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 Mar. 24, 2025

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
5.01% (-0.02)	14,745,145million JPY (+50,683million JPY)

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

Code	REIT	Price on Mar. 24 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	128,400	+0.08%	3.74	119,899	1.07	1,092,036	12,747	Jun. & Dec.	1
8952	Japan Real Estate	109,100	+1.02%	4.49	119,870	0.91	776,172	17,610	Mar. & Sep.	1
8953	Japan Metropolitan	94,000	-0.95%	5.87	115,142	0.82	676,124	19,066	Feb. & Aug.	7
8954	ORIX JREIT	177,400	+1.26%	4.95	207,077	0.86	489,624	12,732	Feb. & Aug.	7
8955	Japan Prime Realty	342,000	+0.44%	4.67	394,765	0.87	341,035	2,887	Jun. & Dec.	7
8956	NTT UD REIT	130,600	-3.19%	4.69	144,611	0.90	193,554	7,389	Apr. & Oct.	8
8957	TOKYU REIT	170,500	+0.77%	4.69	205,795	0.83	166,681	1,800	Jan. & Jul.	7
8958	Global One	117,000	-0.09%	6.76	141,004	0.83	117,367	4,962	Mar. & Sep.	1
8960	United Urban	151,000	+2.03%	5.07	168,475	0.90	462,453	20,787	May & Nov.	7
8961	MORI TRUST	63,100	+0.32%	5.29	75,574	0.83	224,636	5,525	Feb. & Aug.	7
8964	Frontier	79,400	-0.50%	5.54	100,114	0.79	214,777	3,252	Jun. & Dec.	3
8966	HEIWA	127,800	+0.47%	5.95	145,916	0.88	152,712	2,750	May & Nov.	7
8967	Japan Logistics	94,600	+0.21%	4.55	104,250	0.91	261,301	4,085	Jan. & Jul.	5
8968	Fukuoka REIT	146,200	+0.27%	5.34	189,542	0.77	127,486	1,599	Feb. & Aug.	7
8972	Kenedix REIT	150,000	-0.27%	5.25	177,685	0.84	611,896	5,750	Apr. & Oct.	7
8975	Ichigo Office REIT	82,900	+1.10%	5.42	93,653	0.89	128,904	2,292	Apr. & Oct.	1
8976	Daiwa Office	289,400	+0.63%	4.78	400,359	0.72	273,899	1,126	May & Nov.	1
8977	Hankyu Hanshin REIT	152,000	+0.20%	4.35	180,052	0.84	105,670	4,760	May & Nov.	7
8984	Daiwa House REIT	236,800	-0.21%	5.24	333,606	0.71	543,513	4,782	Feb. & Aug.	7
8985	Japan Hotel	73,600	+1.80%	6.06	85,259	0.86	375,140	14,334	Dec.	4
8986	Daiwa Securities Living	91,900	-0.11%	5.44	116,292	0.79	221,193	6,948	Mar. & Sep.	8
8987	Japan Excellent	128,400	+0.31%	4.52	164,198	0.78	169,695	2,456	Jun. & Dec.	1
8963	Invincible	64,400	+1.90%	6.14	65,197	0.99	492,432	14,125	Jun. & Dec.	4
3226	Nippon Accommodations	114,000	+1.33%	3.82	128,863	0.88	286,979	3,914	Feb. & Aug.	2
3234	MORI HILLS REIT	136,400	-0.29%	4.54	156,778	0.87	261,387	2,982	Jan. & Jul.	1
3249	Industrial & Infrastructure	116,600	-1.93%	5.71	137,515	0.85	295,723	8,863	Jan. & Jul.	8
3269	Advance Residence	145,600	+0.62%	4.13	166,821	0.87	417,290	4,472	Jan. & Jul.	2
8979	Starts Proceed	174,800	+0.92%	5.37	245,242	0.71	49,377	1,097	Apr. & Oct.	2
3279	Activia Properties	342,500	-0.15%	5.10	446,462	0.77	271,296	2,206	May & Nov.	7
3281	GLP J-REIT	123,000	-0.49%	4.39	154,362	0.80	590,121	7,995	Feb. & Aug.	5
3282	Comforia Residential	269,600	+0.60%	4.31	328,463	0.82	210,380	2,137	Jan. & Jul.	2
3283	Nippon Prologis	238,800	+1.66%	4.69	297,682	0.80	677,929	4,910	May & Nov.	5
3287	Hoshino Resorts	207,300	+1.37%	4.83	293,635	0.71	121,443	1,479	Apr. & Oct.	4
3290	ONE REIT	243,800	+0.29%	6.56	286,673	0.85	65,452	833	Feb. & Aug.	1
3292	AEON REIT	124,400	+0.40%	5.47	155,627	0.80	261,560	2,910	Jan. & Jul.	3
3295	Hulic Reit	144,600	+0.28%	5.53	187,172	0.77	208,224	2,114	Feb. & Aug.	7
3296	NIPPON REIT	83,100	+0.24%	5.55	108,072	0.77	146,952	3,022	Jun. & Dec.	7
3451	Tosei Reit	130,900	+1.16%	5.67	155,269	0.84	49,278	460	Apr. & Oct.	7
3309	Sekisui House Reit	80,400	+0.25%	5.62	87,689	0.92	352,271	6,861	Apr. & Oct.	7
3455	Healthcare & Medical	108,700	+0.65%	5.78	137,818	0.79	39,078	655	Jan. & Jul.	9
3459	Samty Residential	92,600	+0.54%	5.63	123,100	0.75	78,962	664	Jan. & Jul.	2
3462	Nomura Master	143,400	+0.49%	4.89	190,118	0.75	666,289	5,040	Feb. & Aug.	7
3463	Ichigo Hotel REIT	125,800	+0.64%	5.52	146,993	0.86	41,198	1,904	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	139,900	-0.57%	5.27	165,158	0.85	253,306	3,274	Feb. & Aug.	5
3468	Star Asia	53,500	+0.56%	6.11	59,642	0.90	143,755	7,080	Jan. & Jul.	7
3470	Marimo Regional Revitalization	106,600	+0.66%	5.75	142,119	0.75	30,007	781	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	104,200	-0.76%	4.70	122,795	0.85	335,493	6,705	Jan. & Jul.	5
3472	Nippon Hotel & Residential	68,800	+0.88%	5.72	100,481	0.68	21,398	1,097	May & Nov.	8
3476	MIRAI Corporation	42,400	-	5.92	52,427	0.81	80,875	3,305	Apr. & Oct.	7
3481	Mitsubishi Estate Logistics	117,400	+0.77%	4.67	134,148	0.88	177,327	3,142	Feb. & Aug.	5
3487	CRE Logistics	147,400	+1.17%	5.13	181,223	0.81	91,998	1,325	Jun. & Dec.	5
3488	XYMAX REIT	112,700	+0.81%	5.57	148,600	0.76	28,136	996	Feb. & Aug.	7
3492	Takara Leben REIT	86,700	+0.93%	6.23	104,555	0.83	78,968	2,716	Feb. & Aug.	7
2971	ESCON JAPAN REIT	114,800	-0.43%	6.09	130,433	0.88	41,405	512	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	85,700	-0.23%	5.25	115,739	0.74	40,030	1,079	Feb. & Aug.	7
2979	SOSiLA Logistics	109,400	-	5.49	142,892	0.77	79,589	671	May & Nov.	5
2989	Tokaido REIT	105,300	+0.29%	6.27	111,522	0.94	33,368	1,593	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	United Urban	+2.03%
2	Invincible	+1.90%
3	Japan Hotel	+1.80%