Kasumigaseki Hotel REIT Investment Corporation

¥91,500As of Sun 8 Nov 2026, 12:00 UTC

TSE:401AReal Estate

Country Japan

PE (Fwd) •••

TSR 10Y CAGR —

Div yield 7.20%

ROE —

REIT (Hotel & Motel)

Beta (5Y) —

PE TTM —

TSR TTM (7.53%)

Mkt cap ¥26.29B

ROIC —

SE Grade™

—

Value

Quality

Moat

Consensus

Reference

¥104,219

13.90%

(49.41%)

Hold 12|3|3|9|3

TTM

FYE 31 Dec JPY

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

3.553

Revenue¥B

7.527

7.713

7.842

7.702

7.591

7.713

7.620

7.832

7.996

8.208

3.954

1.57%

0.96%

22.71

Revenue growth%

8.03

7.23

9.92

12.01

11.03

8.57

9.58

7.30

9.67

8.79

19.02

8.79

9.19

4.62

Gross margin%

28.38

26.16

26.70

27.29

28.25

26.96

24.16

27.00

27.09

25.75

19.41

26.96

26.98

20.88

Operating margin%

7.66

8.30

7.51

5.85

6.37

4.82

3.07

4.18

3.01

4.79

29.13

4.18

5.33

7.88

Net margin%

6.71

6.39

6.00

5.89

3.43

3.16

3.61

2.92

3.00

0.40

28.60

3.00

3.52

33.77

P/E ratio (avg)x

20.52

19.20

16.93

16.30

14.90

16.26

13.97

13.08

13.62

12.58

27.46

13.62

15.58

8.194

EV/EBITx

12.03

10.57

10.46

10.28

9.828

9.398

10.17

10.08

9.488

10.10

9.190

10.08

10.13

4.02

FCF yield (avg)%

10.95

10.81

12.44

14.55

14.88

15.99

15.01

17.53

14.57

12.42

19.56

15.01

14.56

20.09

FCF margin%

25.36

26.81

28.49

28.09

27.23

29.38

27.16

25.92

24.93

22.86

8.56

25.92

26.98

1.044

FCF / Net incomex

1.115

1.118

1.219

1.391

1.386

1.521

1.608

1.898

2.015

2.244

0.662

1.898

1.456

5.80

ROIC%

4.72

7.01

6.17

4.22

1.83

1.75

0.83

0.40

0.95

0.40

11.81

0.83

1.79

14.72

Return on equity%

4.03

1.27

3.52

4.64

2.27

2.43

4.97

6.66

9.03

9.17

17.88

6.66

4.34

7.05

Return on assets%

2.19

2.47

4.19

2.13

0.77

1.14

0.40

11.89

0.40

0.95

2,977

EPS¥

7,597

8,908

8,556

9,154

10,392

11,385

12,601

14,806

14,349

15,816

3,102

8.76%

8.64%

—

29.17

EPS growth%

31.26

28.31

30.75

32.42

32.62

29.85

29.55

31.90

32.20

32.82

24.43

31.90

31.58

3,672

Bookvalue per sh¥

6,147

6,733

7,805

7,968

8,338

8,179

8,212

8,640

8,391

9,232

6,843

2.06%

3.72%

—

3,038

FCF per share¥

3,784

4,013

4,525

4,404

4,311

4,725

4,933

5,189

5,263

5,242

5,254

3.99%

3.86%

—

7,336

Dividend per sh¥

4,487

4,122

4,176

4,588

4,446

4,579

4,101

4,521

4,322

3,957

9,517

(2.31%)

(0.43%)

—

17.25

Div yield (avg)%

9.07

9.09

7.59

6.20

5.35

5.85

5.48

3.19

3.76

2.46

11.80

3.76

5.66

27.01

Payout ratio%

27.46

29.26

31.61

33.96

33.04

33.05

33.68

32.80

34.01

35.01

23.10

33.68

33.04

0.284

Shares (diluted)M

0.296

0.308

0.336

0.339

0.304

0.279

0.281

0.269

0.263

0.254

0.282

(3.55%)

(1.14%)

16.31

Buyback yield%

22.68

22.31

22.77

25.29

25.47

24.04

21.82

22.02

23.18

24.15

26.31

23.18

22.98

0.183

D/E ratiox

1.246

1.212

1.257

1.449

1.454

1.491

1.638

1.538

1.742

1.673

1.183

1.638

1.473

2.500

Enterprise value¥B

6.308

5.923

5.833

6.757

6.470

6.295

6.162

6.207

6.174

5.750

6.159

(2.33%)

0.49%

1.572

LT debt¥B

3.214

3.499

3.527

4.066

4.238

4.851

4.869

5.280

5.525

5.259

2.385

4.41%

5.40%

Peers (US$163.8M)

Cap (US$)

Healthcare & Medical…

255.9M

15.45x

CENTRAL REIT Investmen…

173.2M

16.00x

Marimo Regional…

155.1M

14.07x

BHG Retail REIT

164.1M

—

Capital

TTM

10Y

Leveragex

0.398

0.279

0.257

EBIT/Intx

0.388

0.239

0.265

Own earn%

(18.18)

(23.15)

(25.26)

Sh yield%

33.56

26.94

30.13

Owners

Insiders/Inst%

4.77

51.62

Short interest%

0.80

SBC / revenue%

2.76

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

3–8

$1 testx

0.0

Incr. ROIC%

Kasumigaseki Hotel REIT is Japan's first publicly listed REIT focused exclusively on hotels, sponsored by real estate developer Kasumigaseki Capital Co., Ltd.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

¥8.208B

0.96%

1.00×

Cost of revenue

¥5.745B

0.96%

1.00×

Operating expenses

¥1.219B

0.55%

0.96×