Japan Excellent

What Japan Excellent does

Japan Excellent, Inc. (ジャパンエクセレント投資法人) is a Japanese Real Estate Investment Trust (J-REIT) listed on the Tokyo Stock Exchange under Securities Code 8987. The trust invests exclusively in office buildings in the Tokyo metropolitan area, with a portfolio of 33 properties (¥290,534 million total acquisition price as of December 31, 2025) and 295,209.67 sqm of leasable floor space at a 98.3% occupancy rate. Its portfolio is concentrated in the six central wards of Tokyo and managed by Japan Excellent Asset Management Co., Ltd. (JEAM, 36 employees), with seconded personnel and pipeline support from three sponsors: Nippon Steel Kowa Real Estate Co., Ltd., Dai-ichi Life Group, and Mizuho Financial Group.

Name

Japan Excellent

Legal name

Japan Excellent, Inc.

Website

https://excellent-reit.co.jp

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Office REIT (Real Estate Investment Trust)

NAICS

Trusts, Estates, and Agency Accounts (52592)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Residential Real Estate Asset Management (BPAJAMAA)

Keywords

• Office real estate
• REIT investment
• Property leasing
• Tokyo office buildings
• J-REIT units

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, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Rental Income from Office Properties: The primary revenue stream comes from rental income generated by office buildings in the portfolio. This includes rent from tenants across 33 properties primarily located in the Tokyo metropolitan area.
2. Distribution to Unitholders: Net rental income is distributed to unitholders as dividends (distributions). Distribution periods are semi-annual, with fiscal periods ending June and December.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Japan Excellent, Inc. is a listed J-REIT that acquires, owns, and manages a portfolio of approximately 33 office buildings primarily located in the Tokyo metropolitan area (especially the six central wards), generating rental income from corporate tenants. Net rental income is distributed semi-annually to unitholders as dividends, with distribution periods ending June and December each year. The trust is managed externally by Japan Excellent Asset Management Co., Ltd. (JEAM) and supported by a sponsor group comprising Nippon Steel Kowa Real Estate, Dai-ichi Life Group, and Mizuho Financial Group.

Product overview

Japan Excellent, Inc. is a J-REIT (Japan Real Estate Investment Trust) that primarily invests in office buildings in the Tokyo metropolitan area. The investment trust offers investment units to investors, providing them exposure to a diversified portfolio of office real estate assets. The company operates through an asset management agreement with Japan Excellent Asset Management Co., Ltd., which handles property acquisition, management, and tenant relations. The REIT focuses on acquiring and managing high-quality office properties, with emphasis on properties with green building certifications and ESG considerations. As a listed investment vehicle on the Tokyo Stock Exchange (Securities Code: 8987), it distributes rental income to unitholders through bi-annual dividends. The portfolio includes various branded property series such as BIZCORE, AKASAKA INTERCITY properties, and other office buildings across Tokyo and select regional cities.

Differentiator

Problem solved

Functional benefit

Products and services

• J-REIT Investment Units (Securities Code: 8987) Listed investment units that provide retail and institutional investors with exposure to a diversified portfolio of office buildings in the Tokyo metropolitan area. Units are purchased and sold through securities company counters or internet trading platforms, and distributions are paid semi-annually based on net rental income.
• Tokyo Metropolitan Area Office Property Leasing Leasing of high-quality office space across 33 properties (295,209.67 m² total leasable floor space) primarily located in the Tokyo metropolitan area, with 98.3% occupancy as of December 31, 2025. Major tenants include Hitachi Real Estate Partners, HASEKO Corporation, Kanadevia Corporation, and J-POWER Business Service Corporation.

Quantifiable outcome

• 98.3% occupancy rate achieved
• +3 more outcomes

Named customers4 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

Four partnerships are on record, tiered core and minor.

• Nippon Steel Kowa Real Estate Co., Ltd.coreStrategic or Co-development PartnerMain sponsor providing real estate deal flow, development pipeline, and operational expertise. As a leading real estate company, NSKRE supplies acquisition opportunities including properties like AKASAKA INTERCITY AIR and BIZCORE properties, and provides human resource support through secondee program.
• Dai-ichi Life GroupcoreStrategic or Co-development PartnerCo-sponsor providing long-term capital support and investment stability. Dai-ichi Life Insurance holds investment units and provides secondees to the asset management company. Contributes to unitholder stability and investor confidence.
• Japan Excellent Asset Management Co., Ltd. (JEAM)coreStrategic or Co-development PartnerThe dedicated asset management company responsible for managing JEI's portfolio. JEAM handles investment decisions, property management oversight, ESG initiatives, and day-to-day operations of the REIT.
• Ernst & Young ShinNihon LLCminorOthersAccounting auditor providing independent audit services and third-party assurance on environmental performance data (CO2 emissions, energy consumption, water consumption).

Scale indicators13 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Mori Hills REIT Investment Corporation: Tokyo office-focused J-REIT (TSE: 3234) centered on premium properties in central Tokyo (Roppongi Hills, Toranomon Hills). Comparable to JEI in product (office) and geographic focus (central Tokyo).
• Nippon Building Fund: Japan's largest office-focused J-REIT (TSE: 8951), with a portfolio of premium office properties concentrated in central Tokyo. Directly comparable to JEI in product (office), customer base (corporate tenants), and business model (REIT asset management), though at significantly larger scale.
• Japan Real Estate Investment Corporation: Major office J-REIT (TSE: 8952) focused on office buildings in central Tokyo. Closely comparable to JEI in product mix (office), geography (central Tokyo), and tenant base (large corporate occupiers).
• Kenedix Office Investment Corporation: Office J-REIT (TSE: 8972) investing primarily in mid-sized office properties in Tokyo. Direct peer in the office REIT segment with similar tenant mix and property characteristics to JEI.
• ORIX JREIT Inc. Diversified J-REIT (TSE: 8954) with significant office exposure alongside retail, residential, and logistics. Comparable as a J-REIT with overlapping office segment, though with broader asset-class diversification than JEI.
• Daiwa Office Investment Corporation: Pure office J-REIT (TSE: 8976) investing in mid-sized office buildings primarily in Tokyo. Direct competitor in the office REIT space with overlapping property profile and tenant mix.

Regional players

• SL Green Realty Corp. Manhattan's largest office landlord (NYSE: SLG). Comparable in product (urban office REIT) and business model but operates exclusively in NYC geography, serving as a US urban office REIT benchmark relevant to JEI's central-Tokyo office focus.
• Boston Properties Inc. Largest publicly-traded US office REIT (NYSE: BXP) with premier office properties in Boston, NYC, San Francisco, and Washington DC. Comparable in product (premium urban office) and business model (REIT), but operates in US geography, providing an international benchmark for office REIT performance.

Others

• Sekisui House REIT: Residential-focused J-REIT (TSE: 3309) sponsored by Sekisui House. Comparable as a Japanese listed REIT structure but operates in the residential asset class versus JEI's office focus.
• Comforia Residential REIT: Residential J-REIT (TSE: 3282) sponsored by Tokyu Land, focused on rental apartments in Tokyo and other major Japanese cities. Comparable as a J-REIT peer in the listed REIT ecosystem but operates in residential versus JEI's office.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Japan Excellent