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 Jun. 24, 2022

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
3.79% (-0.01)	15,871,085million JPY (+44,411million JPY)

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

Code	REIT	Price on Jun. 24 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	679,000	+0.59%	3.61	580,525	1.17	1,154,973	4,249	Jun. & Dec.	1
8952	Japan Real Estate	605,000	+1.34%	3.72	587,832	1.03	838,052	3,633	Mar. & Sep.	1
8953	Japan Metropolitan	102,300	+0.69%	4.43	108,104	0.95	714,984	14,656	Feb. & Aug.	7
8954	ORIX JREIT	180,800	-1.09%	4.19	191,036	0.95	499,008	11,729	Feb. & Aug.	7
8955	Japan Prime Realty	394,500	-0.25%	3.93	379,771	1.04	393,387	1,972	Jun. & Dec.	7
8956	NTT UD REIT	144,500	+1.26%	3.74	136,239	1.06	202,536	5,481	Apr. & Oct.	8
8957	TOKYU REIT	190,000	+0.85%	3.74	201,118	0.94	185,744	2,602	Jan. & Jul.	7
8958	Global One	103,000	+0.10%	4.69	135,661	0.76	97,747	2,370	Mar. & Sep.	1
8960	United Urban	140,700	+0.21%	4.41	158,247	0.89	438,750	6,061	May & Nov.	7
8961	MORI TRUST	138,100	-0.07%	4.20	146,072	0.95	182,292	2,242	Mar. & Sep.	7
8964	Frontier	527,000	+0.38%	4.17	452,104	1.17	285,107	1,478	Jun. & Dec.	3
8966	HEIWA	139,200	+0.14%	4.48	133,833	1.04	154,642	2,244	May & Nov.	7
8967	Japan Logistics	302,500	+0.83%	3.34	294,073	1.03	282,535	2,400	Jan. & Jul.	5
8968	Fukuoka REIT	163,100	+0.43%	4.29	178,080	0.92	129,828	1,873	Feb. & Aug.	7
8972	Kenedix Office	665,000	-0.15%	4.26	737,263	0.90	284,959	1,506	Apr. & Oct.	1
8975	Ichigo Office REIT	83,000	-	4.94	84,782	0.98	125,609	3,781	Apr. & Oct.	1
8976	Daiwa Office	677,000	+0.89%	4.14	762,444	0.89	326,672	798	May & Nov.	1
8977	Hankyu Hanshin REIT	144,600	+0.07%	4.07	167,079	0.87	100,526	1,042	May & Nov.	7
8984	Daiwa House REIT	295,700	-0.37%	3.79	297,543	0.99	686,024	5,333	Feb. & Aug.	7
8985	Japan Hotel	64,000	-1.08%	0.57	75,234	0.85	285,888	11,931	Dec.	4
8986	Daiwa Securities Living	113,500	+0.09%	3.84	107,310	1.06	250,255	4,148	Mar. & Sep.	8
8987	Japan Excellent	122,200	+0.25%	4.58	162,014	0.75	163,454	4,574	Jun. & Dec.	1
8963	Invincible	39,050	-0.64%	0.40	50,594	0.77	238,082	29,497	Jun. & Dec.	4
3226	Nippon Accommodations	654,000	+0.77%	3.10	545,645	1.20	329,271	1,178	Feb. & Aug.	2
3234	MORI HILLS REIT	148,200	+0.27%	4.10	153,590	0.96	284,000	2,568	Jan. & Jul.	1
3249	Industrial & Infrastructure	174,600	+1.28%	3.51	129,565	1.35	361,425	4,354	Jan. & Jul.	8
3269	Advance Residence	348,500	+0.29%	3.27	296,159	1.18	482,673	2,521	Jan. & Jul.	2
8979	Starts Proceed	231,700	-0.73%	3.94	224,633	1.03	58,800	418	Apr. & Oct.	2
3278	Kenedix Residential	206,100	+0.34%	3.99	198,460	1.04	215,531	3,588	Jan. & Jul.	7
3279	Activia Properties	400,500	+0.12%	4.60	450,815	0.89	325,432	1,897	May & Nov.	7
3281	GLP J-REIT	160,200	-0.31%	3.51	142,322	1.13	719,357	8,609	Feb. & Aug.	5
3282	Comforia Residential	321,000	-	3.33	296,991	1.08	229,830	2,054	Jan. & Jul.	2
3283	Nippon Prologis	324,500	+0.62%	3.02	252,946	1.28	866,529	4,811	May & Nov.	5
3287	Hoshino Resorts	626,000	-0.48%	2.55	532,345	1.18	152,966	1,504	Apr. & Oct.	4
3290	ONE REIT	258,500	-0.27%	5.31	283,943	0.91	69,399	1,721	Feb. & Aug.	1
3292	AEON REIT	150,100	+0.40%	4.36	148,694	1.01	306,874	3,698	Jan. & Jul.	3
3295	Hulic Reit	155,700	+0.52%	4.61	179,364	0.87	224,208	3,761	Feb. & Aug.	7
3296	NIPPON REIT	363,500	+0.28%	4.61	395,530	0.92	163,550	1,192	Jun. & Dec.	7
3451	Tosei Reit	130,300	+0.62%	5.48	140,143	0.93	47,104	668	Apr. & Oct.	7
3309	Sekisui House Reit	76,600	+0.66%	4.40	85,798	0.89	339,425	18,150	Apr. & Oct.	7
3453	Kenedix Retail	267,700	+0.45%	4.89	261,032	1.03	155,849	1,830	Mar. & Sep.	3
3455	Healthcare & Medical	154,900	+1.44%	4.28	124,274	1.25	55,687	777	Jan. & Jul.	9
3459	Samty Residential	127,200	-0.86%	4.47	110,925	1.15	97,896	2,517	Jan. & Jul.	2
3462	Nomura Master	165,500	-0.06%	3.98	173,666	0.95	780,366	8,010	Feb. & Aug.	7
3463	Ichigo Hotel REIT	89,600	-1.86%	1.89	129,023	0.69	22,846	1,488	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	162,600	+0.12%	3.77	151,472	1.07	290,241	3,677	Feb. & Aug.	5
3468	Star Asia	60,300	+0.50%	4.90	54,798	1.10	107,900	3,441	Jan. & Jul.	7
3470	Marimo Regional Revitalization	134,500	-0.30%	5.46	135,143	1.00	25,854	821	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	494,000	+0.51%	3.39	429,946	1.15	284,544	2,509	Jan. & Jul.	5
3472	Ooedo Onsen Reit	67,700	-1.02%	4.37	112,528	0.60	15,933	457	May & Nov.	4
3476	MIRAI Corporation	48,200	-0.52%	5.33	49,881	0.97	85,383	6,347	Apr. & Oct.	7
3478	MORI TRUST Hotel	122,400	-0.49%	1.73	137,164	0.89	61,200	692	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	442,500	+1.14%	3.38	355,796	1.24	199,096	1,216	Feb. & Aug.	5
3487	CRE Logistics	188,400	+0.91%	3.76	158,007	1.19	106,389	1,676	Jun. & Dec.	5
3488	XYMAX REIT	125,100	+0.56%	5.56	144,370	0.87	31,231	499	Feb. & Aug.	7
3492	Takara Leben REIT	114,300	+0.88%	4.93	111,131	1.03	65,723	1,310	Feb. & Aug.	7
3493	Advance Logistics	143,300	-0.56%	3.81	137,945	1.04	85,998	1,404	Jan. & Jul.	5
2971	ESCON JAPAN REIT	114,200	+1.06%	5.88	123,495	0.92	40,195	2,846	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	97,400	+0.10%	5.50	123,268	0.79	45,495	1,753	Feb. & Aug.	1
2979	SOSiLA Logistics	139,900	+0.72%	3.79	123,452	1.13	95,358	1,260	May & Nov.	5
2989	Tokaido REIT	115,800	-0.69%	5.54	107,724	1.07	20,473	451	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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Mar. 12, 2019
2972 SANKEI REAL ESTATE Inc. 3/12 Listing on TSE REIT Market
Sep. 27, 2018
9285 Tokyo Infrastructure Energy Investment Corporation 9/27 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	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	Healthcare & Medical	+1.44%
2	Japan Real Estate	+1.34%
3	Industrial & Infrastructure	+1.28%