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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Dec. 2025, NIPPON REIT Investment has a Sloan Ratio of 1.88%, indicating the company is in the safe zone and there is no funny business with accruals.
NIPPON REIT Investment (TSE:3296) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Dec. 2025, NIPPON REIT Investment has a Sloan Ratio of 1.88%, indicating the company is in the safe zone and there is no funny business with accruals.
NIPPON REIT Investment Sloan Ratio % Related Terms
NIPPON REIT Investment Sloan Ratio % 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.
TSE:3296 vs BXP, ARE, VNO: Sloan Ratio % Comparison
For the REIT - Office subindustry, NIPPON REIT Investment's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
NIPPON REIT Investment Sloan Ratio % vs REITs Industry
For the REITs industry and Real Estate sector, NIPPON REIT Investment's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where NIPPON REIT Investment's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
NIPPON REIT Investment's Sloan Ratio for the fiscal year that ended in Dec. 2023 is calculated as
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
NIPPON REIT Investment's Net Income for the trailing twelve months (TTM) ended in Dec. 2025 was 6077.679 (Jun. 2025 ) + 6650.037 (Dec. 2025 ) = 円12,728 Mil.
NIPPON REIT Investment's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2025 was 17071.805 (Jun. 2025 ) + 31470.627 (Dec. 2025 ) = 円48,542 Mil.
NIPPON REIT Investment's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2025 was -19296.961 (Jun. 2025 ) + -21722.964 (Dec. 2025 ) = 円-41,020 Mil.
* 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.
NIPPON REIT Investment (TSE:3296) has a Sloan Ratio % of 1.88% as of Dec. 2025. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on NIPPON REIT Investment and its competitors.
Is NIPPON REIT Investment's Sloan Ratio % too high?
NIPPON REIT Investment's current Sloan Ratio % is 1.88%. Overall, NIPPON REIT Investment has a GF Score™ of 64/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does NIPPON REIT Investment's Sloan Ratio % compare to BXP and ARE?
NIPPON REIT Investment's Sloan Ratio % of 1.88% can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a REITs company?
A good Sloan Ratio % depends on the REITs industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on NIPPON REIT Investment and its competitors. NIPPON REIT Investment's current Sloan Ratio % is 1.88%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NIPPON REIT Investment stock overvalued right now?
Based on GuruFocus' analysis, NIPPON REIT Investment (TSE:3296) is currently considered Modestly Undervalued. The stock's GF Value™ is 円91,907.16, compared to a current price of 円81,900.00 — trading 10.9% below its estimated fair value. The current Sloan Ratio % is 1.88%. NIPPON REIT Investment's overall GF Score™ is 64/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For NIPPON REIT Investment (TSE:3296), the current Sloan Ratio % is 1.88% as of Dec. 2025. 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 NIPPON REIT Investment (TSE:3296) Overvalued in 2026?
Based on GuruFocus' analysis, NIPPON REIT Investment stock appears to be undervalued.
The current stock price of 円81,900.00 is trading 10.9% below its estimated GF Value™ of 円91,907.16.
GuruFocus considers NIPPON REIT Investment to be Modestly Undervalued.
Key valuation signals for TSE:3296:
Sloan Ratio %: 1.88%
GF Value™: 円91,907.16 vs. price of 円81,900.00 (10.9% below fair value)
No single metric tells the full story. See the TSE:3296 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NIPPON REIT Investment Corp is engaged in the property leasing business. The company manages assets by investing the funds paid in by the unitholders principally in real estate-related assets. The company develops a portfolio of properties focused on income growth and stability, aiming to maximize unitholder value.
64GF Score
Get the complete analysis for TSE:3296
Sloan Ratio % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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