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 Apr. 3, 2020

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
5.38% (+0.11)	11,213,081million JPY (-207,927million JPY)

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

Code	REIT	Price on Apr. 3 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	634,000	-4.08%	3.39	561,746	1.13	895,208	9,416	Jun. & Dec.	1
8952	Japan Real Estate	585,000	-2.50%	3.69	556,718	1.05	810,348	7,196	Mar. & Sep.	1
8953	Japan Retail	98,800	-6.97%	9.31	220,908	0.45	258,660	32,252	Feb. & Aug.	3
8954	ORIX JREIT	121,800	-4.02%	5.99	179,860	0.68	336,168	18,509	Feb. & Aug.	7
8955	Japan Prime Realty	299,900	-3.26%	5.11	371,529	0.81	287,379	9,448	Jun. & Dec.	7
8956	Premier	96,400	-2.53%	5.85	127,927	0.75	126,958	13,768	Apr. & Oct.	8
8957	TOKYU REIT	116,800	-4.89%	5.74	192,267	0.61	114,184	7,312	Jan. & Jul.	7
8958	Global One	79,200	-1.37%	6.04	134,699	0.59	76,181	7,919	Mar. & Sep.	1
8960	United Urban	98,100	+1.24%	7.00	157,978	0.62	305,909	23,001	May & Nov.	7
8961	MORI TRUST	112,600	-3.84%	6.61	158,153	0.71	148,632	4,578	Mar. & Sep.	7
8964	Frontier	282,100	-2.29%	7.53	432,097	0.65	146,410	4,021	Jun. & Dec.	3
8966	HEIWA	84,800	-6.30%	5.96	124,815	0.68	86,059	5,198	May & Nov.	7
8967	Japan Logistics	227,500	-0.74%	6.40	257,658	0.88	205,904	5,259	Jan. & Jul.	5
8968	Fukuoka REIT	98,300	-2.87%	7.49	167,119	0.59	78,247	5,775	Feb. & Aug.	7
8972	Kenedix Office	482,000	-3.79%	5.80	714,202	0.67	206,542	4,235	Apr. & Oct.	1
8975	Ichigo Office REIT	60,900	-5.29%	7.02	83,509	0.73	93,316	10,918	Apr. & Oct.	1
8976	Daiwa Office	551,000	-1.43%	4.92	727,729	0.76	271,024	2,906	May & Nov.	1
8977	Hankyu Hanshin REIT	103,300	-3.00%	6.11	166,289	0.62	71,814	2,609	May & Nov.	7
8984	Daiwa House REIT	251,900	+1.37%	4.33	265,533	0.95	553,172	13,701	Feb. & Aug.	7
8985	Japan Hotel	27,310	+0.26%	13.51	80,728	0.34	121,867	48,279	Dec.	4
8986	Daiwa Securities Living	84,400	-1.17%	5.09	94,378	0.89	173,522	14,382	Mar. & Sep.	2
8987	Japan Excellent	108,800	-3.97%	5.48	151,609	0.72	147,206	7,795	Jun. & Dec.	1
8963	Invincible	21,320	-0.23%	16.22	53,812	0.40	129,985	86,961	Jun. & Dec.	4
3226	Nippon Accommodations	538,000	+0.37%	3.63	454,457	1.18	260,673	2,238	Feb. & Aug.	2
3227	MCUBS MidCity	62,000	-6.63%	6.56	98,299	0.63	110,616	21,797	Jun. & Dec.	1
3234	MORI HILLS REIT	129,700	+1.33%	4.46	142,917	0.91	243,182	9,707	Jan. & Jul.	1
3249	Industrial & Infrastructure	132,500	-1.63%	4.34	110,768	1.20	249,102	7,719	Jan. & Jul.	8
3269	Advance Residence	292,700	+6.90%	3.83	262,155	1.12	405,390	11,038	Jan. & Jul.	2
8979	Starts Proceed	172,000	-0.23%	5.86	212,284	0.81	43,650	632	Apr. & Oct.	2
3278	Kenedix Residential	159,800	+0.25%	5.09	176,071	0.91	152,011	6,965	Jan. & Jul.	8
3279	Activia Properties	289,600	-6.13%	6.84	448,627	0.65	223,346	6,890	May & Nov.	7
3281	GLP J-REIT	125,000	+0.40%	4.16	115,863	1.08	479,178	39,363	Feb. & Aug.	5
3282	Comforia Residential	280,100	+1.97%	3.78	264,052	1.06	188,122	3,368	Jan. & Jul.	2
3283	Nippon Prologis	266,700	-0.45%	3.50	225,114	1.18	657,642	16,107	May & Nov.	5
3287	Hoshino Resorts	294,700	-1.57%	8.98	554,146	0.53	65,383	2,882	Apr. & Oct.	4
3290	ONE REIT	204,300	-5.72%	7.48	273,842	0.75	49,013	1,805	Feb. & Aug.	1
3292	AEON REIT	94,800	-	6.59	140,665	0.67	177,590	15,220	Jan. & Jul.	3
3295	Hulic Reit	109,600	-3.78%	6.45	172,996	0.63	143,795	7,793	Feb. & Aug.	7
3296	NIPPON REIT	263,200	-4.50%	6.88	372,410	0.71	118,422	3,726	Jun. & Dec.	7
3298	Invesco Office	11,780	-6.58%	6.68	17,334	0.68	104,833	84,101	Apr. & Oct.	1
3451	Tosei Reit	89,300	-1.11%	7.95	133,686	0.67	30,050	2,932	Apr. & Oct.	7
3309	Sekisui House Reit	60,500	-0.17%	5.38	81,635	0.74	259,464	22,329	Apr. & Oct.	7
3453	Kenedix Retail	128,300	-7.96%	10.14	253,423	0.51	68,792	8,717	Mar. & Sep.	7
3455	Healthcare & Medical	109,600	+1.01%	5.73	119,719	0.92	34,086	2,469	Jan. & Jul.	9
3459	Samty Residential	81,700	-1.68%	6.87	102,120	0.80	48,415	2,558	Jan. & Jul.	2
3462	Nomura Master	115,000	-4.25%	5.77	159,922	0.72	542,248	32,157	Feb. & Aug.	7
3463	Ichigo Hotel REIT	49,550	-2.46%	9.17	140,864	0.35	12,634	1,775	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	137,600	-1.22%	4.05	117,593	1.17	187,549	9,811	Feb. & Aug.	5
3468	Star Asia	73,400	-3.55%	9.03	116,790	0.63	39,696	3,849	Jan. & Jul.	7
3470	Marimo Regional Revitalization	81,300	-3.21%	8.57	127,539	0.64	12,413	717	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	439,000	-5.89%	3.21	348,693	1.26	193,599	2,302	Jan. & Jul.	5
3472	Ooedo Onsen Reit	47,950	-4.10%	8.91	105,891	0.45	11,285	2,476	May & Nov.	4
3473	SAKURA SOGO REIT	61,100	-7.42%	6.78	103,014	0.59	20,346	1,247	Jun. & Dec.	7
3476	MIRAI Corporation	33,400	-1.76%	9.49	49,477	0.68	55,519	13,394	Apr. & Oct.	7
3478	MORI TRUST Hotel	71,900	-4.64%	9.49	137,196	0.52	35,950	3,653	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	321,000	-5.59%	3.70	284,463	1.13	98,167	2,275	Feb. & Aug.	5
3487	CRE Logistics	117,000	-3.47%	5.39	126,414	0.93	40,628	1,796	Jun. & Dec.	5
3488	XYMAX REIT	82,200	-4.64%	7.45	145,263	0.57	18,363	1,810	Feb. & Aug.	7
3492	Takara Leben REIT	68,900	-3.77%	9.06	106,911	0.64	31,866	3,236	Feb. & Aug.	7
3493	ITOCHU Advance Logistics	96,900	-2.91%	5.04	115,234	0.84	47,093	2,285	Jan. & Jul.	5
2971	ESCON JAPAN REIT	82,300	-3.40%	8.21	115,402	0.71	23,289	1,543	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	81,200	-5.69%	5.81	110,252	0.74	28,972	1,683	Feb. & Aug.	1
2979	SOSiLA Logistics	108,900	-1.00%	4.21			56,013	3,247	May & Nov.	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

• 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

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
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

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	Garden City Shinagawa Gotenyama	72

Unit Price Growth Rankings

1	Advance Residence	+6.90%
2	Comforia Residential	+1.97%
3	Daiwa House REIT	+1.37%