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Office and retail J-REIT concentrated in Mori Building's Roppongi/Toranomon redevelopment districts in central Tokyo.
Office and retail J-REIT concentrated in Mori Building's Roppongi/Toranomon redevelopment districts in central Tokyo.
Collects rent from office and shop tenants and passes most of its income to unitholders, as J-REIT tax rules encourage; offices carry it. Its sponsor, Mori Building, develops the Roppongi and Toranomon areas where the properties sit and is its source of new assets.
In one line: A high-end central-Tokyo office REIT tied to landmark mixed-use towers.
Moat: narrow (distribution, scale). Sponsor Mori Building's landmark mixed-use developments give access to prime, hard-to-replicate Tokyo assets.
Headquarters: Tokyo, Japan · Founded: 2006
Size Mori Hills Reit Investment (3234.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $1.36B, the 604th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥114,400 on 6 Nov 2026.
Performance Over six months the shares fell 14.4%, against -5.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 1.0% over the last twelve months (peer median +6.3%); the operating margin is 53.9% (peer median 37.5%).
Valuation It trades at 1.07× book value against a peer median of 1.09× (11th cheapest of 21).
Price implies The share price implies a return on equity of about 4.5%; Mori Hills Reit Investment delivers 5.9%, so the price asks less than the business earns today.
Next results Next results expected around 10 Sep 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥25.2B | ¥25.2B | ¥25.4B | ¥25.5B | ¥24.0B |
| Revenue growth | — | -1% | 0% | +6% | — |
| Gross profit | ¥13.8B | ¥13.8B | ¥13.8B | ¥13.9B | ¥14.1B |
| EBITDA | ¥15.8B | ¥15.8B | ¥15.7B | ¥15.8B | ¥16.1B |
| Net income | ¥11.9B | ¥11.9B | ¥12.3B | ¥12.6B | ¥12.8B |
| Free cash flow | ¥5.97B | ¥5.97B | ¥8.74B | ¥17.0B | ¥17.3B |
| Capital expenditure | ¥11.1B | ¥11.1B | ¥8.85B | ¥950M | ¥789M |
| Total debt | n/a | ¥191B | ¥188B | ¥190B | ¥192B |
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 |
|---|---|---|---|---|---|---|
| Mori Hills Reit Investment 3234.T | $1.36B | -14% | -1% | 6% | 1.07× | 4.5% |
| KDX Realty Investment 8972.T | $3.47B | -16% | +3% | 5% | 0.87× | 4.9% |
| Daiwa Office Investment 8976.T | $1.74B | -12% | +24% | 6% | 1.13× | 4.7% |
| Japan Excellent 8987.T | $1.04B | -13% | -18% | 6% | 1.09× | 4.6% |
| Hulic Reit 3295.T | $1.23B | -17% | +5% | 6% | 0.96× | 4.6% |
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 | 3234.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.2% | +0.5% | 7th lowest of 21 |
| 6-month return | -14.4% | -5.5% | 5th lowest of 21 |
| Return on equity | 5.9% | 5.3% | 8th highest of 20 |
| Price / book | 1.07× | 1.09× | 11th cheapest of 21 |
| Trailing P/E | 18.1× | 17.3× | 8th most expensive of 17 |
| ROE the price implies | 4.5% | 7.3% | 5th least demanding of 21 |
| ROE delivered | 5.9% | 5.8% | 8th highest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Mori Hills Reit Investment 3234.T | Japan | $1.36B | -14% | -1% | 6% | 1.07× | 4.5% | 5.9% |
| AEON REIT Investment 3292.T | Japan | $1.36B | -19% | +1% | 5% | 0.89× | 4.1% | 5.3% |
| Comforia Residential REIT 3282.T | Japan | $1.36B | -20% | +17% | 6% | 1.27× | 5.1% | 6.3% |
| Esr-reit 9A4U.SI | Singapore | $1.33B | -14% | +5% | 1% | 0.84× | 5.5% | 0.8% |
| American Assets Trust AAT | United States | $1.32B | +2% | -8% | 2% | 1.19× | 11.1% | 1.9% |
| CNAMC China Resources Commercial Asset Closed Infrastructure Real Estate Investment Trust 180601.SZ | China | $1.41B | -6% | n/a | n/a | 1.51× | 4.4% | n/a |
| Alexander's ALX | United States | $1.29B | +3% | +8% | 107% | 5.67× | 34.9% | 107.4% |
| Lendlease Global Commercial REIT JYEU.SI | Singapore | $1.44B | -3% | +4% | 5% | 0.78× | 4.4% | 5.1% |
| Emperador Properties SOCIMI YEPSA.MC | Spain | $1.44B | +14% | +7% | -2% | 2.84× | 10.5% | n/a |
| LaSalle LOGIPORT REIT 3466.T | Japan | $1.45B | -10% | +71% | 6% | 1.19× | 4.8% | 6.2% |
| Centuria Industrial REIT CIP.AX | Australia | $1.28B | +1% | +6% | 6% | 0.74× | 9.5% | 6.4% |
| Centurion Accommodation REIT 8C8U.SI | Singapore | $1.45B | -3% | -69% | 1% | 1.22× | 6.0% | n/a |
| Ellington Financial EFC | United States | $1.45B | -17% | +30% | 12% | 0.82× | 8.6% | 12.3% |
| UMH Properties UMH | United States | $1.28B | -6% | +9% | 3% | 2.37× | 18.9% | 2.8% |
| Empire State Realty OP LP Series ES ESBA | United States | $1.46B | -6% | +2% | 5% | 0.84× | 10.8% | n/a |
| CBL & Associates Properties CBL | United States | $1.46B | 0% | +9% | 61% | 3.43× | 33.7% | 60.6% |
| Ingenia Communities INA.AX | Australia | $1.48B | +36% | +8% | 11% | 1.22× | 12.4% | 11.2% |
| MORI TRUST REIT.Inc 8961.T | Japan | $1.48B | -13% | -14% | 6% | 1.00× | 5.2% | 5.6% |
| OUE Real Estate Investment Trust TS0U.SI | Singapore | $1.50B | -5% | +7% | 1% | 0.62× | 4.4% | 1.1% |
| Piedmont Realty Trust PDM | United States | $1.23B | +18% | +3% | -6% | 0.85× | 10.5% | -5.9% |
| Hulic Reit 3295.T | Japan | $1.23B | -17% | +5% | 6% | 0.96× | 4.6% | 5.9% |