This page contains a list of the latest prices, yields, and equity market capitalization of J-REITs. Click on a category to sort the table by the particular category.

Definition of Terms / Calculation Method
<Dividend Yield>
The dividend yield is the ratio of dividends (dividends) paid out compared to the investment amount. This is used as an indicator to measure investment return.
Calculation method:
(Current period forecast dividend + Next period forecast dividend) / Investment unit price
-Forecast dividends are applied from the next business day after the public release of documents by each J-REIT.
-Dividends in excess of profits are included in forecast dividends.
-The price of investment units represents the daily closing price on the Tokyo Stock Exchange.

The following calculation method is applied in cases when the calculation method described above cannot be applied:
1. J-REITs reporting earnings annually:
Current period forecast dividend / Investment unit price

2. J-REITs that do not release a current forecast distribution:
(Forecast dividend from the previous period x 2) / Investment unit price

3. J-REITs that do not release their next forecast distribution:
(Current period forecast dividend x 2) / Investment unit price

4. J-REITs with irregular reporting periods:
The forecast dividend for each period is calculated for a six-month period

<NAV per Unit>
Net asset value (NAV) is the market value of a real estate portfolio.
NAV per unit is calculated by dividing the number of investment units by the NAV.

Calculation method:
Investment amount per unit + Unrealized P/L per unit = (Unitholders’ capital + Investment surplus) / Number of investment units + (Real estate appraisal value – Real estate book value) / Number of investment units at the period-end
-Data for the unitholders’ capital, investment surplus, and number of investment units are applied from the investment value date based on publicly released documents of the J-REIT.
-Data for the real estate appraisal value, real estate book value, and number of investment units at the period-end are applied from the following month after the earnings released by each J-REIT.
Note: Not calculated for J-REITs that do not report earnings data.

<P/NAV>
The price/NAV ratio is an indicator that shows the degree to which the investment unit price is undervalued compared to the NAV of a J-REIT’s real estate portfolio based on the market value. The price/NAV ratio is equivalent to the price-to-book-value ratio (PBR) used for stocks.
Calculation method:
Investment unit price / NAV per unit
-The investment unit price represents the daily closing price on the Tokyo Stock Exchange
-Refer to the NAV per unit above
Note: Not calculated for J-REITs that do not report earnings data.

List of YieldsAs of Oct. 19, 2018

Average Dividend Yield of All J-REITs (Day-on-Day) Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.17% (+0.02) 12,812,893million JPY (-68,222million JPY)

*Click on a category to sort the table by that particular category.

CodeREITPrice on Oct. 19
(JPY)
% changeDividend yield
(%)
NAV per unit
(JPY)
P/NAVMarket cap
(million JPY)
Trading volume
(units)
Settlement month Sector
8951 Nippon Building   News 651,000 -0.76% 3.09 533,083 1.22 919,212 2,543 Jun. & Dec. 1
8952 Japan Real Estate   News 591,000 -0.17% 3.16 513,911 1.15 818,659 2,862 Mar. & Sep. 1
8953 Japan Retail    News 208,400 -0.76% 4.25 210,867 0.99 545,595 10,312 Feb. & Aug. 3
8954 ORIX JREIT   News 174,300 -1.36% 3.89 164,031 1.06 481,068 6,808 Feb. & Aug. 7
8955 Japan Prime Realty   News 401,500 -0.12% 3.63 329,522 1.22 370,585 1,385 Jun. & Dec. 7
8956 Premier   News 117,200 -0.51% 4.44 109,366 1.07 154,352 3,200 Apr. & Oct. 8
8957 TOKYU REIT   News 158,100 -0.13% 3.68 167,924 0.94 154,559 3,101 Jan. & Jul. 7
8958 Global One   News 113,700 -0.61% 3.68 123,972 0.92 100,702 1,374 Mar. & Sep. 1
8960 United Urban   News 173,500 -0.57% 4.02 147,749 1.17 530,058 6,920 May & Nov. 7
8961 MORI TRUST   News 162,000 -0.18% 4.51 141,959 1.14 213,840 1,742 Mar. & Sep. 7
8964 Frontier   News 437,000 -0.23% 4.66 422,109 1.04 216,752 1,311 Jun. & Dec. 3
8966 HEIWA   News 111,900 -1.32% 4.16 114,711 0.98 113,561 3,406 May & Nov. 7
8967 Japan Logistics   News 224,600 -0.75% 4.11 245,133 0.92 205,284 1,966 Jan. & Jul. 5
8968 Fukuoka REIT   News 172,300 -0.69% 4.15 156,383 1.10 137,151 1,903 Feb. & Aug. 7
8972 Kenedix Office   News 704,000 -0.56% 3.75 625,856 1.12 301,671 1,712 Apr. & Oct. 1
8975 Ichigo Office REIT   News 93,100 -0.32% 4.23 76,249 1.22 142,656 2,539 Apr. & Oct. 1
8976 Daiwa Office   News 675,000 -1.32% 3.53 653,698 1.03 332,017 1,163 May & Nov. 1
8977 Hankyu Hanshin REIT   News 141,500 -0.21% 4.28 155,743 0.91 90,348 941 May & Nov. 7
8984 Daiwa House REIT   News 253,600 -1.28% 4.10 246,093 1.03 488,687 7,053 Feb. & Aug. 7
8985 Japan Hotel   News 81,500 -0.73% 4.77 74,155 1.10 326,884 9,532 Dec. 4
8986 Japan Rental Housing   News 89,200 -0.78% 4.37 83,388 1.07 146,293 4,038 Mar. & Sep. 2
8987 Japan Excellent   News 148,600 -0.13% 3.73 135,867 1.09 194,027 1,872 Jun. & Dec. 1
8963 Invincible   News 46,600 -0.32% 7.22 50,585 0.92 267,865 23,123 Jun. & Dec. 7
3226 Nippon Accommodations   News 513,000 +0.39% 3.65 404,342 1.27 248,560 1,074 Feb. & Aug. 2
3227 MCUBS MidCity   News 85,900 -0.69% 6.04 85,945 1.00 141,144 5,909 Jun. & Dec. 1
3234 MORI HILLS REIT   News 140,600 -0.71% 3.98 122,273 1.15 263,619 2,889 Jan. & Jul. 1
3249 Industrial & Infrastructure   News 114,400 -0.95% 4.69 101,871 1.12 194,345 3,018 Jan. & Jul. 8
3269 Advance Residence   News 287,100 -0.14% 3.73 224,843 1.28 387,585 1,937 Jan. & Jul. 2
8979 Starts Proceed   News 170,600 -0.76% 5.12 198,865 0.86 43,806 538 Apr. & Oct. 2
3278 Kenedix Residential   News 171,000 -0.75% 4.45 157,769 1.08 148,622 2,660 Jan. & Jul. 8
3279 Activia Properties   News 479,000 -0.21% 3.97 416,744 1.15 334,679 1,612 May & Nov. 7
3281 GLP J-REIT   News 112,000 +0.18% 4.63 107,716 1.04 429,343 11,595 Feb. & Aug. 5
3282 Comforia Residential   News 267,700 -0.22% 3.70 228,062 1.17 157,138 1,529 Jan. & Jul. 2
3283 Nippon Prologis   News 232,500 +0.56% 3.80 206,618 1.13 508,233 6,318 May & Nov. 5
3287 Hoshino Resorts   News 546,000 -1.09% 4.70 542,585 1.01 121,137 960 Apr. & Oct. 4
3290 ONE REIT   News 249,600 +0.73% 5.43 251,017 0.99 59,881 1,277 Feb. & Aug. 1
3292 AEON REIT   News 125,000 -0.24% 4.80 134,554 0.93 222,168 2,938 Jan. & Jul. 3
3295 Hulic Reit   News 160,800 -1.71% 4.23 161,531 1.00 178,488 3,974 Feb. & Aug. 7
3296 NIPPON REIT   News 368,000 -0.54% 4.60 329,533 1.12 165,574 1,699 Jun. & Dec. 7
3298 Invesco Office   News 16,270 -0.31% 5.24 14,643 1.11 140,627 28,648 Apr. & Oct. 1
3308 Nippon Healthcare   News 178,000 -0.56% 4.64 199,615 0.89 13,284 40 Apr. & Oct. 9
3451 Tosei Reit   News 115,000 - 6.21 124,278 0.93 26,956 1,214 Apr. & Oct. 7
3309 Sekisui House Reit   News 73,100 -0.14% 4.18 73,218 1.00 275,009 5,780 Apr. & Oct. 7
3453 Kenedix Retail   News 238,000 -0.63% 5.24 247,528 0.96 120,833 3,381 Mar. & Sep. 3
3455 Healthcare & Medical   News 112,000 -1.06% 5.56 117,498 0.95 21,628 324 Jan. & Jul. 9
3459 Samty Residential   News 90,300 +0.11% 5.96 96,050 0.94 45,520 464 Jan. & Jul. 2
3462 Nomura Master   News 149,300 -1.26% 4.17 152,077 0.98 645,245 10,525 Feb. & Aug. 7
3463 Ichigo Hotel REIT   News 138,000 -0.14% 6.28 146,319 0.94 35,186 633 Jan. & Jul. 4
3466 LaSalle LOGIPORT REIT   News 103,700 -1.71% 4.96 106,550 0.97 114,070 3,538 Feb. & Aug. 5
3468 Star Asia   News 105,600 +0.48% 6.61 110,809 0.95 57,111 1,669 Jan. & Jul. 7
3470 Marimo Regional Revitalization   News 111,900 -0.09% 6.10 121,821 0.92 14,809 126 Jun. & Dec. 7
3471 Mitsui Fudosan Logistics   News 336,500 - 3.57 306,271 1.10 88,423 403 Jan. & Jul. 5
3472 Ooedo Onsen Reit   News 86,300 +0.12% 5.61 100,983 0.85 20,310 453 May & Nov. 4
3473 SAKURA SOGO REIT   News 89,000 -0.11% 5.84 96,906 0.92 29,637 649 Jun. & Dec. 7
3476 MIRAI Corporation   News 187,000 -0.43% 6.04 182,299 1.03 63,432 2,904 Apr. & Oct. 7
3478 MORI TRUST Hotel   News 137,000 -0.94% 4.36 126,798 1.08 68,500 536 Feb. & Aug. 4
3481 Mitsubishi Estate Logistics   News 251,600 -0.24% 4.33 262,583 0.96 61,847 527 Feb. & Aug. 5
3487 CRE Logistics    News 109,300 +0.28% 5.71 115,276 0.95 25,265 281 Jun. & Dec. 5
3488 XYMAX REIT    News 113,200 -0.44% 5.66 25,289 272 Feb. & Aug. 7
3492 Takara Leben REIT   News 88,000 - 6.97 30,404 1,482 Feb. & Aug. 1
3493 ITOCHU Advance Logistics   News 93,400 -0.32% 4.55 33,357 1,039 Jan. & Jul. 5

• New City Residence Investment Corporation (8965): Delisted on November 10, 2008 → Merged with BLife Investment Corporation on April 1, 2010 (trade name changed to Daiwa House Residential Investment Corporation)
• LCP Investment Corporation (8980): Delisted on January 27, 2010 → Merged with Invincible Investment Corporation on February 1, 2010
• Nippon Residential Investment Corporation (8962) and Advance Residence Investment Corporation (8978): Delisted on February 24, 2010 → Listed on March 2, 2010 after merger with and new establishment of Advance Residence Investment Corporation (3269)
• LaSalle Japan REIT Inc. (8974): Delisted on February 24, 2010 → Merged with Japan Retail Fund Investment Corporation on March 1, 2010
• Prospect REIT Investment Corporation (8969): Delisted on June 28, 2010 → Merged with Japan Rental Housing Investments Inc. on July 1, 2010
• Japan Single-residence REIT Inc. (8970): Delisted on September 28, 2010 → Merged with Heiwa Real Estate REIT, Inc. on October 1, 2010
• Nippon Commercial Investment Corporation (3229): Delisted on November 26, 2010 → Merged with United Urban Investment Corporation on December 1, 2010
• Ichigo Real Estate Investment Corporation (8983): Delisted on October 27, 2011 → Merged with FC Residential Investment Corporation on November 1, 2011 (trade name changed to Ichigo Real Estate Investment Corporation)
• Japan Hotel and Resort, Inc. (8981): Delisted on March 28, 2012 → Merged with Japan Hotel Fund Investment Corporation on April 1, 2012 (trade name changed to Japan Hotel REIT Investment Corporation)
• Nomura Real Estate Office Fund, Inc. (8959), Nomura Real Estate Residential Fund, Inc. (3240), Nomura Real Estate Master Fund, Inc. (3285): Delisted on September 28, 2015 → Listed on October 2, 2015 after merger with and new establishment of Nomura Real Estate Master Fund, Inc. (3462)
• Top REIT, Inc. (8982): Delisted on August 29, 2016 → Merged with Nomura Real Estate Master Fund, Inc. on September 1, 2016
• Daiwa House REIT Investment Corporation (3263): Delisted on August 29, 2016 → Merged with Daiwa House Residential Investment Corporation on September 1, 2016 (trade name changed to Daiwa House REIT Investment Corporation)

• Sekisui House SI Residential Investment Corporation (8973): Delisted on April 25, 2018 → Merged with Sekisui House Reit, Inc. on May 1, 2018

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Property Acquisition Price Rankings

(Billions of yen)

1 Roppongi Hills Mori Tower 115
2 Tokyo Shiodome Building 110
3 Shiodome Building 107
4 Kitanomaru Square 82
5 Shiodome Building 72
Unit Price Growth Rankings
1 ONE REIT +0.73%
2 Nippon Prologis +0.56%
3 Star Asia +0.48%
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