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 Jan. 30, 2023

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.00% (-0.01)	15,584,302million JPY (+51,843million JPY)

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

Code	REIT	Price on Jan. 30 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	581,000	+0.52%	3.96	591,806	0.98	988,276	2,787	Jun. & Dec.	1
8952	Japan Real Estate	574,000	+1.06%	3.95	593,849	0.97	795,111	2,001	Mar. & Sep.	1
8953	Japan Metropolitan	103,200	+0.49%	4.39	108,738	0.95	721,274	10,155	Feb. & Aug.	7
8954	ORIX JREIT	182,200	+0.66%	4.17	195,756	0.93	502,872	4,503	Feb. & Aug.	7
8955	Japan Prime Realty	364,500	+0.69%	4.17	390,909	0.93	363,471	1,212	Jun. & Dec.	7
8956	NTT UD REIT	136,800	+0.44%	3.92	144,574	0.95	191,744	2,015	Apr. & Oct.	8
8957	TOKYU REIT	199,500	-1.24%	3.73	204,489	0.98	195,031	2,313	Jan. & Jul.	7
8958	Global One	108,800	+0.55%	5.42	134,917	0.81	111,283	2,858	Mar. & Sep.	1
8960	United Urban	153,500	+0.46%	4.12	161,714	0.95	475,634	5,927	May & Nov.	7
8961	MORI TRUST	149,000	+0.88%	4.02	150,018	0.99	196,680	1,380	Mar. & Sep.	7
8964	Frontier	515,000	+0.78%	4.27	458,285	1.12	278,615	775	Jun. & Dec.	3
8966	HEIWA	154,700	+0.65%	4.06	137,291	1.13	172,294	1,292	May & Nov.	7
8967	Japan Logistics	302,000	-0.66%	3.42	302,087	1.00	282,068	1,647	Jan. & Jul.	5
8968	Fukuoka REIT	168,900	+0.30%	4.18	178,349	0.95	134,444	766	Feb. & Aug.	7
8972	Kenedix Office	314,000	-0.16%	4.62	393,664	0.80	266,407	1,883	Apr. & Oct.	1
8975	Ichigo Office REIT	85,900	+0.12%	7.04	89,042	0.96	129,998	6,740	Apr. & Oct.	1
8976	Daiwa Office	629,000	+0.32%	4.36	784,878	0.80	300,824	955	May & Nov.	1
8977	Hankyu Hanshin REIT	146,500	+0.48%	3.98	167,692	0.87	101,847	654	May & Nov.	7
8984	Daiwa House REIT	286,100	+1.17%	3.91	306,628	0.93	663,752	3,303	Feb. & Aug.	7
8985	Japan Hotel	83,800	+0.72%	0.81	75,234	1.11	374,335	24,462	Dec.	4
8986	Daiwa Securities Living	109,900	+0.09%	4.00	110,613	0.99	248,472	3,490	Mar. & Sep.	8
8987	Japan Excellent	127,600	+1.03%	4.39	164,904	0.77	170,678	1,669	Jun. & Dec.	1
8963	Invincible	56,400	+1.26%	3.19	52,651	1.07	343,862	49,162	Jun. & Dec.	4
3226	Nippon Accommodations	591,000	+0.68%	3.49	571,821	1.03	297,552	719	Feb. & Aug.	2
3234	MORI HILLS REIT	151,400	-1.24%	4.02	160,754	0.94	290,132	2,629	Jan. & Jul.	1
3249	Industrial & Infrastructure	147,100	-1.80%	4.17	132,666	1.11	304,499	6,755	Jan. & Jul.	8
3269	Advance Residence	325,000	-1.22%	3.52	308,703	1.05	450,125	3,984	Jan. & Jul.	2
8979	Starts Proceed	230,300	+0.66%	4.41	230,248	1.00	65,054	301	Apr. & Oct.	2
3278	Kenedix Residential	197,500	-1.10%	4.21	206,120	0.96	211,411	2,400	Jan. & Jul.	7
3279	Activia Properties	398,500	+0.38%	4.68	456,487	0.87	323,807	1,641	May & Nov.	7
3281	GLP J-REIT	148,400	+0.88%	3.88	149,293	0.99	699,282	9,709	Feb. & Aug.	5
3282	Comforia Residential	295,700	-0.07%	3.73	305,637	0.97	211,716	3,060	Jan. & Jul.	2
3283	Nippon Prologis	300,500	+0.74%	3.29	262,892	1.14	826,224	5,041	May & Nov.	5
3287	Hoshino Resorts	759,000	+2.02%	2.20	547,396	1.39	193,969	915	Apr. & Oct.	4
3290	ONE REIT	251,100	+0.80%	5.09	287,623	0.87	67,412	648	Feb. & Aug.	1
3292	AEON REIT	147,200	-1.14%	4.50	149,257	0.99	300,946	9,392	Jan. & Jul.	3
3295	Hulic Reit	157,200	+0.45%	4.43	183,956	0.85	226,368	2,653	Feb. & Aug.	7
3296	NIPPON REIT	337,000	+0.30%	4.90	413,277	0.82	151,626	678	Jun. & Dec.	7
3451	Tosei Reit	132,700	+0.53%	5.38	147,797	0.90	47,972	628	Apr. & Oct.	7
3309	Sekisui House Reit	72,500	+0.55%	4.68	88,840	0.82	317,657	5,697	Apr. & Oct.	7
3453	Kenedix Retail	249,100	+0.32%	5.06	263,224	0.95	150,002	1,173	Mar. & Sep.	3
3455	Healthcare & Medical	166,700	+0.36%	4.05	127,102	1.31	59,929	2,226	Jan. & Jul.	9
3459	Samty Residential	110,700	-0.72%	4.94	114,405	0.97	92,847	1,415	Jan. & Jul.	2
3462	Nomura Master	152,200	-0.33%	4.32	178,862	0.85	717,653	12,399	Feb. & Aug.	7
3463	Ichigo Hotel REIT	115,200	+0.17%	2.47	130,082	0.89	29,373	1,018	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	158,900	+0.63%	3.87	153,856	1.03	283,637	2,409	Feb. & Aug.	5
3468	Star Asia	53,900	-2.18%	5.49	55,929	0.96	103,579	4,923	Jan. & Jul.	7
3470	Marimo Regional Revitalization	126,500	+0.32%	5.69	136,616	0.93	29,738	885	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	453,500	+0.78%	3.67	450,388	1.01	261,216	1,633	Jan. & Jul.	5
3472	Ooedo Onsen Reit	62,500	+0.97%	4.43	110,382	0.57	14,709	347	May & Nov.	4
3476	MIRAI Corporation	44,900	+0.56%	5.31	51,177	0.88	79,538	3,375	Apr. & Oct.	7
3478	MORI TRUST Hotel	136,000	+0.37%	1.97	138,204	0.98	68,000	576	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	413,500	+1.35%	3.74	376,294	1.10	208,191	847	Feb. & Aug.	5
3487	CRE Logistics	178,800	-0.33%	4.06	164,202	1.09	100,968	1,168	Jun. & Dec.	5
3488	XYMAX REIT	119,200	+1.27%	5.18	143,869	0.83	29,758	571	Feb. & Aug.	7
3492	Takara Leben REIT	99,000	+1.02%	5.32	110,767	0.89	63,221	1,496	Feb. & Aug.	7
3493	Advance Logistics	143,200	+1.13%	3.90	142,919	1.00	96,574	1,886	Feb. & Aug.	5
2971	ESCON JAPAN REIT	116,700	-4.19%	7.23	117,745	0.99	41,075	4,043	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	89,700	-0.11%	5.15	122,093	0.73	41,899	933	Feb. & Aug.	1
2979	SOSiLA Logistics	132,000	+0.84%	4.08	128,675	1.03	96,030	1,995	May & Nov.	5
2989	Tokaido REIT	122,400	+0.66%	5.33	108,414	1.13	21,640	3,743	Jan. & Jul.	7

• 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	Shinjuku Mitsui Bldg.	170
2	Roppongi Hills Mori Tower	115
3	IIDABASHI GRAND BLOOM	114
4	Shiodome Building	107
5	Tokyo Shiodome Building	83

Unit Price Growth Rankings

1	Hoshino Resorts	+2.02%
2	Mitsubishi Estate Logistics	+1.35%
3	XYMAX REIT	+1.27%