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Retail-only J-REIT owning shopping centers and stores developed by sponsor Mitsui Fudosan.
Retail-only J-REIT owning shopping centers and stores developed by sponsor Mitsui Fudosan.
Earns rent from retail tenants in shopping centres it acquires from sponsor Mitsui Fudosan or others, and pays most income out to unitholders as a J-REIT. An external manager affiliated with the sponsor runs the trust for fees.
In one line: A standalone-retail REIT fed by a major Japanese mall developer.
Moat: narrow (regulatory licence, distribution). Sponsor Mitsui Fudosan's retail development pipeline feeds acquisitions.
Headquarters: Tokyo, Japan · Founded: 2001 · Employees: 23
Size Mitsui Fudosan Retail Fund Investment (8964.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $1.23B, the 651st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥71,500 on 6 Nov 2026.
Performance Over six months the shares fell 16.5%, against -8.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 5.6% over the last twelve months (peer median +4.8%); the operating margin is 53.4% (peer median 37.5%).
Valuation It trades at 1.10× book value against a peer median of 0.99× (8th most expensive of 21).
Price implies The share price implies a return on equity of about 4.6%; Mitsui Fudosan Retail Fund Investment delivers 6.8%, so the price asks less than the business earns today.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥24.4B | ¥23.8B | ¥28.0B | ¥29.1B | ¥25.8B |
| Revenue growth | — | -15% | -4% | +13% | — |
| Gross profit | ¥13.4B | ¥13.0B | ¥14.1B | ¥12.7B | ¥13.0B |
| EBITDA | ¥17.3B | ¥16.7B | ¥17.6B | ¥16.2B | ¥16.6B |
| Net income | ¥11.9B | ¥11.8B | ¥12.9B | ¥11.8B | ¥12.1B |
| Free cash flow | -¥7.32B | ¥4.19B | ¥14.2B | ¥5.37B | ¥18.6B |
| Capital expenditure | ¥23.5B | ¥12.2B | ¥6.91B | ¥15.8B | ¥637M |
| Total debt | n/a | ¥138B | ¥128B | ¥130B | ¥123B |
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 |
|---|---|---|---|---|---|---|
| Mitsui Fudosan Retail Fund Investment 8964.T | $1.23B | -16% | -6% | 7% | 1.10× | 4.6% |
| AEON REIT Investment 3292.T | $1.36B | -19% | +1% | 5% | 0.89× | 4.1% |
| Japan Metropolitan Fund Investment 8953.T | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% |
| United Urban Investment 8960.T | $3.04B | -15% | -2% | 7% | 1.25× | 4.9% |
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 | 8964.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.9% | -0.4% | 9th lowest of 21 |
| 6-month return | -16.5% | -8.6% | 6th lowest of 21 |
| Return on equity | 6.8% | 5.3% | 4th highest of 20 |
| Price / book | 1.10× | 0.99× | 8th most expensive of 21 |
| Trailing P/E | 16.3× | 17.1× | 7th cheapest of 17 |
| ROE the price implies | 4.6% | 5.5% | 5th least demanding of 21 |
| ROE delivered | 6.8% | 5.3% | 4th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Mitsui Fudosan Retail Fund Investment 8964.T | Japan | $1.23B | -16% | -6% | 7% | 1.10× | 4.6% | 6.8% |
| Daiwa Securities Living Investment 8986.T | Japan | $1.22B | -25% | +42% | 7% | 1.02× | 5.4% | 7.1% |
| Hulic Reit 3295.T | Japan | $1.23B | -17% | +5% | 6% | 0.96× | 4.6% | 5.9% |
| Piedmont Realty Trust PDM | United States | $1.23B | +18% | +3% | -6% | 0.85× | 10.5% | -5.9% |
| Fortune Real Estate Investment Trust 0778.HK | Hong Kong | $1.19B | -11% | -9% | 0% | 0.37× | 4.5% | -0.3% |
| UMH Properties UMH | United States | $1.28B | -6% | +9% | 3% | 2.37× | 18.9% | 2.8% |
| Centuria Industrial REIT CIP.AX | Australia | $1.28B | +1% | +6% | 6% | 0.74× | 9.5% | 6.4% |
| Alexander's ALX | United States | $1.29B | +3% | +8% | 107% | 5.67× | 34.9% | 107.4% |
| American Assets Trust AAT | United States | $1.32B | +2% | -8% | 2% | 1.19× | 11.1% | 1.9% |
| Esr-reit 9A4U.SI | Singapore | $1.33B | -14% | +5% | 1% | 0.84× | 5.5% | 0.8% |
| Ladder Capital LADR | United States | $1.12B | -13% | +2% | 7% | 0.77× | 8.3% | 6.7% |
| National Healthcare Properties NHP | United States | $1.11B | +8% | -1% | -5% | 1.05× | 16.3% | -5.3% |
| Comforia Residential REIT 3282.T | Japan | $1.36B | -20% | +17% | 6% | 1.27× | 5.1% | 6.3% |
| AEON REIT Investment 3292.T | Japan | $1.36B | -19% | +1% | 5% | 0.89× | 4.1% | 5.3% |
| Mori Hills Reit Investment 3234.T | Japan | $1.36B | -14% | -1% | 6% | 1.07× | 4.5% | 5.9% |
| TOKYU REIT 8957.T | Japan | $1.10B | -6% | +10% | 9% | 1.37× | 5.2% | 8.6% |
| Growthpoint Properties Australia GOZ.AX | Australia | $1.09B | -2% | 0% | 4% | 0.69× | 8.7% | 3.9% |
| Medical Properties Trust MPT | United States | $1.08B | -65% | +11% | 5% | 0.23× | 5.2% | 5.3% |
| CNAMC China Resources Commercial Asset Closed Infrastructure Real Estate Investment Trust 180601.SZ | China | $1.41B | -6% | n/a | n/a | 1.51× | 4.4% | n/a |
| Easterly Government Properties DEA | United States | $1.06B | -4% | +11% | 1% | 0.82× | 8.6% | 1.0% |
| NTT UD REIT Investment 8956.T | Japan | $1.06B | -16% | +14% | 6% | 1.15× | 4.8% | 6.1% |