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. 21, 2017

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.08% (+0.02)	11,296,795million JPY (-44,736million JPY)

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

Code	REIT	Price on Jul. 21 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	575,000	-1.88%	3.17	494,137	1.16	811,900	3,738	Jun. & Dec.	1
8952	Japan Real Estate	567,000	-1.22%	3.12	479,490	1.18	742,379	2,950	Mar. & Sep.	1
8953	Japan Retail	209,000	-2.02%	4.11	203,025	1.03	557,444	9,784	Feb. & Aug.	3
8954	ORIX JREIT	162,700	-0.18%	3.76	155,923	1.04	436,036	5,493	Feb. & Aug.	7
8955	Japan Prime Realty	403,000	-	3.57	290,725	1.39	371,969	2,202	Jun. & Dec.	7
8956	Premier	108,400	-0.18%	4.57	106,717	1.02	142,762	3,093	Apr. & Oct.	8
8957	TOKYU REIT	135,300	+1.42%	3.92	148,820	0.91	132,269	3,979	Jan. & Jul.	7
8958	Global One	374,500	-0.27%	4.16	486,010	0.77	83,851	409	Mar. & Sep.	1
8960	United Urban	157,900	-0.82%	4.27	140,289	1.13	482,398	10,190	May & Nov.	7
8961	MORI TRUST	178,500	-0.34%	4.79	133,474	1.34	235,620	1,909	Mar. & Sep.	7
8964	Frontier	459,500	+0.55%	4.31	399,318	1.15	227,912	774	Jun. & Dec.	3
8966	HEIWA	85,100	-0.47%	4.76	104,900	0.81	86,363	1,943	May & Nov.	7
8967	Japan Logistics	225,700	+0.89%	3.73	227,266	0.99	198,616	2,027	Jan. & Jul.	5
8968	Fukuoka REIT	165,600	-0.48%	4.15	150,329	1.10	123,703	1,832	Feb. & Aug.	7
8972	Kenedix Office	594,000	+0.51%	4.11	591,153	1.00	240,502	1,830	Apr. & Oct.	1
8973	Sekisui House	112,200	-0.27%	3.94	112,743	1.00	124,038	2,897	Mar. & Sep.	2
8975	Ichigo Office REIT	71,700	-	5.40	71,338	1.01	109,865	3,640	Apr. & Oct.	1
8976	Daiwa Office	543,000	-0.37%	3.97	595,861	0.91	270,343	1,643	May & Nov.	1
8977	Hankyu REIT	135,000	-1.17%	4.22	144,472	0.93	80,663	1,556	May & Nov.	7
8984	Daiwa House REIT	262,000	-0.38%	3.76	238,452	1.10	442,780	4,121	Feb. & Aug.	7
8985	Japan Hotel	78,100	-0.51%	4.53	72,062	1.08	312,237	11,082	Dec.	4
8986	Japan Rental Housing	79,200	-1.00%	4.65	79,281	1.00	129,893	7,003	Mar. & Sep.	2
8987	Japan Excellent	124,400	-0.16%	4.23	117,098	1.06	162,429	2,574	Jun. & Dec.	1
8963	Invincible	48,650	-2.01%	6.23	52,454	0.93	187,829	14,662	Jun. & Dec.	7
3226	Nippon Accommodations	442,000	+0.11%	3.71	375,097	1.18	214,159	1,634	Feb. & Aug.	2
3227	MCUBS MidCity	325,000	-0.61%	4.92	371,143	0.88	96,403	450	Jun. & Dec.	1
3234	MORI HILLS REIT	138,300	+0.58%	3.79	110,133	1.26	242,114	4,255	Jan. & Jul.	1
3249	Industrial & Infrastructure	503,000	+0.20%	3.99	375,981	1.34	199,773	832	Jan. & Jul.	8
3269	Advance Residence	275,900	+1.28%	3.66	206,028	1.34	372,465	3,629	Jan. & Jul.	2
8979	Starts Proceed	148,600	-0.27%	5.62	193,403	0.77	38,157	491	Apr. & Oct.	2
3278	Kenedix Residential	275,500	+0.55%	4.70	297,761	0.93	96,174	1,172	Jan. & Jul.	2
3279	Activia Properties	472,500	+1.83%	3.92	385,639	1.23	314,314	2,925	May & Nov.	7
3281	GLP J-REIT	117,900	-0.25%	4.18	103,202	1.14	336,378	7,350	Feb. & Aug.	5
3282	Comforia Residential	231,100	+0.70%	3.99	215,232	1.07	130,270	1,820	Jan. & Jul.	2
3283	Nippon Prologis	232,300	-0.94%	3.97	185,383	1.25	442,845	10,539	May & Nov.	5
3287	Hoshino Resorts	560,000	-1.41%	4.26	532,571	1.05	96,695	637	Apr. & Oct.	4
3290	ONE REIT	217,300	+2.11%	5.48	249,189	0.87	41,134	1,054	Feb. & Aug.	1
3292	AEON REIT	122,200	+0.08%	4.80	126,395	0.97	199,908	3,773	Jan. & Jul.	3
3295	Hulic Reit	169,100	+0.65%	3.92	156,888	1.08	176,710	3,315	Feb. & Aug.	7
3296	NIPPON REIT	290,300	-0.55%	5.52	310,012	0.94	113,728	1,472	Jun. & Dec.	1
3298	Invesco Office	102,800	+0.98%	5.66	115,651	0.89	83,838	5,852	Apr. & Oct.	1
3308	Nippon Healthcare	165,700	-0.18%	4.95	200,088	0.83	12,367	182	Apr. & Oct.	9
3451	Tosei Reit	106,000	-0.75%	6.10	124,464	0.85	19,419	456	Apr. & Oct.	7
3309	Sekisui House Reit	130,700	+0.38%	4.13	142,307	0.92	126,648	2,384	Apr. & Oct.	7
3453	Kenedix Retail	231,900	-0.56%	5.23	240,089	0.97	117,736	1,852	Mar. & Sep.	3
3455	Healthcare & Medical	101,300	-0.69%	5.08	111,600	0.91	19,562	656	Jan. & Jul.	9
3459	Samty Residential	86,200	-0.12%	6.09	97,274	0.89	24,395	2,277	Jan. & Jul.	2
3460	Japan Senior Living	142,600	-1.72%	4.91	200,881	0.71	12,085	137	Feb. & Aug.	9
3462	Nomura Master	151,500	-0.72%	3.89	147,713	1.03	633,744	5,933	Feb. & Aug.	7
3463	Ichigo Hotel REIT	114,400	+0.26%	5.33	137,200	0.83	29,468	1,427	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	110,000	-	4.29	104,800	1.05	121,000	3,678	Feb. & Aug.	5
3468	Star Asia	105,700	-0.47%	7.93	106,572	0.99	43,792	3,961	Jan. & Jul.	7
3470	Marimo Regional Revitalization	92,000	-0.22%	7.22	113,695	0.81	8,369	447	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	322,500	+0.94%	3.22	273,322	1.18	72,240	852	Jan. & Jul.	5
3472	Ooedo Onsen Reit	86,200	+0.23%	5.43	93,834	0.92	15,188	658	May & Nov.	4
3473	SAKURA SOGO REIT	82,300	-0.48%	6.69	93,230	0.88	27,406	1,073	Feb. & Aug.	7
3476	MIRAI Corporation	169,400	-0.70%	6.02	182,609	0.93	49,761	914	Apr. & Oct.	7
3478	MORI TRUST Hotel	149,500	-0.53%	4.03	117,166	1.28	74,750	495	Feb. & Aug.	4

• 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

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
Aug. 2, 2016
3471 Mitsui Fudosan Logistics Park Inc. , 8/2 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	Shinjuku Maynds Tower	134
2	Roppongi Hills Mori Tower	115
3	Tokyo Shiodome Building	110
4	Shiodome Building	96
5	Kitanomaru Square	82

Unit Price Growth Rankings

1	ONE REIT	+2.11%
2	Activia Properties	+1.83%
3	TOKYU REIT	+1.42%