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. 22, 2023

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.15% (+0.01)	15,831,530million JPY (-38,458million JPY)

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

Code	REIT	Price on Sep. 22 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	607,000	-0.16%	3.79	597,514	1.02	1,032,502	2,710	Jun. & Dec.	1
8952	Japan Real Estate	597,000	+0.17%	3.86	592,089	1.01	849,450	3,798	Mar. & Sep.	1
8953	Japan Metropolitan	96,700	-0.21%	4.65	108,495	0.89	675,845	11,498	Feb. & Aug.	7
8954	ORIX JREIT	178,100	-0.06%	4.29	198,982	0.90	491,556	6,065	Feb. & Aug.	7
8955	Japan Prime Realty	365,000	-0.54%	4.16	386,572	0.94	363,970	1,543	Jun. & Dec.	7
8956	NTT UD REIT	137,800	-0.43%	4.23	145,296	0.95	193,145	2,615	Apr. & Oct.	8
8957	TOKYU REIT	185,400	-0.48%	4.05	203,055	0.91	181,247	2,387	Jan. & Jul.	7
8958	Global One	118,800	-0.50%	5.05	135,090	0.88	121,512	4,834	Mar. & Sep.	1
8960	United Urban	156,300	-1.39%	4.29	163,739	0.95	484,310	5,963	May & Nov.	7
8961	MORI TRUST	74,600	+0.54%	4.63	74,967	1.00	265,576	5,904	Feb. & Aug.	7
8964	Frontier	467,000	-0.21%	4.53	456,025	1.02	252,647	1,953	Jun. & Dec.	3
8966	HEIWA	146,900	-0.81%	4.34	143,794	1.02	168,925	2,181	May & Nov.	7
8967	Japan Logistics	292,400	-0.20%	3.54	303,905	0.96	273,102	1,926	Jan. & Jul.	5
8968	Fukuoka REIT	161,500	-0.74%	4.46	182,751	0.88	128,554	1,418	Feb. & Aug.	7
8972	Kenedix Office	337,500	-0.74%	4.50	396,518	0.85	286,345	3,655	Apr. & Oct.	1
8975	Ichigo Office REIT	86,800	-0.91%	4.69	88,624	0.98	131,360	2,921	Apr. & Oct.	1
8976	Daiwa Office	664,000	-0.30%	4.13	788,123	0.84	317,563	743	May & Nov.	1
8977	Hankyu Hanshin REIT	141,400	-0.63%	4.14	169,884	0.83	98,301	1,158	May & Nov.	7
8984	Daiwa House REIT	260,400	-0.53%	4.34	316,660	0.82	604,128	6,997	Feb. & Aug.	7
8985	Japan Hotel	78,200	+1.43%	3.39	74,583	1.05	362,614	36,788	Dec.	4
8986	Daiwa Securities Living	114,100	-0.78%	3.88	114,862	0.99	257,968	5,096	Mar. & Sep.	8
8987	Japan Excellent	133,500	-0.30%	4.04	165,300	0.81	178,569	2,434	Jun. & Dec.	1
8963	Invincible	61,200	+0.99%	4.75	58,082	1.05	412,312	33,582	Jun. & Dec.	4
3226	Nippon Accommodations	628,000	-1.10%	3.39	589,953	1.06	316,180	1,360	Feb. & Aug.	2
3234	MORI HILLS REIT	143,700	-1.44%	4.27	160,559	0.90	275,377	5,335	Jan. & Jul.	1
3249	Industrial & Infrastructure	139,900	-0.43%	4.64	133,028	1.05	295,681	6,099	Jan. & Jul.	8
3269	Advance Residence	331,500	-1.34%	3.55	324,619	1.02	459,128	4,891	Jan. & Jul.	2
8979	Starts Proceed	219,600	-0.45%	4.17	237,956	0.92	62,032	531	Apr. & Oct.	2
3278	Kenedix Residential	221,500	-0.32%	3.74	220,795	1.00	237,101	3,807	Jan. & Jul.	7
3279	Activia Properties	411,500	-0.96%	4.52	451,740	0.91	332,264	1,512	May & Nov.	7
3281	GLP J-REIT	134,800	+0.30%	4.03	150,875	0.89	663,935	13,462	Feb. & Aug.	5
3282	Comforia Residential	326,500	-1.21%	3.46	322,289	1.01	247,435	1,646	Jan. & Jul.	2
3283	Nippon Prologis	274,500	+0.62%	3.68	283,971	0.97	779,278	5,588	May & Nov.	5
3287	Hoshino Resorts	642,000	-0.16%	2.65	550,018	1.17	164,068	917	Apr. & Oct.	4
3290	ONE REIT	262,300	-1.09%	4.90	285,597	0.92	70,419	609	Feb. & Aug.	1
3292	AEON REIT	146,500	-0.20%	4.56	149,698	0.98	311,159	3,341	Jan. & Jul.	3
3295	Hulic Reit	161,200	-1.10%	4.32	185,524	0.87	232,128	3,471	Feb. & Aug.	7
3296	NIPPON REIT	353,500	-0.28%	4.70	422,231	0.84	159,050	1,128	Jun. & Dec.	7
3451	Tosei Reit	140,700	-0.28%	5.09	149,879	0.94	51,300	764	Apr. & Oct.	7
3309	Sekisui House Reit	84,100	-0.59%	4.39	90,937	0.92	368,483	10,297	Apr. & Oct.	7
3453	Kenedix Retail	283,600	-0.70%	4.63	264,683	1.07	170,777	1,285	Mar. & Sep.	3
3455	Healthcare & Medical	150,300	-0.27%	4.28	130,791	1.15	54,033	531	Jan. & Jul.	9
3459	Samty Residential	116,100	-0.60%	4.58	118,744	0.98	97,376	841	Jan. & Jul.	2
3462	Nomura Master	169,100	-0.65%	3.96	181,735	0.93	797,340	11,912	Feb. & Aug.	7
3463	Ichigo Hotel REIT	117,200	+0.77%	4.24	127,716	0.92	38,382	705	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	145,600	-0.27%	4.31	157,194	0.93	271,981	4,905	Feb. & Aug.	5
3468	Star Asia	58,100	-0.85%	5.22	56,286	1.03	137,813	8,759	Jan. & Jul.	7
3470	Marimo Regional Revitalization	126,600	+0.16%	5.20	143,350	0.88	30,033	608	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	480,500	-0.31%	3.73	463,592	1.04	292,144	1,409	Jan. & Jul.	5
3472	Ooedo Onsen Reit	64,100	+0.31%	4.24	109,086	0.59	15,086	555	May & Nov.	4
3476	MIRAI Corporation	47,300	-0.84%	4.86	52,234	0.91	83,789	3,377	Apr. & Oct.	7
3481	Mitsubishi Estate Logistics	379,000	-0.13%	4.13	392,646	0.97	190,821	1,855	Feb. & Aug.	5
3487	CRE Logistics	166,100	+0.06%	4.46	176,705	0.94	104,261	1,964	Jun. & Dec.	5
3488	XYMAX REIT	116,300	-0.34%	5.18	144,795	0.80	29,034	462	Feb. & Aug.	7
3492	Takara Leben REIT	98,800	-0.90%	5.31	107,910	0.92	68,304	2,594	Feb. & Aug.	7
3493	Advance Logistics	128,100	-	4.40	150,391	0.85	86,391	1,838	Feb. & Aug.	5
2971	ESCON JAPAN REIT	119,600	-0.83%	5.21	117,813	1.02	42,095	444	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	92,600	-0.43%	4.43	120,764	0.77	43,253	1,335	Feb. & Aug.	1
2979	SOSiLA Logistics	125,700	-0.48%	4.37	139,409	0.90	91,447	2,235	May & Nov.	5
2989	Tokaido REIT	126,400	-0.32%	5.21	108,984	1.16	30,652	746	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)

What's New

Jul. 28, 2023
マーケットコラム「J-REIT投資で「巡航分配金」という呪縛を解いても良いと思う理由」
Jun. 22, 2021
2989 Tokaido REIT, Inc. 6/22 Listing on TSE REIT Market
Jun. 5, 2020
【対談】女性IR担当者が語る、住宅REITと物流REITの安定性の魅力
Dec. 10, 2019
2979 SOSiLA Logistics REIT, Inc. 12/10 Listing on TSE REIT Market
Mar. 12, 2019
2972 SANKEI REAL ESTATE Inc. 3/12 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	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	Japan Hotel	+1.43%
2	Invincible	+0.99%
3	Ichigo Hotel REIT	+0.77%