4.84%
JP:8956
NTT UD REIT Investment Corporation
131,900.00
5,474.41
4.33%
JP:8964
Frontier Real Estate Investment Corporation
80,100.00
-2,417.10
-2.93%
Kenedix Office Investment Corporation Corporate Events
KDX Realty REIT Completes Major Buyback and Plans Cancellation of Units
Aug 3, 2026
KDX Realty Investment Corporation has completed a buyback of its own investment units under a program authorized by its board in June 2026, acquiring 38,332 units for approximately 5.99 billion yen through market purchases on the Tokyo Stock Excha...
KDX Realty Investment Raises ¥4.7bn in Social and Green Loans to Refinance Debt
Jul 29, 2026
KDX Realty Investment Corporation has arranged a new debt financing package totaling 4.7 billion yen, structured as both social and green loans from multiple domestic banks, with maturities ranging from 2027 to 2031. The funds will be used to refi...
KDX Realty Investment Corporation Issues ¥1.7 Billion Unsecured Bonds for Refinancing
Jul 17, 2026
KDX Realty Investment Corporation has decided to issue its Third Series Unsecured Investment Corporation Bonds, raising 1.7 billion yen through a public offering at an annual interest rate of 2.328%. The five-year bonds, rated AA by Japan Credit R...
Kenedix expands into single-family rentals with new Kolet REIT and governance changes
Jul 16, 2026
Kenedix Real Estate Fund Management, asset manager for KDX Realty Investment Corporation and Kenedix Private Investment Corporation, will establish a new single-family rental-focused J-REIT called KDX Kolet REIT and create a dedicated Kolet REIT D...
KDX Realty Investment Corporation Advances Buyback of Its Own Investment Units
Jul 1, 2026
KDX Realty Investment Corporation has begun executing a board-approved buyback program of its own investment units on the Tokyo Stock Exchange, acquiring 9,819 units for approximately 1.51 billion yen between June 18 and June 30, 2026. The purchas...
KDX Realty Investment Sets Terms for ¥3 Billion Long-Term Loan from Mizuho Bank
Jun 29, 2026
KDX Realty Investment Corporation has set the terms for a new fixed-rate loan of 3 billion yen from Mizuho Bank, with a 2.23584% interest rate and a maturity date of October 31, 2031. The unsecured, unguaranteed borrowing, which will be drawn down...
KDX Realty Investment Sets Fixed Rates on ¥1.5 Billion Series 0053 Loan
Jun 26, 2026
KDX Realty Investment Corporation has finalized the interest rates and terms for its previously announced Series 0053 debt financing, securing a total of 1.5 billion yen in unsecured, unguaranteed borrowings from The Kiyo Bank, Kiraboshi Bank and ...
KDX Realty Raises ¥4.5 Billion in Green-Linked Debt to Refinance Loans and Fund Logistics Asset
Jun 25, 2026
KDX Realty Investment Corporation has arranged a new ¥4.5 billion debt financing, including green loans from The Kiyo Bank, Kiraboshi Bank, Suruga Bank and Mizuho Bank, to refinance existing borrowings and support new property acquisitions. T...
Kenedix Office Investment Revamps Portfolio With Residential and Logistics Deals
Jun 25, 2026
Kenedix Office Investment Corporation is reshaping its portfolio by acquiring a luxury family-type rental apartment in Tokyo’s 23 wards and a logistics facility adjacent to Fukuoka Airport, targeting assets with stronger future income growth...
KDX Realty Investment Reshuffles Portfolio with New Tokyo Residential and Fukuoka Logistics Buys
Jun 25, 2026
KDX Realty Investment Corporation will acquire a family-oriented rental apartment in Tokyo’s Nakano Ward and a logistics facility near Fukuoka Airport, financed through borrowings and cash on hand, with appraisal NOI yields around the low...
KDX Realty REIT Gains Priority for Hotel Deals in Strategy Shift
Jun 17, 2026
KDX Realty Investment Corporation announced that its asset manager, Kenedix Real Estate Fund Management, will revise internal Pipeline Meeting rules governing which of its investment vehicles gets first priority on new property acquisition opportu...
KDX Realty Investment Corp Launches Unit Buyback and Cancellation Program
Jun 17, 2026
KDX Realty Investment Corporation has approved the acquisition of up to 50,000 of its own investment units, representing about 1.2% of its outstanding units, for a maximum of 6 billion yen through market purchases on the Tokyo Stock Exchange betwe...
KDX Realty Investment Posts Steady Earnings and Keeps Payouts High
Jun 17, 2026
KDX Realty Investment Corporation reported operating revenues of ¥39.84 billion for the six months ended April 30, 2026, essentially flat year on year, while operating income rose 1.4% to ¥20.04 billion and net income edged up 0.4% to &#...
KDX Realty Sells Osaka Retail Land to Boost Portfolio Returns
Jun 8, 2026
KDX Realty Investment Corporation will dispose of the land underlying the Life Takadono shopping center in Osaka for ¥3.69 billion, exceeding its assumed book value of ¥3.36 billion. The asset, backed by a long-term land lease to a major...
KDX Realty Raises ¥1.6 Billion Green Loan to Refinance Existing Debt
May 27, 2026
KDX Realty Investment Corporation has arranged a new ¥1.6 billion green loan financing split between Sumitomo Mitsui Trust Bank and The Bank of Fukuoka, with maturities in 2027 and 2029 and interest rates linked to the one-month JPY TIBOR plu...
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.