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Diversified J-REIT holding office, hotel and retail properties, sponsored by developer Mori Trust.
Diversified J-REIT holding office, hotel and retail properties, sponsored by developer Mori Trust.
Collects rent from office, retail and hotel properties and, like most J-REITs, pays out nearly all its profit to unitholders (investors). Hotels are typically leased to operators on terms that include a variable rent tied to hotel performance, so they swing with travel demand.
In one line: A diversified office-hotel REIT sponsored by a mid-size Tokyo developer.
Moat: narrow (regulatory licence, distribution). Sponsor Mori Trust's development pipeline feeds diversified property acquisitions.
Headquarters: Tokyo, Japan · Founded: 2001
Size MORI TRUST REIT.Inc (8961.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $1.48B, the 581st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥65,600 on 6 Nov 2026.
Performance Over six months the shares fell 13.3%, against -5.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue fell 13.5% over the last twelve months (peer median +4.2%); the operating margin is 64.0% (peer median 49.1%).
Valuation It trades at 18.0× forward earnings against a peer median of 16.1× (6th most expensive of 16).
Next results Next results expected around 26 May 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥23.4B | ¥23.4B | ¥27.1B | ¥33.3B | ¥33.6B |
| Revenue growth | — | -14% | -19% | -1% | — |
| Gross profit | ¥15.2B | ¥15.2B | ¥15.4B | ¥15.8B | ¥13.0B |
| EBITDA | ¥17.0B | ¥17.0B | ¥17.1B | ¥17.5B | ¥14.7B |
| Net income | ¥13.1B | ¥13.1B | ¥13.5B | ¥14.0B | ¥11.8B |
| Free cash flow | ¥13.6B | ¥13.6B | ¥16.4B | ¥20.3B | -¥11.2B |
| Capital expenditure | ¥1.47B | ¥1.47B | ¥2.46B | ¥5.93B | ¥35.1B |
| Total debt | n/a | ¥220B | ¥220B | ¥226B | ¥224B |
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 | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MORI TRUST REIT.Inc 8961.T | $1.48B | -13% | -14% | 64% | 18.0× | n/a |
| Japan Metropolitan Fund Investment 8953.T | $4.87B | -8% | 0% | 41% | 18.9× | n/a |
| United Urban Investment 8960.T | $3.04B | -15% | -2% | 36% | 16.7× | n/a |
| ORIX JREIT 8954.T | $3.06B | -12% | +35% | 51% | 18.1× | n/a |
| Mori Hills Reit Investment 3234.T | $1.36B | -14% | -1% | 54% | 18.9× | n/a |
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 | 8961.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.8% | +0.5% | 9th lowest of 21 |
| 6-month return | -13.3% | -5.5% | 6th lowest of 20 |
| Distance from 52-week high | -19.9% | -16.3% | 9th lowest of 21 |
| Revenue growth (TTM) | -13.5% | +4.2% | 3rd lowest of 19 |
| Operating margin | 64.0% | 49.1% | 6th highest of 19 |
| Forward P/E | 18.0× | 16.1× | 6th most expensive of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MORI TRUST REIT.Inc 8961.T | Japan | $1.48B | -13% | -14% | 64% | 18.0× | n/a | n/a |
| Ingenia Communities INA.AX | Australia | $1.48B | +36% | +8% | 29% | 14.4× | n/a | n/a |
| OUE Real Estate Investment Trust TS0U.SI | Singapore | $1.50B | -5% | +7% | 73% | 16.2× | n/a | n/a |
| CBL & Associates Properties CBL | United States | $1.46B | 0% | +9% | 28% | 14.6× | n/a | n/a |
| Empire State Realty OP LP Series ES ESBA | United States | $1.46B | -6% | +2% | 16% | n/a | n/a | n/a |
| Killam Apartment REIT KMP-UN.TO | Canada | $1.51B | -3% | +5% | 63% | 11.0× | n/a | n/a |
| Ellington Financial EFC | United States | $1.45B | -17% | +30% | 81% | 5.9× | n/a | n/a |
| Innovative Industrial Properties IIPR | United States | $1.51B | -4% | -4% | 47% | 13.4× | n/a | n/a |
| Centurion Accommodation REIT 8C8U.SI | Singapore | $1.45B | -3% | -69% | 51% | 20.9× | n/a | n/a |
| LaSalle LOGIPORT REIT 3466.T | Japan | $1.45B | -10% | +71% | 28% | 17.3× | n/a | n/a |
| Emperador Properties SOCIMI YEPSA.MC | Spain | $1.44B | +14% | +7% | 46% | n/a | n/a | n/a |
| Japan Logistics Fund 8967.T | Japan | $1.52B | -8% | +3% | 53% | 21.0× | n/a | n/a |
| Lendlease Global Commercial REIT JYEU.SI | Singapore | $1.44B | -3% | +4% | 67% | 16.1× | n/a | n/a |
| Supermarket Income REIT SUPR.L | United Kingdom | $1.54B | +4% | -7% | 81% | 13.3× | n/a | n/a |
| CNAMC China Resources Commercial Asset Closed Infrastructure Real Estate Investment Trust 180601.SZ | China | $1.41B | -6% | n/a | n/a | 24.8× | n/a | n/a |
| Global Net Lease GNL | United States | $1.58B | -26% | -30% | 35% | n/a | n/a | n/a |
| Charter Hall Retail REIT CQR.AX | Australia | $1.59B | +6% | +31% | 73% | 14.3× | n/a | n/a |
| Mori Hills Reit Investment 3234.T | Japan | $1.36B | -14% | -1% | 54% | 18.9× | n/a | n/a |
| AEON REIT Investment 3292.T | Japan | $1.36B | -19% | +1% | 35% | n/a | n/a | n/a |
| Blackstone Digital Infrastructure Trust BXDC | United States | $1.61B | n/a | n/a | n/a | 34.9× | n/a | n/a |
| Comforia Residential REIT 3282.T | Japan | $1.36B | -20% | +17% | 41% | n/a | n/a | n/a |