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Japan's largest residential-only J-REIT, owning rental apartment buildings nationwide, backed by an ITOCHU-linked sponsor.
Japan's largest residential-only J-REIT, owning rental apartment buildings nationwide, backed by an ITOCHU-linked sponsor.
Income is rent from tenants of apartment buildings under short residential leases, typically two years, spread across very many individual households so no single tenant matters. As a Japanese real-estate investment trust it passes nearly all earnings to unitholders and grows by buying properties, funded by new units and loans.
In one line: A Japan-listed AvalonBay / Equity Residential.
Moat: narrow (scale, regulatory licence). Largest scale among residential J-REITs gives cost and sourcing advantages in apartment acquisitions.
Headquarters: Tokyo, Japan · Founded: 2005
Size Advance Residence Investment (3269.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $2.42B, the 422nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥133,000 on 6 Nov 2026.
Performance Over six months the shares fell 17.6%, against -5.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 3.7% over the last twelve months (peer median +6.9%); the operating margin is 44.9% (peer median 37.7%).
Valuation It trades at 1.54× book value against a peer median of 1.17× (5th most expensive of 21).
Price implies The share price implies a return on equity of about 5.8%; Advance Residence Investment delivers 7.3%, so the price asks less than the business earns today.
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥41.1B | ¥41.1B | ¥42.7B | ¥40.6B | ¥39.2B |
| Revenue growth | — | -4% | +5% | +3% | — |
| Gross profit | ¥19.9B | ¥19.9B | ¥19.9B | ¥19.0B | ¥19.1B |
| EBITDA | ¥25.9B | ¥26.0B | ¥25.6B | ¥24.6B | ¥24.1B |
| Net income | ¥17.9B | ¥17.9B | ¥16.5B | ¥15.9B | ¥16.0B |
| Free cash flow | ¥8.64B | ¥8.64B | ¥18.0B | -¥5.01B | ¥14.4B |
| Capital expenditure | ¥23.4B | ¥23.4B | ¥10.3B | ¥30.9B | ¥10.7B |
| Total debt | n/a | ¥252B | ¥242B | ¥238B | ¥233B |
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 |
|---|---|---|---|---|---|---|
| Advance Residence Investment 3269.T | $2.42B | -18% | -4% | 7% | 1.54× | 5.8% |
| Comforia Residential REIT 3282.T | $1.36B | -20% | +17% | 6% | 1.27× | 5.1% |
| Daiwa Securities Living Investment 8986.T | $1.22B | -25% | +42% | 7% | 1.02× | 5.4% |
| Nomura Real Estate Master Fund 3462.T | $3.66B | -23% | -18% | 5% | 0.96× | 4.5% |
| Mitsui Fudosan Accommodations Fund 3226.T | $1.75B | -16% | +18% | 9% | 1.79× | 6.3% |
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 | 3269.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.5% | +6.2% | lowest of 21 |
| 6-month return | -17.6% | -5.4% | 2nd lowest of 21 |
| Return on equity | 7.3% | 4.3% | 6th highest of 21 |
| Price / book | 1.54× | 1.17× | 5th most expensive of 21 |
| Trailing P/E | 21.1× | 21.5× | 9th cheapest of 18 |
| ROE the price implies | 5.8% | 9.8% | 4th least demanding of 21 |
| ROE delivered | 7.3% | 4.2% | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Advance Residence Investment 3269.T | Japan | $2.42B | -18% | -4% | 7% | 1.54× | 5.8% | 7.3% |
| InvenTrust Properties IVT | United States | $2.46B | +1% | +13% | 2% | 1.38× | 11.0% | 1.6% |
| Japan Prime Realty Investment 8955.T | Japan | $2.37B | -7% | -13% | 7% | 1.31× | 5.2% | 6.8% |
| NETSTREIT NTST | United States | $2.37B | -9% | +27% | 1% | 1.18× | 10.0% | 1.3% |
| Pebblebrook Hotel Trust PEB | United States | $2.36B | +43% | +3% | -3% | 1.01× | 12.2% | -2.8% |
| Big Yellow BYG.L | United Kingdom | $2.50B | +11% | +2% | 5% | 0.72× | 8.8% | 4.8% |
| Sunstone Hotel Investors SHO | United States | $2.33B | +19% | +7% | 3% | 1.42× | 12.8% | 2.7% |
| LTC Properties LTC | United States | $2.52B | +14% | +69% | 39% | 1.50× | 9.9% | 38.7% |
| SmartStop Self Storage REIT SMA | United States | $2.31B | +20% | +21% | 2% | 1.86× | 9.3% | 2.4% |
| CapitaLand Ascott Trust HMN.SI | Singapore | $2.55B | -6% | +5% | 7% | 0.74× | 4.7% | 6.5% |
| Four Corners Property Trust FCPT | United States | $2.57B | -7% | +10% | 8% | 1.58× | 12.2% | 7.5% |
| Urban Edge Properties UE | United States | $2.58B | -6% | +6% | 8% | 1.95× | 16.9% | 8.0% |
| Dream Industrial Real Estate Investment Trust DIR-UN.TO | Canada | $2.58B | -8% | +6% | 4% | 0.78× | 8.4% | 3.9% |
| Crombie Real Estate Investment Trust CRR-UN.TO | Canada | $2.22B | -3% | +4% | -3% | 1.70× | 11.5% | -3.2% |
| Boardwalk Real Estate Investment Trust BEI-UN.TO | Canada | $2.21B | -5% | +3% | -1% | 0.66× | 6.0% | -1.0% |
| Acadia Realty Trust AKR | United States | $2.74B | -9% | 0% | 2% | 1.17× | 11.8% | 1.6% |
| Frasers Logistics & Commercial Trust BUOU.SI | Singapore | $2.76B | -6% | 0% | 5% | 0.82× | 4.2% | 5.1% |
| Primaris Real Estate Investment Trust PMZ-UN.TO | Canada | $2.11B | +21% | +18% | 5% | 1.08× | 9.1% | 4.6% |
| Dynex Capital DX | United States | $2.77B | -20% | +142% | -2% | 0.98× | 9.6% | -2.0% |
| Hammerson HMSO.L | United Kingdom | $2.80B | +13% | +92% | 11% | 0.90× | 18.4% | 10.6% |
| Industrial & Infrastructure Fund Investment 3249.T | Japan | $2.07B | -12% | +36% | 8% | 1.33× | 6.4% | 8.5% |