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Japanese (NIKKEI) Office REITs Industry Analysis

UpdatedApr 27, 2026
DataAggregated Company Financials
Companies13
  • 7D-1.1%
  • 3M-5.9%
  • 1Y6.7%
  • YTD-7.0%

Over the last 7 days, the Office REITs industry has dropped 1.1%, driven by Nippon Building Fund declining 1.6%. Over the past 12 months, the industry was up 6.7%. As for the next few years, earnings are forecast to decline by 1.6% per annum.

Industry Valuation and Performance

Has the Japanese Office REITs Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 27 Apr 2026JP¥4.5tJP¥453.8bJP¥208.9b20.4x21.5x9.9x
Wed, 25 Mar 2026JP¥4.6tJP¥448.6bJP¥205.7b21.3x22.1x10.1x
Fri, 20 Feb 2026JP¥4.6tJP¥424.5bJP¥191.9b23.1x23.9x10.8x
Sun, 18 Jan 2026JP¥4.7tJP¥425.1bJP¥194.3b23.7x24.3x11.1x
Tue, 16 Dec 2025JP¥4.6tJP¥417.0bJP¥190.9b23.1x24x11x
Thu, 13 Nov 2025JP¥4.6tJP¥416.9bJP¥190.1b23.3x24.4x11.1x
Sat, 11 Oct 2025JP¥4.4tJP¥413.9bJP¥188.5b22.3x23.4x10.6x
Mon, 08 Sep 2025JP¥4.3tJP¥396.3bJP¥179.2b23.5x23.8x10.8x
Wed, 06 Aug 2025JP¥4.2tJP¥391.9bJP¥174.7b24.2x24.2x10.8x
Fri, 04 Jul 2025JP¥4.0tJP¥391.9bJP¥174.7b22.7x22.9x10.2x
Sun, 01 Jun 2025JP¥3.9tJP¥392.6bJP¥173.1b21.4x22.4x9.9x
Tue, 29 Apr 2025JP¥3.8tJP¥390.8bJP¥172.4b21.5x22.3x9.8x
Thu, 27 Mar 2025JP¥3.8tJP¥359.5bJP¥158.5b20.9x23.8x10.5x
Sat, 22 Feb 2025JP¥3.7tJP¥393.1bJP¥173.2b20.5x21.2x9.4x
Mon, 20 Jan 2025JP¥3.5tJP¥392.7bJP¥170.2b19.2x20.6x8.9x
Wed, 18 Dec 2024JP¥3.6tJP¥392.7bJP¥170.2b18.6x20.9x9.1x
Fri, 15 Nov 2024JP¥3.6tJP¥387.3bJP¥168.9b18.9x21.6x9.4x
Sun, 13 Oct 2024JP¥3.8tJP¥403.7bJP¥169.6b19.4x22.4x9.4x
Tue, 10 Sep 2024JP¥3.9tJP¥400.5bJP¥165.7b19.5x23.3x9.6x
Thu, 08 Aug 2024JP¥3.6tJP¥403.4bJP¥166.0b19.6x21.5x8.9x
Sat, 06 Jul 2024JP¥3.5tJP¥404.7bJP¥166.6b19.9x21.2x8.7x
Mon, 03 Jun 2024JP¥3.6tJP¥403.9bJP¥170.0b19.9x21.2x8.9x
Wed, 01 May 2024JP¥3.7tJP¥399.3bJP¥167.1b20.7x22.3x9.3x
Fri, 29 Mar 2024JP¥3.7tJP¥390.9bJP¥163.5b21x22.9x9.6x
Sun, 25 Feb 2024JP¥3.6tJP¥391.3bJP¥163.1b20.3x22.3x9.3x
Tue, 23 Jan 2024JP¥3.9tJP¥392.6bJP¥165.2b21.5x23.6x9.9x
Thu, 21 Dec 2023JP¥3.9tJP¥393.8bJP¥164.2b21.7x23.5x9.8x
Sat, 18 Nov 2023JP¥4.6tJP¥428.6bJP¥181.3b21.7x25.2x10.6x
Mon, 16 Oct 2023JP¥4.2tJP¥424.5bJP¥184.9b21.5x22.5x9.8x
Wed, 13 Sep 2023JP¥4.3tJP¥424.6bJP¥184.9b21.9x23.1x10.1x
Fri, 11 Aug 2023JP¥4.3tJP¥428.6bJP¥191.8b21.6x22.2x9.9x
Sun, 09 Jul 2023JP¥4.1tJP¥427.4bJP¥192.9b20.8x21.2x9.6x
Tue, 06 Jun 2023JP¥4.0tJP¥419.0bJP¥184.8b20.5x21.5x9.5x
Thu, 04 May 2023JP¥4.2tJP¥429.2bJP¥192.0b20.6x22x9.8x
Price to Earnings Ratio

22x


Total Market Cap: JP¥4.2tTotal Earnings: JP¥192.0bTotal Revenue: JP¥429.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Japanese Office REITs Industry Price to Earnings3Y Average 22.6x202420252026
Current Industry PE
  • Investors are relatively neutral on the Japanese Office REITs industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 22.6x.
  • The industry is trading close to its 3-year average PS ratio of 9.9x.
Past Earnings Growth
  • The earnings for companies in the Office REITs industry have grown 2.9% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Japanese Real Estate industry?

JP Market-0.95%
Real Estate-1.28%
Office REITs-1.11%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
8952 Japan Real Estate InvestmentJP¥120.30k-1.1%
JP¥10.1b		6.1%PB1.6x
8975 Ichigo Office REIT InvestmentJP¥93.90k0.1%
+JP¥152.8m		12.5%PB1.4x

Latest News

8951
JP¥132,700.00
Nippon Building Fund
7D
-2.9%
1Y
-0.2%

8951: Stable Fair Value And 2026 Distributions Will Support Upside Outlook

Analysts have maintained their price target for Nippon Building Fund at ¥150,250 while slightly adjusting key model inputs, including a modestly higher discount rate and a small change in assumed future P/E. These revisions reflect updated views on risk and valuation assumptions rather than a shift in the headline target.
8954
JP¥99,100.00
ORIX JREIT
7D
-1.9%
1Y
12.0%
8975
JP¥93,900.00
Ichigo Office REIT Investment
7D
0.1%
1Y
12.5%
3234
JP¥135,300.00
Mori Hills REIT Investment
7D
-0.6%
1Y
3.3%
8957
JP¥194,200.00
Tokyu REIT
7D
-2.2%
1Y
9.0%
8952
JP¥120,300.00
Japan Real Estate Investment
7D
-1.1%
1Y
6.1%

8952: New Acquisitions And Dividend Guidance Will Support Future Returns

Analysts have nudged their price target slightly higher, with fair value moving from ¥137,344 to ¥137,567, as updated assumptions reflect revenue growth of 1.31%, a profit margin of 44.31% and a projected P/E of 28.74x for Japan real estate investments. What's in the News Revised earnings guidance for the six months ending September 30, 2026, with expected operating revenues of ¥43,580 million, operating profit of ¥21,410 million and net profit of ¥19,110 million, compared with prior guidance of ¥41,150 million, ¥19,340 million and ¥17,800 million, respectively.
8958
JP¥121,100.00
Global One Real Estate Investment
7D
-0.9%
1Y
2.1%
3296
JP¥90,600.00
NIPPON REIT Investment
7D
-0.5%
1Y
8.4%
8955
JP¥99,300.00
Japan Prime Realty Investment
7D
-1.2%
1Y
13.0%
8976
JP¥335,500.00
Daiwa Office Investment
7D
-1.9%
1Y
10.5%