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Logistics-only J-REIT owning MFLP-brand warehouses developed by sponsor Mitsui Fudosan.
Logistics-only J-REIT owning MFLP-brand warehouses developed by sponsor Mitsui Fudosan.
Earns rent from leases on its warehouses, many of them multi-tenant buildings, and passes most of its income to unitholders as a J-REIT must. It is managed externally by a Mitsui Fudosan unit, and growth comes from buying newly built MFLP warehouses from the sponsor.
In one line: Mitsui Fudosan's captive logistics REIT.
Moat: narrow (regulatory licence, distribution). Sponsor Mitsui Fudosan's development pipeline gives first right to acquire new MFLP warehouses.
Headquarters: Tokyo, Japan · Founded: 2016
Size Mitsui Fudosan Logistics Park (3471.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $2.00B, the 483rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥97,700 on 6 Nov 2026.
Performance Over six months the shares fell 12.8%, against -6.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 156.3% over the last twelve months (peer median +4.1%); the operating margin is 27.6% (peer median 46.9%).
Valuation It trades at 23.1× forward earnings against a peer median of 19.4× (7th most expensive of 21).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥59.8B | ¥59.8B | ¥42.9B | ¥24.3B | ¥22.4B |
| Revenue growth | — | +39% | +77% | +8% | — |
| Gross profit | ¥17.2B | ¥17.2B | ¥13.7B | ¥9.86B | ¥9.24B |
| EBITDA | ¥24.9B | ¥24.9B | ¥21.4B | ¥16.1B | ¥14.8B |
| Net income | ¥14.8B | ¥14.8B | ¥37.4B | ¥8.77B | ¥8.47B |
| Free cash flow | ¥18.5B | ¥18.5B | ¥15.6B | -¥24.3B | -¥1.21B |
| Capital expenditure | ¥27.8B | ¥27.8B | ¥14.9B | ¥41.8B | ¥17.1B |
| Total debt | n/a | ¥222B | ¥222B | ¥157B | ¥135B |
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 |
|---|---|---|---|---|---|---|
| Mitsui Fudosan Logistics Park 3471.T | $2.00B | -13% | +156% | 28% | 23.1× | n/a |
| Nippon Prologis REIT 3283.T | $4.37B | -8% | +9% | 44% | 23.2× | n/a |
| Glp J-reit 3281.T | $4.00B | -2% | -6% | 45% | 22.5× | n/a |
| Japan Logistics Fund 8967.T | $1.52B | -8% | +3% | 53% | 21.0× | n/a |
| LaSalle LOGIPORT REIT 3466.T | $1.45B | -10% | +71% | 28% | 17.3× | 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 | 3471.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.4% | +3.7% | 5th lowest of 21 |
| 6-month return | -12.8% | -6.5% | 7th lowest of 21 |
| Distance from 52-week high | -22.1% | -17.3% | 7th lowest of 21 |
| Revenue growth (TTM) | +156.3% | +4.1% | highest of 21 |
| Operating margin | 27.6% | 46.9% | 5th lowest of 20 |
| Forward P/E | 23.1× | 19.4× | 7th most expensive of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mitsui Fudosan Logistics Park 3471.T | Japan | $2.00B | -13% | +156% | 28% | 23.1× | n/a | n/a |
| BWP Trust BWP.AX | Australia | $2.01B | -2% | +2% | 87% | 19.2× | n/a | n/a |
| Xenia Hotels & Resorts XHR | United States | $1.97B | +26% | +4% | 8% | 36.9× | n/a | n/a |
| Aroundtown AT1.DE | Germany | $2.04B | -32% | +1% | 60% | 5.9× | n/a | n/a |
| Parkway Life Real Estate Investment Trust C2PU.SI | Singapore | $2.05B | 0% | +3% | 82% | 22.2× | n/a | n/a |
| Industrial & Infrastructure Fund Investment 3249.T | Japan | $2.07B | -12% | +36% | 37% | 16.8× | n/a | n/a |
| RLJ Lodging Trust RLJ | United States | $1.92B | +40% | +1% | 10% | 700.2× | n/a | n/a |
| Getty Realty GTY | United States | $1.92B | -14% | +11% | 59% | 20.1× | n/a | n/a |
| Activia Properties 3279.T | Japan | $1.90B | -10% | +24% | 47% | 18.1× | n/a | n/a |
| Great Portland Estates GPE.L | United Kingdom | $1.90B | +17% | +24% | 21% | 34.7× | n/a | n/a |
| Region RGN.AX | Australia | $1.89B | +6% | +30% | 45% | 14.4× | n/a | n/a |
| Primaris Real Estate Investment Trust PMZ-UN.TO | Canada | $2.11B | +21% | +18% | 38% | 26.6× | n/a | n/a |
| ARMOUR Residential REIT ARR | United States | $1.87B | -29% | -140% | n/a | 4.5× | n/a | n/a |
| Blackstone Mortgage Trust BXMT | United States | $1.85B | -42% | -2% | 36% | 9.2× | n/a | n/a |
| Boardwalk Real Estate Investment Trust BEI-UN.TO | Canada | $2.21B | -5% | +3% | 62% | 63.1× | n/a | n/a |
| H&R Real Estate Investment Trust HR-UN.TO | Canada | $1.80B | -10% | -6% | 60% | 17.0× | n/a | n/a |
| Champion Real Estate Investment Trust 2778.HK | Hong Kong | $1.80B | -8% | -8% | 61% | 19.7× | n/a | n/a |
| Crombie Real Estate Investment Trust CRR-UN.TO | Canada | $2.22B | -3% | +4% | 42% | 26.3× | n/a | n/a |
| Charter Hall Long WALE REIT CLW.AX | Australia | $1.78B | +4% | +40% | 56% | 14.0× | n/a | n/a |
| Sekisui House Reit 3309.T | Japan | $1.78B | -23% | +5% | 20% | 13.9× | n/a | n/a |
| Mitsui Fudosan Accommodations Fund 3226.T | Japan | $1.75B | -16% | +18% | 47% | 21.6× | n/a | n/a |