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. 26, 2024

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.45% (-0.01)	15,438,813million JPY (+51,220million JPY)

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

Code	REIT	Price on Apr. 26 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	600,000	+1.18%	4.08	598,618	1.00	1,020,595	2,928	Jun. & Dec.	1
8952	Japan Real Estate	537,000	-0.37%	4.51	591,467	0.91	764,078	4,474	Mar. & Sep.	1
8953	Japan Metropolitan	94,500	+0.21%	4.78	110,755	0.85	660,469	19,745	Feb. & Aug.	7
8954	ORIX JREIT	168,100	+0.66%	4.45	201,841	0.83	463,956	7,300	Feb. & Aug.	7
8955	Japan Prime Realty	344,500	+0.73%	4.41	390,756	0.88	343,528	1,681	Jun. & Dec.	7
8956	NTT UD REIT	121,200	-1.46%	4.44	142,313	0.85	179,623	5,249	Apr. & Oct.	8
8957	TOKYU REIT	162,400	+1.00%	4.40	203,577	0.80	158,762	1,602	Jan. & Jul.	7
8958	Global One	106,900	+0.85%	4.49	135,866	0.79	109,340	3,344	Mar. & Sep.	1
8960	United Urban	152,700	+0.86%	4.78	161,133	0.95	473,155	5,286	May & Nov.	7
8961	MORI TRUST	72,800	+0.97%	4.64	74,544	0.98	259,168	5,701	Feb. & Aug.	7
8964	Frontier	457,000	+0.22%	4.77	456,812	1.00	247,237	1,029	Jun. & Dec.	3
8966	HEIWA	142,400	+1.21%	4.71	144,548	0.99	163,750	2,356	May & Nov.	7
8967	Japan Logistics	282,000	+1.88%	3.76	309,911	0.91	262,457	1,521	Jan. & Jul.	5
8968	Fukuoka REIT	169,100	+1.50%	4.26	185,198	0.91	134,604	1,600	Feb. & Aug.	7
8972	Kenedix REIT	153,200	-2.85%	4.96	174,735	0.88	634,692	26,656	Apr. & Oct.	7
8975	Ichigo Office REIT	79,300	-2.34%	5.13	89,689	0.88	120,010	5,351	Apr. & Oct.	1
8976	Daiwa Office	576,000	-1.20%	4.76	790,554	0.73	275,477	1,954	May & Nov.	1
8977	Hankyu Hanshin REIT	140,500	+0.21%	4.32	172,017	0.82	97,676	1,270	May & Nov.	7
8984	Daiwa House REIT	261,700	+0.23%	4.60	326,088	0.80	607,144	5,375	Feb. & Aug.	7
8985	Japan Hotel	82,700	+1.47%	4.50	76,467	1.08	383,480	17,044	Dec.	4
8986	Daiwa Securities Living	106,000	-0.19%	4.34	114,864	0.92	255,130	4,355	Mar. & Sep.	8
8987	Japan Excellent	128,300	+0.79%	4.18	163,023	0.79	171,614	2,829	Jun. & Dec.	1
8963	Invincible	70,500	+1.59%	4.97	59,985	1.18	474,967	20,284	Jun. & Dec.	4
3226	Nippon Accommodations	657,000	+1.23%	3.36	611,368	1.07	330,781	1,529	Feb. & Aug.	2
3234	MORI HILLS REIT	136,400	+0.66%	4.51	157,098	0.87	261,387	3,834	Jan. & Jul.	1
3249	Industrial & Infrastructure	131,200	+0.46%	5.17	132,055	0.99	332,752	7,935	Jan. & Jul.	8
3269	Advance Residence	338,000	+1.50%	3.50	329,843	1.02	484,354	3,264	Jan. & Jul.	2
8979	Starts Proceed	207,000	-1.48%	4.95	239,999	0.86	58,473	1,012	Apr. & Oct.	2
3279	Activia Properties	392,000	+0.13%	4.74	444,739	0.88	316,519	1,387	May & Nov.	7
3281	GLP J-REIT	129,000	-1.23%	4.30	151,814	0.85	631,807	19,369	Feb. & Aug.	5
3282	Comforia Residential	340,000	+2.41%	3.33	328,898	1.03	257,666	1,838	Jan. & Jul.	2
3283	Nippon Prologis	271,600	+0.18%	3.75	288,329	0.94	771,045	4,610	May & Nov.	5
3287	Hoshino Resorts	559,000	+0.18%	3.11	572,170	0.98	142,857	1,125	Apr. & Oct.	4
3290	ONE REIT	267,700	+0.49%	4.90	285,965	0.94	71,869	728	Feb. & Aug.	1
3292	AEON REIT	137,400	+0.37%	4.87	153,467	0.90	291,831	2,922	Jan. & Jul.	3
3295	Hulic Reit	152,100	+0.86%	4.64	184,958	0.82	219,024	2,226	Feb. & Aug.	7
3296	NIPPON REIT	354,500	+0.57%	4.93	425,892	0.83	159,500	852	Jun. & Dec.	7
3451	Tosei Reit	141,300	-2.89%	5.17	152,283	0.93	53,193	3,398	Apr. & Oct.	7
3309	Sekisui House Reit	80,500	-1.35%	4.68	87,297	0.92	352,709	12,886	Apr. & Oct.	7
3455	Healthcare & Medical	132,200	+1.15%	4.85	136,277	0.97	47,526	576	Jan. & Jul.	9
3459	Samty Residential	110,200	+1.19%	4.73	122,050	0.90	92,428	893	Jan. & Jul.	2
3462	Nomura Master	149,800	+0.20%	4.46	178,540	0.84	706,337	10,162	Feb. & Aug.	7
3463	Ichigo Hotel REIT	116,800	+1.39%	4.85	142,562	0.82	38,251	872	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	157,600	+0.19%	4.56	161,222	0.98	294,397	3,257	Feb. & Aug.	5
3468	Star Asia	62,000	+1.14%	4.93	58,894	1.05	147,064	4,226	Jan. & Jul.	7
3470	Marimo Regional Revitalization	132,200	+0.08%	5.45	143,107	0.92	31,361	619	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	453,000	+1.57%	4.09	483,553	0.94	275,424	1,288	Jan. & Jul.	5
3472	Nippon Hotel & Residential	79,700	+0.76%	3.97	110,853	0.72	18,757	742	May & Nov.	4
3476	MIRAI Corporation	45,050	-1.85%	5.18	51,804	0.87	85,930	16,960	Apr. & Oct.	7
3481	Mitsubishi Estate Logistics	405,000	+2.14%	4.65	395,850	1.02	203,911	2,020	Feb. & Aug.	5
3487	CRE Logistics	151,900	+1.61%	4.79	178,246	0.85	95,348	1,795	Jun. & Dec.	5
3488	XYMAX REIT	121,000	+0.75%	5.21	145,780	0.83	30,208	460	Feb. & Aug.	7
3492	Takara Leben REIT	101,700	+0.79%	5.31	105,297	0.97	79,409	3,056	Feb. & Aug.	7
3493	Advance Logistics	121,800	+0.91%	4.63	155,662	0.78	82,142	1,166	Feb. & Aug.	5
2971	ESCON JAPAN REIT	126,700	+0.72%	4.98	117,674	1.08	44,594	553	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	90,900	-0.11%	4.87	116,298	0.78	42,459	818	Feb. & Aug.	7
2979	SOSiLA Logistics	124,600	+0.81%	4.44	140,830	0.88	90,647	2,015	May & Nov.	5
2989	Tokaido REIT	129,100	+1.10%	5.14	113,206	1.14	35,941	678	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	Comforia Residential	+2.41%
2	Mitsubishi Estate Logistics	+2.14%
3	Japan Logistics	+1.88%