Who are NTT UD REIT Investment's main competitors?

Named competitors: Daiwa Office Investment Corp (8976.T), KDX Realty Investment Corp (8972.T), Japan Excellent (8987.T). The cockpit's measured peer set (industry) also includes Easterly Government Properties (DEA), Altareit (AREIT.PA), Heiwa Real Estate REIT (8966.T), Waypoint REIT (WPR.AX), Storage King (SKG.AX), Medical Properties Trust (MPT).

Is NTT UD REIT Investment expensive compared with its peers?

On forward p/e it trades at 33.1× against a peer median of 15.3×, 4th most expensive of 17 in its peer set.

How has NTT UD REIT Investment stock performed?

Over six months to 6 Nov 2026 the shares returned -15.9% against -14.3% for the median peer; over one year -17.3%.

← CockpitCompetitor Analysis › 8956.T NTT UD REIT Investment CorporationOpen in the cockpit ↗

NTT UD REIT Investment Corporation8956.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Investment Trusts

Diversified J-REIT owning mainly office properties, sponsored by NTT Urban Development, the NTT Group's real estate arm.

≈ A diversified REIT backed by a telecom group's property armMomentum weak 24

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$1.06B

US dollars, full cap

Free float

93%

of shares outstanding

$/day

$2.47M

20-day average traded

Fwd P/E

33.1×

forward earnings

ROIC−WACC

n/a

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

34 days

10 Dec 2026

Close · JPY¥115,400

1D-3.1%

1W-1.4%

1M-5.3%

3M-14.2%

6M-15.9%

YTD-17.8%

1Y-17.3%

ATR %1.7%

52w lowhigh23.0% off high

What NTT UD REIT Investment does

Diversified J-REIT owning mainly office properties, sponsored by NTT Urban Development, the NTT Group's real estate arm.

In one line: A diversified REIT backed by a telecom group's property arm.

Products and services

Office properties

Customers

Corporate tenants
Unitholders

Where it sits in the supply chain

Real estate
J-REIT
Diversified (mainly office)

What could go right

Stable office income
Sponsor redevelopment pipeline

What could go wrong

Interest-rate sensitivity
Office demand uncertainty

Moat: narrow (regulatory licence, distribution). Sponsor NTT Urban Development's redevelopment pipeline feeds acquisitions.

Headquarters: Tokyo, Japan

Named competitors

NTT UD REIT Investment at a glance

Size NTT UD REIT Investment (8956.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $1.06B, the 707th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥115,400 on 6 Nov 2026.

Performance Over six months the shares fell 15.9%, against -14.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 21 in its peer set.

Growth Revenue grew 14.5% over the last twelve months (peer median +1.2%); the operating margin is 29.0% (peer median 45.6%).

Valuation It trades at 33.1× forward earnings against a peer median of 15.3× (4th most expensive of 17).

Next results Next results expected around 10 Dec 2026 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: NTT UD REIT Investment against the median of its 20 peers (local-currency closes).

NTT UD REIT Investment financials

Reported figures in JPY; fiscal year ends 2025-10-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	¥35.6B	¥39.3B	¥23.8B	¥32.1B	¥39.0B
Revenue growth	—	+65%	-26%	-18%	—
Gross profit	¥11.1B	¥10.6B	¥10.2B	¥11.5B	¥11.2B
EBITDA	¥13.6B	¥13.2B	¥13.2B	¥14.1B	¥13.7B
Net income	¥9.00B	¥8.44B	¥8.58B	¥10.0B	¥9.59B
Free cash flow	¥18.3B	¥19.3B	-¥27.2B	¥12.2B	-¥4.20B
Capital expenditure	¥3.90B	¥6.60B	¥39.4B	¥8.57B	¥30.3B
Total debt	n/a	¥147B	¥149B	¥122B	¥126B

Quarterly statements and history in the cockpit →

NTT UD REIT Investment 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. NTT UD REIT Investment is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. NTT UD REIT Investment is the large dot.

NTT UD REIT Investment competitors and peer comparison

Head to head with its named competitors (8956.T vs 8976.T vs 8972.T vs 8987.T)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
NTT UD REIT Investment 8956.T	$1.06B	-16%	+14%	29%	33.1×	n/a
Daiwa Office Investment 8976.T	$1.74B	-12%	+24%	44%	19.2×	n/a
KDX Realty Investment 8972.T	$3.47B	-16%	+3%	39%	16.3×	n/a
Japan Excellent 8987.T	$1.04B	-13%	-18%	32%	16.0×	n/a

How NTT UD REIT Investment 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.

NTT UD REIT Investment against its 20 peers (data as of 6 Nov 2026)
Measure	8956.T	Peer median	Rank in peer set
1-month return	-5.3%	-1.1%	4th lowest of 21
6-month return	-15.9%	-14.3%	7th lowest of 21
Distance from 52-week high	-23.0%	-22.1%	10th lowest of 21
Revenue growth (TTM)	+14.5%	+1.2%	5th highest of 21
Operating margin	29.0%	45.6%	5th lowest of 21
Forward P/E	33.1×	15.3×	4th most expensive of 17

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
NTT UD REIT Investment 8956.T	Japan	$1.06B	-16%	+14%	29%	33.1×	n/a	n/a
Easterly Government Properties DEA	United States	$1.06B	-4%	+11%	24%	44.1×	n/a	n/a
Altareit AREIT.PA	France	$1.06B	-9%	-20%	-2%	n/a	n/a	n/a
Heiwa Real Estate REIT 8966.T	Japan	$1.06B	-15%	+24%	45%	15.8×	n/a	n/a
Waypoint REIT WPR.AX	Australia	$1.05B	-2%	-1%	100%	12.9×	n/a	n/a
Storage King SKG.AX	Australia	$1.05B	-17%	0%	45%	20.9×	n/a	n/a
Medical Properties Trust MPT	United States	$1.08B	-65%	+11%	58%	n/a	n/a	n/a
SK REIT 395400.KS	South Korea	$1.04B	-30%	+15%	89%	14.8×	n/a	n/a
Japan Excellent 8987.T	Japan	$1.04B	-13%	-18%	32%	16.0×	n/a	n/a
Growthpoint Properties Australia GOZ.AX	Australia	$1.09B	-2%	0%	70%	11.6×	n/a	n/a
TOKYU REIT 8957.T	Japan	$1.10B	-6%	+10%	39%	20.5×	n/a	n/a
CapitaLand India Trust CY6U.SI	Singapore	$1.03B	-15%	-2%	43%	9.4×	n/a	n/a
National Healthcare Properties NHP	United States	$1.11B	+8%	-1%	9%	282.2×	n/a	n/a
Ladder Capital LADR	United States	$1.12B	-13%	+2%	58%	8.6×	n/a	n/a
Cpi Fim OPG.WA	Poland	$1.00B	-16%	-35%	62%	n/a	n/a	n/a
Ho Bee Land H13.SI	Singapore	$978M	-13%	+5%	52%	11.4×	n/a	n/a
Centerspace CSR	United States	$963M	-15%	+15%	42%	n/a	n/a	n/a
Wereldhave WHA.AS	Netherlands	$956M	-15%	+10%	64%	10.1×	n/a	n/a
Ntt Dc REIT NTDU.SI	Singapore	$955M	-9%	-8%	9%	166.0×	n/a	n/a
Orchid Island Capital ORC	United States	$953M	-30%	+83%	64%	4.9×	n/a	n/a
Mitsubishi Estate Logistics REIT Investment 3481.T	Japan	$952M	-17%	-4%	46%	18.6×	n/a	n/a

Questions

Who are NTT UD REIT Investment's main competitors?: Named competitors: Daiwa Office Investment Corp (8976.T), KDX Realty Investment Corp (8972.T), Japan Excellent (8987.T). The cockpit's measured peer set (industry) also includes Easterly Government Properties (DEA), Altareit (AREIT.PA), Heiwa Real Estate REIT (8966.T), Waypoint REIT (WPR.AX), Storage King (SKG.AX), Medical Properties Trust (MPT).
Is NTT UD REIT Investment expensive compared with its peers?: On forward p/e it trades at 33.1× against a peer median of 15.3×, 4th most expensive of 17 in its peer set.
How has NTT UD REIT Investment stock performed?: Over six months to 6 Nov 2026 the shares returned -15.9% against -14.3% for the median peer; over one year -17.3%.