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 Sep. 22, 2017

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.14% (+0.01)	11,304,017million JPY (-32,694million JPY)

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

Code	REIT	Price on Sep. 22 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	567,000	-0.18%	3.26	501,776	1.13	800,604	3,769	Jun. & Dec.	1
8952	Japan Real Estate	551,000	-	3.21	479,490	1.15	721,430	2,227	Mar. & Sep.	1
8953	Japan Retail	200,800	-0.25%	4.31	203,025	0.99	535,573	5,725	Feb. & Aug.	3
8954	ORIX JREIT	158,500	-1.00%	3.89	155,923	1.02	424,780	3,898	Feb. & Aug.	7
8955	Japan Prime Realty	376,500	-1.18%	3.84	305,867	1.23	347,510	1,462	Jun. & Dec.	7
8956	Premier	108,600	+0.65%	4.56	106,717	1.02	143,026	2,902	Apr. & Oct.	8
8957	TOKYU REIT	135,500	-0.15%	3.91	148,820	0.91	132,465	2,806	Jan. & Jul.	7
8958	Global One	373,500	-0.40%	4.17	486,010	0.77	83,627	454	Mar. & Sep.	1
8960	United Urban	165,500	+0.18%	4.08	142,633	1.16	505,617	4,731	May & Nov.	7
8961	MORI TRUST	175,700	-0.17%	4.87	133,474	1.32	231,924	3,184	Mar. & Sep.	7
8964	Frontier	463,500	+0.11%	4.35	405,611	1.14	229,896	632	Jun. & Dec.	3
8966	HEIWA	88,700	-0.67%	4.57	109,141	0.81	90,017	744	May & Nov.	7
8967	Japan Logistics	210,100	-0.38%	4.10	227,266	0.92	184,888	2,875	Jan. & Jul.	5
8968	Fukuoka REIT	160,900	-0.68%	4.31	150,329	1.07	120,192	860	Feb. & Aug.	7
8972	Kenedix Office	627,000	+0.80%	3.89	591,153	1.06	253,863	523	Apr. & Oct.	1
8973	Sekisui House	112,200	-0.36%	3.94	112,743	1.00	124,038	2,152	Mar. & Sep.	2
8975	Ichigo Office REIT	74,800	+0.13%	5.17	71,338	1.05	114,615	1,447	Apr. & Oct.	1
8976	Daiwa Office	562,000	+0.36%	3.84	620,946	0.91	279,802	1,048	May & Nov.	1
8977	Hankyu REIT	133,900	-0.89%	4.26	149,419	0.90	80,005	1,242	May & Nov.	7
8984	Daiwa House REIT	274,000	-0.44%	3.69	238,452	1.15	463,060	4,178	Feb. & Aug.	7
8985	Japan Hotel	71,900	-0.55%	4.99	72,071	1.00	288,380	18,278	Dec.	4
8986	Japan Rental Housing	80,800	-0.25%	4.69	79,281	1.02	132,517	2,950	Mar. & Sep.	2
8987	Japan Excellent	133,700	-0.15%	4.09	122,263	1.09	174,572	1,341	Jun. & Dec.	1
8963	Invincible	44,450	-4.41%	7.04	53,156	0.84	171,614	34,523	Jun. & Dec.	7
3226	Nippon Accommodations	439,000	-0.57%	3.74	375,097	1.17	212,705	849	Feb. & Aug.	2
3227	MCUBS MidCity	340,000	+0.74%	4.75	405,443	0.84	100,853	1,092	Jun. & Dec.	1
3234	MORI HILLS REIT	139,300	-	3.83	110,133	1.26	243,864	1,989	Jan. & Jul.	1
3249	Industrial & Infrastructure	483,000	-0.62%	4.22	375,981	1.28	191,830	613	Jan. & Jul.	8
3269	Advance Residence	273,300	-1.09%	3.77	206,028	1.33	368,955	3,452	Jan. & Jul.	2
8979	Starts Proceed	151,400	+0.60%	5.52	193,403	0.78	38,876	525	Apr. & Oct.	2
3278	Kenedix Residential	283,100	-0.14%	4.80	297,761	0.95	98,827	542	Jan. & Jul.	2
3279	Activia Properties	482,500	-	3.84	399,839	1.21	320,966	988	May & Nov.	7
3281	GLP J-REIT	115,400	-0.43%	4.28	103,202	1.12	329,245	4,768	Feb. & Aug.	5
3282	Comforia Residential	234,000	-0.38%	4.01	215,232	1.09	131,904	779	Jan. & Jul.	2
3283	Nippon Prologis	239,200	-0.37%	3.73	195,898	1.22	492,022	4,257	May & Nov.	5
3287	Hoshino Resorts	554,000	-1.25%	4.30	532,571	1.04	95,659	307	Apr. & Oct.	4
3290	ONE REIT	204,200	-1.02%	5.96	249,189	0.82	38,655	623	Feb. & Aug.	1
3292	AEON REIT	113,000	+0.80%	5.18	126,395	0.89	184,858	11,804	Jan. & Jul.	3
3295	Hulic Reit	167,400	+0.18%	3.98	156,888	1.07	174,933	2,426	Feb. & Aug.	7
3296	NIPPON REIT	320,500	+0.79%	5.41	321,185	1.00	125,559	1,119	Jun. & Dec.	1
3298	Invesco Office	108,100	+0.46%	5.38	115,754	0.93	87,335	2,596	Apr. & Oct.	1
3308	Nippon Healthcare	162,400	+0.25%	5.05	199,288	0.81	12,120	146	Apr. & Oct.	9
3451	Tosei Reit	107,600	+0.84%	6.00	124,464	0.86	19,712	655	Apr. & Oct.	7
3309	Sekisui House Reit	129,600	+0.08%	4.17	142,307	0.91	125,582	2,340	Apr. & Oct.	7
3453	Kenedix Retail	239,700	-0.04%	5.06	240,089	1.00	121,696	1,332	Mar. & Sep.	3
3455	Healthcare & Medical	95,500	-0.21%	5.07	111,600	0.86	18,442	444	Jan. & Jul.	9
3459	Samty Residential	83,900	+0.48%	6.36	97,274	0.86	23,744	715	Jan. & Jul.	2
3460	Japan Senior Living	135,300	+0.59%	5.17	200,881	0.67	11,467	160	Feb. & Aug.	9
3462	Nomura Master	144,300	-0.35%	4.09	147,713	0.98	603,626	7,806	Feb. & Aug.	7
3463	Ichigo Hotel REIT	107,000	+0.38%	5.99	137,200	0.78	27,561	342	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	109,300	+0.28%	4.33	104,800	1.04	120,230	2,145	Feb. & Aug.	5
3468	Star Asia	101,300	-0.10%	6.70	106,572	0.95	41,969	1,548	Jan. & Jul.	7
3470	Marimo Regional Revitalization	100,500	+0.10%	6.75	119,741	0.84	9,142	422	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	327,000	-0.61%	3.36	273,322	1.20	73,248	463	Jan. & Jul.	5
3472	Ooedo Onsen Reit	88,600	+0.11%	5.28	95,242	0.93	15,611	436	May & Nov.	4
3473	SAKURA SOGO REIT	88,700	-	7.51	93,230	0.95	29,537	1,317	Feb. & Aug.	7
3476	MIRAI Corporation	173,200	+0.58%	5.89	182,609	0.95	50,878	1,296	Apr. & Oct.	7
3478	MORI TRUST Hotel	142,700	-1.38%	4.22	117,166	1.22	71,350	1,159	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	276,900	-0.22%	3.99			57,041	5,645	Feb. & Aug.	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)

What's New

Sep. 14, 2017
3481 Mitsubishi Estate Logistics REIT Investment Corporation 9/14 Listing on TSE REIT Market
Feb. 7, 2017
3478 MORI TRUST Hotel Reit,Inc. 2/7 Listing on TSE REIT Market
Dec. 16, 2016
3476 MIRAI Corporation, 12/16 Listing on TSE REIT Market
Sep. 8, 2016
3473 SAKURA SOGO REIT Investment Corporation, 9/8 Listing on TSE REIT Market
Aug. 31, 2016
3472 Ooedo Onsen Reit Investment Corporation, 8/31 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)

Unit Price Growth Rankings

1	Tosei Reit	+0.84%
2	Kenedix Office	+0.80%
3	AEON REIT	+0.80%