New Risk • May 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 238% Cash payout ratio: 112% Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. Declared Dividend • Apr 21
Final dividend of JP¥3,390 announced Shareholders will receive a dividend of JP¥3,390. Ex-date: 30th July 2026 Payment date: 20th October 2026 Dividend yield will be 5.3%, which is higher than the industry average of 4.6%. Announcement • Mar 19
AEON REIT Investment Corporation announces Semi-Annual dividend, payable on October 20, 2026 AEON REIT Investment Corporation announced Semi-Annual dividend of JPY 2801.0000 per share payable on October 20, 2026, ex-date on July 30, 2026 and record date on July 31, 2026. Reported Earnings • Mar 19
Full year 2026 earnings released: EPS: JP¥6,609 (vs JP¥6,350 in FY 2025) Full year 2026 results: EPS: JP¥6,609 (up from JP¥6,350 in FY 2025). Revenue: JP¥42.9b (up 1.2% from FY 2025). Net income: JP¥13.9b (up 3.2% from FY 2025). Profit margin: 32% (in line with FY 2025). Revenue is forecast to stay flat during the next 2 years compared to a 2.6% growth forecast for the Retail REITs industry in Asia. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Jan 22
Upcoming dividend of JP¥3,400 per share Eligible shareholders must have bought the stock before 29 January 2026. Payment date: 20 April 2026. Trailing yield: 5.0%. Within top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (6.0%). Announcement • Jan 06
AEON REIT Investment Corporation to Report Fiscal Year 2026 Results on Mar 17, 2026 AEON REIT Investment Corporation announced that they will report fiscal year 2026 results on Mar 17, 2026 Declared Dividend • Nov 14
First half dividend of JP¥3,400 announced Shareholders will receive a dividend of JP¥3,400. Ex-date: 29th January 2026 Payment date: 20th April 2026 Dividend yield will be 5.1%, which is higher than the industry average of 4.6%. Announcement • Nov 13
AEON REIT Investment Corporation announces Semi-Annual dividend, payable on April 20, 2026 AEON REIT Investment Corporation announced Semi-Annual dividend of JPY 3099.0000 per share payable on April 20, 2026, ex-date on January 29, 2026 and record date on January 31, 2026. Buy Or Sell Opportunity • Sep 18
Now 21% undervalued Over the last 90 days, the stock has risen 3.1% to JP¥131,200. The fair value is estimated to be JP¥165,139, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 1.6% in 2 years. Earnings are forecast to decline by 1.6% in the next 2 years. Reported Earnings • Sep 17
First half 2026 earnings released: EPS: JP¥3,365 (vs JP¥3,107 in 1H 2025) First half 2026 results: EPS: JP¥3,365 (up from JP¥3,107 in 1H 2025). Revenue: JP¥21.6b (up 1.9% from 1H 2025). Net income: JP¥7.08b (up 7.2% from 1H 2025). Profit margin: 33% (up from 31% in 1H 2025). Revenue is forecast to stay flat during the next 2 years compared to a 4.1% growth forecast for the Retail REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Announcement • Jul 02
AEON REIT Investment Corporation to Report Q2, 2026 Results on Sep 16, 2025 AEON REIT Investment Corporation announced that they will report Q2, 2026 results on Sep 16, 2025 Reported Earnings • May 03
Full year 2025 earnings released: FFO per share: JP¥5.6k (vs JP¥5,909 in FY 2024) Full year 2025 results: FFO per share: JP¥5.6k (down from JP¥5,909 in FY 2024). Revenue: JP¥42.4b (flat on FY 2024). Funds from operations (FFO): JP¥11.9b (down 5.1% from FY 2024). FFO margin: 28% (down from 30% in FY 2024). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Retail REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year. Declared Dividend • Apr 19
Final dividend of JP¥3,400 announced Shareholders will receive a dividend of JP¥3,400. Ex-date: 30th July 2025 Payment date: 21st October 2025 Dividend yield will be 5.4%, which is higher than the industry average of 4.6%. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: JP¥6,363 (vs JP¥6,610 in FY 2024) Full year 2025 results: EPS: JP¥6,363 (down from JP¥6,610 in FY 2024). Revenue: JP¥42.4b (flat on FY 2024). Net income: JP¥13.5b (down 4.1% from FY 2024). Profit margin: 32% (down from 33% in FY 2024). Revenue is forecast to grow 1.5% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Retail REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Announcement • Mar 20
AEON REIT Investment Corporation Revises Distribution Guidance for the Fiscal Period Ending July 31, 2025 AEON REIT Investment Corporation revised distribution guidance for the fiscal period ending July 31, 2025. The company revises distribution guidance for the period ending July 31, 2025 of ¥3,344 per unit compared to ¥3,143 per unit previous guidance. Due to the incorporation of newly acquired assets announced in the "Notice Concerning Acquisition, Leasing and Transfer of Domestic Properties" dated February 26, 2025, and the occurrence of gains on the sale of real estate, etc. due to the transfer of the assets to be transferred, distributions per unit (excluding distributions in excess of earnings) and distributions in excess of earnings per unit will be revised by 5% or more from the expected amount. Please refer to the "Financial Report for the Fiscal Period Ended January 31, 2025" released for details on the assumptions, etc. Announcement • Mar 12
AEON REIT Investment Corporation to Report Fiscal Year 2025 Results on Mar 17, 2025 AEON REIT Investment Corporation announced that they will report fiscal year 2025 results on Mar 17, 2025 Upcoming Dividend • Jan 23
Upcoming dividend of JP¥3,350 per share Eligible shareholders must have bought the stock before 30 January 2025. Payment date: 21 April 2025. Trailing yield: 5.3%. Within top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (6.5%). Declared Dividend • Dec 07
Final dividend of JP¥3,350 announced Shareholders will receive a dividend of JP¥3,350. Ex-date: 30th January 2025 Payment date: 21st April 2025 Dividend yield will be 5.3%, which is higher than the industry average of 4.6%. Reported Earnings • Sep 17
First half 2025 earnings released: EPS: JP¥3,107 (vs JP¥3,319 in 1H 2024) First half 2025 results: EPS: JP¥3,107 (down from JP¥3,319 in 1H 2024). Revenue: JP¥21.2b (flat on 1H 2024). Net income: JP¥6.60b (down 6.4% from 1H 2024). Profit margin: 31% (down from 34% in 1H 2024). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 3% per year. Announcement • Sep 14
AEON REIT Investment Corporation (TSE:3292) announces an Equity Buyback for 24,000 shares, representing 1.13% for ¥3,000 million. AEON REIT Investment Corporation (TSE:3292) announces a share repurchase program. Under the program, the company will repurchase up to 24,000 shares, representing 1.13% of its total shares outstanding excluding treasury shares, for a total of ¥3,000 million. The purpose of repurchase program is to improve unitholder value over the medium to long term. The repurchase program is valid till December 30, 2024. As of September 13, 2024, the company had 2,123,952 shares outstanding excluding treasury shares and had 0 shares in treasury. Announcement • Sep 13
AEON REIT Investment Corporation to Report Q2, 2025 Results on Sep 13, 2024 AEON REIT Investment Corporation announced that they will report Q2, 2025 results on Sep 13, 2024 Upcoming Dividend • Jul 23
Upcoming dividend of JP¥3,340 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 21 October 2024. Trailing yield: 4.9%. Within top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (6.3%). Declared Dividend • Mar 21
Final dividend of JP¥3,335 announced Shareholders will receive a dividend of JP¥3,335. Ex-date: 30th July 2024 Payment date: 21st October 2024 Dividend yield will be 4.8%, which is about the same as the industry average. Announcement • Jan 30
AEON REIT Investment Corporation to Report Fiscal Year 2024 Results on Mar 18, 2024 AEON REIT Investment Corporation announced that they will report fiscal year 2024 results on Mar 18, 2024 Upcoming Dividend • Jan 23
Upcoming dividend of JP¥3,350 per share at 4.7% yield Eligible shareholders must have bought the stock before 30 January 2024. Payment date: 22 April 2024. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (4.6%). New Risk • Jan 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.9% increase in shares outstanding). Reported Earnings • Nov 04
Full year 2023 earnings released: EPS: JP¥6,608 (vs JP¥6,739 in FY 2022) Full year 2023 results: EPS: JP¥6,608 (down from JP¥6,739 in FY 2022). Revenue: JP¥41.0b (up 1.9% from FY 2022). Net income: JP¥13.8b (flat on FY 2022). Profit margin: 34% (in line with FY 2022). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Retail REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Sep 14
First half 2024 earnings released: EPS: JP¥3,319 (vs JP¥3,370 in 1H 2023) First half 2024 results: EPS: JP¥3,319. Revenue: JP¥21.0b (up 4.4% from 1H 2023). Net income: JP¥7.05b (up 2.3% from 1H 2023). Profit margin: 34% (in line with 1H 2023). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Retail REITs industry in Asia. Announcement • Sep 02
AEON REIT Investment Corporation, Annual General Meeting, Oct 25, 2023 AEON REIT Investment Corporation, Annual General Meeting, Oct 25, 2023, at 14:00 Tokyo Standard Time. Location: KANDA SQUARE 3rd Floor, SQUARE ROOM, 2-2-1, Kanda Nishiki-cho, Chiyoda -ku, Tokyo Japan Agenda: To consider partial Amendments to Articles of Incorporation; to consider appointment of One (1) Executive Director; to consider appointment of Two (2) Substitute Executive Directors; and to consider appointment of Two (2) Supervisory Directors. Upcoming Dividend • Jul 21
Upcoming dividend of JP¥3,350 per share at 4.4% yield Eligible shareholders must have bought the stock before 28 July 2023. Payment date: 20 October 2023. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (4.6%). Board Change • Mar 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director of Investment Management & Asset Management of AEON Reit Management Co., Ltd. Akifumi Togawa was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 02
AEON REIT Investment Corporation (TSE:3292) completed the acquisition of Aeon Mall Wakayama and Aeon Mall Miyakonojo Station. AEON REIT Investment Corporation (TSE:3292) agreed to acquire Aeon Mall Wakayama and Aeon Mall Miyakonojo Station for ¥21 million on January 16, 2023. The transaction is expected to complete on February 1, 2023.
AEON REIT Investment Corporation (TSE:3292) completed the acquisition of Aeon Mall Wakayama and Aeon Mall Miyakonojo Station on February 1, 2023. Announcement • Jan 25
AEON REIT Investment Corporation to Report Q4, 2023 Results on Mar 17, 2023 AEON REIT Investment Corporation announced that they will report Q4, 2023 results on Mar 17, 2023 Upcoming Dividend • Jan 23
Upcoming dividend of JP¥3,270 per share Eligible shareholders must have bought the stock before 30 January 2023. Payment date: 20 April 2023. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (4.1%). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director of Investment Management & Asset Management of AEON Reit Management Co., Ltd. Akifumi Togawa was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 16
First half 2023 earnings released: EPS: JP¥3,370 (vs JP¥3,133 in 1H 2022) First half 2023 results: EPS: JP¥3,370 (up from JP¥3,133 in 1H 2022). Revenue: JP¥20.1b (up 14% from 1H 2022). Net income: JP¥6.89b (up 17% from 1H 2022). Profit margin: 34% (up from 33% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Announcement • Aug 16
AEON REIT Investment Corporation to Report Q2, 2023 Results on Sep 14, 2022 AEON REIT Investment Corporation announced that they will report Q2, 2023 results on Sep 14, 2022 Upcoming Dividend • Jul 21
Upcoming dividend of JP¥3,270 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 20 October 2022. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.7%). Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director of Investment Management & Asset Management of AEON Reit Management Co., Ltd. Akifumi Togawa was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jan 21
Upcoming dividend of JP¥3,315 per share Eligible shareholders must have bought the stock before 28 January 2022. Payment date: 13 April 2022. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (3.9%). Reported Earnings • Sep 15
First half 2022 earnings released: EPS JP¥3,133 (vs JP¥3,178 in 1H 2021) The company reported a soft first half result with weaker earnings, although revenues and profit margins were flat. First half 2022 results: Revenue: JP¥17.7b (flat on 1H 2021). Net income: JP¥5.87b (down 1.4% from 1H 2021). Profit margin: 33% (in line with 1H 2021). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Announcement • Sep 15
AEON REIT Investment Corporation Provides Earnings Guidance Fiscal Period Endings January 31, 2022 and July 31, 2022 AEON REIT Investment Corporation provided earnings guidance fiscal period endings January 31, 2022 and July 31, 2022. For the period ending January 31, 2022, the company revised forecast of operating revenues of JPY 19,918 million, operating income of JPY 7,665 million and net income of JPY 6,635 million.
For the period ending July 31, 2022, the company revised forecast of operating revenues of JPY 19,918 million, operating income of JPY 7,561 million and net income of JPY 6,621 million. Upcoming Dividend • Jul 22
Upcoming dividend of JP¥3,200 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 13 October 2021. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (3.3%). Executive Departure • May 27
MD & Director has left the company On the 21st of May, Tetsuya Arisaka's tenure in the role of MD & Director ended. We don't have any record of a personal shareholding under Tetsuya's name. Tetsuya is the only executive to leave the company over the last 12 months. Price Target Changed • Mar 20
Price target increased to JP¥153,600 Up from JP¥140,800, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥147,400. Stock is up 112% over the past year. Reported Earnings • Mar 18
Full year 2021 earnings released: EPS JP¥6,363 (vs JP¥6,194 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: JP¥35.3b (up 6.1% from FY 2020). Net income: JP¥11.9b (up 5.9% from FY 2020). Profit margin: 34% (in line with FY 2020). Net asset value (NAV) per share: JP¥112,638 (flat on FY 2020). The current share price is 34% higher than NAV per share. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 12
New 90-day high: JP¥144,900 The company is up 19% from its price of JP¥121,900 on 13 November 2020. The Japanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 12% over the same period. Is New 90 Day High Low • Jan 27
New 90-day high: JP¥138,200 The company is up 16% from its price of JP¥118,900 on 29 October 2020. The Japanese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 9.0% over the same period. Announcement • Jan 09
AEON REIT Investment Corporation to Report Fiscal Year 2021 Results on Mar 17, 2021 AEON REIT Investment Corporation announced that they will report fiscal year 2021 results on Mar 17, 2021 Is New 90 Day High Low • Jan 05
New 90-day high: JP¥132,700 The company is up 8.0% from its price of JP¥123,400 on 07 October 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is flat over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: JP¥127,500 The company is up 7.0% from its price of JP¥119,600 on 17 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 2.0% over the same period. Announcement • Oct 15
AEON REIT Investment Corporation Revises Earnings Guidance for the Period Ending January 31, 2021 and July 31, 2021 AEON REIT Investment Corporation revised earnings guidance for the period ending January 31, 2021 and July 31, 2021. For the period ending January 31, 2021, the company expects operating revenue to be JPY 17,677 million compared to previous guidance of JPY 17,549 million. Operating income is expected to be JPY 6,810 million compared to previous guidance of JPY 6,730 million. Net income is expected to be JPY 5,951 million compared to previous guidance of JPY 5,871 million.
For the period ending July 31, 2021, the company expects operating revenue to be JPY 17,766 million compared to previous guidance of JPY 17,549 million. Operating income is expected to be JPY 6,799 million compared to previous guidance of JPY 6,688 million. Net income is expected to be JPY 5,982 million compared to previous guidance of JPY 5,871 million. Announcement • Jul 17
AEON REIT Investment Corporation to Report Fiscal Year 2020 Results on Sep 14, 2020 AEON REIT Investment Corporation announced that they will report fiscal year 2020 results on Sep 14, 2020 