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 Jul. 10, 2020

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.44% (+0.05)	13,040,721million JPY (-158,555million JPY)

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

Code	REIT	Price on Jul. 10 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	598,000	-1.32%	3.60	561,746	1.06	844,376	5,411	Jun. & Dec.	1
8952	Japan Real Estate	549,000	-2.49%	3.93	560,935	0.98	760,480	4,437	Mar. & Sep.	1
8953	Japan Retail	126,600	-2.31%	7.11	221,157	0.57	331,441	20,521	Feb. & Aug.	3
8954	ORIX JREIT	137,400	-3.03%	5.20	184,748	0.74	379,224	11,922	Feb. & Aug.	7
8955	Japan Prime Realty	297,600	-1.78%	5.19	371,529	0.80	285,175	4,516	Jun. & Dec.	7
8956	Premier	114,100	-0.09%	4.98	131,418	0.87	150,269	3,660	Apr. & Oct.	8
8957	TOKYU REIT	138,000	-2.40%	4.86	192,267	0.72	134,909	4,098	Jan. & Jul.	7
8958	Global One	97,600	-1.01%	4.92	133,570	0.73	93,880	2,860	Mar. & Sep.	1
8960	United Urban	109,800	-0.63%	6.19	157,978	0.70	342,393	12,337	May & Nov.	7
8961	MORI TRUST	127,600	-1.62%	5.96	159,405	0.80	168,432	3,302	Mar. & Sep.	7
8964	Frontier	321,500	-1.68%	6.62	434,167	0.74	164,212	3,036	Jun. & Dec.	3
8966	HEIWA	98,400	-2.38%	5.13	124,815	0.79	99,861	2,613	May & Nov.	7
8967	Japan Logistics	307,000	-0.16%	4.74	257,658	1.19	277,857	2,407	Jan. & Jul.	5
8968	Fukuoka REIT	123,100	-2.69%	5.52	170,682	0.72	97,988	3,843	Feb. & Aug.	7
8972	Kenedix Office	598,000	-0.50%	5.06	721,602	0.83	256,249	2,980	Apr. & Oct.	1
8975	Ichigo Office REIT	70,000	-3.58%	5.99	84,913	0.82	107,260	7,114	Apr. & Oct.	1
8976	Daiwa Office	569,000	-0.52%	4.82	727,729	0.78	279,878	2,798	May & Nov.	1
8977	Hankyu Hanshin REIT	118,300	-3.19%	5.31	166,289	0.71	82,242	2,762	May & Nov.	7
8984	Daiwa House REIT	275,700	-0.11%	3.95	270,216	1.02	605,437	6,432	Feb. & Aug.	7
8985	Japan Hotel	43,750	+0.81%	8.43	80,728	0.54	195,228	71,024	Dec.	4
8986	Daiwa Securities Living	105,000	+0.38%	4.10	96,749	1.09	215,874	7,119	Mar. & Sep.	8
8987	Japan Excellent	114,500	-2.72%	5.24	151,609	0.76	154,919	6,996	Jun. & Dec.	1
8963	Invincible	25,080	+0.72%	0.24	53,812	0.47	152,909	95,453	Jun. & Dec.	4
3226	Nippon Accommodations	674,000	-0.88%	2.96	481,796	1.40	326,568	1,426	Feb. & Aug.	2
3227	MCUBS MidCity	69,800	-2.24%	5.85	98,299	0.71	124,532	12,025	Jun. & Dec.	1
3234	MORI HILLS REIT	138,500	-0.07%	4.18	142,917	0.97	259,682	3,694	Jan. & Jul.	1
3249	Industrial & Infrastructure	188,500	-0.53%	3.05	110,649	1.70	354,383	5,352	Jan. & Jul.	8
3269	Advance Residence	345,500	-1.43%	3.24	262,155	1.32	478,518	6,195	Jan. & Jul.	2
8979	Starts Proceed	213,800	+0.28%	4.65	211,359	1.01	54,258	536	Apr. & Oct.	2
3278	Kenedix Residential	199,000	-0.20%	4.09	176,071	1.13	189,300	3,006	Jan. & Jul.	7
3279	Activia Properties	351,000	-0.85%	5.66	448,627	0.78	270,700	2,046	May & Nov.	7
3281	GLP J-REIT	162,900	-3.04%	3.29	119,176	1.37	648,827	22,821	Feb. & Aug.	5
3282	Comforia Residential	344,000	-0.58%	3.08	264,052	1.30	231,039	2,700	Jan. & Jul.	2
3283	Nippon Prologis	337,000	-0.30%	2.81	224,537	1.50	830,991	5,768	May & Nov.	5
3287	Hoshino Resorts	425,000	+0.59%	4.20	525,705	0.81	94,291	2,532	Apr. & Oct.	4
3290	ONE REIT	251,500	-1.49%	5.92	282,008	0.89	60,337	359	Feb. & Aug.	1
3292	AEON REIT	111,700	+0.90%	5.60	140,665	0.79	209,250	9,813	Jan. & Jul.	3
3295	Hulic Reit	123,800	-1.51%	5.71	175,937	0.70	162,426	6,793	Feb. & Aug.	7
3296	NIPPON REIT	314,000	-1.72%	5.80	372,410	0.84	141,278	2,048	Jun. & Dec.	7
3298	Invesco Office	12,990	-1.74%	5.84	17,534	0.74	115,601	64,434	Apr. & Oct.	1
3451	Tosei Reit	100,000	-1.77%	7.04	135,976	0.74	34,051	1,244	Apr. & Oct.	7
3309	Sekisui House Reit	70,800	-0.98%	4.70	82,418	0.86	303,638	9,796	Apr. & Oct.	7
3453	Kenedix Retail	189,800	-0.47%	6.32	255,058	0.74	101,766	2,689	Mar. & Sep.	7
3455	Healthcare & Medical	122,900	+0.08%	5.11	119,434	1.03	38,222	636	Jan. & Jul.	9
3459	Samty Residential	103,800	+1.37%	5.51	101,773	1.02	61,512	1,146	Jan. & Jul.	2
3462	Nomura Master	129,400	-2.19%	5.14	163,264	0.79	610,147	16,419	Feb. & Aug.	7
3463	Ichigo Hotel REIT	62,700	-1.42%	5.11	140,864	0.45	15,987	2,070	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	178,000	-1.00%	3.14	121,413	1.47	242,614	3,862	Feb. & Aug.	5
3468	Star Asia	85,300	-1.95%	7.77	116,790	0.73	46,132	4,181	Jan. & Jul.	7
3470	Marimo Regional Revitalization	96,900	-1.82%	7.24	127,117	0.76	14,795	722	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	522,000	+0.58%	2.70	348,110	1.50	230,202	1,819	Jan. & Jul.	5
3472	Ooedo Onsen Reit	61,300	-1.45%	6.44	105,891	0.58	14,427	896	May & Nov.	4
3473	SAKURA SOGO REIT	74,800	-2.09%	5.54	103,014	0.73	24,908	1,418	Jun. & Dec.	7
3476	MIRAI Corporation	35,550	-2.20%	7.12	49,496	0.72	59,093	11,073	Apr. & Oct.	7
3478	MORI TRUST Hotel	92,600	-2.22%	3.73	142,344	0.65	46,300	1,424	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	439,000	+0.34%	2.71	292,566	1.50	134,253	1,262	Feb. & Aug.	5
3487	CRE Logistics	156,500	-1.07%	4.15	126,141	1.24	54,345	6,707	Jun. & Dec.	5
3488	XYMAX REIT	88,100	-1.01%	6.94	145,814	0.60	19,682	1,723	Feb. & Aug.	7
3492	Takara Leben REIT	84,000	-3.67%	7.14	112,446	0.75	38,850	3,432	Feb. & Aug.	7
3493	ITOCHU Advance Logistics	152,400	-1.04%	3.20	115,051	1.32	74,066	3,994	Jan. & Jul.	5
2971	ESCON JAPAN REIT	113,100	-2.16%	5.97	115,402	0.98	32,005	1,521	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	99,900	-3.85%	4.74	114,159	0.88	35,644	2,601	Feb. & Aug.	1
2979	SOSiLA Logistics	147,000	-	3.21			75,609	2,413	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

• 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	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	Samty Residential	+1.37%
2	AEON REIT	+0.90%
3	Japan Hotel	+0.81%