Daiwa Securities Living Investment

What Daiwa Securities Living Investment does

Daiwa Securities Living Investment Corporation (大和証券リビング投資法人) is a Tokyo Stock Exchange-listed J-REIT (ticker: 8986.T) that invests primarily in rental residential housing and healthcare facilities across Tokyo's 23 wards and Japan's three major metropolitan areas (Nagoya, Osaka, Fukuoka). Founded in 2005 as re-plus residential investment inc. and renamed after absorbing Japan Rental Housing Investments Inc. (2010) and Nippon Healthcare Investment Corporation (2020), the entity currently holds a 240-property portfolio with a total acquisition price of ¥400.3 billion as of July 2026, making it the largest J-REIT investor in Japanese healthcare facilities. The investment corporation itself has no employees under Japanese investment trust law; all asset management is delegated to Daiwa Real Estate Asset Management Co., Ltd. (126 employees), a subsidiary of sponsor Daiwa Securities Group Inc.

The company's core products are its investment units, which trade on the TSE and are distributed to domestic and foreign institutional investors and retail investors. Revenue is generated through rental income from rental apartments and long-leased healthcare facilities (nursing homes, serviced senior housing, medical facilities), with the asset manager earning tiered fees (0.20% of total assets, 8.0% of pre-tax income, plus acquisition/transfer/merger fees). As of May 2026, occupancy stood at 97.5%, and the 40th fiscal period distribution (ending March 2026) was ¥2,630 per unit. The portfolio combines urban residential income with healthcare exposure tied to Japan's demographic aging, and the company operates a JCR Social1(F)-rated Social Finance Framework supporting dedicated social bond and loan issuance for healthcare facility investments.

DLI's differentiators center on scale (largest healthcare J-REIT by portfolio value), regulatory-grade ESG credentials (Social1(F), GRESB Green Star for 4 consecutive years, Eco Action 21 certified March 2025, TCFD-aligned disclosures), and Daiwa Securities Group sponsorship providing distribution, capital markets access, and brand recognition. Total unitholders' equity stands at ¥152.7 billion across 2,386,042 outstanding units (March 2026), with LTV at 51.1%. Recent activity has focused on social-finance capital raising (¥4.15 billion syndicated social loan October 2022, ¥3.0 billion Mizuho social loan March 2023, ¥2.0 billion social bond January 2022) and a September 2025 unit buyback/cancellation to support per-unit distribution.

Name

Daiwa Securities Living Investment

Legal name

Daiwa Securities Living Investment Corporation

Website

https://www.daiwa-securities-living.co.jp

Company type

Public

Operating status

Operating

Short description

Daiwa Securities Living Investment Corporation is a Tokyo Stock Exchange-listed J-REIT that invests in rental housing and healthcare facilities across Tokyo's 23 wards and Japan's three major metropolitan areas, managing 240 properties worth ¥400.3 billion as Japan's largest healthcare-focused J-REIT, externally managed by Daiwa Real Estate Asset Management under Daiwa Securities Group sponsorship.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust (J-REIT)

NAICS

Other Financial Vehicles (52599), Other Investment Pools and Funds (5259)

SIC

Real Estate Investment Trusts (6798), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ), Specialty Real Assets / Niche Strategies (Marinas, Student Housing, Self-Storage, Life Science RE) (FSANAEAO)

Keywords

• Real estate investment trust
• Residential rental housing
• Healthcare facility investment
• J-REIT investment
• Senior living facilities

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Others, Marketing or Sales, Technology or R&D

Revenue model

1. Rental income from rental housing and healthcare facilities: The investment corporation generates revenue primarily through rental income from its portfolio of rental apartments and healthcare facilities across Tokyo's 23 wards and the three major metropolitan areas. As of July 2026, the portfolio consisted of 240 properties with total acquisition price of 4,003 billion yen and an occupancy rate of 97.5%.
2. Asset management fees: The asset management company (Daiwa Real Estate Asset Management) earns fees including Management Fee 1 (total asset value × 0.20% per annum), Management Fee 2 (income before tax × 8.0%), Acquisition Fee (rental housing 1.0% of acquisition price, healthcare 1.5%), Transfer Fee (0.5% of transfer price), and Merger Fee (1.0% of succeeded asset value).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Daiwa Securities Living Investment Corporation is a publicly listed J-REIT that invests directly or indirectly through trust beneficiary interests in rental housing and healthcare facilities located primarily in Tokyo's 23 wards and Japan's three major metropolitan areas. The investment corporation acquires capital by issuing investment units on the Tokyo Stock Exchange and deploys it to acquire, own, and lease out income-producing residential properties (rental apartments) and healthcare facilities (paid nursing homes, serviced senior housing, and medical facilities), generating rental income distributed to unitholders. As of July 2026, the portfolio comprised 240 properties with a total acquisition price of 4,003 billion yen and a 97.5% occupancy rate.

Product overview

Daiwa Securities Living Investment Corporation (DLI) is a J-REIT (Japan Real Estate Investment Trust) that operates as a single, unified investment product. It invests primarily in rental residential apartments and healthcare/medical facilities across Tokyo's 23 wards and Japan's three major metropolitan areas. The investment strategy is centered on two core asset categories: (1) rental housing (residential apartments), and (2) healthcare facilities (including paid nursing homes, serviced senior housing, and medical facilities such as hospitals and clinics). DLI manages its portfolio through its asset management company, Daiwa Real Estate Asset Management Co., Ltd., and does not offer distinct modular products, platforms, or standalone SaaS offerings — it is a single investment trust product.

Differentiator

Problem solved

Functional benefit

Products and services

• Rental Housing Portfolio Income-producing residential rental apartments located in Tokyo's 23 wards and the three major metropolitan areas (Nagoya, Osaka, Fukuoka), leased to individuals and families. Properties include amenities such as LED lighting, energy-efficient equipment, delivery boxes, and digital signage. Forms a core asset category of the J-REIT portfolio alongside healthcare facilities.
• Healthcare Facility Portfolio Income-producing healthcare facilities including paid nursing homes (care-type, healthy-type, residential-type), serviced senior housing, and medical facilities (hospitals, clinics, medical malls), leased long-term to healthcare operators such as Anabuki Medical Care, Sunny Life Group, Good Time Living, Sawayaka Club, Cedar Group, Super Court, SOMPO Care, Charm Care Corporation, Nichii Care Palace, Hare Corporation, HITOWA Care Service, and Living Platform Care.
• Social Finance Framework (Social Bonds and Social Loans) Framework for issuing social bonds and social loans to finance acquisition or refinancing of eligible healthcare facilities (paid nursing homes, serviced senior housings, and medical facilities). Framework has received the highest JCR evaluation of 'Social1(F)'. As of March 2026, social loan outstanding of 10.92 billion yen and social bond outstanding of 2.0 billion yen.

Quantifiable outcome

• 240 properties held as of July 2026 with total acquisition price of 4,003 billion yen
• +5 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• 大和リアル・エステート・アセット・マネジメント株式会社 (Daiwa Real Estate Asset Management Co., Ltd.)coreStrategic or Co-development PartnerThe asset management company handles all asset management operations for the investment corporation, including investment decisions, property management oversight, ESG initiatives, and investor relations support. It employs 126 people and operates a Sustainability Promotion Committee and dedicated Sustainability Promotion Office.
• 太阳有限責任監査法人 (Grant Thornton Taiyo LLC)coreOthersAccounting auditor appointed by the investment corporation. Audits financial statements, reports to supervisory directors on any wrongful acts or material violations, and performs other legally mandated duties. Audit fee of 15,000 thousand yen per fiscal period.
• AIP Healthcare Japan GKcoreStrategic or Co-development PartnerAdvisory partner providing information and proposals on healthcare facility management to help the asset manager monitor sustainability factors and mitigate ESG risks at healthcare facilities.

Scale indicators12 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Advance Residence Investment Corporation: One of Japan's largest residential J-REITs, investing in rental apartments in Tokyo and major cities. Closely comparable to DLI's residential housing portfolio and operates under the same regulatory framework.
• Comforia Residential REIT: Residential J-REIT focused on rental housing in Tokyo and major metropolitan areas. Directly comparable in property type, tenant base, and geographic strategy to DLI's residential segment.
• Daiwa House REIT Investment Corporation: Diversified J-REIT sponsored by Daiwa House Group, with logistics, residential, and retail exposure. Comparable as a sponsor-affiliated J-REIT operating under similar regulatory and tax frameworks, with overlap on residential assets.
• Mitsui Fudosan Accommodations Fund: Residential J-REIT sponsored by Mitsui Fudosan investing in rental housing and serviced apartments in Tokyo and other major cities. Comparable rental housing tenant focus and metro-area concentration.
• Nippon Accommodations Fund: Residential J-REIT investing in rental apartments in Tokyo, Osaka, Nagoya, and other major cities. Directly comparable in property category and geographic focus to DLI.
• Healthcare & Medical Investment Corporation: Dedicated healthcare J-REIT investing in hospitals, nursing homes, and medical facilities across Japan. Directly comparable as a healthcare-focused listed REIT operating in the same niche DLI dominates.
• Samty Residential Investment Corporation: Residential J-REIT focused on rental apartments primarily in regional Japanese cities. Comparable business model and asset class, though with different geographic concentration than DLI.

Broad incumbents

• Sekisui House REIT: Large diversified J-REIT sponsored by Sekisui House with residential and commercial exposure. Comparable regulatory and tax structure as a listed REIT, though broader portfolio mix than DLI.
• Nippon Building Fund Inc. One of Japan's largest and longest-established J-REITs, focused on office buildings. Comparable as a flagship J-REIT operating under identical tax/regulatory structure, though with different asset class focus.

Others

• Daiwa Real Estate Asset Management Co., Ltd. External asset manager for DLI and a wholly-owned subsidiary of Daiwa Securities Group. Directly comparable as the entity executing DLI's investment strategy and managing its ¥400B+ portfolio — a related-party service provider.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Daiwa Securities Living Investment