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 Jun. 13, 2025

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.86% (-0.04)	15,361,187million JPY (+122,763million JPY)

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

Code	REIT	Price on Jun. 13 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	133,500	+0.53%	3.60	119,899	1.11	1,135,411	33,043	Jun. & Dec.	1
8952	Japan Real Estate	120,300	+0.84%	4.20	121,042	0.99	855,853	36,730	Mar. & Sep.	1
8953	Japan Metropolitan	100,500	+0.50%	5.59	120,003	0.84	722,877	38,010	Feb. & Aug.	7
8954	ORIX JREIT	188,000	+0.75%	4.91	210,066	0.89	518,880	17,506	Feb. & Aug.	7
8955	Japan Prime Realty	368,500	+0.55%	4.33	394,765	0.93	367,460	4,135	Jun. & Dec.	7
8956	NTT UD REIT	131,900	+0.92%	4.72	144,842	0.91	193,660	6,498	Apr. & Oct.	8
8957	TOKYU REIT	192,300	+1.26%	4.16	208,156	0.92	187,992	5,636	Jan. & Jul.	7
8958	Global One	133,400	+1.68%	5.63	141,247	0.94	133,215	6,935	Mar. & Sep.	1
8960	United Urban	156,700	+1.16%	4.66	168,475	0.93	479,909	17,031	May & Nov.	7
8961	MORI TRUST	68,200	+0.89%	5.16	76,637	0.89	242,792	11,246	Feb. & Aug.	7
8964	Frontier	83,800	+0.84%	5.25	100,114	0.84	226,679	10,760	Jun. & Dec.	3
8966	HEIWA	133,100	+1.14%	5.95	144,753	0.92	166,233	6,840	May & Nov.	7
8967	Japan Logistics	94,100	+0.32%	4.57	105,385	0.89	259,920	11,956	Jan. & Jul.	5
8968	Fukuoka REIT	170,600	+0.95%	4.75	194,131	0.88	148,763	4,158	Feb. & Aug.	7
8972	Kenedix REIT	155,500	+0.71%	5.07	177,964	0.87	628,095	20,859	Apr. & Oct.	7
8975	Ichigo Office REIT	90,000	+1.12%	4.73	93,653	0.96	139,944	5,243	Apr. & Oct.	1
8976	Daiwa Office	315,000	+1.12%	4.39	400,693	0.79	297,094	2,705	May & Nov.	1
8977	Hankyu Hanshin REIT	155,800	+1.90%	4.27	180,052	0.87	108,312	3,550	May & Nov.	7
8984	Daiwa House REIT	241,000	+0.58%	4.96	335,980	0.72	553,153	10,801	Feb. & Aug.	7
8985	Japan Hotel	76,500	-	5.83	85,259	0.90	389,921	24,293	Dec.	4
8986	Daiwa Securities Living	97,000	+1.15%	5.23	116,039	0.84	233,468	9,908	Mar. & Sep.	8
8987	Japan Excellent	134,000	+0.75%	4.33	164,198	0.82	177,096	5,875	Jun. & Dec.	1
8963	Invincible	64,600	+0.31%	6.12	65,197	0.99	493,961	53,176	Jun. & Dec.	4
3226	Nippon Accommodations	119,100	+0.68%	3.81	130,027	0.92	299,818	11,503	Feb. & Aug.	2
3234	MORI HILLS REIT	133,200	+0.30%	4.65	156,502	0.85	255,255	8,229	Jan. & Jul.	1
3249	Industrial & Infrastructure	121,900	+0.91%	5.46	141,693	0.86	309,165	13,036	Jan. & Jul.	8
3269	Advance Residence	150,900	+0.60%	3.98	168,182	0.90	432,479	13,114	Jan. & Jul.	2
8979	Starts Proceed	177,000	+0.63%	5.16	247,236	0.72	48,217	1,497	Apr. & Oct.	2
3279	Activia Properties	120,700	+1.17%	4.85	148,821	0.81	286,822	10,388	May & Nov.	7
3281	GLP J-REIT	129,900	+0.70%	5.14	155,154	0.84	623,225	20,915	Feb. & Aug.	5
3282	Comforia Residential	289,000	+0.77%	4.02	330,625	0.87	225,519	4,134	Jan. & Jul.	2
3283	Nippon Prologis	80,100	+1.14%	4.66	99,023	0.81	671,967	29,069	May & Nov.	5
3287	Hoshino Resorts	244,000	-	4.92	293,635	0.83	142,943	3,508	Apr. & Oct.	4
3290	ONE REIT	248,600	+0.97%	5.82	287,306	0.87	66,741	1,493	Feb. & Aug.	1
3292	AEON REIT	127,000	+0.71%	5.35	158,064	0.80	267,026	7,472	Jan. & Jul.	3
3295	Hulic Reit	155,200	+1.50%	5.15	189,283	0.82	223,488	5,903	Feb. & Aug.	7
3296	NIPPON REIT	89,300	+0.79%	5.16	108,072	0.83	157,916	8,302	Jun. & Dec.	7
3451	Tosei Reit	132,800	+1.07%	5.59	155,269	0.86	49,993	1,608	Apr. & Oct.	7
3309	Sekisui House Reit	78,600	+1.16%	5.60	87,689	0.90	342,337	21,516	Apr. & Oct.	7
3455	Healthcare & Medical	114,100	+0.62%	5.50	138,257	0.83	41,019	1,238	Jan. & Jul.	9
3459	Samty Residential	93,600	+1.41%	5.76	123,357	0.76	79,815	2,631	Jan. & Jul.	2
3462	Nomura Master	145,500	+1.82%	4.90	191,263	0.76	676,046	20,820	Feb. & Aug.	7
3463	Ichigo Hotel REIT	126,100	-0.32%	5.51	148,791	0.85	41,296	1,944	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	137,800	+0.44%	5.30	165,804	0.83	249,503	9,654	Feb. & Aug.	5
3468	Star Asia	57,500	+1.23%	5.97	63,327	0.91	154,503	14,021	Jan. & Jul.	7
3470	Marimo Regional Revitalization	109,900	+0.27%	5.98	142,119	0.77	30,936	1,704	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	103,600	+0.78%	4.73	122,795	0.84	333,561	18,844	Jan. & Jul.	5
3472	Nippon Hotel & Residential	67,900	+0.30%	5.89	100,481	0.68	21,118	1,713	May & Nov.	8
3476	MIRAI Corporation	44,400	+1.02%	5.45	52,427	0.85	84,690	8,976	Apr. & Oct.	7
3481	Mitsubishi Estate Logistics	118,300	+0.60%	4.68	137,184	0.86	178,687	7,501	Feb. & Aug.	5
3487	CRE Logistics	152,500	-0.07%	4.96	181,223	0.84	95,181	3,580	Jun. & Dec.	5
3488	XYMAX REIT	112,400	+1.08%	5.60	150,783	0.75	28,061	1,113	Feb. & Aug.	7
3492	Takara Leben REIT	90,000	+1.12%	6.00	106,491	0.85	81,974	4,622	Feb. & Aug.	7
2971	ESCON JAPAN REIT	117,600	+0.09%	5.95	134,486	0.87	42,414	1,336	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	90,200	+1.46%	5.08	117,503	0.77	42,132	2,375	Feb. & Aug.	7
2979	SOSiLA Logistics	112,600	+0.63%	5.40	142,892	0.79	81,917	3,978	May & Nov.	5
2989	Tokaido REIT	109,600	+0.46%	6.03	114,564	0.96	34,730	2,163	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	Hankyu Hanshin REIT	+1.90%
2	Nomura Master	+1.82%
3	Global One	+1.68%