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 Oct. 18, 2019

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
3.42% (+0.02)	16,946,037million JPY (-58,500million JPY)

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

Code	REIT	Price on Oct. 18 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	823,000	-0.24%	2.63	553,345	1.49	1,162,076	3,042	Jun. & Dec.	1
8952	Japan Real Estate	728,000	-0.41%	2.75	534,651	1.36	1,008,433	3,621	Mar. & Sep.	1
8953	Japan Retail	238,200	+1.10%	3.82	219,212	1.09	623,612	6,512	Feb. & Aug.	3
8954	ORIX JREIT	234,900	+0.17%	3.13	174,844	1.34	648,324	7,953	Feb. & Aug.	7
8955	Japan Prime Realty	516,000	-0.39%	2.89	353,035	1.46	476,268	1,694	Jun. & Dec.	7
8956	Premier	165,300	-0.90%	3.37	121,909	1.36	217,699	5,794	Apr. & Oct.	8
8957	TOKYU REIT	208,900	-0.48%	3.14	180,134	1.16	204,221	2,472	Jan. & Jul.	7
8958	Global One	145,300	-1.09%	3.11	130,042	1.12	139,762	3,332	Mar. & Sep.	1
8960	United Urban	215,400	-0.69%	3.20	154,297	1.40	671,690	6,277	May & Nov.	7
8961	MORI TRUST	197,100	+0.25%	3.73	150,871	1.31	260,172	2,248	Mar. & Sep.	7
8964	Frontier	485,000	-	4.35	434,328	1.12	251,715	1,492	Jun. & Dec.	3
8966	HEIWA	143,700	-0.96%	3.41	121,948	1.18	145,834	2,270	May & Nov.	7
8967	Japan Logistics	276,400	-0.22%	3.52	253,771	1.09	250,162	2,994	Jan. & Jul.	5
8968	Fukuoka REIT	185,400	-0.05%	3.95	164,251	1.13	147,578	2,497	Feb. & Aug.	7
8972	Kenedix Office	858,000	-0.46%	3.15	681,467	1.26	367,662	1,190	Apr. & Oct.	1
8975	Ichigo Office REIT	115,400	-	3.67	79,995	1.44	176,826	4,906	Apr. & Oct.	1
8976	Daiwa Office	835,000	-0.48%	3.14	697,283	1.20	410,717	1,543	May & Nov.	1
8977	Hankyu Hanshin REIT	176,000	+0.23%	3.53	162,283	1.08	122,355	2,515	May & Nov.	7
8984	Daiwa House REIT	314,500	-0.32%	3.60	259,945	1.21	652,588	3,424	Feb. & Aug.	7
8985	Japan Hotel	84,700	-0.47%	4.35	76,050	1.11	377,961	16,607	Dec.	4
8986	Japan Rental Housing	104,000	-0.67%	3.85	89,848	1.16	170,566	4,906	Mar. & Sep.	2
8987	Japan Excellent	179,600	-0.55%	3.20	147,379	1.22	234,504	2,548	Jun. & Dec.	1
8963	Invincible	67,600	-1.17%	5.10	52,552	1.29	412,146	21,316	Jun. & Dec.	4
3226	Nippon Accommodations	694,000	-0.72%	2.83	435,176	1.59	336,258	1,166	Feb. & Aug.	2
3227	MCUBS MidCity	124,500	-1.81%	3.16	93,048	1.34	204,569	6,828	Jun. & Dec.	1
3234	MORI HILLS REIT	181,500	+0.06%	3.16	135,096	1.34	340,305	4,953	Jan. & Jul.	1
3249	Industrial & Infrastructure	168,200	+0.54%	3.67	107,288	1.57	301,753	3,462	Jan. & Jul.	8
3269	Advance Residence	358,500	-0.14%	3.07	249,254	1.44	495,806	2,423	Jan. & Jul.	2
8979	Starts Proceed	213,200	+0.19%	4.17	209,970	1.02	54,105	1,470	Apr. & Oct.	2
3278	Kenedix Residential	221,500	-0.23%	3.67	168,712	1.31	201,002	1,779	Jan. & Jul.	8
3279	Activia Properties	577,000	-0.35%	3.42	441,035	1.31	444,996	2,088	May & Nov.	7
3281	GLP J-REIT	144,500	-1.90%	3.58	113,220	1.28	553,929	40,763	Feb. & Aug.	5
3282	Comforia Residential	352,000	-0.85%	2.93	250,650	1.40	225,574	971	Jan. & Jul.	2
3283	Nippon Prologis	304,000	+0.33%	2.95	216,460	1.40	714,142	6,366	May & Nov.	5
3287	Hoshino Resorts	595,000	-1.00%	4.43	551,153	1.08	132,008	968	Apr. & Oct.	4
3290	ONE REIT	331,000	-0.90%	4.63	268,111	1.23	79,410	634	Feb. & Aug.	1
3292	AEON REIT	154,600	+0.39%	3.97	136,420	1.13	289,615	7,876	Jan. & Jul.	3
3295	Hulic Reit	204,000	-1.69%	3.39	169,905	1.20	267,648	10,697	Feb. & Aug.	7
3296	NIPPON REIT	466,000	-0.75%	3.76	357,979	1.30	209,667	1,976	Jun. & Dec.	7
3298	Invesco Office	21,610	-1.64%	3.51	16,469	1.31	192,313	40,109	Apr. & Oct.	1
3308	Nippon Healthcare	217,500	+1.68%	3.89	202,203	1.08	16,232	581	Apr. & Oct.	9
3451	Tosei Reit	141,000	-0.28%	5.01	130,223	1.08	39,905	1,365	Apr. & Oct.	7
3309	Sekisui House Reit	101,600	-0.10%	3.15	77,321	1.31	435,728	12,704	Apr. & Oct.	7
3453	Kenedix Retail	291,100	-0.41%	4.47	251,798	1.16	147,791	5,090	Mar. & Sep.	7
3455	Healthcare & Medical	139,200	-1.14%	4.64	119,388	1.17	43,291	1,150	Jan. & Jul.	9
3459	Samty Residential	122,500	-1.05%	4.49	100,899	1.21	72,594	1,191	Jan. & Jul.	2
3462	Nomura Master	203,100	-0.05%	3.21	156,024	1.30	923,557	7,986	Feb. & Aug.	7
3463	Ichigo Hotel REIT	134,800	+0.60%	5.71	146,574	0.92	34,370	1,650	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	162,000	+0.06%	3.94	114,299	1.42	220,806	7,218	Feb. & Aug.	5
3468	Star Asia	117,300	-0.93%	4.72	114,300	1.03	63,439	2,143	Jan. & Jul.	7
3470	Marimo Regional Revitalization	136,000	-0.44%	5.00	126,086	1.08	17,998	393	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	453,500	+0.44%	2.84	319,158	1.42	171,877	1,133	Jan. & Jul.	5
3472	Ooedo Onsen Reit	97,000	+0.52%	4.86	104,837	0.93	22,829	2,075	May & Nov.	4
3473	SAKURA SOGO REIT	98,200	-1.11%	4.13	99,236	0.99	32,701	1,071	Jun. & Dec.	7
3476	MIRAI Corporation	63,700	-2.00%	4.91	47,921	1.33	100,750	10,356	Apr. & Oct.	7
3478	MORI TRUST Hotel	144,100	-1.37%	4.39	131,232	1.10	72,050	1,259	Feb. & Aug.	4
3481	Mitsubishi Estate Logistics	358,000	-0.28%	3.29	279,751	1.28	108,461	1,230	Feb. & Aug.	5
3487	CRE Logistics	142,200	-1.32%	4.23	118,040	1.20	36,865	591	Jun. & Dec.	5
3488	XYMAX REIT	135,200	-0.95%	4.44	140,505	0.96	30,204	572	Feb. & Aug.	7
3492	Takara Leben REIT	127,500	+2.08%	5.25	106,941	1.19	58,969	11,147	Feb. & Aug.	7
3493	ITOCHU Advance Logistics	127,300	+0.55%	3.67	113,289	1.12	45,464	2,880	Jan. & Jul.	5
2971	ESCON JAPAN REIT	129,500	+1.25%	5.36	113,625	1.14	30,692	1,529	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	121,900	-0.25%	4.14			43,494	1,570	Feb. & Aug.	1

• 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

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
Feb. 15, 2018
3488 XYMAX REIT Investment Corporation 2/15 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	Takara Leben REIT	+2.08%
2	Nippon Healthcare	+1.68%
3	ESCON JAPAN REIT	+1.25%