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 Sep. 25, 2020

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.09% (-0.06)	13,724,423million JPY (+213,890million JPY)

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

Code	REIT	Price on Sep. 25 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	610,000	-0.65%	3.61	566,965	1.08	861,320	3,569	Jun. & Dec.	1
8952	Japan Real Estate	561,000	-0.53%	3.93	560,935	1.00	777,103	5,741	Mar. & Sep.	1
8953	Japan Retail	161,600	+2.15%	5.61	221,709	0.73	420,561	24,745	Feb. & Aug.	3
8954	ORIX JREIT	164,200	+2.31%	4.25	184,748	0.89	453,192	18,582	Feb. & Aug.	7
8955	Japan Prime Realty	326,000	+1.24%	4.67	370,324	0.88	312,390	5,456	Jun. & Dec.	7
8956	Premier	118,800	+2.50%	4.79	131,418	0.90	156,459	5,585	Apr. & Oct.	8
8957	TOKYU REIT	147,100	+4.33%	4.58	192,267	0.77	143,805	5,114	Jan. & Jul.	7
8958	Global One	104,800	+0.29%	4.58	133,570	0.78	100,805	4,119	Mar. & Sep.	1
8960	United Urban	117,300	+3.99%	4.60	158,823	0.74	365,781	23,990	May & Nov.	7
8961	MORI TRUST	140,600	+3.53%	5.41	159,405	0.88	185,592	6,054	Mar. & Sep.	7
8964	Frontier	354,500	+2.31%	5.81	437,881	0.81	181,067	3,120	Jun. & Dec.	3
8966	HEIWA	114,500	+1.78%	4.63	125,497	0.91	116,200	5,383	May & Nov.	7
8967	Japan Logistics	308,500	+1.15%	3.11	257,658	1.20	279,215	3,750	Jan. & Jul.	5
8968	Fukuoka REIT	134,700	+1.97%	5.42	170,682	0.79	107,221	4,060	Feb. & Aug.	7
8972	Kenedix Office	618,000	+2.66%	4.90	721,602	0.86	264,819	1,806	Apr. & Oct.	1
8975	Ichigo Office REIT	75,600	+1.07%	5.55	84,913	0.89	115,841	7,558	Apr. & Oct.	1
8976	Daiwa Office	598,000	+3.46%	4.58	744,272	0.80	294,142	1,569	May & Nov.	1
8977	Hankyu Hanshin REIT	121,300	+1.76%	4.83	165,094	0.73	84,328	2,484	May & Nov.	7
8984	Daiwa House REIT	266,800	+0.95%	4.16	270,216	0.99	585,893	7,536	Feb. & Aug.	7
8985	Japan Hotel	48,750	+1.46%	0.26	80,728	0.60	217,539	34,383	Dec.	4
8986	Daiwa Securities Living	111,900	+2.10%	3.84	96,749	1.16	230,060	8,670	Mar. & Sep.	8
8987	Japan Excellent	122,300	+1.83%	4.83	154,536	0.79	165,472	7,563	Jun. & Dec.	1
8963	Invincible	30,650	+0.49%	0.45	49,476	0.62	186,868	44,379	Jun. & Dec.	4
3226	Nippon Accommodations	626,000	+3.13%	3.24	481,796	1.30	303,311	1,766	Feb. & Aug.	2
3227	MCUBS MidCity	80,100	+2.43%	5.64	97,966	0.82	142,908	13,341	Jun. & Dec.	1
3234	MORI HILLS REIT	137,500	+2.46%	4.23	142,592	0.96	263,225	6,434	Jan. & Jul.	1
3249	Industrial & Infrastructure	185,900	+1.86%	3.40	116,739	1.59	384,816	7,153	Jan. & Jul.	8
3269	Advance Residence	312,500	+3.65%	3.55	262,155	1.19	432,813	8,961	Jan. & Jul.	2
8979	Starts Proceed	203,900	+1.14%	4.88	211,359	0.96	51,745	1,180	Apr. & Oct.	2
3278	Kenedix Residential	187,700	+2.62%	4.33	176,071	1.07	178,551	3,313	Jan. & Jul.	7
3279	Activia Properties	398,000	+2.71%	4.60	450,874	0.88	306,947	3,261	May & Nov.	7
3281	GLP J-REIT	163,500	+0.06%	3.25	119,176	1.37	651,217	18,145	Feb. & Aug.	5
3282	Comforia Residential	308,500	+2.32%	3.48	264,052	1.17	207,196	3,365	Jan. & Jul.	2
3283	Nippon Prologis	355,500	+0.71%	2.67	227,020	1.57	876,610	6,122	May & Nov.	5
3287	Hoshino Resorts	520,000	+1.56%	3.43	525,705	0.99	115,368	1,694	Apr. & Oct.	4
3290	ONE REIT	245,300	+2.55%	5.82	282,008	0.87	58,849	890	Feb. & Aug.	1
3292	AEON REIT	119,500	+0.42%	5.24	140,665	0.85	223,861	7,593	Jan. & Jul.	3
3295	Hulic Reit	138,600	+2.90%	5.02	175,937	0.79	181,843	4,270	Feb. & Aug.	7
3296	NIPPON REIT	352,000	+1.73%	5.15	380,287	0.93	158,375	1,799	Jun. & Dec.	7
3298	Invesco Office	14,320	+1.63%	5.29	17,534	0.82	127,437	36,933	Apr. & Oct.	1
3451	Tosei Reit	108,100	+0.19%	6.51	135,976	0.79	36,809	822	Apr. & Oct.	7
3309	Sekisui House Reit	75,800	+2.29%	4.39	82,418	0.92	325,081	19,825	Apr. & Oct.	7
3453	Kenedix Retail	215,800	+0.23%	5.82	255,058	0.85	115,707	3,856	Mar. & Sep.	7
3455	Healthcare & Medical	124,600	-0.32%	5.15	119,434	1.04	38,751	430	Jan. & Jul.	9
3459	Samty Residential	101,600	+1.20%	5.57	101,709	1.00	64,953	1,318	Jan. & Jul.	2
3462	Nomura Master	131,700	+3.62%	5.05	163,264	0.81	620,992	23,840	Feb. & Aug.	7
3463	Ichigo Hotel REIT	69,800	-	2.40	140,864	0.50	17,797	1,546	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	176,500	+1.20%	3.36	129,360	1.36	286,796	7,535	Feb. & Aug.	5
3468	Star Asia	44,350	+1.26%	7.02	58,395	0.76	74,259	6,704	Jan. & Jul.	7
3470	Marimo Regional Revitalization	105,900	+0.86%	6.58	134,852	0.79	16,169	316	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	525,000	+0.96%	2.81	348,110	1.51	231,525	2,151	Jan. & Jul.	5
3472	Ooedo Onsen Reit	67,900	+2.11%	5.67	106,426	0.64	15,980	1,741	May & Nov.	4
3476	MIRAI Corporation	39,950	+0.76%	6.33	49,496	0.81	66,406	10,789	Apr. & Oct.	7
3478	MORI TRUST Hotel	110,600	+1.28%	3.12	142,344	0.78	55,300	2,961	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	439,000	+0.57%	2.95	307,145	1.43	152,032	1,249	Feb. & Aug.	5
3487	CRE Logistics	155,200	+0.26%	4.19	131,907	1.18	65,727	1,355	Jun. & Dec.	5
3488	XYMAX REIT	89,600	+1.36%	6.62	145,814	0.61	20,017	1,020	Feb. & Aug.	7
3492	Takara Leben REIT	88,400	+1.38%	6.79	112,446	0.79	40,885	2,346	Feb. & Aug.	7
3493	ITOCHU Advance Logistics	149,200	+1.98%	3.30	115,051	1.30	72,511	2,760	Jan. & Jul.	5
2971	ESCON JAPAN REIT	106,200	+0.47%	6.49	115,402	0.92	30,053	1,091	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	96,500	+1.69%	5.41	114,159	0.85	34,431	622	Feb. & Aug.	1
2979	SOSiLA Logistics	139,000	+0.72%	3.40	106,619	1.30	71,495	3,133	May & Nov.	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

• 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	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	TOKYU REIT	+4.33%
2	United Urban	+3.99%
3	Advance Residence	+3.65%