Kenedix Office Investment Corporation (JP:8972)
:8972
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Kenedix Office Investment Corporation
(8972)
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Rating:66Neutral
Price Target:
¥175,068
▼(-0.25% Downside)
Action:ReiteratedDate:05/03/26
The score is driven primarily by strong reported revenue/margin performance, partially offset by weaker and volatile cash-flow conversion and moderate leverage. Valuation is a positive support (low P/E and strong yield), while technical indicators point to subdued/negative momentum, limiting the overall score.
Positive Factors
Revenue Growth
A sustained step-up in revenue over consecutive years reflects successful portfolio growth or leasing execution, creating a larger recurring rental base. This durable expansion increases distributable income potential and supports scaling of fixed-cost absorption over the next several quarters.
Negative Factors
Weak Cash Conversion
Net income is not reliably converting into cash, implying reliance on non-cash gains or timing effects. This persistent gap makes distributable income less certain, increasing the risk the REIT must sell assets or draw debt to meet distributions or capex over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
A sustained step-up in revenue over consecutive years reflects successful portfolio growth or leasing execution, creating a larger recurring rental base. This durable expansion increases distributable income potential and supports scaling of fixed-cost absorption over the next several quarters.
Read all positive factors
Kenedix Office Investment Corporation (8972) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥654.75B
Dividend Yield4.64%
Average Volume (3M)6.78K
Price to Earnings (P/E)10.1
Beta (1Y)0.26
Revenue Growth50.40%
EPS Growth-30.38%
CountryJP
Employees33
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)8356.57
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 Ratio15.10
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)8,239.33
Revenue Forecast (FY)¥81.65B
Kenedix Office Investment Corporation Business Overview & Revenue Model
Company Description
KDX Realty Investment Corp. operates as a real estate investment trust company. The company primarily invests in the real estate, chiefly office buildings, housing and commercial buildings located in Tokyo and regional economic areas. Its property...
How the Company Makes Money
The company makes money mainly by generating rental-related income from the real estate it owns. Its primary revenue stream is lease revenue from tenants occupying its office buildings (base rent and, where applicable, additional charges such as c...
Kenedix Office Investment Corporation Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
64
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Apr 2026 | Apr 2025 | Apr 2024 | Apr 2023 | Apr 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 97.43B | 78.72B | 78.06B | 33.95B | 32.16B | 31.33B |
| Gross Profit | 36.06B | 46.67B | 47.34B | 18.27B | 17.14B | 17.20B |
| EBITDA | 49.35B | 48.98B | 63.66B | 21.18B | 19.70B | 19.66B |
| Net Income | 33.83B | 33.83B | 49.40B | 13.78B | 12.95B | 12.93B |
Balance Sheet | ||||||
| Total Assets | 1.25T | 1.25T | 1.24T | 475.37B | 473.01B | 456.33B |
| Cash, Cash Equivalents and Short-Term Investments | 79.37B | 49.66B | 24.86B | 28.94B | 20.38B | 19.27B |
| Total Debt | 565.43B | 565.43B | 548.40B | 214.95B | 214.95B | 198.75B |
| Total Liabilities | 622.35B | 622.35B | 606.12B | 243.84B | 243.45B | 225.78B |
| Stockholders Equity | 632.30B | 632.30B | 635.86B | 231.52B | 229.56B | 230.54B |
Cash Flow | ||||||
| Free Cash Flow | 45.71B | 45.69B | -18.14B | 20.04B | -1.16B | 18.52B |
| Operating Cash Flow | 82.50B | 82.50B | 57.06B | 21.88B | 20.90B | 20.88B |
| Investing Cash Flow | -37.83B | -37.83B | -73.68B | -675.89M | -20.12B | -2.16B |
| Financing Cash Flow | -21.76B | -21.76B | -5.85B | -12.63B | 1.19B | -16.20B |
Kenedix Office Investment Corporation Technical Analysis
Neutral
175500.00
Price Trends
167286.00
Positive
171000.00
Negative
166993.02
Positive
Market Momentum
88.86
Negative
52.61
Neutral
84.90
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8972, the sentiment is Neutral. The current price of 175500 is above the 20-day moving average (MA) of 165155.00, above the 50-day MA of 167286.00, and above the 200-day MA of 166993.02, indicating a bullish trend. The MACD of 88.86 indicates Negative momentum. The RSI at 52.61 is Neutral, neither overbought nor oversold. The STOCH value of 84.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:8972.
Kenedix Office Investment Corporation Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ¥233.44B | 10.65 | ― | 4.67% | -14.95% | -8.84% | |
70 Outperform | ¥201.56B | 12.89 | ― | 4.51% | 65.46% | -0.92% | |
66 Neutral | ¥654.75B | 10.14 | 5.51% | 4.64% | 50.40% | -30.38% | |
66 Neutral | ¥399.16B | 11.07 | 7.08% | 3.74% | -6.29% | 21.95% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | ¥560.64B | 11.49 | 6.80% | 4.46% | -0.32% | 1.93% | |
63 Neutral | ¥255.64B | 11.18 | ― | 4.15% | 1.36% | -1.18% |
* Real Estate Sector Average
JP:8972
Kenedix Office Investment Corporation
162,100.00
17,802.83
12.34%
JP:8955
Japan Prime Realty Investment
98,600.00
13,547.27
15.93%
JP:8960
United Urban Investment
175,200.00
28,162.14
19.15%
JP:3234
Mori Hills Reit Investment Corporation
133,400.00
4,666.35
3.62%
JP:8956
NTT UD REIT Investment Corporation
136,000.00
5,560.88
4.26%
JP:8964
Frontier Real Estate Investment Corporation
86,300.00
10,104.77
13.26%
Kenedix Office Investment Corporation Corporate Events
KDX Realty Sells Utsunomiya Office to Upgrade Portfolio and Lock In Gains
Apr 27, 2026
KDX Realty Investment Corporation will dispose of the 27-year-old KDX Utsunomiya Building, an office property near JR Utsunomiya Station, for ¥3.15 billion, significantly above its assumed book value and recent appraisal. The sale, expected t...
KDX Realty Investment Corp Secures ¥12.7 Billion Series 0051 Green-Linked Loan Package
Apr 27, 2026
KDX Realty Investment Corporation has arranged a new Series 0051 debt financing package totaling ¥12.7 billion, involving multiple Japanese lenders and a mix of short- and long-term loans with both variable and fixed interest rates. A signifi...
KDX Realty Investment Corporation Extends ¥16.5 Billion Commitment Line by One Year
Apr 17, 2026
KDX Realty Investment Corporation has extended the termination date of its existing syndication-type commitment line agreement by one year, moving it from April 30, 2026 to April 30, 2027. The facility, which remains unsecured and unguaranteed, pr...
KDX Realty Investment Secures ¥2.67 Billion Green Loan for Refinancing
Apr 17, 2026
KDX Realty Investment Corporation has arranged a ¥2.67 billion green loan from Sumitomo Mitsui Banking Corporation, with a one-year term ending April 30, 2027, at a floating rate tied to one-month JPY TIBOR plus a 0.125% margin. The proceeds ...
Kenedix Sets Up Digital Management Department to Drive Data-Driven Real Estate Asset Management
Apr 1, 2026
Kenedix Real Estate Fund Management, asset manager for KDX Realty Investment Corporation, has created a new Digital Management Department to drive business transformation in real estate asset management. The move reflects a strategic push to build...
KDX Realty Sets 2.28% Fixed Rate on ¥1.5 Billion Long-Term Loan
Mar 30, 2026
KDX Realty Investment Corporation has finalized the interest rate for its previously announced Series 0049-B debt financing from Shinkin Central Bank, setting a fixed rate of 2.27582% on a ¥1.5 billion unsecured, unguaranteed loan. The borrow...
KDX Realty Investment Locks In Fixed Rates on ¥1.4 Billion Debt Financing
Mar 27, 2026
KDX Realty Investment Corporation has finalized the interest rates and terms for a previously announced Series 0048 debt financing package totaling 1.4 billion yen with three Japanese lenders. The borrowings, all on a fixed-rate basis with maturit...
KDX Realty Investment Corp Raises ¥10 Billion in Green-Linked Debt for Refinancing and Acquisition
Mar 26, 2026
KDX Realty Investment Corporation has arranged a total of ¥10 billion in new debt financing across multiple loan series, some of which are structured as green loans aligned with its Sustainability Finance Framework, which holds a top-tier SU ...
Kenedix Office Investment Expands Tokyo Portfolio With Designer Residential Acquisition
Mar 26, 2026
Kenedix Office Investment Corporation is expanding within the Tokyo 23 wards residential market by adding a newly built designer rental apartment to its portfolio, complementing its existing office-focused real estate strategy. The property, KDX R...
KDX Realty REIT Rotates Portfolio With Tokyo Residential Acquisition and Aging Office Sale
Mar 26, 2026
KDX Realty Investment Corporation will acquire a newly built residential property, KDX Residence Mizue in Edogawa-ku, Tokyo, for ¥2.55 billion, funded through borrowings and cash on hand. The designer apartment, completed in 2025 with 64 unit...
Kenedix REIT Manager to Appoint New President and CEO in March 2026
Feb 25, 2026
Kenedix Real Estate Fund Management, Inc., the asset manager for KDX Realty Investment Corporation, will appoint Atsuhiko Murata as President and CEO on March 25, 2026, succeeding Akihiro Asano in the top role. The reshuffle also confirms a broade...
KDX Realty Investment Corporation Secures ¥10.7 Billion in Green Loans for Refinancing
Feb 24, 2026
KDX Realty Investment Corporation has arranged a new series of green loans totaling ¥10.7 billion from a syndicate of major Japanese banks, with maturities ranging from 2027 to 2030 and interest rates linked to JPY TIBOR. The financing, struc...
KDX Realty Investment Corporation Secures ¥1.5 Billion in Green Loans for Refinancing
Feb 16, 2026
KDX Realty Investment Corporation has arranged a new series of green loans totaling 1.5 billion yen, split between a short-term, JPY TIBOR-linked tranche from Sumitomo Mitsui Trust Bank and a long-term fixed-rate tranche from SBI Shinsei Bank. The...
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.