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Hotel and serviced-residence J-REIT sponsored by Mitsui Fudosan, targeting accommodation-related properties.
Hotel and serviced-residence J-REIT sponsored by Mitsui Fudosan, targeting accommodation-related properties.
Collects rent from hotel and serviced-residence operators, part fixed and part linked to how the hotels perform, so inbound tourism and occupancy lift income beyond fixed rent. As a J-REIT it pays out most earnings to unitholders. Mitsui Fudosan, which develops hotels, is the sponsor and can supply properties.
In one line: A hospitality-focused REIT similar to a hotel-and-extended-stay Host Hotels.
Moat: narrow (regulatory licence, distribution). Sponsor Mitsui Fudosan's hospitality development pipeline feeds acquisitions.
Headquarters: Tokyo, Japan · Founded: 2020
Size Mitsui Fudosan Accommodations Fund (3226.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $1.75B, the 523rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥109,500 on 6 Nov 2026.
Performance Over six months the shares fell 16.2%, against -10.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 17.7% over the last twelve months (peer median +3.8%); the operating margin is 47.1% (peer median 46.0%).
Valuation It trades at 1.79× book value against a peer median of 0.81× (most expensive of 21).
Price implies The share price implies a return on equity of about 6.3%; Mitsui Fudosan Accommodations Fund delivers 8.6%, so the price asks less than the business earns today.
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥30.6B | ¥30.6B | ¥26.0B | ¥25.3B | ¥26.1B |
| Revenue growth | — | +18% | +3% | -3% | — |
| Gross profit | ¥15.4B | ¥15.4B | ¥13.5B | ¥13.0B | ¥13.0B |
| EBITDA | ¥18.2B | ¥18.2B | ¥16.4B | ¥16.0B | ¥16.0B |
| Net income | ¥13.2B | ¥13.2B | ¥11.6B | ¥11.3B | ¥11.3B |
| Free cash flow | ¥5.57B | ¥5.57B | ¥7.36B | ¥9.37B | ¥14.5B |
| Capital expenditure | ¥14.0B | ¥14.0B | ¥8.21B | ¥5.87B | ¥1.49B |
| Total debt | n/a | ¥173B | ¥168B | ¥166B | ¥168B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Mitsui Fudosan Accommodations Fund 3226.T | $1.75B | -16% | +18% | 9% | 1.79× | 6.3% |
| Japan Hotel Reit Investment 8985.T | $3.14B | +7% | +15% | 8% | 1.44× | 6.8% |
| Invincible Investment 8963.T | $2.94B | -1% | +10% | 9% | 1.31× | 6.2% |
| Daiwa House REIT Investment 8984.T | $3.15B | -13% | -9% | 5% | 1.01× | 4.4% |
| United Urban Investment 8960.T | $3.04B | -15% | -2% | 7% | 1.25× | 4.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3226.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.9% | +2.5% | 6th lowest of 21 |
| 6-month return | -16.2% | -10.4% | 7th lowest of 20 |
| Return on equity | 8.6% | 5.9% | 5th highest of 20 |
| Price / book | 1.79× | 0.81× | most expensive of 21 |
| Trailing P/E | 20.9× | 11.6× | 2nd most expensive of 13 |
| ROE the price implies | 6.3% | 8.6% | 6th least demanding of 21 |
| ROE delivered | 8.6% | 5.9% | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Mitsui Fudosan Accommodations Fund 3226.T | Japan | $1.75B | -16% | +18% | 9% | 1.79× | 6.3% | 8.6% |
| Daiwa Office Investment 8976.T | Japan | $1.74B | -12% | +24% | 6% | 1.13× | 4.7% | 6.3% |
| Eurocommercial Properties ECMPA.AS | Netherlands | $1.72B | -7% | +1% | 9% | 0.64× | 5.0% | 8.5% |
| Sekisui House Reit 3309.T | Japan | $1.78B | -23% | +5% | 7% | 0.97× | 5.3% | 7.4% |
| Charter Hall Long WALE REIT CLW.AX | Australia | $1.78B | +4% | +40% | 8% | 0.76× | 9.2% | 8.3% |
| HomeCo Daily Needs REIT HDN.AX | Australia | $1.71B | -2% | +4% | 11% | 0.76× | 8.5% | 11.4% |
| Douglas Emmett DEI | United States | $1.70B | -18% | +2% | -1% | 0.89× | 10.1% | -1.2% |
| Diversified Healthcare Trust DHC | United States | $1.70B | -17% | -4% | -9% | 1.11× | 18.0% | -9.5% |
| Champion Real Estate Investment Trust 2778.HK | Hong Kong | $1.80B | -8% | -8% | -3% | 0.35× | 4.6% | -2.6% |
| H&R Real Estate Investment Trust HR-UN.TO | Canada | $1.80B | -10% | -6% | -13% | 0.60× | 6.3% | -12.8% |
| Safestore SAFE.L | United Kingdom | $1.67B | -13% | +7% | 3% | 0.55× | 8.4% | 2.9% |
| Blackstone Mortgage Trust BXMT | United States | $1.85B | -42% | -2% | -12% | 0.65× | 7.3% | -11.7% |
| ARMOUR Residential REIT ARR | United States | $1.87B | -29% | -140% | -2% | 0.80× | 10.2% | -2.3% |
| Region RGN.AX | Australia | $1.89B | +6% | +30% | 9% | 0.92× | 9.4% | 9.2% |
| Great Portland Estates GPE.L | United Kingdom | $1.90B | +17% | +24% | 7% | 0.66× | 9.9% | 7.5% |
| Blackstone Digital Infrastructure Trust BXDC | United States | $1.61B | n/a | n/a | n/a | 0.83× | 7.3% | n/a |
| Activia Properties 3279.T | Japan | $1.90B | -10% | +24% | 6% | 1.12× | 5.6% | 5.9% |
| Getty Realty GTY | United States | $1.92B | -14% | +11% | 9% | 1.50× | 11.2% | 8.9% |
| RLJ Lodging Trust RLJ | United States | $1.92B | +40% | +1% | 1% | 1.07× | 11.2% | 1.3% |
| Charter Hall Retail REIT CQR.AX | Australia | $1.59B | +6% | +31% | 14% | 0.78× | 8.7% | 13.9% |
| Global Net Lease GNL | United States | $1.58B | -26% | -30% | -1% | 0.96× | 9.9% | -1.0% |