NTT UD REIT Investment Corporation — Cyborg Score 7/10
Solid
Real Estate Investment Trusts (J-REIT) - Office & Residential Properties
Strategic Profile
The fund aims to achieve sustainable growth in asset and stable earnings from mid- to long-term perspectives and mainly invests in office buildings and residences in Tokyo metropolitan area. Management recently rolled out a capital return package built around a buyback and higher distributions as a clear signal prioritizing unitholder value despite softer recent earnings.
Cyborg Score Rationale
NTT UD REIT has a dividend yield of 4.31% with dividend payments increased over the last 10 years and well covered by earnings with a payout ratio of 79.95%. The REIT trades at a 24.2x valuation multiple above the JP REITs industry average of 20.8x and peer average of 21x, suggesting investors assign it a higher quality or lower risk profile.
Top Insights
Dividend yield of 4.31% is in the top 25% of dividend payers in the JP market.
Share price has delivered strong year-to-date performance around 15 percent and one year total shareholder return above 24 percent.
Earnings have declined slightly over the past five years and return on equity at 5.8 percent indicates market pays premium for stability rather than rapid profit growth.
Received 4 Stars rating in 2025 GRESB Real Estate Assessment for the 2nd consecutive year.
Named Competitors
TOKYU REIT — J-REIT with mixed portfolio focus
United Urban Investment Corporation — Diversified J-REIT investor
MORI TRUST REIT — Premium property J-REIT
Recent Developments
(January 2026) Dividend distribution of JPY 3,140 per unit for October 2025 period began
(December 2025) Financial results announced for 46th fiscal period ending October 31, 2025
(2025) Achieved 4-star GRESB Real Estate Assessment rating for second consecutive year
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