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Logistics-only J-REIT owning warehouses developed by sponsor Mitsubishi Estate.
Logistics-only J-REIT owning warehouses developed by sponsor Mitsubishi Estate.
Collects rent on its warehouses, mostly from logistics operators and retailers under multi-year leases, and passes most income on to unit holders, as J-REITs must. Mitsubishi Estate, the sponsor, develops warehouses that the REIT can buy and manages it through a subsidiary.
In one line: Mitsubishi Estate's captive logistics REIT.
Moat: narrow (regulatory licence, distribution). Sponsor Mitsubishi Estate's development pipeline gives first right to new logistics assets.
Headquarters: Tokyo, Japan · Founded: 2020
Size Mitsubishi Estate Logistics REIT Investment (3481.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $952M, the 754th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥101,100 on 6 Nov 2026.
Performance Over six months the shares fell 16.7%, against -12.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 4.4% over the last twelve months (peer median +1.1%); the operating margin is 46.1% (peer median 47.8%).
Valuation It trades at 0.96× book value against a peer median of 0.76× (7th most expensive of 21).
Price implies The share price implies a return on equity of about 4.4%; Mitsubishi Estate Logistics REIT Investment delivers 5.2%, so the price asks less than the business earns today.
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥19.8B | ¥19.8B | ¥20.7B | ¥16.9B | ¥14.7B |
| Revenue growth | — | -4% | +22% | +15% | — |
| Gross profit | ¥9.53B | ¥9.53B | ¥9.62B | ¥9.70B | ¥7.92B |
| EBITDA | ¥11.9B | ¥11.9B | ¥12.1B | ¥11.9B | ¥10.2B |
| Net income | ¥8.15B | ¥8.15B | ¥8.60B | ¥8.55B | ¥6.94B |
| Free cash flow | ¥10.3B | ¥10.3B | ¥2.23B | -¥1.40B | -¥34.2B |
| Capital expenditure | ¥4.00B | ¥4.00B | ¥11.7B | ¥16.7B | ¥46.4B |
| Total debt | n/a | ¥123B | ¥123B | ¥113B | ¥103B |
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 |
|---|---|---|---|---|---|---|
| Mitsubishi Estate Logistics REIT Investment 3481.T | $952M | -17% | -4% | 5% | 0.96× | 4.4% |
| Nippon Prologis REIT 3283.T | $4.37B | -8% | +9% | 6% | 1.39× | 6.6% |
| Glp J-reit 3281.T | $4.00B | -2% | -6% | 7% | 1.43× | 5.4% |
| Mitsui Fudosan Logistics Park 3471.T | $2.00B | -13% | +156% | 5% | 0.99× | 5.0% |
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 | 3481.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.7% | -0.7% | 2nd lowest of 21 |
| 6-month return | -16.7% | -12.5% | 3rd lowest of 21 |
| Return on equity | 5.2% | 5.7% | 10th lowest of 20 |
| Price / book | 0.96× | 0.76× | 7th most expensive of 21 |
| Trailing P/E | 18.4× | 13.2× | 5th most expensive of 16 |
| ROE the price implies | 4.4% | 5.3% | 4th least demanding of 21 |
| ROE delivered | 5.2% | 5.8% | 9th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Mitsubishi Estate Logistics REIT Investment 3481.T | Japan | $952M | -17% | -4% | 5% | 0.96× | 4.4% | 5.2% |
| Orchid Island Capital ORC | United States | $953M | -30% | +83% | -1% | 0.82× | 11.3% | -0.6% |
| Ntt Dc REIT NTDU.SI | Singapore | $955M | -9% | -8% | n/a | 0.80× | 3.1% | n/a |
| Wereldhave WHA.AS | Netherlands | $956M | -15% | +10% | 6% | 0.79× | 6.0% | 6.3% |
| Centerspace CSR | United States | $963M | -15% | +15% | 12% | 1.21× | 10.3% | 11.7% |
| Digico Infrastructure REIT DGT.AX | Australia | $941M | -10% | +90% | -4% | 0.59× | 9.6% | -4.2% |
| Fukuoka Reit 8968.T | Japan | $929M | -7% | -3% | 7% | 1.28× | 5.4% | 7.0% |
| Ho Bee Land H13.SI | Singapore | $978M | -13% | +5% | 3% | 0.33× | 2.6% | 2.7% |
| Empire State Realty Trust ESRT | United States | $919M | -7% | +2% | 5% | 0.85× | 10.7% | n/a |
| Workspace WKP.L | United Kingdom | $913M | +8% | -2% | -8% | 0.51× | 8.1% | -8.5% |
| Cpi Fim OPG.WA | Poland | $1.00B | -16% | -35% | 11% | 0.58× | 5.9% | 11.1% |
| Aims Apac REIT O5RU.SI | Singapore | $904M | -10% | +6% | 11% | 1.09× | 4.9% | 11.1% |
| Star Asia Investment 3468.T | Japan | $895M | -7% | +17% | 6% | 0.98× | 4.6% | 6.4% |
| Stoneweg Europe Stapled Trust SEB.SI | Singapore | $889M | -12% | -2% | 5% | 0.68× | 4.5% | 5.1% |
| Starhill Global Real Estate Investment Trust P40U.SI | Singapore | $884M | -13% | 0% | 3% | 0.68× | 4.0% | 2.7% |
| CapitaLand India Trust CY6U.SI | Singapore | $1.03B | -15% | -2% | 16% | 0.71× | 5.0% | 15.7% |
| Japan Excellent 8987.T | Japan | $1.04B | -13% | -18% | 6% | 1.09× | 4.6% | 6.0% |
| SK REIT 395400.KS | South Korea | $1.04B | -30% | +15% | 6% | 0.73× | 4.8% | 5.7% |
| Postal Realty Trust PSTL | United States | $863M | -5% | +22% | 5% | 1.82× | 13.7% | 4.7% |
| Storage King SKG.AX | Australia | $1.05B | -17% | 0% | 7% | 0.64× | 7.8% | 6.5% |
| CapitaLand China Trust AU8U.SI | Singapore | $860M | -7% | -10% | -1% | 0.55× | 5.3% | -0.7% |