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Diversified J-REIT owning office and retail buildings, sponsored by Heiwa Real Estate, a smaller Tokyo developer.
Diversified J-REIT owning office and retail buildings, sponsored by Heiwa Real Estate, a smaller Tokyo developer.
In one line: A small diversified Tokyo office-retail REIT.
Moat: narrow (regulatory licence). Small scale limits acquisition competitiveness versus larger sponsor-backed J-REITs.
Headquarters: Tokyo, Japan
Size Heiwa Real Estate REIT (8966.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $1.06B, the 709th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥124,200 on 6 Nov 2026.
Performance Over six months the shares fell 15.4%, against -14.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 24.2% over the last twelve months (peer median +1.2%); the operating margin is 44.6% (peer median 45.6%).
Valuation It trades at 1.15× book value against a peer median of 0.80× (5th most expensive of 21).
Price implies The share price implies a return on equity of about 5.5%; Heiwa Real Estate REIT delivers 8.4%, so the price asks less than the business earns today.
Next results Next results expected around 21 Jul 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥28.2B | ¥25.8B | ¥20.6B | ¥18.5B | ¥19.8B |
| Revenue growth | — | +25% | +12% | -7% | — |
| Gross profit | ¥13.3B | ¥12.4B | ¥9.69B | ¥8.99B | ¥8.10B |
| EBITDA | ¥14.9B | ¥13.7B | ¥11.3B | ¥10.5B | ¥9.56B |
| Net income | ¥10.9B | ¥10.1B | ¥8.04B | ¥7.55B | ¥6.76B |
| Free cash flow | -¥5.53B | -¥8.63B | ¥458M | -¥5.90B | -¥9.65B |
| Capital expenditure | ¥27.0B | ¥26.8B | ¥14.2B | ¥19.3B | ¥25.4B |
| Total debt | n/a | ¥128B | ¥114B | ¥113B | ¥99.6B |
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 |
|---|---|---|---|---|---|---|
| Heiwa Real Estate REIT 8966.T | $1.06B | -15% | +24% | 8% | 1.15× | 5.5% |
| Japan Prime Realty Investment 8955.T | $2.37B | -7% | -13% | 7% | 1.31× | 5.2% |
| Japan Excellent 8987.T | $1.04B | -13% | -18% | 6% | 1.09× | 4.6% |
| TOKYU REIT 8957.T | $1.10B | -6% | +10% | 9% | 1.37× | 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 | 8966.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.6% | -1.6% | 10th highest of 21 |
| 6-month return | -15.4% | -14.3% | 8th lowest of 21 |
| Return on equity | 8.4% | 6.0% | 5th highest of 20 |
| Price / book | 1.15× | 0.80× | 5th most expensive of 21 |
| Trailing P/E | 14.3× | 12.5× | 9th most expensive of 18 |
| ROE the price implies | 5.5% | 6.0% | 10th least demanding of 21 |
| ROE delivered | 8.4% | 6.0% | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Heiwa Real Estate REIT 8966.T | Japan | $1.06B | -15% | +24% | 8% | 1.15× | 5.5% | 8.4% |
| Altareit AREIT.PA | France | $1.06B | -9% | -20% | -5% | 1.38× | 7.7% | -5.4% |
| Waypoint REIT WPR.AX | Australia | $1.05B | -2% | -1% | 7% | 0.80× | 8.8% | 6.8% |
| NTT UD REIT Investment 8956.T | Japan | $1.06B | -16% | +14% | 6% | 1.15× | 4.8% | 6.1% |
| Easterly Government Properties DEA | United States | $1.06B | -4% | +11% | 1% | 0.82× | 8.6% | 1.0% |
| Storage King SKG.AX | Australia | $1.05B | -17% | 0% | 7% | 0.64× | 7.8% | 6.5% |
| SK REIT 395400.KS | South Korea | $1.04B | -30% | +15% | 6% | 0.73× | 4.8% | 5.7% |
| Japan Excellent 8987.T | Japan | $1.04B | -13% | -18% | 6% | 1.09× | 4.6% | 6.0% |
| Medical Properties Trust MPT | United States | $1.08B | -65% | +11% | 5% | 0.23× | 5.2% | 5.3% |
| CapitaLand India Trust CY6U.SI | Singapore | $1.03B | -15% | -2% | 16% | 0.71× | 5.0% | 15.7% |
| Growthpoint Properties Australia GOZ.AX | Australia | $1.09B | -2% | 0% | 4% | 0.69× | 8.7% | 3.9% |
| TOKYU REIT 8957.T | Japan | $1.10B | -6% | +10% | 9% | 1.37× | 5.2% | 8.6% |
| National Healthcare Properties NHP | United States | $1.11B | +8% | -1% | -5% | 1.05× | 16.3% | -5.3% |
| Cpi Fim OPG.WA | Poland | $1.00B | -16% | -35% | 11% | 0.58× | 5.9% | 11.1% |
| Ladder Capital LADR | United States | $1.12B | -13% | +2% | 7% | 0.77× | 8.3% | 6.7% |
| Ho Bee Land H13.SI | Singapore | $978M | -13% | +5% | 3% | 0.33× | 2.6% | 2.7% |
| Centerspace CSR | United States | $963M | -15% | +15% | 12% | 1.21× | 10.3% | 11.7% |
| Wereldhave WHA.AS | Netherlands | $956M | -15% | +10% | 6% | 0.79× | 6.0% | 6.3% |
| Ntt Dc REIT NTDU.SI | Singapore | $955M | -9% | -8% | n/a | 0.80× | 3.1% | n/a |
| Orchid Island Capital ORC | United States | $953M | -30% | +83% | -1% | 0.82× | 11.3% | -0.6% |
| Mitsubishi Estate Logistics REIT Investment 3481.T | Japan | $952M | -17% | -4% | 5% | 0.96× | 4.4% | 5.2% |