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← CockpitCompetitor Analysis › 8957.T TOKYU REIT, Inc.Open in the cockpit ↗

TOKYU REIT, Inc.8957.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Investment Trusts

Office and retail J-REIT owning properties along Tokyu's Tokyo rail/Shibuya network, sponsored by Tokyu Corporation.

≈ A REIT tied to a Tokyo commuter-rail and retail conglomerate's real estateMomentum neutral 47
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$1.10B
US dollars, full cap
Free float
71%
of shares outstanding
$/day
$1.91M
20-day average traded
Fwd P/E
20.5×
forward earnings
ROIC−WACC
n/a
WACC 5.0%
Hurdle
n/a
no reverse DCF
Next earnings
132 days
18 Mar 2027
Close · JPY¥180,600
1D-2.1%
1W-0.8%
1M-0.5%
3M-3.1%
6M-6.2%
YTD-12.8%
1Y-9.3%
ATR %1.6%
52w lowhigh16.1% off high

What TOKYU REIT does

Office and retail J-REIT owning properties along Tokyu's Tokyo rail/Shibuya network, sponsored by Tokyu Corporation.

Collects rent from office and retail tenants and passes most of the income to unit holders, as Japanese REITs must to keep their tax status. It is managed by an affiliate of Tokyu, which feeds it new properties around the group's rail lines. The Shibuya area is the core holding.

In one line: A REIT tied to a Tokyo commuter-rail and retail conglomerate's real estate.

Products and services

  • Office properties
  • Retail properties

Customers

  • Corporate and retail tenants
  • Unitholders

Where it sits in the supply chain

  • Real estate
  • J-REIT
  • Diversified (office + retail)

What could go right

  • Shibuya/Tokyu-line urban demand

What could go wrong

  • Interest-rate sensitivity
  • Geographic concentration

Moat: narrow (distribution, regulatory licence). Sponsor Tokyu's rail-linked development network concentrates access to Shibuya-area assets.

Headquarters: Tokyo, Japan · Founded: 2003

Named competitors

TOKYU REIT at a glance

Size TOKYU REIT (8957.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $1.10B, the 696th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥180,600 on 6 Nov 2026.

Performance Over six months the shares fell 6.2%, against -14.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 21 in its peer set.

Growth Revenue grew 10.4% over the last twelve months (peer median +1.2%); the operating margin is 38.9% (peer median 44.8%).

Valuation It trades at 20.5× forward earnings against a peer median of 15.2× (5th most expensive of 17).

Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).

Relative performance

9010011 May 202611 Aug 20266 Nov 20268957.T 94Peer median 86
Six months, rebased to 100: TOKYU REIT against the median of its 20 peers (local-currency closes).

TOKYU REIT financials

Reported figures in JPY; fiscal year ends 2026-07-31. TTM = trailing twelve months.
TTMFY2026FY2025FY2024FY2023
Revenue¥30.0B¥30.0B¥27.2B¥22.3B¥25.7B
Revenue growth—+10%+22%-13%—
Gross profit¥12.1B¥12.1B¥10.9B¥10.3B¥12.5B
EBITDA¥13.7B¥13.7B¥12.5B¥11.9B¥13.8B
Net income¥10.7B¥10.7B¥9.59B¥9.16B¥11.1B
Free cash flow¥14.2B¥14.2B¥18.0B-¥4.15B-¥1.87B
Capital expenditure¥7.89B¥7.89B¥1.41B¥17.9B¥21.4B
Total debtn/a¥104B¥106B¥112B¥104B

Quarterly statements and history in the cockpit →

TOKYU REIT 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

-30%-20%-10%0%+10%-10%0%+10%GOZNHPMPTLADRDEA8956AREIT8966WPRSKG3954008987CY6U07788986PDM8957.T6-month return →1-month return →
Up and to the right = strong over both horizons. TOKYU REIT is the large dot.

Fundamentals: revenue growth against valuation

-20%0%+20%+40%0×100×200×300×GOZNHPLADRDEA89568966SKG3954008987077889868957.TRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. TOKYU REIT is the large dot.

TOKYU REIT competitors and peer comparison

Head to head with its named competitors (8957.T vs 3279.T vs 3295.T vs 8953.T)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
TOKYU REIT 8957.T$1.10B-6%+10%39%20.5×n/a
Activia Properties 3279.T$1.90B-10%+24%47%18.1×n/a
Hulic Reit 3295.T$1.23B-17%+5%38%17.6×n/a
Japan Metropolitan Fund Investment 8953.T$4.87B-8%0%41%18.9×n/a

How TOKYU REIT 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.

TOKYU REIT against its 20 peers (data as of 6 Nov 2026)
Measure8957.TPeer medianRank in peer set
1-month return-0.5%-1.7%9th highest of 21
6-month return-6.2%-14.4%6th highest of 21
Distance from 52-week high-16.1%-23.6%6th highest of 21
Revenue growth (TTM)+10.4%+1.2%7th highest of 21
Operating margin38.9%44.8%9th lowest of 21
Forward P/E20.5×15.2×5th most expensive of 17

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
TOKYU REIT 8957.TJapan$1.10B-6%+10%39%20.5×n/an/a
Growthpoint Properties Australia GOZ.AXAustralia$1.09B-2%0%70%11.6×n/an/a
National Healthcare Properties NHPUnited States$1.11B+8%-1%9%282.2×n/an/a
Medical Properties Trust MPTUnited States$1.08B-65%+11%58%n/an/an/a
Ladder Capital LADRUnited States$1.12B-13%+2%58%8.6×n/an/a
Easterly Government Properties DEAUnited States$1.06B-4%+11%24%44.1×n/an/a
NTT UD REIT Investment 8956.TJapan$1.06B-16%+14%29%33.1×n/an/a
Altareit AREIT.PAFrance$1.06B-9%-20%-2%n/an/an/a
Heiwa Real Estate REIT 8966.TJapan$1.06B-15%+24%45%15.8×n/an/a
Waypoint REIT WPR.AXAustralia$1.05B-2%-1%100%12.9×n/an/a
Storage King SKG.AXAustralia$1.05B-17%0%45%20.9×n/an/a
SK REIT 395400.KSSouth Korea$1.04B-30%+15%89%14.8×n/an/a
Japan Excellent 8987.TJapan$1.04B-13%-18%32%16.0×n/an/a
CapitaLand India Trust CY6U.SISingapore$1.03B-15%-2%43%9.4×n/an/a
Fortune Real Estate Investment Trust 0778.HKHong Kong$1.19B-11%-9%64%15.7×n/an/a
Cpi Fim OPG.WAPoland$1.00B-16%-35%62%n/an/an/a
Daiwa Securities Living Investment 8986.TJapan$1.22B-25%+42%29%14.3×n/an/a
Mitsui Fudosan Retail Fund Investment 8964.TJapan$1.23B-16%-6%53%14.1×n/an/a
Hulic Reit 3295.TJapan$1.23B-17%+5%38%17.6×n/an/a
Piedmont Realty Trust PDMUnited States$1.23B+18%+3%14%n/an/an/a
Ho Bee Land H13.SISingapore$978M-13%+5%52%11.4×n/an/a

Questions

Who are TOKYU REIT's main competitors?
Named competitors: Activia Properties (3279.T), Hulic REIT (3295.T), Japan Metropolitan Fund (8953.T). The cockpit's measured peer set (industry) also includes Growthpoint Properties Australia (GOZ.AX), National Healthcare Properties (NHP), Medical Properties Trust (MPT), Ladder Capital (LADR), Easterly Government Properties (DEA), NTT UD REIT Investment (8956.T).
Is TOKYU REIT expensive compared with its peers?
On forward p/e it trades at 20.5× against a peer median of 15.2×, 5th most expensive of 17 in its peer set.
How has TOKYU REIT stock performed?
Over six months to 6 Nov 2026 the shares returned -6.2% against -14.4% for the median peer; over one year -9.3%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.