Stock 8952 JAPAN REAL ESTATE INVESTMENT CORPORATION
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Financials Japan Real Estate Investment Corporation

Equities

8952

JP3027680002

Commercial REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
537,000 JPY -0.37% Intraday chart for Japan Real Estate Investment Corporation +0.56% -8.05%
Apr. 26 Japan Real Estate Investment Secures 6 Billion Yen Loan to Repay Debts MT
Apr. 19 Japan Real Estate Investment Secures 2 Billion Yen MT

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,004,277 745,243 925,320 826,970 829,530 764,078 - -
Enterprise Value (EV) 1 1,375,937 1,123,798 1,384,586 1,249,690 1,248,517 1,150,635 1,158,642 1,157,162
P/E ratio 37.5 x 24.3 x 29.7 x 25.1 x 24.5 x 21.6 x 26.3 x 26.1 x
Yield 2.65% 3.87% 3.38% 3.81% 3.97% 4.37% 3.81% 4.01%
Capitalization / Revenue 15.2 x 10.5 x 13.2 x 11.3 x 11.1 x 9.64 x 11.1 x 10.8 x
EV / Revenue 20.8 x 15.8 x 19.8 x 17 x 16.6 x 14.5 x 16.8 x 16.4 x
EV / EBITDA 32.8 x 24.1 x 30 x 26 x 26.3 x 24.3 x 27.4 x 27 x
EV / FCF 1,373 x - 58.3 x -202 x 49.1 x 23.2 x 27.7 x 27.3 x
FCF Yield 0.07% - 1.72% -0.49% 2.04% 4.32% 3.61% 3.67%
Price to Book 1.96 x 1.45 x 1.8 x 1.6 x 1.56 x 1.4 x 1.44 x 1.44 x
Nbr of stocks (in thousands) 1,385 1,385 1,385 1,385 1,423 1,423 - -
Reference price 2 725,000 538,000 668,000 597,000 583,000 537,000 537,000 537,000
Announcement Date 5/16/19 5/15/20 5/17/21 5/16/22 5/15/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 66,089 71,160 69,910 73,354 74,999 79,231 68,865 70,677
EBITDA 1 41,981 46,700 46,137 48,091 47,554 47,381 42,252 42,915
EBIT 1 29,127 33,848 32,978 35,501 35,083 35,668 30,089 30,756
Operating Margin 44.07% 47.57% 47.17% 48.4% 46.78% 45.02% 43.69% 43.52%
Earnings before Tax (EBT) 1 26,790 31,717 31,117 33,668 33,428 36,416 27,876 27,944
Net income 1 26,705 30,700 31,232 33,668 32,951 35,409 27,733 29,335
Net margin 40.41% 43.14% 44.67% 45.9% 43.94% 44.69% 40.27% 41.51%
EPS 2 19,327 22,162 22,493 23,758 23,788 24,917 20,382 20,570
Free Cash Flow 1 1,002 - 23,760 -6,173 25,449 49,666 41,816 42,441
FCF margin 1.52% - 33.99% -8.42% 33.93% 62.69% 60.72% 60.05%
FCF Conversion (EBITDA) 2.39% - 51.5% - 53.52% 104.82% 98.97% 98.9%
FCF Conversion (Net income) 3.75% - 76.08% - 77.23% 140.26% 150.78% 144.68%
Dividend per Share 2 19,192 20,807 22,582 22,756 23,167 23,456 20,449 21,541
Announcement Date 5/16/19 5/15/20 5/17/21 5/16/22 5/15/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2 2026 S1
Net sales 1 33,022 35,164 35,996 34,966 34,944 36,901 36,453 37,654 37,345 38,628 41,420 42,500 42,070 35,840
EBITDA 1 20,951 22,930 23,770 23,125 23,010 24,658 23,433 23,532 23,237 24,312 25,845 21,324 20,470 -
EBIT 1 14,548 16,494 17,354 16,498 16,479 18,394 17,107 18,042 17,041 18,049 19,671 20,571 20,903 15,073
Operating Margin 44.06% 46.91% 48.21% 47.18% 47.16% 49.85% 46.93% 47.92% 45.63% 46.72% 47.49% 48.4% 49.69% 42.06%
Earnings before Tax (EBT) 1 13,441 15,391 16,326 15,608 15,509 17,477 16,191 17,256 16,172 17,087 18,582 19,491 19,718 14,104
Net income 1 13,431 14,946 15,755 15,598 15,597 16,865 16,045 16,790 16,161 17,075 17,926 18,696 18,845 14,417
Net margin 40.67% 42.5% 43.77% 44.61% 44.63% 45.7% 44.02% 44.59% 43.27% 44.2% 43.28% 43.99% 44.79% 40.23%
EPS 2 9,696 10,789 11,373 11,260 11,233 12,175 11,583 12,121 11,667 12,013 12,651 10,701 10,466 9,907
Dividend per Share 2 9,697 10,197 10,610 11,262 11,320 11,356 11,400 11,500 11,667 12,000 11,720 12,100 12,100 11,200
Announcement Date 5/16/19 11/15/19 5/15/20 11/16/20 5/17/21 11/15/21 5/16/22 11/15/22 5/15/23 11/15/23 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 371,660 378,555 459,266 422,719 418,987 386,557 394,564 393,084
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 8.853 x 8.106 x 9.955 x 8.79 x 8.811 x 8.158 x 9.338 x 9.16 x
Free Cash Flow 1 1,002 - 23,760 -6,173 25,449 49,666 41,816 42,441
ROE (net income / shareholders' equity) 5.44% 3.1% 6.07% 6.38% 6.3% 6.24% 5.37% 5.5%
ROA (Net income/ Total Assets) 2.81% 3.28% 3.15% 3.23% 3.2% 3.48% 3% 3.04%
Assets 1 949,619 935,847 991,477 1,041,814 1,029,719 1,016,751 924,978 963,741
Book Value Per Share 2 369,082 371,351 371,974 373,057 373,945 382,378 372,734 374,008
Cash Flow per Share 2 14,318 36,325 32,302 35,572 52,686 34,906 29,388 29,828
Capex 41,398 37,748 21,707 56,327 46,318 - - -
Capex / Sales 62.64% 53.05% 31.05% 76.79% 61.76% - - -
Announcement Date 5/16/19 5/15/20 5/17/21 5/16/22 5/15/23 - - -
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Japan Real Estate Investment Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Office REITs

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Office REITs
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