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 Aug. 20, 2019

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
3.61% (-0.01)	15,726,053million JPY (+43,287million JPY)

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

Code	REIT	Price on Aug. 20 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	788,000	-	2.75	540,358	1.46	1,112,656	3,297	Jun. & Dec.	1
8952	Japan Real Estate	702,000	+0.14%	2.82	534,651	1.31	972,417	3,184	Mar. & Sep.	1
8953	Japan Retail	219,700	-0.27%	4.06	219,212	1.00	575,178	8,854	Feb. & Aug.	3
8954	ORIX JREIT	224,700	-0.22%	3.17	174,844	1.29	620,172	6,580	Feb. & Aug.	7
8955	Japan Prime Realty	495,500	+0.30%	3.01	340,685	1.45	457,347	1,777	Jun. & Dec.	7
8956	Premier	148,200	+0.27%	3.76	121,909	1.22	195,179	3,201	Apr. & Oct.	8
8957	TOKYU REIT	201,500	+0.25%	2.93	173,460	1.16	196,986	1,611	Jan. & Jul.	7
8958	Global One	144,500	-	3.22	130,042	1.11	138,992	2,938	Mar. & Sep.	1
8960	United Urban	202,000	-	3.41	154,297	1.31	629,904	10,054	May & Nov.	7
8961	MORI TRUST	190,100	+0.48%	3.86	150,871	1.26	250,932	2,222	Mar. & Sep.	7
8964	Frontier	459,500	+0.77%	4.59	429,234	1.07	227,912	1,912	Jun. & Dec.	3
8966	HEIWA	131,600	+0.46%	3.72	121,948	1.08	133,554	1,263	May & Nov.	7
8967	Japan Logistics	263,400	+0.23%	3.61	249,225	1.06	238,396	2,064	Jan. & Jul.	5
8968	Fukuoka REIT	182,500	+0.27%	4.04	164,251	1.11	145,270	2,078	Feb. & Aug.	7
8972	Kenedix Office	805,000	-0.25%	3.36	681,467	1.18	344,951	857	Apr. & Oct.	1
8975	Ichigo Office REIT	105,000	+0.86%	4.03	79,995	1.31	160,890	4,365	Apr. & Oct.	1
8976	Daiwa Office	836,000	-0.59%	3.13	697,283	1.20	411,209	1,253	May & Nov.	1
8977	Hankyu Hanshin REIT	158,300	+0.25%	3.93	162,283	0.98	110,050	1,493	May & Nov.	7
8984	Daiwa House REIT	278,600	+0.72%	3.78	259,945	1.07	578,095	5,450	Feb. & Aug.	7
8985	Japan Hotel	86,500	+1.17%	4.26	76,050	1.14	385,993	14,585	Dec.	4
8986	Japan Rental Housing	96,400	+0.84%	4.15	89,848	1.07	158,102	4,082	Mar. & Sep.	2
8987	Japan Excellent	170,500	+3.33%	3.37	141,486	1.21	222,622	6,511	Jun. & Dec.	1
8963	Invincible	61,200	+1.16%	5.64	51,891	1.18	373,127	24,301	Jun. & Dec.	4
3226	Nippon Accommodations	679,000	+0.15%	2.96	435,176	1.56	328,990	1,324	Feb. & Aug.	2
3227	MCUBS MidCity	112,800	+0.89%	3.49	89,292	1.26	185,345	6,471	Jun. & Dec.	1
3234	MORI HILLS REIT	164,300	+0.37%	3.47	131,820	1.25	308,056	3,185	Jan. & Jul.	1
3249	Industrial & Infrastructure	146,800	-0.27%	4.20	105,081	1.40	263,362	5,140	Jan. & Jul.	8
3269	Advance Residence	340,000	-0.29%	3.15	235,072	1.45	459,000	3,499	Jan. & Jul.	2
8979	Starts Proceed	185,700	+0.76%	4.76	209,970	0.88	47,126	860	Apr. & Oct.	2
3278	Kenedix Residential	198,300	+0.92%	3.85	162,679	1.22	179,949	2,318	Jan. & Jul.	8
3279	Activia Properties	530,000	+0.19%	3.72	441,035	1.20	408,749	2,023	May & Nov.	7
3281	GLP J-REIT	136,000	-0.15%	3.90	113,220	1.20	521,345	10,500	Feb. & Aug.	5
3282	Comforia Residential	329,000	-	3.09	238,848	1.38	210,834	1,247	Jan. & Jul.	2
3283	Nippon Prologis	283,200	+0.04%	3.16	216,988	1.31	665,279	6,363	May & Nov.	5
3287	Hoshino Resorts	558,000	+0.18%	4.72	551,153	1.01	123,799	904	Apr. & Oct.	4
3290	ONE REIT	310,000	-0.96%	4.45	268,111	1.16	74,371	745	Feb. & Aug.	1
3292	AEON REIT	134,700	-0.52%	4.45	134,004	1.01	239,409	4,984	Jan. & Jul.	3
3295	Hulic Reit	191,200	+0.37%	3.57	169,416	1.13	239,191	3,971	Feb. & Aug.	7
3296	NIPPON REIT	429,500	+2.38%	4.08	342,075	1.26	193,245	2,865	Jun. & Dec.	7
3298	Invesco Office	19,300	+0.31%	3.93	16,469	1.17	171,756	24,323	Apr. & Oct.	1
3308	Nippon Healthcare	180,000	-0.33%	4.70	203,073	0.89	13,434	173	Apr. & Oct.	9
3451	Tosei Reit	130,500	+1.01%	5.33	130,223	1.00	36,933	2,314	Apr. & Oct.	7
3309	Sekisui House Reit	90,400	-	3.54	77,321	1.17	387,695	16,179	Apr. & Oct.	7
3453	Kenedix Retail	261,000	+0.58%	4.92	251,798	1.04	132,510	1,401	Mar. & Sep.	3
3455	Healthcare & Medical	132,600	-0.53%	4.98	114,147	1.16	41,239	1,049	Jan. & Jul.	9
3459	Samty Residential	117,000	+0.86%	4.70	96,620	1.21	58,980	1,317	Jan. & Jul.	2
3462	Nomura Master	188,000	+0.27%	3.41	156,024	1.20	854,892	9,276	Feb. & Aug.	7
3463	Ichigo Hotel REIT	120,600	+1.69%	5.22	145,727	0.83	30,750	1,642	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	143,900	+0.91%	4.40	110,671	1.30	174,119	3,837	Feb. & Aug.	5
3468	Star Asia	116,000	+0.69%	4.78	112,385	1.03	62,736	1,630	Jan. & Jul.	7
3470	Marimo Regional Revitalization	118,900	-0.17%	5.72	122,579	0.97	15,735	532	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	429,500	+0.94%	3.02	311,076	1.38	162,781	1,655	Jan. & Jul.	5
3472	Ooedo Onsen Reit	87,600	+0.11%	5.38	104,837	0.84	20,616	643	May & Nov.	4
3473	SAKURA SOGO REIT	96,000	+0.63%	3.51	97,407	0.99	31,968	1,772	Jun. & Dec.	7
3476	MIRAI Corporation	57,500	+0.52%	5.50	47,921	1.20	90,944	4,771	Apr. & Oct.	7
3478	MORI TRUST Hotel	142,900	+0.14%	4.42	131,232	1.09	71,450	631	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	318,000	+0.47%	3.45	269,303	1.18	78,169	826	Feb. & Aug.	5
3487	CRE Logistics	132,100	+0.23%	4.56	116,933	1.13	34,247	1,257	Jun. & Dec.	5
3488	XYMAX REIT	134,300	+1.13%	4.35	140,505	0.96	30,003	988	Feb. & Aug.	7
3492	Takara Leben REIT	121,800	+1.58%	6.73	104,957	1.16	42,082	6,260	Feb. & Aug.	7
3493	ITOCHU Advance Logistics	108,800	+2.16%	4.31	109,850	0.99	38,857	4,137	Jan. & Jul.	5
2971	ESCON JAPAN REIT	115,600	-0.17%	5.94			27,397	1,318	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	120,100	+0.08%	3.23			28,776	1,121	Feb. & Aug.	8

• 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

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
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

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	Japan Excellent	+3.33%
2	NIPPON REIT	+2.38%
3	ITOCHU Advance Logistics	+2.16%