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← CockpitCompetitor Analysis › 8976.T Daiwa Office Investment CorporationOpen in the cockpit ↗

Daiwa Office Investment Corporation8976.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Investment Trusts

Office-only J-REIT owning Tokyo buildings, sponsored by Daiwa Real Estate Asset Management.

≈ A pure Tokyo office REIT tied to Daiwa Securities GroupMomentum weak 33
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$1.74B
US dollars, full cap
Free float
57%
of shares outstanding
$/day
$3.00M
20-day average traded
Fwd P/E
19.2×
forward earnings
ROIC−WACC
n/a
WACC 5.0%
Hurdle
n/a
no reverse DCF
Next earnings
76 days
21 Jan 2027
Close · JPY¥293,900
1D-2.4%
1W+1.0%
1M+0.3%
3M-12.1%
6M-11.9%
YTD-21.5%
1Y-21.2%
ATR %1.6%
52w lowhigh24.8% off high

What Daiwa Office Investment does

Office-only J-REIT owning Tokyo buildings, sponsored by Daiwa Real Estate Asset Management.

Collects rent from office tenants, mainly in Tokyo, and pays most of its earnings out to unit holders, as the J-REIT tax rules encourage. It has no staff of its own; the sponsor's asset-management arm runs the portfolio for a fee.

In one line: A pure Tokyo office REIT tied to Daiwa Securities Group.

Products and services

  • Office buildings (mainly Tokyo)

Customers

  • Corporate office tenants
  • Unitholders

Where it sits in the supply chain

  • Real estate
  • J-REIT
  • Office

What could go right

  • Tokyo Grade-A office demand

What could go wrong

  • Remote-work pressure on office demand
  • Interest-rate sensitivity

Moat: narrow (regulatory licence, scale). Sponsor Daiwa Securities Group's network sources Tokyo office acquisitions.

Headquarters: Tokyo, Japan · Founded: 2005

Named competitors

Daiwa Office Investment at a glance

Size Daiwa Office Investment (8976.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $1.74B, the 524th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥293,900 on 6 Nov 2026.

Performance Over six months the shares fell 11.9%, against -10.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 20 in its peer set.

Growth Revenue grew 23.6% over the last twelve months (peer median +3.8%); the operating margin is 44.3% (peer median 47.0%).

Valuation It trades at 19.2× forward earnings against a peer median of 14.4× (7th most expensive of 18).

Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).

Relative performance

9010011 May 202611 Aug 20266 Nov 2026Peer median 898976.T 88
Six months, rebased to 100: Daiwa Office Investment against the median of its 20 peers (local-currency closes).

Daiwa Office Investment financials

Reported figures in JPY; fiscal year ends 2025-11-30. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue¥40.1B¥37.5B¥28.8B¥34.5B¥35.7B
Revenue growth—+30%-17%-3%—
Gross profit¥19.4B¥18.0B¥15.2B¥15.1B¥15.4B
EBITDA¥21.6B¥20.3B¥18.6B¥18.0B¥18.6B
Net income¥15.4B¥14.4B¥13.4B¥13.3B¥14.0B
Free cash flow-¥5.90B¥22.0B¥7.67B¥18.5B¥10.1B
Capital expenditure¥30.4B¥2.35B¥11.4B¥4.06B¥14.5B
Total debtn/a¥218B¥219B¥208B¥206B

Quarterly statements and history in the cockpit →

Daiwa Office Investment 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

-40%-20%0%+20%+40%-10%0%+10%3226ECMPAHDN3309CLWDEIDHC2778SAFEBXMTARRRGNGPECQRGNLRLJ8976.T6-month return →1-month return →
Up and to the right = strong over both horizons. Daiwa Office Investment is the large dot.

Fundamentals: revenue growth against valuation

-150%-100%-50%0%+50%0×250×500×750×3226ECMPACLW2778ARRRGNRLJ8976.TRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Daiwa Office Investment is the large dot.

Daiwa Office Investment competitors and peer comparison

Head to head with its named competitors (8976.T vs 8972.T vs 8987.T vs 3234.T)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Daiwa Office Investment 8976.T$1.74B-12%+24%44%19.2×n/a
KDX Realty Investment 8972.T$3.47B-16%+3%39%16.3×n/a
Japan Excellent 8987.T$1.04B-13%-18%32%16.0×n/a
Mori Hills Reit Investment 3234.T$1.36B-14%-1%54%18.9×n/a
Japan Prime Realty Investment 8955.T$2.37B-7%-13%39%21.2×n/a

How Daiwa Office Investment 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.

Daiwa Office Investment against its 20 peers (data as of 6 Nov 2026)
Measure8976.TPeer medianRank in peer set
1-month return+0.3%+2.5%8th lowest of 21
6-month return-11.9%-10.4%10th lowest of 20
Distance from 52-week high-24.8%-20.4%8th lowest of 21
Revenue growth (TTM)+23.6%+3.8%5th highest of 20
Operating margin44.3%47.0%8th lowest of 19
Forward P/E19.2×14.4×7th most expensive of 18

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
Daiwa Office Investment 8976.TJapan$1.74B-12%+24%44%19.2×n/an/a
Mitsui Fudosan Accommodations Fund 3226.TJapan$1.75B-16%+18%47%21.6×n/an/a
Eurocommercial Properties ECMPA.ASNetherlands$1.72B-7%+1%75%10.3×n/an/a
HomeCo Daily Needs REIT HDN.AXAustralia$1.71B-2%+4%75%13.3×n/an/a
Sekisui House Reit 3309.TJapan$1.78B-23%+5%20%13.9×n/an/a
Charter Hall Long WALE REIT CLW.AXAustralia$1.78B+4%+40%56%14.0×n/an/a
Douglas Emmett DEIUnited States$1.70B-18%+2%19%n/an/an/a
Diversified Healthcare Trust DHCUnited States$1.70B-17%-4%-1%n/an/an/a
Champion Real Estate Investment Trust 2778.HKHong Kong$1.80B-8%-8%61%19.7×n/an/a
H&R Real Estate Investment Trust HR-UN.TOCanada$1.80B-10%-6%60%17.0×n/an/a
Safestore SAFE.LUnited Kingdom$1.67B-13%+7%55%14.1×n/an/a
Blackstone Mortgage Trust BXMTUnited States$1.85B-42%-2%36%9.2×n/an/a
ARMOUR Residential REIT ARRUnited States$1.87B-29%-140%n/a4.5×n/an/a
Blackstone Digital Infrastructure Trust BXDCUnited States$1.61Bn/an/an/a34.9×n/an/a
Region RGN.AXAustralia$1.89B+6%+30%45%14.4×n/an/a
Great Portland Estates GPE.LUnited Kingdom$1.90B+17%+24%21%34.7×n/an/a
Activia Properties 3279.TJapan$1.90B-10%+24%47%18.1×n/an/a
Charter Hall Retail REIT CQR.AXAustralia$1.59B+6%+31%73%14.3×n/an/a
Global Net Lease GNLUnited States$1.58B-26%-30%35%n/an/an/a
Getty Realty GTYUnited States$1.92B-14%+11%59%20.1×n/an/a
RLJ Lodging Trust RLJUnited States$1.92B+40%+1%10%700.2×n/an/a

Questions

Who are Daiwa Office Investment's main competitors?
Named competitors: KDX Realty Investment Corp (8972.T), Japan Excellent (8987.T), Mori Hills REIT (3234.T), Japan Prime Realty (8955.T). The cockpit's measured peer set (industry) also includes Mitsui Fudosan Accommodations Fund (3226.T), Eurocommercial Properties (ECMPA.AS), HomeCo Daily Needs REIT (HDN.AX), Sekisui House Reit (3309.T), Charter Hall Long WALE REIT (CLW.AX), Douglas Emmett (DEI).
Is Daiwa Office Investment expensive compared with its peers?
On forward p/e it trades at 19.2× against a peer median of 14.4×, 7th most expensive of 18 in its peer set.
How has Daiwa Office Investment stock performed?
Over six months to 6 Nov 2026 the shares returned -11.9% against -10.4% for the median peer; over one year -21.2%.

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.