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Diversified J-REIT owning logistics, residential, office and retail assets developed by sponsor Daiwa House.
Diversified J-REIT owning logistics, residential, office and retail assets developed by sponsor Daiwa House.
Collects rent from logistics centres, rental housing, offices and shops and pays out nearly all profit to unitholders, as Japanese REIT tax rules reward doing so. Formed in 2016 by merging two Daiwa House-sponsored REITs, one in housing and one in offices, which is why it spans both.
In one line: A diversified REIT fed by one of Japan's largest homebuilders.
Moat: narrow (regulatory licence, distribution). Sponsor Daiwa House Industry's nationwide development pipeline feeds acquisitions.
Headquarters: Tokyo, Japan · Founded: 2005
Size Daiwa House REIT Investment (8984.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $3.15B, the 349th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥109,300 on 6 Nov 2026.
Performance Over six months the shares fell 13.0%, against -1.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 8.8% over the last twelve months (peer median +5.5%); the operating margin is 39.7% (peer median 49.0%).
Valuation It trades at 20.5× forward earnings against a peer median of 18.3× (7th most expensive of 20).
Next results Next results expected around 20 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥71.8B | ¥71.8B | ¥78.7B | ¥61.9B | ¥59.4B |
| Revenue growth | — | -9% | +27% | +4% | — |
| Gross profit | ¥29.7B | ¥29.7B | ¥33.2B | ¥28.3B | ¥26.8B |
| EBITDA | ¥43.5B | ¥43.5B | ¥46.9B | ¥42.6B | ¥40.8B |
| Net income | ¥24.4B | ¥24.4B | ¥28.2B | ¥20.4B | ¥22.3B |
| Free cash flow | ¥38.5B | ¥38.5B | ¥47.4B | ¥8.83B | ¥31.1B |
| Capital expenditure | ¥16.8B | ¥16.8B | ¥7.80B | ¥42.2B | ¥6.30B |
| Total debt | n/a | ¥408B | ¥411B | ¥421B | ¥408B |
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 |
|---|---|---|---|---|---|---|
| Daiwa House REIT Investment 8984.T | $3.15B | -13% | -9% | 40% | 20.5× | n/a |
| Nomura Real Estate Master Fund 3462.T | $3.66B | -23% | -18% | 36% | 20.5× | n/a |
| Sekisui House Reit 3309.T | $1.78B | -23% | +5% | 20% | 13.9× | n/a |
| Mitsui Fudosan Logistics Park 3471.T | $2.00B | -13% | +156% | 28% | 23.1× | n/a |
| Japan Metropolitan Fund Investment 8953.T | $4.87B | -8% | 0% | 41% | 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 | 8984.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.4% | +3.8% | 6th lowest of 21 |
| 6-month return | -13.0% | -1.9% | 4th lowest of 21 |
| Distance from 52-week high | -24.5% | -11.3% | 2nd lowest of 21 |
| Revenue growth (TTM) | -8.8% | +5.5% | lowest of 21 |
| Operating margin | 39.7% | 49.0% | 7th lowest of 21 |
| Forward P/E | 20.5× | 18.3× | 7th most expensive of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Daiwa House REIT Investment 8984.T | Japan | $3.15B | -13% | -9% | 40% | 20.5× | n/a | n/a |
| Japan Hotel Reit Investment 8985.T | Japan | $3.14B | +7% | +15% | 67% | 9.4× | n/a | n/a |
| Park Hotels & Resorts PK | United States | $3.17B | +39% | -1% | 12% | 29.1× | n/a | n/a |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 56% | 19.4× | n/a | n/a |
| CT Real Estate Investment Trust CRT-UN.TO | Canada | $3.11B | +3% | +5% | 75% | 12.0× | n/a | n/a |
| ORIX JREIT 8954.T | Japan | $3.06B | -12% | +35% | 51% | 18.1× | n/a | n/a |
| United Urban Investment 8960.T | Japan | $3.04B | -15% | -2% | 36% | 16.7× | n/a | n/a |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 49% | 19.2× | n/a | n/a |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 48% | 26.1× | n/a | n/a |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 52% | 32.6× | n/a | n/a |
| Invincible Investment 8963.T | Japan | $2.94B | -1% | +10% | 57% | 15.3× | n/a | n/a |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 81% | 13.1× | n/a | n/a |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 62% | 17.1× | n/a | n/a |
| DiamondRock Hospitality DRH | United States | $2.88B | +30% | +2% | 17% | 21.5× | n/a | n/a |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | 61% | n/a | n/a | n/a |
| Derwent London DLN.L | United Kingdom | $2.87B | +15% | +45% | 40% | 20.0× | n/a | n/a |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 39% | 16.3× | n/a | n/a |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 26% | 44.5× | n/a | n/a |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 45% | 20.6× | n/a | n/a |
| Hammerson HMSO.L | United Kingdom | $2.80B | +13% | +92% | 49% | 15.2× | n/a | n/a |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 49% | 18.3× | n/a | n/a |