Daiwa Office Investment Corporation

What Daiwa Office Investment Corporation does

Daiwa Office Investment Corporation (DOI, TYO: 8976) is a Japanese Real Estate Investment Trust (J-REIT) established in 2005 and listed on the Tokyo Stock Exchange, specializing in the acquisition, management, and leasing of office buildings concentrated in Tokyo's Central 5 Wards (Chiyoda, Chuo, Minato, Shinjuku, Shibuya), with select properties in Osaka and Kanagawa. As of May 29, 2026, the portfolio comprises 58 office properties with a total acquisition price of 487,709 million yen and a 99.1% occupancy rate (as of May 31, 2026). The investment corporation has no employees of its own and outsources all asset management to Daiwa Real Estate Asset Management Co., Ltd., which is affiliated with the sponsor Daiwa Securities Group Inc. (collectively holding 41.61% of investment units as of May 31, 2025).

DOI generates revenue primarily through semi-annual rental income from its office tenants, distributing substantially all taxable income to unitholders in compliance with J-REIT regulations. The 40th fiscal period (ended November 30, 2025) reported operating revenues of 16,056 million yen and rental revenue of 14,758 million yen, with an actual distribution of 8,020 yen per unit. Forecasted DPU declines to 7,250 yen (41st period, May 2026) and 7,070 yen (42nd period, November 2026) after a 2-for-1 investment unit split implemented on June 1, 2024.

The firm's core differentiator is an integrated ESG framework: 36 properties (67.5% of floor area) hold environmental certifications, and DOI has achieved GRESB Green Star designation for 14 consecutive years, 4 Stars in the 2025 GRESB assessment, SBTi certification (July 2025), JCR Green 1(F) framework evaluation, MUFG ESG S Rank, and ISO-aligned EcoAction 21 certification. The Green Finance Framework supports green bond and green loan issuance for qualifying certified assets. Governance is provided by one Executive Director, two Supervisory Directors, and KPMG AZSA LLC as accounting auditor.

Name

Daiwa Office Investment Corporation

Legal name

Daiwa Office Investment Corporation

Website

https://daiwa-office.co.jp

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

Daiwa Office Investment Corporation is a Tokyo-listed J-REIT (TYO: 8976) that invests in and manages 58 office buildings concentrated in Tokyo's Central 5 Wards, generating rental revenue distributed semi-annually to unitholders under a Daiwa Securities Group-sponsored structure.

Ownership category

akta.pro rank

Product category

Office REIT

NAICS

Other Investment Pools and Funds (5259), Corporate, Subsidiary, and Regional Managing Offices (551114)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Office Real Estate Asset Management (BPAJAMAG)

akta.pro secondary industry

Real Assets — Operating Platforms & Direct Investments (FSAAAKAL)

Keywords

• Office REIT
• Real estate investment trust
• Tokyo office properties
• Office property leasing
• J-REIT investments

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Rental Revenue: Primary revenue from leasing office properties in Tokyo's Central 5 Wards and select regional cities. Revenue is generated through semi-annual rental income from tenants occupying the investment corporation's 58 office properties. FY2025 (40th period) rental revenue was 14,758 million yen.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Daiwa Office Investment Corporation is a publicly listed Japanese Real Estate Investment Trust (J-REIT) that acquires, manages, and leases a portfolio of office buildings concentrated in Tokyo's Central 5 Wards (Chiyoda, Chuo, Minato, Shinjuku, Shibuya) with select properties in Osaka and Kanagawa. As of May 2026, the portfolio comprises 58 office properties with a total acquisition price of 487,709 million yen and a 99.1% occupancy rate, generating rental revenue that is distributed semi-annually to unitholders (8,020 yen per unit for the 40th fiscal period ended November 30, 2025).

Product overview

Daiwa Office Investment Corporation is a Japanese Real Estate Investment Trust (J-REIT) listed on the Tokyo Stock Exchange (Securities Code: 8976), specializing in office buildings in Tokyo's Central 5 Wards. The REIT is structured as a single unified investment vehicle that acquires, manages, and leases office properties, distributing rental income to unitholders. As of May 2026, the portfolio comprises 58 properties with total acquisition price of 487,709 million yen and 99.1% occupancy rate. The REIT offers investor services including IR mail news delivery, virtual property tours (Office VR Tour), and maintains a Green-Qualified Assets portfolio of 36 certified properties meeting environmental standards. The investment trust distributes rental revenues to unitholders twice yearly, with recent distributions of 8,020 yen per unit for the 40th fiscal period.

Differentiator

Problem solved

Functional benefit

Products and services

• Daiwa Office Investment Corporation (DOI) - Office REIT An office-focused J-REIT investment vehicle listed on the Tokyo Stock Exchange (Securities Code: 8976) that invests in and manages office buildings primarily in Tokyo's Central 5 Wards, distributing rental income to unitholders twice yearly.
• Green Bonds (Seventh and Ninth Series Unsecured Investment Corporation Bonds) Unsecured investment corporation bonds issued to fund acquisition and refinancing of green-eligible office assets, with Seventh Series at 1,500 million yen (0.310%) and Ninth Series at 2,400 million yen (0.600%), totaling 3,900 million yen outstanding.
• Office Property Leasing Service Semi-annual rental income services from leasing office space across 58 office properties in Tokyo's Central 5 Wards and select regional cities, generating 14,758 million yen in rental revenue for the FY2025 40th period.
• IR Mail News Service Email-based news release distribution service for investors, delivering press releases, portfolio updates, and IR communications, powered by PIPED BITS Co., Ltd.'s Spiral platform.

Quantifiable outcome

• 99.1% occupancy rate as of May 31, 2026
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• Daiwa Real Estate Asset Management Co., Ltd.coreImplementation/ SI/ Consulting PartnerThe asset management company that manages the investment corporation's assets. Entrusted with asset management, investment decisions, and property management oversight. Operates the Sustainability Promotion Committee and manages all ESG initiatives for the portfolio.
• Sumitomo Mitsui Trust Bank, LimitedcoreOthersServes as unitholder register administrator and accounting custodian. Handles transfer agency services including address changes, distribution payments, and unitholder inquiries.
• Japan Credit Rating Agency (JCR)coreStrategic or Co-development PartnerProvides third-party evaluation of the Green Finance Framework. Awarded highest Green 1(F) rating. Also provides MUFG ESG Rating support for J-REIT assessments.
• GRESBcoreStrategic or Co-development PartnerGlobal benchmark organization that assesses real estate companies' ESG performance. DOI has participated in GRESB Real Estate Assessment since 2011 and received 4 Stars and Green Star designation for 14 consecutive years.
• SBTi (Science Based Targets initiative)coreStrategic or Co-development PartnerInternational initiative that validates corporate GHG reduction targets. DOI received SBT certification on July 10, 2025, confirming targets align with Paris Agreement 1.5°C pathway.

Scale indicators8 records

Recent moves9 records

Expansion highlights5 records

Others

• Comforia Residential REIT: J-REIT focused on residential properties rather than offices. Listed as a comparable Japanese REIT structure and institutional vehicle, but with a different asset class focus than DOI.
• Tokyu Real Estate Investment Corporation: Diversified J-REIT investing in office, retail, and residential properties primarily in the Tokyo metropolitan area. Comparable J-REIT structure with broader asset exposure than DOI.

Direct peers

• Japan Real Estate Investment Corporation: Major J-REIT specializing in mid-to-large office buildings in central Tokyo. Directly comparable to DOI in asset class, geography, and tenant profile, with similar ESG positioning.
• Nippon Building Fund: Largest J-REIT focused on office buildings, primarily in Tokyo Central 5 Wards. The most direct competitor to DOI in the office REIT category, with a much larger portfolio and similar geographic focus.
• Hiroto Fund (Sekisui House REIT): Office-focused J-REIT backed by Sekisui House. Directly comparable as a Japanese office REIT with a similar institutional investor base and central-urban property focus.
• Kenedix Office Investment Corporation: Office-focused J-REIT investing in mid-sized office buildings primarily in Tokyo. Competes with DOI for the same office tenant segment but focuses on smaller, more numerous buildings.
• Japan Prime Realty Investment Corporation: J-REIT focused on office buildings in Tokyo, plus selected urban properties. Competes directly with DOI for the same Grade A office tenant base and central Tokyo assets.

Broad incumbents

• SL Green Realty: US-based office REIT focused on Manhattan office properties. Comparable as a metropolitan-centralized Grade A office REIT, though operating in a different geography and with larger scale than DOI.
• Boston Properties: US-based REIT focused on Class A office properties in major markets including New York, Boston, and Washington DC. Larger, more diversified office REIT with similar focus on prime urban Grade A office assets.

Regional players

• Activia Properties: J-REIT focused on office and retail properties in Tokyo and other major Japanese cities. Overlaps with DOI's Tokyo office focus but adds retail diversification.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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

Frequently asked questions about Daiwa Office Investment Corporation