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Office-focused J-REIT owning Tokyo-area buildings, sponsored by asset manager Kenedix.
Office-focused J-REIT owning Tokyo-area buildings, sponsored by asset manager Kenedix.
Collects rent from corporate tenants of its office buildings and, as a J-REIT, passes most of its profit to unitholders as distributions. It has no staff of its own: the sponsor Kenedix's asset-management arm runs it for fees, and it funds new buildings by selling units and borrowing.
In one line: A pure-play Tokyo office REIT.
Moat: narrow (regulatory licence, scale). Sponsor Kenedix's sourcing network gives preferential access to Tokyo office acquisitions.
Headquarters: Tokyo, Japan · Founded: 2005
Size KDX Realty Investment (8972.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $3.47B, the 328th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥136,600 on 6 Nov 2026.
Performance Over six months the shares fell 16.2%, against -4.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 3.4% over the last twelve months (peer median +4.8%); the operating margin is 39.0% (peer median 48.8%).
Valuation It trades at 16.3× forward earnings against a peer median of 19.4× (7th cheapest of 20).
Next results Next results expected around 22 Jun 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥102B | ¥117B | ¥78.1B | ¥37.3B | ¥34.5B |
| Revenue growth | — | +50% | +109% | +8% | — |
| Gross profit | ¥41.7B | ¥41.0B | ¥41.9B | ¥16.0B | ¥15.0B |
| EBITDA | ¥50.0B | ¥49.4B | ¥50.0B | ¥21.2B | ¥20.3B |
| Net income | ¥34.0B | ¥33.8B | ¥49.4B | ¥13.8B | ¥12.9B |
| Free cash flow | ¥13.2B | ¥45.7B | -¥18.1B | ¥20.0B | -¥1.16B |
| Capital expenditure | ¥53.3B | ¥36.8B | ¥75.2B | ¥1.84B | ¥22.1B |
| Total debt | n/a | ¥565B | ¥548B | ¥215B | ¥215B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| KDX Realty Investment 8972.T | $3.47B | -16% | +3% | 39% | 16.3× | n/a |
| Daiwa Office Investment 8976.T | $1.74B | -12% | +24% | 44% | 19.2× | n/a |
| Japan Excellent 8987.T | $1.04B | -13% | -18% | 32% | 16.0× | n/a |
| Mori Hills Reit Investment 3234.T | $1.36B | -14% | -1% | 54% | 18.9× | n/a |
| Japan Prime Realty Investment 8955.T | $2.37B | -7% | -13% | 39% | 21.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 8972.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.5% | +3.3% | 3rd lowest of 21 |
| 6-month return | -16.2% | -4.7% | 2nd lowest of 21 |
| Distance from 52-week high | -24.7% | -12.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | +3.4% | +4.8% | 9th lowest of 21 |
| Operating margin | 39.0% | 48.8% | 6th lowest of 21 |
| Forward P/E | 16.3× | 19.4× | 7th cheapest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 39% | 16.3× | n/a | n/a |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 26% | 44.5× | n/a | n/a |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | 61% | n/a | n/a | n/a |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 45% | 20.6× | n/a | n/a |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 62% | 17.1× | n/a | n/a |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 81% | 13.1× | n/a | n/a |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 49% | 18.3× | n/a | n/a |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 18% | 69.2× | n/a | n/a |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 52% | 32.6× | n/a | n/a |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 48% | 26.1× | n/a | n/a |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 76% | 14.9× | n/a | n/a |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 41% | 12.1× | n/a | n/a |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 17% | 65.8× | n/a | n/a |
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 36% | 20.5× | n/a | n/a |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 49% | 19.2× | n/a | n/a |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 56% | 19.4× | n/a | n/a |
| Park Hotels & Resorts PK | United States | $3.17B | +39% | -1% | 12% | 29.1× | n/a | n/a |
| Daiwa House REIT Investment 8984.T | Japan | $3.15B | -13% | -9% | 40% | 20.5× | n/a | n/a |
| Japan Hotel Reit Investment 8985.T | Japan | $3.14B | +7% | +15% | 67% | 9.4× | n/a | n/a |
| Granite Real Estate Investment Trust GRT-UN.TO | Canada | $3.85B | -6% | +9% | 73% | 14.8× | n/a | n/a |
| CT Real Estate Investment Trust CRT-UN.TO | Canada | $3.11B | +3% | +5% | 75% | 12.0× | n/a | n/a |