GoAI
Get started
Daiwa House REIT Investment Corporation logo

Daiwa House REIT Investment Corporation

8984.T

JPXReal EstateREIT - Diversified

Open in GoAI

Latest quote

¥120,500

+¥900 · +0.75%

Aug 24, 11:30 AM JST

8984.T company overview

Regular session · JST · Market data may be delayed.

Company profile

Company website

Effective September 1, 2016, Daiwa House REIT Investment Corporation initiated a new phase as a diversified real estate investment trust, following its merger with Daiwa House Residential Investment Corporation. This integration saw the combined entity operate under the Daiwa House REIT Investment Corporation name, with a broadened investment focus on logistics and retail properties.

Industry
REIT - Diversified
Sector
Real Estate
Headquarters
JP
CEO
Koji Narumiya
Listed since
Mar 22, 2006
Employees
33

Market position

Day range

Current ¥120,500

52-week range

Current ¥120,500

Open
¥120,000
Previous close
¥119,600
Volume
6.05K
0.72× average
Average volume
8.42K
Average daily volume
Market cap
547.05B JPY
Beta
0.21
Market reference 1
50-day average
¥121,316
-0.67% below average
200-day average
¥129,907
-7.24% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
967.16B JPY
P/E (TTM)
20.26×
P/B (TTM)
1.11×
P/S (TTM)
7.44×
EV / EBITDA
20.87×
Earnings yield
4.79%
Free cash flow yield
8.07%
Dividend yield
5.60%

Profitability & efficiency

Gross margin
44.53%
Operating margin
42.41%
Net margin
37.06%
Return on equity
5.58%
Return on assets
2.97%
Return on invested capital
3.40%

Financial health

Debt / equity
0.82×
Current ratio
0.82×
Altman Z-score
1.1
Piotroski F-score
7 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends64%53%42%30%Gross margin, FY2021: 59.66%Gross margin, FY2022: 58.72%Gross margin, FY2023: 51.41%Gross margin, FY2024: 58.56%Gross margin, FY2025: 61.40%Operating margin, FY2021: 44.54%Operating margin, FY2022: 43.72%Operating margin, FY2023: 43.44%Operating margin, FY2024: 38.87%Operating margin, FY2025: 47.94%Net margin, FY2021: 39.39%Net margin, FY2022: 38.12%Net margin, FY2023: 37.84%Net margin, FY2024: 33.01%Net margin, FY2025: 42.25%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 59.66%. Gross margin FY2022 58.72%. Gross margin FY2023 51.41%. Gross margin FY2024 58.56%. Gross margin FY2025 61.40%. Operating margin FY2021 44.54%. Operating margin FY2022 43.72%. Operating margin FY2023 43.44%. Operating margin FY2024 38.87%. Operating margin FY2025 47.94%. Net margin FY2021 39.39%. Net margin FY2022 38.12%. Net margin FY2023 37.84%. Net margin FY2024 33.01%. Net margin FY2025 42.25%.

Income trends

Revenue

66.72B JPY+7.79%

Operating income

31.99B JPY+32.94%

Net income

28.19B JPY+37.95%
Income trends across reported periods71.35B JPY52.84B JPY34.32B JPY15.81B JPYRevenue, FY2021: 57.67B JPYRevenue, FY2022: 59.63B JPYRevenue, FY2023: 59.06B JPYRevenue, FY2024: 61.9B JPYRevenue, FY2025: 66.72B JPYOperating income, FY2021: 25.69B JPYOperating income, FY2022: 26.07B JPYOperating income, FY2023: 25.66B JPYOperating income, FY2024: 24.06B JPYOperating income, FY2025: 31.99B JPYNet income, FY2021: 22.72B JPYNet income, FY2022: 22.73B JPYNet income, FY2023: 22.35B JPYNet income, FY2024: 20.43B JPYNet income, FY2025: 28.19B JPYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 57.67B JPY. Revenue FY2022 59.63B JPY. Revenue FY2023 59.06B JPY. Revenue FY2024 61.9B JPY. Revenue FY2025 66.72B JPY. Operating income FY2021 25.69B JPY. Operating income FY2022 26.07B JPY. Operating income FY2023 25.66B JPY. Operating income FY2024 24.06B JPY. Operating income FY2025 31.99B JPY. Net income FY2021 22.72B JPY. Net income FY2022 22.73B JPY. Net income FY2023 22.35B JPY. Net income FY2024 20.43B JPY. Net income FY2025 28.19B JPY.
Metric (JPY)FY2025FY2024FY2023FY2022FY2021
Revenue66.72B JPY61.9B JPY59.06B JPY59.63B JPY57.67B JPY
Cost of goods sold25.75B JPY25.65B JPY28.7B JPY24.61B JPY23.26B JPY
Gross profit40.97B JPY36.25B JPY30.36B JPY35.02B JPY34.41B JPY
Selling, general, and administrative4.1B JPY4.15B JPY200.26M JPY4.05B JPY3.84B JPY
Operating expenses8.98B JPY12.18B JPY4.71B JPY8.95B JPY8.72B JPY
Interest income62.08M JPY−674.86M JPY461K JPY374K JPY342K JPY
Interest expense3.2B JPY2.97B JPY2.67B JPY2.52B JPY2.37B JPY
Depreciation and amortization14.95B JPY15.32B JPY15.19B JPY15.24B JPY14.51B JPY
Operating income31.99B JPY24.06B JPY25.66B JPY26.07B JPY25.69B JPY
Net income28.19B JPY20.43B JPY22.35B JPY22.73B JPY22.72B JPY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
55%
6 beats, 4 misses, 1 met estimate
Average EPS surprise
-0.48%
11 comparable reports
Latest EPS result
2,676
Estimate 2,650 · Beat by 0.98%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates3,402.882,949.292,495.712,042.12Q2 '23BeatQ4 '23MissQ2 '24MissQ4 '24MissQ2 '25BeatQ4 '25BeatQ2 '26BeatQ4 '26Estimate
Q2 2023, reported Apr 18, 2023: actual 2,397, estimate 2,381.75, surprise +0.64%, Beat. Q4 2023, reported Oct 18, 2023: actual 2,419, estimate 2,420, surprise -0.04%, Miss. Q2 2024, reported Apr 16, 2024: actual 2,236.5, estimate 2,404.63, surprise -6.99%, Miss. Q4 2024, reported Oct 17, 2024: actual 2,173, estimate 2,645, surprise -17.84%, Miss. Q2 2025, reported Apr 16, 2025: actual 2,862.5, estimate 2,846.43, surprise +0.56%, Beat. Q4 2025, reported Oct 17, 2025: actual 3,272, estimate 2,865.5, surprise +14.19%, Beat. Q2 2026, reported Apr 16, 2026: actual 2,676, estimate 2,650, surprise +0.98%, Beat. Q4 2026, reported Oct 15, 2026: actual —, estimate 2,490, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates59.94B48.95B37.96B26.97BQ2 '23BeatQ4 '23MissQ2 '24BeatQ4 '24MissQ2 '25MissQ4 '25BeatQ2 '26BeatQ4 '26Estimate
Q2 2023, reported Apr 18, 2023: actual 29.49B JPY, estimate 29.28B JPY, surprise +0.73%, Beat. Q4 2023, reported Oct 18, 2023: actual 29.92B JPY, estimate 57.63B JPY, surprise -48.08%, Miss. Q2 2024, reported Apr 16, 2024: actual 29.64B JPY, estimate 29.53B JPY, surprise +0.38%, Beat. Q4 2024, reported Oct 17, 2024: actual 32.25B JPY, estimate 54.67B JPY, surprise -41.00%, Miss. Q2 2025, reported Apr 16, 2025: actual 32.41B JPY, estimate 32.42B JPY, surprise -0.03%, Miss. Q4 2025, reported Oct 17, 2025: actual 34.31B JPY, estimate 32.21B JPY, surprise +6.51%, Beat. Q2 2026, reported Apr 16, 2026: actual 32.06B JPY, estimate 32B JPY, surprise +0.20%, Beat. Q4 2026, reported Oct 15, 2026: actual —, estimate 30.4B JPY, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

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

¥6,827

2025 complete year+7.1% since 2021

2026 partial: ¥3,458

* Partial calendar year in the available dividend history.

Corporate action history

DividendUpcoming

Ex-dividend Aug 28, 2026

¥2,920

Irregular

Record Aug 31, 2026 · Payment Aug 28, 2026

Dividend

Ex-dividend Feb 26, 2026

¥3,458

Special

Record Feb 28, 2026 · Payment May 11, 2026

Dividend

Ex-dividend Aug 28, 2025

¥6,576

Special

Record Aug 31, 2025 · Payment Nov 10, 2025

Dividend

Ex-dividend Feb 27, 2025

¥7,078

Special

Record Feb 28, 2025 · Payment May 12, 2025

Dividend

Ex-dividend Aug 29, 2024

¥1,410

Special

Record Aug 31, 2024 · Payment Nov 11, 2024

Dividend

Ex-dividend Feb 28, 2024

¥5,711

Special

Record Feb 29, 2024 · Payment May 13, 2024

8984.T peers

Mitsubishi Estate Co., Ltd. logo

8802.T

Mitsubishi Estate Co., Ltd.

¥3,720

+0.90%

Mitsui Fudosan Co., Ltd. logo

8801.T

Mitsui Fudosan Co., Ltd.

¥1,511.5

+0.90%

Sumitomo Realty & Development Co., Ltd. logo

8830.T

Sumitomo Realty & Development Co., Ltd.

¥3,397

+1.74%

Daiwa House Industry Co., Ltd. logo

1925.T

Daiwa House Industry Co., Ltd.

¥4,687

-0.04%

Hulic Co., Ltd. logo

3003.T

Hulic Co., Ltd.

¥1,788

+0.45%

Nippon Building Fund Incorporation logo

8951.T

Nippon Building Fund Incorporation

¥130,200

+1.40%

ETFs holding 8984.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
47.57M
Weight
0.01%
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
30.96M
Weight
0.01%
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
26.5M
Weight
0.01%
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
12.84M
Weight
0.33%
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
11.72M
Weight
0.09%
AUM
13.28B USD
Expense ratio
0.40%
Price / 1D
$86.60+0.70%
iShares Global REIT ETF logoiShares Global REIT ETFREET
Market value
8.34M
Weight
0.16%
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
7.29M
Weight
0.01%
AUM
95.9B USD
Expense ratio
0.04%
Price / 1D
$85.69+0.82%
Schwab International Equity ETF logoSchwab International Equity ETFSCHF
Market value
6.5M
Weight
0.01%
AUM
69.7B USD
Expense ratio
0.03%
Price / 1D
$28.46+0.85%

Continue in GoAI

Research 8984.T

research.disclaimer