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. 17, 2018

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.15% (+0.04)	12,575,618million JPY (-109,197million JPY)

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

Code	REIT	Price on Aug. 17 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	618,000	-1.28%	3.25	519,261	1.19	872,616	4,453	Jun. & Dec.	1
8952	Japan Real Estate	573,000	-2.39%	3.23	513,911	1.11	793,725	4,284	Mar. & Sep.	1
8953	Japan Retail	205,600	-0.48%	4.31	210,867	0.98	538,264	7,115	Feb. & Aug.	3
8954	ORIX JREIT	174,100	-1.02%	3.82	164,031	1.06	480,516	5,018	Feb. & Aug.	7
8955	Japan Prime Realty	396,500	-2.46%	3.68	319,737	1.24	365,970	2,251	Jun. & Dec.	7
8956	Premier	112,500	-0.44%	4.62	109,366	1.03	148,162	1,511	Apr. & Oct.	8
8957	TOKYU REIT	151,800	-1.43%	3.97	161,791	0.94	148,400	1,731	Jan. & Jul.	7
8958	Global One	112,500	-0.53%	3.71	123,972	0.91	99,639	990	Mar. & Sep.	1
8960	United Urban	172,200	-0.40%	4.05	147,749	1.17	526,086	5,315	May & Nov.	7
8961	MORI TRUST	161,500	-0.49%	4.52	141,959	1.14	213,180	2,074	Mar. & Sep.	7
8964	Frontier	449,000	-1.64%	4.53	411,790	1.09	222,704	1,032	Jun. & Dec.	3
8966	HEIWA	108,300	-1.37%	4.29	114,711	0.94	109,908	1,503	May & Nov.	7
8967	Japan Logistics	214,900	-0.23%	4.24	238,853	0.90	196,419	2,755	Jan. & Jul.	5
8968	Fukuoka REIT	174,900	-0.06%	4.08	156,383	1.12	139,220	1,737	Feb. & Aug.	7
8972	Kenedix Office	688,000	-0.58%	3.84	625,856	1.10	294,815	726	Apr. & Oct.	1
8975	Ichigo Office REIT	89,300	-0.78%	4.41	76,249	1.17	136,833	1,565	Apr. & Oct.	1
8976	Daiwa Office	677,000	-0.29%	3.52	653,698	1.04	333,001	869	May & Nov.	1
8977	Hankyu REIT	138,700	-1.00%	4.36	155,743	0.89	88,560	1,262	May & Nov.	7
8984	Daiwa House REIT	267,100	-0.15%	3.82	246,093	1.09	514,702	4,246	Feb. & Aug.	7
8985	Japan Hotel	82,700	-	4.65	74,155	1.12	331,697	10,020	Dec.	4
8986	Japan Rental Housing	89,000	-0.78%	4.37	83,388	1.07	145,965	3,221	Mar. & Sep.	2
8987	Japan Excellent	143,700	-0.69%	3.86	128,866	1.12	187,629	2,254	Jun. & Dec.	1
8963	Invincible	48,300	-	6.97	50,230	0.96	275,441	23,616	Jun. & Dec.	7
3226	Nippon Accommodations	515,000	-1.15%	3.46	404,342	1.27	249,529	776	Feb. & Aug.	2
3227	MCUBS MidCity	78,000	-0.76%	4.49	83,297	0.94	128,164	3,679	Jun. & Dec.	1
3234	MORI HILLS REIT	142,700	-	3.92	115,786	1.23	266,712	4,892	Jan. & Jul.	1
3249	Industrial & Infrastructure	116,500	-0.43%	4.56	99,952	1.17	197,912	3,111	Jan. & Jul.	8
3269	Advance Residence	284,900	-0.94%	3.68	215,408	1.32	384,615	4,103	Jan. & Jul.	2
8979	Starts Proceed	166,500	-	5.24	198,865	0.84	42,753	497	Apr. & Oct.	2
3278	Kenedix Residential	168,800	-0.53%	4.51	153,621	1.10	146,017	2,342	Jan. & Jul.	2
3279	Activia Properties	486,000	-1.32%	3.91	416,744	1.17	339,570	2,350	May & Nov.	7
3281	GLP J-REIT	112,100	-1.23%	4.62	108,225	1.04	381,441	8,753	Feb. & Aug.	5
3282	Comforia Residential	260,100	-0.46%	3.71	223,546	1.16	152,677	671	Jan. & Jul.	2
3283	Nippon Prologis	218,700	-1.31%	4.04	207,297	1.06	478,067	3,356	May & Nov.	5
3287	Hoshino Resorts	566,000	-0.70%	4.53	542,585	1.04	125,574	900	Apr. & Oct.	4
3290	ONE REIT	251,200	-0.63%	5.35	259,321	0.97	47,552	815	Feb. & Aug.	1
3292	AEON REIT	119,300	-0.75%	4.98	129,007	0.92	212,037	2,242	Jan. & Jul.	3
3295	Hulic Reit	167,300	-0.48%	4.17	161,531	1.04	185,703	1,628	Feb. & Aug.	7
3296	NIPPON REIT	345,500	-0.29%	4.90	321,056	1.08	155,451	2,363	Jun. & Dec.	7
3298	Invesco Office	15,630	-0.82%	5.45	14,643	1.07	135,096	18,623	Apr. & Oct.	1
3308	Nippon Healthcare	172,100	-0.58%	4.80	199,615	0.86	12,844	49	Apr. & Oct.	9
3451	Tosei Reit	112,000	-0.18%	5.85	124,278	0.90	26,253	505	Apr. & Oct.	7
3309	Sekisui House Reit	70,800	-0.28%	4.32	73,218	0.97	266,356	3,804	Apr. & Oct.	7
3453	Kenedix Retail	239,600	-0.54%	5.21	247,528	0.97	121,645	919	Mar. & Sep.	3
3455	Healthcare & Medical	110,000	-1.35%	4.73	115,711	0.95	21,242	233	Jan. & Jul.	9
3459	Samty Residential	92,000	-0.43%	5.85	96,527	0.95	42,007	832	Jan. & Jul.	2
3462	Nomura Master	153,900	-0.97%	4.02	152,077	1.01	665,125	7,096	Feb. & Aug.	7
3463	Ichigo Hotel REIT	139,100	-0.57%	7.73	143,048	0.97	35,467	1,118	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	107,100	-0.46%	4.78	106,550	1.01	117,810	2,160	Feb. & Aug.	5
3468	Star Asia	106,200	+0.28%	6.74	110,967	0.96	49,980	1,733	Jan. & Jul.	7
3470	Marimo Regional Revitalization	112,100	-	6.11	115,782	0.97	14,835	180	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	319,000	-0.31%	3.66	301,681	1.06	83,825	328	Jan. & Jul.	5
3472	Ooedo Onsen Reit	86,100	+0.12%	5.63	100,983	0.85	20,263	390	May & Nov.	4
3473	SAKURA SOGO REIT	90,700	-0.22%	5.73	96,470	0.94	30,203	1,105	Jun. & Dec.	7
3476	MIRAI Corporation	189,800	-0.16%	5.90	182,299	1.04	64,382	1,043	Apr. & Oct.	7
3478	MORI TRUST Hotel	145,500	-0.68%	4.33	126,798	1.15	72,750	484	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	264,000	-0.75%	3.98	266,213	0.99	56,496	568	Feb. & Aug.	5
3487	CRE Logistics	108,500	-0.82%	5.75			25,080	549	Jun. & Dec.	5
3488	XYMAX REIT	112,600	-0.44%	4.82			25,155	176	Feb. & Aug.	7
3492	Takara Leben REIT	91,400	+0.11%	3.69			31,579	1,390	Feb. & Aug.	1
3493	ITOCHU Advance Logistics								Jan. & Jul.

• 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

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
Sep. 14, 2017
3481 Mitsubishi Estate Logistics REIT Investment Corporation 9/14 Listing on TSE REIT Market
Feb. 7, 2017
3478 MORI TRUST Hotel 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	Star Asia	+0.28%
2	Ooedo Onsen Reit	+0.12%
3	Takara Leben REIT	+0.11%