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. 20, 2019

Average Dividend Yield of All J-REITs (Day-on-Day) Total Equity Market Capitalization of All J-REITs (Day-on-Day)
3.61% (-0.01) 15,726,053million JPY (+43,287million JPY)

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

CodeREITPrice on Aug. 20
(JPY)
% changeDividend yield
(%)
NAV per unit
(JPY)
P/NAVMarket cap
(million JPY)
Trading volume
(units)
Settlement month Sector
8951 Nippon Building   News 788,000 - 2.75 540,358 1.46 1,112,656 3,297 Jun. & Dec. 1
8952 Japan Real Estate   News 702,000 +0.14% 2.82 534,651 1.31 972,417 3,184 Mar. & Sep. 1
8953 Japan Retail    News 219,700 -0.27% 4.06 219,212 1.00 575,178 8,854 Feb. & Aug. 3
8954 ORIX JREIT   News 224,700 -0.22% 3.17 174,844 1.29 620,172 6,580 Feb. & Aug. 7
8955 Japan Prime Realty   News 495,500 +0.30% 3.01 340,685 1.45 457,347 1,777 Jun. & Dec. 7
8956 Premier   News 148,200 +0.27% 3.76 121,909 1.22 195,179 3,201 Apr. & Oct. 8
8957 TOKYU REIT   News 201,500 +0.25% 2.93 173,460 1.16 196,986 1,611 Jan. & Jul. 7
8958 Global One   News 144,500 - 3.22 130,042 1.11 138,992 2,938 Mar. & Sep. 1
8960 United Urban   News 202,000 - 3.41 154,297 1.31 629,904 10,054 May & Nov. 7
8961 MORI TRUST   News 190,100 +0.48% 3.86 150,871 1.26 250,932 2,222 Mar. & Sep. 7
8964 Frontier   News 459,500 +0.77% 4.59 429,234 1.07 227,912 1,912 Jun. & Dec. 3
8966 HEIWA   News 131,600 +0.46% 3.72 121,948 1.08 133,554 1,263 May & Nov. 7
8967 Japan Logistics   News 263,400 +0.23% 3.61 249,225 1.06 238,396 2,064 Jan. & Jul. 5
8968 Fukuoka REIT   News 182,500 +0.27% 4.04 164,251 1.11 145,270 2,078 Feb. & Aug. 7
8972 Kenedix Office   News 805,000 -0.25% 3.36 681,467 1.18 344,951 857 Apr. & Oct. 1
8975 Ichigo Office REIT   News 105,000 +0.86% 4.03 79,995 1.31 160,890 4,365 Apr. & Oct. 1
8976 Daiwa Office   News 836,000 -0.59% 3.13 697,283 1.20 411,209 1,253 May & Nov. 1
8977 Hankyu Hanshin REIT   News 158,300 +0.25% 3.93 162,283 0.98 110,050 1,493 May & Nov. 7
8984 Daiwa House REIT   News 278,600 +0.72% 3.78 259,945 1.07 578,095 5,450 Feb. & Aug. 7
8985 Japan Hotel   News 86,500 +1.17% 4.26 76,050 1.14 385,993 14,585 Dec. 4
8986 Japan Rental Housing   News 96,400 +0.84% 4.15 89,848 1.07 158,102 4,082 Mar. & Sep. 2
8987 Japan Excellent   News 170,500 +3.33% 3.37 141,486 1.21 222,622 6,511 Jun. & Dec. 1
8963 Invincible   News 61,200 +1.16% 5.64 51,891 1.18 373,127 24,301 Jun. & Dec. 4
3226 Nippon Accommodations   News 679,000 +0.15% 2.96 435,176 1.56 328,990 1,324 Feb. & Aug. 2
3227 MCUBS MidCity   News 112,800 +0.89% 3.49 89,292 1.26 185,345 6,471 Jun. & Dec. 1
3234 MORI HILLS REIT   News 164,300 +0.37% 3.47 131,820 1.25 308,056 3,185 Jan. & Jul. 1
3249 Industrial & Infrastructure   News 146,800 -0.27% 4.20 105,081 1.40 263,362 5,140 Jan. & Jul. 8
3269 Advance Residence   News 340,000 -0.29% 3.15 235,072 1.45 459,000 3,499 Jan. & Jul. 2
8979 Starts Proceed   News 185,700 +0.76% 4.76 209,970 0.88 47,126 860 Apr. & Oct. 2
3278 Kenedix Residential   News 198,300 +0.92% 3.85 162,679 1.22 179,949 2,318 Jan. & Jul. 8
3279 Activia Properties   News 530,000 +0.19% 3.72 441,035 1.20 408,749 2,023 May & Nov. 7
3281 GLP J-REIT   News 136,000 -0.15% 3.90 113,220 1.20 521,345 10,500 Feb. & Aug. 5
3282 Comforia Residential   News 329,000 - 3.09 238,848 1.38 210,834 1,247 Jan. & Jul. 2
3283 Nippon Prologis   News 283,200 +0.04% 3.16 216,988 1.31 665,279 6,363 May & Nov. 5
3287 Hoshino Resorts   News 558,000 +0.18% 4.72 551,153 1.01 123,799 904 Apr. & Oct. 4
3290 ONE REIT   News 310,000 -0.96% 4.45 268,111 1.16 74,371 745 Feb. & Aug. 1
3292 AEON REIT   News 134,700 -0.52% 4.45 134,004 1.01 239,409 4,984 Jan. & Jul. 3
3295 Hulic Reit   News 191,200 +0.37% 3.57 169,416 1.13 239,191 3,971 Feb. & Aug. 7
3296 NIPPON REIT   News 429,500 +2.38% 4.08 342,075 1.26 193,245 2,865 Jun. & Dec. 7
3298 Invesco Office   News 19,300 +0.31% 3.93 16,469 1.17 171,756 24,323 Apr. & Oct. 1
3308 Nippon Healthcare   News 180,000 -0.33% 4.70 203,073 0.89 13,434 173 Apr. & Oct. 9
3451 Tosei Reit   News 130,500 +1.01% 5.33 130,223 1.00 36,933 2,314 Apr. & Oct. 7
3309 Sekisui House Reit   News 90,400 - 3.54 77,321 1.17 387,695 16,179 Apr. & Oct. 7
3453 Kenedix Retail   News 261,000 +0.58% 4.92 251,798 1.04 132,510 1,401 Mar. & Sep. 3
3455 Healthcare & Medical   News 132,600 -0.53% 4.98 114,147 1.16 41,239 1,049 Jan. & Jul. 9
3459 Samty Residential   News 117,000 +0.86% 4.70 96,620 1.21 58,980 1,317 Jan. & Jul. 2
3462 Nomura Master   News 188,000 +0.27% 3.41 156,024 1.20 854,892 9,276 Feb. & Aug. 7
3463 Ichigo Hotel REIT   News 120,600 +1.69% 5.22 145,727 0.83 30,750 1,642 Jan. & Jul. 4
3466 LaSalle LOGIPORT REIT   News 143,900 +0.91% 4.40 110,671 1.30 174,119 3,837 Feb. & Aug. 5
3468 Star Asia   News 116,000 +0.69% 4.78 112,385 1.03 62,736 1,630 Jan. & Jul. 7
3470 Marimo Regional Revitalization   News 118,900 -0.17% 5.72 122,579 0.97 15,735 532 Jun. & Dec. 7
3471 Mitsui Fudosan Logistics   News 429,500 +0.94% 3.02 311,076 1.38 162,781 1,655 Jan. & Jul. 5
3472 Ooedo Onsen Reit   News 87,600 +0.11% 5.38 104,837 0.84 20,616 643 May & Nov. 4
3473 SAKURA SOGO REIT   News 96,000 +0.63% 3.51 97,407 0.99 31,968 1,772 Jun. & Dec. 7
3476 MIRAI Corporation   News 57,500 +0.52% 5.50 47,921 1.20 90,944 4,771 Apr. & Oct. 7
3478 MORI TRUST Hotel   News 142,900 +0.14% 4.42 131,232 1.09 71,450 631 Feb. & Aug. 4
3481 Mitsubishi Estate Logistics   News 318,000 +0.47% 3.45 269,303 1.18 78,169 826 Feb. & Aug. 5
3487 CRE Logistics    News 132,100 +0.23% 4.56 116,933 1.13 34,247 1,257 Jun. & Dec. 5
3488 XYMAX REIT    News 134,300 +1.13% 4.35 140,505 0.96 30,003 988 Feb. & Aug. 7
3492 Takara Leben REIT   News 121,800 +1.58% 6.73 104,957 1.16 42,082 6,260 Feb. & Aug. 7
3493 ITOCHU Advance Logistics   News 108,800 +2.16% 4.31 109,850 0.99 38,857 4,137 Jan. & Jul. 5
2971 ESCON JAPAN REIT   News 115,600 -0.17% 5.94 27,397 1,318 Jan. & Jul. 8
2972 SANKEI REAL ESTATE   News 120,100 +0.08% 3.23 28,776 1,121 Feb. & Aug. 8

• 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

ReitInfo.com

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 Japan Excellent +3.33%
2 NIPPON REIT +2.38%
3 ITOCHU Advance Logistics +2.16%
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