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A J-REIT sponsored by Mitsubishi Estate, owning primarily office buildings in major Japanese cities.
A J-REIT sponsored by Mitsubishi Estate, owning primarily office buildings in major Japanese cities.
Collects rent from office tenants under leases where rents change slowly, so income is steady, and pays out most of it as distributions. It was among the first two J-REITs when Japan's REIT market opened in 2001. Its manager is owned by Mitsubishi Estate, which can also offer it buildings to buy.
In one line: A large office REIT sponsored by a major developer.
Moat: narrow (scale, installed base, brand). Mitsubishi Estate sponsorship and one of Japan's earliest, largest J-REIT portfolios.
Headquarters: Tokyo, Japan · Founded: 2001
Size Japan Real Estate Investment (8952.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $4.98B, the 244th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥107,900 on 6 Nov 2026.
Performance Over six months the shares fell 9.8%, against -1.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 1.3% over the last twelve months (peer median +4.6%); the operating margin is 38.3% (peer median 34.8%).
Valuation It trades at 1.41× book value against a peer median of 1.21× (10th most expensive of 21).
Price implies The share price implies a return on equity of about 6.1%; Japan Real Estate Investment delivers 6.7%, so the price asks less than the business earns today.
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥104B | ¥103B | ¥105B | ¥90.0B | ¥96.4B |
| Revenue growth | — | -2% | +17% | -7% | — |
| Gross profit | ¥40.8B | ¥41.0B | ¥41.8B | ¥35.8B | ¥35.8B |
| EBITDA | ¥52.4B | ¥52.4B | ¥53.4B | ¥47.5B | ¥47.8B |
| Net income | ¥36.4B | ¥36.7B | ¥37.5B | ¥33.2B | ¥32.8B |
| Free cash flow | ¥4.96B | ¥29.2B | ¥25.3B | -¥4.67B | ¥11.7B |
| Capital expenditure | ¥62.9B | ¥38.6B | ¥50.4B | ¥64.6B | ¥56.9B |
| Total debt | n/a | ¥461B | ¥458B | ¥450B | ¥423B |
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 |
|---|---|---|---|---|---|---|
| Japan Real Estate Investment 8952.T | $4.98B | -10% | -1% | 7% | 1.41× | 6.1% |
| Nippon Building Fund 8951.T | $6.75B | -8% | -21% | 6% | 1.41× | 5.3% |
| Daiwa Office Investment 8976.T | $1.74B | -12% | +24% | 6% | 1.13× | 4.7% |
| KDX Realty Investment 8972.T | $3.47B | -16% | +3% | 5% | 0.87× | 4.9% |
| ORIX JREIT 8954.T | $3.06B | -12% | +35% | 8% | 1.36× | 5.4% |
| Hulic Reit 3295.T | $1.23B | -17% | +5% | 6% | 0.96× | 4.6% |
| Mori Hills Reit Investment 3234.T | $1.36B | -14% | -1% | 6% | 1.07× | 4.5% |
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 | 8952.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.3% | +6.8% | 6th lowest of 21 |
| 6-month return | -9.8% | -1.3% | 2nd lowest of 21 |
| Return on equity | 6.7% | 5.6% | 10th highest of 21 |
| Price / book | 1.41× | 1.21× | 10th most expensive of 21 |
| Trailing P/E | 21.1× | 22.5× | 10th cheapest of 20 |
| ROE the price implies | 6.1% | 10.7% | 4th least demanding of 21 |
| ROE delivered | 6.7% | 5.5% | 9th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Japan Real Estate Investment 8952.T | Japan | $4.98B | -10% | -1% | 7% | 1.41× | 6.1% | 6.7% |
| Kite Realty Group Trust KRG | United States | $5.04B | -4% | -7% | 12% | 1.84× | 14.6% | 11.5% |
| Mapletree Pan Asia Commercial Trust N2IU.SI | Singapore | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% | 2.8% |
| Japan Metropolitan Fund Investment 8953.T | Japan | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% | 7.1% |
| Cousins Properties CUZ | United States | $4.87B | +11% | +8% | 0% | 1.10× | 11.4% | 0.3% |
| Rithm Capital RITM | United States | $5.15B | -6% | +19% | 6% | 0.74× | 8.7% | 5.6% |
| Chartwell Retirement Residences CSH-UN.TO | Canada | $5.25B | +3% | +24% | 1% | 3.92× | 22.6% | 0.5% |
| Mirvac MGR.AX | Australia | $5.27B | +14% | +6% | 7% | 0.83× | 9.9% | 7.4% |
| General de Galerias Comerciales GGC.MC | Spain | $4.70B | 0% | +3% | 18% | 3.99× | 13.5% | n/a |
| Keppel DC REIT AJBU.SI | Singapore | $4.67B | -6% | +30% | 11% | 1.26× | 6.8% | 11.4% |
| OUTFRONT Media OUT | United States | $5.42B | -9% | +8% | 36% | 7.82× | 77.8% | 36.2% |
| Americold Realty Trust COLD | United States | $4.57B | +8% | 0% | -16% | 1.89× | 15.5% | -16.5% |
| EPR Properties EPR | United States | $4.56B | +2% | +7% | 13% | 1.95× | 16.8% | 12.7% |
| Gecina GFC.PA | France | $5.47B | -8% | +1% | 2% | 0.48× | 6.9% | 1.6% |
| Sabra Health Care REIT SBRA | United States | $5.51B | +1% | +21% | 3% | 1.94× | 13.0% | 2.5% |
| Mapletree Logistics Trust M44U.SI | Singapore | $4.47B | -6% | -1% | 3% | 0.87× | 5.7% | 3.3% |
| Starwood Property Trust STWD | United States | $4.46B | -32% | +11% | 3% | 0.69× | 8.0% | 3.4% |
| Apple Hospitality REIT APLE | United States | $4.46B | +34% | +1% | 6% | 1.42× | 12.2% | 5.5% |
| Tanger SKT | United States | $4.45B | +6% | +11% | 19% | 6.60× | 51.9% | 19.3% |
| Dexus DXS.AX | Australia | $4.44B | 0% | -28% | 5% | 0.65× | 8.0% | 4.9% |
| RioCan Real Estate Investment Trust REI-UN.TO | Canada | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% | 6.9% |