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. 14, 2018

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.05% (-0.03)	13,266,402million JPY (+104,873million JPY)

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

Code	REIT	Price on Dec. 14 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	699,000	+1.01%	2.88	533,083	1.31	986,988	7,078	Jun. & Dec.	1
8952	Japan Real Estate	627,000	+1.46%	3.06	525,172	1.19	868,527	4,914	Mar. & Sep.	1
8953	Japan Retail	224,300	+1.68%	3.95	216,206	1.04	587,221	12,456	Feb. & Aug.	3
8954	ORIX JREIT	185,600	+1.20%	3.65	169,886	1.09	512,256	13,839	Feb. & Aug.	7
8955	Japan Prime Realty	440,500	-0.90%	3.31	329,522	1.34	406,582	4,666	Jun. & Dec.	7
8956	Premier	123,500	+0.16%	4.21	109,366	1.13	162,649	4,033	Apr. & Oct.	8
8957	TOKYU REIT	165,800	+0.42%	3.51	167,924	0.99	162,086	4,278	Jan. & Jul.	7
8958	Global One	122,400	+3.20%	3.53	124,879	0.98	108,408	5,171	Mar. & Sep.	1
8960	United Urban	175,600	+1.21%	4.04	147,749	1.19	536,473	13,555	May & Nov.	7
8961	MORI TRUST	164,300	+1.17%	4.44	148,076	1.11	216,876	5,556	Mar. & Sep.	7
8964	Frontier	448,500	+1.13%	4.54	422,109	1.06	222,456	1,780	Jun. & Dec.	3
8966	HEIWA	122,000	+1.50%	3.93	114,711	1.06	123,811	3,546	May & Nov.	7
8967	Japan Logistics	229,000	+0.22%	4.07	245,133	0.93	209,306	2,221	Jan. & Jul.	5
8968	Fukuoka REIT	171,700	-	4.16	161,315	1.06	136,673	2,684	Feb. & Aug.	7
8972	Kenedix Office	739,000	+0.54%	3.59	625,856	1.18	316,669	1,490	Apr. & Oct.	1
8975	Ichigo Office REIT	94,200	+1.51%	4.19	76,249	1.24	144,341	3,082	Apr. & Oct.	1
8976	Daiwa Office	709,000	+1.72%	3.39	653,698	1.08	348,741	1,229	May & Nov.	1
8977	Hankyu Hanshin REIT	146,500	+1.24%	4.26	153,959	0.95	101,451	3,052	May & Nov.	7
8984	Daiwa House REIT	250,100	+0.04%	4.16	254,169	0.98	481,943	7,800	Feb. & Aug.	7
8985	Japan Hotel	84,400	+1.20%	4.61	74,155	1.14	338,515	25,553	Dec.	4
8986	Japan Rental Housing	85,000	-0.47%	4.59	86,149	0.99	139,405	7,933	Mar. & Sep.	2
8987	Japan Excellent	153,000	+0.39%	3.63	135,867	1.13	199,772	3,343	Jun. & Dec.	1
8963	Invincible	49,300	+0.61%	6.58	50,585	0.97	283,385	72,505	Jun. & Dec.	7
3226	Nippon Accommodations	547,000	+1.30%	3.42	415,165	1.32	265,034	1,642	Feb. & Aug.	2
3227	MCUBS MidCity	93,000	+1.75%	5.58	85,945	1.08	152,811	7,165	Jun. & Dec.	1
3234	MORI HILLS REIT	139,800	-0.14%	4.00	122,273	1.14	262,119	7,001	Jan. & Jul.	1
3249	Industrial & Infrastructure	112,000	+0.81%	4.79	101,871	1.10	190,267	5,746	Jan. & Jul.	8
3269	Advance Residence	310,500	+0.49%	3.45	224,843	1.38	419,175	3,088	Jan. & Jul.	2
8979	Starts Proceed	169,900	+1.07%	5.17	198,865	0.85	43,626	527	Apr. & Oct.	2
3278	Kenedix Residential	169,300	+1.07%	4.49	157,769	1.07	147,144	2,226	Jan. & Jul.	8
3279	Activia Properties	465,500	+0.11%	4.25	416,744	1.12	325,247	5,883	May & Nov.	7
3281	GLP J-REIT	113,400	+0.53%	4.58	111,031	1.02	434,710	9,782	Feb. & Aug.	5
3282	Comforia Residential	293,700	+1.45%	3.37	228,062	1.29	172,400	2,000	Jan. & Jul.	2
3283	Nippon Prologis	237,900	+0.81%	3.73	206,618	1.15	520,038	7,735	May & Nov.	5
3287	Hoshino Resorts	522,000	+0.77%	4.93	542,585	0.96	115,812	599	Apr. & Oct.	4
3290	ONE REIT	259,900	+1.29%	5.21	255,081	1.02	62,352	959	Feb. & Aug.	1
3292	AEON REIT	128,500	+0.71%	4.67	134,554	0.96	228,389	4,495	Jan. & Jul.	3
3295	Hulic Reit	169,100	+0.77%	4.02	163,650	1.03	211,544	4,502	Feb. & Aug.	7
3296	NIPPON REIT	378,500	+1.75%	4.47	329,533	1.15	170,299	2,520	Jun. & Dec.	7
3298	Invesco Office	16,390	+1.05%	5.20	14,643	1.12	141,665	36,788	Apr. & Oct.	1
3308	Nippon Healthcare	165,000	-0.30%	5.04	199,615	0.83	12,314	238	Apr. & Oct.	9
3451	Tosei Reit	109,000	+0.28%	6.68	120,955	0.90	30,849	954	Apr. & Oct.	7
3309	Sekisui House Reit	70,800	+1.14%	4.31	73,218	0.97	266,356	11,181	Apr. & Oct.	7
3453	Kenedix Retail	250,000	+0.40%	5.12	251,355	0.99	126,925	3,840	Mar. & Sep.	3
3455	Healthcare & Medical	113,800	+0.44%	5.47	117,498	0.97	21,976	474	Jan. & Jul.	9
3459	Samty Residential	89,600	+0.56%	6.01	95,626	0.94	45,167	749	Jan. & Jul.	2
3462	Nomura Master	147,000	-	4.23	153,545	0.96	635,305	17,152	Feb. & Aug.	7
3463	Ichigo Hotel REIT	137,300	+0.44%	6.32	146,319	0.94	35,008	1,299	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	107,400	-0.19%	4.79	108,962	0.99	118,140	3,879	Feb. & Aug.	5
3468	Star Asia	107,300	-0.09%	6.51	110,809	0.97	58,030	2,385	Jan. & Jul.	7
3470	Marimo Regional Revitalization	110,000	+0.18%	6.21	121,821	0.90	14,557	367	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	323,000	-1.07%	3.72	305,936	1.06	84,876	789	Jan. & Jul.	5
3472	Ooedo Onsen Reit	83,000	+0.48%	5.81	100,983	0.82	19,534	873	May & Nov.	4
3473	SAKURA SOGO REIT	87,200	+0.23%	5.96	96,906	0.90	29,038	1,114	Jun. & Dec.	7
3476	MIRAI Corporation	190,100	+2.54%	6.00	180,207	1.05	75,167	7,069	Apr. & Oct.	7
3478	MORI TRUST Hotel	130,200	+0.31%	4.59	127,412	1.02	65,100	1,068	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	246,600	+0.24%	4.42	264,674	0.93	60,618	628	Feb. & Aug.	5
3487	CRE Logistics	105,500	+0.48%	5.91	115,276	0.92	24,386	652	Jun. & Dec.	5
3488	XYMAX REIT	112,800	+0.45%	5.68	138,267	0.82	25,200	616	Feb. & Aug.	7
3492	Takara Leben REIT	88,000	+0.23%	7.16			30,404	1,457	Feb. & Aug.	1
3493	ITOCHU Advance Logistics	84,800	+0.12%	5.01			30,286	1,842	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

What's New

Sep. 27, 2018
9285 Tokyo Infrastructure Energy Investment Corporation 9/27 Listing on TSE REIT Market
Sep. 7, 2018
3493 ITOCHU Advance Logistics Investment Corporation 9/7 Listing on TSE REIT Market
Jul. 27, 2018
3492 Takara Leben Real Estate Investment Corporation 7/27 Listing on TSE REIT Market
Feb. 15, 2018
3488 XYMAX REIT Investment Corporation 2/15 Listing on TSE REIT Market
Feb. 7, 2018
3487 CRE Logistics REIT,Inc 2/7 Listing on TSE REIT Market

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	Shiodome Building	72

Unit Price Growth Rankings

1	Global One	+3.20%
2	MIRAI Corporation	+2.54%
3	MCUBS MidCity	+1.75%