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 Oct. 19, 2018

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.17% (+0.02)	12,812,893million JPY (-68,222million JPY)

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

Code	REIT	Price on Oct. 19 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	651,000	-0.76%	3.09	533,083	1.22	919,212	2,543	Jun. & Dec.	1
8952	Japan Real Estate	591,000	-0.17%	3.16	513,911	1.15	818,659	2,862	Mar. & Sep.	1
8953	Japan Retail	208,400	-0.76%	4.25	210,867	0.99	545,595	10,312	Feb. & Aug.	3
8954	ORIX JREIT	174,300	-1.36%	3.89	164,031	1.06	481,068	6,808	Feb. & Aug.	7
8955	Japan Prime Realty	401,500	-0.12%	3.63	329,522	1.22	370,585	1,385	Jun. & Dec.	7
8956	Premier	117,200	-0.51%	4.44	109,366	1.07	154,352	3,200	Apr. & Oct.	8
8957	TOKYU REIT	158,100	-0.13%	3.68	167,924	0.94	154,559	3,101	Jan. & Jul.	7
8958	Global One	113,700	-0.61%	3.68	123,972	0.92	100,702	1,374	Mar. & Sep.	1
8960	United Urban	173,500	-0.57%	4.02	147,749	1.17	530,058	6,920	May & Nov.	7
8961	MORI TRUST	162,000	-0.18%	4.51	141,959	1.14	213,840	1,742	Mar. & Sep.	7
8964	Frontier	437,000	-0.23%	4.66	422,109	1.04	216,752	1,311	Jun. & Dec.	3
8966	HEIWA	111,900	-1.32%	4.16	114,711	0.98	113,561	3,406	May & Nov.	7
8967	Japan Logistics	224,600	-0.75%	4.11	245,133	0.92	205,284	1,966	Jan. & Jul.	5
8968	Fukuoka REIT	172,300	-0.69%	4.15	156,383	1.10	137,151	1,903	Feb. & Aug.	7
8972	Kenedix Office	704,000	-0.56%	3.75	625,856	1.12	301,671	1,712	Apr. & Oct.	1
8975	Ichigo Office REIT	93,100	-0.32%	4.23	76,249	1.22	142,656	2,539	Apr. & Oct.	1
8976	Daiwa Office	675,000	-1.32%	3.53	653,698	1.03	332,017	1,163	May & Nov.	1
8977	Hankyu Hanshin REIT	141,500	-0.21%	4.28	155,743	0.91	90,348	941	May & Nov.	7
8984	Daiwa House REIT	253,600	-1.28%	4.10	246,093	1.03	488,687	7,053	Feb. & Aug.	7
8985	Japan Hotel	81,500	-0.73%	4.77	74,155	1.10	326,884	9,532	Dec.	4
8986	Japan Rental Housing	89,200	-0.78%	4.37	83,388	1.07	146,293	4,038	Mar. & Sep.	2
8987	Japan Excellent	148,600	-0.13%	3.73	135,867	1.09	194,027	1,872	Jun. & Dec.	1
8963	Invincible	46,600	-0.32%	7.22	50,585	0.92	267,865	23,123	Jun. & Dec.	7
3226	Nippon Accommodations	513,000	+0.39%	3.65	404,342	1.27	248,560	1,074	Feb. & Aug.	2
3227	MCUBS MidCity	85,900	-0.69%	6.04	85,945	1.00	141,144	5,909	Jun. & Dec.	1
3234	MORI HILLS REIT	140,600	-0.71%	3.98	122,273	1.15	263,619	2,889	Jan. & Jul.	1
3249	Industrial & Infrastructure	114,400	-0.95%	4.69	101,871	1.12	194,345	3,018	Jan. & Jul.	8
3269	Advance Residence	287,100	-0.14%	3.73	224,843	1.28	387,585	1,937	Jan. & Jul.	2
8979	Starts Proceed	170,600	-0.76%	5.12	198,865	0.86	43,806	538	Apr. & Oct.	2
3278	Kenedix Residential	171,000	-0.75%	4.45	157,769	1.08	148,622	2,660	Jan. & Jul.	8
3279	Activia Properties	479,000	-0.21%	3.97	416,744	1.15	334,679	1,612	May & Nov.	7
3281	GLP J-REIT	112,000	+0.18%	4.63	107,716	1.04	429,343	11,595	Feb. & Aug.	5
3282	Comforia Residential	267,700	-0.22%	3.70	228,062	1.17	157,138	1,529	Jan. & Jul.	2
3283	Nippon Prologis	232,500	+0.56%	3.80	206,618	1.13	508,233	6,318	May & Nov.	5
3287	Hoshino Resorts	546,000	-1.09%	4.70	542,585	1.01	121,137	960	Apr. & Oct.	4
3290	ONE REIT	249,600	+0.73%	5.43	251,017	0.99	59,881	1,277	Feb. & Aug.	1
3292	AEON REIT	125,000	-0.24%	4.80	134,554	0.93	222,168	2,938	Jan. & Jul.	3
3295	Hulic Reit	160,800	-1.71%	4.23	161,531	1.00	178,488	3,974	Feb. & Aug.	7
3296	NIPPON REIT	368,000	-0.54%	4.60	329,533	1.12	165,574	1,699	Jun. & Dec.	7
3298	Invesco Office	16,270	-0.31%	5.24	14,643	1.11	140,627	28,648	Apr. & Oct.	1
3308	Nippon Healthcare	178,000	-0.56%	4.64	199,615	0.89	13,284	40	Apr. & Oct.	9
3451	Tosei Reit	115,000	-	6.21	124,278	0.93	26,956	1,214	Apr. & Oct.	7
3309	Sekisui House Reit	73,100	-0.14%	4.18	73,218	1.00	275,009	5,780	Apr. & Oct.	7
3453	Kenedix Retail	238,000	-0.63%	5.24	247,528	0.96	120,833	3,381	Mar. & Sep.	3
3455	Healthcare & Medical	112,000	-1.06%	5.56	117,498	0.95	21,628	324	Jan. & Jul.	9
3459	Samty Residential	90,300	+0.11%	5.96	96,050	0.94	45,520	464	Jan. & Jul.	2
3462	Nomura Master	149,300	-1.26%	4.17	152,077	0.98	645,245	10,525	Feb. & Aug.	7
3463	Ichigo Hotel REIT	138,000	-0.14%	6.28	146,319	0.94	35,186	633	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	103,700	-1.71%	4.96	106,550	0.97	114,070	3,538	Feb. & Aug.	5
3468	Star Asia	105,600	+0.48%	6.61	110,809	0.95	57,111	1,669	Jan. & Jul.	7
3470	Marimo Regional Revitalization	111,900	-0.09%	6.10	121,821	0.92	14,809	126	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	336,500	-	3.57	306,271	1.10	88,423	403	Jan. & Jul.	5
3472	Ooedo Onsen Reit	86,300	+0.12%	5.61	100,983	0.85	20,310	453	May & Nov.	4
3473	SAKURA SOGO REIT	89,000	-0.11%	5.84	96,906	0.92	29,637	649	Jun. & Dec.	7
3476	MIRAI Corporation	187,000	-0.43%	6.04	182,299	1.03	63,432	2,904	Apr. & Oct.	7
3478	MORI TRUST Hotel	137,000	-0.94%	4.36	126,798	1.08	68,500	536	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	251,600	-0.24%	4.33	262,583	0.96	61,847	527	Feb. & Aug.	5
3487	CRE Logistics	109,300	+0.28%	5.71	115,276	0.95	25,265	281	Jun. & Dec.	5
3488	XYMAX REIT	113,200	-0.44%	5.66			25,289	272	Feb. & Aug.	7
3492	Takara Leben REIT	88,000	-	6.97			30,404	1,482	Feb. & Aug.	1
3493	ITOCHU Advance Logistics	93,400	-0.32%	4.55			33,357	1,039	Jan. & Jul.	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

What's New

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
Feb. 7, 2018
3487 CRE Logistics REIT,Inc 2/7 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	ONE REIT	+0.73%
2	Nippon Prologis	+0.56%
3	Star Asia	+0.48%