List of Yields - JAPAN-REIT.COM

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 Dec. 4, 2020

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.19% (-0.03)	13,649,513million JPY (+96,582million JPY)

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

Code	REIT	Price on Dec. 4 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	574,000	+1.59%	3.89	558,834	1.03	948,535	8,370	Jun. & Dec.	1
8952	Japan Real Estate	546,000	+1.30%	3.99	565,820	0.96	756,325	6,446	Mar. & Sep.	1
8953	Japan Retail	174,000	+0.40%	5.21	221,336	0.79	452,832	10,506	Feb. & Aug.	3
8954	ORIX JREIT	161,200	+0.94%	4.24	184,055	0.88	444,912	6,654	Feb. & Aug.	7
8955	Japan Prime Realty	322,000	+1.74%	4.73	370,324	0.87	308,557	5,176	Jun. & Dec.	7
8956	Premier	120,500	+0.75%	4.66	131,418	0.92	158,698	4,967	Apr. & Oct.	8
8957	TOKYU REIT	153,100	+1.66%	4.40	194,421	0.79	149,671	2,186	Jan. & Jul.	7
8958	Global One	101,500	+0.30%	4.73	134,408	0.76	97,631	2,216	Mar. & Sep.	1
8960	United Urban	120,900	+1.77%	5.13	158,823	0.76	377,007	11,979	May & Nov.	7
8961	MORI TRUST	129,100	+1.02%	5.28	144,095	0.90	170,412	2,923	Mar. & Sep.	7
8964	Frontier	381,000	+1.60%	5.41	437,881	0.87	194,603	1,348	Jun. & Dec.	3
8966	HEIWA	118,000	+1.81%	4.49	125,669	0.94	117,992	2,187	May & Nov.	7
8967	Japan Logistics	296,900	+1.92%	3.23	256,119	1.16	268,716	2,882	Jan. & Jul.	5
8968	Fukuoka REIT	145,600	+2.90%	4.67	171,995	0.85	115,898	2,781	Feb. & Aug.	7
8972	Kenedix Office	662,000	+2.16%	4.59	721,602	0.92	283,674	1,955	Apr. & Oct.	1
8975	Ichigo Office REIT	71,100	+0.85%	5.87	84,913	0.84	108,946	5,426	Apr. & Oct.	1
8976	Daiwa Office	617,000	+0.82%	4.44	744,272	0.83	303,488	865	May & Nov.	1
8977	Hankyu Hanshin REIT	123,600	+1.56%	4.76	165,094	0.75	85,927	1,701	May & Nov.	7
8984	Daiwa House REIT	243,800	-	4.51	272,916	0.89	535,385	6,040	Feb. & Aug.	7
8985	Japan Hotel	54,500	+1.68%	0.37	80,728	0.68	243,198	74,052	Dec.	4
8986	Daiwa Securities Living	90,200	-0.77%	4.79	97,223	0.93	185,446	34,002	Mar. & Sep.	8
8987	Japan Excellent	123,400	-1.20%	4.79	154,536	0.80	166,960	4,385	Jun. & Dec.	1
8963	Invincible	34,050	+1.19%	0.41	49,476	0.69	207,597	97,559	Jun. & Dec.	4
3226	Nippon Accommodations	557,000	+0.36%	3.59	490,499	1.14	269,879	1,154	Feb. & Aug.	2
3227	MCUBS MidCity	86,800	+0.81%	5.21	97,966	0.89	154,862	5,423	Jun. & Dec.	1
3234	MORI HILLS REIT	139,000	+0.43%	4.18	143,342	0.97	266,370	4,016	Jan. & Jul.	1
3249	Industrial & Infrastructure	173,900	+0.81%	3.63	118,867	1.46	359,976	5,253	Jan. & Jul.	8
3269	Advance Residence	299,200	+0.30%	3.70	266,489	1.12	414,392	4,087	Jan. & Jul.	2
8979	Starts Proceed	195,100	+0.15%	4.64	211,359	0.92	49,512	719	Apr. & Oct.	2
3278	Kenedix Residential	176,000	+0.74%	4.62	177,866	0.99	167,421	2,700	Jan. & Jul.	7
3279	Activia Properties	405,000	+1.89%	4.58	450,874	0.90	312,346	2,358	May & Nov.	7
3281	GLP J-REIT	157,500	+1.74%	3.58	120,539	1.31	627,319	81,420	Feb. & Aug.	5
3282	Comforia Residential	285,400	-0.14%	3.77	267,896	1.07	191,681	1,917	Jan. & Jul.	2
3283	Nippon Prologis	312,000	-1.27%	3.03	226,333	1.38	769,345	11,218	May & Nov.	5
3287	Hoshino Resorts	501,000	-0.20%	2.53	525,705	0.95	111,153	785	Apr. & Oct.	4
3290	ONE REIT	246,700	+0.82%	5.91	282,325	0.87	59,185	496	Feb. & Aug.	1
3292	AEON REIT	122,600	-1.29%	5.19	142,263	0.86	229,669	9,158	Jan. & Jul.	3
3295	Hulic Reit	146,700	+0.96%	5.12	175,944	0.83	192,470	3,276	Feb. & Aug.	7
3296	NIPPON REIT	364,000	+1.25%	5.74	380,287	0.96	163,775	1,747	Jun. & Dec.	7
3298	Invesco Office	14,370	+0.98%	5.15	17,534	0.82	127,882	28,454	Apr. & Oct.	1
3451	Tosei Reit	107,800	+0.84%	6.53	135,976	0.79	36,706	973	Apr. & Oct.	7
3309	Sekisui House Reit	76,400	+0.26%	4.35	82,418	0.93	327,654	14,858	Apr. & Oct.	7
3453	Kenedix Retail	238,300	+0.25%	5.63	253,180	0.94	127,771	3,076	Mar. & Sep.	7
3455	Healthcare & Medical	126,900	-0.78%	5.06	120,283	1.06	39,466	636	Jan. & Jul.	9
3459	Samty Residential	104,900	+0.19%	5.76	102,505	1.02	67,063	1,031	Jan. & Jul.	2
3462	Nomura Master	137,900	-0.86%	4.80	165,071	0.84	650,226	14,632	Feb. & Aug.	7
3463	Ichigo Hotel REIT	72,100	+0.14%	2.32	132,671	0.54	18,384	1,013	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	157,500	+4.24%	3.77	130,288	1.21	257,985	8,774	Feb. & Aug.	5
3468	Star Asia	48,650	-	6.40	57,511	0.85	81,459	4,028	Jan. & Jul.	7
3470	Marimo Regional Revitalization	113,700	+0.18%	6.13	134,428	0.85	17,360	503	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	478,500	-0.93%	3.08	376,330	1.27	259,347	3,150	Jan. & Jul.	5
3472	Ooedo Onsen Reit	71,100	+0.42%	5.45	106,426	0.67	16,733	1,233	May & Nov.	4
3476	MIRAI Corporation	38,250	+0.66%	6.01	49,496	0.77	63,581	6,708	Apr. & Oct.	7
3478	MORI TRUST Hotel	116,800	+3.91%	3.02	136,446	0.86	58,400	1,482	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	393,500	-0.63%	3.29	312,554	1.26	137,031	1,241	Feb. & Aug.	5
3487	CRE Logistics	151,000	-0.79%	4.31	131,666	1.15	63,949	2,289	Jun. & Dec.	5
3488	XYMAX REIT	92,600	+0.65%	5.62	144,672	0.64	20,687	1,218	Feb. & Aug.	7
3492	Takara Leben REIT	89,200	+0.34%	6.50	111,183	0.80	41,255	1,640	Feb. & Aug.	7
3493	ITOCHU Advance Logistics	126,800	-1.78%	3.91	120,392	1.05	75,700	5,200	Jan. & Jul.	5
2971	ESCON JAPAN REIT	114,200	+0.62%	6.03	117,328	0.97	32,317	878	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	97,700	-1.11%	5.49	123,492	0.79	34,859	1,158	Feb. & Aug.	1
2979	SOSiLA Logistics	118,500	+0.08%	4.16	107,592	1.10	71,935	5,771	May & Nov.	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

• Nippon Healthcare Investment Corporation (3308): Delisted on March 30, 2020→ Merged with Japan Rental Housing Investments Inc. on April 1, 2020 (trade name changed to Daiwa Securities Living Investment Corporation)

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J-REIT News

Feb. 10, 2015: Kenedix Retail REIT Corporation: Listing on TSE REIT Market
Feb. 6, 2015: Nippon Accommodations Fund Inc.: Issuance of New Investment Units and Secondary Offering of Investment Units, Acquisition of 4 Properties
Jan. 23, 2015: Daiwa Office Investment Corporation: Financial Results for the 18th Fiscal Period
Jan. 22, 2015: Hankyu REIT, Inc.: Financial Results for the 19th Fiscal Period
Jan. 22, 2015: AEON REIT Investment Corporation: Issuance of New Investment Units and Secondary Offering of Investment Units, Acquisition of 6 Retail Properties

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	Garden City Shinagawa Gotenyama	72

Unit Price Growth Rankings

1	LaSalle LOGIPORT REIT	+4.24%
2	MORI TRUST Hotel	+3.91%
3	Fukuoka REIT	+2.90%