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 Apr. 19, 2018

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.12% (-0.01)	12,129,176million JPY (+24,244million JPY)

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

Code	REIT	Price on Apr. 19 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	615,000	-	3.17	519,261	1.18	868,380	3,045	Jun. & Dec.	1
8952	Japan Real Estate	564,000	+1.08%	3.26	497,216	1.13	777,367	5,063	Mar. & Sep.	1
8953	Japan Retail	206,000	-1.25%	4.30	207,806	0.99	539,312	11,537	Feb. & Aug.	3
8954	ORIX JREIT	164,000	-	3.98	161,035	1.02	452,640	7,051	Feb. & Aug.	7
8955	Japan Prime Realty	377,500	-0.40%	3.83	319,737	1.18	348,433	2,080	Jun. & Dec.	7
8956	Premier	108,800	-0.18%	4.75	107,542	1.01	143,289	2,324	Apr. & Oct.	8
8957	TOKYU REIT	144,200	-0.07%	3.74	161,791	0.89	140,970	1,810	Jan. & Jul.	7
8958	Global One	106,000	+1.24%	3.87	124,023	0.85	93,883	1,625	Mar. & Sep.	1
8960	United Urban	164,700	-0.66%	4.14	144,442	1.14	503,173	7,805	May & Nov.	7
8961	MORI TRUST	160,700	+0.75%	4.54	141,714	1.13	212,124	3,308	Mar. & Sep.	7
8964	Frontier	444,500	+0.23%	4.54	411,790	1.08	220,472	546	Jun. & Dec.	3
8966	HEIWA	100,600	-0.98%	4.25	113,289	0.89	102,094	1,484	May & Nov.	7
8967	Japan Logistics	220,300	-0.18%	4.06	238,646	0.92	203,778	1,456	Jan. & Jul.	5
8968	Fukuoka REIT	168,000	+0.06%	4.25	153,037	1.10	133,728	850	Feb. & Aug.	7
8972	Kenedix Office	667,000	+1.37%	3.87	611,882	1.09	270,058	1,883	Apr. & Oct.	1
8973	Sekisui House	117,300	-0.68%	3.95	116,884	1.00	129,676	3,249	Mar. & Sep.	2
8975	Ichigo Office REIT	81,700	-0.24%	4.75	74,263	1.10	125,188	1,971	Apr. & Oct.	1
8976	Daiwa Office	624,000	+0.65%	3.59	640,588	0.97	310,670	942	May & Nov.	1
8977	Hankyu REIT	137,300	-0.07%	4.33	152,230	0.90	87,666	925	May & Nov.	7
8984	Daiwa House REIT	257,900	+0.74%	3.96	244,063	1.06	496,973	6,271	Feb. & Aug.	7
8985	Japan Hotel	77,200	+0.78%	4.80	74,155	1.04	309,637	7,254	Dec.	4
8986	Japan Rental Housing	83,600	+0.12%	4.62	82,023	1.02	137,109	2,302	Mar. & Sep.	2
8987	Japan Excellent	139,900	+0.79%	3.93	128,866	1.09	182,667	1,659	Jun. & Dec.	1
8963	Invincible	48,400	-0.51%	6.08	51,401	0.94	231,990	55,076	Jun. & Dec.	7
3226	Nippon Accommodations	479,500	+1.80%	3.71	394,246	1.22	232,328	1,061	Feb. & Aug.	2
3227	MCUBS MidCity	80,000	-	4.27	83,297	0.96	131,450	3,544	Jun. & Dec.	1
3234	MORI HILLS REIT	138,000	+0.88%	3.96	114,789	1.20	241,588	3,753	Jan. & Jul.	1
3249	Industrial & Infrastructure	121,100	+0.58%	4.41	99,952	1.21	205,727	1,983	Jan. & Jul.	8
3269	Advance Residence	277,000	+0.11%	3.81	215,408	1.29	373,950	2,130	Jan. & Jul.	2
8979	Starts Proceed	167,200	-0.48%	5.35	195,998	0.85	42,933	766	Apr. & Oct.	2
3278	Kenedix Residential	158,000	+0.96%	4.56	153,803	1.03	123,703	1,535	Jan. & Jul.	2
3279	Activia Properties	483,500	+1.36%	3.89	409,382	1.18	337,823	1,842	May & Nov.	7
3281	GLP J-REIT	117,000	+1.21%	4.35	107,233	1.09	398,114	12,927	Feb. & Aug.	5
3282	Comforia Residential	247,800	+0.16%	3.89	223,546	1.11	145,457	734	Jan. & Jul.	2
3283	Nippon Prologis	230,100	-0.43%	3.75	203,396	1.13	502,987	6,028	May & Nov.	5
3287	Hoshino Resorts	547,000	+0.18%	4.57	538,209	1.02	116,368	1,578	Apr. & Oct.	4
3290	ONE REIT	248,000	+0.94%	5.34	256,859	0.97	46,946	469	Feb. & Aug.	1
3292	AEON REIT	113,500	+0.09%	5.07	129,007	0.88	201,729	3,849	Jan. & Jul.	3
3295	Hulic Reit	163,400	-0.06%	4.27	159,522	1.02	181,374	2,710	Feb. & Aug.	7
3296	NIPPON REIT	322,000	+0.31%	5.15	324,746	0.99	126,147	448	Jun. & Dec.	1
3298	Invesco Office	14,200	+1.28%	5.75	14,859	0.96	91,778	88,480	Apr. & Oct.	1
3308	Nippon Healthcare	176,600	-0.95%	4.64	199,001	0.89	13,180	169	Apr. & Oct.	9
3451	Tosei Reit	115,000	-0.69%	5.80	121,036	0.95	26,956	1,095	Apr. & Oct.	7
3309	Sekisui House Reit	143,300	-0.14%	3.73	149,860	0.96	138,858	1,896	Apr. & Oct.	7
3453	Kenedix Retail	232,400	+0.39%	5.26	244,753	0.95	117,989	1,595	Mar. & Sep.	3
3455	Healthcare & Medical	106,800	-0.19%	4.91	115,711	0.92	20,624	97	Jan. & Jul.	9
3459	Samty Residential	94,300	+0.11%	5.69	96,827	0.97	43,057	564	Jan. & Jul.	2
3462	Nomura Master	149,500	-0.53%	4.14	150,379	0.99	646,109	5,637	Feb. & Aug.	7
3463	Ichigo Hotel REIT	124,600	+0.16%	5.16	143,048	0.87	31,770	489	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	113,100	-0.70%	4.53	105,232	1.07	124,410	1,583	Feb. & Aug.	5
3468	Star Asia	103,800	+0.19%	5.35	110,967	0.94	48,851	506	Jan. & Jul.	7
3470	Marimo Regional Revitalization	114,600	-0.09%	5.98	115,782	0.99	15,166	241	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	354,500	+0.57%	3.27	301,916	1.17	93,153	422	Jan. & Jul.	5
3472	Ooedo Onsen Reit	88,700	+0.23%	5.39	92,850	0.96	20,875	820	May & Nov.	4
3473	SAKURA SOGO REIT	93,900	-0.11%	5.75	94,909	0.99	31,269	439	Feb. & Aug.	7
3476	MIRAI Corporation	188,100	-0.63%	5.95	188,348	1.00	55,254	1,795	Apr. & Oct.	7
3478	MORI TRUST Hotel	143,800	+1.20%	4.38	117,788	1.22	71,900	401	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	263,500	+0.42%	3.98			56,389	397	Feb. & Aug.	5
3487	CRE Logistics	114,300	-0.61%	5.11			26,420	974	Jun. & Dec.	5
3488	XYMAX REIT	113,100	-0.62%	4.79			25,267	1,202	Feb. & Aug.	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)

What's New

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
Sep. 14, 2017
3481 Mitsubishi Estate Logistics REIT Investment Corporation 9/14 Listing on TSE REIT Market
Feb. 7, 2017
3478 MORI TRUST Hotel Reit,Inc. 2/7 Listing on TSE REIT Market
Dec. 16, 2016
3476 MIRAI Corporation, 12/16 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	Nippon Accommodations	+1.80%
2	Kenedix Office	+1.37%
3	Activia Properties	+1.36%