Declared Dividend • May 26
Final dividend of JP¥1,814 announced Shareholders will receive a dividend of JP¥1,814. Ex-date: 28th August 2026 Payment date: 20th November 2026 Dividend yield will be 5.0%, which is higher than the industry average of 4.5%. New Risk • Apr 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.0% operating cash flow to total debt). Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Feb 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.4% to JP¥78,700. The fair value is estimated to be JP¥99,251, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 9.1%. Revenue is forecast to grow by 1.9% in 2 years. Earnings are forecast to decline by 6.6% in the next 2 years. Upcoming Dividend • Feb 19
Upcoming dividend of JP¥1,791 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 22 May 2026. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (4.8%). Announcement • Feb 18
MORI TRUST REIT, Inc. to Report Fiscal Year 2026 Results on Apr 22, 2026 MORI TRUST REIT, Inc. announced that they will report fiscal year 2026 results on Apr 22, 2026 Buy Or Sell Opportunity • Jan 30
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at JP¥77,800. The fair value is estimated to be JP¥97,416, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 9.1%. Revenue is forecast to grow by 1.9% in 2 years. Earnings are forecast to decline by 6.6% in the next 2 years. Buy Or Sell Opportunity • Dec 29
Now 20% undervalued Over the last 90 days, the stock has risen 3.0% to JP¥78,100. The fair value is estimated to be JP¥98,036, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 9.1%. Revenue is forecast to grow by 1.9% in 2 years. Earnings are forecast to decline by 6.6% in the next 2 years. Declared Dividend • Dec 12
First half dividend of JP¥1,791 announced Shareholders will receive a dividend of JP¥1,791. Ex-date: 26th February 2026 Payment date: 22nd May 2026 Dividend yield will be 4.8%, which is about the same as the industry average. Announcement • Dec 11
MORI TRUST REIT, Inc. announces Semi-Annual dividend, payable on May 22, 2026 MORI TRUST REIT, Inc. announced Semi-Annual dividend of JPY 1791.0000 per share payable on May 22, 2026, ex-date on February 26, 2026 and record date on February 28, 2026. Buy Or Sell Opportunity • Dec 03
Now 20% undervalued Over the last 90 days, the stock has risen 4.8% to JP¥78,200. The fair value is estimated to be JP¥97,757, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 9.1%. Revenue is forecast to grow by 1.9% in 2 years. Earnings are forecast to decline by 6.6% in the next 2 years. Buy Or Sell Opportunity • Nov 06
Now 20% undervalued Over the last 90 days, the stock has risen 4.0% to JP¥78,100. The fair value is estimated to be JP¥97,917, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 9.1%. Revenue is forecast to grow by 1.8% in 2 years. Earnings are forecast to decline by 5.8% in the next 2 years. Reported Earnings • Oct 24
First half 2026 earnings released: EPS: JP¥1,853 (vs JP¥1,906 in 1H 2025) First half 2026 results: EPS: JP¥1,853 (down from JP¥1,906 in 1H 2025). Revenue: JP¥11.7b (up 5.2% from 1H 2025). Net income: JP¥6.60b (down 2.8% from 1H 2025). Profit margin: 56% (down from 61% in 1H 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the REITs industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 21
Upcoming dividend of JP¥1,766 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 20 November 2025. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (4.7%). Announcement • Aug 13
MORI TRUST REIT, Inc. to Report Q2, 2026 Results on Oct 23, 2025 MORI TRUST REIT, Inc. announced that they will report Q2, 2026 results on Oct 23, 2025 Reported Earnings • Jun 04
Full year 2025 earnings released: EPS: JP¥3,833 (vs JP¥4,046 in FY 2024) Full year 2025 results: EPS: JP¥3,833 (down from JP¥4,046 in FY 2024). Revenue: JP¥22.9b (up 2.1% from FY 2024). Net income: JP¥13.6b (down 5.3% from FY 2024). Profit margin: 60% (down from 64% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.5% decline forecast for the REITs industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • May 23
Final dividend of JP¥1,766 announced Shareholders will receive a dividend of JP¥1,766. Ex-date: 28th August 2025 Payment date: 20th November 2025 Dividend yield will be 5.4%, which is higher than the industry average of 4.5%. New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 24
Full year 2025 earnings released Full year 2025 results: Revenue: JP¥22.3b (flat on FY 2024). Net income: JP¥13.6b (down 5.3% from FY 2024). Profit margin: 61% (down from 64% in FY 2024). Revenue is forecast to stay flat during the next 2 years compared to a 2.7% decline forecast for the REITs industry in Japan. Announcement • Apr 23
MORI TRUST REIT, Inc. announces Semi-Annual dividend, payable on November 20, 2025 MORI TRUST REIT, Inc. announced Semi-Annual dividend of JPY 1766.0000 per share payable on November 20, 2025, ex-date on August 28, 2025 and record date on August 31, 2025. Announcement • Mar 03
MORI TRUST REIT, Inc. to Report Fiscal Year 2025 Results on Apr 22, 2025 MORI TRUST REIT, Inc. announced that they will report fiscal year 2025 results on Apr 22, 2025 Upcoming Dividend • Feb 20
Upcoming dividend of JP¥1,740 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 15 May 2025. Trailing yield: 5.4%. Within top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (5.2%). Declared Dividend • Dec 28
First half dividend of JP¥1,740 announced Shareholders will receive a dividend of JP¥1,740. Ex-date: 27th February 2025 Payment date: 15th May 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.5%. Reported Earnings • Dec 02
First half 2025 earnings released: EPS: JP¥1,906 (vs JP¥2,011 in 1H 2024) First half 2025 results: EPS: JP¥1,906 (down from JP¥2,011 in 1H 2024). Revenue: JP¥11.1b (up 6.9% from 1H 2024). Net income: JP¥6.79b (down 5.2% from 1H 2024). Profit margin: 61% (down from 69% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the REITs industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Oct 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Oct 24
First half 2025 earnings released: EPS: JP¥1,906 (vs JP¥2,011 in 1H 2024) First half 2025 results: EPS: JP¥1,906 (down from JP¥2,011 in 1H 2024). Revenue: JP¥11.7b (up 13% from 1H 2024). Net income: JP¥6.79b (down 5.2% from 1H 2024). Profit margin: 58% (down from 69% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the REITs industry in Japan are expected to grow by 1.7%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Sep 05
Now 20% overvalued Over the last 90 days, the stock has fallen 5.8% to JP¥65,100. The fair value is estimated to be JP¥54,116, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 0.3% per annum. Earnings are forecast to decline by 5.4% per annum over the same time period. Announcement • Sep 02
MORI TRUST REIT, Inc. to Report First Half, 2025 Results on Oct 23, 2024 MORI TRUST REIT, Inc. announced that they will report first half, 2025 results on Oct 23, 2024 Upcoming Dividend • Aug 22
Upcoming dividend of JP¥1,679 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 13 November 2024. Trailing yield: 5.0%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (5.0%). New Risk • May 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 10% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Apr 25
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Revenue: JP¥21.1b (up 52% from FY 2023). Net income: JP¥14.4b (up 90% from FY 2023). Profit margin: 68% (up from 55% in FY 2023). Revenue missed analyst estimates by 49%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, while revenues in the REITs industry in Japan are expected to remain flat. Announcement • Apr 24
An undisclosed buyer agreed to acquire Hashimoto MTR Building from MORI TRUST REIT, Inc. (TSE:8961) for ¥8.5 billion. An undisclosed buyer agreed to acquire Hashimoto MTR Building from MORI TRUST REIT, Inc. (TSE:8961) for ¥8.5 billion on April 22, 2024. The consideration consists of ¥8.5 billion in cash. As part of the consideration, ¥8.5 billion was paid towards assets. The anticipated contract date is April 22, 2024. In the event of cancellation, the breaching party shall pay an amount equivalent to 20% of the purchase/sale price as a penalty to the counterparty. The transaction is expected to complete on September 2, 2024. Declared Dividend • Apr 24
Final dividend of JP¥1,679 announced Shareholders will receive a dividend of JP¥1,679. Ex-date: 29th August 2024 Payment date: 13th November 2024 Dividend yield will be 4.8%, which is higher than the industry average of 4.5%. Announcement • Mar 01
MORI TRUST REIT, Inc. to Report Q4, 2024 Results on Apr 22, 2024 MORI TRUST REIT, Inc. announced that they will report Q4, 2024 results on Apr 22, 2024 Upcoming Dividend • Feb 21
Upcoming dividend of JP¥1,757 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 15 May 2024. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (4.8%). New Risk • Dec 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings are forecast to decline by an average of 9.2% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (35% increase in shares outstanding). New Risk • Oct 21
New major risk - Revenue and earnings growth Earnings have declined by 4.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings have declined by 4.0% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (115% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (35% increase in shares outstanding). Announcement • Sep 04
MORI TRUST Sogo Reit, Inc. to Report First Half, 2024 Results on Oct 20, 2023 MORI TRUST Sogo Reit, Inc. announced that they will report first half, 2024 results on Oct 20, 2023 Upcoming Dividend • Aug 23
Upcoming dividend of JP¥1,700 per share at 7.0% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 13 November 2023. Trailing yield: 7.0%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (4.4%). Announcement • Jun 17
MORI TRUST REIT, Inc. Announces Executive Changes, Effective June 29, 2023 MORI TRUST REIT, Inc. announced that Change to the Position of Director as of June 29, 2023 Nobuyuki Aizawa, Managing Director, General Manager, Business Administration Department, and General Manager, Strategic Management Department from Director, General Manager, Business Administration Department, and General Manager, Strategic Management Department and Retirement of Directors as of June 29, 2023 Michio Yamamoto, Director Masayuki Yagi, Director. Reported Earnings • Jun 02
Full year 2023 earnings released Full year 2023 results: Revenue: JP¥15.4b (up 4.1% from FY 2022). Net income: JP¥7.58b (down 21% from FY 2022). Profit margin: 49% (down from 65% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 1.2% decline forecast for the REITs industry in Japan. Reported Earnings • Nov 25
First half 2023 earnings released: EPS: JP¥2,523 (vs JP¥3,819 in 1H 2022) First half 2023 results: EPS: JP¥2,523 (down from JP¥3,819 in 1H 2022). Revenue: JP¥6.90b (down 25% from 1H 2022). Net income: JP¥3.33b (down 34% from 1H 2022). Profit margin: 48% (down from 55% in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year. Announcement • Nov 22
MORI TRUST Sogo Reit, Inc., Annual General Meeting, Feb 01, 2023 MORI TRUST Sogo Reit, Inc., Annual General Meeting, Feb 01, 2023. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Supervisory Director Naomasa Nakagawa was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Oct 04
MORI TRUST Sogo Reit, Inc. to Report Q2, 2023 Results on Nov 22, 2022 MORI TRUST Sogo Reit, Inc. announced that they will report Q2, 2023 results on Nov 22, 2022 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥3,000 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 13 December 2022. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.6%). Announcement • Jul 29
MORI TRUST Sogo Reit, Inc. Revises Earnings Guidance for the Period Ending March 31, 2023 MORI TRUST Sogo Reit, Inc. revised earnings guidance for the period ending March 31, 2023. For the period, the company expects operating revenue of JPY 8,298 million compared to JPY 6,876 million previous guidance. operating income Of JPY 4,734 million compared to JPY 3,383 million previous guidance. Net income of JPY 4,189 million compared to JPY 3,200 million previous guidance. Distributions per unit of JPY 2,950 compared to JPY 2,800 previous guidance. Reported Earnings • May 27
Full year 2022 earnings released Full year 2022 results: Revenue: JP¥17.7b (flat on FY 2021). Net income: JP¥9.58b (down 5.8% from FY 2021). Profit margin: 54% (down from 58% in FY 2021). Net asset value (NAV) per share: JP¥121,180 (flat on FY 2021). The current share price is 18% higher than NAV per share. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Supervisory Director Naomasa Nakagawa was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 02
MORI TRUST Sogo Reit, Inc. to Report Fiscal Year 2022 Results on May 23, 2022 MORI TRUST Sogo Reit, Inc. announced that they will report fiscal year 2022 results on May 23, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥3,075 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 13 June 2022. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (3.7%). Reported Earnings • Nov 21
First half 2022 earnings released: EPS JP¥3,819 (vs JP¥3,832 in 1H 2021) The company reported a mediocre first half result with weaker profit margins, although earnings were flat and revenues improved. First half 2022 results: Revenue: JP¥9.20b (up 3.6% from 1H 2021). Net income: JP¥5.04b (flat on 1H 2021). Profit margin: 55% (down from 57% in 1H 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥3,392 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 11 December 2021. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (3.4%). Reported Earnings • Jun 29
Full year 2021 earnings released: EPS JP¥7,707 (vs JP¥7,495 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2021 results: Revenue: JP¥17.7b (flat on FY 2020). Net income: JP¥10.2b (up 2.8% from FY 2020). Profit margin: 58% (up from 56% in FY 2020). Net asset value (NAV) per share: JP¥121,348 (flat on FY 2020). The current share price is 30% higher than NAV per share. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Price Target Changed • May 27
Price target increased to JP¥158,800 Up from JP¥147,400, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥155,600. Stock is up 18% over the past year. Announcement • May 22
MORI TRUST Sogo Reit, Inc. Provides Earnings Guidance for the Fiscal Year Ending March 2022 MORI TRUST Sogo Reit, Inc. provided earnings guidance for the fiscal year ending March 2022. The company expects operating revenues of JPY 8,277 million, operating income of JPY 4,707 million and profit of JPY 4,211 million. Announcement • Mar 26
MORI TRUST Sogo Reit, Inc. Revises Earnings Guidance for the Period Ending September 30, 2021 MORI TRUST Sogo Reit, Inc. revised earnings guidance for the period ending September 30, 2021. For the period, the company now expects operating revenue of ¥9,122 million against previous guidance of ¥7,663 million, now expects operating income of ¥5,301 million against previous guidance of ¥4,012 million, now expects net income of ¥4,771 million or ¥3,360 per share against previous guidance of net income of ¥3,738 million or ¥3,000 per share. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥3,822 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 12 June 2021. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (3.7%). Announcement • Mar 19
MORI TRUST Sogo Reit, Inc. to Report Fiscal Year 2021 Results on May 21, 2021 MORI TRUST Sogo Reit, Inc. announced that they will report fiscal year 2021 results on May 21, 2021 Is New 90 Day High Low • Feb 25
New 90-day high: JP¥154,100 The company is up 20% from its price of JP¥128,600 on 27 November 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 17% over the same period. Is New 90 Day High Low • Feb 08
New 90-day high: JP¥140,700 The company is up 6.0% from its price of JP¥132,800 on 10 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 22
New 90-day high: JP¥134,800 The company is up 4.0% from its price of JP¥129,400 on 23 October 2020. The Japanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 6.0% over the same period. 