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 Oct. 18, 2019

Average Dividend Yield of All J-REITs (Day-on-Day) Total Equity Market Capitalization of All J-REITs (Day-on-Day)
3.42% (+0.02) 16,946,037million JPY (-58,500million JPY)

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

CodeREITPrice on Oct. 18
(JPY)
% changeDividend yield
(%)
NAV per unit
(JPY)
P/NAVMarket cap
(million JPY)
Trading volume
(units)
Settlement month Sector
8951 Nippon Building   News 823,000 -0.24% 2.63 553,345 1.49 1,162,076 3,042 Jun. & Dec. 1
8952 Japan Real Estate   News 728,000 -0.41% 2.75 534,651 1.36 1,008,433 3,621 Mar. & Sep. 1
8953 Japan Retail    News 238,200 +1.10% 3.82 219,212 1.09 623,612 6,512 Feb. & Aug. 3
8954 ORIX JREIT   News 234,900 +0.17% 3.13 174,844 1.34 648,324 7,953 Feb. & Aug. 7
8955 Japan Prime Realty   News 516,000 -0.39% 2.89 353,035 1.46 476,268 1,694 Jun. & Dec. 7
8956 Premier   News 165,300 -0.90% 3.37 121,909 1.36 217,699 5,794 Apr. & Oct. 8
8957 TOKYU REIT   News 208,900 -0.48% 3.14 180,134 1.16 204,221 2,472 Jan. & Jul. 7
8958 Global One   News 145,300 -1.09% 3.11 130,042 1.12 139,762 3,332 Mar. & Sep. 1
8960 United Urban   News 215,400 -0.69% 3.20 154,297 1.40 671,690 6,277 May & Nov. 7
8961 MORI TRUST   News 197,100 +0.25% 3.73 150,871 1.31 260,172 2,248 Mar. & Sep. 7
8964 Frontier   News 485,000 - 4.35 434,328 1.12 251,715 1,492 Jun. & Dec. 3
8966 HEIWA   News 143,700 -0.96% 3.41 121,948 1.18 145,834 2,270 May & Nov. 7
8967 Japan Logistics   News 276,400 -0.22% 3.52 253,771 1.09 250,162 2,994 Jan. & Jul. 5
8968 Fukuoka REIT   News 185,400 -0.05% 3.95 164,251 1.13 147,578 2,497 Feb. & Aug. 7
8972 Kenedix Office   News 858,000 -0.46% 3.15 681,467 1.26 367,662 1,190 Apr. & Oct. 1
8975 Ichigo Office REIT   News 115,400 - 3.67 79,995 1.44 176,826 4,906 Apr. & Oct. 1
8976 Daiwa Office   News 835,000 -0.48% 3.14 697,283 1.20 410,717 1,543 May & Nov. 1
8977 Hankyu Hanshin REIT   News 176,000 +0.23% 3.53 162,283 1.08 122,355 2,515 May & Nov. 7
8984 Daiwa House REIT   News 314,500 -0.32% 3.60 259,945 1.21 652,588 3,424 Feb. & Aug. 7
8985 Japan Hotel   News 84,700 -0.47% 4.35 76,050 1.11 377,961 16,607 Dec. 4
8986 Japan Rental Housing   News 104,000 -0.67% 3.85 89,848 1.16 170,566 4,906 Mar. & Sep. 2
8987 Japan Excellent   News 179,600 -0.55% 3.20 147,379 1.22 234,504 2,548 Jun. & Dec. 1
8963 Invincible   News 67,600 -1.17% 5.10 52,552 1.29 412,146 21,316 Jun. & Dec. 4
3226 Nippon Accommodations   News 694,000 -0.72% 2.83 435,176 1.59 336,258 1,166 Feb. & Aug. 2
3227 MCUBS MidCity   News 124,500 -1.81% 3.16 93,048 1.34 204,569 6,828 Jun. & Dec. 1
3234 MORI HILLS REIT   News 181,500 +0.06% 3.16 135,096 1.34 340,305 4,953 Jan. & Jul. 1
3249 Industrial & Infrastructure   News 168,200 +0.54% 3.67 107,288 1.57 301,753 3,462 Jan. & Jul. 8
3269 Advance Residence   News 358,500 -0.14% 3.07 249,254 1.44 495,806 2,423 Jan. & Jul. 2
8979 Starts Proceed   News 213,200 +0.19% 4.17 209,970 1.02 54,105 1,470 Apr. & Oct. 2
3278 Kenedix Residential   News 221,500 -0.23% 3.67 168,712 1.31 201,002 1,779 Jan. & Jul. 8
3279 Activia Properties   News 577,000 -0.35% 3.42 441,035 1.31 444,996 2,088 May & Nov. 7
3281 GLP J-REIT   News 144,500 -1.90% 3.58 113,220 1.28 553,929 40,763 Feb. & Aug. 5
3282 Comforia Residential   News 352,000 -0.85% 2.93 250,650 1.40 225,574 971 Jan. & Jul. 2
3283 Nippon Prologis   News 304,000 +0.33% 2.95 216,460 1.40 714,142 6,366 May & Nov. 5
3287 Hoshino Resorts   News 595,000 -1.00% 4.43 551,153 1.08 132,008 968 Apr. & Oct. 4
3290 ONE REIT   News 331,000 -0.90% 4.63 268,111 1.23 79,410 634 Feb. & Aug. 1
3292 AEON REIT   News 154,600 +0.39% 3.97 136,420 1.13 289,615 7,876 Jan. & Jul. 3
3295 Hulic Reit   News 204,000 -1.69% 3.39 169,905 1.20 267,648 10,697 Feb. & Aug. 7
3296 NIPPON REIT   News 466,000 -0.75% 3.76 357,979 1.30 209,667 1,976 Jun. & Dec. 7
3298 Invesco Office   News 21,610 -1.64% 3.51 16,469 1.31 192,313 40,109 Apr. & Oct. 1
3308 Nippon Healthcare   News 217,500 +1.68% 3.89 202,203 1.08 16,232 581 Apr. & Oct. 9
3451 Tosei Reit   News 141,000 -0.28% 5.01 130,223 1.08 39,905 1,365 Apr. & Oct. 7
3309 Sekisui House Reit   News 101,600 -0.10% 3.15 77,321 1.31 435,728 12,704 Apr. & Oct. 7
3453 Kenedix Retail   News 291,100 -0.41% 4.47 251,798 1.16 147,791 5,090 Mar. & Sep. 7
3455 Healthcare & Medical   News 139,200 -1.14% 4.64 119,388 1.17 43,291 1,150 Jan. & Jul. 9
3459 Samty Residential   News 122,500 -1.05% 4.49 100,899 1.21 72,594 1,191 Jan. & Jul. 2
3462 Nomura Master   News 203,100 -0.05% 3.21 156,024 1.30 923,557 7,986 Feb. & Aug. 7
3463 Ichigo Hotel REIT   News 134,800 +0.60% 5.71 146,574 0.92 34,370 1,650 Jan. & Jul. 4
3466 LaSalle LOGIPORT REIT   News 162,000 +0.06% 3.94 114,299 1.42 220,806 7,218 Feb. & Aug. 5
3468 Star Asia   News 117,300 -0.93% 4.72 114,300 1.03 63,439 2,143 Jan. & Jul. 7
3470 Marimo Regional Revitalization   News 136,000 -0.44% 5.00 126,086 1.08 17,998 393 Jun. & Dec. 7
3471 Mitsui Fudosan Logistics   News 453,500 +0.44% 2.84 319,158 1.42 171,877 1,133 Jan. & Jul. 5
3472 Ooedo Onsen Reit   News 97,000 +0.52% 4.86 104,837 0.93 22,829 2,075 May & Nov. 4
3473 SAKURA SOGO REIT   News 98,200 -1.11% 4.13 99,236 0.99 32,701 1,071 Jun. & Dec. 7
3476 MIRAI Corporation   News 63,700 -2.00% 4.91 47,921 1.33 100,750 10,356 Apr. & Oct. 7
3478 MORI TRUST Hotel   News 144,100 -1.37% 4.39 131,232 1.10 72,050 1,259 Feb. & Aug. 4
3481 Mitsubishi Estate Logistics   News 358,000 -0.28% 3.29 279,751 1.28 108,461 1,230 Feb. & Aug. 5
3487 CRE Logistics    News 142,200 -1.32% 4.23 118,040 1.20 36,865 591 Jun. & Dec. 5
3488 XYMAX REIT    News 135,200 -0.95% 4.44 140,505 0.96 30,204 572 Feb. & Aug. 7
3492 Takara Leben REIT   News 127,500 +2.08% 5.25 106,941 1.19 58,969 11,147 Feb. & Aug. 7
3493 ITOCHU Advance Logistics   News 127,300 +0.55% 3.67 113,289 1.12 45,464 2,880 Jan. & Jul. 5
2971 ESCON JAPAN REIT   News 129,500 +1.25% 5.36 113,625 1.14 30,692 1,529 Jan. & Jul. 8
2972 SANKEI REAL ESTATE   News 121,900 -0.25% 4.14 43,494 1,570 Feb. & Aug. 1

• 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

ReitInfo.com

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 Takara Leben REIT +2.08%
2 Nippon Healthcare +1.68%
3 ESCON JAPAN REIT +1.25%
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