Healthcare & Medical Investment Corporation

What Healthcare & Medical Investment Corporation does

Healthcare & Medical Investment Corporation (HCM) is a Tokyo-listed Japanese real estate investment trust (J-REIT, ticker: 3455) and the only J-REIT in Japan dedicated exclusively to healthcare and medical facilities. Incorporated in March 2015 and IPO'd in July 2015, HCM acquires and holds real estate used as paid nursing homes, serviced senior housing, and hospitals across Japan, and leases those facilities on long-term fixed-rent master leases (10+ years, no early termination for at least 5 years) to a diversified base of 17 healthcare operators including listed-group affiliates such as Benesse Style Care, Green Life (Ship Healthcare), Sawayaka Club (Uchiyama), Proud Life (Sony Financial), NichiiCare Palace (Nippon Life), Sunwells, and Tsukui.

As of January 2026 HCM's portfolio comprised 57 properties, 4,569 rooms, and 86,559 million JPY in cumulative acquisition price, with 100% occupancy, an average appraisal NOI yield of 5.4%, and an average remaining lease term of 10.2 years. Operating revenue for the 22nd fiscal period (August 2025–January 2026) was 2,634 million JPY. Asset management is fully outsourced to Healthcare Asset Management Co., Ltd. (HAM), a 19-employee firm owned by five sponsors—Sumitomo Mitsui Banking Corporation, Ship Healthcare Holdings, Tokyu Land, NEC Capital Solutions, and Keihanshin Building—which supply deal flow, warehousing, and lending capacity.

HCM funds itself entirely through social-finance instruments (445.7B JPY in social loans and a 2B JPY social bond, making it the first J-REIT to obtain JCR Social 1(F) evaluation and to issue a social bond), targets an LTV of approximately 50%, and is pursuing a medium-term AUM target of 100 billion JPY to reach scale recognition as a healthcare REIT. Distributions per unit were 3,286 JPY for the 22nd period (actual), with forecasts of 3,160 JPY (23rd period) and 3,440 JPY (24th period).

Name

Healthcare & Medical Investment Corporation

Legal name

Healthcare & Medical Investment Corporation

Website

https://hcm3455.co.jp

Company type

Public

Founded year

2015

Operating status

Operating

Short description

Tokyo-listed J-REIT (ticker 3455) that acquires and leases Japanese healthcare facilities—nursing homes, senior housing, and hospitals—on long-term fixed-rent master leases to 17 operators, funded entirely through social-finance debt.

Ownership category

akta.pro rank

Product category

Healthcare REIT

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

akta.pro secondary industry

Healthcare & Medical Office Property Management (BPAJAGAF)

Keywords

• Healthcare REIT
• Nursing home investment
• Senior housing real estate
• Healthcare facility leasing
• Social finance bonds

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Others

Revenue model

1. Real Estate Rental Income: HCM generates rental income from long-term fixed-rate lease contracts with healthcare facility operators. Lease terms are typically 10+ years with no early termination for at least 5 years, and rents are fixed and not linked to operator facility revenues. This produces stable, predictable cash flows independent of property occupancy fluctuations or aging deterioration.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Healthcare & Medical Investment Corporation (HCM) is a Japanese listed J-REIT (ticker 3455) that acquires and manages a portfolio of healthcare facility real estate, including paid nursing homes, serviced senior housing, and hospitals. The REIT generates rental income through long-term fixed-rent master lease agreements (typically 10+ year terms) with 17 healthcare facility operators, then distributes the resulting cash flows to public investment unit holders. As of January 2026, the portfolio contained 57 properties with 100% occupancy, 4,569 rooms, and a total acquisition price of 86,559 million JPY. Asset management is delegated to Healthcare Asset Management Co., Ltd. (HAM).

Product overview

Healthcare & Medical Investment Corporation (HCM) is a J-REIT (Japan Real Estate Investment Trust) that specializes in investing in healthcare and medical facilities in Japan. The investment trust acquires and manages a portfolio of nursing homes (有料老人ホーム), service-supported senior housing (サービス付き高齢者向け住宅), and hospitals. HCM offers social finance products including social bonds and social loans to fund these healthcare facility investments. The company generates stable rental income from long-term lease contracts with healthcare facility operators, with a focus on elderly housing and medical-related properties across Japan.

Differentiator

Problem solved

Functional benefit

Products and services

• Healthcare Facility Portfolio (J-REIT Investment Units)

Quantifiable outcome

• 100% occupancy rate maintained across entire 57-property portfolio
• +4 more outcomes

Named customers16 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered minor and core.

• Japan Credit Rating (JCR) —株式会社日本格付研究所minorOthers · 1 March 2023Credit rating agency providing HCM's credit rating and social finance evaluations. HCM received JCR's top-tier Social 1 ratings for its social finance framework, social loans, and social bond — making HCM the first J-REIT to obtain JCR social finance evaluation.
• Nikken Sekkei Research Institute (株式会社日建設計総合研究所)minorImplementation/ SI/ Consulting Partner · 1 January 2020External sustainability consultant supporting HCM's TCFD-aligned climate scenario analysis, portfolio energy management, and expert building assessments (energy-saving walkthroughs) to develop and implement environmental performance improvement measures.
• Ship Healthcare Holdings Co., Ltd. (シップヘルスケアホールディングス株式会社)coreStrategic or Co-development Partner · 1 March 2015Main sponsor providing healthcare industry expertise, deal sourcing for healthcare facilities, and operational support. Its subsidiary Green Life Co., Ltd. is one of HCM's largest operators (17+ properties). HCM holds Ship Senri Building with Senri Chuo Hospital operated by Medical Corporation Kyowakai (affiliated with Ship Healthcare).
• Tokyu Land Corporation (東急不動産)coreStrategic or Co-development Partner · 1 March 2015Main sponsor providing real estate and fund operation expertise. Supports HCM's healthcare facility acquisition pipeline and development projects through its real estate development capabilities.
• NEC Capital Solutions Limited (NECキャピタルソリューション株式会社)coreStrategic or Co-development Partner · 1 March 2015Main sponsor contributing financial and capital market expertise, supporting HCM's funding strategy and social finance instruments. Provides access to NEC Group's network for deal sourcing.
• Keihanshin Building Co., Ltd. (京阪神ビルディング株式会社)coreStrategic or Co-development Partner · 1 March 2015Main sponsor contributing real estate expertise in the Kansai region (Kyoto-Osaka-Kobe), providing deal flow and market knowledge for healthcare facility investments in western Japan.
• Healthcare Asset Management Co., Ltd. (ヘルスケアアセットマネジメント株式会社)coreOthers · 1 March 2015HCM's exclusive asset management company (HAM). HAM manages all aspects of HCM's investment strategy, property acquisition, operator due diligence, ESG management, and investor relations. HAM is owned by the five sponsors. HAM's CEO also serves as HCM's executive officer (until November 2020 this was a dual role; now separated). HAM employs 19 people and is headquartered in Chiyoda, Tokyo.

Scale indicators14 records

Recent moves8 records

Expansion highlights5 records

Emerging players

• Invincible Investment Corporation: Tokyo-listed J-REIT (8958) investing in hotels, residential, and healthcare facilities. While broader in scope than HCM, its healthcare/senior-living segment competes for similar operator relationships and sponsor-backed deal flow in Japan.
• Comforia Residential REIT, Inc. Tokyo-listed residential J-REIT (3282) sponsored by Tokyu Land (one of HCM's five main sponsors). Partially comparable because Tokyu Land's overlapping sponsorship creates shared deal-sourcing for senior residential assets.
• Advance Residence Investment Corporation: Tokyo-listed residential J-REIT (3269) focused on rental apartments, including a sub-segment targeting senior housing. Partially comparable to HCM in leveraging Japan's aging population trend, though with a different asset class (multi-family residential) and smaller healthcare exposure.

Direct peers

• Ventas, Inc. U.S. healthcare REIT (NYSE: VTR) with senior housing, medical office, and life science portfolios under long-term triple-net and RIDEA structures. Closely comparable to HCM in targeting healthcare real estate as the core asset class and in using master-lease economics with operator partners.
• Welltower Inc. Largest U.S. healthcare REIT (NYSE: WELL), operating triple-net senior housing, post-acute, and outpatient medical real estate globally. Directly comparable to HCM's long-duration fixed-rent healthcare/medical facility lease model, with HCM essentially a Japan-focused analog at a smaller scale.
• Healthpeak Properties, Inc. U.S. healthcare/medical office/life sciences REIT (NYSE: DOC). Comparable to HCM in allocating capital to medical office and healthcare-related facilities, though larger and more diversified across outpatient medical and lab assets.

Broad incumbents

• Daiwa House REIT Investment Corporation: Tokyo-listed diversified J-REIT (3263) with logistics and residential assets. A broad-incumbent peer in the Japanese listed REIT universe — competing for institutional capital and capable of acquiring healthcare facilities opportunistically despite no current healthcare focus.
• Japan Real Estate Investment Corporation: Tokyo-listed office J-REIT (8952). A large incumbent that anchors the J-REIT market and competes broadly for institutional capital that could otherwise flow into healthcare-specialized vehicles like HCM.
• Nippon Building Fund Inc. Japan's largest office-focused J-REIT (8951). A large incumbent competitor for institutional REIT investment flow in Japan; its scale and index weight make it a primary alternative for investors who might otherwise consider HCM.
• Mitsui Fudosan Accommodations Fund: Tokyo-listed residential/accmodation J-REIT (3226) sponsored by Mitsui Fudosan. A broad-incumbent Japanese REIT that, like Daiwa House REIT, can absorb residential senior housing assets opportunistically and competes with HCM for healthcare-adjacent residential capital.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Healthcare & Medical Investment Corporation