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 Dec. 10, 2019

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
3.52% (+0.00)	16,599,331million JPY (+46,509million JPY)

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

Code	REIT	Price on Dec. 10 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	806,000	-0.12%	2.69	553,345	1.46	1,138,072	3,189	Jun. & Dec.	1
8952	Japan Real Estate	740,000	+0.41%	2.80	556,718	1.33	1,025,055	3,205	Mar. & Sep.	1
8953	Japan Retail	243,000	+0.08%	3.74	220,908	1.10	636,178	3,728	Feb. & Aug.	3
8954	ORIX JREIT	235,900	-0.30%	3.12	179,860	1.31	651,084	7,841	Feb. & Aug.	7
8955	Japan Prime Realty	488,000	-0.20%	3.06	353,035	1.38	450,424	2,607	Jun. & Dec.	7
8956	Premier	158,300	-0.31%	3.56	121,909	1.30	208,480	3,910	Apr. & Oct.	8
8957	TOKYU REIT	205,500	-0.48%	3.25	180,134	1.14	200,897	2,385	Jan. & Jul.	7
8958	Global One	140,700	-0.42%	3.36	134,699	1.04	135,337	2,325	Mar. & Sep.	1
8960	United Urban	210,400	-	3.30	154,297	1.36	656,098	4,910	May & Nov.	7
8961	MORI TRUST	195,200	+0.31%	3.81	158,153	1.23	257,664	1,921	Mar. & Sep.	7
8964	Frontier	478,000	+0.42%	4.41	433,659	1.10	248,082	1,846	Jun. & Dec.	3
8966	HEIWA	137,300	-0.22%	3.57	121,948	1.13	139,338	1,911	May & Nov.	7
8967	Japan Logistics	273,600	-0.26%	3.56	253,771	1.08	247,628	2,241	Jan. & Jul.	5
8968	Fukuoka REIT	186,400	+0.11%	3.93	167,119	1.12	148,374	2,562	Feb. & Aug.	7
8972	Kenedix Office	808,000	+1.00%	3.38	681,467	1.19	346,236	1,145	Apr. & Oct.	1
8975	Ichigo Office REIT	112,500	-0.88%	3.72	79,995	1.41	172,382	6,344	Apr. & Oct.	1
8976	Daiwa Office	807,000	+0.37%	3.27	697,283	1.16	396,945	986	May & Nov.	1
8977	Hankyu Hanshin REIT	170,400	-0.35%	3.66	162,283	1.05	118,462	2,281	May & Nov.	7
8984	Daiwa House REIT	296,000	+0.44%	3.82	264,982	1.12	614,200	3,243	Feb. & Aug.	7
8985	Japan Hotel	86,900	-0.23%	4.24	76,050	1.14	387,778	12,753	Dec.	4
8986	Japan Rental Housing	105,300	+0.57%	3.94	93,959	1.12	172,698	5,988	Mar. & Sep.	2
8987	Japan Excellent	182,600	+0.55%	3.15	147,379	1.24	238,421	3,646	Jun. & Dec.	1
8963	Invincible	65,000	-0.46%	5.31	52,573	1.24	396,295	56,922	Jun. & Dec.	4
3226	Nippon Accommodations	676,000	-	2.90	454,457	1.49	327,537	1,220	Feb. & Aug.	2
3227	MCUBS MidCity	116,100	-0.60%	3.43	94,101	1.23	206,324	9,186	Jun. & Dec.	1
3234	MORI HILLS REIT	174,800	-	3.28	135,096	1.29	327,743	3,793	Jan. & Jul.	1
3249	Industrial & Infrastructure	166,100	+0.06%	3.54	107,249	1.55	297,986	4,212	Jan. & Jul.	8
3269	Advance Residence	341,500	-0.73%	3.22	249,362	1.37	472,978	4,164	Jan. & Jul.	2
8979	Starts Proceed	199,600	-0.80%	4.43	209,970	0.95	50,654	766	Apr. & Oct.	2
3278	Kenedix Residential	213,600	+0.52%	3.81	168,712	1.27	193,833	1,901	Jan. & Jul.	8
3279	Activia Properties	543,000	-0.18%	3.65	441,035	1.23	418,775	2,282	May & Nov.	7
3281	GLP J-REIT	138,500	-0.57%	3.73	115,863	1.20	530,929	11,087	Feb. & Aug.	5
3282	Comforia Residential	342,000	-	3.01	250,650	1.36	219,165	1,378	Jan. & Jul.	2
3283	Nippon Prologis	286,000	-0.63%	3.11	216,460	1.32	671,857	7,290	May & Nov.	5
3287	Hoshino Resorts	565,000	-0.70%	4.68	551,153	1.03	125,352	899	Apr. & Oct.	4
3290	ONE REIT	341,000	-0.44%	4.50	273,842	1.25	81,809	659	Feb. & Aug.	1
3292	AEON REIT	149,600	+0.27%	4.11	136,420	1.10	280,248	3,058	Jan. & Jul.	3
3295	Hulic Reit	194,800	-0.51%	3.55	172,996	1.13	255,578	2,987	Feb. & Aug.	7
3296	NIPPON REIT	476,000	-0.52%	3.69	357,979	1.33	214,167	2,202	Jun. & Dec.	7
3298	Invesco Office	20,880	-0.52%	3.67	16,469	1.27	185,816	25,657	Apr. & Oct.	1
3308	Nippon Healthcare	212,500	+0.14%	3.98	202,203	1.05	15,859	88	Apr. & Oct.	9
3451	Tosei Reit	132,900	-0.23%	5.34	130,587	1.02	44,722	992	Apr. & Oct.	7
3309	Sekisui House Reit	94,500	+0.53%	3.42	77,321	1.22	405,279	8,258	Apr. & Oct.	7
3453	Kenedix Retail	279,900	-0.50%	4.65	253,423	1.10	150,076	1,105	Mar. & Sep.	7
3455	Healthcare & Medical	130,800	-0.76%	4.93	119,108	1.10	40,679	1,201	Jan. & Jul.	9
3459	Samty Residential	116,300	+0.61%	4.73	100,506	1.16	68,919	444	Jan. & Jul.	2
3462	Nomura Master	194,100	-	3.38	159,397	1.22	882,631	9,003	Feb. & Aug.	7
3463	Ichigo Hotel REIT	134,300	+0.45%	5.73	146,574	0.92	34,243	554	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	166,100	+0.73%	3.84	117,593	1.41	226,394	5,282	Feb. & Aug.	5
3468	Star Asia	115,900	-0.60%	4.78	114,300	1.01	62,682	904	Jan. & Jul.	7
3470	Marimo Regional Revitalization	131,000	-0.30%	5.19	125,596	1.04	17,337	465	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	477,500	-0.62%	2.70	318,473	1.50	180,973	1,370	Jan. & Jul.	5
3472	Ooedo Onsen Reit	93,600	-0.11%	4.99	104,837	0.89	22,028	970	May & Nov.	4
3473	SAKURA SOGO REIT	94,300	-0.84%	4.30	99,236	0.95	31,402	782	Jun. & Dec.	7
3476	MIRAI Corporation	60,300	-0.99%	5.21	47,921	1.26	95,373	5,231	Apr. & Oct.	7
3478	MORI TRUST Hotel	146,000	+0.27%	4.67	137,196	1.06	73,000	914	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	346,500	-0.43%	3.40	284,463	1.22	105,965	660	Feb. & Aug.	5
3487	CRE Logistics	136,900	-0.15%	4.40	117,708	1.16	35,491	546	Jun. & Dec.	5
3488	XYMAX REIT	135,700	+0.44%	4.43	145,263	0.93	30,315	721	Feb. & Aug.	7
3492	Takara Leben REIT	120,500	-0.41%	5.59	106,911	1.13	55,731	2,574	Feb. & Aug.	7
3493	ITOCHU Advance Logistics	117,500	+0.77%	3.98	113,028	1.04	41,964	1,155	Jan. & Jul.	5
2971	ESCON JAPAN REIT	125,200	-0.63%	5.54	113,625	1.10	29,672	895	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	124,400	+1.14%	4.06	110,252	1.13	44,386	770	Feb. & Aug.	1
2979	SOSiLA Logistics	117,000		3.92			57,330	141,517	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

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	SANKEI REAL ESTATE	+1.14%
2	Kenedix Office	+1.00%
3	ITOCHU Advance Logistics	+0.77%