MIRARTH Real Estate Investment Corporation

¥71,700As of Sun 8 Nov 2026, 12:00 UTC

TSE:3492Real Estate

Country Japan

PE (Fwd) •••

TSR 8Y CAGR 3.08%

Div yield 7.53%

ROE 5.47%

REIT (Diversified)

Beta (5Y) 0.20

PE TTM 13.31

TSR TTM (17.83%)

Mkt cap ¥72.65B

ROIC 3.33%

SE Grade™

Value

Quality

Moat

Consensus

Reference

¥80,892

12.82%

(60.49%)

Hold 5|9|7|11|0

TTM

FYE 31 Aug JPY

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026

FY2027E

Trend

10Y

Peers

15.02

Revenue¥B

15.38

15.57

15.99

16.30

16.53

16.20

16.40

16.29

16.10

16.53

15.36

—

0.96%

8.63

Revenue growth%

23.43

24.23

25.90

28.36

28.82

29.55

31.12

28.87

27.37

26.30

24.91

28.87

27.87

26.22

Gross margin%

24.04

25.58

24.57

24.12

25.05

24.60

23.69

25.64

24.57

26.93

15.03

24.60

24.58

6.32

Operating margin%

21.46

21.14

19.69

18.21

18.77

20.68

18.84

16.85

18.19

20.62

11.68

18.84

19.27

9.72

Net margin%

17.43

15.70

12.79

11.09

12.55

9.68

10.70

10.06

11.09

9.97

21.81

10.06

11.09

34.20

P/E ratio (avg)x

20.73

24.14

26.34

28.32

28.42

32.53

33.64

35.21

40.34

39.22

16.70

35.21

30.47

12.22

EV/EBITx

22.64

25.65

26.26

25.64

26.06

24.62

25.40

23.80

22.86

26.00

23.91

24.62

25.52

22.20

FCF yield (avg)%

31.48

33.81

31.51

30.55

32.29

32.77

33.70

32.39

33.05

33.66

8.12

33.05

32.58

29.87

FCF margin%

16.31

14.59

13.00

11.04

11.08

10.06

11.88

12.49

12.50

11.41

5.12

11.88

12.19

0.336

FCF / Net incomex

0.916

0.992

0.895

0.832

0.881

0.835

0.822

0.854

0.833

0.720

0.709

0.833

0.844

23.59

ROIC%

15.77

18.14

19.63

16.65

19.48

19.18

22.12

22.97

24.29

22.15

6.78

22.15

19.55

28.44

Return on equity%

20.56

18.68

19.06

18.15

19.33

18.31

20.65

22.33

19.96

19.58

9.67

19.96

19.45

10.41

Return on assets%

4.60

3.97

5.69

6.06

6.42

5.33

6.71

9.66

8.94

11.31

15.26

8.94

6.24

13,851

EPS¥

3,494

3,910

4,290

3,919

3,817

3,783

3,457

3,553

3,566

3,794

14,564

(0.12%)

(0.24%)

—

17.47

EPS growth%

15.64

17.07

17.06

17.74

19.64

21.68

23.98

25.70

27.31

25.41

14.61

25.41

20.66

5,287

Bookvalue per sh¥

5,015

5,063

5,170

5,832

6,571

6,715

7,823

7,650

7,617

7,104

10,889

1.57%

4.34%

—

7,512

FCF per share¥

5,502

4,802

4,340

3,721

4,001

3,673

3,163

3,120

3,342

3,427

6,561

(3.05%)

(4.21%)

—

9,320

Dividend per sh¥

9,451

10,119

10,879

11,008

11,612

11,814

11,496

12,960

13,006

13,692

9,219

3.35%

4.12%

—

21.75

Div yield (avg)%

25.58

27.23

26.74

25.90

23.41

25.98

26.88

26.55

29.48

31.45

26.15

26.88

26.64

8.95

Payout ratio%

18.02

18.41

17.56

16.17

14.35

13.44

16.06

13.90

14.22

11.84

4.44

13.90

15.20

1.033

Shares (diluted)M

0.930

0.824

0.893

0.857

0.785

0.756

0.825

0.847

0.859

0.841

1.042

1.39%

(1.29%)

29.62

Buyback yield%

23.71

26.60

28.92

27.25

28.93

28.11

27.88

30.23

33.13

33.57

19.94

30.23

28.51

0.601

D/E ratiox

2.000

1.863

2.043

2.304

2.264

2.426

2.718

2.481

2.681

2.841

0.636

2.681

2.365

9.305

Enterprise value¥B

1.962

1.981

1.907

1.718

1.904

2.113

2.145

2.377

2.138

2.116

9.959

2.13%

1.29%

6.654

LT debt¥B

8.610

8.426

8.008

7.533

7.422

7.697

7.948

8.829

9.922

11.13

1.948

8.45%

1.47%

Peers (US$461.3M)

Cap (US$)

CRE Logistics REIT…

460.8M

32.65x

One REIT, Inc.

435.8M

14.10x

MIRAI Corporation

431.1M

27.43x

One Liberty Properties…

462.5M

18.49x

Capital

TTM

10Y

Leveragex

1.352

0.136

0.128

EBIT/Intx

1.265

0.163

0.187

Own earn%

23.68

116.55

107.81

Sh yield%

51.36

56.78

54.42

Owners

Insiders/Inst%

2.81

71.75

Short interest%

4.20

SBC / revenue%

5.44

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

17–21

$1 testx

—

Incr. ROIC%

MIRARTH Real Estate Investment Corporation is formerly known as Takara Leben Real Estate Investment Corporation. With MIRARTH Real Estate Investment Advisory Co., Ltd. (formerly Takara PAG Real Estate Investment Advisory Co. Ltd. hereinafter referred to as the Asset Management Company) as the organizer, in accordance with the Act on Investment Trusts and Investment Corporations (Act No.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

¥16.53B

0.96%

1.00×

Cost of revenue

¥11.41B

0.88%

0.99×

Operating expenses

¥1.786B

0.83%

0.99×