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 May 31, 2023

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.04% (-0.02)	15,821,866million JPY (+93,496million JPY)

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

Code	REIT	Price on May 31 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	558,000	+1.64%	4.12	595,021	0.94	949,153	11,556	Jun. & Dec.	1
8952	Japan Real Estate	530,000	+0.19%	4.35	591,835	0.90	754,118	16,392	Mar. & Sep.	1
8953	Japan Metropolitan	98,600	+1.34%	4.56	108,495	0.91	689,124	39,909	Feb. & Aug.	7
8954	ORIX JREIT	186,600	+4.30%	4.05	198,982	0.94	515,016	13,271	Feb. & Aug.	7
8955	Japan Prime Realty	359,000	+3.76%	4.23	390,106	0.92	357,987	4,270	Jun. & Dec.	7
8956	NTT UD REIT	129,100	-2.93%	4.77	144,574	0.89	180,951	8,301	Apr. & Oct.	8
8957	TOKYU REIT	186,900	-4.45%	3.64	203,055	0.92	182,713	5,883	Jan. & Jul.	7
8958	Global One	107,600	+1.22%	5.57	134,917	0.80	110,056	8,365	Mar. & Sep.	1
8960	United Urban	148,000	-3.65%	4.27	164,089	0.90	458,591	23,555	May & Nov.	7
8961	MORI TRUST	71,900	+2.71%	4.43	74,967	0.96	255,964	13,955	Feb. & Aug.	7
8964	Frontier	493,000	+1.54%	4.36	457,357	1.08	266,713	3,129	Jun. & Dec.	3
8966	HEIWA	151,700	-3.07%	4.18	140,785	1.08	168,953	10,433	May & Nov.	7
8967	Japan Logistics	326,500	+3.16%	3.15	303,905	1.07	304,951	5,036	Jan. & Jul.	5
8968	Fukuoka REIT	163,100	+0.93%	4.41	182,751	0.89	129,828	4,073	Feb. & Aug.	7
8972	Kenedix Office	316,000	+2.76%	4.59	393,664	0.80	268,104	5,523	Apr. & Oct.	1
8975	Ichigo Office REIT	90,700	-0.77%	4.22	89,042	1.02	137,262	22,798	Apr. & Oct.	1
8976	Daiwa Office	580,000	+2.47%	4.72	788,185	0.74	277,390	3,500	May & Nov.	1
8977	Hankyu Hanshin REIT	141,500	-2.62%	4.12	168,395	0.84	98,371	5,977	May & Nov.	7
8984	Daiwa House REIT	292,500	-2.47%	3.83	316,660	0.92	678,600	17,257	Feb. & Aug.	7
8985	Japan Hotel	79,100	+2.46%	2.53	74,767	1.06	353,340	27,838	Dec.	4
8986	Daiwa Securities Living	119,100	+4.20%	3.69	110,613	1.08	269,272	9,908	Mar. & Sep.	8
8987	Japan Excellent	124,700	+3.66%	4.49	166,196	0.75	166,798	8,575	Jun. & Dec.	1
8963	Invincible	59,300	+3.13%	4.05	53,445	1.11	361,543	47,798	Jun. & Dec.	4
3226	Nippon Accommodations	678,000	+3.51%	3.10	589,953	1.15	341,354	2,341	Feb. & Aug.	2
3234	MORI HILLS REIT	154,100	+3.49%	3.96	160,559	0.96	295,306	8,015	Jan. & Jul.	1
3249	Industrial & Infrastructure	160,100	+3.69%	3.90	133,028	1.20	338,374	11,167	Jan. & Jul.	8
3269	Advance Residence	358,000	+2.14%	3.23	324,619	1.10	495,830	6,943	Jan. & Jul.	2
8979	Starts Proceed	236,400	+3.05%	3.87	230,248	1.03	66,778	1,457	Apr. & Oct.	2
3278	Kenedix Residential	213,800	+1.81%	3.87	220,795	0.97	228,859	5,880	Jan. & Jul.	7
3279	Activia Properties	393,500	-2.60%	4.74	456,416	0.86	317,730	5,610	May & Nov.	7
3281	GLP J-REIT	147,800	+1.16%	3.73	150,881	0.98	727,491	43,624	Feb. & Aug.	5
3282	Comforia Residential	338,500	+1.04%	3.33	322,531	1.05	249,468	4,041	Jan. & Jul.	2
3283	Nippon Prologis	292,200	-3.08%	3.41	273,818	1.07	803,404	56,564	May & Nov.	5
3287	Hoshino Resorts	685,000	+0.59%	2.44	547,396	1.25	175,057	1,690	Apr. & Oct.	4
3290	ONE REIT	241,300	+3.87%	5.35	285,597	0.84	64,781	7,587	Feb. & Aug.	1
3292	AEON REIT	160,600	+2.10%	4.17	149,698	1.07	341,107	9,571	Jan. & Jul.	3
3295	Hulic Reit	158,700	-2.58%	4.39	185,524	0.86	228,528	7,045	Feb. & Aug.	7
3296	NIPPON REIT	326,000	-3.69%	4.99	422,585	0.77	146,677	3,846	Jun. & Dec.	7
3451	Tosei Reit	131,200	-0.15%	5.44	147,797	0.89	47,429	1,317	Apr. & Oct.	7
3309	Sekisui House Reit	79,500	-3.52%	4.67	88,840	0.89	348,328	36,811	Apr. & Oct.	7
3453	Kenedix Retail	251,000	+1.58%	5.24	263,224	0.95	151,146	3,754	Mar. & Sep.	3
3455	Healthcare & Medical	161,700	-1.64%	4.02	130,791	1.24	58,131	897	Jan. & Jul.	9
3459	Samty Residential	120,000	+3.00%	4.45	118,744	1.01	100,647	2,422	Jan. & Jul.	2
3462	Nomura Master	163,900	-2.27%	4.12	181,735	0.90	772,821	41,845	Feb. & Aug.	7
3463	Ichigo Hotel REIT	100,800	-0.98%	3.49	132,271	0.76	25,701	888	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	167,900	+3.71%	3.66	158,015	1.06	299,702	7,454	Feb. & Aug.	5
3468	Star Asia	57,500	-2.54%	5.33	57,407	1.00	110,497	14,284	Jan. & Jul.	7
3470	Marimo Regional Revitalization	130,400	-0.23%	5.52	138,246	0.94	30,934	634	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	502,000	+1.21%	3.49	464,763	1.08	289,152	2,684	Jan. & Jul.	5
3472	Ooedo Onsen Reit	65,100	-0.15%	4.25	109,366	0.60	15,321	1,087	May & Nov.	4
3476	MIRAI Corporation	47,100	+2.73%	4.84	51,177	0.92	83,435	11,097	Apr. & Oct.	7
3481	Mitsubishi Estate Logistics	434,500	+1.64%	3.61	392,646	1.11	218,764	3,197	Feb. & Aug.	5
3487	CRE Logistics	191,300	+1.54%	3.87	168,183	1.14	120,079	3,973	Jun. & Dec.	5
3488	XYMAX REIT	109,800	-0.99%	5.54	144,795	0.76	27,412	1,427	Feb. & Aug.	7
3492	Takara Leben REIT	91,800	-2.34%	5.69	107,910	0.85	63,465	9,872	Feb. & Aug.	7
3493	Advance Logistics	140,700	+2.85%	4.00	150,391	0.94	94,888	3,824	Feb. & Aug.	5
2971	ESCON JAPAN REIT	115,800	-0.60%	5.32	117,813	0.98	40,758	926	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	85,400	-0.93%	5.18	120,764	0.71	39,890	1,708	Feb. & Aug.	1
2979	SOSiLA Logistics	136,000	+2.41%	3.96	132,278	1.03	98,940	3,948	May & Nov.	5
2989	Tokaido REIT	119,100	-0.25%	5.59	108,984	1.09	28,882	1,355	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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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	IIDABASHI GRAND BLOOM	139
3	Roppongi Hills Mori Tower	115
4	Shiodome Building	107
5	Tokyo Shiodome Building	83

Unit Price Growth Rankings

1	ORIX JREIT	+4.30%
2	Daiwa Securities Living	+4.20%
3	ONE REIT	+3.87%