Who are Hulic Reit's main competitors?

Named competitors: Mori Hills REIT (3234.T), Tokyu REIT (8957.T), Activia Properties (3279.T), Japan Excellent (8987.T). The cockpit's measured peer set (industry) also includes Piedmont Realty Trust (PDM), Mitsui Fudosan Retail Fund Investment (8964.T), Daiwa Securities Living Investment (8986.T), Fortune Real Estate Investment Trust (0778.HK), UMH Properties (UMH), Centuria Industrial REIT (CIP.AX).

Is Hulic Reit expensive compared with its peers?

On forward p/e it trades at 17.6× against a peer median of 18.9×, 8th cheapest of 16 in its peer set.

How has Hulic Reit stock performed?

Over six months to 6 Nov 2026 the shares returned -17.0% against -8.6% for the median peer; over one year -20.5%.

← CockpitCompetitor Analysis › 3295.T Hulic Reit, Inc.Open in the cockpit ↗

Hulic Reit, Inc.3295.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Investment Trusts

Office and retail J-REIT owning Tokyo buildings developed/repositioned by sponsor Hulic.

≈ A Tokyo office-retail REIT tied to a building-conversion specialistMomentum weak 24

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$1.23B

US dollars, full cap

Free float

84%

of shares outstanding

$/day

$2.90M

20-day average traded

Fwd P/E

17.6×

forward earnings

ROIC−WACC

n/a

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

348 days

20 Oct 2027

Close · JPY¥135,100

1D-2.7%

1W-0.5%

1M-4.0%

3M-13.2%

6M-17.0%

YTD-23.5%

1Y-20.5%

ATR %1.7%

52w lowhigh25.7% off high

What Hulic Reit does

Office and retail J-REIT owning Tokyo buildings developed/repositioned by sponsor Hulic.

Pays most of its earnings out to unitholders, as J-REITs must to keep tax relief, and is run by an external manager tied to the sponsor group. Hulic also supplies properties it has renovated or built, which feed the trust's acquisitions.

In one line: A Tokyo office-retail REIT tied to a building-conversion specialist.

Products and services

Office properties
Retail properties

Customers

Corporate and retail tenants
Unitholders

Where it sits in the supply chain

Real estate
J-REIT
Diversified (office + retail)

What could go right

Central Tokyo office/retail demand

What could go wrong

Interest-rate sensitivity
Concentration in Tokyo market

Moat: narrow (distribution, regulatory licence). Sponsor Hulic's building conversion and redevelopment pipeline feeds acquisitions.

Headquarters: Tokyo, Japan · Founded: 2016

Named competitors

Hulic Reit at a glance

Size Hulic Reit (3295.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $1.23B, the 645th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥135,100 on 6 Nov 2026.

Performance Over six months the shares fell 17.0%, against -8.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th lowest of 21 in its peer set.

Growth Revenue grew 4.6% over the last twelve months (peer median +4.8%); the operating margin is 37.5% (peer median 38.9%).

Valuation It trades at 17.6× forward earnings against a peer median of 18.9× (8th cheapest of 16).

Next results Next results expected around 20 Oct 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Hulic Reit against the median of its 20 peers (local-currency closes).

Hulic Reit financials

Reported figures in JPY; fiscal year ends 2026-08-31. TTM = trailing twelve months.
	TTM	FY2026	FY2025	FY2024	FY2023
Revenue	¥36.6B	¥36.6B	¥35.0B	¥37.0B	¥37.2B
Revenue growth	—	+5%	-5%	0%	—
Gross profit	¥14.5B	¥14.5B	¥14.3B	¥12.7B	¥12.2B
EBITDA	¥16.6B	¥16.6B	¥16.6B	¥14.8B	¥14.2B
Net income	¥11.8B	¥11.8B	¥11.9B	¥10.4B	¥9.95B
Free cash flow	¥14.0B	¥14.0B	-¥6.01B	¥11.0B	-¥1.25B
Capital expenditure	¥10.1B	¥10.1B	¥30.8B	¥16.7B	¥28.5B
Total debt	n/a	¥195B	¥199B	¥188B	¥180B

Quarterly statements and history in the cockpit →

Hulic Reit competitor charts

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.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Hulic Reit is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Hulic Reit is the large dot.

Hulic Reit competitors and peer comparison

Head to head with its named competitors (3295.T vs 3234.T vs 8957.T vs 3279.T)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Hulic Reit 3295.T	$1.23B	-17%	+5%	38%	17.6×	n/a
Mori Hills Reit Investment 3234.T	$1.36B	-14%	-1%	54%	18.9×	n/a
TOKYU REIT 8957.T	$1.10B	-6%	+10%	39%	20.5×	n/a
Activia Properties 3279.T	$1.90B	-10%	+24%	47%	18.1×	n/a
Japan Excellent 8987.T	$1.04B	-13%	-18%	32%	16.0×	n/a

How Hulic Reit compares with its peers

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.

Hulic Reit against its 20 peers (data as of 6 Nov 2026)
Measure	3295.T	Peer median	Rank in peer set
1-month return	-4.0%	-0.4%	5th lowest of 21
6-month return	-17.0%	-8.6%	5th lowest of 21
Distance from 52-week high	-25.7%	-18.8%	5th lowest of 21
Revenue growth (TTM)	+4.6%	+4.8%	10th lowest of 20
Operating margin	37.5%	38.9%	10th lowest of 20
Forward P/E	17.6×	18.9×	8th cheapest of 16

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Hulic Reit 3295.T	Japan	$1.23B	-17%	+5%	38%	17.6×	n/a	n/a
Piedmont Realty Trust PDM	United States	$1.23B	+18%	+3%	14%	n/a	n/a	n/a
Mitsui Fudosan Retail Fund Investment 8964.T	Japan	$1.23B	-16%	-6%	53%	14.1×	n/a	n/a
Daiwa Securities Living Investment 8986.T	Japan	$1.22B	-25%	+42%	29%	14.3×	n/a	n/a
Fortune Real Estate Investment Trust 0778.HK	Hong Kong	$1.19B	-11%	-9%	64%	15.7×	n/a	n/a
UMH Properties UMH	United States	$1.28B	-6%	+9%	32%	105.9×	n/a	n/a
Centuria Industrial REIT CIP.AX	Australia	$1.28B	+1%	+6%	59%	15.6×	n/a	n/a
Alexander's ALX	United States	$1.29B	+3%	+8%	34%	n/a	n/a	n/a
American Assets Trust AAT	United States	$1.32B	+2%	-8%	24%	59.8×	n/a	n/a
Esr-reit 9A4U.SI	Singapore	$1.33B	-14%	+5%	71%	10.6×	n/a	n/a
Ladder Capital LADR	United States	$1.12B	-13%	+2%	58%	8.6×	n/a	n/a
Comforia Residential REIT 3282.T	Japan	$1.36B	-20%	+17%	41%	n/a	n/a	n/a
AEON REIT Investment 3292.T	Japan	$1.36B	-19%	+1%	35%	n/a	n/a	n/a
Mori Hills Reit Investment 3234.T	Japan	$1.36B	-14%	-1%	54%	18.9×	n/a	n/a
National Healthcare Properties NHP	United States	$1.11B	+8%	-1%	9%	282.2×	n/a	n/a
TOKYU REIT 8957.T	Japan	$1.10B	-6%	+10%	39%	20.5×	n/a	n/a
Growthpoint Properties Australia GOZ.AX	Australia	$1.09B	-2%	0%	70%	11.6×	n/a	n/a
Medical Properties Trust MPT	United States	$1.08B	-65%	+11%	58%	n/a	n/a	n/a
CNAMC China Resources Commercial Asset Closed Infrastructure Real Estate Investment Trust 180601.SZ	China	$1.41B	-6%	n/a	n/a	24.8×	n/a	n/a
Easterly Government Properties DEA	United States	$1.06B	-4%	+11%	24%	44.1×	n/a	n/a
NTT UD REIT Investment 8956.T	Japan	$1.06B	-16%	+14%	29%	33.1×	n/a	n/a

Questions

Who are Hulic Reit's main competitors?: Named competitors: Mori Hills REIT (3234.T), Tokyu REIT (8957.T), Activia Properties (3279.T), Japan Excellent (8987.T). The cockpit's measured peer set (industry) also includes Piedmont Realty Trust (PDM), Mitsui Fudosan Retail Fund Investment (8964.T), Daiwa Securities Living Investment (8986.T), Fortune Real Estate Investment Trust (0778.HK), UMH Properties (UMH), Centuria Industrial REIT (CIP.AX).
Is Hulic Reit expensive compared with its peers?: On forward p/e it trades at 17.6× against a peer median of 18.9×, 8th cheapest of 16 in its peer set.
How has Hulic Reit stock performed?: Over six months to 6 Nov 2026 the shares returned -17.0% against -8.6% for the median peer; over one year -20.5%.