Loading…
Diversified J-REIT holding office, residential, retail and logistics assets sponsored by Nomura Real Estate.
Diversified J-REIT holding office, residential, retail and logistics assets sponsored by Nomura Real Estate.
Collects rents from tenants of buildings it owns, passing most of its profit to unitholders as distributions under J-REIT tax rules, while an outside asset manager owned by Nomura Real Estate runs the portfolio for a fee. It was formed in 2015 by merging Nomura-sponsored funds into one diversified fund.
In one line: A diversified REIT spanning office, apartment, retail and warehouse assets.
Moat: narrow (regulatory licence, scale). Sponsor Nomura Real Estate's development pipeline feeds acquisitions across four asset types.
Headquarters: Tokyo, Japan · Founded: 2015
Size Nomura Real Estate Master Fund (3462.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $3.66B, the 313th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥124,200 on 6 Nov 2026.
Performance Over six months the shares fell 23.1%, against -3.6% for the median peer and +1.8% for the Japan market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 18.3% over the last twelve months (peer median +5.0%); the operating margin is 35.6% (peer median 48.1%).
Valuation It trades at 20.5× forward earnings against a peer median of 19.9× (10th cheapest of 19).
Next results Next results expected around 20 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥95.4B | ¥95.4B | ¥117B | ¥114B | ¥102B |
| Revenue growth | — | -18% | +3% | +11% | — |
| Gross profit | ¥35.6B | ¥35.6B | ¥39.0B | ¥36.9B | ¥37.3B |
| EBITDA | ¥50.9B | ¥50.9B | ¥53.7B | ¥51.9B | ¥51.7B |
| Net income | ¥28.6B | ¥28.6B | ¥32.1B | ¥30.6B | ¥30.7B |
| Free cash flow | ¥43.9B | ¥43.9B | ¥43.3B | ¥35.7B | ¥37.1B |
| Capital expenditure | ¥16.4B | ¥16.4B | ¥38.9B | ¥41.3B | ¥31.8B |
| Total debt | n/a | ¥520B | ¥522B | ¥521B | ¥519B |
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 | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nomura Real Estate Master Fund 3462.T | $3.66B | -23% | -18% | 36% | 20.5× | n/a |
| Japan Metropolitan Fund Investment 8953.T | $4.87B | -8% | 0% | 41% | 18.9× | n/a |
| ORIX JREIT 8954.T | $3.06B | -12% | +35% | 51% | 18.1× | n/a |
| United Urban Investment 8960.T | $3.04B | -15% | -2% | 36% | 16.7× | n/a |
| Daiwa House REIT Investment 8984.T | $3.15B | -13% | -9% | 40% | 20.5× | n/a |
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 | 3462.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.5% | +3.6% | lowest of 21 |
| 6-month return | -23.1% | -3.6% | lowest of 21 |
| Distance from 52-week high | -29.6% | -14.9% | lowest of 21 |
| Revenue growth (TTM) | -18.3% | +5.0% | lowest of 21 |
| Operating margin | 35.6% | 48.1% | 6th lowest of 21 |
| Forward P/E | 20.5× | 19.9× | 10th cheapest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 36% | 20.5× | n/a | n/a |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 17% | 65.8× | n/a | n/a |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 41% | 12.1× | n/a | n/a |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 76% | 14.9× | n/a | n/a |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 18% | 69.2× | n/a | n/a |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 49% | 18.3× | n/a | n/a |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 45% | 20.6× | n/a | n/a |
| Granite Real Estate Investment Trust GRT-UN.TO | Canada | $3.85B | -6% | +9% | 73% | 14.8× | n/a | n/a |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 26% | 44.5× | n/a | n/a |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 39% | 16.3× | n/a | n/a |
| SL Green Realty SLG | United States | $3.88B | +11% | +9% | 12% | n/a | n/a | n/a |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | 61% | n/a | n/a | n/a |
| Mapletree Industrial Trust ME8U.SI | Singapore | $3.89B | -10% | -5% | 65% | 14.6× | n/a | n/a |
| Shaftesbury Capital SHC.L | United Kingdom | $3.91B | +16% | +9% | 53% | 30.1× | n/a | n/a |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 62% | 17.1× | n/a | n/a |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 81% | 13.1× | n/a | n/a |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 52% | 32.6× | n/a | n/a |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 48% | 26.1× | n/a | n/a |
| Glp J-reit 3281.T | Japan | $4.00B | -2% | -6% | 45% | 22.5× | n/a | n/a |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 49% | 19.2× | n/a | n/a |
| Kilroy Realty KRC | United States | $4.21B | +3% | -4% | 23% | 96.4× | n/a | n/a |