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Diversified J-REIT holding retail, office and hotel properties nationwide, sponsored by trading house Marubeni.
Diversified J-REIT holding retail, office and hotel properties nationwide, sponsored by trading house Marubeni.
Collects rent under leases and pays out most of its profit, with hotel rents often partly tied to how the hotels perform, so hotels make it more cyclical than an office-only REIT. A management company affiliated with Marubeni runs it for fees.
In one line: A diversified mall-office-hotel REIT sponsored by a trading company.
Moat: narrow (regulatory licence, scale). Sponsor Marubeni's network and scale give access to diversified property deal flow nationwide.
Headquarters: Tokyo, Japan · Founded: 2001
Size United Urban Investment (8960.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $3.04B, the 364th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥149,600 on 6 Nov 2026.
Performance Over six months the shares fell 15.3%, against -4.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 1.6% over the last twelve months (peer median +5.1%); the operating margin is 36.1% (peer median 51.7%).
Valuation It trades at 1.25× book value against a peer median of 0.96× (5th most expensive of 21).
Price implies The share price implies a return on equity of about 4.9%; United Urban Investment delivers 7.2%, so the price asks less than the business earns today.
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥83.1B | ¥75.9B | ¥76.2B | ¥50.4B | ¥54.4B |
| Revenue growth | — | 0% | +51% | -7% | — |
| Gross profit | ¥31.3B | ¥28.0B | ¥27.2B | ¥23.0B | ¥22.1B |
| EBITDA | ¥37.8B | ¥34.6B | ¥34.1B | ¥30.4B | ¥29.4B |
| Net income | ¥26.9B | ¥24.1B | ¥23.8B | ¥20.3B | ¥19.3B |
| Free cash flow | -¥30.5B | -¥1.04B | -¥12.4B | ¥11.1B | ¥8.04B |
| Capital expenditure | ¥59.9B | ¥32.0B | ¥41.3B | ¥16.6B | ¥18.5B |
| Total debt | n/a | ¥330B | ¥329B | ¥320B | ¥313B |
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 |
|---|---|---|---|---|---|---|
| United Urban Investment 8960.T | $3.04B | -15% | -2% | 7% | 1.25× | 4.9% |
| Japan Metropolitan Fund Investment 8953.T | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% |
| ORIX JREIT 8954.T | $3.06B | -12% | +35% | 8% | 1.36× | 5.4% |
| Japan Prime Realty Investment 8955.T | $2.37B | -7% | -13% | 7% | 1.31× | 5.2% |
| MORI TRUST REIT.Inc 8961.T | $1.48B | -13% | -14% | 6% | 1.00× | 5.2% |
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 | 8960.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.5% | +3.8% | 5th lowest of 21 |
| 6-month return | -15.3% | -4.7% | 3rd lowest of 21 |
| Return on equity | 7.2% | 5.3% | 10th highest of 21 |
| Price / book | 1.25× | 0.96× | 5th most expensive of 21 |
| Trailing P/E | 17.4× | 16.5× | 8th most expensive of 19 |
| ROE the price implies | 4.9% | 6.5% | 6th least demanding of 21 |
| ROE delivered | 7.2% | 5.3% | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| United Urban Investment 8960.T | Japan | $3.04B | -15% | -2% | 7% | 1.25× | 4.9% | 7.2% |
| ORIX JREIT 8954.T | Japan | $3.06B | -12% | +35% | 8% | 1.36× | 5.4% | 8.3% |
| CT Real Estate Investment Trust CRT-UN.TO | Canada | $3.11B | +3% | +5% | 13% | 0.68× | 6.2% | 12.9% |
| Invincible Investment 8963.T | Japan | $2.94B | -1% | +10% | 9% | 1.31× | 6.2% | 8.9% |
| Japan Hotel Reit Investment 8985.T | Japan | $3.14B | +7% | +15% | 8% | 1.44× | 6.8% | 8.5% |
| Daiwa House REIT Investment 8984.T | Japan | $3.15B | -13% | -9% | 5% | 1.01× | 4.4% | 4.9% |
| Park Hotels & Resorts PK | United States | $3.17B | +39% | -1% | -5% | 1.03× | 12.1% | -5.0% |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 5% | 0.67× | 4.3% | 5.2% |
| DiamondRock Hospitality DRH | United States | $2.88B | +30% | +2% | 11% | 1.86× | 16.4% | 10.6% |
| Derwent London DLN.L | United Kingdom | $2.87B | +15% | +45% | 1% | 0.62× | 10.0% | 1.4% |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 8% | 0.67× | 4.6% | 8.5% |
| Hammerson HMSO.L | United Kingdom | $2.80B | +13% | +92% | 11% | 0.90× | 18.4% | 10.6% |
| Dynex Capital DX | United States | $2.77B | -20% | +142% | -2% | 0.98× | 9.6% | -2.0% |
| Frasers Logistics & Commercial Trust BUOU.SI | Singapore | $2.76B | -6% | 0% | 5% | 0.82× | 4.2% | 5.1% |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 5% | 1.17× | 10.7% | 5.0% |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% | 3.1% |
| Acadia Realty Trust AKR | United States | $2.74B | -9% | 0% | 2% | 1.17× | 11.8% | 1.6% |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 8% | 0.99× | 10.9% | 8.0% |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 8% | 0.92× | 3.4% | 7.9% |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% | -1.5% |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 5% | 0.87× | 4.9% | 5.4% |