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Mitsui Fudosan Retail Fund Investment Corporation logo

Mitsui Fudosan Retail Fund Investment Corporation

8964.T

JPXReal EstateREIT - Retail

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Latest quote

¥79,400

+¥400 · +0.51%

Aug 24, 3:30 PM JST

8964.T company overview

Regular session · JST · Market data may be delayed.

Company profile

Company website

Frontier Real Estate Investment Corporation was established pursuant to the Investment Trust. As the Investment Corporation Act of Japan (Act No. 198 of 1951, including subsequent amendments; the Investment Trust Act) by Mitsui Fudosan Frontier REIT Management Inc, (formerly Frontier REIT Management Inc. (the Asset Management Company) on May 12, 2004. The Investment Corporation's investment units were listed on the Real Estate Investment Trust (J-REIT) Market of the Tokyo Stock Exchange on August 9, 2004 (Securities Code: 8964). The Investment Corporation is a (REIT specializing in retail facilities) investing primarily in real estate properties (including real estate in trust) used as retail facilities in Japan with the aim of securing stable earnings over the medium to long term. As a result of steadily building up a track record in management over the 21 years since its establishment, as of June 30, 2025, the Investment Corporation managed a total of 42 real estate properties (total acquisition price: yen 375,738 million). Frontier Real Estate Investment Corporation was established on May 12, 2004 incorporated in Japan.

Industry
REIT - Retail
Sector
Real Estate
Headquarters
JP
CEO
Shigekazu Yokochi
Listed since
Sep 29, 2005
Employees
21

Market position

Volume
7.44K
1.02× average
Average volume
7.28K
Average daily volume
Market cap
214.78B JPY
Beta
0.12
Market reference 1

Financials

Financial snapshot

Latest / TTM

Valuation & yield

P/E (TTM)
18.05×
P/B (TTM)
1.22×
P/S (TTM)
8.78×
Dividend yield
5.56%

Profitability & efficiency

Gross margin
37.46%
Operating margin
53.43%
Net margin
48.66%

Financial health

Debt / equity
0.88×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends65%55%45%35%Gross margin, FY2021: 60.52%Gross margin, FY2022: 50.28%Gross margin, FY2023: 43.83%Gross margin, FY2024: 62.26%Gross margin, FY2025: 37.69%Operating margin, FY2021: 54.15%Operating margin, FY2022: 49.08%Operating margin, FY2023: 42.86%Operating margin, FY2024: 55.89%Operating margin, FY2025: 53.25%Net margin, FY2021: 51.57%Net margin, FY2022: 46.86%Net margin, FY2023: 40.75%Net margin, FY2024: 52.89%Net margin, FY2025: 49.48%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 60.52%. Gross margin FY2022 50.28%. Gross margin FY2023 43.83%. Gross margin FY2024 62.26%. Gross margin FY2025 37.69%. Operating margin FY2021 54.15%. Operating margin FY2022 49.08%. Operating margin FY2023 42.86%. Operating margin FY2024 55.89%. Operating margin FY2025 53.25%. Net margin FY2021 51.57%. Net margin FY2022 46.86%. Net margin FY2023 40.75%. Net margin FY2024 52.89%. Net margin FY2025 49.48%.

Income trends

Revenue

23.82B JPY-2.56%

Operating income

12.69B JPY-7.17%

Net income

11.79B JPY-8.84%
Income trends across reported periods30.84B JPY23.78B JPY16.72B JPY9.66B JPYRevenue, FY2021: 22.16B JPYRevenue, FY2022: 25.76B JPYRevenue, FY2023: 29.08B JPYRevenue, FY2024: 24.45B JPYRevenue, FY2025: 23.82B JPYOperating income, FY2021: 12B JPYOperating income, FY2022: 12.64B JPYOperating income, FY2023: 12.46B JPYOperating income, FY2024: 13.67B JPYOperating income, FY2025: 12.69B JPYNet income, FY2021: 11.43B JPYNet income, FY2022: 12.07B JPYNet income, FY2023: 11.85B JPYNet income, FY2024: 12.93B JPYNet income, FY2025: 11.79B JPYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 22.16B JPY. Revenue FY2022 25.76B JPY. Revenue FY2023 29.08B JPY. Revenue FY2024 24.45B JPY. Revenue FY2025 23.82B JPY. Operating income FY2021 12B JPY. Operating income FY2022 12.64B JPY. Operating income FY2023 12.46B JPY. Operating income FY2024 13.67B JPY. Operating income FY2025 12.69B JPY. Net income FY2021 11.43B JPY. Net income FY2022 12.07B JPY. Net income FY2023 11.85B JPY. Net income FY2024 12.93B JPY. Net income FY2025 11.79B JPY.
Metric (JPY)FY2025FY2024FY2023FY2022FY2021
Revenue23.82B JPY24.45B JPY29.08B JPY25.76B JPY22.16B JPY
Cost of goods sold14.84B JPY9.23B JPY16.33B JPY12.81B JPY8.75B JPY
Gross profit8.98B JPY15.22B JPY12.74B JPY12.95B JPY13.41B JPY
Selling, general, and administrative1.29B JPY1.3B JPY1.25B JPY66.52M JPY1.2B JPY
Operating expenses−3.71B JPY1.56B JPY282.37M JPY311.54M JPY1.41B JPY
Interest income30.45M JPY3.85M JPY49K JPY46K JPY74K JPY
Interest expense893.97M JPY670.07M JPY557.38M JPY531.58M JPY498.49M JPY
Depreciation and amortization4.01B JPY3.93B JPY3.8B JPY4B JPY4.09B JPY
Operating income12.69B JPY13.67B JPY12.46B JPY12.64B JPY12B JPY
Net income11.79B JPY12.93B JPY11.85B JPY12.07B JPY11.43B JPY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
73%
8 beats, 3 misses, 0 met estimates
Average EPS surprise
+1.24%
11 comparable reports
Latest EPS result
2,164.15
Estimate 2,143.48 · Beat by 0.96%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates2,499.122,336.842,174.562,012.28Q3 '23BeatQ1 '24MissQ3 '24BeatQ1 '25BeatQ3 '25BeatQ1 '26MissQ3 '26BeatQ1 '27Estimate
Q3 2023, reported Aug 15, 2023: actual 2,272, estimate 2,240.2, surprise +1.42%, Beat. Q1 2024, reported Feb 15, 2024: actual 2,108.4, estimate 2,115.97, surprise -0.36%, Miss. Q3 2024, reported Aug 15, 2024: actual 2,377.2, estimate 2,351.24, surprise +1.10%, Beat. Q1 2025, reported Feb 17, 2025: actual 2,403, estimate 2,262.84, surprise +6.19%, Beat. Q3 2025, reported Aug 18, 2025: actual 2,174, estimate 2,150, surprise +1.12%, Beat. Q1 2026, reported Feb 16, 2026: actual 2,183, estimate 2,196.82, surprise -0.63%, Miss. Q3 2026, reported Aug 17, 2026: actual 2,164.15, estimate 2,143.48, surprise +0.96%, Beat. Q1 2027, reported Feb 17, 2027: actual —, estimate 2,326.34, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates13.96B9.31B4.67B19.8MQ3 '23MissQ1 '24BeatQ3 '24MissQ1 '25BeatQ3 '25BeatQ1 '26MissQ3 '26BeatQ1 '27Estimate
Q3 2023, reported Aug 15, 2023: actual 11.53B JPY, estimate 11.6B JPY, surprise -0.56%, Miss. Q1 2024, reported Feb 15, 2024: actual 11.03B JPY, estimate 23.29M JPY, surprise +47267.97%, Beat. Q3 2024, reported Aug 15, 2024: actual 12.16B JPY, estimate 12.17B JPY, surprise -0.03%, Miss. Q1 2025, reported Feb 17, 2025: actual 12.29B JPY, estimate 11.97B JPY, surprise +2.66%, Beat. Q3 2025, reported Aug 18, 2025: actual 11.73B JPY, estimate 11.71B JPY, surprise +0.15%, Beat. Q1 2026, reported Feb 16, 2026: actual 12.09B JPY, estimate 12.2B JPY, surprise -0.90%, Miss. Q3 2026, reported Aug 17, 2026: actual 12.35B JPY, estimate 12.23B JPY, surprise +0.99%, Beat. Q1 2027, reported Feb 17, 2027: actual —, estimate 12.93B JPY, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

¥4,400

2025 complete year-66.0% since 2021

2026 partial: ¥2,214

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Jun 29, 2026

¥2,214

Semi-Annual

Record Dec 31, 2026 · Payment Dec 31, 2026

Dividend

Ex-dividend Dec 29, 2025

¥2,200

Semi-Annual

Record Dec 31, 2025 · Payment Mar 10, 2026

Dividend

Ex-dividend Jun 27, 2025

¥2,200

Semi-Annual

Record Jun 30, 2025 · Payment Sep 9, 2025

Dividend

Ex-dividend Dec 27, 2024

¥2,200

Semi-Annual

Record Dec 31, 2024 · Payment Mar 11, 2025

Dividend

Ex-dividend Jun 27, 2024

¥11,030

Semi-Annual

Record Jun 30, 2024 · Payment Sep 10, 2024

Dividend

Ex-dividend Dec 28, 2023

¥10,549

Semi-Annual

Record Dec 31, 2023 · Payment Mar 12, 2024

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ETFs holding 8964.T

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Total International Stock ETF logoVanguard Total International Stock ETFVXUS
Market value
18.11M
Weight
0.00%
AUM
646.2B USD
Expense ratio
0.05%
Price / 1D
$87.71+0.78%
Vanguard FTSE Developed Markets ETF logoVanguard FTSE Developed Markets ETFVEA
Market value
12.2M
Weight
0.00%
AUM
315B USD
Expense ratio
0.03%
Price / 1D
$73.42+0.80%
iShares Core MSCI EAFE ETF logoiShares Core MSCI EAFE ETFIEFA
Market value
8.82M
Weight
0.00%
AUM
195.14B USD
Expense ratio
0.07%
Price / 1D
$100.85+0.86%
Vanguard Global ex-U.S. Real Estate ETF logoVanguard Global ex-U.S. Real Estate ETFVNQI
Market value
4.84M
Weight
0.12%
AUM
3.9B USD
Expense ratio
0.12%
Price / 1D
$45.71+0.04%
iShares MSCI EAFE Small-Cap ETF logoiShares MSCI EAFE Small-Cap ETFSCZ
Market value
4.39M
Weight
0.03%
AUM
13.28B USD
Expense ratio
0.40%
Price / 1D
$86.60+0.70%
iShares Global REIT ETF logoiShares Global REIT ETFREET
Market value
3.34M
Weight
0.07%
AUM
5.06B USD
Expense ratio
0.14%
Price / 1D
$28.02-0.21%
Vanguard FTSE All-World ex-US ETF logoVanguard FTSE All-World ex-US ETFVEU
Market value
2.88M
Weight
0.00%
AUM
95.9B USD
Expense ratio
0.04%
Price / 1D
$85.69+0.82%
Schwab International Equity ETF logoSchwab International Equity ETFSCHF
Market value
2.87M
Weight
0.00%
AUM
69.7B USD
Expense ratio
0.03%
Price / 1D
$28.46+0.85%

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