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Japan Real Estate InvestmentJREIF +5.23%78 Owner Earnings per Share (TTM) is 20.51 as of Sep. 2024, which is 44% below its 10-year median of 36.35. GuruFocus rates JREIF with a GF Score™ of 78/100 and a GF Value™ of $758.17 (Fairly Valued). The stock has 6 warning signs investors should review. Among 338 REITs companies, Japan Real Estate Investment ranks worse than 86.39% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Japan Real Estate Investment's Owner Earnings per Share (TTM) ended in Sep. 2024 was $20.51. It's Price-to-Owner-Earnings ratio for today is 37.5.
The historical rank and industry rank for Japan Real Estate Investment's Owner Earnings per Share (TTM) or its related term are showing as below:
JREIF'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 15.21 Med: 36.35 Max: 68.67
Current: 37.51
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Japan Real Estate Investment Owner Earnings per Share (TTM) Related Terms
Japan Real Estate Investment Owner Earnings per Share (TTM) Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Japan Real Estate Investment Owner Earnings per Share (TTM) Chart
JREIF vs BXP, ARE, VNO: Owner Earnings per Share (TTM) Comparison
For the REIT - Office subindustry, Japan Real Estate Investment's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Japan Real Estate Investment Price-to-Owner-Earnings vs REITs Industry
For the REITs industry and Real Estate sector, Japan Real Estate Investment's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Japan Real Estate Investment's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Japan Real Estate Investment's Change In Deferred Tax for the trailing twelve months (TTM) ended in Sep. 2024 was $0.0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $202.9 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Japan Real Estate Investment's 5-Year Average Maintenance Capital Expenditure = $202.9 Mil
5. "Change In Working Capital" is from cashflow statement. Japan Real Estate Investment's Change In Working Capital for the trailing twelve months (TTM) ended in Sep. 2024 was $3.5 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of 20.51 mean?
Japan Real Estate Investment (JREIF) has a Owner Earnings per Share (TTM) of 20.51 as of Sep. 2024. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Japan Real Estate Investment. This is 44% below median its historical median of 36.35. Over the past decade, Japan Real Estate Investment's Owner Earnings per Share (TTM) has ranged from 15.21 to 68.67. According to the industry distribution chart, Japan Real Estate Investment ranks #292 out of 338 companies in the REITs industry, placing it in the top 86.4%.
Is Japan Real Estate Investment's Owner Earnings per Share (TTM) too high?
Japan Real Estate Investment's current Owner Earnings per Share (TTM) of 20.51 is 44% below median its 10-year median of 36.35. Over the past 10 years, this metric has ranged from a low of 15.21 to a high of 68.67. The REITs industry median Owner Earnings per Share (TTM) is 14.14. Japan Real Estate Investment's value of 20.51 is 45.1% above this industry median. Based on the distribution chart, Japan Real Estate Investment ranks #292 out of 338 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Japan Real Estate Investment has a GF Score™ of 78/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Japan Real Estate Investment's Owner Earnings per Share (TTM) compare to BXP and ARE?
According to the REITs industry distribution chart, Japan Real Estate Investment ranks #292 out of 338 companies for Owner Earnings per Share (TTM). This places Japan Real Estate Investment in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 14.14. Japan Real Estate Investment's value of 20.51 is 45.1% above this benchmark. Historically, Japan Real Estate Investment's own Owner Earnings per Share (TTM) has ranged from 15.21 to 68.67 over the past decade. While the company's 10-year median is 36.35 vs. the industry median of 14.14, Japan Real Estate Investment has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for a REITs company?
The median Owner Earnings per Share (TTM) among REITs companies is 14.14, based on 338 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Japan Real Estate Investment's current Owner Earnings per Share (TTM) of 20.51 is 45.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Japan Real Estate Investment. For the REITs industry, the median Owner Earnings per Share (TTM) is 14.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Japan Real Estate Investment's current Owner Earnings per Share (TTM) is 20.51, which is 44% below median its own 10-year median of 36.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Real Estate Investment stock overvalued right now?
Based on GuruFocus' analysis, Japan Real Estate Investment (JREIF) is currently considered Fairly Valued. The stock's GF Value™ is $758.17, compared to a current price of $769.20 — trading 1.5% above its estimated fair value. The current Owner Earnings per Share (TTM) is 20.51, which is 44% below median its 10-year median of 36.35 and 45.1% above the REITs industry median of 14.14. Japan Real Estate Investment's overall GF Score™ is 78/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Japan Real Estate Investment (JREIF), the current Owner Earnings per Share (TTM) is 20.51 as of Sep. 2024. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Japan Real Estate Investment (JREIF) Overvalued in 2026?
Based on GuruFocus' analysis, Japan Real Estate Investment stock appears to be overvalued.
The current stock price of $769.20 is trading 1.5% above its estimated GF Value™ of $758.17.
GuruFocus considers Japan Real Estate Investment to be Fairly Valued.
Key valuation signals for JREIF:
Owner Earnings per Share (TTM): 20.51 (44% below median its 10-year median of 36.35)
GF Value™: $758.17 vs. price of $769.20 (1.5% above fair value)
Industry Position: 45.1% above the REITs median (#292 of 338)
No single metric tells the full story. See the JREIF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Japan Real Estate Investment Corp, or J-REIT, is a Japanese real estate investment trust that invests in, owns, and leases office properties. The vast majority of the company's real estate portfolio is located within Tokyo's 23 wards and the Tokyo metropolitan area in terms of total value. Within this area, J-REIT's offices reside within the Tokyo central business district. The company derives nearly all of its income in the form of rental revenue from the leasing of its office properties. While J-REIT tenants hail from a diverse assortment of industries, firms from the service, information services, electric devices, and financial services industries are its customers.
78GF Score
Get the complete analysis for JREIF
Owner Earnings per Share (TTM) is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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